%PDF-1.5 1 0 obj <> endobj 3 0 obj <>] /Rotate 0 /Contents 4 0 R>> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 57 744.5 m 64 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64 744.5 m 82 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 82 744.5 m 89 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 89 744.5 m 104 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 104 744.5 m 119 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 119 744.5 m 134 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 134 744.5 m 152 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 152 744.5 m 170 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 170 744.5 m 185 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 185 744.5 m 200 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 200 744.5 m 215 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 215 744.5 m 230 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 230 744.5 m 248 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 248 744.5 m 263 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263 744.5 m 278 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278 744.5 m 296 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296 744.5 m 311 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 311 744.5 m 320 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320 744.5 m 329 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329 744.5 m 338 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338 744.5 m 353 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353 744.5 m 368 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368 744.5 m 386 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 744.5 m 401 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401 744.5 m 419 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419 744.5 m 437 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437 744.5 m 452 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452 744.5 m 467 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467 744.5 m 485 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485 744.5 m 503 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 744.5 m 518 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 518 744.5 m 536 744.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 536 744.5 m 554 744.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 57 739.5 m 64 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64 739.5 m 82 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 82 739.5 m 89 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89 739.5 m 104 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 104 739.5 m 119 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 119 739.5 m 134 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 739.5 m 152 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152 739.5 m 170 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 739.5 m 185 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 739.5 m 200 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200 739.5 m 215 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 739.5 m 230 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 739.5 m 248 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 739.5 m 263 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 739.5 m 278 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 739.5 m 296 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 739.5 m 311 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 739.5 m 320 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 739.5 m 329 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 739.5 m 338 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 739.5 m 353 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 739.5 m 368 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 739.5 m 386 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 739.5 m 401 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 739.5 m 419 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 739.5 m 437 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 739.5 m 452 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 739.5 m 467 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 739.5 m 485 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 739.5 m 503 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 739.5 m 518 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 739.5 m 536 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536 739.5 m 554 739.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 567.5 m 278 567.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 567.5 m 296 567.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 567.5 m 311 567.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 567.5 m 320 567.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 567.5 m 329 567.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 567.5 m 338 567.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 567.5 m 353 567.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 501.5 m 263 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 501.5 m 278 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 501.5 m 296 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 501.5 m 311 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 501.5 m 320 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 501.5 m 329 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 501.5 m 338 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 501.5 m 353 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 412.5 m 263 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 412.5 m 278 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 412.5 m 296 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 412.5 m 311 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 412.5 m 320 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 412.5 m 329 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 412.5 m 338 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 412.5 m 353 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 375.5 m 185 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 375.5 m 200 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200 375.5 m 215 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 375.5 m 230 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 375.5 m 248 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 375.5 m 263 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 375.5 m 353 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 375.5 m 368 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 375.5 m 386 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 375.5 m 401 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 375.5 m 419 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 375.5 m 437 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 375.5 m 452 375.5 l s BT /F2 13.00 Tf ET q 0 0 0 rg BT 252.10 728.25 Td (UNITED STATES) Tj ET Q BT /F2 13.00 Tf ET q 0 0 0 rg BT 163.40 714.25 Td (SECURITIES AND EXCHANGE COMMISSION) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 248.45 699.61259765625 m 351.526171875 699.61259765625 l s q 0 0 0 rg BT 248.45 701.18 Td (Washington, D.C. 20549) Tj ET Q BT /F2 13.00 Tf ET q 0 0 0 rg BT 260.25 681.25 Td (FORM 10-K) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 59.50 669.73 Td (\(Mark One\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.90 657.10 Td ([X]) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.50 656.23 Td (ANNUAL REPORT PURSUANT TO SECTION 13 OR 15\(d\) OF THE�SECURITIES EXCHANGE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.50 643.23 Td (ACT OF 1934) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.45 631.58 Td (For the fiscal year ended March 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.25 620.58 Td (or) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.80 609.45 Td ([ ]) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.50 608.23 Td (TRANSITION REPORT PURSUANT TO SECTION 13 OR 15\(d\) OF THE SECURITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.50 595.23 Td (EXCHANGE ACT OF 1934) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 91.50 583.58 Td (For the transition period from) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.15 583.58 Td (to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.95 571.73 Td (Commission File Number 1-8529) Tj ET Q BT /F1 10.00 Tf ET BT /F2 13.00 Tf ET q 0 0 0 rg BT 241.60 520.25 Td (LEGG MASON, INC.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 211.60 509.58 Td (\(Exact name of registrant as specified in its charter\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.10 486.23 Td (Maryland) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.30 486.23 Td (52-1200960) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 125.65 475.58 Td (\(State or other jurisdiction of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.65 475.58 Td (\(I.R.S. Employer) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 122.35 463.58 Td ( incorporation or organization\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.15 463.58 Td (Identification No.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.20 450.23 Td (100 International Drive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.00 450.23 Td (21202) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.35 438.23 Td (Baltimore, MD) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.90 439.58 Td (\(Zip Code\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 109.35 427.58 Td (\(Address of principal executive offices\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 59.50 415.58 Td (Registrant's telephone number, including area code:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.50 415.58 Td (\(410\) 539-0000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 59.50 400.58 Td (Securities registered pursuant to Section 12\(b\) of the Act:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.35 389.58 Td (Name of each exchange on) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.95 378.58 Td (Title of each class) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.30 378.58 Td (which registered) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 164.70 367.45 Td (Common Stock, $.10 par value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.35 367.45 Td (New York Stock Exchange) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 59.50 355.58 Td (Securities registered pursuant to Section 12\(g\) of the Act: NONE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.50 344.45 Td (Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule�405 of the Securities Act.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.15 344.45 Td (Yes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.90 344.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.10 344.45 Td (No) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.80 344.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.50 333.45 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section�13 or 15\(d\) of the Act.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.15 333.45 Td (Yes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 333.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.10 333.45 Td (No) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.90 333.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.50 322.45 Td (Indicate by check mark whether the registrant \(1\) has filed all reports required to be filed by Section 13 or 15\(d\) of the Securities Exchange Act of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 311.45 Td (1934 during the preceding 12 months \(or for such shorter period that the registrant was required to file such reports\), and \(2\) has been subject to such) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 300.45 Td (filing requirements for the past 90 days.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.65 300.45 Td (Yes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.90 300.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.60 300.45 Td (No) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 300.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.50 289.45 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 278.45 Td (required to be submitted and posted pursuant to Rule�405 of Regulation�S-T \(�232.405 of this chapter\) during the preceding 12�months) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 267.45 Td (\(or such shorter period that the registrant was required to submit and post such files\).�) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 267.45 Td (Yes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.90 267.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.10 267.45 Td (No) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 267.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.50 256.45 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item�405 of Regulation�S-K \(�229.405 of this chapter\) is not contained herein,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 245.45 Td (and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part�III of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 234.45 Td (this Form 10-K or any amendment to this Form�10-K.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.90 234.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.50 223.45 Td (Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 212.45 Td (or an emerging growth company.��See the definitions of �large accelerated filer,� �accelerated filer,� �smaller reporting company,� and "emerging) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 201.45 Td (growth company" in Rule 12b-2 of the Exchange Act.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 190.45 Td (\(Check one\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 179.45 Td (Large accelerated filer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 154.90 179.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 179.45 Td (Accelerated filer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 179.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 168.45 Td (Non-accelerated filer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 154.80 168.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.50 168.45 Td (\(Do not check if a smaller reporting company\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 168.45 Td (Smaller reporting company) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 168.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 157.45 Td (Emerging growth company) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 154.80 157.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.50 146.45 Td (If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 135.45 Td (new or revised financial accounting standards provided pursuant to Section 13\(a\) of the Exchange Act.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.65 135.45 Td (Yes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.80 135.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.10 135.45 Td (No) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.90 135.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.50 124.45 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the Exchange Act\).) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.65 124.45 Td (Yes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.80 124.45 Td ([ ]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.10 124.45 Td (No) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.90 124.45 Td ([X]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.50 113.45 Td (As of September�30, 2016 the aggregate market value of the registrant's voting stock, consisting of the registrant's common stock, held by) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 102.45 Td (non-affiliates was $3,330,728,505.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.50 91.45 Td (As of May 18, 2017, the number of shares outstanding of the registrant's common stock was 95,860,683.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.90 75.23 Td (DOCUMENTS INCORPORATED BY REFERENCE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.50 63.45 Td (Portions of the registrant's definitive proxy statement for its Annual Meeting of Stockholders to be held on July 25, 2017 are incorporated by) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.50 51.45 Td (reference into Part�III of this Report.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 119.07 0 0 28.00 243.45 536.17 cm /I1 Do Q endstream endobj 5 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.95 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 256.17 741.90 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.58 741.90 Td ( CONTENTS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 536.90 709.19 Td (Page) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 693.220068359375 m 218.85791015625 693.220068359375 l s q 0 0 1 rg BT 95.50 694.62 Td (Forward-Looking Statements) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 553.25 693.220068359375 m 558.5 693.220068359375 l s q 0 0 1 rg BT 553.25 694.62 Td (1) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.00 w 0 i [] 0 d 1 J 1 j 3 M 293 667.1454833984375 m 326.95703125 667.1454833984375 l s q 0 0 1 rg BT 293.00 668.79 Td (P) Tj ET Q q 0 0 1 rg BT 298.63 668.79 Td (AR) Tj ET Q q 0 0 1 rg BT 313.43 668.79 Td (T) Tj ET Q q 0 0 1 rg BT 320.25 668.79 Td ( I) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 654.220068359375 m 81.2421875 654.220068359375 l s q 0 0 1 rg BT 51.50 655.62 Td (Item�1.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 654.220068359375 m 132.8408203125 654.220068359375 l s q 0 0 1 rg BT 95.50 655.62 Td (Business) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 553.25 654.220068359375 m 558.5 654.220068359375 l s q 0 0 1 rg BT 553.25 655.62 Td (2) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 640.220068359375 m 88.8251953125 640.220068359375 l s q 0 0 1 rg BT 51.50 641.62 Td (Item�1A.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 640.220068359375 m 148.2939453125 640.220068359375 l s q 0 0 1 rg BT 95.50 641.62 Td (Risk Factors) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 640.220068359375 m 558.5 640.220068359375 l s q 0 0 1 rg BT 548.00 641.62 Td (16) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 626.220068359375 m 88.24560546875 626.220068359375 l s q 0 0 1 rg BT 51.50 627.62 Td (Item�1B.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 626.220068359375 m 214.87939453125 626.220068359375 l s q 0 0 1 rg BT 95.50 627.62 Td (Unresolved Staf) Tj ET Q q 0 0 1 rg BT 163.25 627.62 Td (f Comments) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 626.220068359375 m 558.5 626.220068359375 l s q 0 0 1 rg BT 548.00 627.62 Td (29) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 612.220068359375 m 81.2421875 612.220068359375 l s q 0 0 1 rg BT 51.50 613.62 Td (Item�2.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 612.220068359375 m 138.07568359375 612.220068359375 l s q 0 0 1 rg BT 95.50 613.62 Td (Properties) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 612.220068359375 m 558.5 612.220068359375 l s q 0 0 1 rg BT 548.00 613.62 Td (29) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 598.220068359375 m 81.2421875 598.220068359375 l s q 0 0 1 rg BT 51.50 599.62 Td (Item�3.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 598.220068359375 m 173.35009765625 598.220068359375 l s q 0 0 1 rg BT 95.50 599.62 Td (Legal Proceedings) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 598.220068359375 m 558.5 598.220068359375 l s q 0 0 1 rg BT 548.00 599.62 Td (29) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 584.220068359375 m 81.2421875 584.220068359375 l s q 0 0 1 rg BT 51.50 585.62 Td (Item�4.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 584.220068359375 m 198.73486328125 584.220068359375 l s q 0 0 1 rg BT 95.50 585.62 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 584.220068359375 m 558.5 584.220068359375 l s q 0 0 1 rg BT 548.00 585.62 Td (29) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 570.220068359375 m 88.8251953125 570.220068359375 l s q 0 0 1 rg BT 51.50 571.62 Td (Item�4A.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 570.220068359375 m 246.92431640625 570.220068359375 l s q 0 0 1 rg BT 95.50 571.62 Td (Executive Of) Tj ET Q q 0 0 1 rg BT 151.00 571.62 Td (ficers of the Registrant) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 570.220068359375 m 558.5 570.220068359375 l s q 0 0 1 rg BT 548.00 571.62 Td (30) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.00 w 0 i [] 0 d 1 J 1 j 3 M 290.95 556.1454833984375 m 328.99345703125 556.1454833984375 l s q 0 0 1 rg BT 290.95 557.79 Td (P) Tj ET Q q 0 0 1 rg BT 296.58 557.79 Td (AR) Tj ET Q q 0 0 1 rg BT 311.38 557.79 Td (T) Tj ET Q q 0 0 1 rg BT 318.20 557.79 Td ( II) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 543.220068359375 m 81.2421875 543.220068359375 l s q 0 0 1 rg BT 51.50 544.62 Td (Item�5.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 542.270068359375 m 524.22216796875 542.270068359375 l s q 0 0 1 rg BT 95.50 543.67 Td (Market for Registrant's Common Equity) Tj ET Q q 0 0 1 rg BT 264.11 543.67 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.50 Tf ET 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 104.5 531.770068359375 m 145.9072265625 531.770068359375 l s q 0 0 1 rg BT 104.50 533.17 Td (Securities) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 543.220068359375 m 558.5 543.220068359375 l s q 0 0 1 rg BT 548.00 544.62 Td (31) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 517.220068359375 m 81.2421875 517.220068359375 l s q 0 0 1 rg BT 51.50 518.62 Td (Item�6.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 517.220068359375 m 195.21337890625 517.220068359375 l s q 0 0 1 rg BT 95.50 518.62 Td (Selected Financial Data) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 517.220068359375 m 558.5 517.220068359375 l s q 0 0 1 rg BT 548.00 518.62 Td (33) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 503.220068359375 m 81.2421875 503.220068359375 l s q 0 0 1 rg BT 51.50 504.62 Td (Item�7.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 503.220068359375 m 470.69140625 503.220068359375 l s q 0 0 1 rg BT 95.50 504.62 Td (Management's Discussion and ) Tj ET Q q 0 0 1 rg BT 224.84 504.62 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 503.220068359375 m 558.5 503.220068359375 l s q 0 0 1 rg BT 548.00 504.62 Td (34) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 489.220068359375 m 88.8251953125 489.220068359375 l s q 0 0 1 rg BT 51.50 490.62 Td (Item�7A.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 489.220068359375 m 349.2109375 489.220068359375 l s q 0 0 1 rg BT 95.50 490.62 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 268.13 490.62 Td (About Market Risk) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 489.220068359375 m 558.5 489.220068359375 l s q 0 0 1 rg BT 548.00 490.62 Td (81) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 475.220068359375 m 81.2421875 475.220068359375 l s q 0 0 1 rg BT 51.50 476.62 Td (Item�8.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 475.220068359375 m 289.70556640625 475.220068359375 l s q 0 0 1 rg BT 95.50 476.62 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 548 475.220068359375 m 558.5 475.220068359375 l s q 0 0 1 rg BT 548.00 476.62 Td (82) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 461.220068359375 m 81.2421875 461.220068359375 l s q 0 0 1 rg BT 51.50 462.62 Td (Item�9.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 461.220068359375 m 473.9833984375 461.220068359375 l s q 0 0 1 rg BT 95.50 462.62 Td (Changes in and Disagreements ) Tj ET Q q 0 0 1 rg BT 227.70 462.62 Td (W) Tj ET Q q 0 0 1 rg BT 237.19 462.62 Td (ith ) Tj ET Q q 0 0 1 rg BT 250.32 462.62 Td (Accountants on ) Tj ET Q q 0 0 1 rg BT 317.98 462.62 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 542.75 461.220068359375 m 558.5 461.220068359375 l s q 0 0 1 rg BT 542.75 462.62 Td (153) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 447.220068359375 m 88.8251953125 447.220068359375 l s q 0 0 1 rg BT 51.50 448.62 Td (Item�9A.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 447.220068359375 m 198.7333984375 447.220068359375 l s q 0 0 1 rg BT 95.50 448.62 Td (Controls and Procedures) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 542.75 447.220068359375 m 558.5 447.220068359375 l s q 0 0 1 rg BT 542.75 448.62 Td (153) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 433.220068359375 m 88.24560546875 433.220068359375 l s q 0 0 1 rg BT 51.50 434.62 Td (Item�9B.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 95.5 433.220068359375 m 172.185546875 433.220068359375 l s q 0 0 1 rg BT 95.50 434.62 Td (Other Information) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 542.75 433.220068359375 m 558.5 433.220068359375 l s q 0 0 1 rg BT 542.75 434.62 Td (153) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 1.00 w 0 i [] 0 d 1 J 1 j 3 M 288.9 419.1454833984375 m 331.0298828125 419.1454833984375 l s q 0 0 1 rg BT 288.90 420.79 Td (P) Tj ET Q q 0 0 1 rg BT 294.53 420.79 Td (AR) Tj ET Q q 0 0 1 rg BT 309.33 420.79 Td (T) Tj ET Q q 0 0 1 rg BT 316.15 420.79 Td ( III) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 51.5 406.220068359375 m 86.4921875 406.220068359375 l s q 0 0 1 rg BT 51.50 407.62 Td (Item�10.) 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641.70 Td (regarding ) Tj ET Q q 0 0 0 rg BT 443.62 641.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 483.66 641.70 Td (market ) Tj ET Q q 0 0 0 rg BT 516.13 641.70 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 565.13 641.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (The ) Tj ET Q q 0 0 0 rg BT 70.39 629.10 Td (words ) Tj ET Q q 0 0 0 rg BT 100.63 629.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.94 629.10 Td (phrases ) Tj ET Q q 0 0 0 rg BT 150.00 629.10 Td ("can ) Tj ET Q q 0 0 0 rg BT 173.42 629.10 Td (be," ) Tj ET Q q 0 0 0 rg BT 194.81 629.10 Td ("may ) Tj ET Q q 0 0 0 rg BT 221.74 629.10 Td (be," ) Tj ET Q q 0 0 0 rg BT 243.13 629.10 Td ("expects," ) Tj ET Q q 0 0 0 rg BT 290.38 629.10 Td ("may ) Tj ET Q q 0 0 0 rg BT 317.31 629.10 Td (af) Tj ET Q q 0 0 0 rg BT 325.28 629.10 Td (fect," ) Tj ET Q q 0 0 0 rg BT 352.50 629.10 Td ("may ) Tj ET Q q 0 0 0 rg BT 379.43 629.10 Td (depend," ) Tj ET Q q 0 0 0 rg BT 421.23 629.10 Td ("believes," ) Tj ET Q q 0 0 0 rg BT 471.40 629.10 Td ("estimate," ) Tj ET Q q 0 0 0 rg BT 522.15 629.10 Td ("project," ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 616.50 Td ("anticipate" ) Tj ET Q q 0 0 0 rg BT 101.04 616.50 Td (and ) Tj ET Q q 0 0 0 rg BT 118.36 616.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 149.68 616.50 Td (words ) Tj ET Q q 0 0 0 rg BT 177.50 616.50 Td (and ) Tj ET Q q 0 0 0 rg BT 194.82 616.50 Td (phrases ) Tj ET Q q 0 0 0 rg BT 228.47 616.50 Td (are ) Tj ET Q q 0 0 0 rg BT 243.44 616.50 Td (intended ) Tj ET Q q 0 0 0 rg BT 281.76 616.50 Td (to ) Tj ET Q q 0 0 0 rg BT 292.08 616.50 Td (identify ) Tj ET Q q 0 0 0 rg BT 326.90 616.50 Td (such ) Tj ET Q q 0 0 0 rg BT 348.30 616.50 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 419.28 616.50 Td (statements. ) Tj ET Q q 0 0 0 rg BT 468.38 616.50 Td ( ) Tj ET Q q 0 0 0 rg BT 470.54 616.50 Td (Such ) Tj ET Q q 0 0 0 rg BT 493.70 616.50 Td (forward-looking ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 97.31 603.90 Td (are ) Tj ET Q q 0 0 0 rg BT 113.62 603.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 146.85 603.90 Td (to ) Tj ET Q q 0 0 0 rg BT 158.51 603.90 Td (various ) Tj ET Q q 0 0 0 rg BT 192.91 603.90 Td (known ) Tj ET Q q 0 0 0 rg BT 224.98 603.90 Td (and ) Tj ET Q q 0 0 0 rg BT 243.63 603.90 Td (unknown ) Tj ET Q q 0 0 0 rg BT 286.20 603.90 Td (risks ) Tj ET Q q 0 0 0 rg BT 309.53 603.90 Td (and ) Tj ET Q q 0 0 0 rg BT 328.18 603.90 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 385.31 603.90 Td (and ) Tj ET Q q 0 0 0 rg BT 403.96 603.90 Td (we ) Tj ET Q q 0 0 0 rg BT 419.69 603.90 Td (caution ) Tj ET Q q 0 0 0 rg BT 454.09 603.90 Td (readers ) Tj ET Q q 0 0 0 rg BT 487.89 603.90 Td (that ) Tj ET Q q 0 0 0 rg BT 507.12 603.90 Td (any ) Tj ET Q q 0 0 0 rg BT 525.77 603.90 Td (forward-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 591.30 Td (looking ) Tj ET Q q 0 0 0 rg BT 84.21 591.30 Td (information ) Tj ET Q q 0 0 0 rg BT 136.41 591.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 176.36 591.30 Td (by ) Tj ET Q q 0 0 0 rg BT 189.48 591.30 Td (or ) Tj ET Q q 0 0 0 rg BT 200.85 591.30 Td (on ) Tj ET Q q 0 0 0 rg BT 213.98 591.30 Td (behalf ) Tj ET Q q 0 0 0 rg BT 242.84 591.30 Td (of ) Tj ET Q q 0 0 0 rg BT 254.21 591.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 278.41 591.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 309.62 591.30 Td (is ) Tj ET Q q 0 0 0 rg BT 319.25 591.30 Td (not ) Tj ET Q q 0 0 0 rg BT 335.29 591.30 Td (a ) Tj ET Q q 0 0 0 rg BT 342.58 591.30 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 386.01 591.30 Td (of ) Tj ET Q q 0 0 0 rg BT 397.38 591.30 Td (future ) Tj ET Q q 0 0 0 rg BT 425.08 591.30 Td (performance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (Actual ) Tj ET Q q 0 0 0 rg BT 79.74 566.10 Td (results ) Tj ET Q q 0 0 0 rg BT 109.41 566.10 Td (may ) Tj ET Q q 0 0 0 rg BT 129.74 566.10 Td (dif) Tj ET Q q 0 0 0 rg BT 141.21 566.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 155.12 566.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 199.94 566.10 Td (from ) Tj ET Q q 0 0 0 rg BT 222.60 566.10 Td (those ) Tj ET Q q 0 0 0 rg BT 247.02 566.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.44 566.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 328.50 566.10 Td (information ) Tj ET Q q 0 0 0 rg BT 380.33 566.10 Td (as ) Tj ET Q q 0 0 0 rg BT 391.33 566.10 Td (a ) Tj ET Q q 0 0 0 rg BT 398.24 566.10 Td (result ) Tj ET Q q 0 0 0 rg BT 423.82 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.82 566.10 Td (various ) Tj ET Q q 0 0 0 rg BT 467.98 566.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 501.43 566.10 Td (some ) Tj ET Q q 0 0 0 rg BT 525.84 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.84 566.10 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 553.50 Td (are ) Tj ET Q q 0 0 0 rg BT 65.61 553.50 Td (beyond ) Tj ET Q q 0 0 0 rg BT 99.82 553.50 Td (our ) Tj ET Q q 0 0 0 rg BT 117.12 553.50 Td (control, ) Tj ET Q q 0 0 0 rg BT 152.78 553.50 Td (including ) Tj ET Q q 0 0 0 rg BT 195.74 553.50 Td (but ) Tj ET Q q 0 0 0 rg BT 212.45 553.50 Td (not ) Tj ET Q q 0 0 0 rg BT 229.17 553.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 262.21 553.50 Td (to ) Tj ET Q q 0 0 0 rg BT 273.68 553.50 Td (those ) Tj ET Q q 0 0 0 rg BT 299.14 553.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 342.68 553.50 Td (below ) Tj ET Q q 0 0 0 rg BT 371.64 553.50 Td (and ) Tj ET Q q 0 0 0 rg BT 390.10 553.50 Td (those ) Tj ET Q q 0 0 0 rg BT 415.56 553.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 459.11 553.50 Td (under ) Tj ET Q q 0 0 0 rg BT 486.31 553.50 Td (the ) Tj ET Q q 0 0 0 rg BT 502.44 553.50 Td (heading ) Tj ET Q q 0 0 0 rg BT 538.97 553.50 Td ("Risk ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.90 Td (Factors" ) Tj ET Q q 0 0 0 rg BT 88.37 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 107.20 540.90 Td (elsewhere ) Tj ET Q q 0 0 0 rg BT 152.85 540.90 Td (in ) Tj ET Q q 0 0 0 rg BT 164.69 540.90 Td (this ) Tj ET Q q 0 0 0 rg BT 183.53 540.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 215.78 540.90 Td (on ) Tj ET Q q 0 0 0 rg BT 229.95 540.90 Td (Form�10-K ) Tj ET Q q 0 0 0 rg BT 280.58 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 299.41 540.90 Td (our ) Tj ET Q q 0 0 0 rg BT 317.08 540.90 Td (other ) Tj ET Q q 0 0 0 rg BT 342.32 540.90 Td (public ) Tj ET Q q 0 0 0 rg BT 372.24 540.90 Td (filings, ) Tj ET Q q 0 0 0 rg BT 405.37 540.90 Td (press ) Tj ET Q q 0 0 0 rg BT 430.62 540.90 Td (releases ) Tj ET Q q 0 0 0 rg BT 467.52 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 486.35 540.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 534.35 540.90 Td (by ) Tj ET Q q 0 0 0 rg BT 548.52 540.90 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.30 Td (management. ) Tj ET Q q 0 0 0 rg BT 108.91 528.30 Td ( ) Tj ET Q q 0 0 0 rg BT 112.06 528.30 Td (Due ) Tj ET Q q 0 0 0 rg BT 132.69 528.30 Td (to ) Tj ET Q q 0 0 0 rg BT 144.00 528.30 Td (such ) Tj ET Q q 0 0 0 rg BT 166.39 528.30 Td (risks, ) Tj ET Q q 0 0 0 rg BT 192.00 528.30 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 248.79 528.30 Td (and ) Tj ET Q q 0 0 0 rg BT 267.09 528.30 Td (other ) Tj ET Q q 0 0 0 rg BT 291.81 528.30 Td (factors, ) Tj ET Q q 0 0 0 rg BT 326.15 528.30 Td (we ) Tj ET Q q 0 0 0 rg BT 341.53 528.30 Td (caution ) Tj ET Q q 0 0 0 rg BT 375.58 528.30 Td (each ) Tj ET Q q 0 0 0 rg BT 397.96 528.30 Td (person ) Tj ET Q q 0 0 0 rg BT 429.09 528.30 Td (receiving ) Tj ET Q q 0 0 0 rg BT 471.30 528.30 Td (such ) Tj ET Q q 0 0 0 rg BT 493.69 528.30 Td (forward-looking ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.70 Td (information ) Tj ET Q q 0 0 0 rg BT 101.61 515.70 Td (not ) Tj ET Q q 0 0 0 rg BT 117.57 515.70 Td (to ) Tj ET Q q 0 0 0 rg BT 128.28 515.70 Td (place ) Tj ET Q q 0 0 0 rg BT 152.97 515.70 Td (undue ) Tj ET Q q 0 0 0 rg BT 181.17 515.70 Td (reliance ) Tj ET Q q 0 0 0 rg BT 216.94 515.70 Td (on ) Tj ET Q q 0 0 0 rg BT 229.98 515.70 Td (such ) Tj ET Q q 0 0 0 rg BT 251.76 515.70 Td (statements. ) Tj ET Q q 0 0 0 rg BT 301.25 515.70 Td ( ) Tj ET Q q 0 0 0 rg BT 303.79 515.70 Td (Further) Tj ET Q q 0 0 0 rg BT 334.29 515.70 Td (, ) Tj ET Q q 0 0 0 rg BT 339.45 515.70 Td (such ) Tj ET Q q 0 0 0 rg BT 361.24 515.70 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 432.59 515.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 479.46 515.70 Td (speak ) Tj ET Q q 0 0 0 rg BT 505.91 515.70 Td (only ) Tj ET Q q 0 0 0 rg BT 527.12 515.70 Td (as ) Tj ET Q q 0 0 0 rg BT 538.40 515.70 Td (of ) Tj ET Q q 0 0 0 rg BT 549.69 515.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (date ) Tj ET Q q 0 0 0 rg BT 69.00 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 81.52 503.10 Td (which ) Tj ET Q q 0 0 0 rg BT 109.20 503.10 Td (such ) Tj ET Q q 0 0 0 rg BT 130.46 503.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 176.80 503.10 Td (are ) Tj ET Q q 0 0 0 rg BT 191.64 503.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 219.02 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.19 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 250.45 503.10 Td (undertake ) Tj ET Q q 0 0 0 rg BT 293.86 503.10 Td (no ) Tj ET Q q 0 0 0 rg BT 306.38 503.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 355.06 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.25 503.10 Td (update ) Tj ET Q q 0 0 0 rg BT 395.25 503.10 Td (any ) Tj ET Q q 0 0 0 rg BT 412.43 503.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 483.26 503.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 525.51 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.70 503.10 Td (reflect ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 490.50 Td (events ) Tj ET Q q 0 0 0 rg BT 78.73 490.50 Td (or ) Tj ET Q q 0 0 0 rg BT 89.88 490.50 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 151.76 490.50 Td (after ) Tj ET Q q 0 0 0 rg BT 173.39 490.50 Td (the ) Tj ET Q q 0 0 0 rg BT 188.62 490.50 Td (date ) Tj ET Q q 0 0 0 rg BT 208.52 490.50 Td (on ) Tj ET Q q 0 0 0 rg BT 221.42 490.50 Td (which ) Tj ET Q q 0 0 0 rg BT 249.48 490.50 Td (such ) Tj ET Q q 0 0 0 rg BT 271.13 490.50 Td (statement ) Tj ET Q q 0 0 0 rg BT 313.78 490.50 Td (is ) Tj ET Q q 0 0 0 rg BT 323.18 490.50 Td (made ) Tj ET Q q 0 0 0 rg BT 348.32 490.50 Td (or ) Tj ET Q q 0 0 0 rg BT 359.47 490.50 Td (to ) Tj ET Q q 0 0 0 rg BT 370.05 490.50 Td (reflect ) Tj ET Q q 0 0 0 rg BT 399.26 490.50 Td (the ) Tj ET Q q 0 0 0 rg BT 414.49 490.50 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 462.94 490.50 Td (of ) Tj ET Q q 0 0 0 rg BT 474.09 490.50 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 533.06 490.50 Td (events.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 465.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.46 465.30 Td (future ) Tj ET Q q 0 0 0 rg BT 96.16 465.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 136.10 465.30 Td (may ) Tj ET Q q 0 0 0 rg BT 156.81 465.30 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 196.17 465.30 Td (due ) Tj ET Q q 0 0 0 rg BT 213.96 465.30 Td (to ) Tj ET Q q 0 0 0 rg BT 224.76 465.30 Td (numerous ) Tj ET Q q 0 0 0 rg BT 268.80 465.30 Td (factors, ) Tj ET Q q 0 0 0 rg BT 302.62 465.30 Td (such ) Tj ET Q q 0 0 0 rg BT 324.49 465.30 Td (as: ) Tj ET Q q 0 0 0 rg BT 338.79 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 354.24 465.30 Td (total ) Tj ET Q q 0 0 0 rg BT 375.54 465.30 Td (value ) Tj ET Q q 0 0 0 rg BT 400.90 465.30 Td (and ) Tj ET Q q 0 0 0 rg BT 418.69 465.30 Td (composition ) Tj ET Q q 0 0 0 rg BT 473.24 465.30 Td (of ) Tj ET Q q 0 0 0 rg BT 484.61 465.30 Td (our ) Tj ET Q q 0 0 0 rg BT 500.66 465.30 Td (AUM; ) Tj ET Q q 0 0 0 rg BT 530.71 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 546.17 465.30 Td (mix ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.54 452.70 Td (our ) Tj ET Q q 0 0 0 rg BT 76.33 452.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 103.13 452.70 Td (among ) Tj ET Q q 0 0 0 rg BT 134.00 452.70 Td (our ) Tj ET Q q 0 0 0 rg BT 150.29 452.70 Td (af) Tj ET Q q 0 0 0 rg BT 158.26 452.70 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 191.75 452.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 214.46 452.70 Td (classes, ) Tj ET Q q 0 0 0 rg BT 248.54 452.70 Td (client ) Tj ET Q q 0 0 0 rg BT 274.16 452.70 Td (type ) Tj ET Q q 0 0 0 rg BT 294.53 452.70 Td (and ) Tj ET Q q 0 0 0 rg BT 311.99 452.70 Td (geography; ) Tj ET Q q 0 0 0 rg BT 361.52 452.70 Td (the ) Tj ET Q q 0 0 0 rg BT 376.64 452.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 412.17 452.70 Td (yield ) Tj ET Q q 0 0 0 rg BT 435.46 452.70 Td (of ) Tj ET Q q 0 0 0 rg BT 446.50 452.70 Td (our ) Tj ET Q q 0 0 0 rg BT 462.29 452.70 Td (AUM; ) Tj ET Q q 0 0 0 rg BT 492.00 452.70 Td (the ) Tj ET Q q 0 0 0 rg BT 507.12 452.70 Td (volatility ) Tj ET Q q 0 0 0 rg BT 547.33 452.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (general ) Tj ET Q q 0 0 0 rg BT 83.01 440.10 Td (level ) Tj ET Q q 0 0 0 rg BT 106.03 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.39 440.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 159.66 440.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 187.34 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.11 440.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 238.63 440.10 Td (rates; ) Tj ET Q q 0 0 0 rg BT 263.99 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.43 440.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 313.52 440.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 362.21 440.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 417.88 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.24 440.10 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 516.42 440.10 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 427.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.41 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 93.14 427.50 Td (other ) Tj ET Q q 0 0 0 rg BT 117.29 427.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 140.27 427.50 Td (management ) Tj ET Q q 0 0 0 rg BT 196.49 427.50 Td (products ) Tj ET Q q 0 0 0 rg BT 235.22 427.50 Td (both ) Tj ET Q q 0 0 0 rg BT 256.46 427.50 Td (in ) Tj ET Q q 0 0 0 rg BT 267.20 427.50 Td (absolute ) Tj ET Q q 0 0 0 rg BT 304.76 427.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 330.67 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 348.40 427.50 Td (relative ) Tj ET Q q 0 0 0 rg BT 382.45 427.50 Td (to ) Tj ET Q q 0 0 0 rg BT 393.19 427.50 Td (competing ) Tj ET Q q 0 0 0 rg BT 440.09 427.50 Td (of) Tj ET Q q 0 0 0 rg BT 448.64 427.50 Td (ferings ) Tj ET Q q 0 0 0 rg BT 480.37 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 498.11 427.50 Td (market ) Tj ET Q q 0 0 0 rg BT 529.83 427.50 Td (indices; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.90 Td (investor ) Tj ET Q q 0 0 0 rg BT 84.81 414.90 Td (sentiment ) Tj ET Q q 0 0 0 rg BT 127.13 414.90 Td (and ) Tj ET Q q 0 0 0 rg BT 143.77 414.90 Td (confidence; ) Tj ET Q q 0 0 0 rg BT 194.23 414.90 Td (general ) Tj ET Q q 0 0 0 rg BT 226.61 414.90 Td (political ) Tj ET Q q 0 0 0 rg BT 262.51 414.90 Td (and ) Tj ET Q q 0 0 0 rg BT 279.15 414.90 Td (economic ) Tj ET Q q 0 0 0 rg BT 321.46 414.90 Td (conditions; ) Tj ET Q q 0 0 0 rg BT 369.61 414.90 Td (our ) Tj ET Q q 0 0 0 rg BT 385.09 414.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 413.41 414.90 Td (to ) Tj ET Q q 0 0 0 rg BT 423.06 414.90 Td (maintain ) Tj ET Q q 0 0 0 rg BT 461.29 414.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 508.85 414.90 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 402.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.33 402.30 Td (administrative ) Tj ET Q q 0 0 0 rg BT 128.08 402.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 146.66 402.30 Td (at ) Tj ET Q q 0 0 0 rg BT 155.91 402.30 Td (current ) Tj ET Q q 0 0 0 rg BT 187.31 402.30 Td (levels; ) Tj ET Q q 0 0 0 rg BT 216.40 402.30 Td (competitive ) Tj ET Q q 0 0 0 rg BT 267.64 402.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 313.06 402.30 Td (in ) Tj ET Q q 0 0 0 rg BT 322.91 402.30 Td (our ) Tj ET Q q 0 0 0 rg BT 338.58 402.30 Td (business; ) Tj ET Q q 0 0 0 rg BT 378.75 402.30 Td (the ) Tj ET Q q 0 0 0 rg BT 393.26 402.30 Td (ability ) Tj ET Q q 0 0 0 rg BT 421.76 402.30 Td (to ) Tj ET Q q 0 0 0 rg BT 431.60 402.30 Td (attract ) Tj ET Q q 0 0 0 rg BT 459.51 402.30 Td (and ) Tj ET Q q 0 0 0 rg BT 476.34 402.30 Td (retain ) Tj ET Q q 0 0 0 rg BT 501.92 402.30 Td (key ) Tj ET Q q 0 0 0 rg BT 518.75 402.30 Td (personnel; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.70 Td (the ) Tj ET Q q 0 0 0 rg BT 65.64 389.70 Td (impact, ) Tj ET Q q 0 0 0 rg BT 100.15 389.70 Td (extent ) Tj ET Q q 0 0 0 rg BT 129.12 389.70 Td (and ) Tj ET Q q 0 0 0 rg BT 147.60 389.70 Td (timing ) Tj ET Q q 0 0 0 rg BT 178.33 389.70 Td (of ) Tj ET Q q 0 0 0 rg BT 190.39 389.70 Td (technological ) Tj ET Q q 0 0 0 rg BT 250.27 389.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 287.40 389.70 Td (and ) Tj ET Q q 0 0 0 rg BT 305.87 389.70 Td (the ) Tj ET Q q 0 0 0 rg BT 322.01 389.70 Td (adequacy ) Tj ET Q q 0 0 0 rg BT 364.97 389.70 Td (of ) Tj ET Q q 0 0 0 rg BT 377.03 389.70 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 426.99 389.70 Td (property) Tj ET Q q 0 0 0 rg BT 461.88 389.70 Td (, ) Tj ET Q q 0 0 0 rg BT 467.82 389.70 Td (information ) Tj ET Q q 0 0 0 rg BT 520.71 389.70 Td (and ) Tj ET Q q 0 0 0 rg BT 539.18 389.70 Td (cyber ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (security ) Tj ET Q q 0 0 0 rg BT 85.06 377.10 Td (protection; ) Tj ET Q q 0 0 0 rg BT 132.86 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.34 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.48 377.10 Td (introduction, ) Tj ET Q q 0 0 0 rg BT 221.75 377.10 Td (withdrawal, ) Tj ET Q q 0 0 0 rg BT 273.92 377.10 Td (success ) Tj ET Q q 0 0 0 rg BT 307.73 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.21 377.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 354.94 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.01 377.10 Td (business ) Tj ET Q q 0 0 0 rg BT 403.91 377.10 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 450.26 377.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 492.23 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.71 377.10 Td (acquisitions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.85 351.90 Td (future ) Tj ET Q q 0 0 0 rg BT 96.94 351.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 139.62 351.90 Td (results ) Tj ET Q q 0 0 0 rg BT 170.05 351.90 Td (are ) Tj ET Q q 0 0 0 rg BT 185.89 351.90 Td (also ) Tj ET Q q 0 0 0 rg BT 205.83 351.90 Td (dependent ) Tj ET Q q 0 0 0 rg BT 252.00 351.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 276.02 351.90 Td (the ) Tj ET Q q 0 0 0 rg BT 291.87 351.90 Td (level ) Tj ET Q q 0 0 0 rg BT 315.29 351.90 Td (of ) Tj ET Q q 0 0 0 rg BT 327.06 351.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 369.74 351.90 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 413.29 351.90 Td (which ) Tj ET Q q 0 0 0 rg BT 441.97 351.90 Td (are ) Tj ET Q q 0 0 0 rg BT 457.81 351.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 490.57 351.90 Td (to ) Tj ET Q q 0 0 0 rg BT 501.76 351.90 Td (fluctuation ) Tj ET Q q 0 0 0 rg BT 550.27 351.90 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 64.51 339.30 Td (following ) Tj ET Q q 0 0 0 rg BT 107.52 339.30 Td (or ) Tj ET Q q 0 0 0 rg BT 118.44 339.30 Td (other ) Tj ET Q q 0 0 0 rg BT 142.20 339.30 Td (reasons: ) Tj ET Q q 0 0 0 rg BT 178.79 339.30 Td (variations ) Tj ET Q q 0 0 0 rg BT 222.37 339.30 Td (in ) Tj ET Q q 0 0 0 rg BT 232.72 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 247.73 339.30 Td (level ) Tj ET Q q 0 0 0 rg BT 270.31 339.30 Td (of ) Tj ET Q q 0 0 0 rg BT 281.24 339.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 341.74 339.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 377.73 339.30 Td (incurred ) Tj ET Q q 0 0 0 rg BT 414.90 339.30 Td (as ) Tj ET Q q 0 0 0 rg BT 425.82 339.30 Td (a ) Tj ET Q q 0 0 0 rg BT 432.66 339.30 Td (result ) Tj ET Q q 0 0 0 rg BT 458.17 339.30 Td (of ) Tj ET Q q 0 0 0 rg BT 469.10 339.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 505.09 339.30 Td (in ) Tj ET Q q 0 0 0 rg BT 515.44 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 530.45 339.30 Td (number ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.81 326.70 Td (total ) Tj ET Q q 0 0 0 rg BT 84.03 326.70 Td (employees, ) Tj ET Q q 0 0 0 rg BT 135.12 326.70 Td (competitive ) Tj ET Q q 0 0 0 rg BT 188.26 326.70 Td (factors, ) Tj ET Q q 0 0 0 rg BT 223.01 326.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 260.39 326.70 Td (in ) Tj ET Q q 0 0 0 rg BT 272.12 326.70 Td (the ) Tj ET Q q 0 0 0 rg BT 288.51 326.70 Td (percentages ) Tj ET Q q 0 0 0 rg BT 341.63 326.70 Td (of ) Tj ET Q q 0 0 0 rg BT 353.94 326.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 394.81 326.70 Td (paid ) Tj ET Q q 0 0 0 rg BT 416.45 326.70 Td (as ) Tj ET Q q 0 0 0 rg BT 428.76 326.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 490.64 326.70 Td (or ) Tj ET Q q 0 0 0 rg BT 502.95 326.70 Td (other ) Tj ET Q q 0 0 0 rg BT 528.09 326.70 Td (reasons; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 90.76 314.10 Td (in ) Tj ET Q q 0 0 0 rg BT 101.70 314.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 152.90 314.10 Td (expenses; ) Tj ET Q q 0 0 0 rg BT 196.50 314.10 Td (variations ) Tj ET Q q 0 0 0 rg BT 240.68 314.10 Td (in ) Tj ET Q q 0 0 0 rg BT 251.63 314.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 292.31 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.25 314.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 341.01 314.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 367.41 314.10 Td (including ) Tj ET Q q 0 0 0 rg BT 409.85 314.10 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 467.15 314.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 522.99 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 540.93 314.10 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 301.50 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 90.10 301.50 Td (char) Tj ET Q q 0 0 0 rg BT 107.98 301.50 Td (ges ) Tj ET Q q 0 0 0 rg BT 124.68 301.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 162.36 301.50 Td (by ) Tj ET Q q 0 0 0 rg BT 175.55 301.50 Td (us ) Tj ET Q q 0 0 0 rg BT 187.59 301.50 Td (to ) Tj ET Q q 0 0 0 rg BT 198.46 301.50 Td (maintain ) Tj ET Q q 0 0 0 rg BT 237.89 301.50 Td (our ) Tj ET Q q 0 0 0 rg BT 254.59 301.50 Td (administrative ) Tj ET Q q 0 0 0 rg BT 317.36 301.50 Td (infrastructure; ) Tj ET Q q 0 0 0 rg BT 379.53 301.50 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 438.79 301.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 462.49 301.50 Td (that ) Tj ET Q q 0 0 0 rg BT 480.93 301.50 Td (may ) Tj ET Q q 0 0 0 rg BT 501.71 301.50 Td (be ) Tj ET Q q 0 0 0 rg BT 514.32 301.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 552.00 301.50 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.96 288.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.43 288.90 Td (from ) Tj ET Q q 0 0 0 rg BT 128.73 288.90 Td (time ) Tj ET Q q 0 0 0 rg BT 150.28 288.90 Td (to ) Tj ET Q q 0 0 0 rg BT 161.33 288.90 Td (time ) Tj ET Q q 0 0 0 rg BT 182.88 288.90 Td (to ) Tj ET Q q 0 0 0 rg BT 193.94 288.90 Td (protect ) Tj ET Q q 0 0 0 rg BT 225.98 288.90 Td (client ) Tj ET Q q 0 0 0 rg BT 252.19 288.90 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 295.03 288.90 Td (to ) Tj ET Q q 0 0 0 rg BT 306.09 288.90 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 349.80 288.90 Td (support ) Tj ET Q q 0 0 0 rg BT 384.18 288.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 433.15 288.90 Td (products ) Tj ET Q q 0 0 0 rg BT 472.20 288.90 Td (or ) Tj ET Q q 0 0 0 rg BT 483.83 288.90 Td (in ) Tj ET Q q 0 0 0 rg BT 494.88 288.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 543.84 288.90 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 276.30 Td (litigation ) Tj ET Q q 0 0 0 rg BT 90.04 276.30 Td (or ) Tj ET Q q 0 0 0 rg BT 101.41 276.30 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 147.19 276.30 Td (proceedings; ) Tj ET Q q 0 0 0 rg BT 203.46 276.30 Td (and ) Tj ET Q q 0 0 0 rg BT 221.25 276.30 Td (the ) Tj ET Q q 0 0 0 rg BT 236.70 276.30 Td (ef) Tj ET Q q 0 0 0 rg BT 244.67 276.30 Td (fects ) Tj ET Q q 0 0 0 rg BT 267.11 276.30 Td (of ) Tj ET Q q 0 0 0 rg BT 278.49 276.30 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 331.28 276.30 Td (and ) Tj ET Q q 0 0 0 rg BT 349.06 276.30 Td (dispositions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.09 251.10 Td (business ) Tj ET Q q 0 0 0 rg BT 107.93 251.10 Td (is ) Tj ET Q q 0 0 0 rg BT 118.19 251.10 Td (also ) Tj ET Q q 0 0 0 rg BT 138.36 251.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 171.36 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.78 251.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 230.95 251.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 291.94 251.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 337.76 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.18 251.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 393.25 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.68 251.10 Td (legal, ) Tj ET Q q 0 0 0 rg BT 430.96 251.10 Td (regulatory) Tj ET Q q 0 0 0 rg BT 473.43 251.10 Td (, ) Tj ET Q q 0 0 0 rg BT 479.31 251.10 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 531.26 251.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 547.35 251.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 238.50 Td (compliance ) Tj ET Q q 0 0 0 rg BT 100.52 238.50 Td (requirements ) Tj ET Q q 0 0 0 rg BT 157.96 238.50 Td (that ) Tj ET Q q 0 0 0 rg BT 176.33 238.50 Td (may ) Tj ET Q q 0 0 0 rg BT 197.03 238.50 Td (have ) Tj ET Q q 0 0 0 rg BT 219.48 238.50 Td (a ) Tj ET Q q 0 0 0 rg BT 226.76 238.50 Td (substantial ) Tj ET Q q 0 0 0 rg BT 274.30 238.50 Td (ef) Tj ET Q q 0 0 0 rg BT 282.27 238.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 300.63 238.50 Td (on ) Tj ET Q q 0 0 0 rg BT 313.76 238.50 Td (our ) Tj ET Q q 0 0 0 rg BT 330.38 238.50 Td (business ) Tj ET Q q 0 0 0 rg BT 368.59 238.50 Td (and ) Tj ET Q q 0 0 0 rg BT 386.38 238.50 Td (results ) Tj ET Q q 0 0 0 rg BT 416.42 238.50 Td (of ) Tj ET Q q 0 0 0 rg BT 427.79 238.50 Td (operations.) Tj ET Q endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 289.00 741.90 Td (P) Tj ET Q q 0 0 0 rg BT 294.63 741.90 Td (AR) Tj ET Q q 0 0 0 rg BT 309.43 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 316.25 741.90 Td ( I) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 717.30 Td (ITEM 1. BUSINESS.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 692.70 Td (General) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 668.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 111.18 668.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 143.87 668.10 Td (is ) Tj ET Q q 0 0 0 rg BT 154.99 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 163.75 668.10 Td (global ) Tj ET Q q 0 0 0 rg BT 194.11 668.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 218.63 668.10 Td (management ) Tj ET Q q 0 0 0 rg BT 276.38 668.10 Td (company) Tj ET Q q 0 0 0 rg BT 314.19 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 320.01 668.10 Td (Acting ) Tj ET Q q 0 0 0 rg BT 352.70 668.10 Td (through ) Tj ET Q q 0 0 0 rg BT 389.47 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 407.58 668.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 463.89 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 480.24 668.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 516.42 668.10 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 655.50 Td (management ) Tj ET Q q 0 0 0 rg BT 105.53 655.50 Td (and ) Tj ET Q q 0 0 0 rg BT 123.07 655.50 Td (related ) Tj ET Q q 0 0 0 rg BT 154.01 655.50 Td (services ) Tj ET Q q 0 0 0 rg BT 190.21 655.50 Td (to ) Tj ET Q q 0 0 0 rg BT 200.76 655.50 Td (institutional ) Tj ET Q q 0 0 0 rg BT 253.31 655.50 Td (and ) Tj ET Q q 0 0 0 rg BT 270.85 655.50 Td (individual ) Tj ET Q q 0 0 0 rg BT 315.81 655.50 Td (clients, ) Tj ET Q q 0 0 0 rg BT 348.22 655.50 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 435.17 655.50 Td (mutual ) Tj ET Q q 0 0 0 rg BT 466.71 655.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 492.43 655.50 Td (and ) Tj ET Q q 0 0 0 rg BT 509.97 655.50 Td (other ) Tj ET Q q 0 0 0 rg BT 533.92 655.50 Td (pooled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 642.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.81 642.90 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 136.92 642.90 Td (W) Tj ET Q q 0 0 0 rg BT 145.99 642.90 Td (e ) Tj ET Q q 0 0 0 rg BT 152.88 642.90 Td (of) Tj ET Q q 0 0 0 rg BT 161.44 642.90 Td (fer ) Tj ET Q q 0 0 0 rg BT 175.33 642.90 Td (these ) Tj ET Q q 0 0 0 rg BT 199.14 642.90 Td (products ) Tj ET Q q 0 0 0 rg BT 237.53 642.90 Td (and ) Tj ET Q q 0 0 0 rg BT 254.93 642.90 Td (services ) Tj ET Q q 0 0 0 rg BT 290.98 642.90 Td (directly ) Tj ET Q q 0 0 0 rg BT 325.29 642.90 Td (and ) Tj ET Q q 0 0 0 rg BT 342.69 642.90 Td (through ) Tj ET Q q 0 0 0 rg BT 377.59 642.90 Td (various ) Tj ET Q q 0 0 0 rg BT 410.73 642.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 449.70 642.90 Td (intermediaries. ) Tj ET Q q 0 0 0 rg BT 514.46 642.90 Td (W) Tj ET Q q 0 0 0 rg BT 523.53 642.90 Td (e ) Tj ET Q q 0 0 0 rg BT 530.42 642.90 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 630.30 Td (our ) Tj ET Q q 0 0 0 rg BT 65.09 630.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 87.10 630.30 Td (management ) Tj ET Q q 0 0 0 rg BT 142.34 630.30 Td (services ) Tj ET Q q 0 0 0 rg BT 177.75 630.30 Td (through ) Tj ET Q q 0 0 0 rg BT 212.01 630.30 Td (a ) Tj ET Q q 0 0 0 rg BT 218.27 630.30 Td (number ) Tj ET Q q 0 0 0 rg BT 251.94 630.30 Td (of ) Tj ET Q q 0 0 0 rg BT 262.28 630.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 284.29 630.30 Td (managers, ) Tj ET Q q 0 0 0 rg BT 328.74 630.30 Td (each ) Tj ET Q q 0 0 0 rg BT 349.57 630.30 Td (of ) Tj ET Q q 0 0 0 rg BT 359.91 630.30 Td (which ) Tj ET Q q 0 0 0 rg BT 387.17 630.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 427.83 630.30 Td (markets ) Tj ET Q q 0 0 0 rg BT 462.67 630.30 Td (its ) Tj ET Q q 0 0 0 rg BT 474.18 630.30 Td (products ) Tj ET Q q 0 0 0 rg BT 511.94 630.30 Td (and ) Tj ET Q q 0 0 0 rg BT 528.70 630.30 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 617.70 Td (under ) Tj ET Q q 0 0 0 rg BT 75.18 617.70 Td (its ) Tj ET Q q 0 0 0 rg BT 86.87 617.70 Td (own ) Tj ET Q q 0 0 0 rg BT 106.73 617.70 Td (brand ) Tj ET Q q 0 0 0 rg BT 132.40 617.70 Td (name ) Tj ET Q q 0 0 0 rg BT 156.92 617.70 Td (and, ) Tj ET Q q 0 0 0 rg BT 176.47 617.70 Td (in ) Tj ET Q q 0 0 0 rg BT 186.41 617.70 Td (many ) Tj ET Q q 0 0 0 rg BT 211.51 617.70 Td (cases, ) Tj ET Q q 0 0 0 rg BT 238.06 617.70 Td (distributes ) Tj ET Q q 0 0 0 rg BT 283.58 617.70 Td (retail ) Tj ET Q q 0 0 0 rg BT 306.93 617.70 Td (products ) Tj ET Q q 0 0 0 rg BT 344.86 617.70 Td (and ) Tj ET Q q 0 0 0 rg BT 361.79 617.70 Td (services ) Tj ET Q q 0 0 0 rg BT 397.38 617.70 Td (through ) Tj ET Q q 0 0 0 rg BT 431.82 617.70 Td (a ) Tj ET Q q 0 0 0 rg BT 438.25 617.70 Td (centralized ) Tj ET Q q 0 0 0 rg BT 486.07 617.70 Td (global ) Tj ET Q q 0 0 0 rg BT 514.09 617.70 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (platform.) 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378.30 Td (post ) Tj ET Q q 0 0 0 rg BT 535.66 378.30 Td (on ) Tj ET Q q 0 0 0 rg BT 548.50 378.30 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 365.70 Td (website ) Tj ET Q q 0 0 0 rg BT 83.65 365.70 Td (any ) Tj ET Q q 0 0 0 rg BT 100.89 365.70 Td (amendments ) Tj ET Q q 0 0 0 rg BT 156.04 365.70 Td (to ) Tj ET Q q 0 0 0 rg BT 166.29 365.70 Td (the ) Tj ET Q q 0 0 0 rg BT 181.19 365.70 Td (Code ) Tj ET Q q 0 0 0 rg BT 205.43 365.70 Td (of ) Tj ET Q q 0 0 0 rg BT 216.26 365.70 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 253.92 365.70 Td (and ) Tj ET Q q 0 0 0 rg BT 271.15 365.70 Td (any ) Tj ET Q q 0 0 0 rg BT 288.39 365.70 Td (waiver ) Tj ET Q q 0 0 0 rg BT 319.04 365.70 Td (of ) Tj ET Q q 0 0 0 rg BT 329.86 365.70 Td (the ) Tj ET Q q 0 0 0 rg BT 344.77 365.70 Td (Code ) Tj ET Q q 0 0 0 rg BT 369.01 365.70 Td (of ) Tj ET Q q 0 0 0 rg BT 379.83 365.70 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 417.49 365.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 462.72 365.70 Td (to ) Tj ET Q q 0 0 0 rg 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10.50 Tf ET q 0 0 0 rg BT 49.50 201.90 Td (products\), ) Tj ET Q q 0 0 0 rg BT 94.40 201.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 140.16 201.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 176.60 201.90 Td (and ) Tj ET Q q 0 0 0 rg BT 194.38 201.90 Td (an ) Tj ET Q q 0 0 0 rg BT 206.90 201.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 249.16 201.90 Td (role ) Tj ET Q q 0 0 0 rg BT 268.10 201.90 Td (of ) Tj ET Q q 0 0 0 rg BT 279.47 201.90 Td (technology ) Tj ET Q q 0 0 0 rg BT 328.74 201.90 Td (in ) Tj ET Q q 0 0 0 rg BT 339.52 201.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 362.55 201.90 Td (management ) Tj ET Q q 0 0 0 rg BT 418.81 201.90 Td (services. ) Tj ET Q q 0 0 0 rg BT 457.87 201.90 Td ( ) Tj ET Q q 0 0 0 rg BT 460.49 201.90 Td (During ) Tj ET Q q 0 0 0 rg BT 492.85 201.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 518.21 201.90 Td (year ) Tj ET Q q 0 0 0 rg BT 538.89 201.90 Td (2017, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 189.30 Td (in ) Tj ET Q q 0 0 0 rg BT 60.86 189.30 Td (addition ) Tj ET 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BT 141.64 176.70 Td (the ) Tj ET Q q 0 0 0 rg BT 157.09 176.70 Td (changing ) Tj ET Q q 0 0 0 rg BT 198.21 176.70 Td (industry ) Tj ET Q q 0 0 0 rg BT 235.25 176.70 Td (landscape: ) Tj ET Q q 0 0 0 rg BT 282.19 176.70 Td ( ) Tj ET Q q 0 0 0 rg BT 284.81 176.70 Td ( ) Tj ET Q q 0 0 0 rg BT 287.44 176.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 151.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 151.50 Td (On ) Tj ET Q q 0 0 0 rg BT 99.67 151.50 Td (April ) Tj ET Q q 0 0 0 rg BT 123.56 151.50 Td (13, ) Tj ET Q q 0 0 0 rg BT 138.41 151.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 163.75 151.50 Td (we ) Tj ET Q q 0 0 0 rg BT 177.72 151.50 Td (acquired ) Tj ET Q q 0 0 0 rg BT 215.58 151.50 Td (an ) Tj ET Q q 0 0 0 rg BT 227.22 151.50 Td (82% ) Tj ET Q q 0 0 0 rg BT 248.18 151.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 276.15 151.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 308.78 151.50 Td (in ) Tj ET Q q 0 0 0 rg BT 318.67 151.50 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 351.88 151.50 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 390.64 151.50 Td (a ) Tj ET Q q 0 0 0 rg BT 397.02 151.50 Td (diversified ) Tj ET Q q 0 0 0 rg BT 443.65 151.50 Td (real ) Tj ET Q q 0 0 0 rg BT 461.10 151.50 Td (estate ) Tj ET Q q 0 0 0 rg BT 486.73 151.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.86 151.50 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 138.90 Td (firm ) Tj ET Q q 0 0 0 rg BT 105.85 138.90 Td (based ) Tj ET Q q 0 0 0 rg BT 132.02 138.90 Td (in ) Tj ET Q q 0 0 0 rg BT 142.46 138.90 Td (New ) Tj ET Q q 0 0 0 rg BT 164.21 138.90 Td (Y) Tj ET Q q 0 0 0 rg BT 170.75 138.90 Td (ork. ) Tj ET Q q 0 0 0 rg BT 189.47 138.90 Td (The ) Tj ET Q q 0 0 0 rg BT 208.06 138.90 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 241.83 138.90 Td (Partners ) Tj ET Q q 0 0 0 rg BT 278.50 138.90 Td (management ) Tj ET Q q 0 0 0 rg BT 334.41 138.90 Td (team ) Tj ET Q q 0 0 0 rg BT 357.09 138.90 Td (retained ) Tj ET Q q 0 0 0 rg BT 393.17 138.90 Td (18% ) Tj ET Q q 0 0 0 rg BT 414.68 138.90 Td (of ) Tj ET Q q 0 0 0 rg BT 425.70 138.90 Td (the ) Tj ET Q q 0 0 0 rg BT 440.79 138.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 492.06 138.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 520.57 138.90 Td (in ) Tj ET Q q 0 0 0 rg BT 531.01 138.90 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 126.30 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 124.97 126.30 Td (The ) Tj ET Q q 0 0 0 rg BT 143.92 126.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 192.62 126.30 Td (of ) Tj ET Q q 0 0 0 rg BT 203.99 126.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 238.11 126.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 275.15 126.30 Td (fills ) Tj ET Q q 0 0 0 rg BT 294.11 126.30 Td (gaps ) Tj ET Q q 0 0 0 rg BT 315.98 126.30 Td (in ) Tj ET Q q 0 0 0 rg BT 326.77 126.30 Td (our ) Tj ET Q q 0 0 0 rg BT 343.39 126.30 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 376.36 126.30 Td (alternative ) Tj ET Q q 0 0 0 rg BT 423.29 126.30 Td (product ) Tj ET Q q 0 0 0 rg BT 457.99 126.30 Td (of) Tj ET Q q 0 0 0 rg BT 466.55 126.30 Td (ferings.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 101.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 101.10 Td (On ) Tj ET Q q 0 0 0 rg BT 101.90 101.10 Td (May ) Tj ET Q q 0 0 0 rg BT 124.71 101.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 136.15 101.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 163.34 101.10 Td (we ) Tj ET Q q 0 0 0 rg BT 179.15 101.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 224.12 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.51 101.10 Td (Permal ) Tj ET Q q 0 0 0 rg BT 273.82 101.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 304.21 101.10 Td (\(�Permal�\), ) Tj ET Q q 0 0 0 rg BT 356.46 101.10 Td (our ) Tj ET Q q 0 0 0 rg BT 374.02 101.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 410.83 101.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 439.47 101.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 462.28 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.59 101.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 501.49 101.10 Td (platform, ) Tj ET Q q 0 0 0 rg BT 543.83 101.10 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 88.50 Td 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BT 202.88 75.90 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 248.15 75.90 Td (investor ) Tj ET Q q 0 0 0 rg BT 284.97 75.90 Td (base, ) Tj ET Q q 0 0 0 rg BT 309.25 75.90 Td (and ) Tj ET Q q 0 0 0 rg BT 327.40 75.90 Td (business ) Tj ET Q q 0 0 0 rg BT 365.98 75.90 Td (mix ) Tj ET Q q 0 0 0 rg BT 385.31 75.90 Td (to ) Tj ET Q q 0 0 0 rg BT 396.47 75.90 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 431.18 75.90 Td (As ) Tj ET Q q 0 0 0 rg BT 445.84 75.90 Td (a ) Tj ET Q q 0 0 0 rg BT 453.49 75.90 Td (result ) Tj ET Q q 0 0 0 rg BT 479.82 75.90 Td (of ) Tj ET Q q 0 0 0 rg BT 491.56 75.90 Td (the ) Tj ET Q q 0 0 0 rg BT 507.38 75.90 Td (combination, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 63.30 Td (we ) Tj ET Q q 0 0 0 rg BT 99.53 63.30 Td (own ) Tj ET Q q 0 0 0 rg BT 119.41 63.30 Td (65% ) Tj ET Q q 0 0 0 rg BT 140.44 63.30 Td (of ) Tj ET Q q 0 0 0 rg BT 150.98 63.30 Td (the ) Tj ET Q q 0 0 0 rg BT 165.60 63.30 Td (combined ) Tj ET Q q 0 0 0 rg BT 208.80 63.30 Td (entity) Tj ET Q q 0 0 0 rg BT 232.03 63.30 Td (, ) Tj ET Q q 0 0 0 rg BT 236.44 63.30 Td (branded ) Tj ET Q q 0 0 0 rg BT 272.05 63.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 289.76 63.30 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 339.67 63.30 Td (and ) Tj ET Q q 0 0 0 rg BT 356.62 63.30 Td (35% ) Tj ET Q q 0 0 0 rg BT 377.66 63.30 Td (is ) Tj ET Q q 0 0 0 rg BT 386.45 63.30 Td (owned ) Tj ET Q q 0 0 0 rg BT 416.24 63.30 Td (by ) Tj ET Q q 0 0 0 rg BT 428.53 63.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 446.24 63.30 Td (rustPermal's ) Tj ET Q q 0 0 0 rg BT 499.50 63.30 Td (chief ) Tj ET Q q 0 0 0 rg BT 522.27 63.30 Td (executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 50.70 Td (of) Tj ET Q q 0 0 0 rg BT 94.06 50.70 Td (ficer) Tj ET Q q 0 0 0 rg BT 112.71 50.70 Td (. ) Tj ET Q q 0 0 0 rg BT 117.64 50.70 Td (The ) Tj ET Q q 0 0 0 rg BT 136.45 50.70 Td (combination ) Tj ET Q q 0 0 0 rg BT 191.43 50.70 Td (of ) Tj ET Q q 0 0 0 rg BT 202.67 50.70 Td (the ) Tj ET Q q 0 0 0 rg BT 217.98 50.70 Td (businesses ) Tj ET Q q 0 0 0 rg BT 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ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 741.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 741.75 Td (On ) Tj ET Q q 0 0 0 rg BT 99.85 741.75 Td (August ) Tj ET Q q 0 0 0 rg BT 132.14 741.75 Td (8, ) Tj ET Q q 0 0 0 rg BT 141.96 741.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 167.53 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 181.73 741.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 227.41 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.18 741.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 279.70 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 296.81 741.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 315.09 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.78 741.75 Td ($500 ) Tj ET Q q 0 0 0 rg BT 348.73 741.75 Td (million ) Tj ET Q q 0 0 0 rg BT 381.02 741.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 423.77 741.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 463.04 741.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 496.48 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 507.18 741.75 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 536.25 741.75 Td (Junior ) Tj ET Q BT 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BT 85.50 716.55 Td (were ) Tj ET Q q 0 0 0 rg BT 108.53 716.55 Td (used ) Tj ET Q q 0 0 0 rg BT 130.40 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 141.19 716.55 Td (repay ) Tj ET Q q 0 0 0 rg BT 167.13 716.55 Td ($500 ) Tj ET Q q 0 0 0 rg BT 190.76 716.55 Td (million ) Tj ET Q q 0 0 0 rg BT 223.72 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 235.09 716.55 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 285.55 716.55 Td (under ) Tj ET Q q 0 0 0 rg BT 312.08 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 328.70 716.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 371.57 716.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 398.10 716.55 Td (facility) Tj ET Q q 0 0 0 rg BT 427.15 716.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 691.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 691.35 Td (On ) Tj ET Q q 0 0 0 rg BT 99.93 691.35 Td (August ) Tj ET Q q 0 0 0 rg BT 132.31 691.35 Td (17, ) Tj ET Q q 0 0 0 rg BT 147.48 691.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 173.16 691.35 Td (we ) Tj ET Q q 0 0 0 rg BT 187.45 691.35 Td (completed ) Tj ET Q q 0 0 0 rg BT 233.23 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 248.10 691.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 296.23 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 307.02 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 318.98 691.35 Td (82% ) Tj ET Q q 0 0 0 rg BT 340.27 691.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 373.23 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 383.44 691.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 424.56 691.35 Td (Guard ) Tj ET Q q 0 0 0 rg BT 452.85 691.35 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 477.35 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 489.31 691.35 Td (online ) Tj ET Q q 0 0 0 rg BT 517.60 691.35 Td (Registered ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 678.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 135.76 678.75 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 174.21 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 193.99 678.75 Td (innovative ) Tj ET Q q 0 0 0 rg BT 242.93 678.75 Td (technology-enabled ) Tj ET Q q 0 0 0 rg BT 330.35 678.75 Td (wealth ) Tj ET Q q 0 0 0 rg BT 362.96 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 421.22 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 441.00 678.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 491.70 678.75 Td (advice ) Tj ET Q q 0 0 0 rg BT 523.72 678.75 Td (platform. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 666.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 127.84 666.15 Td (Guard ) Tj ET Q q 0 0 0 rg BT 157.35 666.15 Td (operates ) Tj ET Q q 0 0 0 rg BT 195.60 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 207.61 666.15 Td (part ) Tj ET Q q 0 0 0 rg BT 227.20 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 239.22 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 256.48 666.15 Td (alternative ) Tj ET Q q 0 0 0 rg BT 304.06 666.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 355.75 666.15 Td (strategies ) Tj ET Q q 0 0 0 rg BT 398.67 666.15 Td (business, ) Tj ET Q q 0 0 0 rg BT 440.15 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 469.07 666.15 Td (focuses ) Tj ET Q q 0 0 0 rg BT 503.83 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 517.60 666.15 Td (combining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 653.55 Td (technology ) Tj ET Q q 0 0 0 rg BT 134.78 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 156.07 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 172.70 653.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 221.40 653.55 Td (af) Tj ET Q q 0 0 0 rg BT 229.37 653.55 Td (filiates�) Tj ET Q q 0 0 0 rg BT 260.66 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 263.28 653.55 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 313.72 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 324.52 653.55 Td (order ) Tj ET Q q 0 0 0 rg BT 349.30 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 360.09 653.55 Td (better ) Tj ET Q q 0 0 0 rg BT 386.62 653.55 Td (serve ) Tj ET Q q 0 0 0 rg BT 411.40 653.55 Td (clients.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 628.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 628.35 Td (During ) Tj ET Q q 0 0 0 rg BT 116.98 628.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 141.44 628.35 Td (year ) Tj ET Q q 0 0 0 rg BT 161.24 628.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 186.60 628.35 Td (we ) Tj ET Q q 0 0 0 rg BT 200.57 628.35 Td (streamlined ) Tj ET Q q 0 0 0 rg BT 251.28 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 267.01 628.35 Td (business ) Tj ET Q q 0 0 0 rg BT 304.32 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 316.55 628.35 Td (divesting ) Tj ET Q q 0 0 0 rg BT 356.78 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 372.51 628.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 409.23 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 419.13 628.35 Td (two ) Tj ET Q q 0 0 0 rg BT 436.60 628.35 Td (small ) Tj ET Q q 0 0 0 rg BT 461.08 628.35 Td (non-core ) Tj ET Q q 0 0 0 rg BT 500.13 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 522.27 628.35 Td (managers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 102.49 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 108.98 615.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 130.07 615.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 163.39 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 183.88 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 190.38 615.75 Td (former ) Tj ET Q q 0 0 0 rg BT 220.78 615.75 Td (employee, ) Tj ET Q q 0 0 0 rg BT 266.05 615.75 Td (which ) Tj ET Q q 0 0 0 rg BT 293.54 615.75 Td (at ) Tj ET Q q 0 0 0 rg BT 302.95 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.61 615.75 Td (time ) Tj ET Q q 0 0 0 rg BT 338.11 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 348.68 615.75 Td (their ) Tj ET Q q 0 0 0 rg BT 369.76 615.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 414.15 615.75 Td (divestitures, ) Tj ET Q q 0 0 0 rg BT 467.02 615.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 506.75 615.75 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 526.96 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 528.79 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 530.62 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 532.45 615.75 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 603.15 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 106.50 603.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 136.54 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 154.33 603.15 Td ($2.3 ) Tj ET Q q 0 0 0 rg BT 175.33 603.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 205.38 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 216.17 603.15 Td (AUM.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 577.95 Td (See ) Tj ET Q q 0 0 0 rg BT 102.48 577.95 Td (�Item�8. ) Tj ET Q q 0 0 0 rg BT 138.71 577.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 179.60 577.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 227.50 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 244.48 577.95 Td (Supplementary ) Tj ET Q q 0 0 0 rg BT 309.88 577.95 Td (Data� ) Tj ET Q q 0 0 0 rg BT 336.18 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 350.24 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 364.89 577.95 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 406.65 577.95 Td (net ) Tj ET Q q 0 0 0 rg BT 421.30 577.95 Td (income ) Tj ET Q q 0 0 0 rg BT 454.03 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 471.01 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 497.33 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 507.90 577.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 531.30 577.95 Td (Mason, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 77.09 565.35 Td (operates ) Tj ET Q q 0 0 0 rg BT 113.99 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 124.09 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 130.67 565.35 Td (single ) Tj ET Q q 0 0 0 rg BT 157.68 565.35 Td (reportable ) Tj ET Q q 0 0 0 rg BT 202.17 565.35 Td (business ) Tj ET Q q 0 0 0 rg BT 239.68 565.35 Td (segment. ) Tj ET Q q 0 0 0 rg BT 279.22 565.35 Td (See ) Tj ET Q q 0 0 0 rg BT 296.31 565.35 Td (Note�16 ) Tj ET Q q 0 0 0 rg BT 331.77 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 342.44 565.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 368.86 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 378.96 565.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 436.30 565.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 477.29 565.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 525.30 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 535.39 565.35 Td (Item�8 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.03 552.75 Td (this ) Tj ET Q q 0 0 0 rg BT 76.99 552.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 107.36 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 121.39 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 137.17 552.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 176.27 552.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 218.86 552.75 Td (in, ) Tj ET Q q 0 0 0 rg BT 231.44 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 248.39 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 264.17 552.75 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 309.12 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 335.40 552.75 Td (\(consisting ) Tj ET Q q 0 0 0 rg BT 383.27 552.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 424.13 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 434.67 552.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 478.44 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 504.73 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 521.68 552.75 Td (goodwill\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (located ) Tj ET Q q 0 0 0 rg BT 83.06 540.15 Td (in, ) Tj ET Q q 0 0 0 rg BT 97.10 540.15 Td (each ) Tj ET Q q 0 0 0 rg BT 119.58 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 131.57 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 147.64 540.15 Td (principal ) Tj ET Q q 0 0 0 rg BT 188.21 540.15 Td (geographic ) Tj ET Q q 0 0 0 rg BT 238.10 540.15 Td (regions ) Tj ET Q q 0 0 0 rg BT 272.26 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 283.67 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 312.58 540.15 Td (we ) Tj ET Q q 0 0 0 rg BT 328.07 540.15 Td (conduct ) Tj ET Q q 0 0 0 rg BT 364.55 540.15 Td (business. ) Tj ET Q q 0 0 0 rg BT 406.01 540.15 Td (See ) Tj ET Q q 0 0 0 rg BT 424.42 540.15 Td (Note�7 ) Tj ET Q q 0 0 0 rg BT 455.95 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 467.94 540.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 495.68 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 507.10 540.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 91.13 527.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 139.77 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 150.50 527.55 Td (Item�8 ) Tj ET Q q 0 0 0 rg BT 180.18 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 191.48 527.55 Td (this ) Tj ET Q q 0 0 0 rg BT 209.21 527.55 Td (Report ) Tj ET Q q 0 0 0 rg BT 240.35 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 255.15 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 271.71 527.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 309.24 527.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 324.63 527.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 351.69 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 362.41 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 377.80 527.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 399.03 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 416.75 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 427.48 527.55 Td (all ) Tj ET Q q 0 0 0 rg BT 440.54 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 464.67 527.55 Td (countries, ) Tj ET Q q 0 0 0 rg BT 508.34 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 519.07 527.55 Td (aggregate.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Business Overview) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 477.15 Td (Acting ) Tj ET Q q 0 0 0 rg BT 118.27 477.15 Td (through ) Tj ET Q q 0 0 0 rg BT 155.12 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 173.31 477.15 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 229.71 477.15 Td (we ) Tj ET Q q 0 0 0 rg BT 246.14 477.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 282.40 477.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 332.67 477.15 Td (management ) Tj ET Q q 0 0 0 rg BT 390.51 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 409.86 477.15 Td (related ) Tj ET Q q 0 0 0 rg BT 442.61 477.15 Td (services ) Tj ET Q q 0 0 0 rg BT 480.62 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 492.98 477.15 Td (institutional ) Tj ET Q q 0 0 0 rg BT 547.34 477.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (individual ) Tj ET Q q 0 0 0 rg BT 94.74 464.55 Td (clients, ) Tj ET Q q 0 0 0 rg BT 127.43 464.55 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 214.66 464.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 263.39 464.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 289.38 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 307.20 464.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 331.43 464.55 Td (separately ) Tj ET Q q 0 0 0 rg BT 376.65 464.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 417.21 464.55 Td (account ) Tj ET Q q 0 0 0 rg BT 452.51 464.55 Td (programs. ) Tj ET Q q 0 0 0 rg BT 497.46 464.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 542.10 464.55 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.11 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 127.96 451.95 Td (of) Tj ET Q q 0 0 0 rg BT 136.52 451.95 Td (fices ) Tj ET Q q 0 0 0 rg BT 158.54 451.95 Td (located ) Tj ET Q q 0 0 0 rg BT 191.06 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 201.44 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 216.47 451.95 Td (United ) Tj ET Q q 0 0 0 rg BT 247.25 451.95 Td (States, ) Tj ET Q q 0 0 0 rg BT 277.16 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 292.19 451.95 Td (United ) Tj ET Q q 0 0 0 rg BT 322.97 451.95 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 364.84 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 382.21 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 389.07 451.95 Td (number ) Tj ET Q q 0 0 0 rg BT 423.35 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 434.30 451.95 Td (other ) Tj ET Q q 0 0 0 rg BT 458.08 451.95 Td (countries ) Tj ET Q q 0 0 0 rg BT 498.77 451.95 Td (worldwide, ) Tj ET Q q 0 0 0 rg BT 548.50 451.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (businesses ) Tj ET Q q 0 0 0 rg BT 96.95 439.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 132.13 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 139.91 439.35 Td (broad ) Tj ET Q q 0 0 0 rg BT 166.93 439.35 Td (array ) Tj ET Q q 0 0 0 rg BT 191.60 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 203.46 439.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 252.65 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 309.41 439.35 Td (products ) Tj ET Q q 0 0 0 rg BT 348.68 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 366.96 439.35 Td (services. ) Tj ET Q q 0 0 0 rg BT 406.29 439.35 Td (W) Tj ET Q q 0 0 0 rg BT 415.36 439.35 Td (e ) Tj ET Q q 0 0 0 rg BT 423.13 439.35 Td (of) Tj ET Q q 0 0 0 rg BT 431.69 439.35 Td (fer ) Tj ET Q q 0 0 0 rg BT 446.45 439.35 Td (these ) Tj ET Q q 0 0 0 rg BT 471.14 439.35 Td (products ) Tj ET Q q 0 0 0 rg BT 510.41 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 528.69 439.35 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 85.44 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 104.47 426.75 Td (through ) Tj ET Q q 0 0 0 rg BT 141.00 426.75 Td (various ) Tj ET Q q 0 0 0 rg BT 175.77 426.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 216.37 426.75 Td (intermediaries. ) Tj ET Q q 0 0 0 rg BT 282.92 426.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 303.12 426.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 353.07 426.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 393.09 426.75 Td (services ) Tj ET Q q 0 0 0 rg BT 430.78 426.75 Td (include ) Tj ET Q q 0 0 0 rg BT 465.55 426.75 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 524.24 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 543.26 426.75 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 107.30 414.15 Td (management ) Tj ET Q q 0 0 0 rg BT 163.94 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 175.67 414.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 213.06 414.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 262.12 414.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 301.85 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 313.00 414.15 Td (numerous ) Tj ET Q q 0 0 0 rg BT 357.40 414.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 406.47 414.15 Td (styles ) Tj ET Q q 0 0 0 rg BT 433.38 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 448.61 414.15 Td (institutional ) Tj ET Q q 0 0 0 rg BT 501.77 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 519.92 414.15 Td (individual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (investors. ) Tj ET Q q 0 0 0 rg BT 91.72 401.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 109.72 401.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 157.48 401.55 Td (products ) Tj ET Q q 0 0 0 rg BT 195.32 401.55 Td (include ) Tj ET Q q 0 0 0 rg BT 227.90 401.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 276.22 401.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 307.06 401.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 332.07 401.55 Td (ranging ) Tj ET Q q 0 0 0 rg BT 365.82 401.55 Td (from ) Tj ET Q q 0 0 0 rg BT 387.91 401.55 Td (money ) Tj ET Q q 0 0 0 rg BT 418.16 401.55 Td (market ) Tj ET Q q 0 0 0 rg BT 448.99 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 465.83 401.55 Td (other ) Tj ET Q q 0 0 0 rg BT 489.08 401.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 526.35 401.55 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.24 388.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 84.39 388.95 Td (income, ) Tj ET Q q 0 0 0 rg BT 120.49 388.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 149.31 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 167.04 388.95 Td (alternative ) Tj ET Q q 0 0 0 rg BT 213.92 388.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 239.83 388.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 280.30 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 291.04 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 298.27 388.95 Td (wide ) Tj ET Q q 0 0 0 rg BT 321.26 388.95 Td (variety ) Tj ET Q q 0 0 0 rg BT 352.98 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 364.30 388.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 412.95 388.95 Td (styles. ) Tj ET Q q 0 0 0 rg BT 441.88 388.95 Td (W) Tj ET Q q 0 0 0 rg BT 450.95 388.95 Td (e ) Tj ET Q q 0 0 0 rg BT 458.18 388.95 Td (also ) Tj ET Q q 0 0 0 rg BT 477.67 388.95 Td (of) Tj ET Q q 0 0 0 rg BT 486.23 388.95 Td (fer ) Tj ET Q q 0 0 0 rg BT 500.45 388.95 Td (other ) Tj ET Q q 0 0 0 rg BT 524.60 388.95 Td (domestic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 376.35 Td (of) Tj ET Q q 0 0 0 rg BT 75.84 376.35 Td (fshore ) Tj ET Q q 0 0 0 rg BT 104.71 376.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 130.67 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 141.46 376.35 Td (both ) Tj ET Q q 0 0 0 rg BT 162.75 376.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 186.95 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 204.73 376.35 Td (institutional ) Tj ET Q q 0 0 0 rg BT 257.53 376.35 Td (investors, ) Tj ET Q q 0 0 0 rg BT 300.69 376.35 Td (privately ) Tj ET Q q 0 0 0 rg BT 340.64 376.35 Td (placed ) Tj ET Q q 0 0 0 rg BT 370.66 376.35 Td (real ) Tj ET Q q 0 0 0 rg BT 389.02 376.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 415.55 376.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 441.51 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 459.29 376.35 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 526.06 376.35 Td (funds. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 351.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.34 351.15 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 152.02 351.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 175.94 351.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 219.68 351.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 262.27 351.15 Td (earn ) Tj ET Q q 0 0 0 rg BT 283.84 351.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 324.67 351.15 Td (by ) Tj ET Q q 0 0 0 rg BT 338.68 351.15 Td (char) Tj ET Q q 0 0 0 rg BT 356.56 351.15 Td (ging ) Tj ET Q q 0 0 0 rg BT 378.74 351.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 399.15 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 414.91 351.15 Td (managing ) Tj ET Q q 0 0 0 rg BT 459.82 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 476.16 351.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 525.75 351.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 553.76 351.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (clients. ) Tj ET Q q 0 0 0 rg BT 82.09 338.55 Td (Fees ) Tj ET Q q 0 0 0 rg BT 103.89 338.55 Td (are ) Tj ET Q q 0 0 0 rg BT 119.26 338.55 Td (typically ) Tj ET Q q 0 0 0 rg BT 158.55 338.55 Td (calculated ) Tj ET Q q 0 0 0 rg BT 203.66 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 214.96 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 222.18 338.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 270.20 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 281.50 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 296.88 338.55 Td (value ) Tj ET Q q 0 0 0 rg BT 322.17 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 332.91 338.55 Td (AUM; ) Tj ET Q q 0 0 0 rg BT 362.88 338.55 Td (accordingly) Tj ET Q q 0 0 0 rg BT 411.76 338.55 Td (, ) Tj ET Q q 0 0 0 rg BT 416.94 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 432.32 338.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 447.69 338.55 Td (income ) Tj ET Q q 0 0 0 rg BT 481.15 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 492.45 338.55 Td (each ) Tj ET Q q 0 0 0 rg BT 514.24 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 525.54 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 542.09 338.55 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 92.29 325.95 Td (will ) Tj ET Q q 0 0 0 rg BT 111.18 325.95 Td (typically ) Tj ET Q q 0 0 0 rg BT 150.48 325.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 187.43 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 198.73 325.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 237.43 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 248.73 325.95 Td (its ) Tj ET Q q 0 0 0 rg BT 261.21 325.95 Td (average ) Tj ET Q q 0 0 0 rg BT 295.84 325.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 322.90 325.95 Td (increases ) Tj ET Q q 0 0 0 rg BT 363.94 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 375.24 325.95 Td (decreases. ) Tj ET Q q 0 0 0 rg BT 420.65 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 423.20 325.95 Td (In ) Tj ET Q q 0 0 0 rg BT 434.51 325.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 474.10 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 489.49 325.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 508.95 325.95 Td (on ) Tj ET Q q 0 0 0 rg BT 522.01 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 538.00 325.95 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (vary ) Tj ET Q q 0 0 0 rg BT 69.97 313.35 Td (with ) Tj ET Q q 0 0 0 rg BT 90.45 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 105.08 313.35 Td (type ) Tj ET Q q 0 0 0 rg BT 124.97 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 135.53 313.35 Td (account ) Tj ET Q q 0 0 0 rg BT 169.99 313.35 Td (managed, ) Tj ET Q q 0 0 0 rg BT 212.32 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 226.96 313.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 260.27 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 270.82 313.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 297.13 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 307.11 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 321.75 313.35 Td (account, ) Tj ET Q q 0 0 0 rg BT 358.83 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 373.47 313.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 395.69 313.35 Td (manager ) Tj ET Q q 0 0 0 rg BT 433.65 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 450.62 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 465.26 313.35 Td (type ) Tj ET Q q 0 0 0 rg BT 485.14 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 495.70 313.35 Td (client. ) Tj ET Q q 0 0 0 rg BT 523.46 313.35 Td (Increases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.57 300.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 86.52 300.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 128.02 300.75 Td (result ) Tj ET Q q 0 0 0 rg BT 153.79 300.75 Td (from ) Tj ET Q q 0 0 0 rg BT 176.65 300.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 210.59 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 221.78 300.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 266.22 300.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 293.16 300.75 Td (from ) Tj ET Q q 0 0 0 rg BT 316.01 300.75 Td (new ) Tj ET Q q 0 0 0 rg BT 335.95 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 353.55 300.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 389.24 300.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 419.10 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 436.70 300.75 Td (from ) Tj ET Q q 0 0 0 rg BT 459.55 300.75 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 513.89 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 524.50 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 539.77 300.75 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 62.20 288.15 Td (client ) Tj ET Q q 0 0 0 rg BT 89.48 288.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 117.93 288.15 Td (\(including ) Tj ET Q q 0 0 0 rg BT 165.04 288.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 215.07 288.15 Td (income ) Tj ET Q q 0 0 0 rg BT 249.93 288.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 281.86 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 296.32 288.15 Td (client ) Tj ET Q q 0 0 0 rg BT 323.59 288.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 352.04 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 371.16 288.15 Td (due ) Tj ET Q q 0 0 0 rg BT 390.27 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 402.39 288.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 440.16 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 452.28 288.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 492.96 288.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 536.56 288.15 Td (rates\). ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Conversely) Tj ET Q q 0 0 0 rg BT 96.64 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 101.49 275.55 Td (decreases ) Tj ET Q q 0 0 0 rg BT 143.93 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 153.83 275.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 180.55 275.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 221.84 275.55 Td (result ) Tj ET Q q 0 0 0 rg BT 247.38 275.55 Td (from ) Tj ET Q q 0 0 0 rg BT 270.02 275.55 Td (client ) Tj ET Q q 0 0 0 rg BT 295.56 275.55 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 349.69 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 367.07 275.55 Td (declines ) Tj ET Q q 0 0 0 rg BT 403.69 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 414.08 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 429.13 275.55 Td (value ) Tj ET Q q 0 0 0 rg BT 454.09 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 465.05 275.55 Td (client ) Tj ET Q q 0 0 0 rg BT 490.60 275.55 Td (assets. ) Tj ET Q q 0 0 0 rg BT 519.94 275.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 538.00 275.55 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (may ) Tj ET Q q 0 0 0 rg BT 70.20 262.95 Td (also ) Tj ET Q q 0 0 0 rg BT 89.74 262.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 126.76 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 138.13 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 145.42 262.95 Td (result ) Tj ET Q q 0 0 0 rg BT 171.37 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 182.74 262.95 Td (business ) Tj ET Q q 0 0 0 rg BT 220.96 262.95 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 276.37 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 287.74 262.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 326.50 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 337.88 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 345.16 262.95 Td (result ) Tj ET Q q 0 0 0 rg BT 371.11 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 382.49 262.95 Td (dispositions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 237.75 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 237.75 Td (e ) Tj ET Q q 0 0 0 rg BT 101.23 237.75 Td (may ) Tj ET Q q 0 0 0 rg BT 121.30 237.75 Td (earn ) Tj ET Q q 0 0 0 rg BT 141.37 237.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 196.42 237.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 215.32 237.75 Td (under ) Tj ET Q q 0 0 0 rg BT 241.23 237.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 271.79 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 319.86 237.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 358.02 237.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 397.92 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 412.16 237.75 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 456.72 237.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 511.77 237.75 Td (benchmarks ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (or ) Tj ET Q q 0 0 0 rg BT 60.99 225.15 Td (hurdle ) Tj ET Q q 0 0 0 rg BT 90.55 225.15 Td (rates. ) Tj ET Q q 0 0 0 rg BT 115.74 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 118.28 225.15 Td (The ) Tj ET Q q 0 0 0 rg BT 137.34 225.15 Td (lar) Tj ET Q q 0 0 0 rg BT 148.23 225.15 Td (gest ) Tj ET Q q 0 0 0 rg BT 167.88 225.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 200.95 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 212.44 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 229.17 225.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 284.96 225.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 304.61 225.15 Td (is ) Tj ET Q q 0 0 0 rg BT 314.35 225.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 345.07 225.15 Td (based ) Tj ET Q q 0 0 0 rg BT 371.71 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 384.95 225.15 Td (12-month ) Tj ET Q q 0 0 0 rg BT 428.52 225.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 484.31 225.15 Td (periods ) Tj ET Q q 0 0 0 rg BT 517.96 225.15 Td (that ) Tj ET Q q 0 0 0 rg BT 536.45 225.15 Td (end ) Tj ET Q q 0 0 0 rg BT 554.35 225.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (dif) Tj ET Q q 0 0 0 rg BT 60.97 212.55 Td (fering ) Tj ET Q q 0 0 0 rg BT 88.60 212.55 Td (quarters ) Tj ET Q q 0 0 0 rg BT 124.97 212.55 Td (during ) Tj ET Q q 0 0 0 rg BT 154.94 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 170.33 212.55 Td (year) Tj ET Q q 0 0 0 rg BT 187.97 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 193.15 212.55 Td (with ) Tj ET Q q 0 0 0 rg BT 214.38 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 221.59 212.55 Td (portion ) Tj ET Q q 0 0 0 rg BT 254.48 212.55 Td (based ) Tj ET Q q 0 0 0 rg BT 280.94 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 293.99 212.55 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 334.45 212.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 390.05 212.55 Td (periods. ) Tj ET Q q 0 0 0 rg BT 426.14 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 428.70 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 431.25 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 433.62 212.55 Td (W) Tj ET Q q 0 0 0 rg BT 442.69 212.55 Td (e ) Tj ET Q q 0 0 0 rg BT 449.91 212.55 Td (also ) Tj ET Q q 0 0 0 rg BT 469.38 212.55 Td (earn ) Tj ET Q q 0 0 0 rg BT 490.00 212.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 545.60 212.55 Td (fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (on ) Tj ET Q q 0 0 0 rg BT 62.49 199.95 Td (alternative ) Tj ET Q q 0 0 0 rg BT 109.28 199.95 Td (products ) Tj ET Q q 0 0 0 rg BT 147.93 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 166.16 199.95 Td (are ) Tj ET Q q 0 0 0 rg BT 181.46 199.95 Td (earned ) Tj ET Q q 0 0 0 rg BT 211.92 199.95 Td (at ) Tj ET Q q 0 0 0 rg BT 221.99 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 237.30 199.95 Td (end ) Tj ET Q q 0 0 0 rg BT 254.95 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 266.18 199.95 Td (varying ) Tj ET Q q 0 0 0 rg BT 300.74 199.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 349.30 199.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 382.70 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 393.93 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 404.58 199.95 Td (multiple-year ) Tj ET Q q 0 0 0 rg BT 463.63 199.95 Td (intervals. ) Tj ET Q q 0 0 0 rg BT 504.90 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 507.38 199.95 Td (For ) Tj ET Q q 0 0 0 rg BT 524.46 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 539.77 199.95 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (years ) Tj ET Q q 0 0 0 rg BT 75.11 187.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 103.64 187.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 150.25 187.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 177.33 187.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 201.78 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 220.40 187.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 247.48 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 259.68 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 277.13 187.35 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 298.96 187.35 Td (billion, ) Tj ET Q q 0 0 0 rg BT 332.46 187.35 Td ($2.7 ) Tj ET Q q 0 0 0 rg BT 354.30 187.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 385.17 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 403.79 187.35 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 425.62 187.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 456.49 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 468.12 187.35 Td (total ) Tj ET Q q 0 0 0 rg BT 490.23 187.35 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 533.63 187.35 Td ($108.3 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 85.39 174.75 Td ($42.0 ) Tj ET Q q 0 0 0 rg BT 111.94 174.75 Td (million ) Tj ET Q q 0 0 0 rg BT 145.20 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 163.28 174.75 Td ($83.5 ) Tj ET Q q 0 0 0 rg BT 189.83 174.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 225.72 174.75 Td (respectively ) Tj ET Q q 0 0 0 rg BT 279.37 174.75 Td (represented ) Tj ET Q q 0 0 0 rg BT 330.68 174.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 386.65 174.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 409.11 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 412.03 174.75 Td (During ) Tj ET Q q 0 0 0 rg BT 444.70 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 460.45 174.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 486.12 174.75 Td (year ) Tj ET Q q 0 0 0 rg BT 507.11 174.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.10 174.75 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 64.93 162.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 90.87 162.15 Td ($60.8 ) Tj ET Q q 0 0 0 rg BT 116.80 162.15 Td (million ) Tj ET Q q 0 0 0 rg BT 149.45 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 160.50 162.15 Td (these ) Tj ET Q q 0 0 0 rg BT 184.39 162.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 239.74 162.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 258.96 162.15 Td (were ) Tj ET Q q 0 0 0 rg BT 281.67 162.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 311.95 162.15 Td (by ) Tj ET Q q 0 0 0 rg BT 324.76 162.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 358.57 162.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 395.28 162.15 Td (on ) Tj ET Q q 0 0 0 rg BT 408.09 162.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 434.90 162.15 Td (invested ) Tj ET Q q 0 0 0 rg BT 472.20 162.15 Td (with ) Tj ET Q q 0 0 0 rg BT 493.18 162.15 Td (them ) Tj ET Q q 0 0 0 rg BT 516.48 162.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 539.20 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 162.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (closing ) Tj ET Q q 0 0 0 rg BT 83.24 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 95.39 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 111.62 149.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 161.11 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 171.93 149.55 Td (April ) Tj ET Q q 0 0 0 rg BT 197.50 149.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 221.91 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 240.47 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 256.70 149.55 Td (passed ) Tj ET Q q 0 0 0 rg BT 288.10 149.55 Td (through ) Tj ET Q q 0 0 0 rg BT 324.17 149.55 Td (as ) Tj ET Q q 0 0 0 rg BT 336.32 149.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 398.04 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 409.62 149.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 444.52 149.55 Td (Partners�) Tj ET Q q 0 0 0 rg BT 481.64 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 485.05 149.55 Td (management ) Tj ET Q q 0 0 0 rg BT 542.10 149.55 Td (team ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 88.22 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 98.94 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 114.33 136.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 140.21 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 151.52 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 166.90 136.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 200.96 136.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 237.92 136.95 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 288.62 136.95 Td (As ) Tj ET Q q 0 0 0 rg BT 302.84 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 314.15 136.95 Td (March ) Tj ET Q q 0 0 0 rg BT 344.11 136.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 359.79 136.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 385.97 136.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 449.18 136.95 Td (1) Tj ET Q q 0 0 0 rg BT 454.04 136.95 Td (1% ) Tj ET Q q 0 0 0 rg BT 470.59 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 481.90 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 498.45 136.95 Td (total ) Tj ET Q q 0 0 0 rg BT 519.11 136.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 546.17 136.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 124.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 99.65 124.35 Td (that ) Tj ET Q q 0 0 0 rg BT 118.02 124.35 Td (were ) Tj ET Q q 0 0 0 rg BT 141.05 124.35 Td (eligible ) Tj ET Q q 0 0 0 rg BT 175.17 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 185.96 124.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 203.74 124.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 259.42 124.35 Td (fees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 105.75 Td ( ) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 741.75 Td (As ) Tj ET Q q 0 0 0 rg BT 100.57 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 112.72 741.75 Td (March�31 ) Tj ET Q q 0 0 0 rg BT 156.65 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 168.79 741.75 Td (each ) Tj ET Q q 0 0 0 rg BT 191.43 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 203.57 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 219.80 741.75 Td (last ) Tj ET Q q 0 0 0 rg BT 237.78 741.75 Td (three ) Tj ET Q q 0 0 0 rg BT 262.17 741.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 288.31 741.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 316.49 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 332.13 741.75 Td (had ) Tj ET Q q 0 0 0 rg BT 350.69 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 366.92 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 411.15 741.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 454.61 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 482.51 741.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 497.58 741.75 Td (billions, ) Tj ET Q q 0 0 0 rg BT 535.11 741.75 Td (except ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (percentages\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 659.65 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 80.00 659.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.00 659.65 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.00 659.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 659.65 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.00 659.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.00 659.65 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 659.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 659.65 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 659.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 659.65 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 659.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 659.65 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 659.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 659.65 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 659.65 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 659.65 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 659.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 659.65 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 630.65 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 80.00 630.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.00 630.65 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.00 630.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 630.65 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.00 630.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.00 630.65 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 630.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 630.65 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 630.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 630.65 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 630.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 630.65 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 630.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 630.65 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 630.65 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 630.65 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 630.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 630.65 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 84 659.65 m 150 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 659.65 m 194 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 659.65 m 239 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 659.65 m 286 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 659.65 m 332 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 659.65 m 394 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 659.65 m 398 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 659.65 m 455 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 659.65 m 460 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 659.65 m 509 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 659.65 m 563 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 659.65 m 332 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 659.65 m 394 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 659.65 m 455 659.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 659.65 m 563 659.65 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 102.50 687.44 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 102.30 675.94 Td (Under) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 87.00 664.44 Td (Management) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 158.30 675.94 Td (Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 159.50 664.44 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 207.05 696.94 Td (% of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 200.80 686.44 Td (T) Tj ET Q q 0 0 0 rg BT 206.84 686.44 Td (otal in) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 202.80 674.94 Td (Equity ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 204.00 664.44 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.45 687.44 Td (Fixed) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 247.35 675.94 Td (Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 664.44 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 299.55 708.44 Td (% of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.30 697.94 Td (T) Tj ET Q q 0 0 0 rg BT 299.34 697.94 Td (otal in) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 297.95 686.44 Td (Fixed ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.85 675.94 Td (Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 296.50 664.44 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 339.10 674.94 Td (Alternative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 350.50 664.44 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.05 697.94 Td (% of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.80 686.44 Td (T) Tj ET Q q 0 0 0 rg BT 414.84 686.44 Td (otal in ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.60 675.94 Td (Alternative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 412.00 664.44 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.95 675.94 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 470.00 664.44 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 526.55 697.94 Td (% of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 520.30 686.44 Td (T) Tj ET Q q 0 0 0 rg BT 526.34 686.44 Td (otal in ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.45 675.94 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 523.50 664.44 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.50 649.44 Td (2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 86.50 649.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 122.35 649.44 Td (728.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 156.50 649.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 166.35 649.44 Td (179.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 217.50 649.44 Td (25) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 228.00 649.44 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 245.50 649.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 258.35 649.44 Td (394.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 310.50 649.44 Td (54) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 321.00 649.44 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 338.50 649.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 649.44 Td (67.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 438.75 649.44 Td (9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.00 649.44 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.50 649.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 486.60 649.44 Td (86.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 541.50 649.44 Td (12) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 552.00 649.44 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 55.50 634.87 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.35 634.87 Td (669.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.35 634.87 Td (162.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 217.50 634.87 Td (24) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 258.35 634.87 Td (372.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.50 634.87 Td (56) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.60 634.87 Td (22.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.75 634.87 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.35 634.87 Td (112.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 634.87 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 55.50 620.87 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.35 620.87 Td (702.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.35 620.87 Td (186.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 217.50 620.87 Td (26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 258.35 620.87 Td (370.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.50 620.87 Td (53) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.60 620.87 Td (19.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.75 620.87 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.35 620.87 Td (127.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 620.87 Td (18) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 589.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 589.55 Td (From ) Tj ET Q q 0 0 0 rg BT 111.14 589.55 Td (time ) Tj ET Q q 0 0 0 rg BT 132.68 589.55 Td (to ) Tj ET Q q 0 0 0 rg BT 143.74 589.55 Td (time, ) Tj ET Q q 0 0 0 rg BT 167.91 589.55 Td (our ) Tj ET Q q 0 0 0 rg BT 184.79 589.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 222.65 589.55 Td (equity) Tj ET Q q 0 0 0 rg BT 248.22 589.55 Td (, ) Tj ET Q q 0 0 0 rg BT 253.73 589.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 278.19 589.55 Td (income ) Tj ET Q q 0 0 0 rg BT 311.98 589.55 Td (or ) Tj ET Q q 0 0 0 rg BT 323.61 589.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 370.80 589.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 398.18 589.55 Td (under ) Tj ET Q q 0 0 0 rg BT 424.97 589.55 Td (management ) Tj ET Q q 0 0 0 rg BT 481.50 589.55 Td (may ) Tj ET Q q 0 0 0 rg BT 502.46 589.55 Td (exclude ) Tj ET Q q 0 0 0 rg BT 538.00 589.55 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 576.95 Td (that ) Tj ET Q q 0 0 0 rg BT 68.79 576.95 Td (we ) Tj ET Q q 0 0 0 rg BT 84.59 576.95 Td (are ) Tj ET Q q 0 0 0 rg BT 100.96 576.95 Td (retained ) Tj ET Q q 0 0 0 rg BT 138.32 576.95 Td (to ) Tj ET Q q 0 0 0 rg BT 150.03 576.95 Td (manage ) Tj ET Q q 0 0 0 rg BT 186.23 576.95 Td (on ) Tj ET Q q 0 0 0 rg BT 200.28 576.95 Td (a ) Tj ET Q q 0 0 0 rg BT 208.49 576.95 Td (short-term ) Tj ET Q q 0 0 0 rg BT 255.78 576.95 Td (or ) Tj ET Q q 0 0 0 rg BT 268.08 576.95 Td (temporary ) Tj ET Q q 0 0 0 rg BT 314.78 576.95 Td (basis. ) Tj ET Q q 0 0 0 rg BT 341.95 576.95 Td ( ) Tj ET Q q 0 0 0 rg BT 345.50 576.95 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 392.80 576.95 Td (in ) Tj ET Q q 0 0 0 rg BT 404.52 576.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 430.80 576.95 Td (year ) Tj ET Q q 0 0 0 rg BT 452.42 576.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 479.60 576.95 Td (we ) Tj ET Q q 0 0 0 rg BT 495.39 576.95 Td (began ) Tj ET Q q 0 0 0 rg BT 524.01 576.95 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 564.35 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 99.48 564.35 Td (Assets ) Tj ET Q q 0 0 0 rg BT 130.42 564.35 Td (as ) Tj ET Q q 0 0 0 rg BT 142.69 564.35 Td (part ) Tj ET Q q 0 0 0 rg BT 162.54 564.35 Td (of ) Tj ET Q q 0 0 0 rg BT 174.81 564.35 Td (our ) Tj ET Q q 0 0 0 rg BT 191.55 564.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 219.57 564.35 Td (classifications. ) Tj ET Q q 0 0 0 rg BT 285.21 564.35 Td ( ) Tj ET Q q 0 0 0 rg BT 288.47 564.35 Td (W) Tj ET Q q 0 0 0 rg BT 297.54 564.35 Td (e ) Tj ET Q q 0 0 0 rg BT 305.73 564.35 Td (currently ) Tj ET Q q 0 0 0 rg BT 347.15 564.35 Td (define ) Tj ET Q q 0 0 0 rg BT 376.13 564.35 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 426.10 564.35 Td (Assets ) Tj ET Q q 0 0 0 rg BT 457.05 564.35 Td (as ) Tj ET Q q 0 0 0 rg BT 469.32 564.35 Td (all ) Tj ET Q q 0 0 0 rg BT 482.56 564.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 510.58 564.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 552.00 564.35 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 551.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 83.81 551.75 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 123.66 551.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 141.37 551.75 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 192.30 551.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 223.12 551.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 283.08 551.75 Td (or ) Tj ET Q q 0 0 0 rg BT 294.64 551.75 Td (Glouston ) Tj ET Q q 0 0 0 rg BT 335.96 551.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 369.10 551.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 406.33 551.75 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 433.05 551.75 Td (to ) Tj ET Q q 0 0 0 rg BT 444.03 551.75 Td (its ) Tj ET Q q 0 0 0 rg BT 456.77 551.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 475.91 551.75 Td (on ) Tj ET Q q 0 0 0 rg BT 489.23 551.75 Td (March ) Tj ET Q q 0 0 0 rg BT 519.45 551.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 535.39 551.75 Td (2017\). ) Tj ET Q q 0 0 0 rg BT 565.13 551.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 539.15 Td (All ) Tj ET Q q 0 0 0 rg BT 65.54 539.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 88.58 539.15 Td (periods ) Tj ET Q q 0 0 0 rg BT 122.11 539.15 Td (have ) Tj ET Q q 0 0 0 rg BT 144.56 539.15 Td (been ) Tj ET Q q 0 0 0 rg BT 167.01 539.15 Td (revised ) Tj ET Q q 0 0 0 rg BT 199.95 539.15 Td (to ) Tj ET Q q 0 0 0 rg BT 210.75 539.15 Td (present ) Tj ET Q q 0 0 0 rg BT 243.11 539.15 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 292.39 539.15 Td (Assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 513.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 513.95 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 513.95 Td (e ) Tj ET Q q 0 0 0 rg BT 102.31 513.95 Td (believe ) Tj ET Q q 0 0 0 rg BT 135.70 513.95 Td (that ) Tj ET Q q 0 0 0 rg BT 154.53 513.95 Td (market ) Tj ET Q q 0 0 0 rg BT 186.76 513.95 Td (conditions ) Tj ET Q q 0 0 0 rg BT 233.58 513.95 Td (and ) Tj ET Q q 0 0 0 rg BT 251.82 513.95 Td (our ) Tj ET Q q 0 0 0 rg BT 268.90 513.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 318.05 513.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 374.18 513.95 Td (are ) Tj ET Q q 0 0 0 rg BT 390.07 513.95 Td (critical ) Tj ET Q q 0 0 0 rg BT 422.30 513.95 Td (elements ) Tj ET Q q 0 0 0 rg BT 462.70 513.95 Td (in ) Tj ET Q q 0 0 0 rg BT 473.94 513.95 Td (our ) Tj ET Q q 0 0 0 rg BT 491.02 513.95 Td (attempts ) Tj ET Q q 0 0 0 rg BT 529.67 513.95 Td (to ) Tj ET Q q 0 0 0 rg BT 540.92 513.95 Td (grow ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 501.35 Td (our ) Tj ET Q q 0 0 0 rg BT 65.70 501.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 93.03 501.35 Td (and ) Tj ET Q q 0 0 0 rg BT 111.03 501.35 Td (business. ) Tj ET Q q 0 0 0 rg BT 151.86 501.35 Td (When ) Tj ET Q q 0 0 0 rg BT 179.77 501.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 222.25 501.35 Td (and ) Tj ET Q q 0 0 0 rg BT 240.24 501.35 Td (real ) Tj ET Q q 0 0 0 rg BT 258.81 501.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 285.54 501.35 Td (markets ) Tj ET Q q 0 0 0 rg BT 321.61 501.35 Td (are ) Tj ET Q q 0 0 0 rg BT 337.26 501.35 Td (increasing, ) Tj ET Q q 0 0 0 rg BT 385.86 501.35 Td (our ) Tj ET Q q 0 0 0 rg BT 402.06 501.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 429.40 501.35 Td (will ) Tj ET Q q 0 0 0 rg BT 448.56 501.35 Td (tend ) Tj ET Q q 0 0 0 rg BT 469.47 501.35 Td (to ) Tj ET Q q 0 0 0 rg BT 480.47 501.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 517.69 501.35 Td (because ) Tj ET Q q 0 0 0 rg BT 553.75 501.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 488.75 Td (market ) Tj ET Q q 0 0 0 rg BT 81.50 488.75 Td (performance, ) Tj ET Q q 0 0 0 rg BT 140.02 488.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 179.62 488.75 Td (in ) Tj ET Q q 0 0 0 rg BT 190.63 488.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 235.47 488.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 258.73 488.75 Td (management ) Tj ET Q q 0 0 0 rg BT 315.23 488.75 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 358.01 488.75 Td (Similarly) Tj ET Q q 0 0 0 rg BT 396.42 488.75 Td (, ) Tj ET Q q 0 0 0 rg BT 401.89 488.75 Td (if ) Tj ET Q q 0 0 0 rg BT 411.15 488.75 Td (we ) Tj ET Q q 0 0 0 rg BT 426.24 488.75 Td (can ) Tj ET Q q 0 0 0 rg BT 443.66 488.75 Td (produce ) Tj ET Q q 0 0 0 rg BT 480.33 488.75 Td (positive ) Tj ET Q q 0 0 0 rg BT 516.43 488.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 476.15 Td (results ) Tj ET Q q 0 0 0 rg BT 78.76 476.15 Td (and ) Tj ET Q q 0 0 0 rg BT 95.76 476.15 Td (maintain ) Tj ET Q q 0 0 0 rg BT 134.35 476.15 Td (competitive ) Tj ET Q q 0 0 0 rg BT 185.76 476.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 200.42 476.15 Td (levels, ) Tj ET Q q 0 0 0 rg BT 229.38 476.15 Td (our ) Tj ET Q q 0 0 0 rg BT 244.81 476.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 271.16 476.15 Td (will ) Tj ET Q q 0 0 0 rg BT 289.34 476.15 Td (tend ) Tj ET Q q 0 0 0 rg BT 309.26 476.15 Td (to ) Tj ET Q q 0 0 0 rg BT 319.27 476.15 Td (increase. ) Tj ET Q q 0 0 0 rg BT 358.13 476.15 Td (In ) Tj ET Q q 0 0 0 rg BT 368.72 476.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 407.60 476.15 Td (favorable ) Tj ET Q q 0 0 0 rg BT 449.09 476.15 Td (market ) Tj ET Q q 0 0 0 rg BT 480.09 476.15 Td (conditions ) Tj ET Q q 0 0 0 rg BT 525.68 476.15 Td (or ) Tj ET Q q 0 0 0 rg BT 536.27 476.15 Td (strong ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 463.55 Td (relative ) Tj ET Q q 0 0 0 rg BT 84.62 463.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 134.34 463.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 191.03 463.55 Td (can ) Tj ET Q q 0 0 0 rg BT 209.24 463.55 Td (result ) Tj ET Q q 0 0 0 rg BT 236.21 463.55 Td (in ) Tj ET Q q 0 0 0 rg BT 248.02 463.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 291.30 463.55 Td (inflows ) Tj ET Q q 0 0 0 rg BT 326.44 463.55 Td (in ) Tj ET Q q 0 0 0 rg BT 338.25 463.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 366.39 463.55 Td (from ) Tj ET Q q 0 0 0 rg BT 390.44 463.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 427.33 463.55 Td (and ) Tj ET Q q 0 0 0 rg BT 446.13 463.55 Td (new ) Tj ET Q q 0 0 0 rg BT 467.26 463.55 Td (clients. ) Tj ET Q q 0 0 0 rg BT 500.94 463.55 Td (Conversely) Tj ET Q q 0 0 0 rg BT 548.08 463.55 Td (, ) Tj ET Q q 0 0 0 rg BT 554.35 463.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 450.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 82.63 450.95 Td (when ) Tj ET Q q 0 0 0 rg BT 107.59 450.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 149.46 450.95 Td (or ) Tj ET Q q 0 0 0 rg BT 160.43 450.95 Td (real ) Tj ET Q q 0 0 0 rg BT 178.38 450.95 Td (estate ) Tj ET Q q 0 0 0 rg BT 204.51 450.95 Td (markets ) Tj ET Q q 0 0 0 rg BT 239.96 450.95 Td (are ) Tj ET Q q 0 0 0 rg BT 255.00 450.95 Td (weak ) Tj ET Q q 0 0 0 rg BT 279.37 450.95 Td (or ) Tj ET Q q 0 0 0 rg BT 290.34 450.95 Td (declining, ) Tj ET Q q 0 0 0 rg BT 334.26 450.95 Td (or ) Tj ET Q q 0 0 0 rg BT 345.22 450.95 Td (when ) Tj ET Q q 0 0 0 rg BT 370.18 450.95 Td (we ) Tj ET Q q 0 0 0 rg BT 384.65 450.95 Td (have ) Tj ET Q q 0 0 0 rg BT 406.69 450.95 Td (not ) Tj ET Q q 0 0 0 rg BT 422.32 450.95 Td (maintained ) Tj ET Q q 0 0 0 rg BT 471.19 450.95 Td (competitive ) Tj ET Q q 0 0 0 rg BT 522.98 450.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 538.02 450.95 Td (levels ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 438.35 Td (or ) Tj ET Q q 0 0 0 rg BT 60.70 438.35 Td (have ) Tj ET Q q 0 0 0 rg BT 82.98 438.35 Td (produced ) Tj ET Q q 0 0 0 rg BT 124.51 438.35 Td (poor ) Tj ET Q q 0 0 0 rg BT 146.21 438.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 194.75 438.35 Td (performance, ) Tj ET Q q 0 0 0 rg BT 252.88 438.35 Td (absolute ) Tj ET Q q 0 0 0 rg BT 290.33 438.35 Td (or ) Tj ET Q q 0 0 0 rg BT 301.53 438.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 335.47 438.35 Td (to ) Tj ET Q q 0 0 0 rg BT 346.09 438.35 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 399.28 438.35 Td (or ) Tj ET Q q 0 0 0 rg BT 410.49 438.35 Td (peers, ) Tj ET Q q 0 0 0 rg BT 437.72 438.35 Td (it ) Tj ET Q q 0 0 0 rg BT 446.01 438.35 Td (is ) Tj ET Q q 0 0 0 rg BT 455.48 438.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 481.85 438.35 Td (to ) Tj ET Q q 0 0 0 rg BT 492.47 438.35 Td (be ) Tj ET Q q 0 0 0 rg BT 504.84 438.35 Td (more ) Tj ET Q q 0 0 0 rg BT 528.87 438.35 Td (dif) Tj ET Q q 0 0 0 rg BT 540.34 438.35 Td (ficult ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 425.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 425.75 Td (grow ) Tj ET Q q 0 0 0 rg BT 84.50 425.75 Td (our ) Tj ET Q q 0 0 0 rg BT 100.54 425.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 127.67 425.75 Td (and ) Tj ET Q q 0 0 0 rg BT 145.45 425.75 Td (business ) Tj ET Q q 0 0 0 rg BT 183.67 425.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 204.08 425.75 Td (in ) Tj ET Q q 0 0 0 rg BT 214.87 425.75 Td (such ) Tj ET Q q 0 0 0 rg BT 236.74 425.75 Td (periods, ) Tj ET Q q 0 0 0 rg BT 272.90 425.75 Td (our ) Tj ET Q q 0 0 0 rg BT 288.94 425.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 316.07 425.75 Td (and ) Tj ET Q q 0 0 0 rg BT 333.86 425.75 Td (business ) Tj ET Q q 0 0 0 rg BT 372.07 425.75 Td (may ) Tj ET Q q 0 0 0 rg BT 392.77 425.75 Td (decline.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 400.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 400.55 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 400.55 Td (e ) Tj ET Q q 0 0 0 rg BT 103.16 400.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 146.16 400.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 182.74 400.55 Td (the ) Tj ET Q q 0 0 0 rg BT 199.50 400.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 240.17 400.55 Td (of ) Tj ET Q q 0 0 0 rg BT 252.85 400.55 Td (our ) Tj ET Q q 0 0 0 rg BT 270.78 400.55 Td (clients ) Tj ET Q q 0 0 0 rg BT 302.12 400.55 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 342.22 400.55 Td (to ) Tj ET Q q 0 0 0 rg BT 354.32 400.55 Td (written ) Tj ET Q q 0 0 0 rg BT 387.99 400.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 438.00 400.55 Td (management ) Tj ET Q q 0 0 0 rg BT 495.58 400.55 Td (or ) Tj ET Q q 0 0 0 rg BT 508.26 400.55 Td (sub-advisory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 387.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 89.63 387.95 Td (between ) Tj ET Q q 0 0 0 rg BT 126.85 387.95 Td (one ) Tj ET Q q 0 0 0 rg BT 144.24 387.95 Td (of ) Tj ET Q q 0 0 0 rg BT 155.22 387.95 Td (our ) Tj ET Q q 0 0 0 rg BT 171.45 387.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 194.10 387.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 236.56 387.95 Td (and ) Tj ET Q q 0 0 0 rg BT 253.95 387.95 Td (the ) Tj ET Q q 0 0 0 rg BT 269.02 387.95 Td (client ) Tj ET Q q 0 0 0 rg BT 294.57 387.95 Td (\(or ) Tj ET Q q 0 0 0 rg BT 309.05 387.95 Td (a ) Tj ET Q q 0 0 0 rg BT 315.94 387.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 354.91 387.95 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 410.78 387.95 Td (acting ) Tj ET Q q 0 0 0 rg BT 438.67 387.95 Td (on ) Tj ET Q q 0 0 0 rg BT 451.41 387.95 Td (behalf ) Tj ET Q q 0 0 0 rg BT 479.87 387.95 Td (of ) Tj ET Q q 0 0 0 rg BT 490.85 387.95 Td (the ) Tj ET Q q 0 0 0 rg BT 505.91 387.95 Td (client\). ) Tj ET Q q 0 0 0 rg BT 537.43 387.95 Td (These ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 375.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 90.90 375.35 Td (usually ) Tj ET Q q 0 0 0 rg BT 124.72 375.35 Td (specify) Tj ET Q q 0 0 0 rg BT 154.36 375.35 Td (, ) Tj ET Q q 0 0 0 rg BT 160.48 375.35 Td (among ) Tj ET Q q 0 0 0 rg BT 192.56 375.35 Td (other ) Tj ET Q q 0 0 0 rg BT 217.63 375.35 Td (things, ) Tj ET Q q 0 0 0 rg BT 249.42 375.35 Td (the ) Tj ET Q q 0 0 0 rg BT 265.74 375.35 Td (management ) Tj ET Q q 0 0 0 rg BT 322.88 375.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 343.28 375.35 Td (to ) Tj ET Q q 0 0 0 rg BT 354.94 375.35 Td (be ) Tj ET Q q 0 0 0 rg BT 368.35 375.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 389.92 375.35 Td (to ) Tj ET Q q 0 0 0 rg BT 401.58 375.35 Td (the ) Tj ET Q q 0 0 0 rg BT 417.91 375.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 441.81 375.35 Td (manager ) Tj ET Q q 0 0 0 rg BT 481.46 375.35 Td (and ) Tj ET Q q 0 0 0 rg BT 500.11 375.35 Td (the ) Tj ET Q q 0 0 0 rg BT 516.43 375.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 362.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 86.79 362.75 Td (for ) Tj ET Q q 0 0 0 rg BT 103.09 362.75 Td (the ) Tj ET Q q 0 0 0 rg BT 119.97 362.75 Td (account, ) Tj ET Q q 0 0 0 rg BT 159.29 362.75 Td (and ) Tj ET Q q 0 0 0 rg BT 178.51 362.75 Td (are ) Tj ET Q q 0 0 0 rg BT 195.38 362.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 238.49 362.75 Td (terminable ) Tj ET Q q 0 0 0 rg BT 287.44 362.75 Td (by ) Tj ET Q q 0 0 0 rg BT 302.00 362.75 Td (either ) Tj ET Q q 0 0 0 rg BT 329.95 362.75 Td (party ) Tj ET Q q 0 0 0 rg BT 355.58 362.75 Td (on ) Tj ET Q q 0 0 0 rg BT 370.13 362.75 Td (relatively ) Tj ET Q q 0 0 0 rg BT 413.83 362.75 Td (short ) Tj ET Q q 0 0 0 rg BT 438.88 362.75 Td (notice. ) Tj ET Q q 0 0 0 rg BT 470.92 362.75 Td (T) Tj ET Q q 0 0 0 rg BT 476.60 362.75 Td (ypically) Tj ET Q q 0 0 0 rg BT 509.75 362.75 Td (, ) Tj ET Q q 0 0 0 rg BT 516.42 362.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 350.15 Td (management ) Tj ET Q q 0 0 0 rg BT 104.99 350.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 144.73 350.15 Td (may ) Tj ET Q q 0 0 0 rg BT 164.66 350.15 Td (not ) Tj ET Q q 0 0 0 rg BT 179.92 350.15 Td (be ) Tj ET Q q 0 0 0 rg BT 191.67 350.15 Td (assigned ) Tj ET Q q 0 0 0 rg BT 229.68 350.15 Td (\(including ) Tj ET Q q 0 0 0 rg BT 274.68 350.15 Td (as ) Tj ET Q q 0 0 0 rg BT 285.27 350.15 Td (a ) Tj ET Q q 0 0 0 rg BT 291.78 350.15 Td (result ) Tj ET Q q 0 0 0 rg BT 316.95 350.15 Td (of ) Tj ET Q q 0 0 0 rg BT 327.54 350.15 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 382.17 350.15 Td (such ) Tj ET Q q 0 0 0 rg BT 403.26 350.15 Td (as ) Tj ET Q q 0 0 0 rg BT 413.85 350.15 Td (a ) Tj ET Q q 0 0 0 rg BT 420.35 350.15 Td (direct ) Tj ET Q q 0 0 0 rg BT 446.10 350.15 Td (or ) Tj ET Q q 0 0 0 rg BT 456.69 350.15 Td (indirect ) Tj ET Q q 0 0 0 rg BT 490.60 350.15 Td (change ) Tj ET Q q 0 0 0 rg BT 522.18 350.15 Td (of ) Tj ET Q q 0 0 0 rg BT 532.77 350.15 Td (control ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 337.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.32 337.55 Td (the ) Tj ET Q q 0 0 0 rg BT 77.23 337.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 100.71 337.55 Td (manager) Tj ET Q q 0 0 0 rg BT 136.44 337.55 Td (, ) Tj ET Q q 0 0 0 rg BT 142.14 337.55 Td (if ) Tj ET Q q 0 0 0 rg BT 151.63 337.55 Td (it ) Tj ET Q q 0 0 0 rg BT 160.54 337.55 Td (would ) Tj ET Q q 0 0 0 rg BT 189.87 337.55 Td (constitute ) Tj ET Q q 0 0 0 rg BT 233.77 337.55 Td (an ) Tj ET Q q 0 0 0 rg BT 246.76 337.55 Td (assignment ) Tj ET Q q 0 0 0 rg BT 297.08 337.55 Td (under ) Tj ET Q q 0 0 0 rg BT 324.07 337.55 Td (the ) Tj ET Q q 0 0 0 rg BT 339.97 337.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 389.02 337.55 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 428.75 337.55 Td (Act ) Tj ET Q q 0 0 0 rg BT 446.99 337.55 Td (of ) Tj ET Q q 0 0 0 rg BT 458.81 337.55 Td (1940 ) Tj ET Q q 0 0 0 rg BT 482.89 337.55 Td (or ) Tj ET Q q 0 0 0 rg BT 494.71 337.55 Td (other ) Tj ET Q q 0 0 0 rg BT 519.36 337.55 Td (applicable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 324.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 96.17 324.95 Td (requirements\) ) Tj ET Q q 0 0 0 rg BT 158.00 324.95 Td (without ) Tj ET Q q 0 0 0 rg BT 193.61 324.95 Td (the ) Tj ET Q q 0 0 0 rg BT 209.96 324.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 233.89 324.95 Td (consent ) Tj ET Q q 0 0 0 rg BT 269.49 324.95 Td (of ) Tj ET Q q 0 0 0 rg BT 281.75 324.95 Td (the ) Tj ET Q q 0 0 0 rg BT 298.10 324.95 Td (client. ) Tj ET Q q 0 0 0 rg BT 327.32 324.95 Td (When ) Tj ET Q q 0 0 0 rg BT 355.91 324.95 Td (the ) Tj ET Q q 0 0 0 rg BT 372.26 324.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 396.19 324.95 Td (management ) Tj ET Q q 0 0 0 rg BT 453.36 324.95 Td (client ) Tj ET Q q 0 0 0 rg BT 480.20 324.95 Td (is ) Tj ET Q q 0 0 0 rg BT 490.73 324.95 Td (a ) Tj ET Q q 0 0 0 rg BT 498.91 324.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 521.10 324.95 Td (registered ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 312.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 82.04 312.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 104.67 312.35 Td (or ) Tj ET Q q 0 0 0 rg BT 116.80 312.35 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 165.66 312.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 188.29 312.35 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 228.99 312.35 Td (or ) Tj ET Q q 0 0 0 rg BT 241.12 312.35 Td (not ) Tj ET Q q 0 0 0 rg BT 257.92 312.35 Td (one ) Tj ET Q q 0 0 0 rg BT 276.46 312.35 Td (of ) Tj ET Q q 0 0 0 rg BT 288.58 312.35 Td (our ) Tj ET Q q 0 0 0 rg BT 305.96 312.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 329.76 312.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 373.37 312.35 Td (has ) Tj ET Q q 0 0 0 rg BT 390.75 312.35 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 436.71 312.35 Td (the ) Tj ET Q q 0 0 0 rg BT 452.92 312.35 Td (fund\), ) Tj ET Q q 0 0 0 rg BT 481.67 312.35 Td (the ) Tj ET Q q 0 0 0 rg BT 497.88 312.35 Td (fund's ) Tj ET Q q 0 0 0 rg BT 526.48 312.35 Td (board ) Tj ET Q q 0 0 0 rg BT 553.77 312.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 299.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 89.03 299.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 130.88 299.75 Td (must ) Tj ET Q q 0 0 0 rg BT 154.09 299.75 Td (annually ) Tj ET Q q 0 0 0 rg BT 193.04 299.75 Td (approve ) Tj ET Q q 0 0 0 rg BT 229.65 299.75 Td (the ) Tj ET Q q 0 0 0 rg BT 245.27 299.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 294.13 299.75 Td (management ) Tj ET Q q 0 0 0 rg BT 350.57 299.75 Td (contract, ) Tj ET Q q 0 0 0 rg BT 389.80 299.75 Td (and ) Tj ET Q q 0 0 0 rg BT 407.75 299.75 Td (any ) Tj ET Q q 0 0 0 rg BT 425.70 299.75 Td (material ) Tj ET Q q 0 0 0 rg BT 462.89 299.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 499.50 299.75 Td (to ) Tj ET Q q 0 0 0 rg BT 510.46 299.75 Td (the ) Tj ET Q q 0 0 0 rg BT 526.08 299.75 Td (contract, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 287.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 287.15 Td (the ) Tj ET Q q 0 0 0 rg BT 82.75 287.15 Td (fund�) Tj ET Q q 0 0 0 rg BT 104.91 287.15 Td (s ) Tj ET Q q 0 0 0 rg BT 111.63 287.15 Td (board ) Tj ET Q q 0 0 0 rg BT 138.17 287.15 Td (of ) Tj ET Q q 0 0 0 rg BT 149.54 287.15 Td (directors ) Tj ET Q q 0 0 0 rg BT 188.91 287.15 Td (and ) Tj ET Q q 0 0 0 rg BT 206.70 287.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 228.58 287.15 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 284.27 287.15 Td (must ) Tj ET Q q 0 0 0 rg BT 307.33 287.15 Td (approve ) Tj ET Q q 0 0 0 rg BT 343.77 287.15 Td (any ) Tj ET Q q 0 0 0 rg BT 361.57 287.15 Td (assignment ) Tj ET Q q 0 0 0 rg BT 411.44 287.15 Td (of ) Tj ET Q q 0 0 0 rg BT 422.82 287.15 Td (the ) Tj ET Q q 0 0 0 rg BT 438.28 287.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 474.72 287.15 Td (\(including ) Tj ET Q q 0 0 0 rg BT 520.51 287.15 Td (as ) Tj ET Q q 0 0 0 rg BT 531.89 287.15 Td (a ) Tj ET Q q 0 0 0 rg BT 539.18 287.15 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 274.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 274.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 113.65 274.55 Td (that ) Tj ET Q q 0 0 0 rg BT 132.02 274.55 Td (would ) Tj ET Q q 0 0 0 rg BT 160.90 274.55 Td (constitute ) Tj ET Q q 0 0 0 rg BT 204.35 274.55 Td (an ) Tj ET Q q 0 0 0 rg BT 216.88 274.55 Td (assignment ) Tj ET Q q 0 0 0 rg BT 266.76 274.55 Td (under ) Tj ET Q q 0 0 0 rg BT 293.29 274.55 Td (the ) Tj ET Q q 0 0 0 rg BT 308.74 274.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 358.02 274.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 400.90 274.55 Td (Act ) Tj ET Q q 0 0 0 rg BT 418.69 274.55 Td (of ) Tj ET Q q 0 0 0 rg BT 430.06 274.55 Td (1940\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 249.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 249.35 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 249.35 Td (e ) Tj ET Q q 0 0 0 rg BT 101.36 249.35 Td (conduct ) Tj ET Q q 0 0 0 rg BT 136.73 249.35 Td (the ) Tj ET Q q 0 0 0 rg BT 151.68 249.35 Td (majority ) Tj ET Q q 0 0 0 rg BT 189.39 249.35 Td (of ) Tj ET Q q 0 0 0 rg BT 200.26 249.35 Td (our ) Tj ET Q q 0 0 0 rg BT 216.39 249.35 Td (business ) Tj ET Q q 0 0 0 rg BT 254.10 249.35 Td (through ) Tj ET Q q 0 0 0 rg BT 288.89 249.35 Td (our ) Tj ET Q q 0 0 0 rg BT 305.02 249.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 327.56 249.35 Td (managers. ) Tj ET Q q 0 0 0 rg BT 372.54 249.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 391.00 249.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 413.54 249.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 455.90 249.35 Td (are ) Tj ET Q q 0 0 0 rg BT 470.85 249.35 Td (individual ) Tj ET Q q 0 0 0 rg BT 515.55 249.35 Td (businesses, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 236.75 Td (each ) Tj ET Q q 0 0 0 rg BT 72.08 236.75 Td (of ) Tj ET Q q 0 0 0 rg BT 84.17 236.75 Td (which ) Tj ET Q q 0 0 0 rg BT 113.17 236.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 155.58 236.75 Td (focuses ) Tj ET Q q 0 0 0 rg BT 190.42 236.75 Td (on ) Tj ET Q q 0 0 0 rg BT 204.26 236.75 Td (a ) Tj ET Q q 0 0 0 rg BT 212.26 236.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 245.94 236.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.03 236.75 Td (the ) Tj ET Q q 0 0 0 rg BT 274.20 236.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 297.96 236.75 Td (management ) Tj ET Q q 0 0 0 rg BT 354.95 236.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 392.71 236.75 Td (in ) Tj ET Q q 0 0 0 rg BT 404.22 236.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 430.90 236.75 Td (of ) Tj ET Q q 0 0 0 rg BT 442.99 236.75 Td (the ) Tj ET Q q 0 0 0 rg BT 459.16 236.75 Td (types ) Tj ET Q q 0 0 0 rg BT 484.67 236.75 Td (of ) Tj ET Q q 0 0 0 rg BT 496.76 236.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 524.60 236.75 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 224.15 Td (\(primarily ) Tj ET Q q 0 0 0 rg BT 95.02 224.15 Td (alternatives, ) Tj ET Q q 0 0 0 rg BT 149.00 224.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 178.20 224.15 Td (or ) Tj ET Q q 0 0 0 rg BT 189.90 224.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 214.42 224.15 Td (income\), ) Tj ET Q q 0 0 0 rg BT 254.40 224.15 Td (the ) Tj ET Q q 0 0 0 rg BT 270.19 224.15 Td (types ) Tj ET Q q 0 0 0 rg BT 295.30 224.15 Td (of ) Tj ET Q q 0 0 0 rg BT 307.00 224.15 Td (products ) Tj ET Q q 0 0 0 rg BT 346.12 224.15 Td (and ) Tj ET Q q 0 0 0 rg BT 364.23 224.15 Td (services ) Tj ET Q q 0 0 0 rg BT 401.00 224.15 Td (of) Tj ET Q q 0 0 0 rg BT 409.56 224.15 Td (fered, ) Tj ET Q q 0 0 0 rg BT 436.70 224.15 Td (the ) Tj ET Q q 0 0 0 rg BT 452.48 224.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 501.51 224.15 Td (styles ) Tj ET Q q 0 0 0 rg BT 528.39 224.15 Td (utilized, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 211.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.74 211.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 115.57 211.55 Td (channels ) Tj ET Q q 0 0 0 rg BT 154.72 211.55 Td (used, ) Tj ET Q q 0 0 0 rg BT 179.00 211.55 Td (and ) Tj ET Q q 0 0 0 rg BT 196.57 211.55 Td (the ) Tj ET Q q 0 0 0 rg BT 211.81 211.55 Td (types ) Tj ET Q q 0 0 0 rg BT 236.39 211.55 Td (and ) Tj ET Q q 0 0 0 rg BT 253.96 211.55 Td (geographic ) Tj ET Q q 0 0 0 rg BT 303.02 211.55 Td (locations ) Tj ET Q q 0 0 0 rg BT 343.34 211.55 Td (of ) Tj ET Q q 0 0 0 rg BT 354.50 211.55 Td (its ) Tj ET Q q 0 0 0 rg BT 366.83 211.55 Td (clients. ) Tj ET Q q 0 0 0 rg BT 399.27 211.55 Td (Each ) Tj ET Q q 0 0 0 rg BT 422.67 211.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 445.49 211.55 Td (manager ) Tj ET Q q 0 0 0 rg BT 484.05 211.55 Td (is ) Tj ET Q q 0 0 0 rg BT 493.47 211.55 Td (housed ) Tj ET Q q 0 0 0 rg BT 525.62 211.55 Td (in ) Tj ET Q q 0 0 0 rg BT 536.20 211.55 Td (one ) Tj ET Q q 0 0 0 rg BT 553.77 211.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 198.95 Td (more ) Tj ET Q q 0 0 0 rg BT 73.85 198.95 Td (dif) Tj ET Q q 0 0 0 rg BT 85.33 198.95 Td (ferent ) Tj ET Q q 0 0 0 rg BT 112.59 198.95 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 166.96 198.95 Td (As ) Tj ET Q q 0 0 0 rg BT 181.41 198.95 Td (of ) Tj ET Q q 0 0 0 rg BT 192.93 198.95 Td (March ) Tj ET Q q 0 0 0 rg BT 223.12 198.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.02 198.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 265.42 198.95 Td (we ) Tj ET Q q 0 0 0 rg BT 280.45 198.95 Td (directly ) Tj ET Q q 0 0 0 rg BT 315.30 198.95 Td (or ) Tj ET Q q 0 0 0 rg BT 326.82 198.95 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 369.84 198.95 Td (owned ) Tj ET Q q 0 0 0 rg BT 400.61 198.95 Td (all ) Tj ET Q q 0 0 0 rg BT 413.88 198.95 Td (of ) Tj ET Q q 0 0 0 rg BT 425.41 198.95 Td (the ) Tj ET Q q 0 0 0 rg BT 441.02 198.95 Td (voting ) Tj ET Q q 0 0 0 rg BT 470.63 198.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 499.65 198.95 Td (of ) Tj ET Q q 0 0 0 rg BT 511.18 198.95 Td (Brandywine ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 186.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 81.35 186.35 Td (Investment ) Tj ET Q q 0 0 0 rg BT 131.27 186.35 Td (Management, ) Tj ET Q q 0 0 0 rg BT 191.98 186.35 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 246.56 186.35 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 303.19 186.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 335.04 186.35 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 367.76 186.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 384.45 186.35 Td (Investors ) Tj ET Q q 0 0 0 rg BT 426.21 186.35 Td (and ) Tj ET Q q 0 0 0 rg BT 444.40 186.35 Td (W) Tj ET Q q 0 0 0 rg BT 453.47 186.35 Td (estern ) Tj ET Q q 0 0 0 rg BT 481.09 186.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 507.69 186.35 Td (Management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 173.75 Td (Company) Tj ET Q q 0 0 0 rg BT 89.65 173.75 Td (. ) Tj ET Q q 0 0 0 rg BT 95.11 173.75 Td ( ) Tj ET Q q 0 0 0 rg BT 97.95 173.75 Td ( ) Tj ET Q q 0 0 0 rg BT 100.78 173.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 135.12 173.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 172.36 173.75 Td (is ) Tj ET Q q 0 0 0 rg BT 182.20 173.75 Td (18% ) Tj ET Q q 0 0 0 rg BT 204.28 173.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 235.11 173.75 Td (by ) Tj ET Q q 0 0 0 rg BT 248.45 173.75 Td (its ) Tj ET Q q 0 0 0 rg BT 261.21 173.75 Td (management ) Tj ET Q q 0 0 0 rg BT 317.69 173.75 Td (team, ) Tj ET Q q 0 0 0 rg BT 343.56 173.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 361.27 173.75 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 409.60 173.75 Td (is ) Tj ET Q q 0 0 0 rg BT 419.44 173.75 Td (35% ) Tj ET Q q 0 0 0 rg BT 441.52 173.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 472.35 173.75 Td (by ) Tj ET Q q 0 0 0 rg BT 485.69 173.75 Td (its ) Tj ET Q q 0 0 0 rg BT 498.44 173.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 522.27 173.75 Td (executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 161.15 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 161.15 Td (ficer) Tj ET Q q 0 0 0 rg BT 76.87 161.15 Td (, ) Tj ET Q q 0 0 0 rg BT 82.43 161.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 112.19 161.15 Td ( ) Tj ET Q q 0 0 0 rg BT 115.13 161.15 Td (is ) Tj ET Q q 0 0 0 rg BT 125.07 161.15 Td (19% ) Tj ET Q q 0 0 0 rg BT 147.26 161.15 Td (owned ) Tj ET Q q 0 0 0 rg BT 178.19 161.15 Td (by ) Tj ET Q q 0 0 0 rg BT 191.63 161.15 Td (its ) Tj ET Q q 0 0 0 rg BT 204.49 161.15 Td (management ) Tj ET Q q 0 0 0 rg BT 261.07 161.15 Td (team, ) Tj ET Q q 0 0 0 rg BT 287.04 161.15 Td (and ) Tj ET Q q 0 0 0 rg BT 305.14 161.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 336.08 161.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 396.15 161.15 Td (is ) Tj ET Q q 0 0 0 rg BT 406.10 161.15 Td (15% ) Tj ET Q q 0 0 0 rg BT 428.28 161.15 Td (owned ) Tj ET Q q 0 0 0 rg BT 459.21 161.15 Td (by ) Tj ET Q q 0 0 0 rg BT 472.65 161.15 Td (its ) Tj ET Q q 0 0 0 rg BT 485.51 161.15 Td (management ) Tj ET Q q 0 0 0 rg BT 542.09 161.15 Td (team ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 148.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.05 148.55 Td (10% ) Tj ET Q q 0 0 0 rg BT 88.69 148.55 Td (owned ) Tj ET Q q 0 0 0 rg BT 119.07 148.55 Td (by ) Tj ET Q q 0 0 0 rg BT 131.96 148.55 Td (a ) Tj ET Q q 0 0 0 rg BT 139.01 148.55 Td (third ) Tj ET Q q 0 0 0 rg BT 161.24 148.55 Td (party) Tj ET Q q 0 0 0 rg BT 182.13 148.55 Td (. ) Tj ET Q q 0 0 0 rg BT 187.15 148.55 Td ( ) Tj ET Q q 0 0 0 rg BT 189.54 148.55 Td (In ) Tj ET Q q 0 0 0 rg BT 200.67 148.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 240.10 148.55 Td (the ) Tj ET Q q 0 0 0 rg BT 255.32 148.55 Td (management ) Tj ET Q q 0 0 0 rg BT 311.36 148.55 Td (teams ) Tj ET Q q 0 0 0 rg BT 338.24 148.55 Td (at ) Tj ET Q q 0 0 0 rg BT 348.21 148.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 382.09 148.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 418.89 148.55 Td (and ) Tj ET Q q 0 0 0 rg BT 436.44 148.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 490.15 148.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 543.29 148.55 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 135.95 Td (owns ) Tj ET Q q 0 0 0 rg BT 74.48 135.95 Td (non-voting ) Tj ET Q q 0 0 0 rg BT 123.38 135.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 152.43 135.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 190.24 135.95 Td (in ) Tj ET Q q 0 0 0 rg BT 201.22 135.95 Td (the ) Tj ET Q q 0 0 0 rg BT 216.86 135.95 Td (business ) Tj ET Q q 0 0 0 rg BT 255.26 135.95 Td (which ) Tj ET Q q 0 0 0 rg BT 283.73 135.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 318.62 135.95 Td (them ) Tj ET Q q 0 0 0 rg BT 342.42 135.95 Td (with ) Tj ET Q q 0 0 0 rg BT 363.90 135.95 Td (participation ) Tj ET Q q 0 0 0 rg BT 419.78 135.95 Td (in ) Tj ET Q q 0 0 0 rg BT 430.76 135.95 Td (any ) Tj ET Q q 0 0 0 rg BT 448.73 135.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 485.94 135.95 Td (in ) Tj ET Q q 0 0 0 rg BT 496.92 135.95 Td (the ) Tj ET Q q 0 0 0 rg BT 512.56 135.95 Td (value ) Tj ET Q q 0 0 0 rg BT 538.11 135.95 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 135.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 123.35 Td (business ) Tj ET Q q 0 0 0 rg BT 88.02 123.35 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 124.20 123.35 Td (to ) Tj ET Q q 0 0 0 rg BT 135.30 123.35 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 186.04 123.35 Td (discounts\). ) Tj ET Q q 0 0 0 rg BT 234.77 123.35 Td ( ) Tj ET Q q 0 0 0 rg BT 237.70 123.35 Td (During ) Tj ET Q q 0 0 0 rg BT 270.39 123.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 296.06 123.35 Td (year ) Tj ET Q q 0 0 0 rg BT 317.06 123.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 343.62 123.35 Td (we ) Tj ET Q q 0 0 0 rg BT 358.80 123.35 Td (also ) Tj ET Q q 0 0 0 rg BT 378.65 123.35 Td (had ) Tj ET Q q 0 0 0 rg BT 396.75 123.35 Td (one ) Tj ET Q q 0 0 0 rg BT 414.84 123.35 Td (joint ) Tj ET Q q 0 0 0 rg BT 437.03 123.35 Td (venture ) Tj ET Q q 0 0 0 rg BT 471.45 123.35 Td (that ) Tj ET Q q 0 0 0 rg BT 490.13 123.35 Td (we ) Tj ET Q q 0 0 0 rg BT 505.31 123.35 Td (owned ) Tj ET Q q 0 0 0 rg BT 536.24 123.35 Td (with ) Tj ET Q q 0 0 0 rg BT 557.84 123.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 110.75 Td (former ) Tj ET Q q 0 0 0 rg BT 80.69 110.75 Td (employee. ) Tj ET Q q 0 0 0 rg BT 126.76 110.75 Td ( ) Tj ET Q q 0 0 0 rg BT 129.38 110.75 Td (On ) Tj ET Q q 0 0 0 rg BT 144.84 110.75 Td (February ) Tj ET Q q 0 0 0 rg BT 185.37 110.75 Td (24, ) Tj ET Q q 0 0 0 rg BT 201.12 110.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 227.37 110.75 Td (we ) Tj ET Q q 0 0 0 rg BT 242.24 110.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 262.37 110.75 Td (our ) Tj ET Q q 0 0 0 rg BT 278.99 110.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 312.52 110.75 Td (in ) Tj ET Q q 0 0 0 rg BT 323.32 110.75 Td (that ) Tj ET Q q 0 0 0 rg BT 341.69 110.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 363.56 110.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 397.67 110.75 Td (to ) Tj ET Q q 0 0 0 rg BT 408.47 110.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.92 110.75 Td (former ) Tj ET Q q 0 0 0 rg BT 455.11 110.75 Td (employee.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 85.55 Td (Each ) Tj ET Q q 0 0 0 rg BT 110.62 85.55 Td (of ) Tj ET Q q 0 0 0 rg BT 123.50 85.55 Td (our ) Tj ET Q q 0 0 0 rg BT 141.63 85.55 Td (primary ) Tj ET Q q 0 0 0 rg BT 179.00 85.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 203.55 85.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 247.92 85.55 Td (is ) Tj ET Q q 0 0 0 rg BT 259.06 85.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 302.25 85.55 Td (operated ) Tj ET Q q 0 0 0 rg BT 342.53 85.55 Td (as ) Tj ET Q q 0 0 0 rg BT 355.41 85.55 Td (a ) Tj ET Q q 0 0 0 rg BT 364.21 85.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 402.74 85.55 Td (business, ) Tj ET Q q 0 0 0 rg BT 445.08 85.55 Td (in ) Tj ET Q q 0 0 0 rg BT 457.39 85.55 Td (many ) Tj ET Q q 0 0 0 rg BT 484.85 85.55 Td (cases ) Tj ET Q q 0 0 0 rg BT 511.14 85.55 Td (with ) Tj ET Q q 0 0 0 rg BT 533.94 85.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 72.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 101.29 72.95 Td (functions ) Tj ET Q q 0 0 0 rg BT 143.74 72.95 Td (being ) Tj ET Q q 0 0 0 rg BT 170.44 72.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 211.14 72.95 Td (by ) Tj ET Q q 0 0 0 rg BT 225.01 72.95 Td (the ) Tj ET Q q 0 0 0 rg BT 241.21 72.95 Td (parent ) Tj ET Q q 0 0 0 rg BT 270.81 72.95 Td (company ) Tj ET Q q 0 0 0 rg BT 312.67 72.95 Td (and ) Tj ET Q q 0 0 0 rg BT 331.20 72.95 Td (other ) Tj ET Q q 0 0 0 rg BT 356.15 72.95 Td (af) Tj ET Q q 0 0 0 rg BT 364.12 72.95 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 398.69 72.95 Td (that ) Tj ET Q q 0 0 0 rg BT 417.81 72.95 Td (typically ) Tj ET Q q 0 0 0 rg BT 457.92 72.95 Td (markets ) Tj ET Q q 0 0 0 rg BT 494.53 72.95 Td (its ) Tj ET Q q 0 0 0 rg BT 507.82 72.95 Td (products ) Tj ET Q q 0 0 0 rg BT 547.35 72.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 60.35 Td (services ) Tj ET Q q 0 0 0 rg BT 86.67 60.35 Td (under ) Tj ET Q q 0 0 0 rg BT 113.93 60.35 Td (its ) Tj ET Q q 0 0 0 rg BT 127.20 60.35 Td (own ) Tj ET Q q 0 0 0 rg BT 148.64 60.35 Td (brand ) Tj ET Q q 0 0 0 rg BT 175.90 60.35 Td (name. ) Tj ET Q q 0 0 0 rg BT 204.61 60.35 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 252.30 60.35 Td (with ) Tj ET Q q 0 0 0 rg BT 274.32 60.35 Td (this ) Tj ET Q q 0 0 0 rg BT 292.84 60.35 Td (approach, ) Tj ET Q q 0 0 0 rg BT 337.30 60.35 Td (we ) Tj ET Q q 0 0 0 rg BT 352.89 60.35 Td (have ) Tj ET Q q 0 0 0 rg BT 376.07 60.35 Td (in ) Tj ET Q q 0 0 0 rg BT 387.59 60.35 Td (place ) Tj ET Q q 0 0 0 rg BT 413.09 60.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 449.67 60.35 Td (sharing ) Tj ET Q q 0 0 0 rg BT 483.93 60.35 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 543.84 60.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 47.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.87 47.75 Td (of ) Tj ET Q q 0 0 0 rg BT 90.42 47.75 Td (our ) Tj ET Q q 0 0 0 rg BT 106.23 47.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 128.45 47.75 Td (managers: ) Tj ET Q q 0 0 0 rg BT 173.40 47.75 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 226.53 47.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 256.92 47.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 305.38 47.75 Td (Management, ) Tj ET Q q 0 0 0 rg BT 364.63 47.75 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 417.75 47.75 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 472.93 47.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 502.74 47.75 Td (Infrastructure, ) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Royce�& ) Tj ET Q q 0 0 0 rg BT 88.37 741.75 Td (Associates, ) Tj ET Q q 0 0 0 rg BT 137.51 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 154.16 741.75 Td (W) Tj ET Q q 0 0 0 rg BT 163.23 741.75 Td (estern ) Tj ET Q q 0 0 0 rg BT 189.55 741.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 214.49 741.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 270.91 741.75 Td (Company) Tj ET Q q 0 0 0 rg BT 311.06 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 315.29 741.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 343.73 741.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 373.89 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.25 741.75 Td (their ) Tj ET Q q 0 0 0 rg BT 405.10 741.75 Td (key ) Tj ET Q q 0 0 0 rg BT 421.86 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 430.42 741.75 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 457.97 741.75 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 496.33 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 506.10 741.75 Td (these ) Tj ET Q q 0 0 0 rg BT 529.28 741.75 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (sharing ) Tj ET Q q 0 0 0 rg BT 82.31 729.15 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 143.38 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 149.94 729.15 Td (specified ) Tj ET Q q 0 0 0 rg BT 189.74 729.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 237.10 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 247.74 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 262.46 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 284.77 729.15 Td (manager's ) Tj ET Q q 0 0 0 rg BT 328.79 729.15 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 370.63 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 385.35 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 395.99 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 426.45 729.15 Td (third ) Tj ET Q q 0 0 0 rg BT 448.18 729.15 Td (party ) Tj ET Q q 0 0 0 rg BT 471.65 729.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 521.96 729.15 Td (expenses, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 716.55 Td (required ) Tj ET Q q 0 0 0 rg BT 95.82 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 106.15 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 118.23 716.55 Td (distributed ) Tj ET Q q 0 0 0 rg BT 165.31 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 175.64 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 190.64 716.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 219.05 716.55 Td (owners ) Tj ET Q q 0 0 0 rg BT 251.54 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 262.45 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 277.45 716.55 Td (business ) Tj ET Q q 0 0 0 rg BT 315.20 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 332.53 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 347.52 716.55 Td (balance ) Tj ET Q q 0 0 0 rg BT 381.75 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 392.66 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 407.65 716.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 447.13 716.55 Td (\(or ) Tj ET Q q 0 0 0 rg BT 461.54 716.55 Td (net ) Tj ET Q q 0 0 0 rg BT 476.54 716.55 Td (revenues\) ) Tj ET Q q 0 0 0 rg BT 519.52 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 528.69 716.55 Td (retained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.13 703.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 77.76 703.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 119.88 703.95 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 162.88 703.95 Td (including ) Tj ET Q q 0 0 0 rg BT 205.01 703.95 Td (salaries ) Tj ET Q q 0 0 0 rg BT 238.96 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 256.59 703.95 Td (bonuses, ) Tj ET Q q 0 0 0 rg BT 295.52 703.95 Td (but ) Tj ET Q q 0 0 0 rg BT 311.40 703.95 Td (excluding ) Tj ET Q q 0 0 0 rg BT 355.28 703.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 386.31 703.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 426.68 703.95 Td (such ) Tj ET Q q 0 0 0 rg BT 448.39 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 459.61 703.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 515.14 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 526.35 703.95 Td (acquired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 94.87 691.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.75 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 141.29 691.35 Td (excluding ) Tj ET Q q 0 0 0 rg BT 186.08 691.35 Td (income ) Tj ET Q q 0 0 0 rg BT 220.37 691.35 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 247.95 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 251.33 691.35 Td (Specific ) Tj ET Q q 0 0 0 rg BT 289.12 691.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 350.82 691.35 Td (allocations ) Tj ET Q q 0 0 0 rg BT 399.69 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 415.89 691.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 466.50 691.35 Td (by ) Tj ET Q q 0 0 0 rg BT 480.38 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 496.59 691.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 520.38 691.35 Td (manager's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 109.59 678.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 143.15 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 155.14 678.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 198.61 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 256.07 678.75 Td (approval ) Tj ET Q q 0 0 0 rg BT 296.63 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 308.62 678.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 341.00 678.75 Td (cases. ) Tj ET Q q 0 0 0 rg BT 368.76 678.75 Td (Although, ) Tj ET Q q 0 0 0 rg BT 414.87 678.75 Td (without ) Tj ET Q q 0 0 0 rg BT 450.78 678.75 Td (renegotiation, ) Tj ET Q q 0 0 0 rg BT 512.62 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 529.27 678.75 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (sharing ) Tj ET Q q 0 0 0 rg BT 82.33 666.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 140.80 666.15 Td (impede ) Tj ET Q q 0 0 0 rg BT 173.62 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 189.53 666.15 Td (ability ) Tj ET Q q 0 0 0 rg BT 218.28 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 228.36 666.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 264.67 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 280.58 666.15 Td (profit ) Tj ET Q q 0 0 0 rg BT 305.82 666.15 Td (mar) Tj ET Q q 0 0 0 rg BT 321.96 666.15 Td (gins ) Tj ET Q q 0 0 0 rg BT 341.38 666.15 Td (from ) Tj ET Q q 0 0 0 rg BT 363.70 666.15 Td (these ) Tj ET Q q 0 0 0 rg BT 387.19 666.15 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 436.07 666.15 Td (we ) Tj ET Q q 0 0 0 rg BT 450.23 666.15 Td (believe ) Tj ET Q q 0 0 0 rg BT 482.46 666.15 Td (these ) Tj ET Q q 0 0 0 rg BT 505.95 666.15 Td (arrangements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (help ) Tj ET Q q 0 0 0 rg BT 70.18 653.55 Td (us ) Tj ET Q q 0 0 0 rg BT 82.11 653.55 Td (retain ) Tj ET Q q 0 0 0 rg BT 108.62 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 126.38 653.55 Td (attract ) Tj ET Q q 0 0 0 rg BT 155.21 653.55 Td (talented ) Tj ET Q q 0 0 0 rg BT 191.04 653.55 Td (employees. ) Tj ET Q q 0 0 0 rg BT 241.17 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 243.77 653.55 Td (In ) Tj ET Q q 0 0 0 rg BT 255.11 653.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 294.75 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 310.18 653.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 346.01 653.55 Td (sharing ) Tj ET Q q 0 0 0 rg BT 379.52 653.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 438.68 653.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 473.35 653.55 Td (management ) Tj ET Q q 0 0 0 rg BT 529.59 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 540.94 653.55 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 73.46 640.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 117.24 640.95 Td (with ) Tj ET Q q 0 0 0 rg BT 139.46 640.95 Td (incentives ) Tj ET Q q 0 0 0 rg BT 185.58 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 197.30 640.95 Td (\(i\)�grow ) Tj ET Q q 0 0 0 rg BT 234.97 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 251.35 640.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 275.31 640.95 Td (managers' ) Tj ET Q q 0 0 0 rg BT 320.98 640.95 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 364.47 640.95 Td (since ) Tj ET Q q 0 0 0 rg BT 389.60 640.95 Td (management ) Tj ET Q q 0 0 0 rg BT 446.79 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 457.35 640.95 Td (able ) Tj ET Q q 0 0 0 rg BT 478.39 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 490.10 640.95 Td (participate ) Tj ET Q q 0 0 0 rg BT 537.96 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 640.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 85.43 628.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 117.87 628.35 Td (through ) Tj ET Q q 0 0 0 rg BT 153.24 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 168.76 628.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 201.80 628.35 Td (that ) Tj ET Q q 0 0 0 rg BT 220.24 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 229.94 628.35 Td (retained; ) Tj ET Q q 0 0 0 rg BT 269.37 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 287.23 628.35 Td (\(ii\)�control ) Tj ET Q q 0 0 0 rg BT 335.13 628.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 377.48 628.35 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 420.71 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 449.07 628.35 Td (will ) Tj ET Q q 0 0 0 rg BT 468.10 628.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 505.20 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 520.72 628.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 553.75 628.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.85 615.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 106.69 615.75 Td (retained ) Tj ET Q q 0 0 0 rg BT 144.02 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 163.29 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 173.82 615.75 Td (available ) Tj ET Q q 0 0 0 rg BT 215.24 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 226.93 615.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 249.69 615.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 282.96 615.75 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 327.90 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 346.58 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 362.35 615.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 404.35 615.75 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 468.82 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 472.35 615.75 Td (In ) Tj ET Q q 0 0 0 rg BT 484.61 615.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 525.18 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 541.53 615.75 Td (chief ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 94.42 603.15 Td (of) Tj ET Q q 0 0 0 rg BT 102.98 603.15 Td (ficer ) Tj ET Q q 0 0 0 rg BT 126.90 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 140.34 603.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 158.05 603.15 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 208.24 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 228.09 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 245.61 603.15 Td (management ) Tj ET Q q 0 0 0 rg BT 303.95 603.15 Td (teams ) Tj ET Q q 0 0 0 rg BT 333.13 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 346.57 603.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 382.76 603.15 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 424.49 603.15 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 483.12 603.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 514.64 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 534.49 603.15 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 108.16 590.55 Td (have ) Tj ET Q q 0 0 0 rg BT 129.50 590.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 175.35 590.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 203.12 590.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 239.64 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 249.33 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 263.68 590.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 308.34 590.55 Td (company) Tj ET Q q 0 0 0 rg BT 346.15 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 350.30 590.55 Td (which ) Tj ET Q q 0 0 0 rg BT 377.48 590.55 Td (helps ) Tj ET Q q 0 0 0 rg BT 401.17 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 410.86 590.55 Td (align ) Tj ET Q q 0 0 0 rg BT 433.38 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 447.73 590.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 484.25 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 494.52 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 508.87 590.55 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 577.95 Td (those ) Tj ET Q q 0 0 0 rg BT 85.66 577.95 Td (af) Tj ET Q q 0 0 0 rg BT 93.63 577.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 124.83 577.95 Td (with ) Tj ET Q q 0 0 0 rg BT 146.12 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 161.57 577.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 199.19 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 210.56 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 227.19 577.95 Td (shareholders.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 552.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 110.88 552.75 Td (Managers) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 527.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.73 527.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 128.04 527.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 171.16 527.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 206.14 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 213.69 527.55 Td (wide ) Tj ET Q q 0 0 0 rg BT 237.00 527.55 Td (range ) Tj ET Q q 0 0 0 rg BT 263.22 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 274.86 527.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 323.83 527.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 362.89 527.55 Td (services ) Tj ET Q q 0 0 0 rg BT 399.61 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 410.67 527.55 Td (separately ) Tj ET Q q 0 0 0 rg BT 456.13 527.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 496.93 527.55 Td (account ) Tj ET Q q 0 0 0 rg BT 532.47 527.55 Td (clients, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (including ) Tj ET Q q 0 0 0 rg BT 91.82 514.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 144.64 514.95 Td (clients ) Tj ET Q q 0 0 0 rg BT 174.70 514.95 Td (such ) Tj ET Q q 0 0 0 rg BT 196.60 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 208.00 514.95 Td (pension ) Tj ET Q q 0 0 0 rg BT 243.32 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 261.14 514.95 Td (other ) Tj ET Q q 0 0 0 rg BT 285.36 514.95 Td (retirement ) Tj ET Q q 0 0 0 rg BT 331.16 514.95 Td (plans, ) Tj ET Q q 0 0 0 rg BT 358.60 514.95 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 416.37 514.95 Td (insurance ) Tj ET Q q 0 0 0 rg BT 459.25 514.95 Td (companies, ) Tj ET Q q 0 0 0 rg BT 509.44 514.95 Td (endowments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.25 502.35 Td (foundations ) Tj ET Q q 0 0 0 rg BT 117.41 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 134.16 502.35 Td (governments, ) Tj ET Q q 0 0 0 rg BT 192.61 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 202.94 502.35 Td (well ) Tj ET Q q 0 0 0 rg BT 222.60 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 232.94 502.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 256.09 502.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 285.09 502.35 Td (such ) Tj ET Q q 0 0 0 rg BT 305.92 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 316.25 502.35 Td (high ) Tj ET Q q 0 0 0 rg BT 336.50 502.35 Td (net ) Tj ET Q q 0 0 0 rg BT 350.92 502.35 Td (worth ) Tj ET Q q 0 0 0 rg BT 377.00 502.35 Td (individuals ) Tj ET Q q 0 0 0 rg BT 425.25 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 442.00 502.35 Td (families, ) Tj ET Q q 0 0 0 rg BT 480.03 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 496.78 502.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 519.94 502.35 Td (separately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 90.13 489.75 Td (account ) Tj ET Q q 0 0 0 rg BT 125.52 489.75 Td (programs. ) Tj ET Q q 0 0 0 rg BT 170.53 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 173.27 489.75 Td (In ) Tj ET Q q 0 0 0 rg BT 184.75 489.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 224.52 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 241.25 489.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 264.40 489.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 307.36 489.75 Td (also ) Tj ET Q q 0 0 0 rg BT 327.01 489.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 362.39 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 373.87 489.75 Td (sub-advise ) Tj ET Q q 0 0 0 rg BT 421.52 489.75 Td (various ) Tj ET Q q 0 0 0 rg BT 455.16 489.75 Td (groups ) Tj ET Q q 0 0 0 rg BT 486.48 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 497.96 489.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 547.34 489.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (non-proprietary ) Tj ET Q q 0 0 0 rg BT 118.26 477.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 139.79 477.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 171.82 477.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 198.02 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 216.05 477.15 Td (exchange-traded ) Tj ET Q q 0 0 0 rg BT 288.29 477.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 314.48 477.15 Td (\(�ETFs�\) ) Tj ET Q q 0 0 0 rg BT 356.42 477.15 Td (registered ) Tj ET Q q 0 0 0 rg BT 400.68 477.15 Td (under ) Tj ET Q q 0 0 0 rg BT 427.45 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 443.14 477.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 492.66 477.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 535.73 477.15 Td (Act ) Tj ET Q q 0 0 0 rg BT 553.75 477.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (1940, ) Tj ET Q q 0 0 0 rg BT 75.19 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 86.01 464.55 Td (amended, ) Tj ET Q q 0 0 0 rg BT 128.60 464.55 Td (including ) Tj ET Q q 0 0 0 rg BT 170.33 464.55 Td (equity) Tj ET Q q 0 0 0 rg BT 195.89 464.55 Td (, ) Tj ET Q q 0 0 0 rg BT 200.59 464.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 224.23 464.55 Td (income, ) Tj ET Q q 0 0 0 rg BT 259.83 464.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 297.48 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 314.71 464.55 Td (balanced ) Tj ET Q q 0 0 0 rg BT 354.09 464.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 382.11 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 384.18 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 386.25 464.55 Td (Certain ) Tj ET Q q 0 0 0 rg BT 419.22 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 430.03 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 446.10 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 468.58 464.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 510.88 464.55 Td (also ) Tj ET Q q 0 0 0 rg BT 529.86 464.55 Td (manage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 60.87 451.95 Td (sub-advise ) Tj ET Q q 0 0 0 rg BT 108.40 451.95 Td (numerous ) Tj ET Q q 0 0 0 rg BT 152.44 451.95 Td (international ) Tj ET Q q 0 0 0 rg BT 208.13 451.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 239.92 451.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 265.88 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 284.25 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 299.69 451.95 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 344.31 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 362.09 451.95 Td (distributed ) Tj ET Q q 0 0 0 rg BT 409.63 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 420.42 451.95 Td (countries ) Tj ET Q q 0 0 0 rg BT 461.54 451.95 Td (around ) Tj ET Q q 0 0 0 rg BT 493.32 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 508.77 451.95 Td (globe.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 426.75 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 426.75 Td (estern ) Tj ET Q q 0 0 0 rg BT 122.67 426.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 149.90 426.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 208.60 426.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.32 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 264.21 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 272.76 426.75 Td (leading ) Tj ET Q q 0 0 0 rg BT 307.55 426.75 Td (global ) Tj ET Q q 0 0 0 rg BT 337.69 426.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 363.15 426.75 Td (income ) Tj ET Q q 0 0 0 rg BT 397.95 426.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 422.25 426.75 Td (manager ) Tj ET Q q 0 0 0 rg BT 462.28 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 478.41 426.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 532.47 426.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 565.13 426.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Headquartered ) Tj ET Q q 0 0 0 rg BT 113.28 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 123.43 414.15 Td (Pasadena, ) Tj ET Q q 0 0 0 rg BT 167.11 414.15 Td (California, ) Tj ET Q q 0 0 0 rg BT 214.14 414.15 Td (W) Tj ET Q q 0 0 0 rg BT 223.21 414.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 249.83 414.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 275.15 414.15 Td (Management's ) Tj ET Q q 0 0 0 rg BT 337.92 414.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 383.64 414.15 Td (include ) Tj ET Q q 0 0 0 rg BT 416.53 414.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 464.59 414.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 510.32 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 520.47 414.15 Td (New ) Tj ET Q q 0 0 0 rg BT 541.98 414.15 Td (Y) Tj ET Q q 0 0 0 rg BT 548.51 414.15 Td (ork ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (City) Tj ET Q q 0 0 0 rg BT 66.91 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 73.07 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 89.44 401.55 Td (United ) Tj ET Q q 0 0 0 rg BT 121.56 401.55 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 167.40 401.55 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 197.47 401.55 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 228.51 401.55 Td (Australia ) Tj ET Q q 0 0 0 rg BT 270.54 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 289.25 401.55 Td (Singapore. ) Tj ET Q q 0 0 0 rg BT 337.99 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 341.27 401.55 Td (W) Tj ET Q q 0 0 0 rg BT 350.34 401.55 Td (estern ) Tj ET Q q 0 0 0 rg BT 378.18 401.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 405.05 401.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 463.41 401.55 Td (of) Tj ET Q q 0 0 0 rg BT 471.96 401.55 Td (fers ) Tj ET Q q 0 0 0 rg BT 491.25 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 499.45 401.55 Td (broad ) Tj ET Q q 0 0 0 rg BT 526.90 401.55 Td (range ) Tj ET Q q 0 0 0 rg BT 553.76 401.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (products ) Tj ET Q q 0 0 0 rg BT 88.30 388.95 Td (spanning ) Tj ET Q q 0 0 0 rg BT 128.85 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 144.32 388.95 Td (yield ) Tj ET Q q 0 0 0 rg BT 167.95 388.95 Td (curve ) Tj ET Q q 0 0 0 rg BT 193.91 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 211.70 388.95 Td (encompassing ) Tj ET Q q 0 0 0 rg BT 273.83 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 289.30 388.95 Td (world's ) Tj ET Q q 0 0 0 rg BT 322.41 388.95 Td (major ) Tj ET Q q 0 0 0 rg BT 349.54 388.95 Td (bond ) Tj ET Q q 0 0 0 rg BT 373.18 388.95 Td (markets, ) Tj ET Q q 0 0 0 rg BT 411.68 388.95 Td (including ) Tj ET Q q 0 0 0 rg BT 453.98 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 461.28 388.95 Td (suite ) Tj ET Q q 0 0 0 rg BT 483.75 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 495.13 388.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 527.52 388.95 Td (duration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 68.14 376.35 Td (core ) Tj ET Q q 0 0 0 rg BT 89.68 376.35 Td (products, ) Tj ET Q q 0 0 0 rg BT 131.95 376.35 Td (emer) Tj ET Q q 0 0 0 rg BT 152.74 376.35 Td (ging ) Tj ET Q q 0 0 0 rg BT 174.89 376.35 Td (market ) Tj ET Q q 0 0 0 rg BT 207.52 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 226.16 376.35 Td (high ) Tj ET Q q 0 0 0 rg BT 248.30 376.35 Td (yield ) Tj ET Q q 0 0 0 rg BT 272.77 376.35 Td (portfolios, ) Tj ET Q q 0 0 0 rg BT 319.71 376.35 Td (municipal ) Tj ET Q q 0 0 0 rg BT 365.18 376.35 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 409.49 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 428.13 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 436.26 376.35 Td (variety ) Tj ET Q q 0 0 0 rg BT 468.89 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 481.12 376.35 Td (sector) Tj ET Q q 0 0 0 rg BT 505.98 376.35 Td (-oriented ) Tj ET Q q 0 0 0 rg BT 547.36 376.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (global ) Tj ET Q q 0 0 0 rg BT 77.87 363.75 Td (products. ) Tj ET Q q 0 0 0 rg BT 118.63 363.75 Td (W) Tj ET Q q 0 0 0 rg BT 127.70 363.75 Td (estern ) Tj ET Q q 0 0 0 rg BT 154.42 363.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 179.88 363.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 236.82 363.75 Td (also ) Tj ET Q q 0 0 0 rg BT 255.86 363.75 Td (sub-advises ) Tj ET Q q 0 0 0 rg BT 306.98 363.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 327.77 363.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 359.06 363.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 384.52 363.75 Td (that ) Tj ET Q q 0 0 0 rg BT 402.39 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 417.33 363.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 462.03 363.75 Td (by ) Tj ET Q q 0 0 0 rg BT 474.66 363.75 Td (third ) Tj ET Q q 0 0 0 rg BT 496.61 363.75 Td (parties. ) Tj ET Q q 0 0 0 rg BT 529.35 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 531.01 363.75 Td (Among ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.62 351.15 Td (services ) Tj ET Q q 0 0 0 rg BT 102.50 351.15 Td (W) Tj ET Q q 0 0 0 rg BT 111.56 351.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 139.20 351.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 165.83 351.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 223.94 351.15 Td (provides ) Tj ET Q q 0 0 0 rg BT 263.39 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 279.50 351.15 Td (management ) Tj ET Q q 0 0 0 rg BT 336.44 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 348.48 351.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 386.17 351.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 426.19 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 444.65 351.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 466.61 351.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 499.07 351.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 528.32 351.15 Td (one ) Tj ET Q q 0 0 0 rg BT 546.77 351.15 Td (real ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 76.53 338.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 125.74 338.55 Td (trust, ) Tj ET Q q 0 0 0 rg BT 150.16 338.55 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 198.77 338.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 227.86 338.55 Td (international ) Tj ET Q q 0 0 0 rg BT 284.05 338.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 310.52 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 328.81 338.55 Td (other ) Tj ET Q q 0 0 0 rg BT 353.51 338.55 Td (structured ) Tj ET Q q 0 0 0 rg BT 398.62 338.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 447.83 338.55 Td (products. ) Tj ET Q q 0 0 0 rg BT 489.75 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 492.18 338.55 Td (As ) Tj ET Q q 0 0 0 rg BT 506.98 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 518.86 338.55 Td (March ) Tj ET Q q 0 0 0 rg BT 549.39 338.55 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 75.56 325.95 Td (W) Tj ET Q q 0 0 0 rg BT 84.63 325.95 Td (estern ) Tj ET Q q 0 0 0 rg BT 111.75 325.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 137.71 325.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 195.15 325.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 235.67 325.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 262.79 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 284.09 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 291.37 325.95 Td (value ) Tj ET Q q 0 0 0 rg BT 316.74 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 328.11 325.95 Td ($ ) Tj ET Q q 0 0 0 rg BT 335.98 325.95 Td (426.9 ) Tj ET Q q 0 0 0 rg BT 362.23 325.95 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 300.75 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 140.73 300.75 Td (Investments ) Tj ET Q q 0 0 0 rg BT 195.38 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 206.30 300.75 Td (an ) Tj ET Q q 0 0 0 rg BT 220.12 300.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 250.28 300.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 274.60 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 332.16 300.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 354.15 300.75 Td (based ) Tj ET Q q 0 0 0 rg BT 381.97 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 394.05 300.75 Td (New ) Tj ET Q q 0 0 0 rg BT 417.21 300.75 Td (Y) Tj ET Q q 0 0 0 rg BT 423.74 300.75 Td (ork ) Tj ET Q q 0 0 0 rg BT 441.65 300.75 Td (City ) Tj ET Q q 0 0 0 rg BT 463.65 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 483.31 300.75 Td (also ) Tj ET Q q 0 0 0 rg BT 504.13 300.75 Td (has ) Tj ET Q q 0 0 0 rg BT 522.04 300.75 Td (of) Tj ET Q q 0 0 0 rg BT 530.60 300.75 Td (fices ) Tj ET Q q 0 0 0 rg BT 554.33 300.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (Baltimore, ) Tj ET Q q 0 0 0 rg BT 96.54 288.15 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 139.79 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 157.20 288.15 Td (W) Tj ET Q q 0 0 0 rg BT 166.69 288.15 Td (ilmington, ) Tj ET Q q 0 0 0 rg BT 212.58 288.15 Td (Delaware. ) Tj ET Q q 0 0 0 rg BT 257.85 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 260.28 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 262.70 288.15 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 316.44 288.15 Td (Investments ) Tj ET Q q 0 0 0 rg BT 369.61 288.15 Td (provides ) Tj ET Q q 0 0 0 rg BT 408.20 288.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 431.03 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 487.10 288.15 Td (services ) Tj ET Q q 0 0 0 rg BT 523.35 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 533.94 288.15 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.52 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 75.62 275.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 104.14 275.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 129.75 275.55 Td (\(including ) Tj ET Q q 0 0 0 rg BT 175.18 275.55 Td (balanced ) Tj ET Q q 0 0 0 rg BT 214.77 275.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 240.37 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 257.81 275.55 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 305.56 275.55 Td (funds\) ) Tj ET Q q 0 0 0 rg BT 334.67 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 345.11 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 360.21 275.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 384.06 275.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 414.92 275.55 Td (Funds, ) Tj ET Q q 0 0 0 rg BT 445.49 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 455.93 275.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 479.78 275.55 Td (separately ) Tj ET Q q 0 0 0 rg BT 524.61 275.55 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (account ) Tj ET Q q 0 0 0 rg BT 85.52 262.95 Td (programs, ) Tj ET Q q 0 0 0 rg BT 131.17 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 142.71 262.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 174.64 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 186.76 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 204.12 262.95 Td (international ) Tj ET Q q 0 0 0 rg BT 260.56 262.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 287.26 262.95 Td (and, ) Tj ET Q q 0 0 0 rg BT 308.42 262.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 350.86 262.95 Td (through ) Tj ET Q q 0 0 0 rg BT 386.89 262.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 424.66 262.95 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 467.39 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 478.92 262.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 532.46 262.95 Td (clients. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 103.65 250.35 Td (Investments ) Tj ET Q q 0 0 0 rg BT 157.23 250.35 Td (also ) Tj ET Q q 0 0 0 rg BT 176.98 250.35 Td (sub-advises ) Tj ET Q q 0 0 0 rg BT 228.81 250.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 250.32 250.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 282.32 250.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 308.49 250.35 Td (that ) Tj ET Q q 0 0 0 rg BT 327.08 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 342.73 250.35 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 388.15 250.35 Td (by ) Tj ET Q q 0 0 0 rg BT 401.48 250.35 Td (third ) Tj ET Q q 0 0 0 rg BT 424.15 250.35 Td (parties. ) Tj ET Q q 0 0 0 rg BT 457.60 250.35 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 511.75 250.35 Td (Investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 237.75 Td (fers ) Tj ET Q q 0 0 0 rg BT 76.13 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 83.12 237.75 Td (diverse ) Tj ET Q q 0 0 0 rg BT 115.78 237.75 Td (array ) Tj ET Q q 0 0 0 rg BT 139.68 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 150.76 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 199.17 237.75 Td (styles ) Tj ET Q q 0 0 0 rg BT 225.42 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 242.91 237.75 Td (disciplines, ) Tj ET Q q 0 0 0 rg BT 292.78 237.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 332.44 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 342.94 237.75 Td (address ) Tj ET Q q 0 0 0 rg BT 376.77 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 383.76 237.75 Td (range ) Tj ET Q q 0 0 0 rg BT 409.41 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 420.49 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 468.90 237.75 Td (objectives. ) Tj ET Q q 0 0 0 rg BT 516.43 237.75 Td (Significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 104.22 225.15 Td (Investments ) Tj ET Q q 0 0 0 rg BT 158.37 225.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 207.86 225.15 Td (styles ) Tj ET Q q 0 0 0 rg BT 235.18 225.15 Td (include ) Tj ET Q q 0 0 0 rg BT 269.50 225.15 Td (low ) Tj ET Q q 0 0 0 rg BT 288.65 225.15 Td (volatility) Tj ET Q q 0 0 0 rg BT 325.89 225.15 Td (, ) Tj ET Q q 0 0 0 rg BT 331.92 225.15 Td (high ) Tj ET Q q 0 0 0 rg BT 353.99 225.15 Td (active ) Tj ET Q q 0 0 0 rg BT 382.47 225.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 412.11 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 430.68 225.15 Td (income ) Tj ET Q q 0 0 0 rg BT 464.99 225.15 Td (solutions. ) Tj ET Q q 0 0 0 rg BT 508.95 225.15 Td (In ) Tj ET Q q 0 0 0 rg BT 521.10 225.15 Td (managing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 80.91 212.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 136.51 212.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 191.54 212.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 234.89 212.55 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 269.50 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 278.45 212.55 Td (bottoms-up, ) Tj ET Q q 0 0 0 rg BT 333.20 212.55 Td (research ) Tj ET Q q 0 0 0 rg BT 372.46 212.55 Td (intensive, ) Tj ET Q q 0 0 0 rg BT 417.28 212.55 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 474.04 212.55 Td (approach ) Tj ET Q q 0 0 0 rg BT 516.81 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 529.26 212.55 Td (security ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (selection ) Tj ET Q q 0 0 0 rg BT 89.14 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 107.21 199.95 Td (seeks ) Tj ET Q q 0 0 0 rg BT 132.27 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 142.76 199.95 Td (identify ) Tj ET Q q 0 0 0 rg BT 177.74 199.95 Td (companies ) Tj ET Q q 0 0 0 rg BT 224.97 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 245.96 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 261.11 199.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 300.17 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 310.66 199.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 345.05 199.95 Td (solid ) Tj ET Q q 0 0 0 rg BT 367.80 199.95 Td (economic ) Tj ET Q q 0 0 0 rg BT 410.94 199.95 Td (returns ) Tj ET Q q 0 0 0 rg BT 442.41 199.95 Td (relative ) Tj ET Q q 0 0 0 rg BT 476.22 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 486.71 199.95 Td (their ) Tj ET Q q 0 0 0 rg BT 508.27 199.95 Td (risk-adjusted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 97.33 187.35 Td (As ) Tj ET Q q 0 0 0 rg BT 111.63 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 123.00 187.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 168.78 187.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 192.40 187.35 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 246.34 187.35 Td (Investments ) Tj ET Q q 0 0 0 rg BT 299.71 187.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 340.24 187.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 367.36 187.35 Td (with ) Tj ET Q q 0 0 0 rg BT 388.65 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 395.94 187.35 Td (value ) Tj ET Q q 0 0 0 rg BT 421.30 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 432.67 187.35 Td ($1) Tj ET Q q 0 0 0 rg BT 442.78 187.35 Td (10.6 ) Tj ET Q q 0 0 0 rg BT 463.78 187.35 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 162.15 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 140.39 162.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 172.54 162.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 222.77 162.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 281.15 162.15 Td (is ) Tj ET Q q 0 0 0 rg BT 291.72 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 299.95 162.15 Td (global ) Tj ET Q q 0 0 0 rg BT 329.77 162.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 353.75 162.15 Td (management ) Tj ET Q q 0 0 0 rg BT 410.97 162.15 Td (firm ) Tj ET Q q 0 0 0 rg BT 432.61 162.15 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 495.65 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 507.39 162.15 Td (Philadelphia, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (Pennsylvania ) Tj ET Q q 0 0 0 rg BT 107.36 149.55 Td (with ) Tj ET Q q 0 0 0 rg BT 127.89 149.55 Td (of) Tj ET Q q 0 0 0 rg BT 136.45 149.55 Td (fices ) Tj ET Q q 0 0 0 rg BT 158.13 149.55 Td (also ) Tj ET Q q 0 0 0 rg BT 176.91 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 186.95 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 201.64 149.55 Td (United ) Tj ET Q q 0 0 0 rg BT 232.08 149.55 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 276.24 149.55 Td (Canada ) Tj ET Q q 0 0 0 rg BT 309.59 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 326.62 149.55 Td (Singapore. ) Tj ET Q q 0 0 0 rg BT 373.68 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 375.54 149.55 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 428.73 149.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 459.17 149.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 507.70 149.55 Td (Management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (provides ) Tj ET Q q 0 0 0 rg BT 88.16 136.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 136.75 136.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 175.41 136.95 Td (services ) Tj ET Q q 0 0 0 rg BT 211.73 136.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 253.31 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 263.98 136.95 Td (separately ) Tj ET Q q 0 0 0 rg BT 309.04 136.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 349.45 136.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 388.69 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 403.43 136.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 456.11 136.95 Td (clients ) Tj ET Q q 0 0 0 rg BT 486.02 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 496.69 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 503.85 136.95 Td (range ) Tj ET Q q 0 0 0 rg BT 529.68 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 540.93 136.95 Td (fixed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 85.45 124.35 Td (including ) Tj ET Q q 0 0 0 rg BT 127.54 124.35 Td (global ) Tj ET Q q 0 0 0 rg BT 156.21 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 173.79 124.35 Td (international ) Tj ET Q q 0 0 0 rg BT 229.28 124.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 253.28 124.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 289.23 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 306.81 124.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 335.48 124.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 383.98 124.35 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 428.68 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 431.10 124.35 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 484.85 124.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 515.85 124.35 Td (Investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 108.01 111.75 Td (also ) Tj ET Q q 0 0 0 rg BT 128.62 111.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 168.47 111.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 218.24 111.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 258.10 111.75 Td (services ) Tj ET Q q 0 0 0 rg BT 295.61 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 307.47 111.75 Td (high ) Tj ET Q q 0 0 0 rg BT 329.83 111.75 Td (net ) Tj ET Q q 0 0 0 rg BT 346.35 111.75 Td (worth ) Tj ET Q q 0 0 0 rg BT 374.55 111.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 405.65 111.75 Td (through ) Tj ET Q q 0 0 0 rg BT 442.01 111.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 488.26 111.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 529.86 111.75 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (programs, ) Tj ET Q q 0 0 0 rg BT 94.93 99.15 Td (including ) Tj ET Q q 0 0 0 rg BT 137.74 99.15 Td (various ) Tj ET Q q 0 0 0 rg BT 171.81 99.15 Td (non-proprietary ) Tj ET Q q 0 0 0 rg BT 240.85 99.15 Td (wrap ) Tj ET Q q 0 0 0 rg BT 264.99 99.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 304.87 99.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 350.60 99.15 Td (by ) Tj ET Q q 0 0 0 rg BT 364.25 99.15 Td (third ) Tj ET Q q 0 0 0 rg BT 387.23 99.15 Td (parties, ) Tj ET Q q 0 0 0 rg BT 421.00 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 439.31 99.15 Td (also ) Tj ET Q q 0 0 0 rg BT 459.37 99.15 Td (sub-advises ) Tj ET Q q 0 0 0 rg BT 511.51 99.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 533.34 99.15 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.94 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 94.80 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 110.72 86.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 156.41 86.55 Td (by ) Tj ET Q q 0 0 0 rg BT 170.02 86.55 Td (third ) Tj ET Q q 0 0 0 rg BT 192.96 86.55 Td (parties. ) Tj ET Q q 0 0 0 rg BT 226.69 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 229.80 86.55 Td (In ) Tj ET Q q 0 0 0 rg BT 241.65 86.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 281.80 86.55 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 336.23 86.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 367.92 86.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 417.69 86.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 475.61 86.55 Td (manages ) Tj ET Q q 0 0 0 rg BT 515.45 86.55 Td (nine ) Tj ET Q q 0 0 0 rg BT 536.64 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 548.50 86.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 98.02 73.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 118.56 73.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 149.60 73.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 174.80 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 191.83 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 198.37 73.95 Td (number ) Tj ET Q q 0 0 0 rg BT 232.31 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 242.93 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 258.80 73.95 Td (international ) Tj ET Q q 0 0 0 rg BT 313.74 73.95 Td (funds. ) Tj ET Q q 0 0 0 rg BT 341.57 73.95 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 394.76 73.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 425.21 73.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 473.74 73.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 530.42 73.95 Td (pursues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 56.96 61.35 Td (value ) Tj ET Q q 0 0 0 rg BT 82.50 61.35 Td (investing ) Tj ET Q q 0 0 0 rg BT 123.80 61.35 Td (approach ) Tj ET Q q 0 0 0 rg BT 165.07 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 176.04 61.35 Td (its ) Tj ET Q q 0 0 0 rg BT 188.76 61.35 Td (management ) Tj ET Q q 0 0 0 rg BT 245.21 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 256.75 61.35 Td (both ) Tj ET Q q 0 0 0 rg BT 278.22 61.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 307.26 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 325.22 61.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 349.60 61.35 Td (income ) Tj ET Q q 0 0 0 rg BT 383.30 61.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 412.61 61.35 Td (As ) Tj ET Q q 0 0 0 rg BT 427.08 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 438.62 61.35 Td (March ) Tj ET Q q 0 0 0 rg BT 468.83 61.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 484.75 61.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 511.18 61.35 Td (Brandywine ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 80.70 48.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 129.99 48.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 187.42 48.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 227.95 48.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 255.07 48.75 Td (with ) Tj ET Q q 0 0 0 rg BT 276.36 48.75 Td (a ) Tj ET Q q 0 0 0 rg BT 283.65 48.75 Td (value ) Tj ET Q q 0 0 0 rg BT 309.01 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 320.39 48.75 Td ($69.5 ) Tj ET Q q 0 0 0 rg BT 346.64 48.75 Td (billion.) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 729.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 122.15 729.15 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 164.34 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 195.15 729.15 Td (we ) Tj ET Q q 0 0 0 rg BT 212.55 729.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 253.85 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 266.03 729.15 Td (April ) Tj ET Q q 0 0 0 rg BT 293.35 729.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 322.13 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 334.29 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 344.10 729.15 Td (leading ) Tj ET Q q 0 0 0 rg BT 380.16 729.15 Td (manager ) Tj ET Q q 0 0 0 rg BT 421.46 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 435.36 729.15 Td (real ) Tj ET Q q 0 0 0 rg BT 456.25 729.15 Td (estate ) Tj ET Q q 0 0 0 rg BT 485.31 729.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 536.54 729.15 Td (funds. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (Headquartered ) Tj ET Q q 0 0 0 rg BT 114.12 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 125.11 716.55 Td (New ) Tj ET Q q 0 0 0 rg BT 147.34 716.55 Td (Y) Tj ET Q q 0 0 0 rg BT 153.87 716.55 Td (ork, ) Tj ET Q q 0 0 0 rg BT 173.31 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 188.96 716.55 Td (firm ) Tj ET Q q 0 0 0 rg BT 209.87 716.55 Td (has ) Tj ET Q q 0 0 0 rg BT 226.68 716.55 Td (of) Tj ET Q q 0 0 0 rg BT 235.24 716.55 Td (fices ) Tj ET Q q 0 0 0 rg BT 257.89 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 268.25 716.55 Td (Atlanta, ) Tj ET Q q 0 0 0 rg BT 304.61 716.55 Td (Boston, ) Tj ET Q q 0 0 0 rg BT 339.81 716.55 Td (Dallas, ) Tj ET Q q 0 0 0 rg BT 372.08 716.55 Td (London, ) Tj ET Q q 0 0 0 rg BT 410.20 716.55 Td (Los ) Tj ET Q q 0 0 0 rg BT 428.15 716.55 Td (Angeles, ) Tj ET Q q 0 0 0 rg BT 468.00 716.55 Td (S�o ) Tj ET Q q 0 0 0 rg BT 486.57 716.55 Td (Paulo, ) Tj ET Q q 0 0 0 rg BT 515.94 716.55 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 547.34 716.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 703.95 Td (ashington, ) Tj ET Q q 0 0 0 rg BT 104.75 703.95 Td (DC ) Tj ET Q q 0 0 0 rg BT 122.06 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 139.95 703.95 Td (of) Tj ET Q q 0 0 0 rg BT 148.51 703.95 Td (fers ) Tj ET Q q 0 0 0 rg BT 166.97 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 174.36 703.95 Td (broad ) Tj ET Q q 0 0 0 rg BT 200.99 703.95 Td (range ) Tj ET Q q 0 0 0 rg BT 227.03 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 238.50 703.95 Td (real ) Tj ET Q q 0 0 0 rg BT 256.96 703.95 Td (estate ) Tj ET Q q 0 0 0 rg BT 283.59 703.95 Td (strategies ) Tj ET Q q 0 0 0 rg BT 325.97 703.95 Td (across ) Tj ET Q q 0 0 0 rg BT 354.94 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 370.49 703.95 Td (risk/return ) Tj ET Q q 0 0 0 rg BT 416.96 703.95 Td (spectrum ) Tj ET Q q 0 0 0 rg BT 458.17 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 469.06 703.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 521.96 703.95 Td (investors. ) Tj ET Q q 0 0 0 rg BT 565.12 703.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 84.78 691.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 122.98 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 131.54 691.35 Td (fers ) Tj ET Q q 0 0 0 rg BT 151.07 691.35 Td (its ) Tj ET Q q 0 0 0 rg BT 164.78 691.35 Td (services ) Tj ET Q q 0 0 0 rg BT 202.39 691.35 Td (through ) Tj ET Q q 0 0 0 rg BT 238.84 691.35 Td (institutional ) Tj ET Q q 0 0 0 rg BT 292.80 691.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 330.98 691.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 371.51 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 390.46 691.35 Td (privately ) Tj ET Q q 0 0 0 rg BT 431.56 691.35 Td (placed ) Tj ET Q q 0 0 0 rg BT 462.75 691.35 Td (open-end ) Tj ET Q q 0 0 0 rg BT 505.61 691.35 Td (funds. ) Tj ET Q q 0 0 0 rg BT 535.36 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 538.31 691.35 Td (As ) Tj ET Q q 0 0 0 rg BT 553.77 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 95.28 678.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 121.53 678.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 155.65 678.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 192.68 678.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 233.21 678.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 260.33 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 281.62 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 288.91 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 314.27 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.64 678.75 Td ($43.1 ) Tj ET Q q 0 0 0 rg BT 351.89 678.75 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 653.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 103.21 653.55 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 150.41 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 159.13 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 165.50 653.55 Td (leading ) Tj ET Q q 0 0 0 rg BT 198.11 653.55 Td (global ) Tj ET Q q 0 0 0 rg BT 226.07 653.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 272.09 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 294.21 653.55 Td (manager ) Tj ET Q q 0 0 0 rg BT 332.06 653.55 Td (specializing ) Tj ET Q q 0 0 0 rg BT 383.92 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 393.80 653.55 Td (providing ) Tj ET Q q 0 0 0 rg BT 436.34 653.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 484.13 653.55 Td (solutions ) Tj ET Q q 0 0 0 rg BT 523.77 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 533.64 653.55 Td (public, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 93.13 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 112.27 640.95 Td (multi-employer ) Tj ET Q q 0 0 0 rg BT 181.57 640.95 Td (pension ) Tj ET Q q 0 0 0 rg BT 218.22 640.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 248.16 640.95 Td (foundations, ) Tj ET Q q 0 0 0 rg BT 304.35 640.95 Td (endowments, ) Tj ET Q q 0 0 0 rg BT 364.04 640.95 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 408.84 640.95 Td (wealth ) Tj ET Q q 0 0 0 rg BT 440.82 640.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 470.76 640.95 Td (insurance ) Tj ET Q q 0 0 0 rg BT 514.97 640.95 Td (companies, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (private ) Tj ET Q q 0 0 0 rg BT 81.71 628.35 Td (banks, ) Tj ET Q q 0 0 0 rg BT 111.90 628.35 Td (family ) Tj ET Q q 0 0 0 rg BT 142.37 628.35 Td (of) Tj ET Q q 0 0 0 rg BT 150.92 628.35 Td (fices ) Tj ET Q q 0 0 0 rg BT 173.81 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 192.03 628.35 Td (high ) Tj ET Q q 0 0 0 rg BT 213.76 628.35 Td (net ) Tj ET Q q 0 0 0 rg BT 229.65 628.35 Td (worth ) Tj ET Q q 0 0 0 rg BT 257.21 628.35 Td (individuals. ) Tj ET Q q 0 0 0 rg BT 309.56 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 312.62 628.35 Td (In ) Tj ET Q q 0 0 0 rg BT 324.43 628.35 Td (May ) Tj ET Q q 0 0 0 rg BT 346.73 628.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 373.42 628.35 Td (we ) Tj ET Q q 0 0 0 rg BT 388.73 628.35 Td (completed ) Tj ET Q q 0 0 0 rg BT 435.52 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 443.24 628.35 Td (transaction ) Tj ET Q q 0 0 0 rg BT 492.37 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 521.09 628.35 Td (combined ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 81.83 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 103.08 615.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 120.79 615.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 139.12 615.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 172.03 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 182.78 615.75 Td (create ) Tj ET Q q 0 0 0 rg BT 210.43 615.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 228.13 615.75 Td (rustPermal. ) Tj ET Q q 0 0 0 rg BT 278.65 615.75 Td (W) Tj ET Q q 0 0 0 rg BT 287.72 615.75 Td (e ) Tj ET Q q 0 0 0 rg BT 294.96 615.75 Td (own ) Tj ET Q q 0 0 0 rg BT 315.63 615.75 Td (65% ) Tj ET Q q 0 0 0 rg BT 337.46 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 348.79 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 364.20 615.75 Td (combined ) Tj ET Q q 0 0 0 rg BT 408.19 615.75 Td (firm. ) Tj ET Q q 0 0 0 rg BT 431.48 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 434.07 615.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 451.77 615.75 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 499.85 615.75 Td (has ) Tj ET Q q 0 0 0 rg BT 516.43 615.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (teams ) Tj ET Q q 0 0 0 rg BT 76.36 603.15 Td (located ) Tj ET Q q 0 0 0 rg BT 109.05 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 119.58 603.15 Td (London, ) Tj ET Q q 0 0 0 rg BT 157.24 603.15 Td (New ) Tj ET Q q 0 0 0 rg BT 179.08 603.15 Td (Y) Tj ET Q q 0 0 0 rg BT 185.62 603.15 Td (ork ) Tj ET Q q 0 0 0 rg BT 201.98 603.15 Td (City ) Tj ET Q q 0 0 0 rg BT 222.44 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 239.97 603.15 Td (Paris ) Tj ET Q q 0 0 0 rg BT 263.34 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 280.87 603.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 325.23 603.15 Td (of) Tj ET Q q 0 0 0 rg BT 333.78 603.15 Td (fices ) Tj ET Q q 0 0 0 rg BT 355.97 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 366.51 603.15 Td (Dubai, ) Tj ET Q q 0 0 0 rg BT 397.17 603.15 Td (Hong ) Tj ET Q q 0 0 0 rg BT 422.87 603.15 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 451.19 603.15 Td (Singapore ) Tj ET Q q 0 0 0 rg BT 496.14 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 513.67 603.15 Td (Nassau. ) Tj ET Q q 0 0 0 rg BT 548.99 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 550.83 603.15 Td (As ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 590.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 106.65 590.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 132.90 590.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 150.61 590.55 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 198.73 590.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 239.25 590.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 266.38 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 287.67 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 294.95 590.55 Td (value ) Tj ET Q q 0 0 0 rg BT 320.32 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 331.69 590.55 Td ($19.4 ) Tj ET Q q 0 0 0 rg BT 357.94 590.55 Td (billion. ) Tj ET Q q 0 0 0 rg BT 390.61 590.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 565.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 114.85 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 124.39 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 139.74 565.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 188.35 565.35 Td (advisor ) Tj ET Q q 0 0 0 rg BT 221.79 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 232.49 565.35 Td (all ) Tj ET Q q 0 0 0 rg BT 245.51 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 256.60 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 275.46 565.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 304.81 565.35 Td (Funds, ) Tj ET Q q 0 0 0 rg BT 335.64 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 342.83 565.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 392.00 565.35 Td (range ) Tj ET Q q 0 0 0 rg BT 417.85 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 429.13 565.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 457.90 565.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 479.10 565.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 510.79 565.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 536.66 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 554.35 565.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.37 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 91.42 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 107.72 552.75 Td (international ) Tj ET Q q 0 0 0 rg BT 163.09 552.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 191.35 552.75 Td (In ) Tj ET Q q 0 0 0 rg BT 202.41 552.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 241.75 552.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 270.88 552.75 Td (manages ) Tj ET Q q 0 0 0 rg BT 309.92 552.75 Td (other ) Tj ET Q q 0 0 0 rg BT 333.80 552.75 Td (pooled ) Tj ET Q q 0 0 0 rg BT 364.68 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 382.15 552.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 427.01 552.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 467.21 552.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 508.88 552.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 550.26 552.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (institutional ) Tj ET Q q 0 0 0 rg BT 102.91 540.15 Td (clients. ) Tj ET Q q 0 0 0 rg BT 136.19 540.15 Td (Headquartered ) Tj ET Q q 0 0 0 rg BT 201.23 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 212.65 540.15 Td (New ) Tj ET Q q 0 0 0 rg BT 235.23 540.15 Td (Y) Tj ET Q q 0 0 0 rg BT 241.77 540.15 Td (ork ) Tj ET Q q 0 0 0 rg BT 259.01 540.15 Td (City) Tj ET Q q 0 0 0 rg BT 276.41 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 282.28 540.15 Td (Royce�generally ) Tj ET Q q 0 0 0 rg BT 354.04 540.15 Td (invests ) Tj ET Q q 0 0 0 rg BT 386.45 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 397.86 540.15 Td (smaller ) Tj ET Q q 0 0 0 rg BT 432.02 540.15 Td (company ) Tj ET Q q 0 0 0 rg BT 473.75 540.15 Td (stocks, ) Tj ET Q q 0 0 0 rg BT 505.87 540.15 Td (using ) Tj ET Q q 0 0 0 rg BT 531.87 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 539.77 540.15 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (approach. ) Tj ET Q q 0 0 0 rg BT 93.23 527.55 Td (Royce�) Tj ET Q q 0 0 0 rg BT 122.98 527.55 Td (s ) Tj ET Q q 0 0 0 rg BT 129.69 527.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 154.49 527.55 Td (selection ) Tj ET Q q 0 0 0 rg BT 194.44 527.55 Td (process ) Tj ET Q q 0 0 0 rg BT 228.56 527.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 270.26 527.55 Td (seeks ) Tj ET Q q 0 0 0 rg BT 295.64 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 306.43 527.55 Td (identify ) Tj ET Q q 0 0 0 rg BT 341.73 527.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 389.26 527.55 Td (with ) Tj ET Q q 0 0 0 rg BT 410.56 527.55 Td (strong ) Tj ET Q q 0 0 0 rg BT 439.44 527.55 Td (balance ) Tj ET Q q 0 0 0 rg BT 474.13 527.55 Td (sheets ) Tj ET Q q 0 0 0 rg BT 502.43 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 520.22 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 535.68 527.55 Td (ability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.64 514.95 Td (generate ) Tj ET Q q 0 0 0 rg BT 99.17 514.95 Td (free ) Tj ET Q q 0 0 0 rg BT 118.46 514.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 140.08 514.95 Td (flow) Tj ET Q q 0 0 0 rg BT 158.65 514.95 Td (. ) Tj ET Q q 0 0 0 rg BT 164.25 514.95 Td (Royce�pursues ) Tj ET Q q 0 0 0 rg BT 228.75 514.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 271.38 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 290.09 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 305.88 514.95 Td (priced ) Tj ET Q q 0 0 0 rg BT 335.09 514.95 Td (below ) Tj ET Q q 0 0 0 rg BT 363.72 514.95 Td (its ) Tj ET Q q 0 0 0 rg BT 376.62 514.95 Td (estimate ) Tj ET Q q 0 0 0 rg BT 414.58 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 426.30 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 442.10 514.95 Td (issuer) Tj ET Q q 0 0 0 rg BT 466.98 514.95 Td (�) Tj ET Q q 0 0 0 rg BT 469.90 514.95 Td (s ) Tj ET Q q 0 0 0 rg BT 476.96 514.95 Td (current ) Tj ET Q q 0 0 0 rg BT 509.66 514.95 Td (worth. ) Tj ET Q q 0 0 0 rg BT 539.10 514.95 Td (As ) Tj ET Q q 0 0 0 rg BT 553.74 514.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 95.28 502.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 121.53 502.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 150.98 502.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 191.50 502.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 218.63 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 239.92 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 247.21 502.35 Td (value ) Tj ET Q q 0 0 0 rg BT 272.57 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 283.94 502.35 Td ($17.8 ) Tj ET Q q 0 0 0 rg BT 310.19 502.35 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 477.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 116.79 477.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 146.33 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 156.04 477.15 Td (an ) Tj ET Q q 0 0 0 rg BT 168.66 477.15 Td (international ) Tj ET Q q 0 0 0 rg BT 224.44 477.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 253.40 477.15 Td (specialist ) Tj ET Q q 0 0 0 rg BT 295.18 477.15 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 357.36 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 368.23 477.15 Td (Edinbur) Tj ET Q q 0 0 0 rg BT 401.87 477.15 Td (gh, ) Tj ET Q q 0 0 0 rg BT 417.71 477.15 Td (Scotland ) Tj ET Q q 0 0 0 rg BT 457.17 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 478.54 477.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 523.25 477.15 Td (of) Tj ET Q q 0 0 0 rg BT 531.80 477.15 Td (fices ) Tj ET Q q 0 0 0 rg BT 554.34 477.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (London, ) Tj ET Q q 0 0 0 rg BT 87.71 464.55 Td (England ) Tj ET Q q 0 0 0 rg BT 125.63 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 143.72 464.55 Td (Melbourne, ) Tj ET Q q 0 0 0 rg BT 194.69 464.55 Td (Australia. ) Tj ET Q q 0 0 0 rg BT 238.73 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 241.66 464.55 Td (It ) Tj ET Q q 0 0 0 rg BT 251.00 464.55 Td (manages ) Tj ET Q q 0 0 0 rg BT 290.66 464.55 Td (active ) Tj ET Q q 0 0 0 rg BT 318.65 464.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 340.25 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 358.33 464.55 Td (international ) Tj ET Q q 0 0 0 rg BT 414.32 464.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 443.49 464.55 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 487.25 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 502.42 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 510.00 464.55 Td (global ) Tj ET Q q 0 0 0 rg BT 539.17 464.55 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (base ) Tj ET Q q 0 0 0 rg BT 70.85 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 82.29 451.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 121.71 451.95 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 173.70 451.95 Td (charities, ) Tj ET Q q 0 0 0 rg BT 214.58 451.95 Td (foundations, ) Tj ET Q q 0 0 0 rg BT 269.48 451.95 Td (endowments, ) Tj ET Q q 0 0 0 rg BT 327.87 451.95 Td (pension ) Tj ET Q q 0 0 0 rg BT 363.22 451.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 391.87 451.95 Td (family ) Tj ET Q q 0 0 0 rg BT 421.97 451.95 Td (of) Tj ET Q q 0 0 0 rg BT 430.53 451.95 Td (fices, ) Tj ET Q q 0 0 0 rg BT 455.67 451.95 Td (government ) Tj ET Q q 0 0 0 rg BT 508.51 451.95 Td (agencies ) Tj ET Q q 0 0 0 rg BT 547.35 451.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.20 439.35 Td (funds. ) Tj ET Q q 0 0 0 rg BT 126.21 439.35 Td (As ) Tj ET Q q 0 0 0 rg BT 140.50 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 151.87 439.35 Td (March ) Tj ET Q q 0 0 0 rg BT 181.90 439.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 197.65 439.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 223.90 439.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 255.11 439.35 Td (Currie ) Tj ET Q q 0 0 0 rg BT 284.56 439.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 325.08 439.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 388.35 439.35 Td ($17.8 ) Tj ET Q q 0 0 0 rg BT 414.60 439.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 444.65 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 454.86 439.35 Td (AUM.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 414.15 Td (QS ) Tj ET Q q 0 0 0 rg BT 100.71 414.15 Td (Investors ) Tj ET Q q 0 0 0 rg BT 140.99 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 149.78 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 156.22 414.15 Td (customized ) Tj ET Q q 0 0 0 rg BT 205.83 414.15 Td (solutions ) Tj ET Q q 0 0 0 rg BT 245.54 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 262.49 414.15 Td (global ) Tj ET Q q 0 0 0 rg BT 290.52 414.15 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 341.87 414.15 Td (equities ) Tj ET Q q 0 0 0 rg BT 376.32 414.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 424.18 414.15 Td (firm ) Tj ET Q q 0 0 0 rg BT 444.05 414.15 Td (providing ) Tj ET Q q 0 0 0 rg BT 486.66 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.86 414.15 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 66.61 401.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 104.72 401.55 Td (services ) Tj ET Q q 0 0 0 rg BT 140.49 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 150.60 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 157.21 401.55 Td (diverse ) Tj ET Q q 0 0 0 rg BT 189.48 401.55 Td (array ) Tj ET Q q 0 0 0 rg BT 212.99 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 223.69 401.55 Td (institutional ) Tj ET Q q 0 0 0 rg BT 275.81 401.55 Td (clients. ) Tj ET Q q 0 0 0 rg BT 307.79 401.55 Td (Headquartered ) Tj ET Q q 0 0 0 rg BT 371.53 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 381.65 401.55 Td (New ) Tj ET Q q 0 0 0 rg BT 403.14 401.55 Td (Y) Tj ET Q q 0 0 0 rg BT 409.67 401.55 Td (ork ) Tj ET Q q 0 0 0 rg BT 425.61 401.55 Td (City) Tj ET Q q 0 0 0 rg BT 443.02 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 447.59 401.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 462.96 401.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 503.41 401.55 Td (has ) Tj ET Q q 0 0 0 rg BT 519.35 401.55 Td (developed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (approaches ) Tj ET Q q 0 0 0 rg BT 101.03 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 113.51 388.95 Td (integrating ) Tj ET Q q 0 0 0 rg BT 163.30 388.95 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 217.18 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 236.65 388.95 Td (behavioral ) Tj ET Q q 0 0 0 rg BT 285.27 388.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 335.65 388.95 Td (insights ) Tj ET Q q 0 0 0 rg BT 372.63 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 392.10 388.95 Td (dynamically ) Tj ET Q q 0 0 0 rg BT 448.31 388.95 Td (weighting ) Tj ET Q q 0 0 0 rg BT 494.61 388.95 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 554.33 388.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (response ) Tj ET Q q 0 0 0 rg BT 88.98 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 99.88 376.35 Td (changing ) Tj ET Q q 0 0 0 rg BT 141.11 376.35 Td (conditions ) Tj ET Q q 0 0 0 rg BT 187.60 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 198.50 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 214.07 376.35 Td (economy ) Tj ET Q q 0 0 0 rg BT 255.30 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 273.19 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 288.76 376.35 Td (market. ) Tj ET Q q 0 0 0 rg BT 323.28 376.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 339.44 376.35 Td (Investors ) Tj ET Q q 0 0 0 rg BT 380.67 376.35 Td (of) Tj ET Q q 0 0 0 rg BT 389.23 376.35 Td (fers ) Tj ET Q q 0 0 0 rg BT 407.70 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 415.10 376.35 Td (broad ) Tj ET Q q 0 0 0 rg BT 441.75 376.35 Td (spectrum ) Tj ET Q q 0 0 0 rg BT 482.97 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 494.46 376.35 Td (strategies ) Tj ET Q q 0 0 0 rg BT 536.85 376.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 89.02 363.75 Td (actively ) Tj ET Q q 0 0 0 rg BT 126.79 363.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 169.22 363.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 192.42 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 212.12 363.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 245.23 363.75 Td (equities, ) Tj ET Q q 0 0 0 rg BT 285.04 363.75 Td (Liquid ) Tj ET Q q 0 0 0 rg BT 316.57 363.75 Td (Alternatives, ) Tj ET Q q 0 0 0 rg BT 375.05 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 394.74 363.75 Td (Customized ) Tj ET Q q 0 0 0 rg BT 449.43 363.75 Td (Solutions. ) Tj ET Q q 0 0 0 rg BT 496.27 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 500.80 363.75 Td (Following ) Tj ET Q q 0 0 0 rg BT 548.51 363.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 98.25 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 109.66 351.15 Td (QS ) Tj ET Q q 0 0 0 rg BT 125.76 351.15 Td (Investors ) Tj ET Q q 0 0 0 rg BT 166.92 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 177.76 351.15 Td (May ) Tj ET Q q 0 0 0 rg BT 199.68 351.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 225.97 351.15 Td (two ) Tj ET Q q 0 0 0 rg BT 244.39 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 255.81 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 272.47 351.15 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 335.80 351.15 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 388.05 351.15 Td (were ) Tj ET Q q 0 0 0 rg BT 411.12 351.15 Td (integrated ) Tj ET Q q 0 0 0 rg BT 455.77 351.15 Td (into ) Tj ET Q q 0 0 0 rg BT 474.78 351.15 Td (QS ) Tj ET Q q 0 0 0 rg BT 490.87 351.15 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 534.66 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 537.33 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 539.41 351.15 Td (As ) Tj ET Q q 0 0 0 rg BT 553.75 351.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (March ) Tj ET Q q 0 0 0 rg BT 79.53 338.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.28 338.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 121.53 338.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 137.58 338.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 178.70 338.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 219.22 338.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 282.49 338.55 Td ($16.6 ) Tj ET Q q 0 0 0 rg BT 308.74 338.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 338.79 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 349.58 338.55 Td (AUM.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 325.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 313.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 115.08 313.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 173.79 313.35 Td (is ) Tj ET Q q 0 0 0 rg BT 182.37 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 188.61 313.35 Td (global ) Tj ET Q q 0 0 0 rg BT 216.43 313.35 Td (listed ) Tj ET Q q 0 0 0 rg BT 240.75 313.35 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 298.88 313.35 Td (investing ) Tj ET Q q 0 0 0 rg BT 338.96 313.35 Td (specialist, ) Tj ET Q q 0 0 0 rg BT 382.23 313.35 Td (which ) Tj ET Q q 0 0 0 rg BT 409.47 313.35 Td (we ) Tj ET Q q 0 0 0 rg BT 423.29 313.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 461.01 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 470.75 313.35 Td (October ) Tj ET Q q 0 0 0 rg BT 506.15 313.35 Td (2015. ) Tj ET Q q 0 0 0 rg BT 531.35 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 532.92 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 534.50 313.35 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 108.93 300.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 149.12 300.75 Td (manages ) Tj ET Q q 0 0 0 rg BT 188.15 300.75 Td (domestic ) Tj ET Q q 0 0 0 rg BT 228.35 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 245.80 300.75 Td (international ) Tj ET Q q 0 0 0 rg BT 301.16 300.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 326.79 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 337.24 300.75 Td (three ) Tj ET Q q 0 0 0 rg BT 360.52 300.75 Td (distinct ) Tj ET Q q 0 0 0 rg BT 393.73 300.75 Td (strategies; ) Tj ET Q q 0 0 0 rg BT 438.59 300.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 468.89 300.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 528.15 300.75 Td (V) Tj ET Q q 0 0 0 rg BT 534.57 300.75 Td (alue ) Tj ET Q q 0 0 0 rg BT 554.35 300.75 Td (\(a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (global ) Tj ET Q q 0 0 0 rg BT 79.37 288.15 Td (strategy ) Tj ET Q q 0 0 0 rg BT 116.24 288.15 Td (with�a ) Tj ET Q q 0 0 0 rg BT 145.82 288.15 Td (mix ) Tj ET Q q 0 0 0 rg BT 165.79 288.15 Td (between ) Tj ET Q q 0 0 0 rg BT 204.40 288.15 Td (income ) Tj ET Q q 0 0 0 rg BT 238.93 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 257.72 288.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 289.33 288.15 Td (returns\), ) Tj ET Q q 0 0 0 rg BT 328.24 288.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 359.87 288.15 Td (Emer) Tj ET Q q 0 0 0 rg BT 382.42 288.15 Td (ging ) Tj ET Q q 0 0 0 rg BT 404.72 288.15 Td (Market ) Tj ET Q q 0 0 0 rg BT 438.67 288.15 Td (\(purely ) Tj ET Q q 0 0 0 rg BT 472.62 288.15 Td (focused ) Tj ET Q q 0 0 0 rg BT 508.90 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 523.03 288.15 Td (emer) Tj ET Q q 0 0 0 rg BT 543.83 288.15 Td (ging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (markets ) Tj ET Q q 0 0 0 rg BT 85.08 275.55 Td (infrastructure\) ) Tj ET Q q 0 0 0 rg BT 147.47 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 164.97 275.55 Td (RARE�Infrastructure ) Tj ET Q q 0 0 0 rg BT 255.08 275.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 288.91 275.55 Td (\(a ) Tj ET Q q 0 0 0 rg BT 299.40 275.55 Td (global ) Tj ET Q q 0 0 0 rg BT 327.99 275.55 Td (strategy ) Tj ET Q q 0 0 0 rg BT 363.57 275.55 Td (with�a ) Tj ET Q q 0 0 0 rg BT 391.86 275.55 Td (focus ) Tj ET Q q 0 0 0 rg BT 416.95 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 429.79 275.55 Td (distributing ) Tj ET Q q 0 0 0 rg BT 480.55 275.55 Td (yield\). ) Tj ET Q q 0 0 0 rg BT 510.01 275.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.92 275.55 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (holds ) Tj ET Q q 0 0 0 rg BT 74.38 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 81.17 262.95 Td (75% ) Tj ET Q q 0 0 0 rg BT 102.54 262.95 Td (ownership ) Tj ET Q q 0 0 0 rg BT 148.42 262.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 181.45 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 191.75 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 206.70 262.95 Td (firm, ) Tj ET Q q 0 0 0 rg BT 229.53 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 244.49 262.95 Td (firm's ) Tj ET Q q 0 0 0 rg BT 270.67 262.95 Td (management ) Tj ET Q q 0 0 0 rg BT 326.45 262.95 Td (team ) Tj ET Q q 0 0 0 rg BT 348.98 262.95 Td (retained ) Tj ET Q q 0 0 0 rg BT 384.92 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 391.71 262.95 Td (15% ) Tj ET Q q 0 0 0 rg BT 413.09 262.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 441.46 262.95 Td (stake ) Tj ET Q q 0 0 0 rg BT 465.16 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 482.45 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 489.24 262.95 Td (third-party ) Tj ET Q q 0 0 0 rg BT 536.27 262.95 Td (owner ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (retained ) Tj ET Q q 0 0 0 rg BT 85.03 250.35 Td (10%. ) Tj ET Q q 0 0 0 rg BT 108.63 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 110.35 250.35 Td (Headquartered ) Tj ET Q q 0 0 0 rg BT 173.86 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 183.75 250.35 Td (Sydney) Tj ET Q q 0 0 0 rg BT 214.57 250.35 Td (, ) Tj ET Q q 0 0 0 rg BT 218.54 250.35 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 261.37 250.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 291.09 250.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 349.95 250.35 Td (had ) Tj ET Q q 0 0 0 rg BT 366.83 250.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 429.20 250.35 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 449.30 250.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 478.44 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 487.94 250.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 514.17 250.35 Td (as ) Tj ET Q q 0 0 0 rg BT 524.63 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 535.10 250.35 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.25 237.75 Td (2017.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 212.55 Td (On ) Tj ET Q q 0 0 0 rg BT 101.14 212.55 Td (December ) Tj ET Q q 0 0 0 rg BT 147.08 212.55 Td (21, ) Tj ET Q q 0 0 0 rg BT 163.01 212.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 189.44 212.55 Td (we ) Tj ET Q q 0 0 0 rg BT 204.49 212.55 Td (sold ) Tj ET Q q 0 0 0 rg BT 224.80 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 241.60 212.55 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 284.08 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 289.51 212.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 313.89 212.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 345.28 212.55 Td (Poland, ) Tj ET Q q 0 0 0 rg BT 379.88 212.55 Td (which ) Tj ET Q q 0 0 0 rg BT 408.34 212.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 449.05 212.55 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 470.23 212.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 500.45 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 512.00 212.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.31 212.55 Td (at ) Tj ET Q q 0 0 0 rg BT 549.69 212.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (time ) Tj ET Q q 0 0 0 rg BT 70.93 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 82.45 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 98.04 199.95 Td (sale. ) Tj ET Q q 0 0 0 rg BT 119.76 199.95 Td (On ) Tj ET Q q 0 0 0 rg BT 135.36 199.95 Td (February ) Tj ET Q q 0 0 0 rg BT 176.04 199.95 Td (24, ) Tj ET Q q 0 0 0 rg BT 191.93 199.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 218.32 199.95 Td (we ) Tj ET Q q 0 0 0 rg BT 233.34 199.95 Td (sold ) Tj ET Q q 0 0 0 rg BT 253.61 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 264.54 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 271.97 199.95 Td (former ) Tj ET Q q 0 0 0 rg BT 303.31 199.95 Td (employee ) Tj ET Q q 0 0 0 rg BT 346.90 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 363.66 199.95 Td (50% ) Tj ET Q q 0 0 0 rg BT 385.68 199.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 419.35 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 430.29 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 437.72 199.95 Td (joint ) Tj ET Q q 0 0 0 rg BT 459.74 199.95 Td (venture ) Tj ET Q q 0 0 0 rg BT 493.99 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 515.43 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 533.94 199.95 Td (former ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (employee, ) Tj ET Q q 0 0 0 rg BT 96.07 187.35 Td (which ) Tj ET Q q 0 0 0 rg BT 124.87 187.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 165.90 187.35 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 187.40 187.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 217.95 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 229.83 187.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 257.46 187.35 Td (at ) Tj ET Q q 0 0 0 rg BT 268.17 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 284.13 187.35 Td (time ) Tj ET Q q 0 0 0 rg BT 305.92 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 317.80 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 333.76 187.35 Td (sale. ) Tj ET Q q 0 0 0 rg BT 355.84 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 358.98 187.35 Td (On ) Tj ET Q q 0 0 0 rg BT 374.94 187.35 Td (March ) Tj ET Q q 0 0 0 rg BT 405.48 187.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 421.73 187.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 448.49 187.35 Td (we ) Tj ET Q q 0 0 0 rg BT 463.86 187.35 Td (sold ) Tj ET Q q 0 0 0 rg BT 484.50 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 495.80 187.35 Td (its ) Tj ET Q q 0 0 0 rg BT 508.85 187.35 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (team ) Tj ET Q q 0 0 0 rg BT 72.53 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 89.15 174.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 122.68 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 133.48 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 140.76 174.75 Td (private ) Tj ET Q q 0 0 0 rg BT 172.54 174.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 201.41 174.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 222.11 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 250.40 174.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 290.92 174.75 Td ($2.3 ) Tj ET Q q 0 0 0 rg BT 311.92 174.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 341.97 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 353.34 174.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 380.46 174.75 Td (at ) Tj ET Q q 0 0 0 rg BT 390.67 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 406.12 174.75 Td (time ) Tj ET Q q 0 0 0 rg BT 427.41 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 438.78 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 454.23 174.75 Td (sale.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 149.55 Td (United ) Tj ET Q q 0 0 0 rg BT 117.29 149.55 Td (States ) Tj ET Q q 0 0 0 rg BT 145.59 149.55 Td (Funds) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 124.35 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 118.46 124.35 Td (Funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 99.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.40 99.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 127.64 99.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 160.37 99.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 187.27 99.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 229.91 99.15 Td (consist ) Tj ET Q q 0 0 0 rg BT 262.65 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 274.97 99.15 Td (two ) Tj ET Q q 0 0 0 rg BT 294.28 99.15 Td (groups ) Tj ET Q q 0 0 0 rg BT 326.44 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 338.75 99.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 388.97 99.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 421.70 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 440.43 99.15 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 489.48 99.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 516.38 99.15 Td (\(the ) Tj ET Q q 0 0 0 rg BT 536.27 99.15 Td (�Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.41 86.55 Td (Funds� ) Tj ET Q q 0 0 0 rg BT 113.07 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 130.55 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 145.70 86.55 Td ("Royce ) Tj ET Q q 0 0 0 rg BT 179.14 86.55 Td (Funds"\). ) Tj ET Q q 0 0 0 rg BT 217.38 86.55 Td (The ) Tj ET Q q 0 0 0 rg BT 236.03 86.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 259.93 86.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 290.83 86.55 Td (Funds ) Tj ET Q q 0 0 0 rg BT 318.83 86.55 Td (invest ) Tj ET Q q 0 0 0 rg BT 346.24 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 356.73 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 363.71 86.55 Td (wide ) Tj ET Q q 0 0 0 rg BT 386.45 86.55 Td (range ) Tj ET Q q 0 0 0 rg BT 412.09 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 423.16 86.55 Td (domestic ) Tj ET Q q 0 0 0 rg BT 463.40 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 480.88 86.55 Td (international ) Tj ET Q q 0 0 0 rg BT 536.27 86.55 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.03 73.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 90.97 73.95 Td (income ) Tj ET Q q 0 0 0 rg BT 124.24 73.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 166.26 73.95 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 203.63 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 210.66 73.95 Td (number ) Tj ET Q q 0 0 0 rg BT 245.10 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 256.21 73.95 Td (dif) Tj ET Q q 0 0 0 rg BT 267.69 73.95 Td (ferent ) Tj ET Q q 0 0 0 rg BT 294.54 73.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 342.98 73.95 Td (styles, ) Tj ET Q q 0 0 0 rg BT 371.89 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 389.42 73.95 Td (also ) Tj ET Q q 0 0 0 rg BT 408.70 73.95 Td (include ) Tj ET Q q 0 0 0 rg BT 441.98 73.95 Td (several ) Tj ET Q q 0 0 0 rg BT 474.07 73.95 Td (money ) Tj ET Q q 0 0 0 rg BT 505.02 73.95 Td (market ) Tj ET Q q 0 0 0 rg BT 536.54 73.95 Td (funds. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 61.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 97.90 61.35 Td (Funds ) Tj ET Q q 0 0 0 rg BT 126.20 61.35 Td (invest ) Tj ET Q q 0 0 0 rg BT 153.91 61.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 195.61 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 206.40 61.35 Td (smaller) Tj ET Q q 0 0 0 rg BT 237.10 61.35 Td (-cap ) Tj ET Q q 0 0 0 rg BT 257.79 61.35 Td (company ) Tj ET Q q 0 0 0 rg BT 298.90 61.35 Td (stocks ) Tj ET Q q 0 0 0 rg BT 327.78 61.35 Td (using ) Tj ET Q q 0 0 0 rg BT 353.16 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 360.44 61.35 Td (value ) Tj ET Q q 0 0 0 rg BT 385.81 61.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 434.51 61.35 Td (approach. ) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 104.30 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 128.36 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 159.42 741.75 Td (Funds ) Tj ET Q q 0 0 0 rg BT 187.58 741.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 219.23 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 230.45 741.75 Td (1) Tj ET Q q 0 0 0 rg BT 235.31 741.75 Td (10 ) Tj ET Q q 0 0 0 rg BT 248.29 741.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 279.94 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 305.75 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 323.39 741.75 Td (26 ) Tj ET Q q 0 0 0 rg BT 336.37 741.75 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 384.33 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 410.15 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 420.79 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.10 741.75 Td (United ) Tj ET Q q 0 0 0 rg BT 467.16 741.75 Td (States, ) Tj ET Q q 0 0 0 rg BT 497.35 741.75 Td (all ) Tj ET Q q 0 0 0 rg BT 510.32 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 521.55 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 549.69 741.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 96.37 729.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 142.06 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 158.60 729.15 Td (sub-advised ) Tj ET Q q 0 0 0 rg BT 216.55 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 234.85 729.15 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 293.96 729.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 330.34 729.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 384.79 729.15 Td (Management, ) Tj ET Q q 0 0 0 rg BT 450.02 729.15 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 509.13 729.15 Td (Investments, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 716.55 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 117.92 716.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 149.10 716.55 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 181.15 716.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 211.75 716.55 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 274.10 716.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 290.12 716.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 331.21 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 348.78 716.55 Td (W) Tj ET Q q 0 0 0 rg BT 357.85 716.55 Td (estern ) Tj ET Q q 0 0 0 rg BT 384.95 716.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 410.88 716.55 Td (Management. ) Tj ET Q q 0 0 0 rg BT 470.73 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 489.65 716.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 521.41 716.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 547.34 716.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 98.11 703.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 124.58 703.95 Td (within ) Tj ET Q q 0 0 0 rg BT 154.54 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 170.50 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 195.20 703.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 226.92 703.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 255.72 703.95 Td (include ) Tj ET Q q 0 0 0 rg BT 289.76 703.95 Td (61 ) Tj ET Q q 0 0 0 rg BT 303.39 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 332.76 703.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 359.23 703.95 Td (\(including ) Tj ET Q q 0 0 0 rg BT 405.52 703.95 Td (balanced ) Tj ET Q q 0 0 0 rg BT 445.96 703.95 Td (funds\) ) Tj ET Q q 0 0 0 rg BT 475.92 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 494.79 703.95 Td (invest ) Tj ET Q q 0 0 0 rg BT 523.00 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 534.30 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 542.09 703.95 Td (wide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (spectrum ) Tj ET Q q 0 0 0 rg BT 92.92 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 106.60 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 137.78 691.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 182.37 691.35 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 222.30 691.35 Td (numerous ) Tj ET Q q 0 0 0 rg BT 268.65 691.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 319.66 691.35 Td (styles, ) Tj ET Q q 0 0 0 rg BT 351.14 691.35 Td (including ) Tj ET Q q 0 0 0 rg BT 395.74 691.35 Td (lar) Tj ET Q q 0 0 0 rg BT 406.62 691.35 Td (ge- ) Tj ET Q q 0 0 0 rg BT 424.96 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 445.06 691.35 Td (mid-cap ) Tj ET Q q 0 0 0 rg BT 484.39 691.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 519.07 691.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 547.34 691.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (international ) Tj ET Q q 0 0 0 rg BT 105.33 678.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 133.86 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 152.95 678.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 177.29 678.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 213.59 678.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 251.94 678.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 283.88 678.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 309.98 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 327.90 678.75 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 376.15 678.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 402.25 678.75 Td (within ) Tj ET Q q 0 0 0 rg BT 431.85 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.45 678.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 471.79 678.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 503.14 678.75 Td (Funds ) Tj ET Q q 0 0 0 rg BT 531.59 678.75 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (75 ) Tj ET Q q 0 0 0 rg BT 62.64 666.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 88.62 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 107.00 666.15 Td (of) Tj ET Q q 0 0 0 rg BT 115.56 666.15 Td (fer ) Tj ET Q q 0 0 0 rg BT 129.86 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 137.16 666.15 Td (wide ) Tj ET Q q 0 0 0 rg BT 160.21 666.15 Td (variety ) Tj ET Q q 0 0 0 rg BT 192.01 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 203.39 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 252.11 666.15 Td (strategies ) Tj ET Q q 0 0 0 rg BT 294.41 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 312.21 666.15 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 360.05 666.15 Td (including ) Tj ET Q q 0 0 0 rg BT 402.35 666.15 Td (income ) Tj ET Q q 0 0 0 rg BT 435.90 666.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 464.50 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 513.22 666.15 Td (grade ) Tj ET Q q 0 0 0 rg BT 539.18 666.15 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 66.80 653.55 Td (municipal ) Tj ET Q q 0 0 0 rg BT 110.92 653.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 152.71 653.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 180.80 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 182.47 653.55 Td (As ) Tj ET Q q 0 0 0 rg BT 196.27 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 207.16 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 236.69 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 251.96 653.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 275.09 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 292.39 653.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 318.15 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 333.11 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 356.82 653.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 387.54 653.55 Td (Funds ) Tj ET Q q 0 0 0 rg BT 415.35 653.55 Td (included ) Tj ET Q q 0 0 0 rg BT 453.64 653.55 Td ($147.1 ) Tj ET Q q 0 0 0 rg BT 484.65 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 486.79 653.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 516.34 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 533.64 653.55 Td ($147.5 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 78.51 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 88.28 640.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 116.99 640.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 167.04 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 171.26 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 181.02 640.95 Td (their ) Tj ET Q q 0 0 0 rg BT 201.86 640.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 232.62 640.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 257.55 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 274.30 640.95 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 321.38 640.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 348.93 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 359.27 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 386.53 640.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 448.77 640.95 Td (37% ) Tj ET Q q 0 0 0 rg BT 469.61 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 486.37 640.95 Td (34%, ) Tj ET Q q 0 0 0 rg BT 509.83 640.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.88 640.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (were ) Tj ET Q q 0 0 0 rg BT 72.11 628.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 100.56 628.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 129.90 628.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 192.75 628.35 Td (40% ) Tj ET Q q 0 0 0 rg BT 214.21 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 231.58 628.35 Td (37%, ) Tj ET Q q 0 0 0 rg BT 255.66 628.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 305.70 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 310.54 628.35 Td (were ) Tj ET Q q 0 0 0 rg BT 333.15 628.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 356.93 628.35 Td (income ) Tj ET Q q 0 0 0 rg BT 390.04 628.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 419.38 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 421.58 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 438.95 628.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 501.81 628.35 Td (23% ) Tj ET Q q 0 0 0 rg BT 523.26 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 540.63 628.35 Td (29%, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 104.36 615.75 Td (were ) Tj ET Q q 0 0 0 rg BT 126.95 615.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 164.73 615.75 Td (assets. ) Tj ET Q q 0 0 0 rg BT 193.56 615.75 Td (As ) Tj ET Q q 0 0 0 rg BT 207.42 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 218.36 615.75 Td (March ) Tj ET Q q 0 0 0 rg BT 247.95 615.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 263.27 615.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 286.46 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 303.81 615.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 329.63 615.75 Td (less ) Tj ET Q q 0 0 0 rg BT 347.57 615.75 Td (than ) Tj ET Q q 0 0 0 rg BT 367.83 615.75 Td (1% ) Tj ET Q q 0 0 0 rg BT 384.02 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 394.96 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.98 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 436.67 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 447.02 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 462.04 615.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 485.81 615.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 516.58 615.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 542.10 615.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (alternative ) Tj ET Q q 0 0 0 rg BT 96.43 603.15 Td (assets. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 87.38 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 105.73 577.95 Td (Royce ) Tj ET Q q 0 0 0 rg BT 134.58 577.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 162.28 577.95 Td (consist ) Tj ET Q q 0 0 0 rg BT 193.47 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 204.25 577.95 Td (23 ) Tj ET Q q 0 0 0 rg BT 216.77 577.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 247.96 577.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 273.32 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 290.50 577.95 Td (three ) Tj ET Q q 0 0 0 rg BT 313.52 577.95 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 361.02 577.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 389.01 577.95 Td (most ) Tj ET Q q 0 0 0 rg BT 411.45 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 422.23 577.95 Td (which ) Tj ET Q q 0 0 0 rg BT 449.91 577.95 Td (invest ) Tj ET Q q 0 0 0 rg BT 477.02 577.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 518.12 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 528.31 577.95 Td (smaller) Tj ET Q q 0 0 0 rg BT 559.01 577.95 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (cap ) Tj ET Q q 0 0 0 rg BT 66.09 565.35 Td (company ) Tj ET Q q 0 0 0 rg BT 106.60 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 117.37 565.35 Td (micro-cap ) Tj ET Q q 0 0 0 rg BT 161.95 565.35 Td (company ) Tj ET Q q 0 0 0 rg BT 202.46 565.35 Td (stocks ) Tj ET Q q 0 0 0 rg BT 230.73 565.35 Td (using ) Tj ET Q q 0 0 0 rg BT 255.50 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 262.18 565.35 Td (value ) Tj ET Q q 0 0 0 rg BT 286.94 565.35 Td (approach. ) Tj ET Q q 0 0 0 rg BT 329.92 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 348.26 565.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 373.62 565.35 Td (dif) Tj ET Q q 0 0 0 rg BT 385.09 565.35 Td (fer ) Tj ET Q q 0 0 0 rg BT 398.76 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 408.95 565.35 Td (their ) Tj ET Q q 0 0 0 rg BT 430.21 565.35 Td (approach ) Tj ET Q q 0 0 0 rg BT 470.71 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 480.90 565.35 Td (investing ) Tj ET Q q 0 0 0 rg BT 521.42 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 531.61 565.35 Td (smaller ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 97.72 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 116.19 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.33 552.75 Td (universe ) Tj ET Q q 0 0 0 rg BT 171.21 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.27 552.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 226.24 552.75 Td (from ) Tj ET Q q 0 0 0 rg BT 249.96 552.75 Td (which ) Tj ET Q q 0 0 0 rg BT 278.93 552.75 Td (they ) Tj ET Q q 0 0 0 rg BT 300.32 552.75 Td (can ) Tj ET Q q 0 0 0 rg BT 318.21 552.75 Td (select. ) Tj ET Q q 0 0 0 rg BT 347.32 552.75 Td (As ) Tj ET Q q 0 0 0 rg BT 362.30 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 374.36 552.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 420.82 552.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 445.13 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 463.61 552.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 490.54 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 506.68 552.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 536.82 552.75 Td (Funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (included ) Tj ET Q q 0 0 0 rg BT 89.01 540.15 Td ($15.4 ) Tj ET Q q 0 0 0 rg BT 115.98 540.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 146.76 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 165.27 540.15 Td ($16.0 ) Tj ET Q q 0 0 0 rg BT 192.24 540.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 223.02 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 234.54 540.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 265.01 540.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 315.06 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 321.03 540.15 Td (substantially ) Tj ET Q q 0 0 0 rg BT 377.47 540.15 Td (all ) Tj ET Q q 0 0 0 rg BT 391.31 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 403.41 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 432.42 540.15 Td (were ) Tj ET Q q 0 0 0 rg BT 456.18 540.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 485.77 540.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 516.01 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 535.68 540.15 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Funds ) Tj ET Q q 0 0 0 rg BT 79.52 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 96.67 527.55 Td (distributed ) Tj ET Q q 0 0 0 rg BT 145.92 527.55 Td (through ) Tj ET Q q 0 0 0 rg BT 182.93 527.55 Td (non-af) Tj ET Q q 0 0 0 rg BT 210.14 527.55 Td (filiated ) Tj ET Q q 0 0 0 rg BT 244.22 527.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 267.80 527.55 Td (supermarkets, ) Tj ET Q q 0 0 0 rg BT 330.75 527.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 356.66 527.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 389.59 527.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 422.50 527.55 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 480.22 527.55 Td (non-af) Tj ET Q q 0 0 0 rg BT 507.44 527.55 Td (filiated ) Tj ET Q q 0 0 0 rg BT 541.51 527.55 Td (wrap ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (programs, ) Tj ET Q q 0 0 0 rg BT 93.67 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 110.71 514.95 Td (direct ) Tj ET Q q 0 0 0 rg BT 136.49 514.95 Td (distribution. ) Tj ET Q q 0 0 0 rg BT 189.42 514.95 Td (In ) Tj ET Q q 0 0 0 rg BT 200.05 514.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 238.97 514.95 Td (two ) Tj ET Q q 0 0 0 rg BT 256.61 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 267.24 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 281.95 514.95 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 324.66 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 334.71 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 349.42 514.95 Td (Royce ) Tj ET Q q 0 0 0 rg BT 378.13 514.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 405.69 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 420.39 514.95 Td (distributed ) Tj ET Q q 0 0 0 rg BT 467.19 514.95 Td (only ) Tj ET Q q 0 0 0 rg BT 487.74 514.95 Td (through ) Tj ET Q q 0 0 0 rg BT 522.28 514.95 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (companies.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td ( ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 477.15 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 129.52 477.15 Td (T) Tj ET Q q 0 0 0 rg BT 134.78 477.15 Td (raded ) Tj ET Q q 0 0 0 rg BT 161.90 477.15 Td (Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 105.11 451.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 129.98 451.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 161.85 451.95 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 187.90 451.95 Td (invest ) Tj ET Q q 0 0 0 rg BT 216.27 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 227.73 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 235.68 451.95 Td (wide ) Tj ET Q q 0 0 0 rg BT 259.38 451.95 Td (range ) Tj ET Q q 0 0 0 rg BT 285.99 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 298.02 451.95 Td (domestic ) Tj ET Q q 0 0 0 rg BT 339.22 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 357.67 451.95 Td (international ) Tj ET Q q 0 0 0 rg BT 414.03 451.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 443.57 451.95 Td (securities. ) Tj ET Q q 0 0 0 rg BT 489.13 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 491.70 451.95 Td (As ) Tj ET Q q 0 0 0 rg BT 506.66 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 518.70 451.95 Td (March ) Tj ET Q q 0 0 0 rg BT 549.39 451.95 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 75.31 439.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 99.06 439.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 129.83 439.35 Td (ETF ) Tj ET Q q 0 0 0 rg BT 150.68 439.35 Td (lineup ) Tj ET Q q 0 0 0 rg BT 179.11 439.35 Td (consisted ) Tj ET Q q 0 0 0 rg BT 220.37 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 231.30 439.35 Td (seven ) Tj ET Q q 0 0 0 rg BT 257.39 439.35 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 282.33 439.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 322.41 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 335.09 439.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 350.70 439.35 Td (Investors ) Tj ET Q q 0 0 0 rg BT 391.38 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 408.72 439.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 438.90 439.35 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 500.85 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 503.03 439.35 Td (In ) Tj ET Q q 0 0 0 rg BT 513.96 439.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 538.88 439.35 Td (2018, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.13 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.78 426.75 Td (expects ) Tj ET Q q 0 0 0 rg BT 137.32 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 147.55 426.75 Td (add ) Tj ET Q q 0 0 0 rg BT 164.77 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 175.00 426.75 Td (its ) Tj ET Q q 0 0 0 rg BT 186.98 426.75 Td (ETF ) Tj ET Q q 0 0 0 rg BT 207.71 426.75 Td (lineup ) Tj ET Q q 0 0 0 rg BT 236.01 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 256.74 426.75 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 281.55 426.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 321.51 426.75 Td (or ) Tj ET Q q 0 0 0 rg BT 332.32 426.75 Td (sub-advised ) Tj ET Q q 0 0 0 rg BT 384.54 426.75 Td (by ) Tj ET Q q 0 0 0 rg BT 397.09 426.75 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 450.47 426.75 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 505.90 426.75 Td (QS ) Tj ET Q q 0 0 0 rg BT 521.38 426.75 Td (Investors, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 79.79 414.15 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 141.84 414.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 170.95 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 188.24 414.15 Td (W) Tj ET Q q 0 0 0 rg BT 197.31 414.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 224.16 414.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 249.78 414.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 306.89 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 324.33 414.15 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 361.62 414.15 Td (both ) Tj ET Q q 0 0 0 rg BT 382.58 414.15 Td (passive ) Tj ET Q q 0 0 0 rg BT 415.78 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 433.23 414.15 Td (active ) Tj ET Q q 0 0 0 rg BT 460.58 414.15 Td (management ) Tj ET Q q 0 0 0 rg BT 516.51 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 526.97 414.15 Td (invest ) Tj ET Q q 0 0 0 rg BT 554.34 414.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 57.07 401.55 Td (wide ) Tj ET Q q 0 0 0 rg BT 80.39 401.55 Td (spectrum ) Tj ET Q q 0 0 0 rg BT 121.79 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 133.45 401.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 162.61 401.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 205.17 401.55 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 243.08 401.55 Td (numerous ) Tj ET Q q 0 0 0 rg BT 287.40 401.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 336.39 401.55 Td (styles, ) Tj ET Q q 0 0 0 rg BT 365.84 401.55 Td (including ) Tj ET Q q 0 0 0 rg BT 408.42 401.55 Td (broad ) Tj ET Q q 0 0 0 rg BT 435.24 401.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 464.39 401.55 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 507.83 401.55 Td (factor) Tj ET Q q 0 0 0 rg BT 531.89 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 537.43 401.55 Td (sector ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 92.65 388.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 116.85 388.95 Td (income ) Tj ET Q q 0 0 0 rg BT 150.39 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 168.17 388.95 Td (traditional ) Tj ET Q q 0 0 0 rg BT 213.95 388.95 Td (security ) Tj ET Q q 0 0 0 rg BT 249.82 388.95 Td (selection. ) Tj ET Q q 0 0 0 rg BT 292.39 388.95 Td ( ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 363.75 Td (Private ) Tj ET Q q 0 0 0 rg BT 119.03 363.75 Td (Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 338.55 Td (In ) Tj ET Q q 0 0 0 rg BT 96.59 338.55 Td (addition ) Tj ET Q q 0 0 0 rg BT 133.34 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 143.85 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 160.19 338.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 181.20 338.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 212.70 338.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 238.38 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 255.88 338.55 Td (ETFs, ) Tj ET Q q 0 0 0 rg BT 283.60 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 299.93 338.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 348.35 338.55 Td (af) Tj ET Q q 0 0 0 rg BT 356.32 338.55 Td (filiates ) Tj ET Q q 0 0 0 rg BT 387.23 338.55 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 422.24 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 439.74 338.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 474.73 338.55 Td (various ) Tj ET Q q 0 0 0 rg BT 507.98 338.55 Td (unregistered, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 60.28 325.95 Td (�private� ) Tj ET Q q 0 0 0 rg BT 100.78 325.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 126.14 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 143.92 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 158.77 325.95 Td (made ) Tj ET Q q 0 0 0 rg BT 183.54 325.95 Td (available ) Tj ET Q q 0 0 0 rg BT 223.46 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 233.66 325.95 Td (qualified ) Tj ET Q q 0 0 0 rg BT 273.01 325.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 293.71 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 304.49 325.95 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 344.44 325.95 Td (investors, ) Tj ET Q q 0 0 0 rg BT 387.01 325.95 Td (depending ) Tj ET Q q 0 0 0 rg BT 432.78 325.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 455.81 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 470.67 325.95 Td (product. ) Tj ET Q q 0 0 0 rg BT 507.40 325.95 Td (Private ) Tj ET Q q 0 0 0 rg BT 539.17 325.95 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 64.57 313.35 Td (pooled ) Tj ET Q q 0 0 0 rg BT 95.40 313.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 143.74 313.35 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 180.39 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 198.39 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 213.47 313.35 Td (exempt ) Tj ET Q q 0 0 0 rg BT 246.63 313.35 Td (from ) Tj ET Q q 0 0 0 rg BT 269.29 313.35 Td (local ) Tj ET Q q 0 0 0 rg BT 291.95 313.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 336.78 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 354.19 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 372.19 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 387.27 313.35 Td (typically ) Tj ET Q q 0 0 0 rg BT 426.26 313.35 Td (of) Tj ET Q q 0 0 0 rg BT 434.82 313.35 Td (fered ) Tj ET Q q 0 0 0 rg BT 458.64 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 469.06 313.35 Td (sophisticated, ) Tj ET Q q 0 0 0 rg BT 528.76 313.35 Td (high ) Tj ET Q q 0 0 0 rg BT 549.68 313.35 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (worth ) Tj ET Q q 0 0 0 rg BT 76.47 300.75 Td (investors, ) Tj ET Q q 0 0 0 rg BT 119.48 300.75 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 177.07 300.75 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 220.36 300.75 Td (wealth ) Tj ET Q q 0 0 0 rg BT 250.83 300.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 279.26 300.75 Td (public ) Tj ET Q q 0 0 0 rg BT 307.98 300.75 Td (pension ) Tj ET Q q 0 0 0 rg BT 343.12 300.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 367.75 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 385.39 300.75 Td (other ) Tj ET Q q 0 0 0 rg BT 409.44 300.75 Td (pooled ) Tj ET Q q 0 0 0 rg BT 440.49 300.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 489.04 300.75 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 528.54 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 531.02 300.75 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 86.52 288.15 Td (of) Tj ET Q q 0 0 0 rg BT 95.08 288.15 Td (fers ) Tj ET Q q 0 0 0 rg BT 113.43 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 120.70 288.15 Td (broad ) Tj ET Q q 0 0 0 rg BT 147.22 288.15 Td (range ) Tj ET Q q 0 0 0 rg BT 173.15 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 184.50 288.15 Td (privately ) Tj ET Q q 0 0 0 rg BT 224.43 288.15 Td (placed ) Tj ET Q q 0 0 0 rg BT 254.44 288.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 280.39 288.15 Td (invested ) Tj ET Q q 0 0 0 rg BT 317.99 288.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 359.68 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 370.45 288.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 399.31 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 417.08 288.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 437.77 288.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 489.38 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 500.74 288.15 Td (five ) Tj ET Q q 0 0 0 rg BT 519.68 288.15 Td (major ) Tj ET Q q 0 0 0 rg BT 546.78 288.15 Td (real ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 76.32 275.55 Td (property ) Tj ET Q q 0 0 0 rg BT 114.81 275.55 Td (types. ) Tj ET Q q 0 0 0 rg BT 142.52 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 145.44 275.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 163.15 275.55 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 211.57 275.55 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 251.24 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 269.32 275.55 Td (manages ) Tj ET Q q 0 0 0 rg BT 308.98 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 316.56 275.55 Td (number ) Tj ET Q q 0 0 0 rg BT 351.55 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 363.22 275.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 384.81 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 402.89 275.55 Td (non-U.S.-or) Tj ET Q q 0 0 0 rg BT 452.87 275.55 Td (ganized ) Tj ET Q q 0 0 0 rg BT 488.44 275.55 Td (private ) Tj ET Q q 0 0 0 rg BT 520.51 275.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 546.76 275.55 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 262.95 Td (fer ) Tj ET Q q 0 0 0 rg BT 72.16 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 79.27 262.95 Td (wide ) Tj ET Q q 0 0 0 rg BT 102.12 262.95 Td (range ) Tj ET Q q 0 0 0 rg BT 127.89 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 139.08 262.95 Td (alternative ) Tj ET Q q 0 0 0 rg BT 185.84 262.95 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 230.56 262.95 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 284.33 262.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 315.36 262.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 364.46 262.95 Td (Management, ) Tj ET Q q 0 0 0 rg BT 424.35 262.95 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 478.11 262.95 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 533.92 262.95 Td (Martin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 80.68 250.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 95.83 250.35 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 138.68 250.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 168.41 250.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 227.27 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 244.04 250.35 Td (W) Tj ET Q q 0 0 0 rg BT 253.11 250.35 Td (estern ) Tj ET Q q 0 0 0 rg BT 279.52 250.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 304.59 250.35 Td (also ) Tj ET Q q 0 0 0 rg BT 323.23 250.35 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 357.63 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 374.51 250.35 Td (manage ) Tj ET Q q 0 0 0 rg BT 408.89 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 415.28 250.35 Td (wide ) Tj ET Q q 0 0 0 rg BT 437.42 250.35 Td (range ) Tj ET Q q 0 0 0 rg BT 462.47 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 472.94 250.35 Td (private ) Tj ET Q q 0 0 0 rg BT 503.82 250.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 524.80 250.35 Td (of) Tj ET Q q 0 0 0 rg BT 533.35 250.35 Td (ferings ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 237.75 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 110.15 237.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 131.45 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 149.24 237.75 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 189.78 237.75 Td (investors. ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 212.55 Td (International Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 187.35 Td (Outside ) Tj ET Q q 0 0 0 rg BT 121.19 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 137.04 187.35 Td (United ) Tj ET Q q 0 0 0 rg BT 168.64 187.35 Td (States, ) Tj ET Q q 0 0 0 rg BT 199.37 187.35 Td (we ) Tj ET Q q 0 0 0 rg BT 214.64 187.35 Td (manage, ) Tj ET Q q 0 0 0 rg BT 252.94 187.35 Td (support ) Tj ET Q q 0 0 0 rg BT 287.46 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 305.65 187.35 Td (distribute ) Tj ET Q q 0 0 0 rg BT 348.33 187.35 Td (numerous ) Tj ET Q q 0 0 0 rg BT 392.77 187.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 442.44 187.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 468.79 187.35 Td (across ) Tj ET Q q 0 0 0 rg BT 498.06 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 505.74 187.35 Td (wide ) Tj ET Q q 0 0 0 rg BT 529.18 187.35 Td (array ) Tj ET Q q 0 0 0 rg BT 553.76 187.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (global ) Tj ET Q q 0 0 0 rg BT 78.71 174.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 103.26 174.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 139.76 174.75 Td (liquidity) Tj ET Q q 0 0 0 rg BT 174.66 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 180.26 174.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 209.47 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 227.60 174.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 274.88 174.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 323.93 174.75 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 369.17 174.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 388.47 174.75 Td (international ) Tj ET Q q 0 0 0 rg BT 444.51 174.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 470.81 174.75 Td (include ) Tj ET Q q 0 0 0 rg BT 504.68 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 512.31 174.75 Td (broad ) Tj ET Q q 0 0 0 rg BT 539.19 174.75 Td (range ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.62 162.15 Td (cross ) Tj ET Q q 0 0 0 rg BT 86.57 162.15 Td (border ) Tj ET Q q 0 0 0 rg BT 117.35 162.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 144.06 162.15 Td (that ) Tj ET Q q 0 0 0 rg BT 163.18 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 179.37 162.15 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 224.73 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 236.27 162.15 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 269.38 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 287.91 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 304.10 162.15 Td (sold ) Tj ET Q q 0 0 0 rg BT 324.98 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 336.52 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 344.56 162.15 Td (number ) Tj ET Q q 0 0 0 rg BT 380.01 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 392.13 162.15 Td (countries ) Tj ET Q q 0 0 0 rg BT 433.99 162.15 Td (across ) Tj ET Q q 0 0 0 rg BT 462.86 162.15 Td (Asia, ) Tj ET Q q 0 0 0 rg BT 488.10 162.15 Td (Europe ) Tj ET Q q 0 0 0 rg BT 521.80 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 540.33 162.15 Td (Latin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (America. ) Tj ET Q q 0 0 0 rg BT 90.47 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 92.68 149.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 111.21 149.55 Td (international ) Tj ET Q q 0 0 0 rg BT 166.48 149.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 192.02 149.55 Td (also ) Tj ET Q q 0 0 0 rg BT 211.13 149.55 Td (include ) Tj ET Q q 0 0 0 rg BT 244.24 149.55 Td (local ) Tj ET Q q 0 0 0 rg BT 266.85 149.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 288.30 149.55 Td (ranges ) Tj ET Q q 0 0 0 rg BT 317.91 149.55 Td (that ) Tj ET Q q 0 0 0 rg BT 335.86 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 350.88 149.55 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 395.07 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 405.44 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 420.48 149.55 Td (United ) Tj ET Q q 0 0 0 rg BT 451.26 149.55 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 495.27 149.55 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 538.58 149.55 Td (Japan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.38 136.95 Td (Singapore ) Tj ET Q q 0 0 0 rg BT 112.67 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 130.55 136.95 Td (of) Tj ET Q q 0 0 0 rg BT 139.11 136.95 Td (fered ) Tj ET Q q 0 0 0 rg BT 163.39 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 174.27 136.95 Td (investors ) Tj ET Q q 0 0 0 rg BT 214.90 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 225.79 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 241.33 136.95 Td (country ) Tj ET Q q 0 0 0 rg BT 276.13 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 287.59 136.95 Td (domicile. ) Tj ET Q q 0 0 0 rg BT 329.67 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 332.39 136.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 351.44 136.95 Td (international ) Tj ET Q q 0 0 0 rg BT 407.22 136.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 433.27 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 448.81 136.95 Td (distributed ) Tj ET Q q 0 0 0 rg BT 496.44 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 514.32 136.95 Td (serviced ) Tj ET Q q 0 0 0 rg BT 552.02 136.95 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 72.46 124.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 102.43 124.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 132.39 124.35 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 187.15 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 197.28 124.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 238.92 124.35 Td (below) Tj ET Q q 0 0 0 rg BT 263.90 124.35 Td (. ) Tj ET Q q 0 0 0 rg BT 267.90 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 269.29 124.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 287.00 124.35 Td (international ) Tj ET Q q 0 0 0 rg BT 341.45 124.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 368.79 124.35 Td (which ) Tj ET Q q 0 0 0 rg BT 395.84 124.35 Td (include ) Tj ET Q q 0 0 0 rg BT 428.13 124.35 Td (equity) Tj ET Q q 0 0 0 rg BT 453.69 124.35 Td (, ) Tj ET Q q 0 0 0 rg BT 457.70 124.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 480.66 124.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 515.58 124.35 Td (alternative, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 89.58 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.24 111.75 Td (balanced ) Tj ET Q q 0 0 0 rg BT 151.04 111.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 178.87 111.75 Td (are ) Tj ET Q q 0 0 0 rg BT 196.18 111.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 239.74 111.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 282.14 111.75 Td (or ) Tj ET Q q 0 0 0 rg BT 295.38 111.75 Td (sub-advised ) Tj ET Q q 0 0 0 rg BT 350.03 111.75 Td (by ) Tj ET Q q 0 0 0 rg BT 365.02 111.75 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 420.84 111.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 453.91 111.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 505.06 111.75 Td (Management, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 104.46 99.15 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 161.48 99.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 179.19 99.15 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 230.95 99.15 Td (QS ) Tj ET Q q 0 0 0 rg BT 248.02 99.15 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 292.79 99.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 325.01 99.15 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 358.11 99.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 389.76 99.15 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 453.17 99.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 483.64 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 502.18 99.15 Td (W) Tj ET Q q 0 0 0 rg BT 511.25 99.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 539.17 99.15 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (Management. ) Tj ET Q q 0 0 0 rg BT 109.09 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 111.25 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 113.41 86.55 Td (In ) Tj ET Q q 0 0 0 rg BT 124.31 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 139.29 86.55 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 184.88 86.55 Td (we ) Tj ET Q q 0 0 0 rg BT 199.28 86.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 244.02 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 261.33 86.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 301.39 86.55 Td (201 ) Tj ET Q q 0 0 0 rg BT 319.29 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 336.61 86.55 Td (208 ) Tj ET Q q 0 0 0 rg BT 354.51 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 365.42 86.55 Td (these ) Tj ET Q q 0 0 0 rg BT 389.15 86.55 Td (international ) Tj ET Q q 0 0 0 rg BT 444.37 86.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 472.48 86.55 Td (respectively ) Tj ET Q q 0 0 0 rg BT 525.37 86.55 Td (at ) Tj ET Q q 0 0 0 rg BT 535.10 86.55 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 66.31 73.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 91.00 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 109.85 73.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 137.16 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 166.51 73.95 Td (at ) Tj ET Q q 0 0 0 rg BT 177.77 73.95 Td (those ) Tj ET Q q 0 0 0 rg BT 203.63 73.95 Td (dates ) Tj ET Q q 0 0 0 rg BT 228.89 73.95 Td (had ) Tj ET Q q 0 0 0 rg BT 247.74 73.95 Td (an ) Tj ET Q q 0 0 0 rg BT 261.34 73.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 305.83 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 318.26 73.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 382.60 73.95 Td ($95.0 ) Tj ET Q q 0 0 0 rg BT 409.91 73.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 441.02 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 459.87 73.95 Td ($105.9 ) Tj ET Q q 0 0 0 rg BT 492.43 73.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 523.54 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 535.39 73.95 Td (assets, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 61.35 Td (, ) Tj ET Q q 0 0 0 rg BT 106.86 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 120.29 61.35 Td (which ) Tj ET Q q 0 0 0 rg BT 150.64 61.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 215.98 61.35 Td (22% ) Tj ET Q q 0 0 0 rg BT 239.91 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 259.76 61.35 Td (14%, ) Tj ET Q q 0 0 0 rg BT 286.32 61.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 336.37 61.35 Td (, ) Tj ET Q q 0 0 0 rg BT 343.68 61.35 Td (were ) Tj ET Q q 0 0 0 rg BT 368.77 61.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 399.70 61.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 431.51 61.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 496.85 61.35 Td (25% ) Tj ET Q q 0 0 0 rg BT 520.78 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 540.63 61.35 Td (23%, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (respectively ) Tj ET Q q 0 0 0 rg BT 102.95 48.75 Td (were ) Tj ET Q q 0 0 0 rg BT 126.08 48.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 150.38 48.75 Td (income ) Tj ET Q q 0 0 0 rg BT 184.01 48.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 213.86 48.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 277.23 48.75 Td (3% ) Tj ET Q q 0 0 0 rg BT 293.95 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 311.84 48.75 Td (2%, ) Tj ET Q q 0 0 0 rg BT 331.19 48.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 381.23 48.75 Td (, ) Tj ET Q q 0 0 0 rg BT 386.58 48.75 Td (were ) Tj ET Q q 0 0 0 rg BT 409.71 48.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 456.74 48.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 483.97 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 501.85 48.75 Td (approximately ) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (50% ) Tj ET Q q 0 0 0 rg BT 70.22 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 86.86 741.75 Td (61%, ) Tj ET Q q 0 0 0 rg BT 110.21 741.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 160.25 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 164.36 741.75 Td (were ) Tj ET Q q 0 0 0 rg BT 186.23 741.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 223.30 741.75 Td (assets. ) Tj ET Q q 0 0 0 rg BT 251.79 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 269.59 741.75 Td (information ) Tj ET Q q 0 0 0 rg BT 320.64 741.75 Td (above ) Tj ET Q q 0 0 0 rg BT 347.19 741.75 Td (does ) Tj ET Q q 0 0 0 rg BT 367.91 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 382.81 741.75 Td (include ) Tj ET Q q 0 0 0 rg BT 415.19 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 429.50 741.75 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 495.12 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 519.93 741.75 Td (sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 66.66 729.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 106.55 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 119.04 729.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 136.75 729.15 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 186.87 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 201.69 729.15 Td (Brazil-domiciled ) Tj ET Q q 0 0 0 rg BT 274.83 729.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 300.15 729.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 340.05 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 352.40 729.15 Td (W) Tj ET Q q 0 0 0 rg BT 361.47 729.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 388.10 729.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 413.42 729.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 470.23 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 480.97 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 495.80 729.15 Td (privately ) Tj ET Q q 0 0 0 rg BT 535.11 729.15 Td (placed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (real ) Tj ET Q q 0 0 0 rg BT 67.86 716.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 94.39 716.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 120.35 716.55 Td (of) Tj ET Q q 0 0 0 rg BT 128.90 716.55 Td (fered ) Tj ET Q q 0 0 0 rg BT 153.09 716.55 Td (by ) Tj ET Q q 0 0 0 rg BT 166.22 716.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 200.34 716.55 Td (Partners. ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 691.35 Td (Retail ) Tj ET Q q 0 0 0 rg BT 113.79 691.35 Td (Separately ) Tj ET Q q 0 0 0 rg BT 161.91 691.35 Td (Managed ) Tj ET Q q 0 0 0 rg BT 204.98 691.35 Td (Account ) Tj ET Q q 0 0 0 rg BT 243.78 691.35 Td (Programs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 666.15 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 666.15 Td (e ) Tj ET Q q 0 0 0 rg BT 101.41 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 116.40 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 123.24 666.15 Td (leading ) Tj ET Q q 0 0 0 rg BT 156.32 666.15 Td (provider ) Tj ET Q q 0 0 0 rg BT 194.07 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 204.99 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 227.58 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 283.40 666.15 Td (services ) Tj ET Q q 0 0 0 rg BT 319.40 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 329.74 666.15 Td (retail ) Tj ET Q q 0 0 0 rg BT 353.49 666.15 Td (separately ) Tj ET Q q 0 0 0 rg BT 398.22 666.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 438.30 666.15 Td (account ) Tj ET Q q 0 0 0 rg BT 473.12 666.15 Td (programs, ) Tj ET Q q 0 0 0 rg BT 517.58 666.15 Td (commonly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (known ) Tj ET Q q 0 0 0 rg BT 82.78 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 96.22 653.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 138.82 653.55 Td (account ) Tj ET Q q 0 0 0 rg BT 176.16 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 189.61 653.55 Td (wrap ) Tj ET Q q 0 0 0 rg BT 215.29 653.55 Td (programs. ) Tj ET Q q 0 0 0 rg BT 261.93 653.55 Td (These ) Tj ET Q q 0 0 0 rg BT 291.70 653.55 Td (programs ) Tj ET Q q 0 0 0 rg BT 336.06 653.55 Td (typically ) Tj ET Q q 0 0 0 rg BT 377.49 653.55 Td (allow ) Tj ET Q q 0 0 0 rg BT 405.52 653.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 449.87 653.55 Td (brokers ) Tj ET Q q 0 0 0 rg BT 486.05 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 499.50 653.55 Td (other ) Tj ET Q q 0 0 0 rg BT 525.77 653.55 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 111.46 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 121.53 640.95 Td (of) Tj ET Q q 0 0 0 rg BT 130.08 640.95 Td (fer ) Tj ET Q q 0 0 0 rg BT 143.64 640.95 Td (their ) Tj ET Q q 0 0 0 rg BT 164.78 640.95 Td (clients ) Tj ET Q q 0 0 0 rg BT 194.09 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 208.81 640.95 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 259.71 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 269.78 640.95 Td (choose ) Tj ET Q q 0 0 0 rg BT 300.84 640.95 Td (from ) Tj ET Q q 0 0 0 rg BT 323.15 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 329.71 640.95 Td (number ) Tj ET Q q 0 0 0 rg BT 363.68 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 374.33 640.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 396.64 640.95 Td (management ) Tj ET Q q 0 0 0 rg BT 452.18 640.95 Td (services ) Tj ET Q q 0 0 0 rg BT 487.90 640.95 Td (pursuing ) Tj ET Q q 0 0 0 rg BT 526.55 640.95 Td (dif) Tj ET Q q 0 0 0 rg BT 538.03 640.95 Td (ferent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.55 628.35 Td (strategies ) Tj ET Q q 0 0 0 rg BT 141.17 628.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 181.47 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 194.94 628.35 Td (one ) Tj ET Q q 0 0 0 rg BT 213.07 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 224.78 628.35 Td (more ) Tj ET Q q 0 0 0 rg BT 249.33 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 272.71 628.35 Td (managers, ) Tj ET Q q 0 0 0 rg BT 318.53 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 336.67 628.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 378.70 628.35 Td (char) Tj ET Q q 0 0 0 rg BT 396.58 628.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 409.46 628.35 Td (an ) Tj ET Q q 0 0 0 rg BT 422.34 628.35 Td (all-inclusive ) Tj ET Q q 0 0 0 rg BT 477.21 628.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 493.00 628.35 Td (that ) Tj ET Q q 0 0 0 rg BT 511.71 628.35 Td (covers ) Tj ET Q q 0 0 0 rg BT 542.09 628.35 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 107.33 615.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 129.88 615.75 Td (execution, ) Tj ET Q q 0 0 0 rg BT 174.89 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 196.86 615.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 239.83 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 256.56 615.75 Td (custodial ) Tj ET Q q 0 0 0 rg BT 296.03 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.75 615.75 Td (administrative ) Tj ET Q q 0 0 0 rg BT 374.39 615.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 412.28 615.75 Td (W) Tj ET Q q 0 0 0 rg BT 421.35 615.75 Td (e ) Tj ET Q q 0 0 0 rg BT 427.58 615.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 461.22 615.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 508.86 615.75 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (services ) Tj ET Q q 0 0 0 rg BT 85.94 603.15 Td (through ) Tj ET Q q 0 0 0 rg BT 121.23 603.15 Td (more ) Tj ET Q q 0 0 0 rg BT 145.43 603.15 Td (than ) Tj ET Q q 0 0 0 rg BT 166.14 603.15 Td (140 ) Tj ET Q q 0 0 0 rg BT 184.51 603.15 Td (retail ) Tj ET Q q 0 0 0 rg BT 208.71 603.15 Td (separately ) Tj ET Q q 0 0 0 rg BT 253.89 603.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 294.42 603.15 Td (account ) Tj ET Q q 0 0 0 rg BT 329.69 603.15 Td (programs ) Tj ET Q q 0 0 0 rg BT 371.97 603.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 417.18 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 430.30 603.15 Td (various ) Tj ET Q q 0 0 0 rg BT 463.84 603.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 503.20 603.15 Td (institutions.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 577.95 Td (Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 552.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.29 552.75 Td (centralized ) Tj ET Q q 0 0 0 rg BT 156.79 552.75 Td (global ) Tj ET Q q 0 0 0 rg BT 187.50 552.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 240.37 552.75 Td (group, ) Tj ET Q q 0 0 0 rg BT 271.95 552.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 297.98 552.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 331.02 552.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 364.05 552.75 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 421.89 552.75 Td (operates ) Tj ET Q q 0 0 0 rg BT 461.33 552.75 Td (two ) Tj ET Q q 0 0 0 rg BT 481.53 552.75 Td (divisions, ) Tj ET Q q 0 0 0 rg BT 526.54 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 543.82 552.75 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 102.31 540.15 Td (Group ) Tj ET Q q 0 0 0 rg BT 131.19 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 148.40 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 163.28 540.15 Td (International ) Tj ET Q q 0 0 0 rg BT 218.98 540.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 271.78 540.15 Td (Group. ) Tj ET Q q 0 0 0 rg BT 303.29 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 305.19 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 323.57 540.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 344.30 540.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 397.10 540.15 Td (Group ) Tj ET Q q 0 0 0 rg BT 425.98 540.15 Td (markets, ) Tj ET Q q 0 0 0 rg BT 463.90 540.15 Td (distributes ) Tj ET Q q 0 0 0 rg BT 509.70 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 526.92 540.15 Td (supports ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 65.30 527.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 85.78 527.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 116.74 527.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 144.50 527.55 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 169.06 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 186.02 527.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 209.40 527.55 Td (separately ) Tj ET Q q 0 0 0 rg BT 253.76 527.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 293.46 527.55 Td (account ) Tj ET Q q 0 0 0 rg BT 327.92 527.55 Td (programs. ) Tj ET Q q 0 0 0 rg BT 371.87 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 390.00 527.55 Td (International ) Tj ET Q q 0 0 0 rg BT 445.45 527.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 498.01 527.55 Td (Group ) Tj ET Q q 0 0 0 rg BT 526.64 527.55 Td (markets, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (distributes ) Tj ET Q q 0 0 0 rg BT 95.43 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 112.78 514.95 Td (supports ) Tj ET Q q 0 0 0 rg BT 150.55 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 166.73 514.95 Td (international ) Tj ET Q q 0 0 0 rg BT 221.98 514.95 Td (funds. ) Tj ET Q q 0 0 0 rg BT 250.12 514.95 Td (In ) Tj ET Q q 0 0 0 rg BT 261.05 514.95 Td (general, ) Tj ET Q q 0 0 0 rg BT 296.76 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 312.94 514.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 333.80 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 351.14 514.95 Td (international ) Tj ET Q q 0 0 0 rg BT 406.39 514.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 428.99 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 446.33 514.95 Td (marketing ) Tj ET Q q 0 0 0 rg BT 491.09 514.95 Td (teams ) Tj ET Q q 0 0 0 rg BT 517.76 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 532.76 514.95 Td (housed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 502.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 97.31 502.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 149.52 502.35 Td (from ) Tj ET Q q 0 0 0 rg BT 172.55 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 189.17 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 212.21 502.35 Td (managers.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 477.15 Td (In ) Tj ET Q q 0 0 0 rg BT 95.87 477.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 134.54 477.15 Td (each ) Tj ET Q q 0 0 0 rg BT 155.39 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 165.77 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 181.39 477.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 203.42 477.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 245.28 477.15 Td (has ) Tj ET Q q 0 0 0 rg BT 260.90 477.15 Td (its ) Tj ET Q q 0 0 0 rg BT 272.45 477.15 Td (own ) Tj ET Q q 0 0 0 rg BT 292.16 477.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 314.20 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 330.98 477.15 Td (marketing ) Tj ET Q q 0 0 0 rg BT 375.18 477.15 Td (teams ) Tj ET Q q 0 0 0 rg BT 401.30 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 418.67 477.15 Td (distribute ) Tj ET Q q 0 0 0 rg BT 459.96 477.15 Td (its ) Tj ET Q q 0 0 0 rg BT 471.50 477.15 Td (products ) Tj ET Q q 0 0 0 rg BT 509.29 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 526.08 477.15 Td (services, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (primarily) Tj ET Q q 0 0 0 rg BT 87.89 464.55 Td (, ) Tj ET Q q 0 0 0 rg BT 92.15 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 101.94 464.55 Td (most ) Tj ET Q q 0 0 0 rg BT 123.99 464.55 Td (cases, ) Tj ET Q q 0 0 0 rg BT 150.40 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 160.19 464.55 Td (institutional ) Tj ET Q q 0 0 0 rg BT 211.99 464.55 Td (investors. ) Tj ET Q q 0 0 0 rg BT 254.04 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 271.99 464.55 Td (institutional ) Tj ET Q q 0 0 0 rg BT 323.79 464.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 345.83 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 362.62 464.55 Td (marketing ) Tj ET Q q 0 0 0 rg BT 406.82 464.55 Td (teams ) Tj ET Q q 0 0 0 rg BT 432.94 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 443.31 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 458.94 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 480.98 464.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 522.84 464.55 Td (distribute ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 73.92 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 131.57 451.95 Td (services ) Tj ET Q q 0 0 0 rg BT 169.40 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 181.58 451.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 222.33 451.95 Td (clients, ) Tj ET Q q 0 0 0 rg BT 256.37 451.95 Td (both ) Tj ET Q q 0 0 0 rg BT 279.04 451.95 Td (directly ) Tj ET Q q 0 0 0 rg BT 315.12 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 334.29 451.95 Td (through ) Tj ET Q q 0 0 0 rg BT 370.96 451.95 Td (consultants. ) Tj ET Q q 0 0 0 rg BT 424.84 451.95 Td (Consultants ) Tj ET Q q 0 0 0 rg BT 478.44 451.95 Td (play ) Tj ET Q q 0 0 0 rg BT 500.53 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 509.20 451.95 Td (lar) Tj ET Q q 0 0 0 rg BT 520.08 451.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 534.00 451.95 Td (role ) Tj ET Q q 0 0 0 rg BT 554.33 451.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (institutional ) Tj ET Q q 0 0 0 rg BT 102.59 439.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 125.93 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 182.49 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 195.92 439.35 Td (helping ) Tj ET Q q 0 0 0 rg BT 230.33 439.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 260.67 439.35 Td (select ) Tj ET Q q 0 0 0 rg BT 287.49 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 305.57 439.35 Td (retain ) Tj ET Q q 0 0 0 rg BT 332.40 439.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 355.73 439.35 Td (managers. ) Tj ET Q q 0 0 0 rg BT 401.51 439.35 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 455.18 439.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 478.52 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 535.09 439.35 Td (clients ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 426.75 Td (their ) Tj ET Q q 0 0 0 rg BT 89.15 426.75 Td (consultants ) Tj ET Q q 0 0 0 rg BT 139.02 426.75 Td (tend ) Tj ET Q q 0 0 0 rg BT 159.73 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 170.52 426.75 Td (be ) Tj ET Q q 0 0 0 rg BT 183.06 426.75 Td (highly ) Tj ET Q q 0 0 0 rg BT 212.52 426.75 Td (sophisticated ) Tj ET Q q 0 0 0 rg BT 269.97 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 287.75 426.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 336.45 426.75 Td (performance-driven. ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 401.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 106.21 401.55 Td (Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 104.86 376.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 126.57 376.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 180.36 376.35 Td (Group ) Tj ET Q q 0 0 0 rg BT 210.23 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 222.02 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 246.63 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 278.25 376.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 309.86 376.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 363.66 376.35 Td (employs ) Tj ET Q q 0 0 0 rg BT 402.28 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 409.97 376.35 Td (team ) Tj ET Q q 0 0 0 rg BT 433.42 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 445.20 376.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 466.91 376.35 Td (based ) Tj ET Q q 0 0 0 rg BT 493.86 376.35 Td (sales, ) Tj ET Q q 0 0 0 rg BT 519.93 376.35 Td (marketing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.75 363.75 Td (support ) Tj ET Q q 0 0 0 rg BT 102.34 363.75 Td (staf) Tj ET Q q 0 0 0 rg BT 117.31 363.75 Td (f ) Tj ET Q q 0 0 0 rg BT 123.90 363.75 Td (that ) Tj ET Q q 0 0 0 rg BT 142.74 363.75 Td (market, ) Tj ET Q q 0 0 0 rg BT 177.60 363.75 Td (distribute ) Tj ET Q q 0 0 0 rg BT 220.36 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 238.61 363.75 Td (support ) Tj ET Q q 0 0 0 rg BT 273.20 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 290.29 363.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 312.05 363.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 344.30 363.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 373.35 363.75 Td (including ) Tj ET Q q 0 0 0 rg BT 416.11 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 432.02 363.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 456.69 363.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 488.36 363.75 Td (Funds, ) Tj ET Q q 0 0 0 rg BT 519.75 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 535.67 363.75 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (Funds, ) Tj ET Q q 0 0 0 rg BT 79.79 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 94.62 351.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 128.10 351.15 Td (Funds ) Tj ET Q q 0 0 0 rg BT 155.77 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 172.93 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 187.75 351.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 211.32 351.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 241.89 351.15 Td (ETFs. ) Tj ET Q q 0 0 0 rg BT 269.27 351.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 287.59 351.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 318.75 351.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 339.98 351.15 Td (wholesalers ) Tj ET Q q 0 0 0 rg BT 391.55 351.15 Td (distribute ) Tj ET Q q 0 0 0 rg BT 433.20 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 448.03 351.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 471.59 351.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 502.17 351.15 Td (Funds ) Tj ET Q q 0 0 0 rg BT 529.84 351.15 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 56.79 338.55 Td (number ) Tj ET Q q 0 0 0 rg BT 91.49 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 102.86 338.55 Td (third-party ) Tj ET Q q 0 0 0 rg BT 150.38 338.55 Td (distributors.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 313.35 Td (The ) Tj ET Q q 0 0 0 rg BT 104.23 313.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 125.30 313.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 178.46 313.35 Td (Group ) Tj ET Q q 0 0 0 rg BT 207.69 313.35 Td (distributes ) Tj ET Q q 0 0 0 rg BT 253.84 313.35 Td (institutional ) Tj ET Q q 0 0 0 rg BT 306.41 313.35 Td (share ) Tj ET Q q 0 0 0 rg BT 330.97 313.35 Td (classes ) Tj ET Q q 0 0 0 rg BT 362.53 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 373.68 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 388.91 313.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 412.88 313.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 443.87 313.35 Td (Funds ) Tj ET Q q 0 0 0 rg BT 471.95 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 482.52 313.35 Td (institutional ) Tj ET Q q 0 0 0 rg BT 535.09 313.35 Td (clients ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.32 300.75 Td (also ) Tj ET Q q 0 0 0 rg BT 84.89 300.75 Td (distributes ) Tj ET Q q 0 0 0 rg BT 130.30 300.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 165.77 300.75 Td (annuity ) Tj ET Q q 0 0 0 rg BT 198.93 300.75 Td (sub-advisory ) Tj ET Q q 0 0 0 rg BT 254.83 300.75 Td (services ) Tj ET Q q 0 0 0 rg BT 290.31 300.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 329.29 300.75 Td (by ) Tj ET Q q 0 0 0 rg BT 341.45 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 357.11 300.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 379.18 300.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 421.07 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 430.89 300.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 472.78 300.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 519.35 300.75 Td (\(including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 88.09 288.15 Td (services ) Tj ET Q q 0 0 0 rg BT 124.33 288.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 164.08 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 174.68 288.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 205.67 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 216.84 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 232.09 288.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 256.10 288.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 287.10 288.15 Td (Funds ) Tj ET Q q 0 0 0 rg BT 315.21 288.15 Td (that ) Tj ET Q q 0 0 0 rg BT 333.38 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 348.62 288.15 Td (specifically ) Tj ET Q q 0 0 0 rg BT 399.45 288.15 Td (designed ) Tj ET Q q 0 0 0 rg BT 439.20 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 453.87 288.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 493.61 288.15 Td (through ) Tj ET Q q 0 0 0 rg BT 528.70 288.15 Td (variable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (annuity ) Tj ET Q q 0 0 0 rg BT 82.48 275.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 121.86 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 138.50 275.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 173.79 275.55 Td (life ) Tj ET Q q 0 0 0 rg BT 189.26 275.55 Td (insurance ) Tj ET Q q 0 0 0 rg BT 230.98 275.55 Td (policies ) Tj ET Q q 0 0 0 rg BT 265.12 275.55 Td (of) Tj ET Q q 0 0 0 rg BT 273.67 275.55 Td (fered ) Tj ET Q q 0 0 0 rg BT 296.72 275.55 Td (by ) Tj ET Q q 0 0 0 rg BT 308.70 275.55 Td (participating ) Tj ET Q q 0 0 0 rg BT 363.25 275.55 Td (insurance ) Tj ET Q q 0 0 0 rg BT 404.96 275.55 Td (companies\). ) Tj ET Q q 0 0 0 rg BT 457.46 275.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 475.27 275.55 Td (institutional ) Tj ET Q q 0 0 0 rg BT 526.92 275.55 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 76.02 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 92.02 262.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 134.28 262.95 Td (distributed ) Tj ET Q q 0 0 0 rg BT 182.37 262.95 Td (by ) Tj ET Q q 0 0 0 rg BT 195.83 262.95 Td (W) Tj ET Q q 0 0 0 rg BT 204.90 262.95 Td (estern ) Tj ET Q q 0 0 0 rg BT 232.45 262.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 258.97 262.95 Td (Management's ) Tj ET Q q 0 0 0 rg BT 322.95 262.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 346.54 262.95 Td (team. ) Tj ET Q q 0 0 0 rg BT 372.53 262.95 Td (The ) Tj ET Q q 0 0 0 rg BT 392.04 262.95 Td (Royce ) Tj ET Q q 0 0 0 rg BT 422.04 262.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 450.91 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 466.91 262.95 Td (distributed ) Tj ET Q q 0 0 0 rg BT 515.00 262.95 Td (by ) Tj ET Q q 0 0 0 rg BT 528.69 262.95 Td (Royce�) Tj ET Q q 0 0 0 rg BT 558.43 262.95 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 72.54 250.35 Td (team ) Tj ET Q q 0 0 0 rg BT 95.57 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 106.36 250.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 143.40 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 154.19 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 169.64 250.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 190.94 250.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 244.32 250.35 Td (Group. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 225.15 Td (In ) Tj ET Q q 0 0 0 rg BT 97.03 225.15 Td (addition ) Tj ET Q q 0 0 0 rg BT 134.23 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 145.18 225.15 Td (distributing ) Tj ET Q q 0 0 0 rg BT 196.38 225.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 225.12 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 240.73 225.15 Td (wholesalers ) Tj ET Q q 0 0 0 rg BT 293.08 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 304.03 225.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 328.39 225.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 359.76 225.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 391.12 225.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 444.65 225.15 Td (also ) Tj ET Q q 0 0 0 rg BT 464.35 225.15 Td (market ) Tj ET Q q 0 0 0 rg BT 496.29 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 514.23 225.15 Td (support ) Tj ET Q q 0 0 0 rg BT 548.51 225.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 72.58 212.55 Td (separately ) Tj ET Q q 0 0 0 rg BT 116.65 212.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 156.06 212.55 Td (account ) Tj ET Q q 0 0 0 rg BT 190.22 212.55 Td (program ) Tj ET Q q 0 0 0 rg BT 227.30 212.55 Td (services ) Tj ET Q q 0 0 0 rg BT 262.63 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 279.30 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 293.64 212.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 316.72 212.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 346.81 212.55 Td (ETFs. ) Tj ET Q q 0 0 0 rg BT 373.59 212.55 Td (These ) Tj ET Q q 0 0 0 rg BT 400.18 212.55 Td (services ) Tj ET Q q 0 0 0 rg BT 435.50 212.55 Td (are ) Tj ET Q q 0 0 0 rg BT 449.83 212.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 488.67 212.55 Td (through ) Tj ET Q q 0 0 0 rg BT 522.84 212.55 Td (programs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 94.71 199.95 Td (by ) Tj ET Q q 0 0 0 rg BT 107.83 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 115.12 199.95 Td (variety ) Tj ET Q q 0 0 0 rg BT 146.89 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 158.27 199.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 197.62 199.95 Td (institutions. ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 174.75 Td (International ) Tj ET Q q 0 0 0 rg BT 143.54 174.75 Td (Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 149.55 Td (The ) Tj ET Q q 0 0 0 rg BT 104.56 149.55 Td (International ) Tj ET Q q 0 0 0 rg BT 160.94 149.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 214.43 149.55 Td (Group ) Tj ET Q q 0 0 0 rg BT 244.00 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 255.48 149.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 279.79 149.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 311.11 149.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 342.43 149.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 395.92 149.55 Td (employs ) Tj ET Q q 0 0 0 rg BT 434.23 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 441.63 149.55 Td (team ) Tj ET Q q 0 0 0 rg BT 464.77 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 476.26 149.55 Td (sales, ) Tj ET Q q 0 0 0 rg BT 502.03 149.55 Td (marketing ) Tj ET Q q 0 0 0 rg BT 547.34 149.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (support ) Tj ET Q q 0 0 0 rg BT 84.09 136.95 Td (staf) Tj ET Q q 0 0 0 rg BT 99.06 136.95 Td (f ) Tj ET Q q 0 0 0 rg BT 105.64 136.95 Td (that ) Tj ET Q q 0 0 0 rg BT 124.47 136.95 Td (markets, ) Tj ET Q q 0 0 0 rg BT 163.42 136.95 Td (distributes ) Tj ET Q q 0 0 0 rg BT 210.26 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 228.51 136.95 Td (supports ) Tj ET Q q 0 0 0 rg BT 267.18 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 284.26 136.95 Td (international ) Tj ET Q q 0 0 0 rg BT 340.42 136.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 366.84 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 378.09 136.95 Td (individual ) Tj ET Q q 0 0 0 rg BT 423.76 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 442.00 136.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 495.26 136.95 Td (investors ) Tj ET Q q 0 0 0 rg BT 536.26 136.95 Td (across ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (Asia ) Tj ET Q q 0 0 0 rg BT 72.24 124.35 Td (\(including ) Tj ET Q q 0 0 0 rg BT 118.12 124.35 Td (Australian ) Tj ET Q q 0 0 0 rg BT 165.35 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 184.00 124.35 Td (Japan\), ) Tj ET Q q 0 0 0 rg BT 217.52 124.35 Td (Europe ) Tj ET Q q 0 0 0 rg BT 251.33 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 269.98 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 285.53 124.35 Td (Americas. ) Tj ET Q q 0 0 0 rg BT 331.88 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 335.12 124.35 Td (The ) Tj ET Q q 0 0 0 rg BT 354.93 124.35 Td (International ) Tj ET Q q 0 0 0 rg BT 412.07 124.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 466.31 124.35 Td (Group ) Tj ET Q q 0 0 0 rg BT 496.63 124.35 Td (has ) Tj ET Q q 0 0 0 rg BT 514.12 124.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 538.02 124.35 Td (teams ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.32 111.75 Td (out ) Tj ET Q q 0 0 0 rg BT 106.91 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 117.82 111.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 168.41 111.75 Td (of) Tj ET Q q 0 0 0 rg BT 176.97 111.75 Td (fices ) Tj ET Q q 0 0 0 rg BT 198.96 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 209.30 111.75 Td (16 ) Tj ET Q q 0 0 0 rg BT 221.97 111.75 Td (cities ) Tj ET Q q 0 0 0 rg BT 246.30 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 256.63 111.75 Td (13 ) Tj ET Q q 0 0 0 rg BT 269.30 111.75 Td (countries ) Tj ET Q q 0 0 0 rg BT 309.96 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 327.29 111.75 Td (distributing ) Tj ET Q q 0 0 0 rg BT 377.88 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 394.04 111.75 Td (cross ) Tj ET Q q 0 0 0 rg BT 417.79 111.75 Td (border ) Tj ET Q q 0 0 0 rg BT 447.37 111.75 Td (international ) Tj ET Q q 0 0 0 rg BT 502.60 111.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 528.10 111.75 Td (globally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.40 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 84.14 99.15 Td (international ) Tj ET Q q 0 0 0 rg BT 139.94 99.15 Td (local ) Tj ET Q q 0 0 0 rg BT 163.09 99.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 185.07 99.15 Td (ranges ) Tj ET Q q 0 0 0 rg BT 215.22 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 226.12 99.15 Td (their ) Tj ET Q q 0 0 0 rg BT 248.10 99.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 293.40 99.15 Td (countries. ) Tj ET Q q 0 0 0 rg BT 337.06 99.15 Td (The ) Tj ET Q q 0 0 0 rg BT 356.12 99.15 Td (goal ) Tj ET Q q 0 0 0 rg BT 376.94 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 388.43 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 405.16 99.15 Td (International ) Tj ET Q q 0 0 0 rg BT 461.55 99.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 515.04 99.15 Td (Group ) Tj ET Q q 0 0 0 rg BT 544.61 99.15 Td (is ) Tj ET Q q 0 0 0 rg BT 554.35 99.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (be ) Tj ET Q q 0 0 0 rg BT 61.83 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 68.91 86.55 Td (global ) Tj ET Q q 0 0 0 rg BT 97.58 86.55 Td (partner ) Tj ET Q q 0 0 0 rg BT 129.73 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 144.40 86.55 Td (firms ) Tj ET Q q 0 0 0 rg BT 168.98 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 187.15 86.55 Td (utilize ) Tj ET Q q 0 0 0 rg BT 215.81 86.55 Td (or ) Tj ET Q q 0 0 0 rg BT 226.98 86.55 Td (distribute ) Tj ET Q q 0 0 0 rg BT 269.07 86.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 291.90 86.55 Td (management ) Tj ET Q q 0 0 0 rg BT 347.97 86.55 Td (products ) Tj ET Q q 0 0 0 rg BT 386.55 86.55 Td (around ) Tj ET Q q 0 0 0 rg BT 418.13 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 433.38 86.55 Td (world, ) Tj ET Q q 0 0 0 rg BT 462.92 86.55 Td (but ) Tj ET Q q 0 0 0 rg BT 478.76 86.55 Td (also ) Tj ET Q q 0 0 0 rg BT 498.10 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 508.68 86.55 Td (be ) Tj ET Q q 0 0 0 rg BT 521.02 86.55 Td (viewed ) Tj ET Q q 0 0 0 rg BT 553.76 86.55 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 56.91 73.95 Td (local ) Tj ET Q q 0 0 0 rg BT 80.07 73.95 Td (partner ) Tj ET Q q 0 0 0 rg BT 112.55 73.95 Td (through ) Tj ET Q q 0 0 0 rg BT 147.96 73.95 Td (an ) Tj ET Q q 0 0 0 rg BT 160.62 73.95 Td (understanding ) Tj ET Q q 0 0 0 rg BT 222.86 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 234.36 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 249.93 73.95 Td (nuances ) Tj ET Q q 0 0 0 rg BT 286.50 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 304.41 73.95 Td (needs ) Tj ET Q q 0 0 0 rg BT 331.07 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 342.56 73.95 Td (each ) Tj ET Q q 0 0 0 rg BT 364.55 73.95 Td (local ) Tj ET Q q 0 0 0 rg BT 387.70 73.95 Td (market ) Tj ET Q q 0 0 0 rg BT 419.60 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 438.10 73.95 Td (they ) Tj ET Q q 0 0 0 rg BT 458.93 73.95 Td (cover) Tj ET Q q 0 0 0 rg BT 481.67 73.95 Td (. ) Tj ET Q q 0 0 0 rg BT 486.84 73.95 Td (These ) Tj ET Q q 0 0 0 rg BT 514.66 73.95 Td (distributors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (seek ) Tj ET Q q 0 0 0 rg BT 71.45 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 82.91 61.35 Td (develop ) Tj ET Q q 0 0 0 rg BT 119.43 61.35 Td (deep ) Tj ET Q q 0 0 0 rg BT 142.55 61.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 194.26 61.35 Td (relationships ) Tj ET Q q 0 0 0 rg BT 251.21 61.35 Td (with ) Tj ET Q q 0 0 0 rg BT 273.16 61.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 298.02 61.35 Td (banks, ) Tj ET Q q 0 0 0 rg BT 328.44 61.35 Td (private ) Tj ET Q q 0 0 0 rg BT 360.88 61.35 Td (banks, ) Tj ET Q q 0 0 0 rg BT 391.29 61.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 414.99 61.35 Td (managers, ) Tj ET Q q 0 0 0 rg BT 461.14 61.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 483.68 61.35 Td (platforms, ) Tj ET Q q 0 0 0 rg BT 529.84 61.35 Td (pension ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 74.19 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 91.87 48.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 134.62 48.75 Td (plans. ) Tj ET Q q 0 0 0 rg BT 161.93 48.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 180.78 48.75 Td (international ) Tj ET Q q 0 0 0 rg BT 236.37 48.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 287.31 48.75 Td (of) Tj ET Q q 0 0 0 rg BT 295.87 48.75 Td (fices ) Tj ET Q q 0 0 0 rg BT 318.21 48.75 Td (also ) Tj ET Q q 0 0 0 rg BT 337.65 48.75 Td (work ) Tj ET Q q 0 0 0 rg BT 361.75 48.75 Td (with ) Tj ET Q q 0 0 0 rg BT 382.94 48.75 Td (our ) Tj ET Q q 0 0 0 rg BT 399.45 48.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 422.39 48.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 465.14 48.75 Td (on ) Tj ET Q q 0 0 0 rg BT 478.16 48.75 Td (a ) Tj ET Q q 0 0 0 rg BT 485.34 48.75 Td (case-by-case ) Tj ET Q q 0 0 0 rg BT 541.49 48.75 Td (basis ) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.44 741.75 Td (take ) Tj ET Q q 0 0 0 rg BT 78.70 741.75 Td (advantage ) Tj ET Q q 0 0 0 rg BT 123.04 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.56 741.75 Td (preferences ) Tj ET Q q 0 0 0 rg BT 183.71 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 197.73 741.75 Td (local ) Tj ET Q q 0 0 0 rg BT 219.91 741.75 Td (distributors ) Tj ET Q q 0 0 0 rg BT 269.52 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 280.04 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 289.98 741.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 312.16 741.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 357.08 741.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 413.67 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 423.61 741.75 Td (distributing ) Tj ET Q q 0 0 0 rg BT 473.81 741.75 Td (products ) Tj ET Q q 0 0 0 rg BT 511.74 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 528.68 741.75 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (into ) Tj ET Q q 0 0 0 rg BT 68.46 729.15 Td (their ) Tj ET Q q 0 0 0 rg BT 90.33 729.15 Td (local ) Tj ET Q q 0 0 0 rg BT 113.36 729.15 Td (markets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 703.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.30 703.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 157.18 703.95 Td (ef) Tj ET Q q 0 0 0 rg BT 165.15 703.95 Td (forts ) Tj ET Q q 0 0 0 rg BT 187.86 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 204.15 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 221.03 703.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 254.24 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 265.88 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 282.17 703.95 Td (locations ) Tj ET Q q 0 0 0 rg BT 323.55 703.95 Td (where ) Tj ET Q q 0 0 0 rg BT 352.66 703.95 Td (we ) Tj ET Q q 0 0 0 rg BT 368.37 703.95 Td (have ) Tj ET Q q 0 0 0 rg BT 391.66 703.95 Td (of) Tj ET Q q 0 0 0 rg BT 400.22 703.95 Td (fices, ) Tj ET Q q 0 0 0 rg BT 426.13 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 438.34 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 454.64 703.95 Td (International ) Tj ET Q q 0 0 0 rg BT 511.75 703.95 Td (Distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Group ) Tj ET Q q 0 0 0 rg BT 78.35 691.35 Td (distributes ) Tj ET Q q 0 0 0 rg BT 124.12 691.35 Td (cross ) Tj ET Q q 0 0 0 rg BT 147.72 691.35 Td (border ) Tj ET Q q 0 0 0 rg BT 177.15 691.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 202.50 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 212.69 691.35 Td (more ) Tj ET Q q 0 0 0 rg BT 236.29 691.35 Td (than ) Tj ET Q q 0 0 0 rg BT 256.39 691.35 Td (25 ) Tj ET Q q 0 0 0 rg BT 268.91 691.35 Td (countries ) Tj ET Q q 0 0 0 rg BT 309.42 691.35 Td (around ) Tj ET Q q 0 0 0 rg BT 340.60 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 355.45 691.35 Td (world. ) Tj ET Q q 0 0 0 rg BT 384.45 691.35 Td (This ) Tj ET Q q 0 0 0 rg BT 405.14 691.35 Td (global ) Tj ET Q q 0 0 0 rg BT 433.40 691.35 Td (presence ) Tj ET Q q 0 0 0 rg BT 472.15 691.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 510.33 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.93 691.35 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 70.20 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 85.05 678.75 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 134.90 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 145.09 678.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 179.19 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 185.88 678.75 Td (platform ) Tj ET Q q 0 0 0 rg BT 224.07 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 234.84 678.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 259.91 678.75 Td (service, ) Tj ET Q q 0 0 0 rg BT 294.29 678.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 338.89 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 356.08 678.75 Td (products ) Tj ET Q q 0 0 0 rg BT 394.27 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 412.04 678.75 Td (can ) Tj ET Q q 0 0 0 rg BT 428.64 678.75 Td (cater ) Tj ET Q q 0 0 0 rg BT 451.06 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 461.26 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 476.11 678.75 Td (dif) Tj ET Q q 0 0 0 rg BT 487.59 678.75 Td (ferent ) Tj ET Q q 0 0 0 rg BT 514.10 678.75 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (dynamics ) Tj ET Q q 0 0 0 rg BT 91.60 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 101.62 666.15 Td (each ) Tj ET Q q 0 0 0 rg BT 122.70 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 133.30 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 147.98 666.15 Td (regions ) Tj ET Q q 0 0 0 rg BT 180.75 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 198.35 666.15 Td (it ) Tj ET Q q 0 0 0 rg BT 206.04 666.15 Td (covers. ) Tj ET Q q 0 0 0 rg BT 237.92 666.15 Td (Client ) Tj ET Q q 0 0 0 rg BT 265.44 666.15 Td (coverage ) Tj ET Q q 0 0 0 rg BT 305.18 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 314.04 666.15 Td (local, ) Tj ET Q q 0 0 0 rg BT 338.92 666.15 Td (coordinated ) Tj ET Q q 0 0 0 rg BT 390.34 666.15 Td (across ) Tj ET Q q 0 0 0 rg BT 418.44 666.15 Td (regions, ) Tj ET Q q 0 0 0 rg BT 453.83 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 470.84 666.15 Td (encompasses ) Tj ET Q q 0 0 0 rg BT 527.51 666.15 Td (multiple ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 100.23 653.55 Td (channels ) Tj ET Q q 0 0 0 rg BT 139.27 653.55 Td (including ) Tj ET Q q 0 0 0 rg BT 181.25 653.55 Td (broker) Tj ET Q q 0 0 0 rg BT 208.44 653.55 Td (-dealers, ) Tj ET Q q 0 0 0 rg BT 246.60 653.55 Td (funds-of-funds, ) Tj ET Q q 0 0 0 rg BT 313.94 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 336.66 653.55 Td (managers, ) Tj ET Q q 0 0 0 rg BT 381.83 653.55 Td (independent ) Tj ET Q q 0 0 0 rg BT 435.45 653.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 474.49 653.55 Td (advisers, ) Tj ET Q q 0 0 0 rg BT 513.83 653.55 Td (banks, ) Tj ET Q q 0 0 0 rg BT 543.26 653.55 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (platforms, ) Tj ET Q q 0 0 0 rg BT 95.11 640.95 Td (insurance ) Tj ET Q q 0 0 0 rg BT 138.08 640.95 Td (companies ) Tj ET Q q 0 0 0 rg BT 185.72 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 203.62 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 227.93 640.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 279.09 640.95 Td (partners. ) Tj ET Q q 0 0 0 rg BT 318.07 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 337.13 640.95 Td (extent ) Tj ET Q q 0 0 0 rg BT 365.53 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 376.43 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 404.83 640.95 Td (each ) Tj ET Q q 0 0 0 rg BT 426.80 640.95 Td (channel ) Tj ET Q q 0 0 0 rg BT 462.19 640.95 Td (takes ) Tj ET Q q 0 0 0 rg BT 486.50 640.95 Td (precedence ) Tj ET Q q 0 0 0 rg BT 536.45 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 547.35 640.95 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (one ) Tj ET Q q 0 0 0 rg BT 67.29 628.35 Td (market ) Tj ET Q q 0 0 0 rg BT 99.06 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 108.69 628.35 Td (governed ) Tj ET Q q 0 0 0 rg BT 150.39 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 163.51 628.35 Td (local ) Tj ET Q q 0 0 0 rg BT 186.54 628.35 Td (market ) Tj ET Q q 0 0 0 rg BT 218.32 628.35 Td (dynamics.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 603.15 Td (In ) Tj ET Q q 0 0 0 rg BT 96.26 603.15 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 139.95 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 156.53 603.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 207.53 603.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 253.85 603.15 Td (distribute ) Tj ET Q q 0 0 0 rg BT 296.09 603.15 Td (local ) Tj ET Q q 0 0 0 rg BT 319.08 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 336.82 603.15 Td (cross ) Tj ET Q q 0 0 0 rg BT 360.98 603.15 Td (border ) Tj ET Q q 0 0 0 rg BT 390.96 603.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 416.88 603.15 Td (sub-advised ) Tj ET Q q 0 0 0 rg BT 469.61 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 482.69 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 499.27 603.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 522.26 603.15 Td (managers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 91.04 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 101.67 590.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 125.70 590.55 Td (investors, ) Tj ET Q q 0 0 0 rg BT 168.70 590.55 Td (pension ) Tj ET Q q 0 0 0 rg BT 203.83 590.55 Td (plans, ) Tj ET Q q 0 0 0 rg BT 231.08 590.55 Td (fund-of-funds ) Tj ET Q q 0 0 0 rg BT 291.86 590.55 Td (managers, ) Tj ET Q q 0 0 0 rg BT 337.18 590.55 Td (insurance ) Tj ET Q q 0 0 0 rg BT 379.88 590.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 427.24 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 444.87 590.55 Td (government ) Tj ET Q q 0 0 0 rg BT 497.48 590.55 Td (funds/agencies. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.81 577.95 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 91.91 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 109.47 577.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 161.46 577.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 208.77 577.95 Td (distribute ) Tj ET Q q 0 0 0 rg BT 251.99 577.95 Td (domestic ) Tj ET Q q 0 0 0 rg BT 293.47 577.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 343.11 577.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 372.64 577.95 Td (cross ) Tj ET Q q 0 0 0 rg BT 397.78 577.95 Td (border ) Tj ET Q q 0 0 0 rg BT 428.75 577.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 455.65 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 474.38 577.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 528.11 577.95 Td (separate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 89.69 565.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 132.21 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 143.83 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 160.11 565.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 185.13 565.35 Td (market, ) Tj ET Q q 0 0 0 rg BT 220.36 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 249.48 565.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 287.92 565.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 312.94 565.35 Td (banks, ) Tj ET Q q 0 0 0 rg BT 343.52 565.35 Td (private ) Tj ET Q q 0 0 0 rg BT 376.12 565.35 Td (banks, ) Tj ET Q q 0 0 0 rg BT 406.69 565.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 430.56 565.35 Td (managers, ) Tj ET Q q 0 0 0 rg BT 476.87 565.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 503.65 565.35 Td (platforms ) Tj ET Q q 0 0 0 rg BT 547.35 565.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 92.36 552.75 Td (companies.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 527.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 103.21 527.55 Td (rustPermal's ) Tj ET Q q 0 0 0 rg BT 158.38 527.55 Td (products ) Tj ET Q q 0 0 0 rg BT 198.25 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 217.11 527.55 Td (services ) Tj ET Q q 0 0 0 rg BT 254.63 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 271.15 527.55 Td (sold ) Tj ET Q q 0 0 0 rg BT 292.36 527.55 Td (outside ) Tj ET Q q 0 0 0 rg BT 326.40 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 342.93 527.55 Td (United ) Tj ET Q q 0 0 0 rg BT 375.21 527.55 Td (States ) Tj ET Q q 0 0 0 rg BT 404.00 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 415.87 527.55 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 457.49 527.55 Td (high ) Tj ET Q q 0 0 0 rg BT 479.86 527.55 Td (net ) Tj ET Q q 0 0 0 rg BT 496.39 527.55 Td (worth ) Tj ET Q q 0 0 0 rg BT 524.59 527.55 Td (investors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (through ) Tj ET Q q 0 0 0 rg BT 84.03 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 90.56 514.95 Td (network ) Tj ET Q q 0 0 0 rg BT 126.84 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 137.45 514.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 176.05 514.95 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 237.98 514.95 Td (by ) Tj ET Q q 0 0 0 rg BT 250.34 514.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 268.05 514.95 Td (rustPermal's ) Tj ET Q q 0 0 0 rg BT 321.39 514.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 371.68 514.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 417.29 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 427.90 514.95 Td (well ) Tj ET Q q 0 0 0 rg BT 447.85 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 458.46 514.95 Td (through ) Tj ET Q q 0 0 0 rg BT 492.99 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 508.86 514.95 Td (International ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 103.14 502.35 Td (Group. ) Tj ET Q q 0 0 0 rg BT 135.48 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 138.36 502.35 Td (In ) Tj ET Q q 0 0 0 rg BT 149.99 502.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 189.91 502.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 207.62 502.35 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 256.00 502.35 Td (distributes ) Tj ET Q q 0 0 0 rg BT 302.63 502.35 Td (its ) Tj ET Q q 0 0 0 rg BT 315.44 502.35 Td (products ) Tj ET Q q 0 0 0 rg BT 354.48 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 372.53 502.35 Td (services ) Tj ET Q q 0 0 0 rg BT 409.23 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 420.28 502.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 441.84 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 459.88 502.35 Td (international ) Tj ET Q q 0 0 0 rg BT 515.83 502.35 Td (institutions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (through ) Tj ET Q q 0 0 0 rg BT 84.79 489.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 102.50 489.75 Td (rustPermal's ) Tj ET Q q 0 0 0 rg BT 156.59 489.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 191.29 489.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 242.34 489.75 Td (teams.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.13 464.55 Td (Employees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 439.35 Td (At ) Tj ET Q q 0 0 0 rg BT 97.85 439.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 142.85 439.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 168.33 439.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 191.18 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 208.19 439.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 233.66 439.35 Td (we ) Tj ET Q q 0 0 0 rg BT 247.76 439.35 Td (had ) Tj ET Q q 0 0 0 rg BT 264.77 439.35 Td (3,338, ) Tj ET Q q 0 0 0 rg BT 292.87 439.35 Td (3,066 ) Tj ET Q q 0 0 0 rg BT 318.34 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 335.35 439.35 Td (2,982 ) Tj ET Q q 0 0 0 rg BT 360.83 439.35 Td (employees, ) Tj ET Q q 0 0 0 rg BT 410.20 439.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 460.25 439.35 Td (. ) Tj ET Q q 0 0 0 rg BT 464.72 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 466.57 439.35 Td (None ) Tj ET Q q 0 0 0 rg BT 491.17 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 501.76 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 517.61 439.35 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.31 426.75 Td (covered ) Tj ET Q q 0 0 0 rg BT 99.54 426.75 Td (by ) Tj ET Q q 0 0 0 rg BT 112.03 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 118.69 426.75 Td (collective ) Tj ET Q q 0 0 0 rg BT 161.50 426.75 Td (bar) Tj ET Q q 0 0 0 rg BT 174.72 426.75 Td (gaining ) Tj ET Q q 0 0 0 rg BT 208.21 426.75 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 256.41 426.75 Td (W) Tj ET Q q 0 0 0 rg BT 265.48 426.75 Td (e ) Tj ET Q q 0 0 0 rg BT 272.13 426.75 Td (consider ) Tj ET Q q 0 0 0 rg BT 309.70 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 325.69 426.75 Td (relations ) Tj ET Q q 0 0 0 rg BT 363.85 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 384.51 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 400.50 426.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 447.40 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 457.56 426.75 Td (be ) Tj ET Q q 0 0 0 rg BT 469.47 426.75 Td (satisfactory) Tj ET Q q 0 0 0 rg BT 517.19 426.75 Td (. ) Tj ET Q q 0 0 0 rg BT 521.81 426.75 Td (However) Tj ET Q q 0 0 0 rg BT 559.87 426.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (competition ) Tj ET Q q 0 0 0 rg BT 103.08 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 118.75 414.15 Td (experienced ) Tj ET Q q 0 0 0 rg BT 172.90 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 196.74 414.15 Td (management ) Tj ET Q q 0 0 0 rg BT 253.81 414.15 Td (personnel ) Tj ET Q q 0 0 0 rg BT 298.06 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 308.49 414.15 Td (intense ) Tj ET Q q 0 0 0 rg BT 341.65 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 360.24 414.15 Td (from ) Tj ET Q q 0 0 0 rg BT 384.08 414.15 Td (time ) Tj ET Q q 0 0 0 rg BT 406.17 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 417.76 414.15 Td (time ) Tj ET Q q 0 0 0 rg BT 439.85 414.15 Td (we ) Tj ET Q q 0 0 0 rg BT 455.52 414.15 Td (may ) Tj ET Q q 0 0 0 rg BT 477.02 414.15 Td (experience ) Tj ET Q q 0 0 0 rg BT 525.92 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 534.01 414.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 553.77 414.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (valuable ) Tj ET Q q 0 0 0 rg BT 87.69 401.55 Td (personnel. ) Tj ET Q q 0 0 0 rg BT 133.57 401.55 Td (W) Tj ET Q q 0 0 0 rg BT 142.64 401.55 Td (e ) Tj ET Q q 0 0 0 rg BT 149.93 401.55 Td (recognize ) Tj ET Q q 0 0 0 rg BT 193.36 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 208.81 401.55 Td (importance ) Tj ET Q q 0 0 0 rg BT 258.67 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 269.46 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 286.08 401.55 Td (business ) Tj ET Q q 0 0 0 rg BT 324.30 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 335.67 401.55 Td (hiring, ) Tj ET Q q 0 0 0 rg BT 366.00 401.55 Td (training ) Tj ET Q q 0 0 0 rg BT 401.28 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 419.07 401.55 Td (retaining ) Tj ET Q q 0 0 0 rg BT 459.02 401.55 Td (skilled ) Tj ET Q q 0 0 0 rg BT 489.64 401.55 Td (professionals.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (Competition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 351.15 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 351.15 Td (e ) Tj ET Q q 0 0 0 rg BT 102.26 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 118.12 351.15 Td (engaged ) Tj ET Q q 0 0 0 rg BT 156.13 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 167.33 351.15 Td (an ) Tj ET Q q 0 0 0 rg BT 180.28 351.15 Td (extremely ) Tj ET Q q 0 0 0 rg BT 225.29 351.15 Td (competitive ) Tj ET Q q 0 0 0 rg BT 277.89 351.15 Td (business ) Tj ET Q q 0 0 0 rg BT 316.52 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 334.71 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 350.56 351.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 383.34 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 394.54 351.15 Td (substantial ) Tj ET Q q 0 0 0 rg BT 442.49 351.15 Td (competition ) Tj ET Q q 0 0 0 rg BT 495.68 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 506.88 351.15 Td (all ) Tj ET Q q 0 0 0 rg BT 520.41 351.15 Td (aspects ) Tj ET Q q 0 0 0 rg BT 553.77 351.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 66.66 338.55 Td (business. ) Tj ET Q q 0 0 0 rg BT 108.03 338.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 127.52 338.55 Td (competition ) Tj ET Q q 0 0 0 rg BT 180.84 338.55 Td (includes, ) Tj ET Q q 0 0 0 rg BT 221.62 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 243.45 338.55 Td (respect ) Tj ET Q q 0 0 0 rg BT 276.34 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 287.67 338.55 Td (one ) Tj ET Q q 0 0 0 rg BT 305.99 338.55 Td (or ) Tj ET Q q 0 0 0 rg BT 317.90 338.55 Td (more ) Tj ET Q q 0 0 0 rg BT 342.63 338.55 Td (aspects ) Tj ET Q q 0 0 0 rg BT 376.11 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 388.02 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 405.18 338.55 Td (business, ) Tj ET Q q 0 0 0 rg BT 446.55 338.55 Td (numerous ) Tj ET Q q 0 0 0 rg BT 491.12 338.55 Td (international ) Tj ET Q q 0 0 0 rg BT 547.35 338.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (domestic ) Tj ET Q q 0 0 0 rg BT 90.24 325.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 113.48 325.95 Td (management ) Tj ET Q q 0 0 0 rg BT 169.96 325.95 Td (firms ) Tj ET Q q 0 0 0 rg BT 194.95 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 212.94 325.95 Td (broker) Tj ET Q q 0 0 0 rg BT 240.14 325.95 Td (-dealers, ) Tj ET Q q 0 0 0 rg BT 278.82 325.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 310.81 325.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 332.89 325.95 Td (complexes, ) Tj ET Q q 0 0 0 rg BT 383.25 325.95 Td (hedge ) Tj ET Q q 0 0 0 rg BT 411.15 325.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 439.94 325.95 Td (commercial ) Tj ET Q q 0 0 0 rg BT 492.33 325.95 Td (banks, ) Tj ET Q q 0 0 0 rg BT 522.28 325.95 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (companies, ) Tj ET Q q 0 0 0 rg BT 100.42 313.35 Td (other ) Tj ET Q q 0 0 0 rg BT 125.38 313.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 174.84 313.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 223.13 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 241.68 313.35 Td (other ) Tj ET Q q 0 0 0 rg BT 266.65 313.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 306.76 313.35 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 359.45 313.35 Td (Many ) Tj ET Q q 0 0 0 rg BT 387.34 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 399.47 313.35 Td (these ) Tj ET Q q 0 0 0 rg BT 424.44 313.35 Td (or) Tj ET Q q 0 0 0 rg BT 432.99 313.35 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 484.20 313.35 Td (of) Tj ET Q q 0 0 0 rg BT 492.76 313.35 Td (fer ) Tj ET Q q 0 0 0 rg BT 507.80 313.35 Td (products ) Tj ET Q q 0 0 0 rg BT 547.35 313.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (services ) Tj ET Q q 0 0 0 rg BT 84.78 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 101.98 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 116.26 300.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 146.89 300.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 159.14 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 169.34 300.75 Td (compete ) Tj ET Q q 0 0 0 rg BT 206.37 300.75 Td (with, ) Tj ET Q q 0 0 0 rg BT 229.12 300.75 Td (those ) Tj ET Q q 0 0 0 rg BT 252.75 300.75 Td (we ) Tj ET Q q 0 0 0 rg BT 266.45 300.75 Td (of) Tj ET Q q 0 0 0 rg BT 275.01 300.75 Td (fer) Tj ET Q q 0 0 0 rg BT 286.24 300.75 Td (, ) Tj ET Q q 0 0 0 rg BT 290.33 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 306.95 300.75 Td (many ) Tj ET Q q 0 0 0 rg BT 331.74 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 341.94 300.75 Td (these ) Tj ET Q q 0 0 0 rg BT 364.98 300.75 Td (or) Tj ET Q q 0 0 0 rg BT 373.54 300.75 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 422.82 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 444.10 300.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 498.64 300.75 Td (more ) Tj ET Q q 0 0 0 rg BT 521.67 300.75 Td (personnel ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 66.71 288.15 Td (greater ) Tj ET Q q 0 0 0 rg BT 97.90 288.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 136.68 288.15 Td (resources ) Tj ET Q q 0 0 0 rg BT 178.38 288.15 Td (than ) Tj ET Q q 0 0 0 rg BT 198.51 288.15 Td (we ) Tj ET Q q 0 0 0 rg BT 212.80 288.15 Td (have. ) Tj ET Q q 0 0 0 rg BT 237.30 288.15 Td (Some ) Tj ET Q q 0 0 0 rg BT 263.26 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 274.06 288.15 Td (these ) Tj ET Q q 0 0 0 rg BT 297.68 288.15 Td (competitors ) Tj ET Q q 0 0 0 rg BT 349.31 288.15 Td (have ) Tj ET Q q 0 0 0 rg BT 371.18 288.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 419.87 288.15 Td (products ) Tj ET Q q 0 0 0 rg BT 458.08 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 475.29 288.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 525.76 288.15 Td (channels ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 69.02 275.55 Td (make ) Tj ET Q q 0 0 0 rg BT 95.53 275.55 Td (it ) Tj ET Q q 0 0 0 rg BT 105.14 275.55 Td (more ) Tj ET Q q 0 0 0 rg BT 130.49 275.55 Td (dif) Tj ET Q q 0 0 0 rg BT 141.97 275.55 Td (ficult ) Tj ET Q q 0 0 0 rg BT 167.90 275.55 Td (for ) Tj ET Q q 0 0 0 rg BT 183.92 275.55 Td (us ) Tj ET Q q 0 0 0 rg BT 197.03 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 208.97 275.55 Td (compete ) Tj ET Q q 0 0 0 rg BT 248.32 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 270.76 275.55 Td (them. ) Tj ET Q q 0 0 0 rg BT 298.15 275.55 Td (In ) Tj ET Q q 0 0 0 rg BT 310.68 275.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 351.49 275.55 Td (many ) Tj ET Q q 0 0 0 rg BT 378.59 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 391.11 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 408.89 275.55 Td (competitors ) Tj ET Q q 0 0 0 rg BT 462.23 275.55 Td (have ) Tj ET Q q 0 0 0 rg BT 485.83 275.55 Td (long-standing ) Tj ET Q q 0 0 0 rg BT 547.35 275.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (established ) Tj ET Q q 0 0 0 rg BT 99.76 262.95 Td (relationships ) Tj ET Q q 0 0 0 rg BT 157.02 262.95 Td (with ) Tj ET Q q 0 0 0 rg BT 179.29 262.95 Td (distributors ) Tj ET Q q 0 0 0 rg BT 230.72 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 249.49 262.95 Td (clients. ) Tj ET Q q 0 0 0 rg BT 282.86 262.95 Td (The ) Tj ET Q q 0 0 0 rg BT 302.79 262.95 Td (principal ) Tj ET Q q 0 0 0 rg BT 343.71 262.95 Td (competitive ) Tj ET Q q 0 0 0 rg BT 396.88 262.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 429.05 262.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 464.72 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 476.48 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 494.08 262.95 Td (business ) Tj ET Q q 0 0 0 rg BT 533.27 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 549.69 262.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (quality ) Tj ET Q q 0 0 0 rg BT 81.57 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 93.23 250.35 Td (advice ) Tj ET Q q 0 0 0 rg BT 123.53 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 141.60 250.35 Td (services ) Tj ET Q q 0 0 0 rg BT 178.33 250.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 218.56 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 229.64 250.35 Td (investors, ) Tj ET Q q 0 0 0 rg BT 273.09 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 288.82 250.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 344.78 250.35 Td (records ) Tj ET Q q 0 0 0 rg BT 378.59 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 390.24 250.35 Td (that ) Tj ET Q q 0 0 0 rg BT 408.90 250.35 Td (advice ) Tj ET Q q 0 0 0 rg BT 439.21 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 457.27 250.35 Td (service, ) Tj ET Q q 0 0 0 rg BT 492.54 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 508.28 250.35 Td (reputation ) Tj ET Q q 0 0 0 rg BT 553.76 250.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.35 237.75 Td (company ) Tj ET Q q 0 0 0 rg BT 104.87 237.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 147.72 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.58 237.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 201.05 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 215.90 237.75 Td (price ) Tj ET Q q 0 0 0 rg BT 238.91 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.68 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 264.54 237.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 303.01 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.86 237.75 Td (products ) Tj ET Q q 0 0 0 rg BT 356.05 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 373.23 237.75 Td (services ) Tj ET Q q 0 0 0 rg BT 409.08 237.75 Td (of) Tj ET Q q 0 0 0 rg BT 417.63 237.75 Td (fered ) Tj ET Q q 0 0 0 rg BT 441.22 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 458.41 237.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 508.86 237.75 Td (relationships ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 225.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 128.23 225.15 Td (of) Tj ET Q q 0 0 0 rg BT 136.79 225.15 Td (fered ) Tj ET Q q 0 0 0 rg BT 160.98 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 171.77 225.15 Td (distributors.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 199.95 Td (Competition ) Tj ET Q q 0 0 0 rg BT 140.93 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 152.02 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 168.94 199.95 Td (business ) Tj ET Q q 0 0 0 rg BT 207.46 199.95 Td (periodically ) Tj ET Q q 0 0 0 rg BT 260.53 199.95 Td (has ) Tj ET Q q 0 0 0 rg BT 277.46 199.95 Td (been ) Tj ET Q q 0 0 0 rg BT 300.20 199.95 Td (af) Tj ET Q q 0 0 0 rg BT 308.17 199.95 Td (fected ) Tj ET Q q 0 0 0 rg BT 336.74 199.95 Td (by ) Tj ET Q q 0 0 0 rg BT 350.17 199.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 397.42 199.95 Td (developments ) Tj ET Q q 0 0 0 rg BT 458.67 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 469.76 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 485.52 199.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.85 199.95 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (industry) Tj ET Q q 0 0 0 rg BT 83.24 187.35 Td (. ) Tj ET Q q 0 0 0 rg BT 90.35 187.35 Td (See ) Tj ET Q q 0 0 0 rg BT 110.00 187.35 Td (�Item�1A. ) Tj ET Q q 0 0 0 rg BT 156.47 187.35 Td (Risk ) Tj ET Q q 0 0 0 rg BT 180.21 187.35 Td (Factors�- ) Tj ET Q q 0 0 0 rg BT 221.73 187.35 Td (Risks ) Tj ET Q q 0 0 0 rg BT 249.56 187.35 Td (Related ) Tj ET Q q 0 0 0 rg BT 286.12 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 298.77 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 316.27 187.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 344.09 187.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 403.39 187.35 Td (Business ) Tj ET Q q 0 0 0 rg BT 445.22 187.35 Td (- ) Tj ET Q q 0 0 0 rg BT 453.20 187.35 Td (Competition ) Tj ET Q q 0 0 0 rg BT 510.19 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 522.84 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 539.17 187.35 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 106.94 174.75 Td (Industry ) Tj ET Q q 0 0 0 rg BT 144.56 174.75 Td (Could ) Tj ET Q q 0 0 0 rg BT 172.86 174.75 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 206.97 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 223.59 174.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 267.04 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 284.82 174.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 302.61 174.75 Td (Income.�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (Regulation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 98.50 149.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 124.35 Td (The ) Tj ET Q q 0 0 0 rg BT 104.43 124.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 127.45 124.35 Td (management ) Tj ET Q q 0 0 0 rg BT 183.70 124.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 220.72 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 231.50 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 246.93 124.35 Td (United ) Tj ET Q q 0 0 0 rg BT 278.12 124.35 Td (States ) Tj ET Q q 0 0 0 rg BT 305.80 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 315.41 124.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 347.76 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 358.54 124.35 Td (extensive ) Tj ET Q q 0 0 0 rg BT 400.79 124.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 445.97 124.35 Td (under ) Tj ET Q q 0 0 0 rg BT 472.48 124.35 Td (both ) Tj ET Q q 0 0 0 rg BT 493.76 124.35 Td (federal ) Tj ET Q q 0 0 0 rg BT 525.51 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 543.27 124.35 Td (state ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 92.47 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 110.95 111.75 Td (other ) Tj ET Q q 0 0 0 rg BT 135.85 111.75 Td (laws. ) Tj ET Q q 0 0 0 rg BT 160.80 111.75 Td (The ) Tj ET Q q 0 0 0 rg BT 180.45 111.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 203.02 111.75 Td (is ) Tj ET Q q 0 0 0 rg BT 213.35 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 229.49 111.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 261.96 111.75 Td (agency ) Tj ET Q q 0 0 0 rg BT 295.01 111.75 Td (char) Tj ET Q q 0 0 0 rg BT 312.89 111.75 Td (ged ) Tj ET Q q 0 0 0 rg BT 331.37 111.75 Td (with ) Tj ET Q q 0 0 0 rg BT 353.36 111.75 Td (administration ) Tj ET Q q 0 0 0 rg BT 417.33 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 429.40 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.55 111.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 478.01 111.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 520.98 111.75 Td (laws. ) Tj ET Q q 0 0 0 rg BT 546.18 111.75 Td (Our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 99.96 99.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 139.91 99.15 Td (also ) Tj ET Q q 0 0 0 rg BT 158.87 99.15 Td (may ) Tj ET Q q 0 0 0 rg BT 178.99 99.15 Td (be ) Tj ET Q q 0 0 0 rg BT 190.94 99.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 222.73 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 232.94 99.15 Td (regulation ) Tj ET Q q 0 0 0 rg BT 277.55 99.15 Td (by ) Tj ET Q q 0 0 0 rg BT 290.10 99.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 321.28 99.15 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 362.10 99.15 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 425.95 99.15 Td (or) Tj ET Q q 0 0 0 rg BT 434.50 99.15 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 484.37 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 501.57 99.15 Td (state ) Tj ET Q q 0 0 0 rg BT 522.86 99.15 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (commissions ) Tj ET Q q 0 0 0 rg BT 106.63 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 117.08 86.55 Td (those ) Tj ET Q q 0 0 0 rg BT 141.54 86.55 Td (states ) Tj ET Q q 0 0 0 rg BT 167.15 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 177.61 86.55 Td (which ) Tj ET Q q 0 0 0 rg BT 205.56 86.55 Td (we ) Tj ET Q q 0 0 0 rg BT 220.09 86.55 Td (conduct ) Tj ET Q q 0 0 0 rg BT 255.62 86.55 Td (business. ) Tj ET Q q 0 0 0 rg BT 296.12 86.55 Td (In ) Tj ET Q q 0 0 0 rg BT 307.15 86.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 346.48 86.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 369.18 86.55 Td (management ) Tj ET Q q 0 0 0 rg BT 425.11 86.55 Td (firms ) Tj ET Q q 0 0 0 rg BT 449.56 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 464.67 86.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 496.70 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 507.16 86.55 Td (regulation ) Tj ET Q q 0 0 0 rg BT 552.01 86.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (various ) Tj ET Q q 0 0 0 rg BT 82.17 73.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 114.25 73.95 Td (governments, ) Tj ET Q q 0 0 0 rg BT 172.87 73.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 214.29 73.95 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 262.40 73.95 Td (central ) Tj ET Q q 0 0 0 rg BT 292.72 73.95 Td (banks ) Tj ET Q q 0 0 0 rg BT 318.98 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 335.90 73.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 380.80 73.95 Td (bodies, ) Tj ET Q q 0 0 0 rg BT 412.60 73.95 Td (particularly ) Tj ET Q q 0 0 0 rg BT 462.76 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 472.68 73.95 Td (those ) Tj ET Q q 0 0 0 rg BT 496.61 73.95 Td (countries ) Tj ET Q q 0 0 0 rg BT 536.85 73.95 Td (where ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (they ) Tj ET Q q 0 0 0 rg BT 69.76 61.35 Td (have ) Tj ET Q q 0 0 0 rg BT 91.76 61.35 Td (established ) Tj ET Q q 0 0 0 rg BT 140.60 61.35 Td (of) Tj ET Q q 0 0 0 rg BT 149.15 61.35 Td (fices. ) Tj ET Q q 0 0 0 rg BT 173.78 61.35 Td (Due ) Tj ET Q q 0 0 0 rg BT 193.46 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 203.80 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 218.81 61.35 Td (extensive ) Tj ET Q q 0 0 0 rg BT 260.64 61.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 282.07 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 299.41 61.35 Td (regulations ) Tj ET Q q 0 0 0 rg BT 348.25 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 358.60 61.35 Td (which ) Tj ET Q q 0 0 0 rg BT 386.44 61.35 Td (we ) Tj ET Q q 0 0 0 rg BT 400.86 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 415.86 61.35 Td (subject, ) Tj ET Q q 0 0 0 rg BT 450.41 61.35 Td (we ) Tj ET Q q 0 0 0 rg BT 464.83 61.35 Td (must ) Tj ET Q q 0 0 0 rg BT 487.43 61.35 Td (devote ) Tj ET Q q 0 0 0 rg BT 517.60 61.35 Td (substantial ) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 73.71 741.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 110.46 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 128.55 741.75 Td (ef) Tj ET Q q 0 0 0 rg BT 136.51 741.75 Td (fort ) Tj ET Q q 0 0 0 rg BT 154.60 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 165.69 741.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 211.19 741.75 Td (vigilant ) Tj ET Q q 0 0 0 rg BT 246.20 741.75 Td (about, ) Tj ET Q q 0 0 0 rg BT 275.08 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 293.16 741.75 Td (addressing, ) Tj ET Q q 0 0 0 rg BT 343.62 741.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 366.96 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 385.04 741.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 431.12 741.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 482.44 741.75 Td (matters. ) Tj ET Q q 0 0 0 rg BT 518.90 741.75 Td (Moreover) Tj ET Q q 0 0 0 rg BT 559.88 741.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 95.27 729.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 131.72 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 142.51 729.15 Td (one ) Tj ET Q q 0 0 0 rg BT 160.30 729.15 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 210.75 729.15 Td (often ) Tj ET Q q 0 0 0 rg BT 234.95 729.15 Td (af) Tj ET Q q 0 0 0 rg BT 242.92 729.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 261.28 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 277.90 729.15 Td (business ) Tj ET Q q 0 0 0 rg BT 316.11 729.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 362.48 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 373.27 729.15 Td (other ) Tj ET Q q 0 0 0 rg BT 397.47 729.15 Td (jurisdictions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 703.95 Td (V) Tj ET Q q 0 0 0 rg BT 92.45 703.95 Td (irtually ) Tj ET Q q 0 0 0 rg BT 125.68 703.95 Td (all ) Tj ET Q q 0 0 0 rg BT 139.07 703.95 Td (aspects ) Tj ET Q q 0 0 0 rg BT 172.30 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 183.94 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 200.84 703.95 Td (business ) Tj ET Q q 0 0 0 rg BT 239.32 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 255.04 703.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 287.68 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 298.75 703.95 Td (various ) Tj ET Q q 0 0 0 rg BT 332.56 703.95 Td (laws ) Tj ET Q q 0 0 0 rg BT 354.71 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 372.77 703.95 Td (regulations ) Tj ET Q q 0 0 0 rg BT 422.32 703.95 Td (around ) Tj ET Q q 0 0 0 rg BT 454.38 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 470.11 703.95 Td (world, ) Tj ET Q q 0 0 0 rg BT 500.13 703.95 Td (some ) Tj ET Q q 0 0 0 rg BT 525.19 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 536.84 703.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 64.02 691.35 Td (summarized ) Tj ET Q q 0 0 0 rg BT 117.03 691.35 Td (below) Tj ET Q q 0 0 0 rg BT 142.01 691.35 Td (. ) Tj ET Q q 0 0 0 rg BT 146.21 691.35 Td (These ) Tj ET Q q 0 0 0 rg BT 172.98 691.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 193.92 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 210.78 691.35 Td (regulations ) Tj ET Q q 0 0 0 rg BT 259.13 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 273.65 691.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 314.42 691.35 Td (intended ) Tj ET Q q 0 0 0 rg BT 352.27 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 362.14 691.35 Td (protect ) Tj ET Q q 0 0 0 rg BT 392.99 691.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 440.76 691.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 478.62 691.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 507.73 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 524.59 691.35 Td (investors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.49 678.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 104.71 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 122.69 678.75 Td (unregistered ) Tj ET Q q 0 0 0 rg BT 177.41 678.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 226.31 678.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 276.65 678.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 305.72 678.75 Td (these ) Tj ET Q q 0 0 0 rg BT 330.11 678.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 352.18 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 370.16 678.75 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 422.27 678.75 Td (agencies ) Tj ET Q q 0 0 0 rg BT 461.23 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 479.80 678.75 Td (regulate ) Tj ET Q q 0 0 0 rg BT 516.44 678.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (advisers, ) Tj ET Q q 0 0 0 rg BT 88.51 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 136.56 666.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 161.86 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 179.00 666.15 Td (other ) Tj ET Q q 0 0 0 rg BT 202.54 666.15 Td (individuals ) Tj ET Q q 0 0 0 rg BT 251.18 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 268.32 666.15 Td (entities ) Tj ET Q q 0 0 0 rg BT 300.62 666.15 Td (have ) Tj ET Q q 0 0 0 rg BT 322.41 666.15 Td (broad ) Tj ET Q q 0 0 0 rg BT 348.29 666.15 Td (administrative ) Tj ET Q q 0 0 0 rg BT 410.33 666.15 Td (powers, ) Tj ET Q q 0 0 0 rg BT 445.26 666.15 Td (including ) Tj ET Q q 0 0 0 rg BT 486.89 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 501.69 666.15 Td (power ) Tj ET Q q 0 0 0 rg BT 529.91 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 540.05 666.15 Td (limit, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (restrict ) Tj ET Q q 0 0 0 rg BT 80.41 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 90.91 653.55 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 125.91 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 140.49 653.55 Td (regulated ) Tj ET Q q 0 0 0 rg BT 181.31 653.55 Td (entity ) Tj ET Q q 0 0 0 rg BT 206.97 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 217.47 653.55 Td (person ) Tj ET Q q 0 0 0 rg BT 247.22 653.55 Td (from ) Tj ET Q q 0 0 0 rg BT 269.39 653.55 Td (conducting ) Tj ET Q q 0 0 0 rg BT 317.79 653.55 Td (business ) Tj ET Q q 0 0 0 rg BT 355.14 653.55 Td (if ) Tj ET Q q 0 0 0 rg BT 363.30 653.55 Td (it ) Tj ET Q q 0 0 0 rg BT 370.89 653.55 Td (fails ) Tj ET Q q 0 0 0 rg BT 390.72 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 400.64 653.55 Td (comply ) Tj ET Q q 0 0 0 rg BT 433.89 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 454.31 653.55 Td (such ) Tj ET Q q 0 0 0 rg BT 475.32 653.55 Td (laws ) Tj ET Q q 0 0 0 rg BT 496.32 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 513.23 653.55 Td (regulations. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Regulators ) Tj ET Q q 0 0 0 rg BT 97.87 640.95 Td (also ) Tj ET Q q 0 0 0 rg BT 117.65 640.95 Td (have ) Tj ET Q q 0 0 0 rg BT 140.35 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 147.88 640.95 Td (variety ) Tj ET Q q 0 0 0 rg BT 179.90 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 191.52 640.95 Td (informal ) Tj ET Q q 0 0 0 rg BT 230.55 640.95 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 285.90 640.95 Td (mechanisms ) Tj ET Q q 0 0 0 rg BT 340.68 640.95 Td (available ) Tj ET Q q 0 0 0 rg BT 381.44 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 400.06 640.95 Td (could ) Tj ET Q q 0 0 0 rg BT 426.26 640.95 Td (have ) Tj ET Q q 0 0 0 rg BT 448.96 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 456.49 640.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 503.69 640.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 535.13 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 548.50 640.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (business. ) Tj ET Q q 0 0 0 rg BT 89.90 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 92.09 628.35 Td (Possible ) Tj ET Q q 0 0 0 rg BT 129.29 628.35 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 170.56 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 185.00 628.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 231.51 628.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 282.10 628.35 Td (failures ) Tj ET Q q 0 0 0 rg BT 315.77 628.35 Td (include ) Tj ET Q q 0 0 0 rg BT 348.87 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 363.89 628.35 Td (suspension ) Tj ET Q q 0 0 0 rg BT 412.16 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 423.10 628.35 Td (individual ) Tj ET Q q 0 0 0 rg BT 467.87 628.35 Td (employees, ) Tj ET Q q 0 0 0 rg BT 517.59 628.35 Td (limitations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 61.74 615.75 Td (engaging ) Tj ET Q q 0 0 0 rg BT 101.97 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 111.87 615.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 142.18 615.75 Td (lines ) Tj ET Q q 0 0 0 rg BT 163.75 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 174.23 615.75 Td (business ) Tj ET Q q 0 0 0 rg BT 211.56 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 225.54 615.75 Td (specified ) Tj ET Q q 0 0 0 rg BT 265.18 615.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 297.83 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 308.32 615.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 331.35 615.75 Td (revocation ) Tj ET Q q 0 0 0 rg BT 377.40 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 387.88 615.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 435.70 615.75 Td (adviser ) Tj ET Q q 0 0 0 rg BT 467.76 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 484.66 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 507.98 615.75 Td (registrations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (censures ) Tj ET Q q 0 0 0 rg BT 87.29 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 104.10 603.15 Td (fines. ) Tj ET Q q 0 0 0 rg BT 128.41 603.15 Td (A) Tj ET Q q 0 0 0 rg BT 135.42 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 137.06 603.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 181.85 603.15 Td (proceeding, ) Tj ET Q q 0 0 0 rg BT 232.76 603.15 Td (regardless ) Tj ET Q q 0 0 0 rg BT 276.97 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 287.36 603.15 Td (whether ) Tj ET Q q 0 0 0 rg BT 322.82 603.15 Td (it ) Tj ET Q q 0 0 0 rg BT 330.30 603.15 Td (results ) Tj ET Q q 0 0 0 rg BT 359.35 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 369.16 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 375.47 603.15 Td (sanction, ) Tj ET Q q 0 0 0 rg BT 414.73 603.15 Td (can ) Tj ET Q q 0 0 0 rg BT 430.94 603.15 Td (require ) Tj ET Q q 0 0 0 rg BT 462.31 603.15 Td (substantial ) Tj ET Q q 0 0 0 rg BT 508.87 603.15 Td (expenditures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 590.55 Td (can ) Tj ET Q q 0 0 0 rg BT 84.48 590.55 Td (have ) Tj ET Q q 0 0 0 rg BT 106.93 590.55 Td (an ) Tj ET Q q 0 0 0 rg BT 119.46 590.55 Td (adverse ) Tj ET Q q 0 0 0 rg BT 154.15 590.55 Td (ef) Tj ET Q q 0 0 0 rg BT 162.12 590.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 180.48 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 193.61 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 210.23 590.55 Td (reputation ) Tj ET Q q 0 0 0 rg BT 255.42 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 266.80 590.55 Td (business.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 565.35 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 135.96 565.35 Td (Reform) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 540.15 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 540.15 Td (e ) Tj ET Q q 0 0 0 rg BT 101.61 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 116.80 540.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 148.92 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 159.46 540.15 Td (numerous ) Tj ET Q q 0 0 0 rg BT 203.24 540.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 248.77 540.15 Td (reform ) Tj ET Q q 0 0 0 rg BT 279.71 540.15 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 323.50 540.15 Td (around ) Tj ET Q q 0 0 0 rg BT 355.03 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 370.23 540.15 Td (world. ) Tj ET Q q 0 0 0 rg BT 399.21 540.15 Td (Any ) Tj ET Q q 0 0 0 rg BT 419.67 540.15 Td (such ) Tj ET Q q 0 0 0 rg BT 441.29 540.15 Td (initiative, ) Tj ET Q q 0 0 0 rg BT 483.61 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 494.74 540.15 Td (any ) Tj ET Q q 0 0 0 rg BT 512.27 540.15 Td (new ) Tj ET Q q 0 0 0 rg BT 532.14 540.15 Td (laws ) Tj ET Q q 0 0 0 rg BT 553.76 540.15 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (regulations ) Tj ET Q q 0 0 0 rg BT 98.70 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 109.99 527.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 146.36 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 157.07 527.55 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 212.09 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 223.38 527.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 259.17 527.55 Td (laws ) Tj ET Q q 0 0 0 rg BT 280.97 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 292.26 527.55 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 344.09 527.55 Td (could ) Tj ET Q q 0 0 0 rg BT 369.96 527.55 Td (materially ) Tj ET Q q 0 0 0 rg BT 415.07 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 432.78 527.55 Td (adversely ) Tj ET Q q 0 0 0 rg BT 475.55 527.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 506.67 527.55 Td (us ) Tj ET Q q 0 0 0 rg BT 518.56 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 531.60 527.55 Td (leading ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 61.17 514.95 Td (business ) Tj ET Q q 0 0 0 rg BT 100.26 514.95 Td (disruptions, ) Tj ET Q q 0 0 0 rg BT 153.06 514.95 Td (requiring ) Tj ET Q q 0 0 0 rg BT 195.05 514.95 Td (us ) Tj ET Q q 0 0 0 rg BT 207.89 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 219.56 514.95 Td (change ) Tj ET Q q 0 0 0 rg BT 252.79 514.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 284.86 514.95 Td (business ) Tj ET Q q 0 0 0 rg BT 323.94 514.95 Td (practices ) Tj ET Q q 0 0 0 rg BT 364.76 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 383.42 514.95 Td (exposing ) Tj ET Q q 0 0 0 rg BT 424.84 514.95 Td (us ) Tj ET Q q 0 0 0 rg BT 437.67 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 449.34 514.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 494.84 514.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 519.34 514.95 Td (\(including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 100.94 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 119.15 502.35 Td (legal ) Tj ET Q q 0 0 0 rg BT 142.60 502.35 Td (costs\). ) Tj ET Q q 0 0 0 rg BT 172.55 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 191.92 502.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 215.37 502.35 Td (governing ) Tj ET Q q 0 0 0 rg BT 260.99 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 276.87 502.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 322.48 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 334.27 502.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 374.05 502.35 Td (institutions ) Tj ET Q q 0 0 0 rg BT 423.77 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 441.98 502.35 Td (their ) Tj ET Q q 0 0 0 rg BT 464.27 502.35 Td (holding ) Tj ET Q q 0 0 0 rg BT 499.40 502.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 547.35 502.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 101.88 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 117.50 489.75 Td (very ) Tj ET Q q 0 0 0 rg BT 138.96 489.75 Td (detailed ) Tj ET Q q 0 0 0 rg BT 174.99 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 192.95 489.75 Td (technical. ) Tj ET Q q 0 0 0 rg BT 235.66 489.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 287.46 489.75 Td (, ) Tj ET Q q 0 0 0 rg BT 292.89 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 308.52 489.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 355.07 489.75 Td (below ) Tj ET Q q 0 0 0 rg BT 383.53 489.75 Td (is ) Tj ET Q q 0 0 0 rg BT 393.34 489.75 Td (general ) Tj ET Q q 0 0 0 rg BT 427.03 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 438.00 489.75 Td (nature, ) Tj ET Q q 0 0 0 rg BT 469.66 489.75 Td (does ) Tj ET Q q 0 0 0 rg BT 491.71 489.75 Td (not ) Tj ET Q q 0 0 0 rg BT 507.93 489.75 Td (purport ) Tj ET Q q 0 0 0 rg BT 541.64 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 552.61 489.75 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (complete ) Tj ET Q q 0 0 0 rg BT 90.61 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 108.40 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 118.02 477.15 Td (current ) Tj ET Q q 0 0 0 rg BT 150.38 477.15 Td (only ) Tj ET Q q 0 0 0 rg BT 171.67 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 183.05 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 194.42 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 209.87 477.15 Td (date ) Tj ET Q q 0 0 0 rg BT 229.98 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 241.36 477.15 Td (this ) Tj ET Q q 0 0 0 rg BT 259.15 477.15 Td (report.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 451.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 106.21 451.95 Td (Executive ) Tj ET Q q 0 0 0 rg BT 149.64 451.95 Td (Or) Tj ET Q q 0 0 0 rg BT 160.92 451.95 Td (der) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 439.35 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 426.75 Td (On ) Tj ET Q q 0 0 0 rg BT 100.47 426.75 Td (February ) Tj ET Q q 0 0 0 rg BT 140.52 426.75 Td (3, ) Tj ET Q q 0 0 0 rg BT 150.53 426.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 176.30 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 183.10 426.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 203.91 426.75 Td (presidential ) Tj ET Q q 0 0 0 rg BT 255.04 426.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 297.41 426.75 Td (order ) Tj ET Q q 0 0 0 rg BT 321.70 426.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 340.17 426.75 Td (�Executive ) Tj ET Q q 0 0 0 rg BT 388.95 426.75 Td (Order�\) ) Tj ET Q q 0 0 0 rg BT 423.73 426.75 Td (articulated ) Tj ET Q q 0 0 0 rg BT 470.18 426.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 500.89 426.75 Td (core ) Tj ET Q q 0 0 0 rg BT 521.10 426.75 Td (principles ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.06 414.15 Td (regulating ) Tj ET Q q 0 0 0 rg BT 108.96 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 124.11 414.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.10 414.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 184.15 414.15 Td (system ) Tj ET Q q 0 0 0 rg BT 215.64 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 233.12 414.15 Td (directed ) Tj ET Q q 0 0 0 rg BT 269.26 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 284.41 414.15 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 326.37 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 337.44 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 352.59 414.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 373.42 414.15 Td (T) Tj ET Q q 0 0 0 rg BT 379.46 414.15 Td (reasury ) Tj ET Q q 0 0 0 rg BT 412.68 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 423.17 414.15 Td (report ) Tj ET Q q 0 0 0 rg BT 450.56 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 461.05 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 476.20 414.15 Td (President ) Tj ET Q q 0 0 0 rg BT 517.60 414.15 Td (within ) Tj ET Q q 0 0 0 rg BT 546.76 414.15 Td (120 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (days ) Tj ET Q q 0 0 0 rg BT 71.98 401.55 Td (on ) Tj ET Q q 0 0 0 rg BT 85.70 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 101.76 401.55 Td (extent ) Tj ET Q q 0 0 0 rg BT 130.65 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 142.04 401.55 Td (which ) Tj ET Q q 0 0 0 rg BT 170.93 401.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 207.41 401.55 Td (laws, ) Tj ET Q q 0 0 0 rg BT 232.51 401.55 Td (treaties, ) Tj ET Q q 0 0 0 rg BT 268.68 401.55 Td (rules, ) Tj ET Q q 0 0 0 rg BT 294.95 401.55 Td (regulations ) Tj ET Q q 0 0 0 rg BT 344.83 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 363.22 401.55 Td (policies ) Tj ET Q q 0 0 0 rg BT 399.11 401.55 Td (promote, ) Tj ET Q q 0 0 0 rg BT 439.95 401.55 Td (support ) Tj ET Q q 0 0 0 rg BT 474.68 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 486.66 401.55 Td (inhibit ) Tj ET Q q 0 0 0 rg BT 517.31 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 533.36 401.55 Td (federal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (regulation ) Tj ET Q q 0 0 0 rg BT 94.97 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 106.62 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 122.35 388.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 143.93 388.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 183.56 388.95 Td (system ) Tj ET Q q 0 0 0 rg BT 215.63 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 226.70 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 234.26 388.95 Td (manner ) Tj ET Q q 0 0 0 rg BT 268.65 388.95 Td (consistent ) Tj ET Q q 0 0 0 rg BT 313.55 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 335.12 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 350.85 388.95 Td (core ) Tj ET Q q 0 0 0 rg BT 371.82 388.95 Td (principles. ) Tj ET Q q 0 0 0 rg BT 418.54 388.95 Td (The ) Tj ET Q q 0 0 0 rg BT 437.77 388.95 Td (scope ) Tj ET Q q 0 0 0 rg BT 464.58 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 482.64 388.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 522.28 388.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 553.76 388.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (any ) Tj ET Q q 0 0 0 rg BT 67.08 376.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 112.65 376.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 148.89 376.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 188.06 376.35 Td (from ) Tj ET Q q 0 0 0 rg BT 210.89 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 226.14 376.35 Td (Executive ) Tj ET Q q 0 0 0 rg BT 270.54 376.35 Td (order ) Tj ET Q q 0 0 0 rg BT 295.12 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 310.36 376.35 Td (unclear ) Tj ET Q q 0 0 0 rg BT 343.68 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 361.26 376.35 Td (we ) Tj ET Q q 0 0 0 rg BT 375.92 376.35 Td (will ) Tj ET Q q 0 0 0 rg BT 394.68 376.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 433.26 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 443.85 376.35 Td (monitor ) Tj ET Q q 0 0 0 rg BT 479.52 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 494.77 376.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 533.93 376.35 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.32 363.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 120.93 363.75 Td (Order ) Tj ET Q q 0 0 0 rg BT 148.04 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 161.17 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 177.79 363.75 Td (business.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 338.55 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 140.62 338.55 Td (W) Tj ET Q q 0 0 0 rg BT 148.40 338.55 Td (all ) Tj ET Q q 0 0 0 rg BT 162.11 338.55 Td (Str) Tj ET Q q 0 0 0 rg BT 173.97 338.55 Td (eet ) Tj ET Q q 0 0 0 rg BT 188.84 338.55 Td (Reform ) Tj ET Q q 0 0 0 rg BT 222.37 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 240.75 338.55 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 286.54 338.55 Td (Pr) Tj ET Q q 0 0 0 rg BT 296.65 338.55 Td (otection ) Tj ET Q q 0 0 0 rg BT 332.91 338.55 Td (Act) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 313.35 Td (In ) Tj ET Q q 0 0 0 rg BT 96.24 313.35 Td (July ) Tj ET Q q 0 0 0 rg BT 115.73 313.35 Td (2010, ) Tj ET Q q 0 0 0 rg BT 141.35 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 156.17 313.35 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 209.34 313.35 Td (W) Tj ET Q q 0 0 0 rg BT 218.41 313.35 Td (all ) Tj ET Q q 0 0 0 rg BT 230.90 313.35 Td (Street ) Tj ET Q q 0 0 0 rg BT 257.38 313.35 Td (Reform ) Tj ET Q q 0 0 0 rg BT 291.44 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 308.60 313.35 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 353.75 313.35 Td (Protection ) Tj ET Q q 0 0 0 rg BT 398.46 313.35 Td (Act ) Tj ET Q q 0 0 0 rg BT 415.61 313.35 Td (\(the ) Tj ET Q q 0 0 0 rg BT 433.93 313.35 Td (�Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 491.47 313.35 Td (Act�\) ) Tj ET Q q 0 0 0 rg BT 516.78 313.35 Td (was ) Tj ET Q q 0 0 0 rg BT 535.10 313.35 Td (signed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (into ) Tj ET Q q 0 0 0 rg BT 68.42 300.75 Td (law ) Tj ET Q q 0 0 0 rg BT 86.17 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 96.93 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.34 300.75 Td (United ) Tj ET Q q 0 0 0 rg BT 143.51 300.75 Td (States. ) Tj ET Q q 0 0 0 rg BT 173.62 300.75 Td (The ) Tj ET Q q 0 0 0 rg BT 192.53 300.75 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 245.87 300.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 263.62 300.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 300.03 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.45 300.75 Td (adoption ) Tj ET Q q 0 0 0 rg BT 354.78 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 366.11 300.75 Td (extensive ) Tj ET Q q 0 0 0 rg BT 408.35 300.75 Td (regulations ) Tj ET Q q 0 0 0 rg BT 457.60 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 475.35 300.75 Td (numerous ) Tj ET Q q 0 0 0 rg BT 519.35 300.75 Td (regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (decisions, ) Tj ET Q q 0 0 0 rg BT 94.47 288.15 Td (many ) Tj ET Q q 0 0 0 rg BT 121.06 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 133.07 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 161.99 288.15 Td (have ) Tj ET Q q 0 0 0 rg BT 185.08 288.15 Td (been ) Tj ET Q q 0 0 0 rg BT 208.16 288.15 Td (adopted ) Tj ET Q q 0 0 0 rg BT 244.66 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 263.09 288.15 Td (others ) Tj ET Q q 0 0 0 rg BT 292.01 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 304.02 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 332.95 288.15 Td (will ) Tj ET Q q 0 0 0 rg BT 352.54 288.15 Td (be ) Tj ET Q q 0 0 0 rg BT 365.72 288.15 Td (forthcoming. ) Tj ET Q q 0 0 0 rg BT 422.79 288.15 Td (As ) Tj ET Q q 0 0 0 rg BT 437.73 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 453.82 288.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 485.65 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 497.66 288.15 Td (these ) Tj ET Q q 0 0 0 rg BT 522.50 288.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 546.18 288.15 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (become ) Tj ET Q q 0 0 0 rg BT 86.05 275.55 Td (evident ) Tj ET Q q 0 0 0 rg BT 120.85 275.55 Td (over ) Tj ET Q q 0 0 0 rg BT 143.41 275.55 Td (time, ) Tj ET Q q 0 0 0 rg BT 168.59 275.55 Td (it ) Tj ET Q q 0 0 0 rg BT 178.33 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 189.23 275.55 Td (not ) Tj ET Q q 0 0 0 rg BT 206.54 275.55 Td (yet ) Tj ET Q q 0 0 0 rg BT 223.27 275.55 Td (possible ) Tj ET Q q 0 0 0 rg BT 261.59 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 273.65 275.55 Td (predict ) Tj ET Q q 0 0 0 rg BT 306.70 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 323.43 275.55 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 361.73 275.55 Td (ef) Tj ET Q q 0 0 0 rg BT 369.70 275.55 Td (fects ) Tj ET Q q 0 0 0 rg BT 393.42 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 413.07 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 429.79 275.55 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 484.16 275.55 Td (Act ) Tj ET Q q 0 0 0 rg BT 503.22 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 515.86 275.55 Td (subsequent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (implementing ) Tj ET Q q 0 0 0 rg BT 111.50 262.95 Td (regulations ) Tj ET Q q 0 0 0 rg BT 161.82 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 180.65 262.95 Td (decisions ) Tj ET Q q 0 0 0 rg BT 223.40 262.95 Td (will ) Tj ET Q q 0 0 0 rg BT 243.41 262.95 Td (have ) Tj ET Q q 0 0 0 rg BT 266.90 262.95 Td (on ) Tj ET Q q 0 0 0 rg BT 281.07 262.95 Td (us. ) Tj ET Q q 0 0 0 rg BT 296.70 262.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 300.37 262.95 Td (In ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 311.97 262.95 Td (April ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 337.81 262.95 Td (2017, ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 365.10 262.95 Td (the ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 381.60 262.95 Td (House ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 412.10 262.95 Td (Financial ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 454.84 262.95 Td (Services ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 494.08 262.95 Td (Committee ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 544.41 262.95 Td (held ) Tj ET Q BT /F1 10.50 Tf ET q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 49.50 250.35 Td (hearings ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 87.21 250.35 Td (on ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 99.85 250.35 Td (the ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 114.81 250.35 Td (Financial ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 156.03 250.35 Td (CHOICE ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 196.78 250.35 Td (Act, ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 216.70 250.35 Td (a ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 223.50 250.35 Td (proposal ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 261.80 250.35 Td (that ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 279.68 250.35 Td (aims ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 301.65 250.35 Td (to ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 311.96 250.35 Td (reverse ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 344.41 250.35 Td (many ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 369.88 250.35 Td (features ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 405.24 250.35 Td (of ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 416.13 250.35 Td (the ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 431.09 250.35 Td (Dodd-Frank ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 484.09 250.35 Td (Act, ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 504.01 250.35 Td (make ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 528.89 250.35 Td (tar) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 539.77 250.35 Td (geted ) Tj ET Q BT /F1 10.50 Tf ET q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 49.50 237.75 Td (changes ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 86.43 237.75 Td (to ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 97.72 237.75 Td (many ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 124.16 237.75 Td (aspects ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 157.60 237.75 Td (of ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 169.46 237.75 Td (Dodd-Frank ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 223.90 237.75 Td (and ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 242.18 237.75 Td (address ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 276.79 237.75 Td (a ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 284.56 237.75 Td (variety ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 316.83 237.75 Td (of ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 328.69 237.75 Td (other ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 353.38 237.75 Td (financial ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 393.23 237.75 Td (reform ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 424.91 237.75 Td (matters. ) Tj ET Q q 0.28627450980392155 0.21568627450980393 0.1568627450980392 rg BT 461.56 237.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 464.68 237.75 Td (It ) Tj ET Q q 0 0 0 rg BT 474.21 237.75 Td (is ) Tj ET Q q 0 0 0 rg BT 484.33 237.75 Td (not ) Tj ET Q q 0 0 0 rg BT 500.86 237.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 516.80 237.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 554.34 237.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (predict ) Tj ET Q q 0 0 0 rg BT 81.28 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 96.73 225.15 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 133.76 225.15 Td (ef) Tj ET Q q 0 0 0 rg BT 141.73 225.15 Td (fects ) Tj ET Q q 0 0 0 rg BT 164.18 225.15 Td (that ) Tj ET Q q 0 0 0 rg BT 182.55 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 198.00 225.15 Td (CHOICE ) Tj ET Q q 0 0 0 rg BT 239.13 225.15 Td (Act, ) Tj ET Q q 0 0 0 rg BT 259.54 225.15 Td (if ) Tj ET Q q 0 0 0 rg BT 268.58 225.15 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 305.89 225.15 Td (or ) Tj ET Q q 0 0 0 rg BT 317.26 225.15 Td (any ) Tj ET Q q 0 0 0 rg BT 335.05 225.15 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 384.34 225.15 Td (regulations ) Tj ET Q q 0 0 0 rg BT 433.62 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 451.40 225.15 Td (decisions ) Tj ET Q q 0 0 0 rg BT 493.11 225.15 Td (will ) Tj ET Q q 0 0 0 rg BT 512.07 225.15 Td (have ) Tj ET Q q 0 0 0 rg BT 534.51 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 547.64 225.15 Td (us.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 199.95 Td (Systemically ) Tj ET Q q 0 0 0 rg BT 140.61 199.95 Td (Important ) Tj ET Q q 0 0 0 rg BT 185.23 199.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 228.69 199.95 Td (Institution ) Tj ET Q q 0 0 0 rg BT 274.48 199.95 Td (Review) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 174.75 Td (On ) Tj ET Q q 0 0 0 rg BT 101.11 174.75 Td (July ) Tj ET Q q 0 0 0 rg BT 121.39 174.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 137.29 174.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 163.70 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 179.30 174.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 221.15 174.75 Td (Stability ) Tj ET Q q 0 0 0 rg BT 259.52 174.75 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 303.71 174.75 Td (Council ) Tj ET Q q 0 0 0 rg BT 339.73 174.75 Td (\(�FSOC�\) ) Tj ET Q q 0 0 0 rg BT 385.09 174.75 Td (principals ) Tj ET Q q 0 0 0 rg BT 429.28 174.75 Td (directed ) Tj ET Q q 0 0 0 rg BT 465.87 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.47 174.75 Td (staf) Tj ET Q q 0 0 0 rg BT 496.44 174.75 Td (f ) Tj ET Q q 0 0 0 rg BT 502.72 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 513.66 174.75 Td (undertake ) Tj ET Q q 0 0 0 rg BT 557.84 174.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (more ) Tj ET Q q 0 0 0 rg BT 72.92 162.15 Td (focused ) Tj ET Q q 0 0 0 rg BT 107.42 162.15 Td (analysis ) Tj ET Q q 0 0 0 rg BT 143.10 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 153.69 162.15 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 213.86 162.15 Td (products ) Tj ET Q q 0 0 0 rg BT 251.87 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 268.87 162.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 308.62 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 318.64 162.15 Td (assess ) Tj ET Q q 0 0 0 rg BT 346.15 162.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 384.74 162.15 Td (risks ) Tj ET Q q 0 0 0 rg BT 406.42 162.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 451.42 162.15 Td (with ) Tj ET Q q 0 0 0 rg BT 471.93 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 486.60 162.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.86 162.15 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (industry) Tj ET Q q 0 0 0 rg BT 83.24 149.55 Td (, ) Tj ET Q q 0 0 0 rg BT 88.14 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 105.58 149.55 Td (on ) Tj ET Q q 0 0 0 rg BT 118.36 149.55 Td (December ) Tj ET Q q 0 0 0 rg BT 163.78 149.55 Td (18, ) Tj ET Q q 0 0 0 rg BT 179.19 149.55 Td (2014 ) Tj ET Q q 0 0 0 rg BT 202.47 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 217.58 149.55 Td (FSOC ) Tj ET Q q 0 0 0 rg BT 246.12 149.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 274.65 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 281.60 149.55 Td (Request ) Tj ET Q q 0 0 0 rg BT 317.70 149.55 Td (for ) Tj ET Q q 0 0 0 rg BT 332.23 149.55 Td (Information ) Tj ET Q q 0 0 0 rg BT 384.66 149.55 Td (related ) Tj ET Q q 0 0 0 rg BT 415.50 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 425.95 149.55 Td (this ) Tj ET Q q 0 0 0 rg BT 443.40 149.55 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 482.14 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 484.42 149.55 Td (On ) Tj ET Q q 0 0 0 rg BT 499.03 149.55 Td (April ) Tj ET Q q 0 0 0 rg BT 523.47 149.55 Td (18, ) Tj ET Q q 0 0 0 rg BT 538.88 149.55 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.69 136.95 Td (FSOC ) Tj ET Q q 0 0 0 rg BT 95.31 136.95 Td (released ) Tj ET Q q 0 0 0 rg BT 133.07 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 141.09 136.95 Td (statement ) Tj ET Q q 0 0 0 rg BT 184.68 136.95 Td (providing ) Tj ET Q q 0 0 0 rg BT 228.87 136.95 Td (an ) Tj ET Q q 0 0 0 rg BT 242.14 136.95 Td (update ) Tj ET Q q 0 0 0 rg BT 273.49 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 287.35 136.95 Td (its ) Tj ET Q q 0 0 0 rg BT 300.63 136.95 Td (review ) Tj ET Q q 0 0 0 rg BT 332.56 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 344.67 136.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 368.44 136.95 Td (management ) Tj ET Q q 0 0 0 rg BT 425.44 136.95 Td (products ) Tj ET Q q 0 0 0 rg BT 464.96 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 483.48 136.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 524.75 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 543.27 136.95 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 88.98 124.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 111.56 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 122.47 124.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 143.88 124.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 183.35 124.35 Td (stability) Tj ET Q q 0 0 0 rg BT 216.50 124.35 Td (. ) Tj ET Q q 0 0 0 rg BT 221.87 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 224.41 124.35 Td (The ) Tj ET Q q 0 0 0 rg BT 243.48 124.35 Td (statement ) Tj ET Q q 0 0 0 rg BT 286.45 124.35 Td (outlines ) Tj ET Q q 0 0 0 rg BT 322.44 124.35 Td (FSOC�) Tj ET Q q 0 0 0 rg BT 351.63 124.35 Td (s ) Tj ET Q q 0 0 0 rg BT 358.45 124.35 Td (recent ) Tj ET Q q 0 0 0 rg BT 386.84 124.35 Td (analysis ) Tj ET Q q 0 0 0 rg BT 423.41 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 434.90 124.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 457.47 124.35 Td (focused ) Tj ET Q q 0 0 0 rg BT 492.87 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 506.11 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 521.68 124.35 Td (following ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (areas: ) Tj ET Q q 0 0 0 rg BT 76.27 111.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 88.46 111.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 126.34 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 143.78 111.75 Td (redemption; ) Tj ET Q q 0 0 0 rg BT 196.80 111.75 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 211.92 111.75 Td (leverage; ) Tj ET Q q 0 0 0 rg BT 252.68 111.75 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 270.71 111.75 Td (operational ) Tj ET Q q 0 0 0 rg BT 320.22 111.75 Td (functions; ) Tj ET Q q 0 0 0 rg BT 364.51 111.75 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 381.95 111.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 423.89 111.75 Td (lending; ) Tj ET Q q 0 0 0 rg BT 460.59 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 478.03 111.75 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 492.56 111.75 Td (resolvability ) Tj ET Q q 0 0 0 rg BT 547.34 111.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (transition ) Tj ET Q q 0 0 0 rg BT 92.06 99.15 Td (planning. ) Tj ET Q q 0 0 0 rg BT 134.33 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 137.01 99.15 Td (The ) Tj ET Q q 0 0 0 rg BT 156.23 99.15 Td (statement ) Tj ET Q q 0 0 0 rg BT 199.37 99.15 Td (also ) Tj ET Q q 0 0 0 rg BT 219.18 99.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 257.06 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 272.79 99.15 Td (FSOC�) Tj ET Q q 0 0 0 rg BT 301.97 99.15 Td (s ) Tj ET Q q 0 0 0 rg BT 308.95 99.15 Td (views ) Tj ET Q q 0 0 0 rg BT 336.35 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 349.74 99.15 Td (ways ) Tj ET Q q 0 0 0 rg BT 374.22 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 385.28 99.15 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 422.58 99.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 462.22 99.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 501.85 99.15 Td (instability ) Tj ET Q q 0 0 0 rg BT 546.75 99.15 Td (risk ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 84.20 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 94.99 86.55 Td (such ) Tj ET Q q 0 0 0 rg BT 116.86 86.55 Td (areas.) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.90 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 305.76 31.25 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 741.75 Td (On ) Tj ET Q q 0 0 0 rg BT 103.01 741.75 Td (January ) Tj ET Q q 0 0 0 rg BT 140.34 741.75 Td (8, ) Tj ET Q q 0 0 0 rg BT 152.89 741.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 181.19 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 198.69 741.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 242.44 741.75 Td (Stability ) Tj ET Q q 0 0 0 rg BT 282.70 741.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 313.04 741.75 Td (\(�FSB�\) ) Tj ET Q q 0 0 0 rg BT 352.71 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 372.55 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 390.05 741.75 Td (International ) Tj ET Q q 0 0 0 rg BT 448.37 741.75 Td (Or) Tj ET Q q 0 0 0 rg BT 459.26 741.75 Td (ganization ) Tj ET Q q 0 0 0 rg BT 507.67 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 521.09 741.75 Td (Securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Commissions ) Tj ET Q q 0 0 0 rg BT 110.16 729.15 Td (\(�IOSCO�\) ) Tj ET Q q 0 0 0 rg BT 161.46 729.15 Td (issued ) Tj ET Q q 0 0 0 rg BT 191.18 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 199.32 729.15 Td (consultative ) Tj ET Q q 0 0 0 rg BT 253.53 729.15 Td (document ) Tj ET Q q 0 0 0 rg BT 298.42 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 312.39 729.15 Td (proposed ) Tj ET Q q 0 0 0 rg BT 354.36 729.15 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 419.67 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 431.31 729.15 Td (identify ) Tj ET Q q 0 0 0 rg BT 467.44 729.15 Td (nonbank/noninsurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (global ) Tj ET Q q 0 0 0 rg BT 78.37 716.55 Td (systemically ) Tj ET Q q 0 0 0 rg BT 133.49 716.55 Td (important ) Tj ET Q q 0 0 0 rg BT 176.94 716.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 216.30 716.55 Td (institutions ) Tj ET Q q 0 0 0 rg BT 265.60 716.55 Td (\(�G-SIFI�\). ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 691.35 Td (Both ) Tj ET Q q 0 0 0 rg BT 109.26 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 125.43 691.35 Td (FSB, ) Tj ET Q q 0 0 0 rg BT 150.07 691.35 Td (working ) Tj ET Q q 0 0 0 rg BT 188.41 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 210.42 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 226.58 691.35 Td (IOSCO, ) Tj ET Q q 0 0 0 rg BT 264.05 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 282.55 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 298.72 691.35 Td (FSOC, ) Tj ET Q q 0 0 0 rg BT 330.95 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 347.11 691.35 Td (considering ) Tj ET Q q 0 0 0 rg BT 399.43 691.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 439.51 691.35 Td (systemic ) Tj ET Q q 0 0 0 rg BT 479.60 691.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 498.69 691.35 Td (related ) Tj ET Q q 0 0 0 rg BT 530.59 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 542.10 691.35 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 105.84 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 123.70 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 139.22 678.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 179.82 678.75 Td (focused ) Tj ET Q q 0 0 0 rg BT 215.17 678.75 Td (on ) Tj ET Q q 0 0 0 rg BT 228.37 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 235.73 678.75 Td (products ) Tj ET Q q 0 0 0 rg BT 274.58 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 292.44 678.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 333.05 678.75 Td (approach ) Tj ET Q q 0 0 0 rg BT 374.22 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 385.09 678.75 Td (their ) Tj ET Q q 0 0 0 rg BT 407.03 678.75 Td (review ) Tj ET Q q 0 0 0 rg BT 438.30 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 449.74 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 472.85 678.75 Td (managers. ) Tj ET Q q 0 0 0 rg BT 518.41 678.75 Td (In ) Tj ET Q q 0 0 0 rg BT 529.85 678.75 Td (January ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 74.56 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 88.82 666.15 Td (FSB ) Tj ET Q q 0 0 0 rg BT 108.94 666.15 Td (recently ) Tj ET Q q 0 0 0 rg BT 144.19 666.15 Td (announced ) Tj ET Q q 0 0 0 rg BT 191.10 666.15 Td (its ) Tj ET Q q 0 0 0 rg BT 202.46 666.15 Td (Policy ) Tj ET Q q 0 0 0 rg BT 230.73 666.15 Td (Recommendations ) Tj ET Q q 0 0 0 rg BT 310.31 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 319.60 666.15 Td (Address ) Tj ET Q q 0 0 0 rg BT 355.45 666.15 Td (Structural ) Tj ET Q q 0 0 0 rg BT 398.18 666.15 Td (V) Tj ET Q q 0 0 0 rg BT 405.14 666.15 Td (ulnerabilities ) Tj ET Q q 0 0 0 rg BT 461.39 666.15 Td (from ) Tj ET Q q 0 0 0 rg BT 482.92 666.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 507.69 666.15 Td (Management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (Activities, ) Tj ET Q q 0 0 0 rg BT 96.18 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 125.07 653.55 Td (concentrates ) Tj ET Q q 0 0 0 rg BT 180.77 653.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 223.07 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 236.80 653.55 Td (products ) Tj ET Q q 0 0 0 rg BT 276.19 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 294.58 653.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 335.71 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 354.10 653.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 392.33 653.55 Td (14 ) Tj ET Q q 0 0 0 rg BT 406.05 653.55 Td (recommendations ) Tj ET Q q 0 0 0 rg BT 483.93 653.55 Td (lar) Tj ET Q q 0 0 0 rg BT 494.81 653.55 Td (gely ) Tj ET Q q 0 0 0 rg BT 516.12 653.55 Td (focused ) Tj ET Q q 0 0 0 rg BT 552.00 653.55 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 87.51 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 98.10 640.95 Td (open-end ) Tj ET Q q 0 0 0 rg BT 139.59 640.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 167.98 640.95 Td (leverage ) Tj ET Q q 0 0 0 rg BT 205.96 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 216.55 640.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 244.93 640.95 Td (operational ) Tj ET Q q 0 0 0 rg BT 294.58 640.95 Td (risk, ) Tj ET Q q 0 0 0 rg BT 315.38 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 332.97 640.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 375.05 640.95 Td (lending, ) Tj ET Q q 0 0 0 rg BT 411.59 640.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 442.58 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 453.75 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 481.83 640.95 Td (IOSCO ) Tj ET Q q 0 0 0 rg BT 515.76 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 525.19 640.95 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 628.35 Td (engage ) Tj ET Q q 0 0 0 rg BT 92.65 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 105.77 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 116.57 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 132.02 628.35 Td (future.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 603.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 115.44 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 131.97 603.15 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 186.18 603.15 Td (Act, ) Tj ET Q q 0 0 0 rg BT 207.67 603.15 Td (we ) Tj ET Q q 0 0 0 rg BT 223.61 603.15 Td (could ) Tj ET Q q 0 0 0 rg BT 250.64 603.15 Td (be ) Tj ET Q q 0 0 0 rg BT 264.25 603.15 Td (designated ) Tj ET Q q 0 0 0 rg BT 312.85 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 321.21 603.15 Td (systemically ) Tj ET Q q 0 0 0 rg BT 377.41 603.15 Td (important ) Tj ET Q q 0 0 0 rg BT 421.93 603.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.36 603.15 Td (institution ) Tj ET Q q 0 0 0 rg BT 508.66 603.15 Td (\(�SIFI�\) ) Tj ET Q q 0 0 0 rg BT 547.34 603.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (become ) Tj ET Q q 0 0 0 rg BT 84.62 590.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 116.83 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 127.47 590.55 Td (direct ) Tj ET Q q 0 0 0 rg BT 153.84 590.55 Td (supervision ) Tj ET Q q 0 0 0 rg BT 204.73 590.55 Td (by ) Tj ET Q q 0 0 0 rg BT 217.70 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 232.99 590.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 261.12 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 272.34 590.55 Td (Governors ) Tj ET Q q 0 0 0 rg BT 319.13 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 330.35 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 345.65 590.55 Td (Federal ) Tj ET Q q 0 0 0 rg BT 379.60 590.55 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 415.89 590.55 Td (System ) Tj ET Q q 0 0 0 rg BT 449.28 590.55 Td (\(the ) Tj ET Q q 0 0 0 rg BT 468.08 590.55 Td (�Federal ) Tj ET Q q 0 0 0 rg BT 506.69 590.55 Td (Reserve�\). ) Tj ET Q q 0 0 0 rg BT 553.76 590.55 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.91 577.95 Td (United ) Tj ET Q q 0 0 0 rg BT 96.07 577.95 Td (States, ) Tj ET Q q 0 0 0 rg BT 126.35 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 141.76 577.95 Td (FSOC ) Tj ET Q q 0 0 0 rg BT 170.61 577.95 Td (has ) Tj ET Q q 0 0 0 rg BT 187.19 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 203.18 577.95 Td (indicated ) Tj ET Q q 0 0 0 rg BT 244.25 577.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 280.65 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 291.97 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 307.97 577.95 Td (it ) Tj ET Q q 0 0 0 rg BT 316.39 577.95 Td (intends ) Tj ET Q q 0 0 0 rg BT 349.30 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 360.05 577.95 Td (designate ) Tj ET Q q 0 0 0 rg BT 402.28 577.95 Td (any ) Tj ET Q q 0 0 0 rg BT 420.02 577.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 443.01 577.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 485.82 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 497.15 577.95 Td (SIFIs. ) Tj ET Q q 0 0 0 rg BT 524.93 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 543.83 577.95 Td (FSB ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (has ) Tj ET Q q 0 0 0 rg BT 66.22 565.35 Td (indicated ) Tj ET Q q 0 0 0 rg BT 107.44 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 125.91 565.35 Td (it ) Tj ET Q q 0 0 0 rg BT 134.47 565.35 Td (may ) Tj ET Q q 0 0 0 rg BT 155.28 565.35 Td (develop ) Tj ET Q q 0 0 0 rg BT 191.24 565.35 Td (criteria ) Tj ET Q q 0 0 0 rg BT 223.70 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 238.67 565.35 Td (designation ) Tj ET Q q 0 0 0 rg BT 289.81 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 301.28 565.35 Td (nonbank ) Tj ET Q q 0 0 0 rg BT 340.17 565.35 Td (non-insurers ) Tj ET Q q 0 0 0 rg BT 395.39 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 406.28 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 421.84 565.35 Td (future ) Tj ET Q q 0 0 0 rg BT 449.64 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 460.53 565.35 Td (address ) Tj ET Q q 0 0 0 rg BT 494.75 565.35 Td (�residual ) Tj ET Q q 0 0 0 rg BT 535.38 565.35 Td (risks�. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (If ) Tj ET Q q 0 0 0 rg BT 58.51 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 72.78 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 83.54 552.75 Td (any ) Tj ET Q q 0 0 0 rg BT 100.72 552.75 Td (other ) Tj ET Q q 0 0 0 rg BT 124.32 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 146.75 552.75 Td (manager ) Tj ET Q q 0 0 0 rg BT 184.92 552.75 Td (were ) Tj ET Q q 0 0 0 rg BT 207.34 552.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 254.26 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 260.94 552.75 Td (SIFI ) Tj ET Q q 0 0 0 rg BT 281.63 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 292.40 552.75 Td (G-SIFI, ) Tj ET Q q 0 0 0 rg BT 326.80 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 341.06 552.75 Td (could ) Tj ET Q q 0 0 0 rg BT 366.41 552.75 Td (become ) Tj ET Q q 0 0 0 rg BT 401.08 552.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 432.84 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 443.03 552.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 484.69 552.75 Td (prudential, ) Tj ET Q q 0 0 0 rg BT 531.91 552.75 Td (capital, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (supervisory ) Tj ET Q q 0 0 0 rg BT 103.34 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 123.34 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 149.76 540.15 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 212.04 540.15 Td (such ) Tj ET Q q 0 0 0 rg BT 236.13 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 249.73 540.15 Td (risk-based ) Tj ET Q q 0 0 0 rg BT 297.72 540.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 330.55 540.15 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 392.83 540.15 Td (leverage ) Tj ET Q q 0 0 0 rg BT 433.23 540.15 Td (limits, ) Tj ET Q q 0 0 0 rg BT 464.63 540.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 505.06 540.15 Td (requirements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (resolution ) Tj ET Q q 0 0 0 rg BT 94.56 527.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 115.70 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 133.92 527.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 160.88 527.55 Td (exposure ) Tj ET Q q 0 0 0 rg BT 201.85 527.55 Td (report ) Tj ET Q q 0 0 0 rg BT 229.98 527.55 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 290.48 527.55 Td (concentration ) Tj ET Q q 0 0 0 rg BT 350.68 527.55 Td (limits, ) Tj ET Q q 0 0 0 rg BT 380.29 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 388.01 527.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 435.40 527.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 466.44 527.55 Td (requirement, ) Tj ET Q q 0 0 0 rg BT 522.86 527.55 Td (enhanced ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (public ) Tj ET Q q 0 0 0 rg BT 78.92 514.95 Td (disclosures, ) Tj ET Q q 0 0 0 rg BT 131.38 514.95 Td (short-term ) Tj ET Q q 0 0 0 rg BT 178.29 514.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 199.54 514.95 Td (limits ) Tj ET Q q 0 0 0 rg BT 226.64 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 244.97 514.95 Td (overall ) Tj ET Q q 0 0 0 rg BT 277.29 514.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 296.22 514.95 Td (management ) Tj ET Q q 0 0 0 rg BT 353.03 514.95 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 413.65 514.95 Td (Requirements ) Tj ET Q q 0 0 0 rg BT 475.14 514.95 Td (such ) Tj ET Q q 0 0 0 rg BT 497.56 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 509.48 514.95 Td (these, ) Tj ET Q q 0 0 0 rg BT 536.85 514.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (were ) Tj ET Q q 0 0 0 rg BT 72.71 502.35 Td (designed ) Tj ET Q q 0 0 0 rg BT 112.85 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 123.83 502.35 Td (regulate ) Tj ET Q q 0 0 0 rg BT 160.46 502.35 Td (banking ) Tj ET Q q 0 0 0 rg BT 197.10 502.35 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 249.22 502.35 Td (would ) Tj ET Q q 0 0 0 rg BT 278.28 502.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 305.01 502.35 Td (need ) Tj ET Q q 0 0 0 rg BT 327.64 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 338.63 502.35 Td (be ) Tj ET Q q 0 0 0 rg BT 351.35 502.35 Td (modified ) Tj ET Q q 0 0 0 rg BT 392.07 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 403.05 502.35 Td (be ) Tj ET Q q 0 0 0 rg BT 415.78 502.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 461.74 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 472.72 502.35 Td (an ) Tj ET Q q 0 0 0 rg BT 485.44 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.67 502.35 Td (manager) Tj ET Q q 0 0 0 rg BT 544.23 502.35 Td (. ) Tj ET Q q 0 0 0 rg BT 549.67 502.35 Td (No ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (proposals ) Tj ET Q q 0 0 0 rg BT 92.37 489.75 Td (have ) Tj ET Q q 0 0 0 rg BT 114.82 489.75 Td (been ) Tj ET Q q 0 0 0 rg BT 137.27 489.75 Td (made ) Tj ET Q q 0 0 0 rg BT 162.63 489.75 Td (indicating ) Tj ET Q q 0 0 0 rg BT 207.25 489.75 Td (how ) Tj ET Q q 0 0 0 rg BT 227.95 489.75 Td (such ) Tj ET Q q 0 0 0 rg BT 249.83 489.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 291.52 489.75 Td (would ) Tj ET Q q 0 0 0 rg BT 320.39 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 332.93 489.75 Td (adapted ) Tj ET Q q 0 0 0 rg BT 368.20 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 383.07 489.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 406.11 489.75 Td (managers.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 52.13 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 54.75 477.15 Td ( ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 464.55 Td (Securities ) Tj ET Q q 0 0 0 rg BT 129.53 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 147.91 464.55 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 191.93 464.55 Td (Commission ) Tj ET Q q 0 0 0 rg BT 246.48 464.55 Td (Review ) Tj ET Q q 0 0 0 rg BT 279.42 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 290.03 464.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 314.82 464.55 Td (Managers ) Tj ET Q q 0 0 0 rg BT 360.02 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 378.40 464.55 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 411.35 464.55 Td (Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 439.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.48 439.35 Td (business ) Tj ET Q q 0 0 0 rg BT 142.73 439.35 Td (may ) Tj ET Q q 0 0 0 rg BT 163.46 439.35 Td (also ) Tj ET Q q 0 0 0 rg BT 183.03 439.35 Td (be ) Tj ET Q q 0 0 0 rg BT 195.59 439.35 Td (impacted ) Tj ET Q q 0 0 0 rg BT 236.73 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 249.88 439.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 294.53 439.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 340.33 439.35 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 384.40 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 397.56 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 413.04 439.35 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 437.57 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 440.23 439.35 Td (In ) Tj ET Q q 0 0 0 rg BT 451.63 439.35 Td (December ) Tj ET Q q 0 0 0 rg BT 497.42 439.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 523.70 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 539.19 439.35 Td (Chair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 62.61 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 79.80 426.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 103.42 426.75 Td (recommended ) Tj ET Q q 0 0 0 rg BT 167.26 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 187.37 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 204.56 426.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 228.18 426.75 Td (enhance ) Tj ET Q q 0 0 0 rg BT 266.94 426.75 Td (its ) Tj ET Q q 0 0 0 rg BT 281.22 426.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 324.66 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 337.77 426.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 362.55 426.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 407.14 426.75 Td (by ) Tj ET Q q 0 0 0 rg BT 422.01 426.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 436.28 426.75 Td (expanding ) Tj ET Q q 0 0 0 rg BT 484.38 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 503.91 426.75 Td (updating ) Tj ET Q q 0 0 0 rg BT 545.02 426.75 Td (data ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 106.35 414.15 Td (with ) Tj ET Q q 0 0 0 rg BT 127.05 414.15 Td (which ) Tj ET Q q 0 0 0 rg BT 154.74 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 177.19 414.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 219.45 414.15 Td (must ) Tj ET Q q 0 0 0 rg BT 241.90 414.15 Td (comply) Tj ET Q q 0 0 0 rg BT 272.72 414.15 Td (, ) Tj ET Q q 0 0 0 rg BT 277.38 414.15 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 292.24 414.15 Td (improving ) Tj ET Q q 0 0 0 rg BT 338.02 414.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 359.30 414.15 Td (level ) Tj ET Q q 0 0 0 rg BT 381.74 414.15 Td (controls, ) Tj ET Q q 0 0 0 rg BT 420.22 414.15 Td (including ) Tj ET Q q 0 0 0 rg BT 461.92 414.15 Td (those ) Tj ET Q q 0 0 0 rg BT 486.12 414.15 Td (related ) Tj ET Q q 0 0 0 rg BT 516.71 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 526.91 414.15 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (levels ) Tj ET Q q 0 0 0 rg BT 76.08 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 93.32 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 108.23 401.55 Td (nature ) Tj ET Q q 0 0 0 rg BT 136.55 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 147.38 401.55 Td (specific ) Tj ET Q q 0 0 0 rg BT 182.11 401.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 233.19 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 250.44 401.55 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 268.27 401.55 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 306.51 401.55 Td (that ) Tj ET Q q 0 0 0 rg BT 324.34 401.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 346.83 401.55 Td (management ) Tj ET Q q 0 0 0 rg BT 402.56 401.55 Td (firms ) Tj ET Q q 0 0 0 rg BT 426.81 401.55 Td (have ) Tj ET Q q 0 0 0 rg BT 448.71 401.55 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 498.61 401.55 Td (transition ) Tj ET Q q 0 0 0 rg BT 540.35 401.55 Td (plans ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.27 388.95 Td (place ) Tj ET Q q 0 0 0 rg BT 85.02 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 95.79 388.95 Td (deal ) Tj ET Q q 0 0 0 rg BT 115.88 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 137.15 388.95 Td (market ) Tj ET Q q 0 0 0 rg BT 168.91 388.95 Td (stress ) Tj ET Q q 0 0 0 rg BT 194.84 388.95 Td (events ) Tj ET Q q 0 0 0 rg BT 224.27 388.95 Td (or ) Tj ET Q q 0 0 0 rg BT 235.62 388.95 Td (situations ) Tj ET Q q 0 0 0 rg BT 278.47 388.95 Td (where ) Tj ET Q q 0 0 0 rg BT 306.73 388.95 Td (an ) Tj ET Q q 0 0 0 rg BT 319.24 388.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 367.92 388.95 Td (adviser ) Tj ET Q q 0 0 0 rg BT 400.84 388.95 Td (is ) Tj ET Q q 0 0 0 rg BT 410.45 388.95 Td (no ) Tj ET Q q 0 0 0 rg BT 423.55 388.95 Td (longer ) Tj ET Q q 0 0 0 rg BT 452.98 388.95 Td (able ) Tj ET Q q 0 0 0 rg BT 473.07 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 483.84 388.95 Td (serve ) Tj ET Q q 0 0 0 rg BT 508.59 388.95 Td (its ) Tj ET Q q 0 0 0 rg BT 521.12 388.95 Td (clients. ) Tj ET Q q 0 0 0 rg BT 553.75 388.95 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (August ) Tj ET Q q 0 0 0 rg BT 82.16 376.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 108.11 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 123.27 376.35 Td (SEC ) Tj ET Q q 0 0 0 rg BT 144.85 376.35 Td (adopted ) Tj ET Q q 0 0 0 rg BT 180.42 376.35 Td (amendments ) Tj ET Q q 0 0 0 rg BT 235.81 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 246.31 376.35 Td (Form ) Tj ET Q q 0 0 0 rg BT 270.87 376.35 Td (ADV) Tj ET Q q 0 0 0 rg BT 292.27 376.35 Td (, ) Tj ET Q q 0 0 0 rg BT 297.22 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 312.38 376.35 Td (form ) Tj ET Q q 0 0 0 rg BT 335.11 376.35 Td (filed ) Tj ET Q q 0 0 0 rg BT 356.68 376.35 Td (by ) Tj ET Q q 0 0 0 rg BT 369.51 376.35 Td (an ) Tj ET Q q 0 0 0 rg BT 381.74 376.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 430.15 376.35 Td (adviser ) Tj ET Q q 0 0 0 rg BT 462.80 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 473.29 376.35 Td (register ) Tj ET Q q 0 0 0 rg BT 507.10 376.35 Td (with ) Tj ET Q q 0 0 0 rg BT 528.10 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 543.25 376.35 Td (SEC ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.12 363.75 Td (an ) Tj ET Q q 0 0 0 rg BT 73.91 363.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 122.87 363.75 Td (adviser) Tj ET Q q 0 0 0 rg BT 152.77 363.75 Td (, ) Tj ET Q q 0 0 0 rg BT 158.27 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 169.32 363.75 Td (require ) Tj ET Q q 0 0 0 rg BT 201.93 363.75 Td (that ) Tj ET Q q 0 0 0 rg BT 220.55 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 228.09 363.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 272.36 363.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 321.32 363.75 Td (adviser ) Tj ET Q q 0 0 0 rg BT 354.52 363.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 389.47 363.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 434.34 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 452.37 363.75 Td (more ) Tj ET Q q 0 0 0 rg BT 476.83 363.75 Td (detailed ) Tj ET Q q 0 0 0 rg BT 512.94 363.75 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (about ) Tj ET Q q 0 0 0 rg BT 74.72 351.15 Td (itself ) Tj ET Q q 0 0 0 rg BT 97.61 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 114.66 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 129.39 351.15 Td (separately ) Tj ET Q q 0 0 0 rg BT 173.84 351.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 213.63 351.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 252.26 351.15 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 273.10 351.15 Td (non-pooled ) Tj ET Q q 0 0 0 rg BT 322.82 351.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 370.79 351.15 Td (vehicles\) ) Tj ET Q q 0 0 0 rg BT 410.58 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 428.22 351.15 Td (it ) Tj ET Q q 0 0 0 rg BT 435.95 351.15 Td (advises, ) Tj ET Q q 0 0 0 rg BT 471.38 351.15 Td (including ) Tj ET Q q 0 0 0 rg BT 512.94 351.15 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (on ) Tj ET Q q 0 0 0 rg BT 62.32 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 77.48 338.55 Td (types ) Tj ET Q q 0 0 0 rg BT 101.96 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 113.03 338.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 139.86 338.55 Td (held ) Tj ET Q q 0 0 0 rg BT 160.26 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 170.75 338.55 Td (client ) Tj ET Q q 0 0 0 rg BT 196.40 338.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 235.46 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 252.94 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 268.09 338.55 Td (use ) Tj ET Q q 0 0 0 rg BT 284.41 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 295.48 338.55 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 343.87 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 361.36 338.55 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 411.51 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 422.00 338.55 Td (client ) Tj ET Q q 0 0 0 rg BT 447.65 338.55 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 489.34 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 491.66 338.55 Td (In ) Tj ET Q q 0 0 0 rg BT 502.73 338.55 Td (October ) Tj ET Q q 0 0 0 rg BT 538.87 338.55 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.04 325.95 Td (SEC ) Tj ET Q q 0 0 0 rg BT 85.00 325.95 Td (adopted ) Tj ET Q q 0 0 0 rg BT 119.95 325.95 Td (new ) Tj ET Q q 0 0 0 rg BT 139.15 325.95 Td (rules ) Tj ET Q q 0 0 0 rg BT 161.27 325.95 Td (\(as ) Tj ET Q q 0 0 0 rg BT 175.22 325.95 Td (well ) Tj ET Q q 0 0 0 rg BT 195.01 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 205.47 325.95 Td (amendments ) Tj ET Q q 0 0 0 rg BT 260.25 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 270.12 325.95 Td (existing ) Tj ET Q q 0 0 0 rg BT 305.08 325.95 Td (rules\) ) Tj ET Q q 0 0 0 rg BT 330.70 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 340.57 325.95 Td (modernize ) Tj ET Q q 0 0 0 rg BT 386.59 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 401.13 325.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 441.33 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 458.20 325.95 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 502.48 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 512.94 325.95 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (by ) Tj ET Q q 0 0 0 rg BT 63.22 313.35 Td (registered ) Tj ET Q q 0 0 0 rg BT 107.84 313.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 157.13 313.35 Td (companies. ) Tj ET Q q 0 0 0 rg BT 207.17 313.35 Td (Any ) Tj ET Q q 0 0 0 rg BT 228.47 313.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 273.68 313.35 Td (SEC ) Tj ET Q q 0 0 0 rg BT 296.16 313.35 Td (oversight ) Tj ET Q q 0 0 0 rg BT 338.46 313.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 373.75 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 385.14 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 401.19 313.35 Td (above, ) Tj ET Q q 0 0 0 rg BT 432.10 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 444.07 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 460.12 313.35 Td (introduction ) Tj ET Q q 0 0 0 rg BT 514.66 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 526.63 313.35 Td (any ) Tj ET Q q 0 0 0 rg BT 545.01 313.35 Td (new ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 93.23 300.75 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 138.42 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 149.78 300.75 Td (control ) Tj ET Q q 0 0 0 rg BT 182.13 300.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 239.56 300.75 Td (could ) Tj ET Q q 0 0 0 rg BT 265.50 300.75 Td (expose ) Tj ET Q q 0 0 0 rg BT 297.27 300.75 Td (us ) Tj ET Q q 0 0 0 rg BT 309.22 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 320.00 300.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 364.61 300.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 415.61 300.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 439.23 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 457.00 300.75 Td (may ) Tj ET Q q 0 0 0 rg BT 477.69 300.75 Td (require ) Tj ET Q q 0 0 0 rg BT 510.04 300.75 Td (us ) Tj ET Q q 0 0 0 rg BT 521.99 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 532.77 300.75 Td (change ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (how ) Tj ET Q q 0 0 0 rg BT 70.21 288.15 Td (we ) Tj ET Q q 0 0 0 rg BT 85.08 288.15 Td (operate ) Tj ET Q q 0 0 0 rg BT 118.60 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 135.22 288.15 Td (business.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 262.95 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 134.20 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 144.99 262.95 Td (Derivatives) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 104.34 237.75 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 128.73 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.08 237.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 179.24 237.75 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 218.49 237.75 Td (Service ) Tj ET Q q 0 0 0 rg BT 252.49 237.75 Td (\(�IRS�\) ) Tj ET Q q 0 0 0 rg BT 287.66 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 305.33 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 320.67 237.75 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 373.36 237.75 Td (Futures ) Tj ET Q q 0 0 0 rg BT 407.19 237.75 Td (T) Tj ET Q q 0 0 0 rg BT 413.24 237.75 Td (rading ) Tj ET Q q 0 0 0 rg BT 442.58 237.75 Td (Commission ) Tj ET Q q 0 0 0 rg BT 498.19 237.75 Td (\(�CFTC�\) ) Tj ET Q q 0 0 0 rg BT 543.27 237.75 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 87.95 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 98.41 225.15 Td (review ) Tj ET Q q 0 0 0 rg BT 129.27 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 144.39 225.15 Td (use ) Tj ET Q q 0 0 0 rg BT 160.68 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 171.72 225.15 Td (futures, ) Tj ET Q q 0 0 0 rg BT 205.79 225.15 Td (swaps ) Tj ET Q q 0 0 0 rg BT 233.75 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 251.20 225.15 Td (other ) Tj ET Q q 0 0 0 rg BT 275.07 225.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 323.43 225.15 Td (by ) Tj ET Q q 0 0 0 rg BT 336.22 225.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 367.67 225.15 Td (funds. ) Tj ET Q q 0 0 0 rg BT 395.92 225.15 Td (Such ) Tj ET Q q 0 0 0 rg BT 419.22 225.15 Td (reviews ) Tj ET Q q 0 0 0 rg BT 454.16 225.15 Td (could ) Tj ET Q q 0 0 0 rg BT 479.78 225.15 Td (result ) Tj ET Q q 0 0 0 rg BT 505.40 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 515.86 225.15 Td (regulations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (that ) Tj ET Q q 0 0 0 rg BT 67.95 212.55 Td (further ) Tj ET Q q 0 0 0 rg BT 99.22 212.55 Td (limit ) Tj ET Q q 0 0 0 rg BT 121.76 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 137.29 212.55 Td (use ) Tj ET Q q 0 0 0 rg BT 153.99 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 165.44 212.55 Td (such ) Tj ET Q q 0 0 0 rg BT 187.38 212.55 Td (products ) Tj ET Q q 0 0 0 rg BT 226.25 212.55 Td (by ) Tj ET Q q 0 0 0 rg BT 239.45 212.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 271.32 212.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 299.98 212.55 Td (If ) Tj ET Q q 0 0 0 rg BT 309.67 212.55 Td (adopted, ) Tj ET Q q 0 0 0 rg BT 348.24 212.55 Td (these ) Tj ET Q q 0 0 0 rg BT 372.51 212.55 Td (limitations ) Tj ET Q q 0 0 0 rg BT 420.14 212.55 Td (could ) Tj ET Q q 0 0 0 rg BT 446.17 212.55 Td (require ) Tj ET Q q 0 0 0 rg BT 478.60 212.55 Td (us ) Tj ET Q q 0 0 0 rg BT 490.64 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 501.51 212.55 Td (change ) Tj ET Q q 0 0 0 rg BT 533.94 212.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 81.39 199.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 103.36 199.95 Td (business ) Tj ET Q q 0 0 0 rg BT 141.67 199.95 Td (practices ) Tj ET Q q 0 0 0 rg BT 181.71 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 193.18 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 204.07 199.95 Td (register ) Tj ET Q q 0 0 0 rg BT 238.28 199.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 283.00 199.95 Td (entities ) Tj ET Q q 0 0 0 rg BT 316.05 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 337.45 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 353.00 199.95 Td (CFTC, ) Tj ET Q q 0 0 0 rg BT 384.61 199.95 Td (which ) Tj ET Q q 0 0 0 rg BT 413.00 199.95 Td (could ) Tj ET Q q 0 0 0 rg BT 439.05 199.95 Td (result ) Tj ET Q q 0 0 0 rg BT 465.10 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 476.00 199.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 520.71 199.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 544.44 199.95 Td (and/) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 60.87 187.35 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 112.78 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 115.21 187.35 Td (W) Tj ET Q q 0 0 0 rg BT 124.28 187.35 Td (e ) Tj ET Q q 0 0 0 rg BT 131.56 187.35 Td (also ) Tj ET Q q 0 0 0 rg BT 151.10 187.35 Td (report ) Tj ET Q q 0 0 0 rg BT 178.80 187.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 209.98 187.35 Td (information ) Tj ET Q q 0 0 0 rg BT 262.18 187.35 Td (about ) Tj ET Q q 0 0 0 rg BT 288.13 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 295.42 187.35 Td (number ) Tj ET Q q 0 0 0 rg BT 330.12 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 341.49 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 358.11 187.35 Td (private ) Tj ET Q q 0 0 0 rg BT 389.88 187.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 415.84 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 426.63 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 442.08 187.35 Td (SEC ) Tj ET Q q 0 0 0 rg BT 463.96 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 481.75 187.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 512.93 187.35 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.21 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 73.58 174.75 Td (CFTC, ) Tj ET Q q 0 0 0 rg BT 104.01 174.75 Td (under ) Tj ET Q q 0 0 0 rg BT 129.46 174.75 Td (systemic ) Tj ET Q q 0 0 0 rg BT 167.75 174.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 185.05 174.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 225.08 174.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 281.44 174.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 316.22 174.75 Td (by ) Tj ET Q q 0 0 0 rg BT 328.26 174.75 Td (both ) Tj ET Q q 0 0 0 rg BT 348.47 174.75 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 388.68 174.75 Td (These ) Tj ET Q q 0 0 0 rg BT 415.29 174.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 455.32 174.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 503.53 174.75 Td (have ) Tj ET Q q 0 0 0 rg BT 524.90 174.75 Td (required, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 68.33 162.15 Td (will ) Tj ET Q q 0 0 0 rg BT 88.33 162.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 128.15 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 139.98 162.15 Td (require, ) Tj ET Q q 0 0 0 rg BT 176.01 162.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 229.84 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 241.67 162.15 Td (people ) Tj ET Q q 0 0 0 rg BT 273.33 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 292.15 162.15 Td (systems ) Tj ET Q q 0 0 0 rg BT 329.07 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 340.91 162.15 Td (assure ) Tj ET Q q 0 0 0 rg BT 370.81 162.15 Td (timely ) Tj ET Q q 0 0 0 rg BT 401.31 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 420.14 162.15 Td (accurate ) Tj ET Q q 0 0 0 rg BT 458.77 162.15 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 503.28 162.15 Td (The ) Tj ET Q q 0 0 0 rg BT 523.28 162.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 547.35 162.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (regulations ) Tj ET Q q 0 0 0 rg BT 98.14 149.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 143.28 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 153.43 149.55 Td (of) Tj ET Q q 0 0 0 rg BT 161.99 149.55 Td (fshore ) Tj ET Q q 0 0 0 rg BT 190.21 149.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 218.16 149.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 256.88 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 274.03 149.55 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 335.49 149.55 Td (will ) Tj ET Q q 0 0 0 rg BT 353.81 149.55 Td (require ) Tj ET Q q 0 0 0 rg BT 385.53 149.55 Td (us ) Tj ET Q q 0 0 0 rg BT 396.85 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 407.01 149.55 Td (build ) Tj ET Q q 0 0 0 rg BT 430.58 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 447.73 149.55 Td (implement ) Tj ET Q q 0 0 0 rg BT 494.62 149.55 Td (new ) Tj ET Q q 0 0 0 rg BT 514.10 149.55 Td (compliance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 99.69 136.95 Td (procedures ) Tj ET Q q 0 0 0 rg BT 149.27 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 160.95 136.95 Td (address ) Tj ET Q q 0 0 0 rg BT 195.96 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 212.31 136.95 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 255.47 136.95 Td (level ) Tj ET Q q 0 0 0 rg BT 279.40 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 291.67 136.95 Td (oversight ) Tj ET Q q 0 0 0 rg BT 334.26 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 345.95 136.95 Td (which ) Tj ET Q q 0 0 0 rg BT 375.13 136.95 Td (we ) Tj ET Q q 0 0 0 rg BT 390.90 136.95 Td (will ) Tj ET Q q 0 0 0 rg BT 410.75 136.95 Td (be ) Tj ET Q q 0 0 0 rg BT 424.18 136.95 Td (subject. ) Tj ET Q q 0 0 0 rg BT 459.81 136.95 Td (These ) Tj ET Q q 0 0 0 rg BT 488.40 136.95 Td (rule ) Tj ET Q q 0 0 0 rg BT 508.25 136.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 545.59 136.95 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (introduce ) Tj ET Q q 0 0 0 rg BT 92.31 124.35 Td (new ) Tj ET Q q 0 0 0 rg BT 112.96 124.35 Td (requirements ) Tj ET Q q 0 0 0 rg BT 170.93 124.35 Td (for ) Tj ET Q q 0 0 0 rg BT 186.33 124.35 Td (centrally ) Tj ET Q q 0 0 0 rg BT 226.21 124.35 Td (clearing ) Tj ET Q q 0 0 0 rg BT 263.18 124.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 294.90 124.35 Td (swap, ) Tj ET Q q 0 0 0 rg BT 322.26 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 340.58 124.35 Td (eventually ) Tj ET Q q 0 0 0 rg BT 387.47 124.35 Td (security-based ) Tj ET Q q 0 0 0 rg BT 451.27 124.35 Td (swap, ) Tj ET Q q 0 0 0 rg BT 478.63 124.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 531.94 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 550.26 124.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (executing ) Tj ET Q q 0 0 0 rg BT 93.51 111.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 125.27 111.75 Td (swap, ) Tj ET Q q 0 0 0 rg BT 152.67 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 171.02 111.75 Td (eventually ) Tj ET Q q 0 0 0 rg BT 217.95 111.75 Td (security-based ) Tj ET Q q 0 0 0 rg BT 281.79 111.75 Td (swap, ) Tj ET Q q 0 0 0 rg BT 309.19 111.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 362.54 111.75 Td (on ) Tj ET Q q 0 0 0 rg BT 376.23 111.75 Td (or ) Tj ET Q q 0 0 0 rg BT 388.17 111.75 Td (through ) Tj ET Q q 0 0 0 rg BT 424.03 111.75 Td (CFTC ) Tj ET Q q 0 0 0 rg BT 453.49 111.75 Td (or ) Tj ET Q q 0 0 0 rg BT 465.43 111.75 Td (SEC-registered ) Tj ET Q q 0 0 0 rg BT 532.77 111.75 Td (trading ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (venues. ) Tj ET Q q 0 0 0 rg BT 83.27 99.15 Td (Jurisdictions ) Tj ET Q q 0 0 0 rg BT 138.34 99.15 Td (outside ) Tj ET Q q 0 0 0 rg BT 170.66 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 185.47 99.15 Td (United ) Tj ET Q q 0 0 0 rg BT 216.03 99.15 Td (States ) Tj ET Q q 0 0 0 rg BT 243.10 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 253.26 99.15 Td (which ) Tj ET Q q 0 0 0 rg BT 280.90 99.15 Td (we ) Tj ET Q q 0 0 0 rg BT 295.13 99.15 Td (operate ) Tj ET Q q 0 0 0 rg BT 328.01 99.15 Td (also ) Tj ET Q q 0 0 0 rg BT 346.91 99.15 Td (have ) Tj ET Q q 0 0 0 rg BT 368.72 99.15 Td (adopted ) Tj ET Q q 0 0 0 rg BT 403.94 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 421.09 99.15 Td (implemented, ) Tj ET Q q 0 0 0 rg BT 480.52 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 491.25 99.15 Td (are ) Tj ET Q q 0 0 0 rg BT 506.05 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 516.21 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 531.02 99.15 Td (process ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.35 86.55 Td (considering, ) Tj ET Q q 0 0 0 rg BT 116.07 86.55 Td (adopting ) Tj ET Q q 0 0 0 rg BT 155.92 86.55 Td (or ) Tj ET Q q 0 0 0 rg BT 167.77 86.55 Td (implementing ) Tj ET Q q 0 0 0 rg BT 229.20 86.55 Td (more ) Tj ET Q q 0 0 0 rg BT 253.88 86.55 Td (pervasive ) Tj ET Q q 0 0 0 rg BT 297.22 86.55 Td (regulation ) Tj ET Q q 0 0 0 rg BT 342.89 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 354.74 86.55 Td (many ) Tj ET Q q 0 0 0 rg BT 381.18 86.55 Td (elements ) Tj ET Q q 0 0 0 rg BT 421.60 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 433.45 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 449.39 86.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 489.22 86.55 Td (services ) Tj ET Q q 0 0 0 rg BT 526.14 86.55 Td (industry) Tj ET Q q 0 0 0 rg BT 559.88 86.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 78.03 73.95 Td (could ) Tj ET Q q 0 0 0 rg BT 104.22 73.95 Td (further ) Tj ET Q q 0 0 0 rg BT 135.66 73.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 167.10 73.95 Td (us ) Tj ET Q q 0 0 0 rg BT 179.30 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 197.33 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 213.03 73.95 Td (broader ) Tj ET Q q 0 0 0 rg BT 247.96 73.95 Td (markets. ) Tj ET Q q 0 0 0 rg BT 286.48 73.95 Td (This ) Tj ET Q q 0 0 0 rg BT 308.02 73.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 345.88 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 361.57 73.95 Td (implementation ) Tj ET Q q 0 0 0 rg BT 430.34 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 441.96 73.95 Td (mandated ) Tj ET Q q 0 0 0 rg BT 485.64 73.95 Td (central ) Tj ET Q q 0 0 0 rg BT 517.07 73.95 Td (clearing ) Tj ET Q q 0 0 0 rg BT 553.75 73.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (swaps ) Tj ET Q q 0 0 0 rg BT 77.71 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 88.42 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 103.79 61.35 Td (European ) Tj ET Q q 0 0 0 rg BT 146.56 61.35 Td (Union ) Tj ET Q q 0 0 0 rg BT 175.35 61.35 Td (\(�EU�\) ) Tj ET Q q 0 0 0 rg BT 208.21 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 225.91 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 241.28 61.35 Td (implementation ) Tj ET Q q 0 0 0 rg BT 309.72 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 321.01 61.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 344.54 61.35 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 388.19 61.35 Td (documentation, ) Tj ET Q q 0 0 0 rg BT 455.76 61.35 Td (central ) Tj ET Q q 0 0 0 rg BT 486.87 61.35 Td (clearing ) Tj ET Q q 0 0 0 rg BT 523.22 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 540.92 61.35 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 106.94 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 117.73 48.75 Td (various ) Tj ET Q q 0 0 0 rg BT 151.27 48.75 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 205.81 48.75 Td (globally) Tj ET Q q 0 0 0 rg BT 239.54 48.75 Td (.) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (12) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 741.75 Td (Use of Derivatives by US Register) Tj ET Q q 0 0 0 rg BT 228.87 741.75 Td (ed Investment Companies - SEC Pr) Tj ET Q q 0 0 0 rg BT 376.92 741.75 Td (oposed Rule) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 716.55 Td (On ) Tj ET Q q 0 0 0 rg BT 102.87 716.55 Td (December ) Tj ET Q q 0 0 0 rg BT 150.54 716.55 Td (1) Tj ET Q q 0 0 0 rg BT 155.40 716.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 167.80 716.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 193.34 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 210.70 716.55 Td (SEC ) Tj ET Q q 0 0 0 rg BT 234.49 716.55 Td (proposed ) Tj ET Q q 0 0 0 rg BT 277.51 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 286.71 716.55 Td (new ) Tj ET Q q 0 0 0 rg BT 308.73 716.55 Td (exemptive ) Tj ET Q q 0 0 0 rg BT 357.00 716.55 Td (rule ) Tj ET Q q 0 0 0 rg BT 377.85 716.55 Td (designed ) Tj ET Q q 0 0 0 rg BT 419.71 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 432.41 716.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 469.02 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 483.46 716.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 521.23 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 540.93 716.55 Td (more ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 115.70 703.95 Td (approach ) Tj ET Q q 0 0 0 rg BT 156.81 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 167.61 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 183.08 703.95 Td (regulation ) Tj ET Q q 0 0 0 rg BT 228.28 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 239.66 703.95 Td (US ) Tj ET Q q 0 0 0 rg BT 255.72 703.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 287.52 703.95 Td (funds�) Tj ET Q q 0 0 0 rg BT 313.57 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 316.21 703.95 Td (use ) Tj ET Q q 0 0 0 rg BT 332.84 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 344.22 703.95 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 395.36 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 414.32 703.95 Td (proposed ) Tj ET Q q 0 0 0 rg BT 455.45 703.95 Td (rule ) Tj ET Q q 0 0 0 rg BT 474.41 703.95 Td (would ) Tj ET Q q 0 0 0 rg BT 503.29 703.95 Td (permit ) Tj ET Q q 0 0 0 rg BT 533.34 703.95 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 77.69 691.35 Td (ETFs, ) Tj ET Q q 0 0 0 rg BT 105.31 691.35 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 153.03 691.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 181.23 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 198.62 691.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 245.76 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 263.75 691.35 Td (have ) Tj ET Q q 0 0 0 rg BT 285.80 691.35 Td (elected ) Tj ET Q q 0 0 0 rg BT 317.77 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 328.17 691.35 Td (be ) Tj ET Q q 0 0 0 rg BT 340.32 691.35 Td (treated ) Tj ET Q q 0 0 0 rg BT 371.12 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 382.10 691.35 Td (business ) Tj ET Q q 0 0 0 rg BT 419.93 691.35 Td (development ) Tj ET Q q 0 0 0 rg BT 476.40 691.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 523.54 691.35 Td (under ) Tj ET Q q 0 0 0 rg BT 549.68 691.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 68.66 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 80.82 678.75 Td (enter ) Tj ET Q q 0 0 0 rg BT 105.81 678.75 Td (into ) Tj ET Q q 0 0 0 rg BT 126.14 678.75 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 176.21 678.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 230.36 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 249.52 678.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 290.25 678.75 Td (commitment ) Tj ET Q q 0 0 0 rg BT 347.32 678.75 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 404.10 678.75 Td (notwithstanding ) Tj ET Q q 0 0 0 rg BT 475.76 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 492.59 678.75 Td (prohibitions ) Tj ET Q q 0 0 0 rg BT 547.34 678.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 99.42 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 113.19 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 129.28 666.15 Td (issuance ) Tj ET Q q 0 0 0 rg BT 168.12 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 180.13 666.15 Td (senior ) Tj ET Q q 0 0 0 rg BT 209.05 666.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 251.97 666.15 Td (under ) Tj ET Q q 0 0 0 rg BT 279.14 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 294.52 666.15 Td (Act, ) Tj ET Q q 0 0 0 rg BT 315.57 666.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 356.16 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 375.17 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 391.26 666.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 417.86 666.15 Td (comply ) Tj ET Q q 0 0 0 rg BT 452.62 666.15 Td (with ) Tj ET Q q 0 0 0 rg BT 474.55 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 490.64 666.15 Td (conditions ) Tj ET Q q 0 0 0 rg BT 537.66 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 666.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (proposed ) Tj ET Q q 0 0 0 rg BT 90.95 653.55 Td (rule. ) Tj ET Q q 0 0 0 rg BT 112.20 653.55 Td (A) Tj ET Q q 0 0 0 rg BT 119.20 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 122.15 653.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 144.35 653.55 Td (that ) Tj ET Q q 0 0 0 rg BT 163.05 653.55 Td (relies ) Tj ET Q q 0 0 0 rg BT 188.75 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 202.20 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 217.98 653.55 Td (proposed ) Tj ET Q q 0 0 0 rg BT 259.43 653.55 Td (rule ) Tj ET Q q 0 0 0 rg BT 278.70 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 289.83 653.55 Td (order ) Tj ET Q q 0 0 0 rg BT 314.93 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 326.05 653.55 Td (enter ) Tj ET Q q 0 0 0 rg BT 349.99 653.55 Td (into ) Tj ET Q q 0 0 0 rg BT 369.28 653.55 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 418.30 653.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 471.41 653.55 Td (would ) Tj ET Q q 0 0 0 rg BT 500.61 653.55 Td (be ) Tj ET Q q 0 0 0 rg BT 513.47 653.55 Td (required ) Tj ET Q q 0 0 0 rg BT 551.41 653.55 Td (to: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (comply ) Tj ET Q q 0 0 0 rg BT 83.38 640.95 Td (with ) Tj ET Q q 0 0 0 rg BT 104.42 640.95 Td (one ) Tj ET Q q 0 0 0 rg BT 121.97 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 133.09 640.95 Td (two ) Tj ET Q q 0 0 0 rg BT 151.22 640.95 Td (alternative ) Tj ET Q q 0 0 0 rg BT 197.91 640.95 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 237.04 640.95 Td (limitations ) Tj ET Q q 0 0 0 rg BT 284.34 640.95 Td (designed ) Tj ET Q q 0 0 0 rg BT 324.04 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 334.59 640.95 Td (impose ) Tj ET Q q 0 0 0 rg BT 367.30 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 374.35 640.95 Td (limit ) Tj ET Q q 0 0 0 rg BT 396.56 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 409.44 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 424.65 640.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 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536.26 628.35 Td (fund�) Tj ET Q q 0 0 0 rg BT 558.43 628.35 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 98.60 615.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 151.79 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 165.32 615.75 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 218.51 615.75 Td (an ) Tj ET Q q 0 0 0 rg BT 231.45 615.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 265.98 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 277.76 615.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 309.36 615.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 339.51 615.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 374.03 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 385.23 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 401.09 615.75 Td (proposed ) Tj ET Q q 0 0 0 rg BT 442.62 615.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 461.98 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 473.76 615.75 Td (�qualifying ) Tj ET Q q 0 0 0 rg BT 524.61 615.75 Td (coverage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (assets,� ) Tj ET Q q 0 0 0 rg BT 83.93 603.15 Td (designed ) Tj ET Q q 0 0 0 rg BT 123.90 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 134.71 603.15 Td (enable ) Tj ET Q q 0 0 0 rg BT 164.76 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 180.23 603.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 202.12 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 212.94 603.15 Td (meet ) Tj ET Q q 0 0 0 rg BT 235.99 603.15 Td (its ) Tj ET Q q 0 0 0 rg BT 248.56 603.15 Td (obligations ) Tj ET Q q 0 0 0 rg BT 297.87 603.15 Td (under ) Tj ET Q q 0 0 0 rg BT 324.42 603.15 Td (its ) Tj ET Q q 0 0 0 rg BT 336.99 603.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 385.70 603.15 Td (transactions; ) Tj ET Q q 0 0 0 rg BT 441.42 603.15 Td (and, ) Tj ET Q q 0 0 0 rg BT 461.85 603.15 Td (depending ) Tj ET Q q 0 0 0 rg BT 508.23 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 521.38 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 536.85 603.15 Td (extent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.40 590.55 Td (its ) Tj ET Q q 0 0 0 rg BT 72.48 590.55 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 120.70 590.55 Td (usage, ) Tj ET Q q 0 0 0 rg BT 149.39 590.55 Td (establish ) Tj ET Q q 0 0 0 rg BT 188.29 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 195.10 590.55 Td (formalized ) Tj ET Q q 0 0 0 rg BT 242.74 590.55 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 290.96 590.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 308.86 590.55 Td (management ) Tj ET Q q 0 0 0 rg BT 364.66 590.55 Td (program. ) Tj ET Q q 0 0 0 rg BT 404.54 590.55 Td (A) Tj ET Q q 0 0 0 rg BT 411.54 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 413.70 590.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 435.10 590.55 Td (that ) Tj ET Q q 0 0 0 rg BT 453.00 590.55 Td (relies ) Tj ET Q q 0 0 0 rg BT 477.89 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 490.55 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 505.53 590.55 Td (proposed ) Tj ET Q q 0 0 0 rg BT 546.18 590.55 Td (rule ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.30 577.95 Td (order ) Tj ET Q q 0 0 0 rg BT 85.08 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 95.88 577.95 Td (enter ) Tj ET Q q 0 0 0 rg BT 119.50 577.95 Td (into ) Tj ET Q q 0 0 0 rg BT 138.47 577.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.83 577.95 Td (commitment ) Tj ET Q q 0 0 0 rg BT 233.54 577.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 286.32 577.95 Td (would ) Tj ET Q q 0 0 0 rg BT 315.20 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 327.74 577.95 Td (required ) Tj ET Q q 0 0 0 rg BT 365.36 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 376.16 577.95 Td (maintain ) Tj ET Q q 0 0 0 rg BT 415.53 577.95 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 461.32 577.95 Td (coverage ) Tj ET Q q 0 0 0 rg BT 501.84 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 528.97 577.95 Td (equal ) Tj ET Q q 0 0 0 rg BT 554.34 577.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (value ) Tj ET Q q 0 0 0 rg BT 74.96 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 85.85 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 101.39 565.35 Td (fund�) Tj ET Q q 0 0 0 rg BT 123.56 565.35 Td (s ) Tj ET Q q 0 0 0 rg BT 130.36 565.35 Td (full ) Tj ET Q q 0 0 0 rg BT 147.67 565.35 Td (obligations ) Tj ET Q q 0 0 0 rg BT 197.05 565.35 Td (under ) Tj ET Q q 0 0 0 rg BT 223.68 565.35 Td (those ) Tj ET Q q 0 0 0 rg BT 248.56 565.35 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 304.06 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 306.58 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 325.63 565.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 365.09 565.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 396.38 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 407.85 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 423.40 565.35 Td (new ) Tj ET Q q 0 0 0 rg BT 443.61 565.35 Td (rule, ) Tj ET Q q 0 0 0 rg BT 465.28 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 493.66 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 503.39 565.35 Td (still ) Tj ET Q q 0 0 0 rg BT 521.86 565.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.32 565.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (change ) Tj ET Q q 0 0 0 rg BT 82.03 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 99.99 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 109.79 552.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 136.50 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 147.46 552.75 Td (have ) Tj ET Q q 0 0 0 rg BT 170.08 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 177.54 552.75 Td (lengthy ) Tj ET Q q 0 0 0 rg BT 211.83 552.75 Td (transition ) Tj ET Q q 0 0 0 rg BT 254.29 552.75 Td (period ) Tj ET Q q 0 0 0 rg BT 283.91 552.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 307.12 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 318.08 552.75 Td (implementation, ) Tj ET Q q 0 0 0 rg BT 389.41 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 402.71 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 418.33 552.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 444.46 552.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 474.08 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 490.88 552.75 Td (business ) Tj ET Q q 0 0 0 rg BT 529.26 552.75 Td (remains ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (unclear) Tj ET Q q 0 0 0 rg BT 79.82 540.15 Td (.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 514.95 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 134.20 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 144.99 514.95 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 189.02 514.95 Td (T) Tj ET Q q 0 0 0 rg BT 194.28 514.95 Td (raded ) Tj ET Q q 0 0 0 rg BT 221.40 514.95 Td (Funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 489.75 Td (As ) Tj ET Q q 0 0 0 rg BT 99.09 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 105.68 489.75 Td (result ) Tj ET Q q 0 0 0 rg BT 130.93 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 141.60 489.75 Td (market ) Tj ET Q q 0 0 0 rg BT 172.68 489.75 Td (volatility) Tj ET Q q 0 0 0 rg BT 209.91 489.75 Td (, ) Tj ET Q q 0 0 0 rg BT 214.46 489.75 Td (regulators ) Tj ET Q q 0 0 0 rg BT 258.37 489.75 Td (globally ) Tj ET Q q 0 0 0 rg BT 294.71 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 309.45 489.75 Td (examining ) Tj ET Q q 0 0 0 rg BT 355.70 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 370.45 489.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 409.11 489.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 430.87 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 440.96 489.75 Td (ETFs, ) Tj ET Q q 0 0 0 rg BT 468.27 489.75 Td (including ) Tj ET Q q 0 0 0 rg BT 509.85 489.75 Td (those ) Tj ET Q q 0 0 0 rg BT 533.94 489.75 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 60.54 477.15 Td (transparency) Tj ET Q q 0 0 0 rg BT 113.49 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 118.99 477.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 157.44 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 175.47 477.15 Td (structural ) Tj ET Q q 0 0 0 rg BT 218.00 477.15 Td (resiliency) Tj ET Q q 0 0 0 rg BT 258.13 477.15 Td (. ) Tj ET Q q 0 0 0 rg BT 263.62 477.15 Td (Depending ) Tj ET Q q 0 0 0 rg BT 312.56 477.15 Td (on ) Tj ET Q q 0 0 0 rg BT 325.93 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 341.63 477.15 Td (outcome ) Tj ET Q q 0 0 0 rg BT 380.66 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 392.27 477.15 Td (this ) Tj ET Q q 0 0 0 rg BT 410.31 477.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 456.33 477.15 Td (review) Tj ET Q q 0 0 0 rg BT 484.21 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 489.71 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 501.32 477.15 Td (any ) Tj ET Q q 0 0 0 rg BT 519.35 477.15 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (structural ) Tj ET Q q 0 0 0 rg BT 91.47 464.55 Td (reforms, ) Tj ET Q q 0 0 0 rg BT 129.08 464.55 Td (ETF ) Tj ET Q q 0 0 0 rg BT 150.06 464.55 Td (products ) Tj ET Q q 0 0 0 rg BT 188.55 464.55 Td (may ) Tj ET Q q 0 0 0 rg BT 208.95 464.55 Td (become ) Tj ET Q q 0 0 0 rg BT 243.92 464.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 275.98 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 286.47 464.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 328.43 464.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 373.90 464.55 Td (scrutiny ) Tj ET Q q 0 0 0 rg BT 410.05 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 421.12 464.55 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 472.73 464.55 Td (which ) Tj ET Q q 0 0 0 rg BT 500.71 464.55 Td (may ) Tj ET Q q 0 0 0 rg BT 521.11 464.55 Td (require ) Tj ET Q q 0 0 0 rg BT 553.16 464.55 Td (us ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 451.95 Td (incur ) Tj ET Q q 0 0 0 rg BT 84.49 451.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 129.11 451.95 Td (compliance ) Tj ET Q q 0 0 0 rg BT 180.13 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 197.91 451.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 239.03 451.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 279.56 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 297.34 451.95 Td (adversely ) Tj ET Q q 0 0 0 rg BT 340.20 451.95 Td (af) Tj ET Q q 0 0 0 rg BT 348.17 451.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 366.53 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 383.15 451.95 Td (business.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 426.75 Td (Benchmark ) Tj ET Q q 0 0 0 rg BT 135.94 426.75 Td (Reform) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 52.50 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 401.55 Td (In ) Tj ET Q q 0 0 0 rg BT 96.37 401.55 Td (2013, ) Tj ET Q q 0 0 0 rg BT 122.11 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 137.06 401.55 Td (IOSCO ) Tj ET Q q 0 0 0 rg BT 170.69 401.55 Td (published ) Tj ET Q q 0 0 0 rg BT 213.64 401.55 Td (principles ) Tj ET Q q 0 0 0 rg BT 257.16 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 271.53 401.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 316.80 401.55 Td (oversight ) Tj ET Q q 0 0 0 rg BT 358.00 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 368.86 401.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 407.71 401.55 Td (benchmarks, ) Tj ET Q q 0 0 0 rg BT 463.19 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 483.98 401.55 Td (standards ) Tj ET Q q 0 0 0 rg BT 525.76 401.55 Td (applying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 65.27 388.95 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 131.70 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 148.54 388.95 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 199.79 388.95 Td (calculation, ) Tj ET Q q 0 0 0 rg BT 253.08 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 272.84 388.95 Td (transparency ) Tj ET Q q 0 0 0 rg BT 331.08 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 350.84 388.95 Td (governance ) Tj ET Q q 0 0 0 rg BT 403.83 388.95 Td (issues ) Tj ET Q q 0 0 0 rg BT 433.52 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 446.29 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 463.72 388.95 Td (benchmarking ) Tj ET Q q 0 0 0 rg BT 528.38 388.95 Td (process. ) Tj ET Q q 0 0 0 rg BT 565.12 388.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 376.35 Td (Regulators ) Tj ET Q q 0 0 0 rg BT 100.79 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 111.75 376.35 Td (some ) Tj ET Q q 0 0 0 rg BT 136.71 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 148.25 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 163.88 376.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 218.59 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 229.55 376.35 Td (which ) Tj ET Q q 0 0 0 rg BT 258.01 376.35 Td (we ) Tj ET Q q 0 0 0 rg BT 273.05 376.35 Td (operate ) Tj ET Q q 0 0 0 rg BT 306.74 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 322.35 376.35 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 365.96 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 381.59 376.35 Td (application ) Tj ET Q q 0 0 0 rg BT 431.04 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 442.58 376.35 Td (these ) Tj ET Q q 0 0 0 rg BT 466.95 376.35 Td (principles, ) Tj ET Q q 0 0 0 rg BT 513.78 376.35 Td (with ) Tj ET Q q 0 0 0 rg BT 535.24 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 542.69 376.35 Td (draft ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 363.75 Td (European ) Tj ET Q q 0 0 0 rg BT 95.94 363.75 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 145.22 363.75 Td (published ) Tj ET Q q 0 0 0 rg BT 189.26 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 200.63 363.75 Td (September ) Tj ET Q q 0 0 0 rg BT 248.74 363.75 Td (2013. ) Tj ET Q q 0 0 0 rg BT 275.57 363.75 Td (In ) Tj ET Q q 0 0 0 rg BT 287.52 363.75 Td (July ) Tj ET Q q 0 0 0 rg BT 308.23 363.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 335.06 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 351.10 363.75 Td (FSB ) Tj ET Q q 0 0 0 rg BT 372.98 363.75 Td (published ) Tj ET Q q 0 0 0 rg BT 417.02 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 424.89 363.75 Td (report ) Tj ET Q q 0 0 0 rg BT 453.17 363.75 Td (aimed ) Tj ET Q q 0 0 0 rg BT 482.03 363.75 Td (at ) Tj ET Q q 0 0 0 rg BT 492.81 363.75 Td (reforming ) Tj ET Q q 0 0 0 rg BT 538.00 363.75 Td (major ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 351.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 86.08 351.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 104.49 351.15 Td (benchmarks. ) Tj ET Q q 0 0 0 rg BT 160.33 351.15 Td (These ) Tj ET Q q 0 0 0 rg BT 188.07 351.15 Td (regulations ) Tj ET Q q 0 0 0 rg BT 237.40 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 258.16 351.15 Td (result ) Tj ET Q q 0 0 0 rg BT 284.16 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 295.00 351.15 Td (business ) Tj ET Q q 0 0 0 rg BT 333.26 351.15 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 382.61 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 394.03 351.15 Td (strictly ) Tj ET Q q 0 0 0 rg BT 425.86 351.15 Td (control ) Tj ET Q q 0 0 0 rg BT 458.28 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 473.78 351.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 514.36 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 525.78 351.15 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 338.55 Td (services ) Tj ET Q q 0 0 0 rg BT 88.94 338.55 Td (firms.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 313.35 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 134.78 313.35 Td (Investment ) Tj ET Q q 0 0 0 rg BT 182.89 313.35 Td (Fund ) Tj ET Q q 0 0 0 rg BT 207.67 313.35 Td (Managers ) Tj ET Q q 0 0 0 rg BT 252.88 313.35 Td (Dir) Tj ET Q q 0 0 0 rg BT 267.08 313.35 Td (ective) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 288.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.84 288.15 Td (European ) Tj ET Q q 0 0 0 rg BT 146.08 288.15 Td (business ) Tj ET Q q 0 0 0 rg BT 183.67 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 192.68 288.15 Td (impacted ) Tj ET Q q 0 0 0 rg BT 233.17 288.15 Td (by ) Tj ET Q q 0 0 0 rg BT 245.68 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 260.52 288.15 Td (EU ) Tj ET Q q 0 0 0 rg BT 276.08 288.15 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 325.32 288.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 373.98 288.15 Td (Fund ) Tj ET Q q 0 0 0 rg BT 397.58 288.15 Td (Managers ) Tj ET Q q 0 0 0 rg BT 440.99 288.15 Td (Directive ) Tj ET Q q 0 0 0 rg BT 482.06 288.15 Td (\(�AIFMD�\), ) Tj ET Q q 0 0 0 rg BT 536.84 288.15 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (became ) Tj ET Q q 0 0 0 rg BT 83.70 275.55 Td (ef) Tj ET Q q 0 0 0 rg BT 91.67 275.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 122.38 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 135.02 275.55 Td (July ) Tj ET Q q 0 0 0 rg BT 154.67 275.55 Td (21, ) Tj ET Q q 0 0 0 rg BT 169.94 275.55 Td (201) Tj ET Q q 0 0 0 rg BT 185.30 275.55 Td (1. ) Tj ET Q q 0 0 0 rg BT 195.16 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 213.15 275.55 Td (AIFMD ) Tj ET Q q 0 0 0 rg BT 249.14 275.55 Td (regulates ) Tj ET Q q 0 0 0 rg BT 289.18 275.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 331.55 275.55 Td (of, ) Tj ET Q q 0 0 0 rg BT 345.07 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 362.37 275.55 Td (service ) Tj ET Q q 0 0 0 rg BT 394.25 275.55 Td (providers ) Tj ET Q q 0 0 0 rg BT 436.05 275.55 Td (to, ) Tj ET Q q 0 0 0 rg BT 448.98 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 455.79 275.55 Td (broad ) Tj ET Q q 0 0 0 rg BT 481.84 275.55 Td (range ) Tj ET Q q 0 0 0 rg BT 507.30 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 518.19 275.55 Td (alternative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.62 262.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 123.00 262.95 Td (\(�AIFs�\) ) Tj ET Q q 0 0 0 rg BT 162.37 262.95 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 206.41 262.95 Td (within ) Tj ET Q q 0 0 0 rg BT 235.29 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 252.50 262.95 Td (\(depending ) Tj ET Q q 0 0 0 rg BT 301.78 262.95 Td (on ) Tj ET Q q 0 0 0 rg BT 314.33 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 329.20 262.95 Td (precise ) Tj ET Q q 0 0 0 rg BT 360.98 262.95 Td (circumstances\) ) Tj ET Q q 0 0 0 rg BT 426.00 262.95 Td (outside ) Tj ET Q q 0 0 0 rg BT 458.38 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 473.26 262.95 Td (EU. ) Tj ET Q q 0 0 0 rg BT 491.78 262.95 Td (The ) Tj ET Q q 0 0 0 rg BT 509.70 262.95 Td (AIFMD ) Tj ET Q q 0 0 0 rg BT 545.58 262.95 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (regulates ) Tj ET Q q 0 0 0 rg BT 90.81 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 107.05 250.35 Td (marketing ) Tj ET Q q 0 0 0 rg BT 153.04 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 165.20 250.35 Td (all ) Tj ET Q q 0 0 0 rg BT 178.35 250.35 Td (AIFs ) Tj ET Q q 0 0 0 rg BT 202.77 250.35 Td (inside ) Tj ET Q q 0 0 0 rg BT 231.27 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 247.51 250.35 Td (European ) Tj ET Q q 0 0 0 rg BT 291.15 250.35 Td (Economic ) Tj ET Q q 0 0 0 rg BT 336.38 250.35 Td (Area ) Tj ET Q q 0 0 0 rg BT 360.20 250.35 Td (\(�EEA�\). ) Tj ET Q q 0 0 0 rg BT 402.72 250.35 Td (The ) Tj ET Q q 0 0 0 rg BT 421.70 250.35 Td (AIFMD ) Tj ET Q q 0 0 0 rg BT 458.95 250.35 Td (is ) Tj ET Q q 0 0 0 rg BT 469.37 250.35 Td (being ) Tj ET Q q 0 0 0 rg BT 496.11 250.35 Td (implemented ) Tj ET Q q 0 0 0 rg BT 554.34 250.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (stages, ) Tj ET Q q 0 0 0 rg BT 79.93 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 107.73 237.75 Td (run ) Tj ET Q q 0 0 0 rg BT 123.87 237.75 Td (through ) Tj ET Q q 0 0 0 rg BT 158.68 237.75 Td (2018. ) Tj ET Q q 0 0 0 rg BT 184.45 237.75 Td (Compliance ) Tj ET Q q 0 0 0 rg BT 237.33 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 258.14 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.64 237.75 Td (AIFMD�) Tj ET Q q 0 0 0 rg BT 309.40 237.75 Td (s ) Tj ET Q q 0 0 0 rg BT 315.63 237.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 372.58 237.75 Td (restrict ) Tj ET Q q 0 0 0 rg BT 403.88 237.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 450.33 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 498.55 237.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 519.94 237.75 Td (marketing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 69.23 225.15 Td (impose ) Tj ET Q q 0 0 0 rg BT 104.13 225.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 150.70 225.15 Td (compliance ) Tj ET Q q 0 0 0 rg BT 203.66 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 223.39 225.15 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 270.54 225.15 Td (obligations ) Tj ET Q q 0 0 0 rg BT 321.78 225.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 366.58 225.15 Td (remuneration, ) Tj ET Q q 0 0 0 rg BT 429.75 225.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 462.31 225.15 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 524.32 225.15 Td (leverage, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 94.97 212.55 Td (stakes ) Tj ET Q q 0 0 0 rg BT 124.41 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 136.35 212.55 Td (EU ) Tj ET Q q 0 0 0 rg BT 154.12 212.55 Td (companies, ) Tj ET Q q 0 0 0 rg BT 205.43 212.55 Td (depositaries, ) Tj ET Q q 0 0 0 rg BT 261.98 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 278.58 212.55 Td (domicile ) Tj ET Q q 0 0 0 rg BT 319.10 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 331.62 212.55 Td (custodians ) Tj ET Q q 0 0 0 rg BT 379.73 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 398.66 212.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 438.02 212.55 Td (management ) Tj ET Q q 0 0 0 rg BT 495.44 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 509.72 212.55 Td (us. ) Tj ET Q q 0 0 0 rg BT 525.18 212.55 Td (W) Tj ET Q q 0 0 0 rg BT 534.25 212.55 Td (e ) Tj ET Q q 0 0 0 rg BT 542.69 212.55 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 91.25 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 110.54 199.95 Td (expect ) Tj ET Q q 0 0 0 rg BT 142.08 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 154.39 199.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 194.68 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 206.99 199.95 Td (incur) Tj ET Q q 0 0 0 rg BT 228.14 199.95 Td (, ) Tj ET Q q 0 0 0 rg BT 234.90 199.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 281.03 199.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 323.08 199.95 Td (related ) Tj ET Q q 0 0 0 rg BT 355.78 199.95 Td (satisfying ) Tj ET Q q 0 0 0 rg BT 400.75 199.95 Td (these ) Tj ET Q q 0 0 0 rg BT 426.46 199.95 Td (new ) Tj ET Q q 0 0 0 rg BT 448.09 199.95 Td (compliance ) Tj ET Q q 0 0 0 rg BT 500.63 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 519.93 199.95 Td (disclosure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (obligations ) Tj ET Q q 0 0 0 rg BT 98.79 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 116.58 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 132.03 187.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 177.81 187.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 196.18 187.35 Td (management ) Tj ET Q q 0 0 0 rg BT 252.45 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 270.24 187.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 311.35 187.35 Td (requirements.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 162.15 Td (Markets ) Tj ET Q q 0 0 0 rg BT 122.53 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 133.33 162.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.78 162.15 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 224.90 162.15 Td (Dir) Tj ET Q q 0 0 0 rg BT 239.10 162.15 Td (ectives) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 136.95 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 136.95 Td (e ) Tj ET Q q 0 0 0 rg BT 102.94 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 119.46 136.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 152.92 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 164.79 136.95 Td (numerous ) Tj ET Q q 0 0 0 rg BT 209.91 136.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 256.77 136.95 Td (reform ) Tj ET Q q 0 0 0 rg BT 289.04 136.95 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 334.16 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 346.04 136.95 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 382.43 136.95 Td (The ) Tj ET Q q 0 0 0 rg BT 402.46 136.95 Td (United ) Tj ET Q q 0 0 0 rg BT 434.75 136.95 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 478.12 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 496.99 136.95 Td (other ) Tj ET Q q 0 0 0 rg BT 522.27 136.95 Td (European ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 104.36 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 115.47 124.35 Td (which ) Tj ET Q q 0 0 0 rg BT 144.07 124.35 Td (we ) Tj ET Q q 0 0 0 rg BT 159.26 124.35 Td (operate ) Tj ET Q q 0 0 0 rg BT 193.09 124.35 Td (have ) Tj ET Q q 0 0 0 rg BT 215.86 124.35 Td (implemented ) Tj ET Q q 0 0 0 rg BT 273.62 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 289.39 124.35 Td (Markets ) Tj ET Q q 0 0 0 rg BT 326.74 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 337.84 124.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 379.86 124.35 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 432.38 124.35 Td (Directive ) Tj ET Q q 0 0 0 rg BT 474.39 124.35 Td (\(�MiFID�\) ) Tj ET Q q 0 0 0 rg BT 522.81 124.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 546.17 124.35 Td (into ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (national ) Tj ET Q q 0 0 0 rg BT 85.38 111.75 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 133.81 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 151.03 111.75 Td (have ) Tj ET Q q 0 0 0 rg BT 172.91 111.75 Td (begun ) Tj ET Q q 0 0 0 rg BT 200.63 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 210.86 111.75 Td (implement ) Tj ET Q q 0 0 0 rg BT 257.83 111.75 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 289.06 111.75 Td (2. ) Tj ET Q q 0 0 0 rg BT 299.00 111.75 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 330.23 111.75 Td (2 ) Tj ET Q q 0 0 0 rg BT 337.54 111.75 Td (builds ) Tj ET Q q 0 0 0 rg BT 365.27 111.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 388.33 111.75 Td (many ) Tj ET Q q 0 0 0 rg BT 413.72 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 424.52 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 439.41 111.75 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 482.88 111.75 Td (introduced ) Tj ET Q q 0 0 0 rg BT 529.85 111.75 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (MiFID, ) Tj ET Q q 0 0 0 rg BT 82.94 99.15 Td (which ) Tj ET Q q 0 0 0 rg BT 110.24 99.15 Td (focused ) Tj ET Q q 0 0 0 rg BT 144.54 99.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 185.26 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 197.40 99.15 Td (equities, ) Tj ET Q q 0 0 0 rg BT 234.33 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 244.13 99.15 Td (encourage ) Tj ET Q q 0 0 0 rg BT 288.92 99.15 Td (trading ) Tj ET Q q 0 0 0 rg BT 320.30 99.15 Td (across ) Tj ET Q q 0 0 0 rg BT 348.18 99.15 Td (all ) Tj ET Q q 0 0 0 rg BT 360.32 99.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 382.37 99.15 Td (classes ) Tj ET Q q 0 0 0 rg BT 413.18 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 422.98 99.15 Td (migrate ) Tj ET Q q 0 0 0 rg BT 456.70 99.15 Td (onto ) Tj ET Q q 0 0 0 rg BT 477.01 99.15 Td (open ) Tj ET Q q 0 0 0 rg BT 499.06 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 515.86 99.15 Td (transparent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (markets. ) Tj ET Q q 0 0 0 rg BT 87.48 86.55 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 118.77 86.55 Td (2, ) Tj ET Q q 0 0 0 rg BT 128.75 86.55 Td (which ) Tj ET Q q 0 0 0 rg BT 156.53 86.55 Td (will ) Tj ET Q q 0 0 0 rg BT 174.98 86.55 Td (come ) Tj ET Q q 0 0 0 rg BT 199.83 86.55 Td (into ) Tj ET Q q 0 0 0 rg BT 218.28 86.55 Td (full ) Tj ET Q q 0 0 0 rg BT 234.97 86.55 Td (ef) Tj ET Q q 0 0 0 rg BT 242.94 86.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 260.79 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 271.07 86.55 Td (January ) Tj ET Q q 0 0 0 rg BT 305.84 86.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 331.58 86.55 Td (will ) Tj ET Q q 0 0 0 rg BT 350.03 86.55 Td (be ) Tj ET Q q 0 0 0 rg BT 362.05 86.55 Td (implemented ) Tj ET Q q 0 0 0 rg BT 418.99 86.55 Td (through ) Tj ET Q q 0 0 0 rg BT 453.76 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 460.54 86.55 Td (number ) Tj ET Q q 0 0 0 rg BT 494.73 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 505.59 86.55 Td (more ) Tj ET Q q 0 0 0 rg BT 529.28 86.55 Td (detailed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (directives, ) Tj ET Q q 0 0 0 rg BT 95.35 73.95 Td (regulations ) Tj ET Q q 0 0 0 rg BT 144.41 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 161.98 73.95 Td (standards ) Tj ET Q q 0 0 0 rg BT 204.05 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 214.62 73.95 Td (be ) Tj ET Q q 0 0 0 rg BT 226.94 73.95 Td (made ) Tj ET Q q 0 0 0 rg BT 252.09 73.95 Td (by ) Tj ET Q q 0 0 0 rg BT 264.99 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 280.23 73.95 Td (European ) Tj ET Q q 0 0 0 rg BT 322.87 73.95 Td (Commission ) Tj ET Q q 0 0 0 rg BT 378.37 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 395.94 73.95 Td (by ) Tj ET Q q 0 0 0 rg BT 408.85 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 424.08 73.95 Td (European ) Tj ET Q q 0 0 0 rg BT 466.72 73.95 Td (Securities ) Tj ET Q q 0 0 0 rg BT 510.53 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 528.10 73.95 Td (Markets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (Authority ) Tj ET Q q 0 0 0 rg BT 93.84 61.35 Td (\(�ESMA�\). ) Tj ET Q q 0 0 0 rg BT 145.45 61.35 Td (It ) Tj ET Q q 0 0 0 rg BT 155.37 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 165.88 61.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 206.69 61.35 Td (that ) Tj ET Q q 0 0 0 rg BT 225.94 61.35 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 258.62 61.35 Td (2 ) Tj ET Q q 0 0 0 rg BT 267.38 61.35 Td (will ) Tj ET Q q 0 0 0 rg BT 287.22 61.35 Td (have ) Tj ET Q q 0 0 0 rg BT 310.54 61.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 358.37 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 377.04 61.35 Td (wide-ranging ) Tj ET Q q 0 0 0 rg BT 436.52 61.35 Td (impacts ) Tj ET Q q 0 0 0 rg BT 472.69 61.35 Td (on ) Tj ET Q q 0 0 0 rg BT 486.69 61.35 Td (EU ) Tj ET Q q 0 0 0 rg BT 504.19 61.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 547.35 61.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 98.08 48.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 136.46 48.75 Td (including ) Tj ET Q q 0 0 0 rg BT 178.64 48.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 191.07 48.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 233.23 48.75 Td (investor ) Tj ET Q q 0 0 0 rg BT 269.57 48.75 Td (protection ) Tj ET Q q 0 0 0 rg BT 314.66 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 332.34 48.75 Td (governance ) Tj ET Q q 0 0 0 rg BT 383.24 48.75 Td (standards, ) Tj ET Q q 0 0 0 rg BT 428.04 48.75 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 443.39 48.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 466.31 48.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 509.06 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 524.40 48.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 553.75 48.75 Td (of ) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 88.45 741.75 Td (management ) Tj ET Q q 0 0 0 rg BT 144.30 741.75 Td (firms ) Tj ET Q q 0 0 0 rg BT 168.67 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 179.04 741.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 211.55 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 228.92 741.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 246.28 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 260.73 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 309.01 741.75 Td (research ) Tj ET Q q 0 0 0 rg BT 346.19 741.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 380.46 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 390.84 741.75 Td (all ) Tj ET Q q 0 0 0 rg BT 403.54 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 426.15 741.75 Td (classes, ) Tj ET Q q 0 0 0 rg BT 460.14 741.75 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 478.09 741.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 519.94 741.75 Td (regulation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.95 729.15 Td (algorithmic ) Tj ET Q q 0 0 0 rg BT 112.05 729.15 Td (trading, ) Tj ET Q q 0 0 0 rg BT 147.12 729.15 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 164.98 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 180.51 729.15 Td (movement ) Tj ET Q q 0 0 0 rg BT 227.54 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 238.98 729.15 Td (trading ) Tj ET Q q 0 0 0 rg BT 271.43 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 282.29 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 313.56 729.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 342.50 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 360.36 729.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 409.13 729.15 Td (onto ) Tj ET Q q 0 0 0 rg BT 430.50 729.15 Td (regulated ) Tj ET Q q 0 0 0 rg BT 472.26 729.15 Td (execution ) Tj ET Q q 0 0 0 rg BT 515.78 729.15 Td (venues, ) Tj ET Q q 0 0 0 rg BT 550.26 729.15 Td (\(v\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.67 716.55 Td (extension ) Tj ET Q q 0 0 0 rg BT 107.25 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 118.34 716.55 Td (pre- ) Tj ET Q q 0 0 0 rg BT 137.59 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 155.09 716.55 Td (post-trade ) Tj ET Q q 0 0 0 rg BT 199.42 716.55 Td (transparency ) Tj ET Q q 0 0 0 rg BT 255.40 716.55 Td (requirements ) Tj ET Q q 0 0 0 rg BT 312.56 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 323.06 716.55 Td (wider ) Tj ET Q q 0 0 0 rg BT 349.31 716.55 Td (categories ) Tj ET Q q 0 0 0 rg BT 394.22 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 405.31 716.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.38 716.55 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 498.34 716.55 Td (\(vi\) ) Tj ET Q q 0 0 0 rg BT 515.85 716.55 Td (restrictions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 63.24 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 79.31 703.95 Td (use ) Tj ET Q q 0 0 0 rg BT 96.54 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 108.53 703.95 Td (so-called ) Tj ET Q q 0 0 0 rg BT 149.67 703.95 Td (dark ) Tj ET Q q 0 0 0 rg BT 171.56 703.95 Td (pool ) Tj ET Q q 0 0 0 rg BT 193.47 703.95 Td (trading, ) Tj ET Q q 0 0 0 rg BT 229.07 703.95 Td (\(vii\) ) Tj ET Q q 0 0 0 rg BT 250.39 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 266.46 703.95 Td (creation ) Tj ET Q q 0 0 0 rg BT 303.51 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 315.50 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 323.39 703.95 Td (new ) Tj ET Q q 0 0 0 rg BT 344.13 703.95 Td (type ) Tj ET Q q 0 0 0 rg BT 365.44 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 377.43 703.95 Td (trading ) Tj ET Q q 0 0 0 rg BT 410.41 703.95 Td (venue ) Tj ET Q q 0 0 0 rg BT 438.72 703.95 Td (called ) Tj ET Q q 0 0 0 rg BT 467.03 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 483.09 703.95 Td (Or) Tj ET Q q 0 0 0 rg BT 493.98 703.95 Td (ganized ) Tj ET Q q 0 0 0 rg BT 529.64 703.95 Td (T) Tj ET Q q 0 0 0 rg BT 535.68 703.95 Td (rading ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Facility ) Tj ET Q q 0 0 0 rg BT 84.11 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 98.87 691.35 Td (non-equity ) Tj ET Q q 0 0 0 rg BT 146.89 691.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 186.15 691.35 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 240.30 691.35 Td (\(viii\) ) Tj ET Q q 0 0 0 rg BT 263.82 691.35 Td (commodity ) Tj ET Q q 0 0 0 rg BT 314.17 691.35 Td (derivative ) Tj ET Q q 0 0 0 rg BT 358.68 691.35 Td (position ) Tj ET Q q 0 0 0 rg BT 395.04 691.35 Td (limits ) Tj ET Q q 0 0 0 rg BT 421.49 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 439.18 691.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 480.19 691.35 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 540.15 691.35 Td (\(ix\) ) Tj ET Q q 0 0 0 rg BT 557.84 691.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (move ) Tj ET Q q 0 0 0 rg BT 76.19 678.75 Td (away ) Tj ET Q q 0 0 0 rg BT 101.70 678.75 Td (from ) Tj ET Q q 0 0 0 rg BT 125.47 678.75 Td (vertical ) Tj ET Q q 0 0 0 rg BT 160.31 678.75 Td (silos ) Tj ET Q q 0 0 0 rg BT 182.93 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 194.46 678.75 Td (execution, ) Tj ET Q q 0 0 0 rg BT 241.26 678.75 Td (clearing ) Tj ET Q q 0 0 0 rg BT 278.43 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 296.95 678.75 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 346.09 678.75 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 361.69 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 374.96 678.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 417.96 678.75 Td (role ) Tj ET Q q 0 0 0 rg BT 437.65 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 453.25 678.75 Td (ESMA) Tj ET Q q 0 0 0 rg BT 481.84 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 485.20 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 496.73 678.75 Td (supervising ) Tj ET Q q 0 0 0 rg BT 548.51 678.75 Td (EU ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 92.23 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 110.46 666.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 159.60 666.15 Td (markets ) Tj ET Q q 0 0 0 rg BT 195.92 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 214.15 666.15 Td (\(xi\) ) Tj ET Q q 0 0 0 rg BT 232.38 666.15 Td (new ) Tj ET Q q 0 0 0 rg BT 252.95 666.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 310.84 666.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 354.15 666.15 Td (non-EU ) Tj ET Q q 0 0 0 rg BT 390.46 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 439.61 666.15 Td (firms�) Tj ET Q q 0 0 0 rg BT 464.50 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 467.57 666.15 Td (access ) Tj ET Q q 0 0 0 rg BT 497.46 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 508.70 666.15 Td (EU ) Tj ET Q q 0 0 0 rg BT 525.77 666.15 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (markets. ) Tj ET Q q 0 0 0 rg BT 87.37 653.55 Td (Implementation ) Tj ET Q q 0 0 0 rg BT 155.87 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 166.62 653.55 Td (these ) Tj ET Q q 0 0 0 rg BT 190.21 653.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 231.29 653.55 Td (will ) Tj ET Q q 0 0 0 rg BT 249.63 653.55 Td (have ) Tj ET Q q 0 0 0 rg BT 271.46 653.55 Td (direct ) Tj ET Q q 0 0 0 rg BT 297.38 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 314.55 653.55 Td (indirect ) Tj ET Q q 0 0 0 rg BT 348.63 653.55 Td (impacts ) Tj ET Q q 0 0 0 rg BT 383.30 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 395.81 653.55 Td (us ) Tj ET Q q 0 0 0 rg BT 407.15 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 424.32 653.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 454.90 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 465.65 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 481.66 653.55 Td (af) Tj ET Q q 0 0 0 rg BT 489.63 653.55 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 522.84 653.55 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.10 640.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 132.19 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 142.63 640.95 Td (client ) Tj ET Q q 0 0 0 rg BT 168.23 640.95 Td (servicing ) Tj ET Q q 0 0 0 rg BT 209.00 640.95 Td (models, ) Tj ET Q q 0 0 0 rg BT 244.23 640.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 294.92 640.95 Td (models, ) Tj ET Q q 0 0 0 rg BT 330.16 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 345.26 640.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 364.44 640.95 Td (we ) Tj ET Q q 0 0 0 rg BT 378.96 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 394.05 640.95 Td (able ) Tj ET Q q 0 0 0 rg BT 413.81 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 424.26 640.95 Td (char) Tj ET Q q 0 0 0 rg BT 442.13 640.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 454.32 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 464.76 640.95 Td (clients ) Tj ET Q q 0 0 0 rg BT 494.45 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 511.88 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 526.99 640.95 Td (way ) Tj ET Q q 0 0 0 rg BT 546.75 640.95 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 66.12 628.35 Td (af) Tj ET Q q 0 0 0 rg BT 74.09 628.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 105.29 628.35 Td (execute ) Tj ET Q q 0 0 0 rg BT 139.97 628.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 188.68 628.35 Td (decisions ) Tj ET Q q 0 0 0 rg BT 230.38 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 245.25 628.35 Td (client ) Tj ET Q q 0 0 0 rg BT 271.20 628.35 Td (portfolios. ) Tj ET Q q 0 0 0 rg BT 317.28 628.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 104.49 603.15 Td (United ) Tj ET Q q 0 0 0 rg BT 135.73 603.15 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 178.06 603.15 Td (has ) Tj ET Q q 0 0 0 rg BT 194.73 603.15 Td (implemented ) Tj ET Q q 0 0 0 rg BT 252.21 603.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 275.29 603.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 318.18 603.15 Td (retail ) Tj ET Q q 0 0 0 rg BT 342.42 603.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 393.50 603.15 Td (review ) Tj ET Q q 0 0 0 rg BT 424.74 603.15 Td (\(the ) Tj ET Q q 0 0 0 rg BT 443.72 603.15 Td (�RDR�\) ) Tj ET Q q 0 0 0 rg BT 480.80 603.15 Td (aimed ) Tj ET Q q 0 0 0 rg BT 509.12 603.15 Td (at ) Tj ET Q q 0 0 0 rg BT 519.36 603.15 Td (enhancing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (consumer ) Tj ET Q q 0 0 0 rg BT 92.47 590.55 Td (protections, ) Tj ET Q q 0 0 0 rg BT 143.91 590.55 Td (overhauling ) Tj ET Q q 0 0 0 rg BT 196.21 590.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 227.53 590.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 248.93 590.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 263.90 590.55 Td (structures ) Tj ET Q q 0 0 0 rg BT 306.87 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 324.18 590.55 Td (increasing ) Tj ET Q q 0 0 0 rg BT 369.48 590.55 Td (professionalism ) Tj ET Q q 0 0 0 rg BT 438.13 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 448.45 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 463.43 590.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 487.15 590.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 535.38 590.55 Td (sector) Tj ET Q q 0 0 0 rg BT 559.87 590.55 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.05 577.95 Td (order ) Tj ET Q q 0 0 0 rg BT 86.01 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 96.98 577.95 Td (achieve ) Tj ET Q q 0 0 0 rg BT 131.84 577.95 Td (this, ) Tj ET Q q 0 0 0 rg BT 152.44 577.95 Td (RDR ) Tj ET Q q 0 0 0 rg BT 176.83 577.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 213.46 577.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 252.42 577.95 Td (firms ) Tj ET Q q 0 0 0 rg BT 277.39 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 288.36 577.95 Td (explicitly ) Tj ET Q q 0 0 0 rg BT 330.82 577.95 Td (disclose ) Tj ET Q q 0 0 0 rg BT 367.45 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 385.42 577.95 Td (separately ) Tj ET Q q 0 0 0 rg BT 430.78 577.95 Td (char) Tj ET Q q 0 0 0 rg BT 448.66 577.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 461.37 577.95 Td (clients ) Tj ET Q q 0 0 0 rg BT 491.59 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 506.63 577.95 Td (their ) Tj ET Q q 0 0 0 rg BT 528.68 577.95 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 68.46 565.35 Td (clearly ) Tj ET Q q 0 0 0 rg BT 100.82 565.35 Td (describe ) Tj ET Q q 0 0 0 rg BT 139.60 565.35 Td (their ) Tj ET Q q 0 0 0 rg BT 162.65 565.35 Td (services ) Tj ET Q q 0 0 0 rg BT 200.26 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 212.81 565.35 Td (either ) Tj ET Q q 0 0 0 rg BT 240.51 565.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 295.63 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 308.17 565.35 Td (restricted. ) Tj ET Q q 0 0 0 rg BT 353.66 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 357.46 565.35 Td (It ) Tj ET Q q 0 0 0 rg BT 367.68 565.35 Td (also ) Tj ET Q q 0 0 0 rg BT 388.39 565.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 426.01 565.35 Td (individual ) Tj ET Q q 0 0 0 rg BT 472.39 565.35 Td (advisers ) Tj ET Q q 0 0 0 rg BT 510.59 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 522.56 565.35 Td (adhere ) Tj ET Q q 0 0 0 rg BT 554.34 565.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 94.91 552.75 Td (professional ) Tj ET Q q 0 0 0 rg BT 149.64 552.75 Td (standards, ) Tj ET Q q 0 0 0 rg BT 195.34 552.75 Td (including ) Tj ET Q q 0 0 0 rg BT 238.41 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 246.49 552.75 Td (code ) Tj ET Q q 0 0 0 rg BT 269.72 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 281.88 552.75 Td (ethics. ) Tj ET Q q 0 0 0 rg BT 312.41 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 315.82 552.75 Td (Similarly) Tj ET Q q 0 0 0 rg BT 354.22 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 360.26 552.75 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 392.85 552.75 Td (2 ) Tj ET Q q 0 0 0 rg BT 401.51 552.75 Td (will ) Tj ET Q q 0 0 0 rg BT 421.26 552.75 Td (contain ) Tj ET Q q 0 0 0 rg BT 455.57 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 463.65 552.75 Td (ban ) Tj ET Q q 0 0 0 rg BT 482.22 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 496.13 552.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 528.11 552.75 Td (advisers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (recovering ) Tj ET Q q 0 0 0 rg BT 97.72 540.15 Td (commissions ) Tj ET Q q 0 0 0 rg BT 155.89 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 174.38 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 199.28 540.15 Td (nonmonetary ) Tj ET Q q 0 0 0 rg BT 258.01 540.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 294.58 540.15 Td (from ) Tj ET Q q 0 0 0 rg BT 318.31 540.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 340.89 540.15 Td (managers. ) Tj ET Q q 0 0 0 rg BT 386.83 540.15 Td (These ) Tj ET Q q 0 0 0 rg BT 415.23 540.15 Td (rules, ) Tj ET Q q 0 0 0 rg BT 441.60 540.15 Td (if ) Tj ET Q q 0 0 0 rg BT 451.34 540.15 Td (implemented, ) Tj ET Q q 0 0 0 rg BT 512.11 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 533.52 540.15 Td (lead ) Tj ET Q q 0 0 0 rg BT 554.33 540.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 85.93 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 96.71 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 112.15 527.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 131.66 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 149.43 527.55 Td (commissions ) Tj ET Q q 0 0 0 rg BT 206.88 527.55 Td (we ) Tj ET Q q 0 0 0 rg BT 221.74 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 237.17 527.55 Td (able ) Tj ET Q q 0 0 0 rg BT 257.27 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 268.04 527.55 Td (char) Tj ET Q q 0 0 0 rg BT 285.92 527.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 298.44 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 309.22 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 325.83 527.55 Td (clients, ) Tj ET Q q 0 0 0 rg BT 358.48 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 369.83 527.55 Td (well ) Tj ET Q q 0 0 0 rg BT 390.52 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 401.88 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 412.66 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 429.27 527.55 Td (client ) Tj ET Q q 0 0 0 rg BT 455.20 527.55 Td (servicing ) Tj ET Q q 0 0 0 rg BT 496.30 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 514.07 527.55 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (models.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 489.75 Td (Undertakings ) Tj ET Q q 0 0 0 rg BT 145.29 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 160.17 489.75 Td (Collective ) Tj ET Q q 0 0 0 rg BT 205.36 489.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 253.46 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 264.26 489.75 Td (T) Tj ET Q q 0 0 0 rg BT 269.52 489.75 Td (ransferable ) Tj ET Q q 0 0 0 rg BT 320.56 489.75 Td (Securities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 104.87 464.55 Td (EU ) Tj ET Q q 0 0 0 rg BT 121.92 464.55 Td (has ) Tj ET Q q 0 0 0 rg BT 138.97 464.55 Td (adopted ) Tj ET Q q 0 0 0 rg BT 175.25 464.55 Td (directives ) Tj ET Q q 0 0 0 rg BT 219.12 464.55 Td (on ) Tj ET Q q 0 0 0 rg BT 232.67 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 248.55 464.55 Td (coordination ) Tj ET Q q 0 0 0 rg BT 304.67 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 316.46 464.55 Td (laws, ) Tj ET Q q 0 0 0 rg BT 341.39 464.55 Td (regulations ) Tj ET Q q 0 0 0 rg BT 391.09 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 409.30 464.55 Td (administrative ) Tj ET Q q 0 0 0 rg BT 472.42 464.55 Td (provisions ) Tj ET Q q 0 0 0 rg BT 519.22 464.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 554.34 464.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (undertakings ) Tj ET Q q 0 0 0 rg BT 105.09 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 118.69 451.95 Td (collective ) Tj ET Q q 0 0 0 rg BT 160.86 451.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 208.29 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 217.81 451.95 Td (transferable ) Tj ET Q q 0 0 0 rg BT 268.72 451.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 309.73 451.95 Td (\(�UCITS�\) ) Tj ET Q q 0 0 0 rg BT 357.74 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 377.76 451.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 408.85 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 418.37 451.95 Td (depositary ) Tj ET Q q 0 0 0 rg BT 463.47 451.95 Td (functions, ) Tj ET Q q 0 0 0 rg BT 506.52 451.95 Td (remuneration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (policies ) Tj ET Q q 0 0 0 rg BT 84.76 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 102.53 439.35 Td (sanctions. ) Tj ET Q q 0 0 0 rg BT 146.84 439.35 Td (UCITS ) Tj ET Q q 0 0 0 rg BT 179.59 439.35 Td (V) Tj ET Q q 0 0 0 rg BT 185.82 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 191.05 439.35 Td (which ) Tj ET Q q 0 0 0 rg BT 219.32 439.35 Td (was ) Tj ET Q q 0 0 0 rg BT 238.25 439.35 Td (required ) Tj ET Q q 0 0 0 rg BT 275.84 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 286.61 439.35 Td (be ) Tj ET Q q 0 0 0 rg BT 299.12 439.35 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 354.79 439.35 Td (into ) Tj ET Q q 0 0 0 rg BT 373.73 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 389.16 439.35 Td (national ) Tj ET Q q 0 0 0 rg BT 425.59 439.35 Td (law ) Tj ET Q q 0 0 0 rg BT 443.35 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 454.71 439.35 Td (each ) Tj ET Q q 0 0 0 rg BT 476.54 439.35 Td (EU ) Tj ET Q q 0 0 0 rg BT 493.14 439.35 Td (member ) Tj ET Q q 0 0 0 rg BT 530.15 439.35 Td (state ) Tj ET Q q 0 0 0 rg BT 552.00 439.35 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (second ) Tj ET Q q 0 0 0 rg BT 80.81 426.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 112.69 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 123.59 426.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 149.36 426.75 Td (seeks ) Tj ET Q q 0 0 0 rg BT 174.26 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 184.58 426.75 Td (align ) Tj ET Q q 0 0 0 rg BT 207.72 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 222.70 426.75 Td (depositary ) Tj ET Q q 0 0 0 rg BT 268.59 426.75 Td (regime, ) Tj ET Q q 0 0 0 rg BT 302.52 426.75 Td (remuneration ) Tj ET Q q 0 0 0 rg BT 360.65 426.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 383.21 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 400.52 426.75 Td (sanctioning ) Tj ET Q q 0 0 0 rg BT 451.09 426.75 Td (powers ) Tj ET Q q 0 0 0 rg BT 483.56 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 494.46 426.75 Td (regulators ) Tj ET Q q 0 0 0 rg BT 538.60 426.75 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (UCITS ) Tj ET Q q 0 0 0 rg BT 82.15 414.15 Td (with ) Tj ET Q q 0 0 0 rg BT 103.13 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 118.28 414.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 175.41 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 186.47 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 201.10 414.15 Td (AIFMD. ) Tj ET Q q 0 0 0 rg BT 239.88 414.15 Td (In ) Tj ET Q q 0 0 0 rg BT 250.94 414.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 290.29 414.15 Td (ESMA) Tj ET Q q 0 0 0 rg BT 318.89 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 321.20 414.15 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 366.68 414.15 Td (include ) Tj ET Q q 0 0 0 rg BT 399.90 414.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 422.63 414.15 Td (relating ) Tj ET Q q 0 0 0 rg BT 457.01 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 467.49 414.15 Td (collateral ) Tj ET Q q 0 0 0 rg BT 508.87 414.15 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (requirements ) Tj ET Q q 0 0 0 rg BT 109.15 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 126.22 401.55 Td (UCITS ) Tj ET Q q 0 0 0 rg BT 161.39 401.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 189.56 401.55 Td (concerning ) Tj ET Q q 0 0 0 rg BT 241.04 401.55 Td (collateral ) Tj ET Q q 0 0 0 rg BT 284.93 401.55 Td (received ) Tj ET Q q 0 0 0 rg BT 325.32 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 338.32 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 355.98 401.55 Td (context ) Tj ET Q q 0 0 0 rg BT 391.72 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 405.30 401.55 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 456.20 401.55 Td (using ) Tj ET Q q 0 0 0 rg BT 483.79 401.55 Td (Ef) Tj ET Q q 0 0 0 rg BT 493.51 401.55 Td (ficient ) Tj ET Q q 0 0 0 rg BT 525.16 401.55 Td (Portfolio ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.28 388.95 Td (\(�EPM�\) ) Tj ET Q q 0 0 0 rg BT 148.15 388.95 Td (techniques ) Tj ET Q q 0 0 0 rg BT 196.02 388.95 Td (\(including ) Tj ET Q q 0 0 0 rg BT 242.15 388.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 284.77 388.95 Td (lending\) ) Tj ET Q q 0 0 0 rg BT 322.73 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 340.86 388.95 Td (over) Tj ET Q q 0 0 0 rg BT 359.31 388.95 Td (-the-counter ) Tj ET Q q 0 0 0 rg BT 413.58 388.95 Td (derivative ) Tj ET Q q 0 0 0 rg BT 458.53 388.95 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 514.06 388.95 Td (These ) Tj ET Q q 0 0 0 rg BT 542.10 388.95 Td (rules ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (required ) Tj ET Q q 0 0 0 rg BT 86.47 376.35 Td (us ) Tj ET Q q 0 0 0 rg BT 97.79 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 107.95 376.35 Td (make ) Tj ET Q q 0 0 0 rg BT 132.67 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 139.32 376.35 Td (series ) Tj ET Q q 0 0 0 rg BT 165.21 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 175.95 376.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 211.75 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 221.91 376.35 Td (collateral ) Tj ET Q q 0 0 0 rg BT 262.95 376.35 Td (management ) Tj ET Q q 0 0 0 rg BT 318.58 376.35 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 377.13 376.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 422.26 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 432.42 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 447.23 376.35 Td (EPM ) Tj ET Q q 0 0 0 rg BT 470.81 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 481.54 376.35 Td (UCITS ) Tj ET Q q 0 0 0 rg BT 513.86 376.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 535.10 376.35 Td (ranges ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 363.75 Td (cause ) Tj ET Q q 0 0 0 rg BT 93.23 363.75 Td (us ) Tj ET Q q 0 0 0 rg BT 105.19 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 115.98 363.75 Td (incur ) Tj ET Q q 0 0 0 rg BT 140.18 363.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 184.80 363.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 225.33 363.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 271.10 363.75 Td (with ) Tj ET Q q 0 0 0 rg BT 292.40 363.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 310.77 363.75 Td (management ) Tj ET Q q 0 0 0 rg BT 367.04 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 384.83 363.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 425.94 363.75 Td (requirements. ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 85.50 338.55 Td (British ) Tj ET Q q 0 0 0 rg BT 116.71 338.55 Td (Exit ) Tj ET Q q 0 0 0 rg BT 136.25 338.55 Td (fr) Tj ET Q q 0 0 0 rg BT 142.86 338.55 Td (om ) Tj ET Q q 0 0 0 rg BT 158.32 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 173.77 338.55 Td (Eur) Tj ET Q q 0 0 0 rg BT 189.14 338.55 Td (opean ) Tj ET Q q 0 0 0 rg BT 217.42 338.55 Td (Union ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 313.35 Td (The ) Tj ET Q q 0 0 0 rg BT 105.42 313.35 Td (United ) Tj ET Q q 0 0 0 rg BT 137.59 313.35 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 180.86 313.35 Td (\(�U.K.�\) ) Tj ET Q q 0 0 0 rg BT 221.18 313.35 Td (held ) Tj ET Q q 0 0 0 rg BT 242.86 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 251.11 313.35 Td (referendum ) Tj ET Q q 0 0 0 rg BT 303.10 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 314.86 313.35 Td (June ) Tj ET Q q 0 0 0 rg BT 337.70 313.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 362.30 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 374.06 313.35 Td (which ) Tj ET Q q 0 0 0 rg BT 403.32 313.35 Td (voters ) Tj ET Q q 0 0 0 rg BT 432.57 313.35 Td (approved ) Tj ET Q q 0 0 0 rg BT 475.23 313.35 Td (an ) Tj ET Q q 0 0 0 rg BT 488.74 313.35 Td (exit ) Tj ET Q q 0 0 0 rg BT 508.08 313.35 Td (from ) Tj ET Q q 0 0 0 rg BT 532.09 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 548.51 313.35 Td (EU ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (\("Brexit"\), ) Tj ET Q q 0 0 0 rg BT 96.63 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 124.99 300.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 160.92 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 171.79 300.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 218.80 300.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 259.42 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 270.28 300.75 Td (several ) Tj ET Q q 0 0 0 rg BT 302.71 300.75 Td (international ) Tj ET Q q 0 0 0 rg BT 358.47 300.75 Td (markets. ) Tj ET Q q 0 0 0 rg BT 397.03 300.75 Td (On ) Tj ET Q q 0 0 0 rg BT 412.56 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 442.65 300.75 Td (29, ) Tj ET Q q 0 0 0 rg BT 458.48 300.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 484.80 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 500.32 300.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 523.43 300.75 Td (delivered ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (notice ) Tj ET Q q 0 0 0 rg BT 78.11 288.15 Td (under ) Tj ET Q q 0 0 0 rg BT 104.31 288.15 Td (Article ) Tj ET Q q 0 0 0 rg BT 136.42 288.15 Td (50 ) Tj ET Q q 0 0 0 rg BT 149.87 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 161.57 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 177.34 288.15 Td (Lisbon ) Tj ET Q q 0 0 0 rg BT 209.25 288.15 Td (T) Tj ET Q q 0 0 0 rg BT 215.30 288.15 Td (reaty ) Tj ET Q q 0 0 0 rg BT 239.23 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 250.93 288.15 Td (its ) Tj ET Q q 0 0 0 rg BT 263.80 288.15 Td (intent ) Tj ET Q q 0 0 0 rg BT 290.66 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 301.78 288.15 Td (leave ) Tj ET Q q 0 0 0 rg BT 326.88 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 342.66 288.15 Td (EU, ) Tj ET Q q 0 0 0 rg BT 362.23 288.15 Td (beginning ) Tj ET Q q 0 0 0 rg BT 407.18 288.15 Td (a) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 411.84 288.15 Td ( ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 414.79 288.15 Td (two ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 433.49 288.15 Td (year ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 454.51 288.15 Td (negotiation ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 504.70 288.15 Td (period ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 534.48 288.15 Td (for ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 549.67 288.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 49.50 275.55 Td (U.K. ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 72.18 275.55 Td (and ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 89.60 275.55 Td (the ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 104.69 275.55 Td (27 ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 117.45 275.55 Td (remaining ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 162.29 275.55 Td (members ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 203.04 275.55 Td (of ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 214.05 275.55 Td (the ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 229.14 275.55 Td (EU ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 245.40 275.55 Td (to ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 255.83 275.55 Td (reach ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 280.82 275.55 Td (agreement ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 326.80 275.55 Td (on ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 339.56 275.55 Td (the ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 354.66 275.55 Td (terns ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 377.33 275.55 Td (of ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 388.34 275.55 Td (the ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 403.43 275.55 Td (exit. ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 424.06 275.55 Td (Unless ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 454.91 275.55 Td (the ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 470.00 275.55 Td (UK ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 487.43 275.55 Td (and ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 504.85 275.55 Td (the ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 519.94 275.55 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 49.50 262.95 Td (EU ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 66.59 262.95 Td (member ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 104.08 262.95 Td (states ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 130.50 262.95 Td (agree ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 156.32 262.95 Td (to ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 167.58 262.95 Td (extend ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 198.66 262.95 Td (the ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 214.57 262.95 Td (deadline ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 253.23 262.95 Td (for ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 268.56 262.95 Td (exit ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 287.40 262.95 Td (negotiations, ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 344.44 262.95 Td (the ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 360.36 262.95 Td (UK ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 378.62 262.95 Td (will ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 398.04 262.95 Td (leave ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 423.28 262.95 Td (the ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 439.20 262.95 Td (EU ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 456.29 262.95 Td (on ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 469.88 262.95 Td (March ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 500.38 262.95 Td (29, ) Tj ET Q q 0.25098039215686274 0.25098039215686274 0.25098039215686274 rg BT 516.59 262.95 Td (2019) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 537.59 262.95 Td (. ) Tj ET Q q 0 0 0 rg BT 543.31 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 546.17 262.95 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (outcome ) Tj ET Q q 0 0 0 rg BT 89.83 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 102.74 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 119.74 250.35 Td (negotiations ) Tj ET Q q 0 0 0 rg BT 175.24 250.35 Td (between ) Tj ET Q q 0 0 0 rg BT 214.39 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 231.39 250.35 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 255.97 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 275.30 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 292.30 250.35 Td (EU ) Tj ET Q q 0 0 0 rg BT 310.47 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 329.80 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 346.79 250.35 Td (long-term ) Tj ET Q q 0 0 0 rg BT 392.37 250.35 Td (consequences ) Tj ET Q q 0 0 0 rg BT 454.26 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 467.18 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 484.18 250.35 Td (vote ) Tj ET Q q 0 0 0 rg BT 506.43 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 525.76 250.35 Td (resulting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (negotiations ) Tj ET Q q 0 0 0 rg BT 102.54 237.75 Td (are ) Tj ET Q q 0 0 0 rg BT 117.07 237.75 Td (uncertain. ) Tj ET Q q 0 0 0 rg BT 160.34 237.75 Td (W) Tj ET Q q 0 0 0 rg BT 169.41 237.75 Td (e ) Tj ET Q q 0 0 0 rg BT 175.78 237.75 Td (will ) Tj ET Q q 0 0 0 rg BT 193.83 237.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 231.70 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 241.58 237.75 Td (monitor ) Tj ET Q q 0 0 0 rg BT 276.54 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 291.08 237.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 329.53 237.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 359.81 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 370.27 237.75 Td (Brexit ) Tj ET Q q 0 0 0 rg BT 398.23 237.75 Td (on ) Tj ET Q q 0 0 0 rg BT 410.44 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 426.15 237.75 Td (business ) Tj ET Q q 0 0 0 rg BT 463.44 237.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 508.89 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 525.77 237.75 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (condition.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 199.95 Td (Existing ) Tj ET Q q 0 0 0 rg BT 124.31 199.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.60 199.95 Td (Regulation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 174.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.89 174.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 124.61 174.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 147.08 174.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 189.37 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 204.25 174.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 247.70 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 258.50 174.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 306.63 174.75 Td (advisers ) Tj ET Q q 0 0 0 rg BT 343.10 174.75 Td (with ) Tj ET Q q 0 0 0 rg BT 363.82 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 378.71 174.75 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 402.65 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 413.45 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 428.32 174.75 Td (several ) Tj ET Q q 0 0 0 rg BT 460.11 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 470.91 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 486.97 174.75 Td (international ) Tj ET Q q 0 0 0 rg BT 542.09 174.75 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (managers, ) Tj ET Q q 0 0 0 rg BT 95.36 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 113.52 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 129.34 162.15 Td (also ) Tj ET Q q 0 0 0 rg BT 149.26 162.15 Td (required ) Tj ET Q q 0 0 0 rg BT 187.24 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 198.41 162.15 Td (make ) Tj ET Q q 0 0 0 rg BT 224.15 162.15 Td (notice ) Tj ET Q q 0 0 0 rg BT 252.81 162.15 Td (filings ) Tj ET Q q 0 0 0 rg BT 282.65 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 293.82 162.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 325.38 162.15 Td (states. ) Tj ET Q q 0 0 0 rg BT 354.12 162.15 Td (W) Tj ET Q q 0 0 0 rg BT 363.19 162.15 Td (e ) Tj ET Q q 0 0 0 rg BT 370.85 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 389.02 162.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.58 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 432.33 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 449.33 162.15 Td (af) Tj ET Q q 0 0 0 rg BT 457.30 162.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 488.87 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 504.69 162.15 Td (also ) Tj ET Q q 0 0 0 rg BT 524.61 162.15 Td (currently ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 83.37 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 95.66 149.55 Td (regulation ) Tj ET Q q 0 0 0 rg BT 142.35 149.55 Td (by ) Tj ET Q q 0 0 0 rg BT 156.97 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 173.92 149.55 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 199.93 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 216.88 149.55 Td (Department ) Tj ET Q q 0 0 0 rg BT 270.57 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 283.44 149.55 Td (Labor ) Tj ET Q q 0 0 0 rg BT 312.63 149.55 Td (\(the ) Tj ET Q q 0 0 0 rg BT 333.08 149.55 Td (�DOL�\), ) Tj ET Q q 0 0 0 rg BT 374.23 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 391.18 149.55 Td (Federal ) Tj ET Q q 0 0 0 rg BT 426.79 149.55 Td (Reserve, ) Tj ET Q q 0 0 0 rg BT 467.35 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 484.30 149.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 527.50 149.55 Td (Industry ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 97.80 136.95 Td (Authority ) Tj ET Q q 0 0 0 rg BT 140.74 136.95 Td (\(�FINRA�\), ) Tj ET Q q 0 0 0 rg BT 193.29 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 208.22 136.95 Td (National ) Tj ET Q q 0 0 0 rg BT 246.48 136.95 Td (Futures ) Tj ET Q q 0 0 0 rg BT 279.63 136.95 Td (Association ) Tj ET Q q 0 0 0 rg BT 331.31 136.95 Td (\(�NF) Tj ET Q q 0 0 0 rg BT 352.11 136.95 Td (A�\), ) Tj ET Q q 0 0 0 rg BT 372.58 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 387.52 136.95 Td (CFTC ) Tj ET Q q 0 0 0 rg BT 415.88 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 433.15 136.95 Td (other ) Tj ET Q q 0 0 0 rg BT 456.83 136.95 Td (government ) Tj ET Q q 0 0 0 rg BT 509.09 136.95 Td (agencies ) Tj ET Q q 0 0 0 rg BT 547.34 136.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 94.66 124.35 Td (bodies. ) Tj ET Q q 0 0 0 rg BT 126.71 124.35 Td (Certain ) Tj ET Q q 0 0 0 rg BT 159.63 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 170.39 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 186.39 124.35 Td (af) Tj ET Q q 0 0 0 rg BT 194.36 124.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 224.95 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 239.78 124.35 Td (also ) Tj ET Q q 0 0 0 rg BT 258.70 124.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 290.46 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 300.64 124.35 Td (various ) Tj ET Q q 0 0 0 rg BT 333.56 124.35 Td (anti-terrorist ) Tj ET Q q 0 0 0 rg BT 388.05 124.35 Td (financing, ) Tj ET Q q 0 0 0 rg BT 432.34 124.35 Td (privacy) Tj ET Q q 0 0 0 rg BT 463.14 124.35 Td (, ) Tj ET Q q 0 0 0 rg BT 467.78 124.35 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 517.61 124.35 Td (laundering ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (regulations ) Tj ET Q q 0 0 0 rg BT 98.78 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 116.57 111.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 160.01 111.75 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 201.71 111.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 223.59 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 241.37 111.75 Td (regulations ) Tj ET Q q 0 0 0 rg BT 290.65 111.75 Td (established ) Tj ET Q q 0 0 0 rg BT 339.94 111.75 Td (by ) Tj ET Q q 0 0 0 rg BT 353.06 111.75 Td (various ) Tj ET Q q 0 0 0 rg BT 386.60 111.75 Td (agencies.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 88.13 99.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 86.55 Td (The ) Tj ET Q q 0 0 0 rg BT 105.43 86.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 154.90 86.55 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 195.04 86.55 Td (Act ) Tj ET Q q 0 0 0 rg BT 213.81 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 226.16 86.55 Td (1940 ) Tj ET Q q 0 0 0 rg BT 250.77 86.55 Td (imposes ) Tj ET Q q 0 0 0 rg BT 288.79 86.55 Td (numerous ) Tj ET Q q 0 0 0 rg BT 333.81 86.55 Td (obligations ) Tj ET Q q 0 0 0 rg BT 384.09 86.55 Td (on ) Tj ET Q q 0 0 0 rg BT 398.19 86.55 Td (registered ) Tj ET Q q 0 0 0 rg BT 443.20 86.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 492.88 86.55 Td (advisers ) Tj ET Q q 0 0 0 rg BT 530.90 86.55 Td (such ) Tj ET Q q 0 0 0 rg BT 553.75 86.55 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.05 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 90.78 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 106.76 73.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 129.16 73.95 Td (managers, ) Tj ET Q q 0 0 0 rg BT 174.00 73.95 Td (including ) Tj ET Q q 0 0 0 rg BT 215.65 73.95 Td (record-keeping, ) Tj ET Q q 0 0 0 rg BT 283.80 73.95 Td (operational ) Tj ET Q q 0 0 0 rg BT 333.02 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 350.16 73.95 Td (marketing ) Tj ET Q q 0 0 0 rg BT 394.72 73.95 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 454.14 73.95 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 498.70 73.95 Td (obligations ) Tj ET Q q 0 0 0 rg BT 547.35 73.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (prohibitions ) Tj ET Q q 0 0 0 rg BT 103.89 61.35 Td (on ) Tj ET Q q 0 0 0 rg BT 118.02 61.35 Td (fraudulent ) Tj ET Q q 0 0 0 rg BT 164.80 61.35 Td (activities. ) Tj ET Q q 0 0 0 rg BT 208.70 61.35 Td (The ) Tj ET Q q 0 0 0 rg BT 228.66 61.35 Td (Investment ) Tj ET Q q 0 0 0 rg BT 278.95 61.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 322.61 61.35 Td (Act ) Tj ET Q q 0 0 0 rg BT 341.40 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 353.78 61.35 Td (1940 ) Tj ET Q q 0 0 0 rg BT 378.41 61.35 Td (imposes ) Tj ET Q q 0 0 0 rg BT 416.46 61.35 Td (stringent ) Tj ET Q q 0 0 0 rg BT 456.84 61.35 Td (governance, ) Tj ET Q q 0 0 0 rg BT 511.49 61.35 Td (compliance, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (operational, ) Tj ET Q q 0 0 0 rg BT 103.76 48.75 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 150.74 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.30 48.75 Td (related ) Tj ET Q q 0 0 0 rg BT 203.27 48.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 254.34 48.75 Td (on ) Tj ET Q q 0 0 0 rg BT 269.25 48.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 315.05 48.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 365.53 48.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 414.83 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 434.40 48.75 Td (their ) Tj ET Q q 0 0 0 rg BT 458.04 48.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 508.53 48.75 Td (advisers ) Tj ET Q q 0 0 0 rg BT 547.34 48.75 Td (and ) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (distributors. ) Tj ET Q q 0 0 0 rg BT 102.27 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 121.09 741.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 142.83 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 152.33 741.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 199.13 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 209.79 741.75 Td (institute ) Tj ET Q q 0 0 0 rg BT 246.11 741.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 299.34 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 316.99 741.75 Td (impose ) Tj ET Q q 0 0 0 rg BT 349.81 741.75 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 391.38 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 406.11 741.75 Td (violations ) Tj ET Q q 0 0 0 rg BT 450.02 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 461.26 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 476.58 741.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 525.17 741.75 Td (Advisers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Act ) Tj ET Q q 0 0 0 rg BT 68.05 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 80.19 729.15 Td (1940 ) Tj ET Q q 0 0 0 rg BT 104.58 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 123.13 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 139.35 729.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 189.39 729.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 232.87 729.15 Td (Act ) Tj ET Q q 0 0 0 rg BT 251.42 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 263.56 729.15 Td (1940, ) Tj ET Q q 0 0 0 rg BT 290.57 729.15 Td (ranging ) Tj ET Q q 0 0 0 rg BT 326.04 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 349.84 729.15 Td (fines ) Tj ET Q q 0 0 0 rg BT 373.64 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 392.19 729.15 Td (censure ) Tj ET Q q 0 0 0 rg BT 427.64 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 439.20 729.15 Td (termination ) Tj ET Q q 0 0 0 rg BT 491.00 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 503.13 729.15 Td (an ) Tj ET Q q 0 0 0 rg BT 516.43 729.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (adviser) Tj ET Q q 0 0 0 rg BT 80.21 716.55 Td (�) Tj ET Q q 0 0 0 rg BT 83.13 716.55 Td (s ) Tj ET Q q 0 0 0 rg BT 89.72 716.55 Td (registration. ) Tj ET Q q 0 0 0 rg BT 142.66 716.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 191.82 716.55 Td (advisers ) Tj ET Q q 0 0 0 rg BT 228.73 716.55 Td (also ) Tj ET Q q 0 0 0 rg BT 248.14 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 263.46 716.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 295.70 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 306.37 716.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 337.44 716.55 Td (state ) Tj ET Q q 0 0 0 rg BT 359.18 716.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 401.33 716.55 Td (laws ) Tj ET Q q 0 0 0 rg BT 423.08 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 440.74 716.55 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 492.53 716.55 Td (Non-compliance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 71.00 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 86.67 703.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 135.53 703.95 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 175.07 703.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 193.07 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 204.65 703.95 Td (1940, ) Tj ET Q q 0 0 0 rg BT 231.11 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 246.78 703.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 296.27 703.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 339.31 703.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 357.31 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 368.89 703.95 Td (1940 ) Tj ET Q q 0 0 0 rg BT 392.72 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 404.31 703.95 Td (other ) Tj ET Q q 0 0 0 rg BT 428.72 703.95 Td (federal ) Tj ET Q q 0 0 0 rg BT 460.69 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 478.69 703.95 Td (state ) Tj ET Q q 0 0 0 rg BT 500.77 703.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 543.26 703.95 Td (laws ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 691.35 Td (regulations ) Tj ET Q q 0 0 0 rg BT 116.57 691.35 Td (could ) Tj ET Q q 0 0 0 rg BT 142.52 691.35 Td (result ) Tj ET Q q 0 0 0 rg BT 168.47 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 179.27 691.35 Td (investigations, ) Tj ET Q q 0 0 0 rg BT 242.85 691.35 Td (sanctions, ) Tj ET Q q 0 0 0 rg BT 287.18 691.35 Td (disgor) Tj ET Q q 0 0 0 rg BT 313.24 691.35 Td (gement, ) Tj ET Q q 0 0 0 rg BT 349.39 691.35 Td (fines ) Tj ET Q q 0 0 0 rg BT 372.43 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 390.22 691.35 Td (reputational ) Tj ET Q q 0 0 0 rg BT 442.99 691.35 Td (damage.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 666.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.82 666.15 Td (trading ) Tj ET Q q 0 0 0 rg BT 137.56 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 155.71 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 204.79 666.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 245.69 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 260.92 666.15 Td (client ) Tj ET Q q 0 0 0 rg BT 287.24 666.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 326.97 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 342.78 666.15 Td (also ) Tj ET Q q 0 0 0 rg BT 362.69 666.15 Td (regulated ) Tj ET Q q 0 0 0 rg BT 404.75 666.15 Td (under ) Tj ET Q q 0 0 0 rg BT 431.65 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 447.47 666.15 Td (Securities ) Tj ET Q q 0 0 0 rg BT 491.88 666.15 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 535.60 666.15 Td (Act ) Tj ET Q q 0 0 0 rg BT 553.76 666.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (1934 ) Tj ET Q q 0 0 0 rg BT 74.26 653.55 Td (\(the ) Tj ET Q q 0 0 0 rg BT 94.35 653.55 Td (�Exchange ) Tj ET Q q 0 0 0 rg BT 143.33 653.55 Td (Act�\), ) Tj ET Q q 0 0 0 rg BT 173.04 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 185.55 653.55 Td (well ) Tj ET Q q 0 0 0 rg BT 207.39 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 219.89 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 236.48 653.55 Td (rules ) Tj ET Q q 0 0 0 rg BT 260.65 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 273.16 653.55 Td (various ) Tj ET Q q 0 0 0 rg BT 307.83 653.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 330.27 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 349.19 653.55 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 390.87 653.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 434.28 653.55 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 481.77 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 500.69 653.55 Td (self-regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (or) Tj ET Q q 0 0 0 rg BT 58.06 640.95 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 110.37 640.95 Td (including ) Tj ET Q q 0 0 0 rg BT 151.90 640.95 Td (laws ) Tj ET Q q 0 0 0 rg BT 173.01 640.95 Td (governing ) Tj ET Q q 0 0 0 rg BT 217.45 640.95 Td (trading ) Tj ET Q q 0 0 0 rg BT 249.06 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 261.43 640.95 Td (inside ) Tj ET Q q 0 0 0 rg BT 288.38 640.95 Td (information, ) Tj ET Q q 0 0 0 rg BT 342.44 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 373.46 640.95 Td (manipulation ) Tj ET Q q 0 0 0 rg BT 430.73 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 447.76 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 454.29 640.95 Td (broad ) Tj ET Q q 0 0 0 rg BT 480.06 640.95 Td (number ) Tj ET Q q 0 0 0 rg BT 514.00 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 524.62 640.95 Td (technical ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (requirements ) Tj ET Q q 0 0 0 rg BT 106.94 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 124.72 628.35 Td (market ) Tj ET Q q 0 0 0 rg BT 156.50 628.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 201.70 628.35 Td (policies ) Tj ET Q q 0 0 0 rg BT 236.98 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 247.78 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 263.23 628.35 Td (United ) Tj ET Q q 0 0 0 rg BT 294.43 628.35 Td (States ) Tj ET Q q 0 0 0 rg BT 322.14 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 339.93 628.35 Td (globally) Tj ET Q q 0 0 0 rg BT 373.66 628.35 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 603.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.63 603.15 Td (broker) Tj ET Q q 0 0 0 rg BT 131.82 603.15 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 163.77 603.15 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 216.15 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 231.77 603.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 264.31 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 275.28 603.15 Td (regulations ) Tj ET Q q 0 0 0 rg BT 324.74 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 343.28 603.15 Td (cover ) Tj ET Q q 0 0 0 rg BT 369.40 603.15 Td (all ) Tj ET Q q 0 0 0 rg BT 382.70 603.15 Td (aspects ) Tj ET Q q 0 0 0 rg BT 415.82 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 427.37 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 443.00 603.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 485.45 603.15 Td (business. ) Tj ET Q q 0 0 0 rg BT 526.46 603.15 Td (Much ) Tj ET Q q 0 0 0 rg BT 553.76 603.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 63.79 590.55 Td (regulation ) Tj ET Q q 0 0 0 rg BT 107.83 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 118.04 590.55 Td (broker) Tj ET Q q 0 0 0 rg BT 145.23 590.55 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 179.92 590.55 Td (has ) Tj ET Q q 0 0 0 rg BT 195.38 590.55 Td (been ) Tj ET Q q 0 0 0 rg BT 216.67 590.55 Td (delegated ) Tj ET Q q 0 0 0 rg BT 258.36 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 267.99 590.55 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 331.26 590.55 Td (or) Tj ET Q q 0 0 0 rg BT 339.82 590.55 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 391.73 590.55 Td (principally ) Tj ET Q q 0 0 0 rg BT 438.68 590.55 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 474.17 590.55 Td (These ) Tj ET Q q 0 0 0 rg BT 500.71 590.55 Td (self-regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (or) Tj ET Q q 0 0 0 rg BT 58.06 577.95 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 108.23 577.95 Td (have ) Tj ET Q q 0 0 0 rg BT 130.41 577.95 Td (adopted ) Tj ET Q q 0 0 0 rg BT 166.01 577.95 Td (extensive ) Tj ET Q q 0 0 0 rg BT 208.02 577.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 253.52 577.95 Td (requirements ) Tj ET Q q 0 0 0 rg BT 310.69 577.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 345.12 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 355.64 577.95 Td (matters ) Tj ET Q q 0 0 0 rg BT 388.90 577.95 Td (such ) Tj ET Q q 0 0 0 rg BT 410.51 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 421.61 577.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 444.38 577.95 Td (practices, ) Tj ET Q q 0 0 0 rg BT 486.67 577.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 547.34 577.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (disclosure, ) Tj ET Q q 0 0 0 rg BT 97.68 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 115.82 565.35 Td (conduct ) Tj ET Q q 0 0 0 rg BT 152.04 565.35 Td (periodic ) Tj ET Q q 0 0 0 rg BT 189.42 565.35 Td (examinations ) Tj ET Q q 0 0 0 rg BT 248.39 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 260.11 565.35 Td (member ) Tj ET Q q 0 0 0 rg BT 297.49 565.35 Td (broker) Tj ET Q q 0 0 0 rg BT 324.69 565.35 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 360.90 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 372.04 565.35 Td (accordance ) Tj ET Q q 0 0 0 rg BT 422.23 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 443.88 565.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 467.27 565.35 Td (they ) Tj ET Q q 0 0 0 rg BT 488.33 565.35 Td (have ) Tj ET Q q 0 0 0 rg BT 511.13 565.35 Td (adopted ) Tj ET Q q 0 0 0 rg BT 547.34 565.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 90.72 552.75 Td (from ) Tj ET Q q 0 0 0 rg BT 114.46 552.75 Td (time ) Tj ET Q q 0 0 0 rg BT 136.45 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 147.94 552.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 172.55 552.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 205.62 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 217.11 552.75 Td (approval ) Tj ET Q q 0 0 0 rg BT 257.17 552.75 Td (by ) Tj ET Q q 0 0 0 rg BT 271.00 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 287.15 552.75 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 312.12 552.75 Td (The ) Tj ET Q q 0 0 0 rg BT 331.77 552.75 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 356.97 552.75 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 422.10 552.75 Td (or) Tj ET Q q 0 0 0 rg BT 430.66 552.75 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 481.81 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 500.29 552.75 Td (state ) Tj ET Q q 0 0 0 rg BT 522.86 552.75 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (commissions ) Tj ET Q q 0 0 0 rg BT 106.89 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 127.52 540.15 Td (conduct ) Tj ET Q q 0 0 0 rg BT 163.31 540.15 Td (administrative ) Tj ET Q q 0 0 0 rg BT 225.93 540.15 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 279.22 540.15 Td (that ) Tj ET Q q 0 0 0 rg BT 297.52 540.15 Td (can ) Tj ET Q q 0 0 0 rg BT 314.64 540.15 Td (result ) Tj ET Q q 0 0 0 rg BT 340.52 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 351.24 540.15 Td (censure, ) Tj ET Q q 0 0 0 rg BT 388.48 540.15 Td (fine, ) Tj ET Q q 0 0 0 rg BT 409.98 540.15 Td (suspension ) Tj ET Q q 0 0 0 rg BT 458.62 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 469.92 540.15 Td (expulsion ) Tj ET Q q 0 0 0 rg BT 513.30 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 524.60 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 531.81 540.15 Td (broker) Tj ET Q q 0 0 0 rg BT 559.01 540.15 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (dealer) Tj ET Q q 0 0 0 rg BT 74.73 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 79.84 527.55 Td (its ) Tj ET Q q 0 0 0 rg BT 92.25 527.55 Td (of) Tj ET Q q 0 0 0 rg BT 100.81 527.55 Td (ficers ) Tj ET Q q 0 0 0 rg BT 126.62 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 137.85 527.55 Td (registered ) Tj ET Q q 0 0 0 rg BT 181.74 527.55 Td (employees. ) Tj ET Q q 0 0 0 rg BT 231.58 527.55 Td (These ) Tj ET Q q 0 0 0 rg BT 259.14 527.55 Td (administrative ) Tj ET Q q 0 0 0 rg BT 321.70 527.55 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 377.55 527.55 Td (whether ) Tj ET Q q 0 0 0 rg BT 413.86 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 425.10 527.55 Td (not ) Tj ET Q q 0 0 0 rg BT 441.00 527.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 480.24 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 490.90 527.55 Td (adverse ) Tj ET Q q 0 0 0 rg BT 525.45 527.55 Td (findings, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (can ) Tj ET Q q 0 0 0 rg BT 66.95 514.95 Td (require ) Tj ET Q q 0 0 0 rg BT 99.57 514.95 Td (substantial ) Tj ET Q q 0 0 0 rg BT 147.37 514.95 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 203.90 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 221.94 514.95 Td (can ) Tj ET Q q 0 0 0 rg BT 239.40 514.95 Td (have ) Tj ET Q q 0 0 0 rg BT 262.10 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 274.89 514.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 309.84 514.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 341.30 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 354.68 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 370.39 514.95 Td (reputation ) Tj ET Q q 0 0 0 rg BT 415.84 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 427.47 514.95 Td (business ) Tj ET Q q 0 0 0 rg BT 465.94 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 477.57 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 485.12 514.95 Td (broker) Tj ET Q q 0 0 0 rg BT 512.31 514.95 Td (-dealer) Tj ET Q q 0 0 0 rg BT 540.87 514.95 Td (. ) Tj ET Q q 0 0 0 rg BT 546.17 514.95 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (principal ) Tj ET Q q 0 0 0 rg BT 89.14 502.35 Td (purpose ) Tj ET Q q 0 0 0 rg BT 124.70 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 135.77 502.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 180.66 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 198.14 502.35 Td (discipline ) Tj ET Q q 0 0 0 rg BT 241.28 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 252.35 502.35 Td (broker) Tj ET Q q 0 0 0 rg BT 279.54 502.35 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 315.09 502.35 Td (is ) Tj ET Q q 0 0 0 rg BT 324.41 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 339.56 502.35 Td (protection ) Tj ET Q q 0 0 0 rg BT 384.45 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 395.51 502.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 425.24 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 442.72 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 457.87 502.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 499.84 502.35 Td (markets, ) Tj ET Q q 0 0 0 rg BT 538.02 502.35 Td (rather ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (than ) Tj ET Q q 0 0 0 rg BT 70.20 489.75 Td (protection ) Tj ET Q q 0 0 0 rg BT 115.40 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 126.77 489.75 Td (creditors ) Tj ET Q q 0 0 0 rg BT 166.13 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 183.92 489.75 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 239.62 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 250.99 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 266.44 489.75 Td (regulated ) Tj ET Q q 0 0 0 rg BT 308.13 489.75 Td (entity) Tj ET Q q 0 0 0 rg BT 331.36 489.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 464.55 Td (In ) Tj ET Q q 0 0 0 rg BT 97.00 464.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 136.79 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 153.54 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 176.71 464.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 219.69 464.55 Td (also ) Tj ET Q q 0 0 0 rg BT 239.36 464.55 Td (may ) Tj ET Q q 0 0 0 rg BT 260.19 464.55 Td (be ) Tj ET Q q 0 0 0 rg BT 272.86 464.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 305.35 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 316.27 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 331.85 464.55 Td (Employee ) Tj ET Q q 0 0 0 rg BT 377.18 464.55 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 426.58 464.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 460.82 464.55 Td (Security ) Tj ET Q q 0 0 0 rg BT 497.96 464.55 Td (Act ) Tj ET Q q 0 0 0 rg BT 515.88 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 527.38 464.55 Td (1974, ) Tj ET Q q 0 0 0 rg BT 553.75 464.55 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (amended ) Tj ET Q q 0 0 0 rg BT 90.07 451.95 Td (\(�ERISA�\), ) Tj ET Q q 0 0 0 rg BT 142.01 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 159.84 451.95 Td (related ) Tj ET Q q 0 0 0 rg BT 191.07 451.95 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 243.02 451.95 Td (particularly ) Tj ET Q q 0 0 0 rg BT 294.08 451.95 Td (insofar ) Tj ET Q q 0 0 0 rg BT 325.91 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 337.32 451.95 Td (they ) Tj ET Q q 0 0 0 rg BT 358.07 451.95 Td (act ) Tj ET Q q 0 0 0 rg BT 372.97 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 384.39 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 391.72 451.95 Td (�fiduciary� ) Tj ET Q q 0 0 0 rg BT 441.60 451.95 Td (under ) Tj ET Q q 0 0 0 rg BT 468.18 451.95 Td (ERISA) Tj ET Q q 0 0 0 rg BT 497.94 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 500.60 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 521.94 451.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 554.34 451.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (benefit ) Tj ET Q q 0 0 0 rg BT 81.62 439.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 102.67 439.35 Td (clients. ) Tj ET Q q 0 0 0 rg BT 135.67 439.35 Td (ERISA) Tj ET Q q 0 0 0 rg BT 165.43 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 168.40 439.35 Td (imposes ) Tj ET Q q 0 0 0 rg BT 205.79 439.35 Td (duties ) Tj ET Q q 0 0 0 rg BT 233.84 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 247.31 439.35 Td (persons ) Tj ET Q q 0 0 0 rg BT 282.35 439.35 Td (who ) Tj ET Q q 0 0 0 rg BT 303.41 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 319.19 439.35 Td (fiduciaries ) Tj ET Q q 0 0 0 rg BT 366.48 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 378.19 439.35 Td (ERISA) Tj ET Q q 0 0 0 rg BT 407.95 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 410.92 439.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 431.96 439.35 Td (clients, ) Tj ET Q q 0 0 0 rg BT 464.97 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 483.10 439.35 Td (ERISA) Tj ET Q q 0 0 0 rg BT 512.85 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 515.82 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 533.95 439.35 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 96.29 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 108.08 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 123.95 426.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 159.64 426.75 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 199.42 426.75 Td (Code ) Tj ET Q q 0 0 0 rg BT 224.62 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 227.66 426.75 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 263.95 426.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 295.56 426.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 348.75 426.75 Td (involving ) Tj ET Q q 0 0 0 rg BT 392.04 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 407.91 426.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 435.45 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 447.24 426.75 Td (ERISA) Tj ET Q q 0 0 0 rg BT 476.99 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 480.03 426.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 501.15 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 519.35 426.75 Td (Individual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 98.62 414.15 Td (Account ) Tj ET Q q 0 0 0 rg BT 137.36 414.15 Td (\(�IRA�\) ) Tj ET Q q 0 0 0 rg BT 174.93 414.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 205.51 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 223.84 414.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 255.58 414.15 Td (transactions ) Tj ET Q q 0 0 0 rg BT 308.90 414.15 Td (by ) Tj ET Q q 0 0 0 rg BT 322.57 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 338.57 414.15 Td (fiduciaries ) Tj ET Q q 0 0 0 rg BT 386.05 414.15 Td (\(and ) Tj ET Q q 0 0 0 rg BT 407.88 414.15 Td (several ) Tj ET Q q 0 0 0 rg BT 440.78 414.15 Td (other ) Tj ET Q q 0 0 0 rg BT 465.53 414.15 Td (related ) Tj ET Q q 0 0 0 rg BT 497.26 414.15 Td (parties\) ) Tj ET Q q 0 0 0 rg BT 531.91 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 543.25 414.15 Td (such ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (clients. ) Tj ET Q q 0 0 0 rg BT 81.40 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 83.25 401.55 Td (In ) Tj ET Q q 0 0 0 rg BT 93.45 401.55 Td (April ) Tj ET Q q 0 0 0 rg BT 117.48 401.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 142.96 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 157.65 401.55 Td (Department ) Tj ET Q q 0 0 0 rg BT 209.07 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 219.68 401.55 Td (Labor) Tj ET Q q 0 0 0 rg BT 244.33 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 248.81 401.55 Td (which ) Tj ET Q q 0 0 0 rg BT 276.34 401.55 Td (administers ) Tj ET Q q 0 0 0 rg BT 326.61 401.55 Td (ERISA, ) Tj ET Q q 0 0 0 rg BT 361.43 401.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 389.54 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 396.06 401.55 Td (final ) Tj ET Q q 0 0 0 rg BT 417.16 401.55 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 456.92 401.55 Td (rule, ) Tj ET Q q 0 0 0 rg BT 477.73 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 498.26 401.55 Td (an ) Tj ET Q q 0 0 0 rg BT 510.03 401.55 Td (applicability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (date ) Tj ET Q q 0 0 0 rg BT 70.26 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 81.55 388.95 Td (April ) Tj ET Q q 0 0 0 rg BT 106.99 388.95 Td (10, ) Tj ET Q q 0 0 0 rg BT 123.38 388.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 150.28 388.95 Td (expanding ) Tj ET Q q 0 0 0 rg BT 197.28 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 213.38 388.95 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 276.13 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 287.56 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 316.49 388.95 Td (advice ) Tj ET Q q 0 0 0 rg BT 347.16 388.95 Td (furnished ) Tj ET Q q 0 0 0 rg BT 390.09 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 401.53 388.95 Td (retirement ) Tj ET Q q 0 0 0 rg BT 447.94 388.95 Td (investors ) Tj ET Q q 0 0 0 rg BT 489.13 388.95 Td (will ) Tj ET Q q 0 0 0 rg BT 508.73 388.95 Td (be ) Tj ET Q q 0 0 0 rg BT 521.91 388.95 Td (treated ) Tj ET Q q 0 0 0 rg BT 553.75 388.95 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 91.61 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 103.99 376.35 Td (nature ) Tj ET Q q 0 0 0 rg BT 134.44 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 147.39 376.35 Td (well ) Tj ET Q q 0 0 0 rg BT 169.68 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 182.64 376.35 Td (related ) Tj ET Q q 0 0 0 rg BT 215.42 376.35 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 262.79 376.35 Td (transaction ) Tj ET Q q 0 0 0 rg BT 313.06 376.35 Td (class ) Tj ET Q q 0 0 0 rg BT 337.69 376.35 Td (exemptions. ) Tj ET Q q 0 0 0 rg BT 392.93 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 397.14 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 401.35 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 405.57 376.35 Td (On ) Tj ET Q q 0 0 0 rg BT 422.61 376.35 Td (February ) Tj ET Q q 0 0 0 rg BT 464.72 376.35 Td (3, ) Tj ET Q q 0 0 0 rg BT 476.81 376.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 504.65 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 513.52 376.35 Td (presidential ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (memorandum ) Tj ET Q q 0 0 0 rg BT 110.15 363.75 Td (directed ) Tj ET Q q 0 0 0 rg BT 146.28 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 161.44 363.75 Td (Department ) Tj ET Q q 0 0 0 rg BT 213.33 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 224.40 363.75 Td (Labor ) Tj ET Q q 0 0 0 rg BT 251.79 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 262.29 363.75 Td (examine ) Tj ET Q q 0 0 0 rg BT 300.18 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.33 363.75 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 355.56 363.75 Td (rule�) Tj ET Q q 0 0 0 rg BT 374.80 363.75 Td (s ) Tj ET Q q 0 0 0 rg BT 381.21 363.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 412.11 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 429.60 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 440.09 363.75 Td (prepare ) Tj ET Q q 0 0 0 rg BT 473.89 363.75 Td (an ) Tj ET Q q 0 0 0 rg BT 486.13 363.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 521.69 363.75 Td (economic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.22 351.15 Td (legal ) Tj ET Q q 0 0 0 rg BT 90.19 351.15 Td (analysis ) Tj ET Q q 0 0 0 rg BT 126.57 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 137.88 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 153.27 351.15 Td (rule ) Tj ET Q q 0 0 0 rg BT 172.15 351.15 Td (\(the ) Tj ET Q q 0 0 0 rg BT 191.04 351.15 Td (�DoL) Tj ET Q q 0 0 0 rg BT 214.56 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 217.11 351.15 Td (Memorandum�\), ) Tj ET Q q 0 0 0 rg BT 289.95 351.15 Td (which ) Tj ET Q q 0 0 0 rg BT 318.17 351.15 Td (could ) Tj ET Q q 0 0 0 rg BT 344.05 351.15 Td (lead ) Tj ET Q q 0 0 0 rg BT 364.10 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 374.83 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 390.22 351.15 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 430.68 351.15 Td (rule ) Tj ET Q q 0 0 0 rg BT 449.56 351.15 Td (being ) Tj ET Q q 0 0 0 rg BT 475.45 351.15 Td (revised ) Tj ET Q q 0 0 0 rg BT 508.33 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 519.64 351.15 Td (rescinded. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (On ) Tj ET Q q 0 0 0 rg BT 64.26 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 79.01 338.55 Td (same ) Tj ET Q q 0 0 0 rg BT 102.51 338.55 Td (day) Tj ET Q q 0 0 0 rg BT 116.99 338.55 Td (, ) Tj ET Q q 0 0 0 rg BT 121.54 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 136.29 338.55 Td (Department ) Tj ET Q q 0 0 0 rg BT 187.78 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 198.46 338.55 Td (Labor ) Tj ET Q q 0 0 0 rg BT 225.45 338.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 253.63 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 260.21 338.55 Td (statement ) Tj ET Q q 0 0 0 rg BT 302.38 338.55 Td (that ) Tj ET Q q 0 0 0 rg BT 320.05 338.55 Td (it ) Tj ET Q q 0 0 0 rg BT 327.81 338.55 Td (would ) Tj ET Q q 0 0 0 rg BT 355.99 338.55 Td (consider ) Tj ET Q q 0 0 0 rg BT 393.48 338.55 Td (its ) Tj ET Q q 0 0 0 rg BT 405.33 338.55 Td (legal ) Tj ET Q q 0 0 0 rg BT 427.66 338.55 Td (options ) Tj ET Q q 0 0 0 rg BT 460.51 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 470.60 338.55 Td (delay ) Tj ET Q q 0 0 0 rg BT 495.26 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 510.02 338.55 Td (applicability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (date ) Tj ET Q q 0 0 0 rg BT 69.34 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 80.44 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 95.63 325.95 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 135.88 325.95 Td (rule ) Tj ET Q q 0 0 0 rg BT 154.56 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 165.66 325.95 Td (it ) Tj ET Q q 0 0 0 rg BT 173.85 325.95 Td (complies ) Tj ET Q q 0 0 0 rg BT 214.12 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 235.14 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 250.32 325.95 Td (DoL) Tj ET Q q 0 0 0 rg BT 269.18 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 271.53 325.95 Td (Memorandum. ) Tj ET Q q 0 0 0 rg BT 336.00 325.95 Td (On ) Tj ET Q q 0 0 0 rg BT 350.67 325.95 Td (April ) Tj ET Q q 0 0 0 rg BT 375.19 325.95 Td (4, ) Tj ET Q q 0 0 0 rg BT 385.42 325.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 411.40 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 426.58 325.95 Td (Department ) Tj ET Q q 0 0 0 rg BT 478.50 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 489.60 325.95 Td (Labor ) Tj ET Q q 0 0 0 rg BT 517.03 325.95 Td (announced ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 56.62 313.35 Td (60-day ) Tj ET Q q 0 0 0 rg BT 88.23 313.35 Td (delay ) Tj ET Q q 0 0 0 rg BT 113.42 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 124.05 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 139.33 313.35 Td (rule�) Tj ET Q q 0 0 0 rg BT 158.57 313.35 Td (s ) Tj ET Q q 0 0 0 rg BT 165.12 313.35 Td (applicability ) Tj ET Q q 0 0 0 rg BT 220.06 313.35 Td (date ) Tj ET Q q 0 0 0 rg BT 240.00 313.35 Td (from ) Tj ET Q q 0 0 0 rg BT 262.33 313.35 Td (April ) Tj ET Q q 0 0 0 rg BT 286.95 313.35 Td (10, ) Tj ET Q q 0 0 0 rg BT 302.53 313.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 325.99 313.35 Td (until ) Tj ET Q q 0 0 0 rg BT 347.70 313.35 Td (June ) Tj ET Q q 0 0 0 rg BT 369.40 313.35 Td (9, ) Tj ET Q q 0 0 0 rg BT 379.73 313.35 Td (2017. ) Tj ET Q q 0 0 0 rg BT 405.81 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 408.09 313.35 Td (The ) Tj ET Q q 0 0 0 rg BT 426.87 313.35 Td (announcement ) Tj ET Q q 0 0 0 rg BT 490.55 313.35 Td (indicated ) Tj ET Q q 0 0 0 rg BT 531.49 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 549.70 313.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Department ) Tj ET Q q 0 0 0 rg BT 102.15 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 113.98 300.75 Td (Labor) Tj ET Q q 0 0 0 rg BT 139.44 300.75 Td (�) Tj ET Q q 0 0 0 rg BT 142.36 300.75 Td (s ) Tj ET Q q 0 0 0 rg BT 149.53 300.75 Td (re-examination ) Tj ET Q q 0 0 0 rg BT 216.17 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 228.00 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 243.92 300.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 263.33 300.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 290.32 300.75 Td (would ) Tj ET Q q 0 0 0 rg BT 319.66 300.75 Td (extend ) Tj ET Q q 0 0 0 rg BT 350.73 300.75 Td (past ) Tj ET Q q 0 0 0 rg BT 370.73 300.75 Td (June ) Tj ET Q q 0 0 0 rg BT 393.06 300.75 Td (9, ) Tj ET Q q 0 0 0 rg BT 404.02 300.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 428.11 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 446.35 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 465.19 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.10 300.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 500.51 300.75 Td (would ) Tj ET Q q 0 0 0 rg BT 529.84 300.75 Td (become ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 95.55 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 108.96 288.15 Td (June ) Tj ET Q q 0 0 0 rg BT 131.12 288.15 Td (9, ) Tj ET Q q 0 0 0 rg BT 141.90 288.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 165.81 288.15 Td (even ) Tj ET Q q 0 0 0 rg BT 188.54 288.15 Td (if ) Tj ET Q q 0 0 0 rg BT 197.86 288.15 Td (its ) Tj ET Q q 0 0 0 rg BT 210.69 288.15 Td (re-examination ) Tj ET Q q 0 0 0 rg BT 277.15 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 288.81 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 304.54 288.15 Td (rule ) Tj ET Q q 0 0 0 rg BT 323.78 288.15 Td (has ) Tj ET Q q 0 0 0 rg BT 340.68 288.15 Td (not ) Tj ET Q q 0 0 0 rg BT 357.01 288.15 Td (been ) Tj ET Q q 0 0 0 rg BT 379.74 288.15 Td (completed ) Tj ET Q q 0 0 0 rg BT 426.38 288.15 Td (by ) Tj ET Q q 0 0 0 rg BT 439.79 288.15 Td (that ) Tj ET Q q 0 0 0 rg BT 458.44 288.15 Td (date. ) Tj ET Q q 0 0 0 rg BT 481.46 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 484.37 288.15 Td (Implementation ) Tj ET Q q 0 0 0 rg BT 553.76 288.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.84 275.55 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 105.25 275.55 Td (rule ) Tj ET Q q 0 0 0 rg BT 124.08 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 133.60 275.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 165.85 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 176.53 275.55 Td (further ) Tj ET Q q 0 0 0 rg BT 207.61 275.55 Td (regulatory) Tj ET Q q 0 0 0 rg BT 250.08 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 255.21 275.55 Td (legislative ) Tj ET Q q 0 0 0 rg BT 300.88 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 318.55 275.55 Td (judicial ) Tj ET Q q 0 0 0 rg BT 352.55 275.55 Td (developments. ) Tj ET Q q 0 0 0 rg BT 416.01 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 418.34 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 437.17 275.55 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 477.58 275.55 Td (rule ) Tj ET Q q 0 0 0 rg BT 496.42 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 514.09 275.55 Td (exemptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 65.06 262.95 Td (focused ) Tj ET Q q 0 0 0 rg BT 100.46 262.95 Td (on ) Tj ET Q q 0 0 0 rg BT 113.70 262.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 153.17 262.95 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 215.97 262.95 Td (who ) Tj ET Q q 0 0 0 rg BT 236.80 262.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 271.61 262.95 Td (advice ) Tj ET Q q 0 0 0 rg BT 301.75 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 312.66 262.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 365.57 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 383.48 262.95 Td (retail ) Tj ET Q q 0 0 0 rg BT 407.79 262.95 Td (retirement ) Tj ET Q q 0 0 0 rg BT 453.67 262.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 474.49 262.95 Td (clients, ) Tj ET Q q 0 0 0 rg BT 507.27 262.95 Td (including ) Tj ET Q q 0 0 0 rg BT 549.68 262.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (third-party ) Tj ET Q q 0 0 0 rg BT 97.87 250.35 Td (distributors ) Tj ET Q q 0 0 0 rg BT 149.17 250.35 Td (who ) Tj ET Q q 0 0 0 rg BT 170.72 250.35 Td (market ) Tj ET Q q 0 0 0 rg BT 203.34 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 221.97 250.35 Td (sell ) Tj ET Q q 0 0 0 rg BT 240.02 250.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 265.06 250.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 297.11 250.35 Td (Funds ) Tj ET Q q 0 0 0 rg BT 326.26 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 344.89 250.35 Td (separately ) Tj ET Q q 0 0 0 rg BT 390.91 250.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 432.28 250.35 Td (account ) Tj ET Q q 0 0 0 rg BT 468.40 250.35 Td (program ) Tj ET Q q 0 0 0 rg BT 507.44 250.35 Td (services, ) Tj ET Q q 0 0 0 rg BT 547.35 250.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (mandate ) Tj ET Q q 0 0 0 rg BT 88.17 237.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 130.91 237.75 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 176.59 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 188.43 237.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.27 237.75 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 285.01 237.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 346.43 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 364.69 237.75 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 410.96 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 422.81 237.75 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 462.06 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 473.91 237.75 Td (interest. ) Tj ET Q q 0 0 0 rg BT 510.54 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 513.42 237.75 Td (W) Tj ET Q q 0 0 0 rg BT 522.49 237.75 Td (e ) Tj ET Q q 0 0 0 rg BT 530.25 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 548.51 237.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.73 225.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 115.79 225.15 Td (may ) Tj ET Q q 0 0 0 rg BT 136.69 225.15 Td (be ) Tj ET Q q 0 0 0 rg BT 149.42 225.15 Td (adversely ) Tj ET Q q 0 0 0 rg BT 192.47 225.15 Td (impacted ) Tj ET Q q 0 0 0 rg BT 233.78 225.15 Td (by ) Tj ET Q q 0 0 0 rg BT 247.10 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 262.75 225.15 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 303.47 225.15 Td (rule ) Tj ET Q q 0 0 0 rg BT 322.61 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 340.60 225.15 Td (exemptions ) Tj ET Q q 0 0 0 rg BT 391.83 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 402.82 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 418.47 225.15 Td (extent ) Tj ET Q q 0 0 0 rg BT 446.94 225.15 Td (that ) Tj ET Q q 0 0 0 rg BT 465.51 225.15 Td (they ) Tj ET Q q 0 0 0 rg BT 486.41 225.15 Td (lead ) Tj ET Q q 0 0 0 rg BT 506.72 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 517.71 225.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.35 225.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 212.55 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 145.13 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 162.91 212.55 Td (retirement ) Tj ET Q q 0 0 0 rg BT 208.68 212.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 229.38 212.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 278.09 212.55 Td (preferences ) Tj ET Q q 0 0 0 rg BT 329.09 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 346.88 212.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 389.15 212.55 Td (pressure ) Tj ET Q q 0 0 0 rg BT 426.76 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 439.88 212.55 Td (product ) Tj ET Q q 0 0 0 rg BT 474.58 212.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 494.11 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 511.90 212.55 Td (expenses.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 552.43 212.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 187.35 Td (The ) Tj ET Q q 0 0 0 rg BT 104.45 187.35 Td (SEC ) Tj ET Q q 0 0 0 rg BT 126.34 187.35 Td (adopted ) Tj ET Q q 0 0 0 rg BT 162.21 187.35 Td (final ) Tj ET Q q 0 0 0 rg BT 184.08 187.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 207.12 187.35 Td (on ) Tj ET Q q 0 0 0 rg BT 220.25 187.35 Td (money ) Tj ET Q q 0 0 0 rg BT 251.45 187.35 Td (market ) Tj ET Q q 0 0 0 rg BT 283.24 187.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 305.11 187.35 Td (reform ) Tj ET Q q 0 0 0 rg BT 336.31 187.35 Td (which ) Tj ET Q q 0 0 0 rg BT 364.60 187.35 Td (became ) Tj ET Q q 0 0 0 rg BT 399.29 187.35 Td (ef) Tj ET Q q 0 0 0 rg BT 407.26 187.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 438.45 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 449.24 187.35 Td (October ) Tj ET Q q 0 0 0 rg BT 485.69 187.35 Td (2016. ) Tj ET Q q 0 0 0 rg BT 511.95 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 514.38 187.35 Td (These ) Tj ET Q q 0 0 0 rg BT 542.08 187.35 Td (rules ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (require ) Tj ET Q q 0 0 0 rg BT 81.63 174.75 Td (any ) Tj ET Q q 0 0 0 rg BT 99.18 174.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 151.74 174.75 Td (prime ) Tj ET Q q 0 0 0 rg BT 178.63 174.75 Td (money ) Tj ET Q q 0 0 0 rg BT 209.60 174.75 Td (market ) Tj ET Q q 0 0 0 rg BT 241.14 174.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 262.78 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 280.34 174.75 Td (any ) Tj ET Q q 0 0 0 rg BT 297.89 174.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 350.45 174.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 394.84 174.75 Td (\(or ) Tj ET Q q 0 0 0 rg BT 409.47 174.75 Td (tax-exempt\) ) Tj ET Q q 0 0 0 rg BT 462.59 174.75 Td (money ) Tj ET Q q 0 0 0 rg BT 493.57 174.75 Td (market ) Tj ET Q q 0 0 0 rg BT 525.11 174.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 546.75 174.75 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (is ) Tj ET Q q 0 0 0 rg BT 59.05 162.15 Td (registered ) Tj ET Q q 0 0 0 rg BT 103.00 162.15 Td (under ) Tj ET Q q 0 0 0 rg BT 129.45 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 144.83 162.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 194.03 162.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 236.85 162.15 Td (Act ) Tj ET Q q 0 0 0 rg BT 254.56 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 265.86 162.15 Td (1940 ) Tj ET Q q 0 0 0 rg BT 289.40 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 300.12 162.15 Td (utilize ) Tj ET Q q 0 0 0 rg BT 328.91 162.15 Td (market-based ) Tj ET Q q 0 0 0 rg BT 388.02 162.15 Td (valuations ) Tj ET Q q 0 0 0 rg BT 433.72 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 444.44 162.15 Td (calculate ) Tj ET Q q 0 0 0 rg BT 484.29 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 491.50 162.15 Td (floating ) Tj ET Q q 0 0 0 rg BT 526.71 162.15 Td (net ) Tj ET Q q 0 0 0 rg BT 542.09 162.15 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (value ) Tj ET Q q 0 0 0 rg BT 75.19 149.55 Td (\(�NA) Tj ET Q q 0 0 0 rg BT 97.16 149.55 Td (V�\) ) Tj ET Q q 0 0 0 rg BT 115.85 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 133.97 149.55 Td (require ) Tj ET Q q 0 0 0 rg BT 166.65 149.55 Td (all ) Tj ET Q q 0 0 0 rg BT 180.10 149.55 Td (non-government ) Tj ET Q q 0 0 0 rg BT 252.46 149.55 Td (money ) Tj ET Q q 0 0 0 rg BT 283.99 149.55 Td (market ) Tj ET Q q 0 0 0 rg BT 316.09 149.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 342.38 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 353.50 149.55 Td (impose ) Tj ET Q q 0 0 0 rg BT 386.78 149.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 425.32 149.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 445.18 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 463.30 149.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 514.07 149.55 Td (gates ) Tj ET Q q 0 0 0 rg BT 538.60 149.55 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.44 136.95 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 129.19 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 131.57 136.95 Td (Government ) Tj ET Q q 0 0 0 rg BT 186.43 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 203.97 136.95 Td (retail ) Tj ET Q q 0 0 0 rg BT 227.91 136.95 Td (money ) Tj ET Q q 0 0 0 rg BT 258.87 136.95 Td (market ) Tj ET Q q 0 0 0 rg BT 290.40 136.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 316.11 136.95 Td (can ) Tj ET Q q 0 0 0 rg BT 333.05 136.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 371.59 136.95 Td (using ) Tj ET Q q 0 0 0 rg BT 396.72 136.95 Td (current ) Tj ET Q q 0 0 0 rg BT 428.83 136.95 Td (pricing ) Tj ET Q q 0 0 0 rg BT 460.94 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 478.48 136.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 526.93 136.95 Td (methods ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 59.85 124.35 Td (seek ) Tj ET Q q 0 0 0 rg BT 80.69 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 91.04 124.35 Td (maintain ) Tj ET Q q 0 0 0 rg BT 129.97 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 136.81 124.35 Td (stable ) Tj ET Q q 0 0 0 rg BT 163.49 124.35 Td (NA) Tj ET Q q 0 0 0 rg BT 177.30 124.35 Td (V) Tj ET Q q 0 0 0 rg BT 183.53 124.35 Td (. ) Tj ET Q q 0 0 0 rg BT 188.34 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 190.53 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 192.55 124.35 Td (These ) Tj ET Q q 0 0 0 rg BT 219.81 124.35 Td (reforms ) Tj ET Q q 0 0 0 rg BT 254.65 124.35 Td (have ) Tj ET Q q 0 0 0 rg BT 276.65 124.35 Td (had ) Tj ET Q q 0 0 0 rg BT 294.00 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 300.84 124.35 Td (negative ) Tj ET Q q 0 0 0 rg BT 338.59 124.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 369.35 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 382.04 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 397.05 124.35 Td (attractiveness ) Tj ET Q q 0 0 0 rg BT 456.37 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 467.30 124.35 Td (such ) Tj ET Q q 0 0 0 rg BT 488.74 124.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 514.25 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 524.60 124.35 Td (investors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 111.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 99.65 111.75 Td (us ) Tj ET Q q 0 0 0 rg BT 111.61 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 122.41 111.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 167.02 111.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 212.80 111.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 270.24 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 288.02 111.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 311.65 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 322.44 111.75 Td (comply ) Tj ET Q q 0 0 0 rg BT 356.56 111.75 Td (with ) Tj ET Q q 0 0 0 rg BT 377.85 111.75 Td (such ) Tj ET Q q 0 0 0 rg BT 399.73 111.75 Td (requirements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 86.90 86.55 Td (Also ) Tj ET Q q 0 0 0 rg BT 108.53 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 118.49 86.55 Td (October ) Tj ET Q q 0 0 0 rg BT 154.10 86.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 179.52 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 194.14 86.55 Td (SEC ) Tj ET Q q 0 0 0 rg BT 215.19 86.55 Td (adopted ) Tj ET Q q 0 0 0 rg BT 250.22 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 256.67 86.55 Td (new ) Tj ET Q q 0 0 0 rg BT 275.96 86.55 Td (rule ) Tj ET Q q 0 0 0 rg BT 294.08 86.55 Td (\(and ) Tj ET Q q 0 0 0 rg BT 314.53 86.55 Td (amendments ) Tj ET Q q 0 0 0 rg BT 369.39 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 379.35 86.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 414.40 86.55 Td (rules\) ) Tj ET Q q 0 0 0 rg BT 440.10 86.55 Td (designed ) Tj ET Q q 0 0 0 rg BT 479.21 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 489.17 86.55 Td (promote ) Tj ET Q q 0 0 0 rg BT 525.96 86.55 Td (ef) Tj ET Q q 0 0 0 rg BT 533.93 86.55 Td (fective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 87.07 73.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 104.81 73.95 Td (management ) Tj ET Q q 0 0 0 rg BT 160.44 73.95 Td (throughout ) Tj ET Q q 0 0 0 rg BT 208.51 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 223.33 73.95 Td (open-end ) Tj ET Q q 0 0 0 rg BT 264.38 73.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 285.61 73.95 Td (industry) Tj ET Q q 0 0 0 rg BT 319.35 73.95 Td (, ) Tj ET Q q 0 0 0 rg BT 323.96 73.95 Td (thereby ) Tj ET Q q 0 0 0 rg BT 357.44 73.95 Td (reducing ) Tj ET Q q 0 0 0 rg BT 396.16 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 410.97 73.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 428.71 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 446.44 73.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 471.76 73.95 Td (will ) Tj ET Q q 0 0 0 rg BT 490.08 73.95 Td (be ) Tj ET Q q 0 0 0 rg BT 501.98 73.95 Td (unable ) Tj ET Q q 0 0 0 rg BT 531.96 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 542.11 73.95 Td (meet ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (redemption ) Tj ET Q q 0 0 0 rg BT 99.67 61.35 Td (obligations ) Tj ET Q q 0 0 0 rg BT 148.68 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 166.19 61.35 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 211.71 61.35 Td (dilution ) Tj ET Q q 0 0 0 rg BT 246.72 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 257.82 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 273.00 61.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 310.34 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 321.43 61.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 343.03 61.35 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 401.06 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 403.24 61.35 Td (The ) Tj ET Q q 0 0 0 rg BT 421.92 61.35 Td (amendments ) Tj ET Q q 0 0 0 rg BT 477.33 61.35 Td (also ) Tj ET Q q 0 0 0 rg BT 496.60 61.35 Td (seek ) Tj ET Q q 0 0 0 rg BT 517.60 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 528.12 61.35 Td (enhance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 95.06 48.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 138.28 48.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 160.51 48.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 199.08 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 217.22 48.75 Td (redemption ) Tj ET Q q 0 0 0 rg BT 268.03 48.75 Td (practices. ) Tj ET Q q 0 0 0 rg BT 310.95 48.75 Td (New ) Tj ET Q q 0 0 0 rg BT 333.76 48.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 353.06 48.75 Td (22e-4 ) Tj ET Q q 0 0 0 rg BT 379.96 48.75 Td (will ) Tj ET Q q 0 0 0 rg BT 399.27 48.75 Td (require ) Tj ET Q q 0 0 0 rg BT 431.99 48.75 Td (each ) Tj ET Q q 0 0 0 rg BT 454.21 48.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 498.59 48.75 Td (open-end ) Tj ET Q q 0 0 0 rg BT 540.64 48.75 Td (fund, ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (including ) Tj ET Q q 0 0 0 rg BT 92.00 741.75 Td (open-end ) Tj ET Q q 0 0 0 rg BT 133.91 741.75 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 159.51 741.75 Td (\(but ) Tj ET Q q 0 0 0 rg BT 179.27 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 195.53 741.75 Td (including ) Tj ET Q q 0 0 0 rg BT 238.03 741.75 Td (money ) Tj ET Q q 0 0 0 rg BT 269.45 741.75 Td (market ) Tj ET Q q 0 0 0 rg BT 301.45 741.75 Td (funds\), ) Tj ET Q q 0 0 0 rg BT 333.74 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 344.75 741.75 Td (establish ) Tj ET Q q 0 0 0 rg BT 384.34 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 391.84 741.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 430.27 741.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 448.86 741.75 Td (management ) Tj ET Q q 0 0 0 rg BT 505.35 741.75 Td (program. ) Tj ET Q q 0 0 0 rg BT 546.18 741.75 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Commission ) Tj ET Q q 0 0 0 rg BT 105.33 729.15 Td (also ) Tj ET Q q 0 0 0 rg BT 124.97 729.15 Td (adopted ) Tj ET Q q 0 0 0 rg BT 160.94 729.15 Td (amendments ) Tj ET Q q 0 0 0 rg BT 216.75 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 227.65 729.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 263.63 729.15 Td (rule ) Tj ET Q q 0 0 0 rg BT 282.68 729.15 Td (22c-1 ) Tj ET Q q 0 0 0 rg BT 309.32 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 320.22 729.15 Td (permit ) Tj ET Q q 0 0 0 rg BT 350.36 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 357.75 729.15 Td (fund, ) Tj ET Q q 0 0 0 rg BT 382.36 729.15 Td (under ) Tj ET Q q 0 0 0 rg BT 408.99 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 440.29 729.15 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 505.12 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 516.02 729.15 Td (use ) Tj ET Q q 0 0 0 rg BT 532.75 729.15 Td (�swing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (pricing,� ) Tj ET Q q 0 0 0 rg BT 89.60 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 105.50 716.55 Td (process ) Tj ET Q q 0 0 0 rg BT 140.07 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 151.89 716.55 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 193.46 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 209.36 716.55 Td (NA) Tj ET Q q 0 0 0 rg BT 223.18 716.55 Td (V) Tj ET Q q 0 0 0 rg BT 230.57 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 233.64 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 245.46 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 253.20 716.55 Td (fund�) Tj ET Q q 0 0 0 rg BT 275.36 716.55 Td (s ) Tj ET Q q 0 0 0 rg BT 282.52 716.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 311.84 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 323.08 716.55 Td (ef) Tj ET Q q 0 0 0 rg BT 331.04 716.55 Td (fectively ) Tj ET Q q 0 0 0 rg BT 370.85 716.55 Td (pass ) Tj ET Q q 0 0 0 rg BT 392.01 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 405.58 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 421.48 716.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 445.56 716.55 Td (stemming ) Tj ET Q q 0 0 0 rg BT 490.05 716.55 Td (from ) Tj ET Q q 0 0 0 rg BT 513.53 716.55 Td (shareholder ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (purchase ) Tj ET Q q 0 0 0 rg BT 89.82 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 101.56 703.95 Td (redemption ) Tj ET Q q 0 0 0 rg BT 152.38 703.95 Td (activity ) Tj ET Q q 0 0 0 rg BT 186.88 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 198.04 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 213.87 703.95 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 269.94 703.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 316.09 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 337.76 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 356.50 703.95 Td (activity) Tj ET Q q 0 0 0 rg BT 387.31 703.95 Td (. ) Tj ET Q q 0 0 0 rg BT 392.94 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 395.94 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 398.72 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 418.05 703.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 444.38 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 460.20 703.95 Td (required ) Tj ET Q q 0 0 0 rg BT 498.18 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 509.35 703.95 Td (comply ) Tj ET Q q 0 0 0 rg BT 543.85 703.95 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (rule ) Tj ET Q q 0 0 0 rg BT 68.49 691.35 Td (22e-4 ) Tj ET Q q 0 0 0 rg BT 95.06 691.35 Td (beginning ) Tj ET Q q 0 0 0 rg BT 139.72 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 152.89 691.35 Td (December ) Tj ET Q q 0 0 0 rg BT 198.69 691.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 209.23 691.35 Td (2018. ) Tj ET Q q 0 0 0 rg BT 235.52 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 237.99 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 256.98 691.35 Td (SEC ) Tj ET Q q 0 0 0 rg BT 278.90 691.35 Td (delayed ) Tj ET Q q 0 0 0 rg BT 314.22 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 329.71 691.35 Td (ef) Tj ET Q q 0 0 0 rg BT 337.68 691.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 368.91 691.35 Td (date ) Tj ET Q q 0 0 0 rg BT 389.06 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 400.47 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 415.96 691.35 Td (amendments ) Tj ET Q q 0 0 0 rg BT 471.70 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 490.11 691.35 Td (will ) Tj ET Q q 0 0 0 rg BT 509.11 691.35 Td (permit ) Tj ET Q q 0 0 0 rg BT 539.18 691.35 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 61.17 678.75 Td (use ) Tj ET Q q 0 0 0 rg BT 78.67 678.75 Td (swing ) Tj ET Q q 0 0 0 rg BT 107.26 678.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 140.51 678.75 Td (until ) Tj ET Q q 0 0 0 rg BT 163.26 678.75 Td (November ) Tj ET Q q 0 0 0 rg BT 211.08 678.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 235.58 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 247.26 678.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 282.83 678.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 312.29 678.75 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 375.86 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 394.52 678.75 Td (service ) Tj ET Q q 0 0 0 rg BT 427.76 678.75 Td (providers ) Tj ET Q q 0 0 0 rg BT 470.92 678.75 Td (time ) Tj ET Q q 0 0 0 rg BT 493.08 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 504.75 678.75 Td (work ) Tj ET Q q 0 0 0 rg BT 529.83 678.75 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (operational ) Tj ET Q q 0 0 0 rg BT 99.36 666.15 Td (issues. ) Tj ET Q q 0 0 0 rg BT 129.69 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 132.13 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 151.08 666.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 190.44 666.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 221.64 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 233.02 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 248.47 666.15 Td (new ) Tj ET Q q 0 0 0 rg BT 268.59 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 286.37 666.15 Td (amended ) Tj ET Q q 0 0 0 rg BT 326.90 666.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 349.93 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 363.06 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 378.51 666.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 404.47 666.15 Td (and/or ) Tj ET Q q 0 0 0 rg BT 433.92 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 450.54 666.15 Td (business ) Tj ET Q q 0 0 0 rg BT 488.75 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 498.38 666.15 Td (unclear) Tj ET Q q 0 0 0 rg BT 528.70 666.15 Td (.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 640.95 Td (Existing ) Tj ET Q q 0 0 0 rg BT 124.31 640.95 Td (International ) Tj ET Q q 0 0 0 rg BT 184.71 640.95 Td (Regulation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 615.75 Td (In ) Tj ET Q q 0 0 0 rg BT 99.15 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 118.04 615.75 Td (international ) Tj ET Q q 0 0 0 rg BT 176.01 615.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 219.12 615.75 Td (we ) Tj ET Q q 0 0 0 rg BT 236.26 615.75 Td (have ) Tj ET Q q 0 0 0 rg BT 260.99 615.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 285.13 615.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 346.30 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 371.61 615.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 432.78 615.75 Td (broker) Tj ET Q q 0 0 0 rg BT 459.98 615.75 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 494.02 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 514.08 615.75 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 103.74 603.15 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 150.39 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 163.22 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 172.54 603.15 Td (number ) Tj ET Q q 0 0 0 rg BT 209.27 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 222.68 603.15 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 281.88 603.15 Td (including ) Tj ET Q q 0 0 0 rg BT 325.17 603.15 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 370.95 603.15 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 403.89 603.15 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 435.08 603.15 Td (Hong ) Tj ET Q q 0 0 0 rg BT 463.08 603.15 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 493.69 603.15 Td (Ireland, ) Tj ET Q q 0 0 0 rg BT 530.71 603.15 Td (Poland, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 97.44 590.55 Td (T) Tj ET Q q 0 0 0 rg BT 103.12 590.55 Td (aiwan ) Tj ET Q q 0 0 0 rg BT 131.15 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 149.27 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 165.06 590.55 Td (United ) Tj ET Q q 0 0 0 rg BT 196.59 590.55 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 239.22 590.55 Td (that ) Tj ET Q q 0 0 0 rg BT 257.92 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 273.69 590.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 306.39 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 317.52 590.55 Td (extensive ) Tj ET Q q 0 0 0 rg BT 360.13 590.55 Td (regulation ) Tj ET Q q 0 0 0 rg BT 405.66 590.55 Td (under ) Tj ET Q q 0 0 0 rg BT 432.52 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 448.31 590.55 Td (laws ) Tj ET Q q 0 0 0 rg BT 470.51 590.55 Td (of, ) Tj ET Q q 0 0 0 rg BT 484.84 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 502.96 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 514.08 590.55 Td (supervision ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (by) Tj ET Q q 0 0 0 rg BT 59.32 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 64.82 577.95 Td (governmental ) Tj ET Q q 0 0 0 rg BT 125.42 577.95 Td (authorities ) Tj ET Q q 0 0 0 rg BT 172.62 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 190.65 577.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 236.67 577.95 Td (agencies ) Tj ET Q q 0 0 0 rg BT 275.69 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 286.73 577.95 Td (each ) Tj ET Q q 0 0 0 rg BT 308.83 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 320.45 577.95 Td (these ) Tj ET Q q 0 0 0 rg BT 344.90 577.95 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 402.32 577.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 421.52 577.95 Td (international ) Tj ET Q q 0 0 0 rg BT 477.46 577.95 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 529.91 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 545.60 577.95 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (authorized ) Tj ET Q q 0 0 0 rg BT 96.47 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 107.87 565.35 Td (licensed ) Tj ET Q q 0 0 0 rg BT 144.94 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 155.76 565.35 Td (of) Tj ET Q q 0 0 0 rg BT 164.32 565.35 Td (fer ) Tj ET Q q 0 0 0 rg BT 178.63 565.35 Td (their ) Tj ET Q q 0 0 0 rg BT 200.53 565.35 Td (products ) Tj ET Q q 0 0 0 rg BT 239.35 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 257.16 565.35 Td (services ) Tj ET Q q 0 0 0 rg BT 293.64 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 304.46 565.35 Td (several ) Tj ET Q q 0 0 0 rg BT 336.85 565.35 Td (other ) Tj ET Q q 0 0 0 rg BT 361.09 565.35 Td (countries ) Tj ET Q q 0 0 0 rg BT 402.23 565.35 Td (around ) Tj ET Q q 0 0 0 rg BT 434.05 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 449.53 565.35 Td (world, ) Tj ET Q q 0 0 0 rg BT 479.31 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 497.13 565.35 Td (thus ) Tj ET Q q 0 0 0 rg BT 517.29 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 532.77 565.35 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 61.00 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 77.16 552.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 99.73 552.75 Td (of, ) Tj ET Q q 0 0 0 rg BT 114.44 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 132.93 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 144.42 552.75 Td (supervision ) Tj ET Q q 0 0 0 rg BT 196.17 552.75 Td (by) Tj ET Q q 0 0 0 rg BT 205.99 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 211.94 552.75 Td (governmental ) Tj ET Q q 0 0 0 rg BT 273.00 552.75 Td (authorities ) Tj ET Q q 0 0 0 rg BT 320.66 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 332.15 552.75 Td (these ) Tj ET Q q 0 0 0 rg BT 357.06 552.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 402.38 552.75 Td (countries. ) Tj ET Q q 0 0 0 rg BT 446.83 552.75 Td (In ) Tj ET Q q 0 0 0 rg BT 458.90 552.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 499.27 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 507.26 552.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 553.76 552.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 540.15 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 118.14 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 133.19 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 161.66 540.15 Td (we ) Tj ET Q q 0 0 0 rg BT 176.71 540.15 Td (have ) Tj ET Q q 0 0 0 rg BT 199.34 540.15 Td (entered ) Tj ET Q q 0 0 0 rg BT 233.05 540.15 Td (into ) Tj ET Q q 0 0 0 rg BT 252.19 540.15 Td (an ) Tj ET Q q 0 0 0 rg BT 264.91 540.15 Td (agreement ) Tj ET Q q 0 0 0 rg BT 311.45 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 322.43 540.15 Td (sell, ) Tj ET Q q 0 0 0 rg BT 342.44 540.15 Td (is ) Tj ET Q q 0 0 0 rg BT 352.26 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 359.73 540.15 Td (Bahamas ) Tj ET Q q 0 0 0 rg BT 401.02 540.15 Td (bank ) Tj ET Q q 0 0 0 rg BT 424.24 540.15 Td (regulated ) Tj ET Q q 0 0 0 rg BT 466.12 540.15 Td (by ) Tj ET Q q 0 0 0 rg BT 479.43 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 495.06 540.15 Td (Central ) Tj ET Q q 0 0 0 rg BT 528.78 540.15 Td (Bank ) Tj ET Q q 0 0 0 rg BT 553.75 540.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.37 527.55 Td (Bahamas. ) Tj ET Q q 0 0 0 rg BT 107.53 527.55 Td (In ) Tj ET Q q 0 0 0 rg BT 118.31 527.55 Td (some ) Tj ET Q q 0 0 0 rg BT 142.52 527.55 Td (instances, ) Tj ET Q q 0 0 0 rg BT 185.68 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 201.72 527.55 Td (international ) Tj ET Q q 0 0 0 rg BT 256.82 527.55 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 308.45 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 323.31 527.55 Td (also ) Tj ET Q q 0 0 0 rg BT 342.26 527.55 Td (af) Tj ET Q q 0 0 0 rg BT 350.23 527.55 Td (fected ) Tj ET Q q 0 0 0 rg BT 377.92 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 390.46 527.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 411.18 527.55 Td (laws ) Tj ET Q q 0 0 0 rg BT 432.46 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 449.67 527.55 Td (regulations ) Tj ET Q q 0 0 0 rg BT 498.37 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 516.15 527.55 Td (have ) Tj ET Q q 0 0 0 rg BT 538.02 527.55 Td (extra-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (territorial ) Tj ET Q q 0 0 0 rg BT 92.08 514.95 Td (application. ) Tj ET Q q 0 0 0 rg BT 144.29 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 147.22 514.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 166.49 514.95 Td (of) Tj ET Q q 0 0 0 rg BT 175.04 514.95 Td (fshore ) Tj ET Q q 0 0 0 rg BT 204.22 514.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 253.79 514.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 280.06 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 295.81 514.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 328.49 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 339.59 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 355.35 514.95 Td (laws ) Tj ET Q q 0 0 0 rg BT 377.53 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 395.62 514.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 441.70 514.95 Td (bodies ) Tj ET Q q 0 0 0 rg BT 472.05 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 483.73 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 499.49 514.95 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 554.34 514.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (which ) Tj ET Q q 0 0 0 rg BT 77.76 502.35 Td (they ) Tj ET Q q 0 0 0 rg BT 98.44 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 113.86 502.35 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 158.46 502.35 Td (and, ) Tj ET Q q 0 0 0 rg BT 178.84 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 193.69 502.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 219.62 502.35 Td (listed ) Tj ET Q q 0 0 0 rg BT 244.98 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 258.08 502.35 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 307.03 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 317.80 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 333.23 502.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 356.25 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 367.60 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 383.03 502.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 428.77 502.35 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 477.73 502.35 Td (Certain ) Tj ET Q q 0 0 0 rg BT 511.24 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 522.59 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 539.18 502.35 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 94.11 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 104.89 489.75 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 137.24 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 152.68 489.75 Td (also ) Tj ET Q q 0 0 0 rg BT 172.21 489.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 216.22 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 231.08 489.75 Td (public ) Tj ET Q q 0 0 0 rg BT 259.95 489.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 278.89 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 289.67 489.75 Td (several ) Tj ET Q q 0 0 0 rg BT 322.02 489.75 Td (countries ) Tj ET Q q 0 0 0 rg BT 363.13 489.75 Td (around ) Tj ET Q q 0 0 0 rg BT 394.90 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 410.35 489.75 Td (world ) Tj ET Q q 0 0 0 rg BT 437.46 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 455.24 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 470.68 489.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 503.04 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 513.82 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 529.27 489.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 551.13 489.75 Td (of, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 66.51 477.15 Td (supervision ) Tj ET Q q 0 0 0 rg BT 116.77 477.15 Td (by) Tj ET Q q 0 0 0 rg BT 126.59 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 131.06 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 145.74 477.15 Td (governmental ) Tj ET Q q 0 0 0 rg BT 205.31 477.15 Td (authorities ) Tj ET Q q 0 0 0 rg BT 251.49 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 262.08 477.15 Td (those ) Tj ET Q q 0 0 0 rg BT 286.09 477.15 Td (countries. ) Tj ET Q q 0 0 0 rg BT 328.64 477.15 Td (All ) Tj ET Q q 0 0 0 rg BT 343.91 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 354.50 477.15 Td (these ) Tj ET Q q 0 0 0 rg BT 377.93 477.15 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 417.69 477.15 Td (governmental ) Tj ET Q q 0 0 0 rg BT 477.27 477.15 Td (authorities ) Tj ET Q q 0 0 0 rg BT 523.44 477.15 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (have ) Tj ET Q q 0 0 0 rg BT 71.87 464.55 Td (broad ) Tj ET Q q 0 0 0 rg BT 98.33 464.55 Td (supervisory ) Tj ET Q q 0 0 0 rg BT 149.88 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 167.59 464.55 Td (disciplinary ) Tj ET Q q 0 0 0 rg BT 219.72 464.55 Td (powers, ) Tj ET Q q 0 0 0 rg BT 255.22 464.55 Td (including, ) Tj ET Q q 0 0 0 rg BT 300.06 464.55 Td (among ) Tj ET Q q 0 0 0 rg BT 331.19 464.55 Td (others, ) Tj ET Q q 0 0 0 rg BT 362.03 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 377.41 464.55 Td (power ) Tj ET Q q 0 0 0 rg BT 406.20 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 416.92 464.55 Td (set ) Tj ET Q q 0 0 0 rg BT 431.13 464.55 Td (minimum ) Tj ET Q q 0 0 0 rg BT 474.52 464.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 505.06 464.55 Td (requirements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 59.81 451.95 Td (temporarily ) Tj ET Q q 0 0 0 rg BT 110.93 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 121.82 451.95 Td (permanently ) Tj ET Q q 0 0 0 rg BT 176.44 451.95 Td (revoke ) Tj ET Q q 0 0 0 rg BT 207.14 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 222.11 451.95 Td (authorization ) Tj ET Q q 0 0 0 rg BT 279.65 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 289.95 451.95 Td (carry ) Tj ET Q q 0 0 0 rg BT 313.66 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 326.30 451.95 Td (regulated ) Tj ET Q q 0 0 0 rg BT 367.50 451.95 Td (business, ) Tj ET Q q 0 0 0 rg BT 407.85 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 418.16 451.95 Td (suspend ) Tj ET Q q 0 0 0 rg BT 454.13 451.95 Td (registered ) Tj ET Q q 0 0 0 rg BT 497.67 451.95 Td (employees, ) Tj ET Q q 0 0 0 rg BT 547.33 451.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 439.35 Td (invoke ) Tj ET Q q 0 0 0 rg BT 91.50 439.35 Td (censures ) Tj ET Q q 0 0 0 rg BT 130.27 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 148.06 439.35 Td (fines ) Tj ET Q q 0 0 0 rg BT 171.09 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 185.96 439.35 Td (both ) Tj ET Q q 0 0 0 rg BT 207.25 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 222.71 439.35 Td (regulated ) Tj ET Q q 0 0 0 rg BT 264.40 439.35 Td (business ) Tj ET Q q 0 0 0 rg BT 302.61 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 320.39 439.35 Td (its ) Tj ET Q q 0 0 0 rg BT 332.94 439.35 Td (registered ) Tj ET Q q 0 0 0 rg BT 376.96 439.35 Td (employees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 414.15 Td (The ) Tj ET Q q 0 0 0 rg BT 105.67 414.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 148.58 414.15 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 187.16 414.15 Td (Authority ) Tj ET Q q 0 0 0 rg BT 231.83 414.15 Td (\(�FCA�\) ) Tj ET Q q 0 0 0 rg BT 272.41 414.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 314.15 414.15 Td (regulates ) Tj ET Q q 0 0 0 rg BT 355.89 414.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 388.30 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 400.89 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 418.73 414.15 Td (af) Tj ET Q q 0 0 0 rg BT 426.69 414.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 459.11 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 471.12 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 487.79 414.15 Td (United ) Tj ET Q q 0 0 0 rg BT 520.21 414.15 Td (Kingdom. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (Authorization ) Tj ET Q q 0 0 0 rg BT 110.86 401.55 Td (by ) Tj ET Q q 0 0 0 rg BT 124.40 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 140.27 401.55 Td (FCA) Tj ET Q q 0 0 0 rg BT 160.12 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 163.16 401.55 Td (is ) Tj ET Q q 0 0 0 rg BT 173.21 401.55 Td (required ) Tj ET Q q 0 0 0 rg BT 211.23 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 222.44 401.55 Td (conduct ) Tj ET Q q 0 0 0 rg BT 258.72 401.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 290.32 401.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 330.10 401.55 Td (services ) Tj ET Q q 0 0 0 rg BT 366.96 401.55 Td (related ) Tj ET Q q 0 0 0 rg BT 398.56 401.55 Td (business ) Tj ET Q q 0 0 0 rg BT 437.19 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 448.40 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 464.27 401.55 Td (United ) Tj ET Q q 0 0 0 rg BT 495.89 401.55 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 538.60 401.55 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.26 388.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 105.27 388.95 Td (Services ) Tj ET Q q 0 0 0 rg BT 142.78 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 159.87 388.95 Td (Markets ) Tj ET Q q 0 0 0 rg BT 195.79 388.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 212.88 388.95 Td (2000. ) Tj ET Q q 0 0 0 rg BT 238.30 388.95 Td (The ) Tj ET Q q 0 0 0 rg BT 256.56 388.95 Td (FCA) Tj ET Q q 0 0 0 rg BT 275.82 388.95 Td (�) Tj ET Q q 0 0 0 rg BT 278.74 388.95 Td (s ) Tj ET Q q 0 0 0 rg BT 284.76 388.95 Td (rules ) Tj ET Q q 0 0 0 rg BT 307.11 388.95 Td (adopted ) Tj ET Q q 0 0 0 rg BT 342.28 388.95 Td (under ) Tj ET Q q 0 0 0 rg BT 368.12 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 385.37 388.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 402.47 388.95 Td (govern ) Tj ET Q q 0 0 0 rg BT 433.56 388.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 463.48 388.95 Td (resources ) Tj ET Q q 0 0 0 rg BT 505.06 388.95 Td (requirements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (senior ) Tj ET Q q 0 0 0 rg BT 76.98 376.35 Td (management ) Tj ET Q q 0 0 0 rg BT 132.45 376.35 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 193.45 376.35 Td (conduct ) Tj ET Q q 0 0 0 rg BT 228.51 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 239.08 376.35 Td (business, ) Tj ET Q q 0 0 0 rg BT 279.11 376.35 Td (interaction ) Tj ET Q q 0 0 0 rg BT 325.83 376.35 Td (with ) Tj ET Q q 0 0 0 rg BT 346.32 376.35 Td (clients, ) Tj ET Q q 0 0 0 rg BT 378.18 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 395.16 376.35 Td (systems ) Tj ET Q q 0 0 0 rg BT 430.24 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 447.22 376.35 Td (controls. ) Tj ET Q q 0 0 0 rg BT 485.36 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 503.51 376.35 Td (FCA) Tj ET Q q 0 0 0 rg BT 523.36 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 525.18 376.35 Td (monitors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 65.38 363.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 115.66 363.75 Td (with ) Tj ET Q q 0 0 0 rg BT 136.21 363.75 Td (its ) Tj ET Q q 0 0 0 rg BT 148.02 363.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 204.72 363.75 Td (through ) Tj ET Q q 0 0 0 rg BT 239.26 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 245.81 363.75 Td (combination ) Tj ET Q q 0 0 0 rg BT 300.19 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 310.82 363.75 Td (proactive ) Tj ET Q q 0 0 0 rg BT 351.76 363.75 Td (engagement, ) Tj ET Q q 0 0 0 rg BT 407.00 363.75 Td (event-driven ) Tj ET Q q 0 0 0 rg BT 461.94 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 478.99 363.75 Td (reactive ) Tj ET Q q 0 0 0 rg BT 514.10 363.75 Td (supervision ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 351.15 Td (thematic ) Tj ET Q q 0 0 0 rg BT 106.06 351.15 Td (based ) Tj ET Q q 0 0 0 rg BT 132.60 351.15 Td (reviews. ) Tj ET Q q 0 0 0 rg BT 170.50 351.15 Td (Breaches ) Tj ET Q q 0 0 0 rg BT 211.60 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 222.98 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 238.43 351.15 Td (FCA) Tj ET Q q 0 0 0 rg BT 257.69 351.15 Td (�) Tj ET Q q 0 0 0 rg BT 260.61 351.15 Td (s ) Tj ET Q q 0 0 0 rg BT 267.32 351.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 290.36 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 311.06 351.15 Td (result ) Tj ET Q q 0 0 0 rg BT 337.01 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 347.81 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 355.09 351.15 Td (wide ) Tj ET Q q 0 0 0 rg BT 378.13 351.15 Td (range ) Tj ET Q q 0 0 0 rg BT 404.07 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 415.44 351.15 Td (disciplinary ) Tj ET Q q 0 0 0 rg BT 467.64 351.15 Td (actions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 325.95 Td (In ) Tj ET Q q 0 0 0 rg BT 96.90 325.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 136.59 325.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 167.81 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 179.21 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 195.86 325.95 Td (af) Tj ET Q q 0 0 0 rg BT 203.83 325.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 235.06 325.95 Td (must ) Tj ET Q q 0 0 0 rg BT 258.13 325.95 Td (comply ) Tj ET Q q 0 0 0 rg BT 292.28 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 313.61 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 329.09 325.95 Td (pan-European ) Tj ET Q q 0 0 0 rg BT 390.63 325.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 436.44 325.95 Td (regime ) Tj ET Q q 0 0 0 rg BT 468.24 325.95 Td (established ) Tj ET Q q 0 0 0 rg BT 517.56 325.95 Td (by ) Tj ET Q q 0 0 0 rg BT 530.71 325.95 Td (MiFID, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (which ) Tj ET Q q 0 0 0 rg BT 77.77 313.35 Td (became ) Tj ET Q q 0 0 0 rg BT 112.44 313.35 Td (ef) Tj ET Q q 0 0 0 rg BT 120.40 313.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 151.57 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 164.68 313.35 Td (November ) Tj ET Q q 0 0 0 rg BT 211.61 313.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 222.09 313.35 Td (2007 ) Tj ET Q q 0 0 0 rg BT 245.69 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 263.46 313.35 Td (regulates ) Tj ET Q q 0 0 0 rg BT 303.97 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 319.40 313.35 Td (provision ) Tj ET Q q 0 0 0 rg BT 361.68 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 373.03 313.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 421.72 313.35 Td (services ) Tj ET Q q 0 0 0 rg BT 458.14 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 475.91 313.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 516.42 313.35 Td (throughout ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.15 300.75 Td (wider ) Tj ET Q q 0 0 0 rg BT 91.88 300.75 Td (EEA. ) Tj ET Q q 0 0 0 rg BT 117.74 300.75 Td (MiFID, ) Tj ET Q q 0 0 0 rg BT 152.36 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 168.01 300.75 Td (scope ) Tj ET Q q 0 0 0 rg BT 194.74 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 206.31 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 234.79 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 244.62 300.75 Td (being ) Tj ET Q q 0 0 0 rg BT 270.77 300.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 313.23 300.75 Td (through ) Tj ET Q q 0 0 0 rg BT 348.72 300.75 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 380.72 300.75 Td (2, ) Tj ET Q q 0 0 0 rg BT 391.41 300.75 Td (sets ) Tj ET Q q 0 0 0 rg BT 409.99 300.75 Td (out ) Tj ET Q q 0 0 0 rg BT 426.23 300.75 Td (detailed ) Tj ET Q q 0 0 0 rg BT 462.28 300.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 519.92 300.75 Td (governing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.60 288.15 Td (or) Tj ET Q q 0 0 0 rg BT 74.16 288.15 Td (ganization ) Tj ET Q q 0 0 0 rg BT 121.17 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 139.61 288.15 Td (conduct ) Tj ET Q q 0 0 0 rg BT 176.12 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 188.15 288.15 Td (business ) Tj ET Q q 0 0 0 rg BT 227.01 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 239.03 288.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 288.39 288.15 Td (firms ) Tj ET Q q 0 0 0 rg BT 313.83 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 332.27 288.15 Td (regulated ) Tj ET Q q 0 0 0 rg BT 374.61 288.15 Td (markets. ) Tj ET Q q 0 0 0 rg BT 413.75 288.15 Td (It ) Tj ET Q q 0 0 0 rg BT 423.44 288.15 Td (also ) Tj ET Q q 0 0 0 rg BT 443.63 288.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 481.90 288.15 Td (pre- ) Tj ET Q q 0 0 0 rg BT 502.08 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 520.51 288.15 Td (post-trade ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (transparency ) Tj ET Q q 0 0 0 rg BT 105.76 275.55 Td (requirements ) Tj ET Q q 0 0 0 rg BT 163.20 275.55 Td (for ) Tj ET Q q 0 0 0 rg BT 178.07 275.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 206.94 275.55 Td (markets ) Tj ET Q q 0 0 0 rg BT 242.81 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 260.59 275.55 Td (extensive ) Tj ET Q q 0 0 0 rg BT 302.87 275.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 351.56 275.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 392.68 275.55 Td (requirements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 250.35 Td (Certain ) Tj ET Q q 0 0 0 rg BT 120.48 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 133.31 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 151.38 250.35 Td (af) Tj ET Q q 0 0 0 rg BT 159.35 250.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 192.00 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 208.89 250.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 242.71 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 254.96 250.35 Td (an ) Tj ET Q q 0 0 0 rg BT 268.94 250.35 Td (EU ) Tj ET Q q 0 0 0 rg BT 287.02 250.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 333.66 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 348.24 250.35 Td (OTC ) Tj ET Q q 0 0 0 rg BT 373.32 250.35 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 426.09 250.35 Td (central ) Tj ET Q q 0 0 0 rg BT 458.73 250.35 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 522.28 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 541.52 250.35 Td (trade ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (repositories, ) Tj ET Q q 0 0 0 rg BT 103.22 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 131.00 237.75 Td (was ) Tj ET Q q 0 0 0 rg BT 149.44 237.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 184.78 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 194.60 237.75 Td (August ) Tj ET Q q 0 0 0 rg BT 227.04 237.75 Td (2012 ) Tj ET Q q 0 0 0 rg BT 250.15 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 267.42 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 295.19 237.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 331.12 237.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 343.14 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 358.08 237.75 Td (central ) Tj ET Q q 0 0 0 rg BT 388.75 237.75 Td (clearing ) Tj ET Q q 0 0 0 rg BT 424.68 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 435.53 237.75 Td (standardized ) Tj ET Q q 0 0 0 rg BT 490.70 237.75 Td (OTC ) Tj ET Q q 0 0 0 rg BT 513.81 237.75 Td (derivatives, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 66.18 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 82.86 225.15 Td (application ) Tj ET Q q 0 0 0 rg BT 133.37 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 145.97 225.15 Td (risk-mitigation ) Tj ET Q q 0 0 0 rg BT 212.23 225.15 Td (techniques ) Tj ET Q q 0 0 0 rg BT 260.99 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 273.01 225.15 Td (non-centrally ) Tj ET Q q 0 0 0 rg BT 332.84 225.15 Td (cleared ) Tj ET Q q 0 0 0 rg BT 367.00 225.15 Td (OTC ) Tj ET Q q 0 0 0 rg BT 391.85 225.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 441.77 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 460.79 225.15 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 480.39 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 497.07 225.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 539.41 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 552.01 225.15 Td (all ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 94.11 212.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 134.63 212.55 Td (from ) Tj ET Q q 0 0 0 rg BT 157.67 212.55 Td (February ) Tj ET Q q 0 0 0 rg BT 198.20 212.55 Td (2014.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 187.35 Td (In ) Tj ET Q q 0 0 0 rg BT 95.34 187.35 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 137.86 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 153.26 187.35 Td (af) Tj ET Q q 0 0 0 rg BT 161.23 187.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 191.20 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 205.42 187.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 236.57 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 246.14 187.35 Td (various ) Tj ET Q q 0 0 0 rg BT 278.15 187.35 Td (Australian ) Tj ET Q q 0 0 0 rg BT 323.29 187.35 Td (federal ) Tj ET Q q 0 0 0 rg BT 353.84 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 370.40 187.35 Td (state ) Tj ET Q q 0 0 0 rg BT 391.05 187.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 411.70 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 428.26 187.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 458.23 187.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 509.21 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 523.43 187.35 Td (regulated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (by ) Tj ET Q q 0 0 0 rg BT 62.91 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 174.75 Td (Australian ) Tj ET Q q 0 0 0 rg BT 124.66 174.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 168.98 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.05 174.75 Td (Investments ) Tj ET Q q 0 0 0 rg BT 240.71 174.75 Td (Commission ) Tj ET Q q 0 0 0 rg BT 296.72 174.75 Td (\(�ASIC�\). ) Tj ET Q q 0 0 0 rg BT 341.85 174.75 Td (ASIC ) Tj ET Q q 0 0 0 rg BT 368.68 174.75 Td (is ) Tj ET Q q 0 0 0 rg BT 377.96 174.75 Td (Australia�) Tj ET Q q 0 0 0 rg BT 419.36 174.75 Td (s ) Tj ET Q q 0 0 0 rg BT 426.36 174.75 Td (corporate, ) Tj ET Q q 0 0 0 rg BT 471.54 174.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 507.69 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 525.77 174.75 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (services ) Tj ET Q q 0 0 0 rg BT 85.94 162.15 Td (regulator ) Tj ET Q q 0 0 0 rg BT 126.47 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 144.25 162.15 Td (is ) Tj ET Q q 0 0 0 rg BT 153.88 162.15 Td (responsible ) Tj ET Q q 0 0 0 rg BT 204.33 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 219.20 162.15 Td (promoting ) Tj ET Q q 0 0 0 rg BT 265.58 162.15 Td (investor) Tj ET Q q 0 0 0 rg BT 298.98 162.15 Td (, ) Tj ET Q q 0 0 0 rg BT 304.23 162.15 Td (creditor ) Tj ET Q q 0 0 0 rg BT 339.51 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 357.29 162.15 Td (consumer ) Tj ET Q q 0 0 0 rg BT 400.74 162.15 Td (protection.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 136.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 103.29 136.95 Td (Capital ) Tj ET Q q 0 0 0 rg BT 137.42 136.95 Td (Requirements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 111.75 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 111.75 Td (e ) Tj ET Q q 0 0 0 rg BT 102.12 111.75 Td (have ) Tj ET Q q 0 0 0 rg BT 124.83 111.75 Td (several ) Tj ET Q q 0 0 0 rg BT 157.44 111.75 Td (small, ) Tj ET Q q 0 0 0 rg BT 185.71 111.75 Td (non-clearing ) Tj ET Q q 0 0 0 rg BT 241.65 111.75 Td (broker) Tj ET Q q 0 0 0 rg BT 268.85 111.75 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 300.88 111.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 353.34 111.75 Td (that ) Tj ET Q q 0 0 0 rg BT 371.97 111.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 413.93 111.75 Td (distribute ) Tj ET Q q 0 0 0 rg BT 456.48 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 473.37 111.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 499.59 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.64 111.75 Td (other ) Tj ET Q q 0 0 0 rg BT 542.10 111.75 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (management ) Tj ET Q q 0 0 0 rg BT 106.65 99.15 Td (products. ) Tj ET Q q 0 0 0 rg BT 148.93 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 152.18 99.15 Td (These ) Tj ET Q q 0 0 0 rg BT 180.75 99.15 Td (broker) Tj ET Q q 0 0 0 rg BT 207.95 99.15 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 240.59 99.15 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 293.67 99.15 Td (are ) Tj ET Q q 0 0 0 rg BT 309.99 99.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 343.23 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 354.90 99.15 Td (net ) Tj ET Q q 0 0 0 rg BT 371.23 99.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 402.71 99.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 426.62 99.15 Td (that ) Tj ET Q q 0 0 0 rg BT 445.87 99.15 Td (mandate ) Tj ET Q q 0 0 0 rg BT 484.94 99.15 Td (that ) Tj ET Q q 0 0 0 rg BT 504.18 99.15 Td (they ) Tj ET Q q 0 0 0 rg BT 525.76 99.15 Td (maintain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.01 86.55 Td (levels ) Tj ET Q q 0 0 0 rg BT 106.45 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 117.14 86.55 Td (capital. ) Tj ET Q q 0 0 0 rg BT 149.70 86.55 Td (In ) Tj ET Q q 0 0 0 rg BT 160.39 86.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 199.37 86.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 229.88 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 240.57 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 256.52 86.55 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 308.04 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 325.73 86.55 Td (operate ) Tj ET Q q 0 0 0 rg BT 358.57 86.55 Td (outside ) Tj ET Q q 0 0 0 rg BT 390.85 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 405.63 86.55 Td (United ) Tj ET Q q 0 0 0 rg BT 436.15 86.55 Td (States ) Tj ET Q q 0 0 0 rg BT 463.18 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 477.94 86.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 509.63 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 519.74 86.55 Td (net ) Tj ET Q q 0 0 0 rg BT 534.52 86.55 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 62.21 73.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 101.77 73.95 Td (requirements ) Tj ET Q q 0 0 0 rg BT 160.55 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 172.68 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 189.48 73.95 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 245.36 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 257.49 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 287.12 73.95 Td (they ) Tj ET Q q 0 0 0 rg BT 309.16 73.95 Td (operate. ) Tj ET Q q 0 0 0 rg BT 346.65 73.95 Td (For ) Tj ET Q q 0 0 0 rg BT 365.20 73.95 Td (example, ) Tj ET Q q 0 0 0 rg BT 407.36 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 419.50 73.95 Td (addition ) Tj ET Q q 0 0 0 rg BT 457.88 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 470.01 73.95 Td (requirements ) Tj ET Q q 0 0 0 rg BT 528.79 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 540.92 73.95 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 107.34 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 124.63 61.35 Td (United ) Tj ET Q q 0 0 0 rg BT 156.51 61.35 Td (Kingdom-based ) Tj ET Q q 0 0 0 rg BT 226.88 61.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 279.75 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 298.21 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 315.50 61.35 Td (Singapore-based ) Tj ET Q q 0 0 0 rg BT 388.78 61.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 441.66 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 457.77 61.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 490.81 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 502.28 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 518.40 61.35 Td (net ) Tj ET Q q 0 0 0 rg BT 534.53 61.35 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 106.94 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 118.31 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 133.76 48.75 Td (FCA) Tj ET Q q 0 0 0 rg BT 153.61 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 156.24 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 174.02 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 189.47 48.75 Td (Monetary ) Tj ET Q q 0 0 0 rg BT 232.34 48.75 Td (Authority ) Tj ET Q q 0 0 0 rg BT 275.80 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 287.17 48.75 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 335.00 48.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 385.04 48.75 Td (.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (16) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 729.15 Td (1A. ) Tj ET Q q 0 0 0 rg BT 98.21 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 100.84 729.15 Td (RISK ) Tj ET Q q 0 0 0 rg BT 129.14 729.15 Td (F) Tj ET Q q 0 0 0 rg BT 134.77 729.15 Td (ACT) Tj ET Q q 0 0 0 rg BT 156.75 729.15 Td (ORS.) 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q 0 0 0 rg BT 173.91 414.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 214.06 414.75 Td (face ) Tj ET Q q 0 0 0 rg BT 233.80 414.75 Td (these ) Tj ET Q q 0 0 0 rg BT 257.63 414.75 Td (issues. ) Tj ET Q q 0 0 0 rg BT 287.60 414.75 Td ( ) Tj ET Q q 0 0 0 rg BT 289.70 414.75 Td (W) Tj ET Q q 0 0 0 rg BT 298.77 414.75 Td (e ) Tj ET Q q 0 0 0 rg BT 305.68 414.75 Td (face ) Tj ET Q q 0 0 0 rg BT 325.42 414.75 Td (periodic ) Tj ET Q q 0 0 0 rg BT 362.08 414.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 417.39 414.75 Td (issues ) Tj ET Q q 0 0 0 rg BT 444.73 414.75 Td (with ) Tj ET Q q 0 0 0 rg BT 465.66 414.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 496.48 414.75 Td (of ) Tj ET Q q 0 0 0 rg BT 507.48 414.75 Td (our ) Tj ET Q q 0 0 0 rg BT 523.73 414.75 Td (products, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 402.15 Td (and ) Tj ET Q q 0 0 0 rg BT 68.02 402.15 Td (there ) Tj ET Q q 0 0 0 rg BT 92.36 402.15 Td (is ) Tj ET Q q 0 0 0 rg BT 102.72 402.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 142.81 402.15 Td (a ) Tj ET Q q 0 0 0 rg BT 150.83 402.15 Td (lag ) Tj ET Q q 0 0 0 rg BT 167.01 402.15 Td (before ) Tj ET Q q 0 0 0 rg BT 197.18 402.15 Td (improvements ) Tj ET Q q 0 0 0 rg BT 260.61 402.15 Td (in ) Tj ET Q q 0 0 0 rg BT 272.14 402.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 321.57 402.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 377.97 402.15 Td (produce ) Tj ET Q q 0 0 0 rg BT 415.15 402.15 Td (a ) Tj ET Q q 0 0 0 rg BT 423.16 402.15 Td (positive ) Tj ET Q q 0 0 0 rg BT 459.77 402.15 Td (ef) Tj ET Q q 0 0 0 rg BT 467.74 402.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 486.83 402.15 Td (on ) Tj ET Q q 0 0 0 rg BT 500.68 402.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 524.45 402.15 Td (flows. ) Tj ET Q q 0 0 0 rg BT 553.76 402.15 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 88.69 389.55 Td (recently ) Tj ET Q q 0 0 0 rg BT 124.65 389.55 Td (the ) Tj ET Q q 0 0 0 rg BT 139.62 389.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 162.18 389.55 Td (management ) Tj ET Q q 0 0 0 rg BT 217.97 389.55 Td (industry ) Tj ET Q q 0 0 0 rg BT 254.54 389.55 Td (has ) Tj ET Q q 0 0 0 rg BT 270.68 389.55 Td (experienced ) Tj ET Q q 0 0 0 rg BT 323.54 389.55 Td (a ) Tj ET Q q 0 0 0 rg BT 330.35 389.55 Td (weakening ) Tj ET Q q 0 0 0 rg BT 377.98 389.55 Td (in ) Tj ET Q q 0 0 0 rg BT 388.30 389.55 Td (the ) Tj ET Q q 0 0 0 rg BT 403.27 389.55 Td (correlation ) Tj ET Q q 0 0 0 rg BT 450.90 389.55 Td (between ) Tj ET Q q 0 0 0 rg BT 488.02 389.55 Td (strong ) Tj ET Q q 0 0 0 rg BT 516.42 389.55 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.39 376.95 Td (and ) Tj ET Q q 0 0 0 rg BT 123.40 376.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 165.88 376.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 189.14 376.95 Td (flows. ) Tj ET Q q 0 0 0 rg BT 217.94 376.95 Td ( ) Tj ET Q q 0 0 0 rg BT 220.58 376.95 Td (There ) Tj ET Q q 0 0 0 rg BT 247.90 376.95 Td (can ) Tj ET Q q 0 0 0 rg BT 265.31 376.95 Td (be ) Tj ET Q q 0 0 0 rg BT 278.07 376.95 Td (no ) Tj ET Q q 0 0 0 rg BT 291.41 376.95 Td (assurances ) Tj ET Q q 0 0 0 rg BT 339.15 376.95 Td (as ) Tj ET Q q 0 0 0 rg BT 350.74 376.95 Td (to ) Tj ET Q q 0 0 0 rg BT 361.75 376.95 Td (when, ) Tj ET Q q 0 0 0 rg BT 389.96 376.95 Td (or ) Tj ET Q q 0 0 0 rg BT 401.55 376.95 Td (if, ) Tj ET Q q 0 0 0 rg BT 413.43 376.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 462.35 376.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 518.25 376.95 Td (issues ) Tj ET Q q 0 0 0 rg BT 546.18 376.95 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 364.35 Td (cease ) Tj ET Q q 0 0 0 rg BT 74.85 364.35 Td (to ) Tj ET Q q 0 0 0 rg BT 85.65 364.35 Td (negatively ) Tj ET Q q 0 0 0 rg BT 132.01 364.35 Td (influence ) Tj ET Q q 0 0 0 rg BT 173.69 364.35 Td (our ) Tj ET Q q 0 0 0 rg BT 189.74 364.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 216.86 364.35 Td (and ) Tj ET Q q 0 0 0 rg BT 234.65 364.35 Td (revenues.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 339.15 Td (Assets ) Tj ET Q q 0 0 0 rg BT 114.97 339.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 145.01 339.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 204.81 339.15 Td (May ) Tj ET Q q 0 0 0 rg BT 226.68 339.15 Td (Be ) Tj ET Q q 0 0 0 rg BT 240.78 339.15 Td (W) Tj ET Q q 0 0 0 rg BT 249.73 339.15 Td (ithdrawn, ) Tj ET Q q 0 0 0 rg BT 293.89 339.15 Td (Which ) Tj ET Q q 0 0 0 rg BT 325.11 339.15 Td (May ) Tj ET Q q 0 0 0 rg BT 346.98 339.15 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 381.68 339.15 Td (our ) Tj ET Q q 0 0 0 rg BT 399.48 339.15 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 443.52 339.15 Td (and ) Tj ET Q q 0 0 0 rg BT 462.49 339.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 480.27 339.15 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 313.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.56 313.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 151.37 313.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 189.26 313.95 Td (and ) Tj ET Q q 0 0 0 rg BT 206.15 313.95 Td (administrative ) Tj ET Q q 0 0 0 rg BT 267.94 313.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 307.57 313.95 Td (are ) Tj ET Q q 0 0 0 rg BT 322.12 313.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 362.91 313.95 Td (terminable ) Tj ET Q q 0 0 0 rg BT 409.54 313.95 Td (at ) Tj ET Q q 0 0 0 rg BT 418.85 313.95 Td (will ) Tj ET Q q 0 0 0 rg BT 436.91 313.95 Td (or ) Tj ET Q q 0 0 0 rg BT 447.39 313.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 470.12 313.95 Td (relatively ) Tj ET Q q 0 0 0 rg BT 511.49 313.95 Td (short ) Tj ET Q q 0 0 0 rg BT 534.22 313.95 Td (notice, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 301.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.61 301.35 Td (investors ) Tj ET Q q 0 0 0 rg BT 106.47 301.35 Td (in ) Tj ET Q q 0 0 0 rg BT 116.59 301.35 Td (the ) Tj ET Q q 0 0 0 rg BT 131.36 301.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 162.48 301.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 187.76 301.35 Td (that ) Tj ET Q q 0 0 0 rg BT 205.45 301.35 Td (we ) Tj ET Q q 0 0 0 rg BT 219.64 301.35 Td (manage ) Tj ET Q q 0 0 0 rg BT 254.24 301.35 Td (may ) Tj ET Q q 0 0 0 rg BT 274.27 301.35 Td (redeem ) Tj ET Q q 0 0 0 rg BT 307.11 301.35 Td (their ) Tj ET Q q 0 0 0 rg BT 328.30 301.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 380.41 301.35 Td (in ) Tj ET Q q 0 0 0 rg BT 390.53 301.35 Td (the ) Tj ET Q q 0 0 0 rg BT 405.31 301.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 430.59 301.35 Td (at ) Tj ET Q q 0 0 0 rg BT 440.11 301.35 Td (any ) Tj ET Q q 0 0 0 rg BT 457.22 301.35 Td (time ) Tj ET Q q 0 0 0 rg BT 477.83 301.35 Td (without ) Tj ET Q q 0 0 0 rg BT 511.87 301.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 534.23 301.35 Td (notice. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.75 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 102.81 288.75 Td (and ) Tj ET Q q 0 0 0 rg BT 120.53 288.75 Td (individual ) Tj ET Q q 0 0 0 rg BT 165.67 288.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 195.64 288.75 Td (can ) Tj ET Q q 0 0 0 rg BT 212.77 288.75 Td (terminate ) Tj ET Q q 0 0 0 rg BT 254.98 288.75 Td (their ) Tj ET Q q 0 0 0 rg BT 276.78 288.75 Td (relationships ) Tj ET Q q 0 0 0 rg BT 333.00 288.75 Td (with ) Tj ET Q q 0 0 0 rg BT 354.23 288.75 Td (us, ) Tj ET Q q 0 0 0 rg BT 368.75 288.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 399.29 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.67 288.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 458.04 288.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 492.09 288.75 Td (of ) Tj ET Q q 0 0 0 rg BT 502.84 288.75 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 532.52 288.75 Td (or ) Tj ET Q q 0 0 0 rg BT 543.83 288.75 Td (shift ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 276.15 Td (their ) Tj ET Q q 0 0 0 rg BT 73.08 276.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 100.75 276.15 Td (to ) Tj ET Q q 0 0 0 rg BT 113.26 276.15 Td (other ) Tj ET Q q 0 0 0 rg BT 139.17 276.15 Td (types ) Tj ET Q q 0 0 0 rg BT 165.68 276.15 Td (of ) Tj ET Q q 0 0 0 rg BT 178.76 276.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 219.84 276.15 Td (with ) Tj ET Q q 0 0 0 rg BT 242.85 276.15 Td (dif) Tj ET Q q 0 0 0 rg BT 254.32 276.15 Td (ferent ) Tj ET Q q 0 0 0 rg BT 283.14 276.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 303.22 276.15 Td (structures ) Tj ET Q q 0 0 0 rg BT 348.38 276.15 Td (for ) Tj ET Q q 0 0 0 rg BT 364.96 276.15 Td (any ) Tj ET Q q 0 0 0 rg BT 384.46 276.15 Td (number ) Tj ET Q q 0 0 0 rg BT 420.88 276.15 Td (of ) Tj ET Q q 0 0 0 rg BT 433.96 276.15 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 472.42 276.15 Td (including ) Tj ET Q q 0 0 0 rg BT 516.42 276.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.55 Td (performance, ) Tj ET Q q 0 0 0 rg BT 107.52 263.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 143.68 263.55 Td (in ) Tj ET Q q 0 0 0 rg BT 154.19 263.55 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 199.10 263.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 232.35 263.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 257.14 263.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 293.30 263.55 Td (in ) Tj ET Q q 0 0 0 rg BT 303.80 263.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 352.22 263.55 Td (preferences ) Tj ET Q q 0 0 0 rg BT 402.95 263.55 Td (of ) Tj ET Q q 0 0 0 rg BT 414.03 263.55 Td (clients, ) Tj ET Q q 0 0 0 rg BT 446.41 263.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 482.57 263.55 Td (in ) Tj ET Q q 0 0 0 rg BT 493.08 263.55 Td (our ) Tj ET Q q 0 0 0 rg BT 509.42 263.55 Td (reputation ) Tj ET Q q 0 0 0 rg BT 554.33 263.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.90 250.95 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 121.41 250.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 157.80 250.95 Td (in ) Tj ET Q q 0 0 0 rg BT 168.55 250.95 Td (management ) Tj ET Q q 0 0 0 rg BT 224.77 250.95 Td (or ) Tj ET Q q 0 0 0 rg BT 236.09 250.95 Td (control ) Tj ET Q q 0 0 0 rg BT 268.41 250.95 Td (of ) Tj ET Q q 0 0 0 rg BT 279.73 250.95 Td (clients ) Tj ET Q q 0 0 0 rg BT 309.72 250.95 Td (or ) Tj ET Q q 0 0 0 rg BT 321.04 250.95 Td (third-party ) Tj ET Q q 0 0 0 rg BT 368.52 250.95 Td (distributors ) Tj ET Q q 0 0 0 rg BT 418.93 250.95 Td (with ) Tj ET Q q 0 0 0 rg BT 440.18 250.95 Td (whom ) Tj ET Q q 0 0 0 rg BT 469.00 250.95 Td (we ) Tj ET Q q 0 0 0 rg BT 483.82 250.95 Td (have ) Tj ET Q q 0 0 0 rg BT 506.22 250.95 Td (relationships, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 238.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 67.97 238.35 Td (of ) Tj ET Q q 0 0 0 rg BT 78.85 238.35 Td (key ) Tj ET Q q 0 0 0 rg BT 96.14 238.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.35 238.35 Td (management ) Tj ET Q q 0 0 0 rg BT 200.12 238.35 Td (or ) Tj ET Q q 0 0 0 rg BT 211.00 238.35 Td (other ) Tj ET Q q 0 0 0 rg BT 234.70 238.35 Td (personnel ) Tj ET Q q 0 0 0 rg BT 277.66 238.35 Td (and ) Tj ET Q q 0 0 0 rg BT 294.95 238.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 333.81 238.35 Td (market ) Tj ET Q q 0 0 0 rg BT 365.09 238.35 Td (performance. ) Tj ET Q q 0 0 0 rg BT 422.90 238.35 Td (In ) Tj ET Q q 0 0 0 rg BT 433.77 238.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 472.94 238.35 Td (there ) Tj ET Q q 0 0 0 rg BT 496.06 238.35 Td (has ) Tj ET Q q 0 0 0 rg BT 512.19 238.35 Td (been ) Tj ET Q q 0 0 0 rg BT 534.14 238.35 Td (a ) Tj ET Q q 0 0 0 rg BT 540.93 238.35 Td (trend ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 225.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 101.32 225.75 Td (shifting ) Tj ET Q q 0 0 0 rg BT 135.99 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 146.73 225.75 Td (alternative, ) Tj ET Q q 0 0 0 rg BT 196.25 225.75 Td (passive, ) Tj ET Q q 0 0 0 rg BT 232.37 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 250.11 225.75 Td (smart ) Tj ET Q q 0 0 0 rg BT 276.02 225.75 Td (beta ) Tj ET Q q 0 0 0 rg BT 296.08 225.75 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 340.37 225.75 Td (As ) Tj ET Q q 0 0 0 rg BT 354.62 225.75 Td (a ) Tj ET Q q 0 0 0 rg BT 361.86 225.75 Td (result, ) Tj ET Q q 0 0 0 rg BT 390.40 225.75 Td (core ) Tj ET Q q 0 0 0 rg BT 411.05 225.75 Td (equities ) Tj ET Q q 0 0 0 rg BT 446.29 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 464.03 225.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 488.18 225.75 Td (income ) Tj ET Q q 0 0 0 rg BT 521.67 225.75 Td (portfolios ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.15 Td (are ) Tj ET Q q 0 0 0 rg BT 63.88 213.15 Td (declining ) Tj ET Q q 0 0 0 rg BT 104.52 213.15 Td (as ) Tj ET Q q 0 0 0 rg BT 114.83 213.15 Td (a ) Tj ET Q q 0 0 0 rg BT 121.06 213.15 Td (share ) Tj ET Q q 0 0 0 rg BT 144.78 213.15 Td (of ) Tj ET Q q 0 0 0 rg BT 155.09 213.15 Td (global ) Tj ET Q q 0 0 0 rg BT 182.56 213.15 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 211.13 213.15 Td (This ) Tj ET Q q 0 0 0 rg BT 231.37 213.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 248.68 213.15 Td (is ) Tj ET Q q 0 0 0 rg BT 257.25 213.15 Td (underscored ) Tj ET Q q 0 0 0 rg BT 310.13 213.15 Td (by ) Tj ET Q q 0 0 0 rg BT 322.19 213.15 Td (the ) Tj ET Q q 0 0 0 rg BT 336.59 213.15 Td (fact ) Tj ET Q q 0 0 0 rg BT 353.89 213.15 Td (that ) Tj ET Q q 0 0 0 rg BT 371.20 213.15 Td (we ) Tj ET Q q 0 0 0 rg BT 385.01 213.15 Td (have ) Tj ET Q q 0 0 0 rg BT 406.39 213.15 Td (one ) Tj ET Q q 0 0 0 rg BT 423.12 213.15 Td (international ) Tj ET Q q 0 0 0 rg BT 477.75 213.15 Td (client ) Tj ET Q q 0 0 0 rg BT 502.64 213.15 Td (that ) Tj ET Q q 0 0 0 rg BT 519.95 213.15 Td (represents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 111.70 200.55 Td (5 ) Tj ET Q q 0 0 0 rg BT 118.50 200.55 Td (% ) Tj ET Q q 0 0 0 rg BT 128.80 200.55 Td (\(primarily ) Tj ET Q q 0 0 0 rg BT 172.92 200.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 210.06 200.55 Td (assets\) ) Tj ET Q q 0 0 0 rg BT 239.61 200.55 Td (of ) Tj ET Q q 0 0 0 rg BT 249.91 200.55 Td (our ) Tj ET Q q 0 0 0 rg BT 265.46 200.55 Td (total ) Tj ET Q q 0 0 0 rg BT 285.33 200.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 311.39 200.55 Td (that ) Tj ET Q q 0 0 0 rg BT 328.68 200.55 Td (generates ) Tj ET Q q 0 0 0 rg BT 369.88 200.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 432.08 200.55 Td (2.0% ) Tj ET Q q 0 0 0 rg BT 455.50 200.55 Td (of ) Tj ET Q q 0 0 0 rg BT 465.80 200.55 Td (our ) Tj ET Q q 0 0 0 rg BT 481.35 200.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 522.56 200.55 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 565.12 200.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.86 187.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 102.52 187.95 Td (in ) Tj ET Q q 0 0 0 rg BT 114.31 187.95 Td (a ) Tj ET Q q 0 0 0 rg BT 122.59 187.95 Td (declining ) Tj ET Q q 0 0 0 rg BT 165.28 187.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 208.55 187.95 Td (market, ) Tj ET Q q 0 0 0 rg BT 243.95 187.95 Td (the ) Tj ET Q q 0 0 0 rg BT 260.39 187.95 Td (pace ) Tj ET Q q 0 0 0 rg BT 283.24 187.95 Td (of ) Tj ET Q q 0 0 0 rg BT 295.61 187.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 328.39 187.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 351.25 187.95 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 406.78 187.95 Td (and ) Tj ET Q q 0 0 0 rg BT 425.56 187.95 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 476.41 187.95 Td (of ) Tj ET Q q 0 0 0 rg BT 488.78 187.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 516.89 187.95 Td (from ) Tj ET Q q 0 0 0 rg BT 540.92 187.95 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 175.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 88.51 175.35 Td (could ) Tj ET Q q 0 0 0 rg BT 114.10 175.35 Td (accelerate. ) Tj ET Q q 0 0 0 rg BT 160.96 175.35 Td ( ) Tj ET Q q 0 0 0 rg BT 163.23 175.35 Td ( ) Tj ET Q q 0 0 0 rg BT 165.50 175.35 Td (Poor ) Tj ET Q q 0 0 0 rg BT 187.60 175.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 235.95 175.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 291.27 175.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 332.60 175.35 Td (or ) Tj ET Q q 0 0 0 rg BT 343.62 175.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 377.37 175.35 Td (to ) Tj ET Q q 0 0 0 rg BT 387.81 175.35 Td (other ) Tj ET Q q 0 0 0 rg BT 411.65 175.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 460.00 175.35 Td (management ) Tj ET Q q 0 0 0 rg BT 515.92 175.35 Td (firms ) Tj ET Q q 0 0 0 rg BT 540.35 175.35 Td (tends ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.28 162.75 Td (result ) Tj ET Q q 0 0 0 rg BT 84.23 162.75 Td (in ) Tj ET Q q 0 0 0 rg BT 94.01 162.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 137.01 162.75 Td (purchases ) Tj ET Q q 0 0 0 rg BT 180.03 162.75 Td (of ) Tj ET Q q 0 0 0 rg BT 190.40 162.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 211.26 162.75 Td (shares, ) Tj ET Q q 0 0 0 rg BT 241.74 162.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 283.00 162.75 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 336.52 162.75 Td (of ) Tj ET Q q 0 0 0 rg BT 346.88 162.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 367.75 162.75 Td (shares, ) Tj ET Q q 0 0 0 rg BT 398.23 162.75 Td (and ) Tj ET Q q 0 0 0 rg BT 415.01 162.75 Td (the ) Tj ET Q q 0 0 0 rg BT 429.45 162.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 447.41 162.75 Td (of ) Tj ET Q q 0 0 0 rg BT 457.77 162.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 509.56 162.75 Td (or ) Tj ET Q q 0 0 0 rg BT 519.92 162.75 Td (individual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 150.15 Td (accounts.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 124.95 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 124.95 Td (e ) Tj ET Q q 0 0 0 rg BT 101.45 124.95 Td (have ) Tj ET Q q 0 0 0 rg BT 123.49 124.95 Td (experienced ) Tj ET Q q 0 0 0 rg BT 176.43 124.95 Td (net ) Tj ET Q q 0 0 0 rg BT 191.47 124.95 Td (outflows ) Tj ET Q q 0 0 0 rg BT 230.44 124.95 Td (of ) Tj ET Q q 0 0 0 rg BT 241.41 124.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 269.38 124.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 296.10 124.95 Td (for ) Tj ET Q q 0 0 0 rg BT 310.56 124.95 Td (the ) Tj ET Q q 0 0 0 rg BT 325.61 124.95 Td (last ) Tj ET Q q 0 0 0 rg BT 342.41 124.95 Td (12 ) Tj ET Q q 0 0 0 rg BT 355.13 124.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 380.09 124.95 Td (years ) Tj ET Q q 0 0 0 rg BT 404.46 124.95 Td (due ) Tj ET Q q 0 0 0 rg BT 421.84 124.95 Td (in ) Tj ET Q q 0 0 0 rg BT 432.23 124.95 Td (part ) Tj ET Q q 0 0 0 rg BT 450.77 124.95 Td (to ) Tj ET Q q 0 0 0 rg BT 461.16 124.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 509.45 124.95 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 112.35 Td (issues. ) Tj ET Q q 0 0 0 rg BT 79.42 112.35 Td ( ) Tj ET Q q 0 0 0 rg BT 81.63 112.35 Td (During ) Tj ET Q q 0 0 0 rg BT 113.59 112.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 138.54 112.35 Td (years ) Tj ET Q q 0 0 0 rg BT 162.90 112.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 186.11 112.35 Td (and ) Tj ET Q q 0 0 0 rg BT 203.48 112.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 229.32 112.35 Td (we ) Tj ET Q q 0 0 0 rg BT 243.77 112.35 Td (had ) Tj ET Q q 0 0 0 rg BT 261.14 112.35 Td ($28.9 ) Tj ET Q q 0 0 0 rg BT 286.98 112.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 316.61 112.35 Td (and ) Tj ET Q q 0 0 0 rg BT 333.98 112.35 Td ($26.1 ) Tj ET Q q 0 0 0 rg BT 359.81 112.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 389.44 112.35 Td (of ) Tj ET Q q 0 0 0 rg BT 400.40 112.35 Td (net ) Tj ET Q q 0 0 0 rg BT 415.44 112.35 Td (client ) Tj ET Q q 0 0 0 rg BT 440.97 112.35 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 482.56 112.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 532.60 112.35 Td (. ) Tj ET Q q 0 0 0 rg BT 537.44 112.35 Td (Fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.75 Td (year ) Tj ET Q q 0 0 0 rg BT 69.11 99.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 91.66 99.75 Td (outflows ) Tj ET Q q 0 0 0 rg BT 129.96 99.75 Td (included ) Tj ET Q q 0 0 0 rg BT 167.66 99.75 Td ($27.3 ) Tj ET Q q 0 0 0 rg BT 192.83 99.75 Td (billion, ) Tj ET Q q 0 0 0 rg BT 224.43 99.75 Td ($7.2 ) Tj ET Q q 0 0 0 rg BT 244.35 99.75 Td (billion, ) Tj ET Q q 0 0 0 rg BT 275.94 99.75 Td (and ) Tj ET Q q 0 0 0 rg BT 292.65 99.75 Td ($5.2 ) Tj ET Q q 0 0 0 rg BT 312.57 99.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 341.54 99.75 Td (of ) Tj ET Q q 0 0 0 rg BT 351.83 99.75 Td (liquidity) Tj ET Q q 0 0 0 rg BT 386.74 99.75 Td (, ) Tj ET Q q 0 0 0 rg BT 390.91 99.75 Td (alternative, ) Tj ET Q q 0 0 0 rg BT 439.39 99.75 Td (and ) Tj ET Q q 0 0 0 rg BT 456.10 99.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 483.89 99.75 Td (net ) Tj ET Q q 0 0 0 rg BT 498.26 99.75 Td (client ) Tj ET Q q 0 0 0 rg BT 523.13 99.75 Td (outflows, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 87.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 87.15 Td (, ) Tj ET Q q 0 0 0 rg BT 105.42 87.15 Td (of) Tj ET Q q 0 0 0 rg BT 113.97 87.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 132.38 87.15 Td (in ) Tj ET Q q 0 0 0 rg BT 143.79 87.15 Td (part ) Tj ET Q q 0 0 0 rg BT 163.36 87.15 Td (by ) Tj ET Q q 0 0 0 rg BT 177.10 87.15 Td ($10.8 ) Tj ET Q q 0 0 0 rg BT 203.97 87.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 234.64 87.15 Td (of ) Tj ET Q q 0 0 0 rg BT 246.63 87.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 271.45 87.15 Td (income ) Tj ET Q q 0 0 0 rg BT 305.60 87.15 Td (net ) Tj ET Q q 0 0 0 rg BT 321.67 87.15 Td (client ) Tj ET Q q 0 0 0 rg BT 348.24 87.15 Td (inflows. ) Tj ET Q q 0 0 0 rg BT 385.61 87.15 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 413.93 87.15 Td (year ) Tj ET Q q 0 0 0 rg BT 435.24 87.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 459.49 87.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 499.48 87.15 Td (included ) Tj ET Q q 0 0 0 rg BT 538.88 87.15 Td ($14.9 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.55 Td (billion, ) Tj ET Q q 0 0 0 rg BT 82.48 74.55 Td ($9.7 ) Tj ET Q q 0 0 0 rg BT 103.78 74.55 Td (billion, ) Tj ET Q q 0 0 0 rg BT 136.76 74.55 Td (and ) Tj ET Q q 0 0 0 rg BT 154.85 74.55 Td ($1.9 ) Tj ET Q q 0 0 0 rg BT 176.15 74.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 206.50 74.55 Td (of ) Tj ET Q q 0 0 0 rg BT 218.18 74.55 Td (liquidity) Tj ET Q q 0 0 0 rg BT 253.08 74.55 Td (, ) Tj ET Q q 0 0 0 rg BT 258.64 74.55 Td (equity) Tj ET Q q 0 0 0 rg BT 284.20 74.55 Td (, ) Tj ET Q q 0 0 0 rg BT 289.76 74.55 Td (and ) Tj ET Q q 0 0 0 rg BT 307.85 74.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 355.09 74.55 Td (net ) Tj ET Q q 0 0 0 rg BT 370.85 74.55 Td (client ) Tj ET Q q 0 0 0 rg BT 397.10 74.55 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 439.41 74.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 489.45 74.55 Td (, ) Tj ET Q q 0 0 0 rg BT 495.01 74.55 Td (of) Tj ET Q q 0 0 0 rg BT 503.57 74.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 521.66 74.55 Td (in ) Tj ET Q q 0 0 0 rg BT 532.75 74.55 Td (part ) Tj ET Q q 0 0 0 rg BT 552.01 74.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.95 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 70.50 61.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 100.54 61.95 Td (of ) Tj ET Q q 0 0 0 rg BT 111.92 61.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 136.12 61.95 Td (income ) Tj ET Q q 0 0 0 rg BT 169.65 61.95 Td (net ) Tj ET Q q 0 0 0 rg BT 185.10 61.95 Td (client ) Tj ET Q q 0 0 0 rg BT 211.05 61.95 Td (inflows. ) Tj ET Q q 0 0 0 rg BT 247.80 61.95 Td ( ) Tj ET Q q 0 0 0 rg BT 250.43 61.95 Td ( ) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 741.75 Td (If ) Tj ET Q q 0 0 0 rg BT 95.99 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 110.12 741.75 Td (Are ) Tj ET Q q 0 0 0 rg BT 128.78 741.75 Td (Unable ) Tj ET Q q 0 0 0 rg BT 163.18 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 174.25 741.75 Td (Maintain ) Tj ET Q q 0 0 0 rg BT 217.42 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 235.50 741.75 Td (Fee ) Tj ET Q q 0 0 0 rg BT 254.73 741.75 Td (Levels ) Tj ET Q q 0 0 0 rg BT 285.03 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 297.27 741.75 Td (If ) Tj ET Q q 0 0 0 rg BT 307.76 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 325.41 741.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 351.07 741.75 Td (Mix ) Tj ET Q q 0 0 0 rg BT 371.47 741.75 Td (Changes, ) Tj ET Q q 0 0 0 rg BT 414.93 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 433.01 741.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 477.33 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.57 741.75 Td (Margins ) Tj ET Q q 0 0 0 rg BT 536.24 741.75 Td (Could ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Be ) Tj ET Q q 0 0 0 rg BT 63.79 729.15 Td (Reduced) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 703.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.17 703.95 Td (profit ) Tj ET Q q 0 0 0 rg BT 129.84 703.95 Td (mar) Tj ET Q q 0 0 0 rg BT 145.98 703.95 Td (gins ) Tj ET Q q 0 0 0 rg BT 165.83 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 183.33 703.95 Td (net ) Tj ET Q q 0 0 0 rg BT 198.50 703.95 Td (income ) Tj ET Q q 0 0 0 rg BT 231.75 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 246.91 703.95 Td (dependent ) Tj ET Q q 0 0 0 rg BT 292.41 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 302.92 703.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 349.58 703.95 Td (part ) Tj ET Q q 0 0 0 rg BT 368.25 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 381.09 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 397.43 703.95 Td (ability ) Tj ET Q q 0 0 0 rg BT 426.61 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 437.12 703.95 Td (maintain ) Tj ET Q q 0 0 0 rg BT 476.20 703.95 Td (current ) Tj ET Q q 0 0 0 rg BT 508.28 703.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 523.44 703.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 550.28 703.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.99 691.35 Td (products ) Tj ET Q q 0 0 0 rg BT 103.82 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 121.64 691.35 Td (services ) Tj ET Q q 0 0 0 rg BT 158.12 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 176.53 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 193.19 691.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 216.27 691.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 259.16 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 267.72 691.35 Td (fer) Tj ET Q q 0 0 0 rg BT 278.80 691.35 Td (. ) Tj ET Q q 0 0 0 rg BT 283.89 691.35 Td (There ) Tj ET Q q 0 0 0 rg BT 311.04 691.35 Td (has ) Tj ET Q q 0 0 0 rg BT 327.70 691.35 Td (been ) Tj ET Q q 0 0 0 rg BT 350.18 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 357.51 691.35 Td (trend ) Tj ET Q q 0 0 0 rg BT 381.75 691.35 Td (toward ) Tj ET Q q 0 0 0 rg BT 413.57 691.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 440.14 691.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 459.71 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 470.54 691.35 Td (many ) Tj ET Q q 0 0 0 rg BT 496.53 691.35 Td (segments ) Tj ET Q q 0 0 0 rg BT 538.27 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 691.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.23 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 128.18 678.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 164.92 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 182.39 678.75 Td (there ) Tj ET Q q 0 0 0 rg BT 205.69 678.75 Td (is ) Tj ET Q q 0 0 0 rg BT 215.01 678.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 230.14 678.75 Td (pressure ) Tj ET Q q 0 0 0 rg BT 267.44 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 277.92 678.75 Td (many ) Tj ET Q q 0 0 0 rg BT 303.56 678.75 Td (portions ) Tj ET Q q 0 0 0 rg BT 340.29 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 351.35 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 366.49 678.75 Td (active ) Tj ET Q q 0 0 0 rg BT 393.87 678.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 422.43 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 439.91 678.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 463.79 678.75 Td (income ) Tj ET Q q 0 0 0 rg BT 497.01 678.75 Td (industry) Tj ET Q q 0 0 0 rg BT 530.75 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 535.69 678.75 Td (driven ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.95 666.15 Td (part ) Tj ET Q q 0 0 0 rg BT 80.56 666.15 Td (by ) Tj ET Q q 0 0 0 rg BT 94.34 666.15 Td (inflows ) Tj ET Q q 0 0 0 rg BT 129.12 666.15 Td (into ) Tj ET Q q 0 0 0 rg BT 148.74 666.15 Td (low-fee ) Tj ET Q q 0 0 0 rg BT 184.09 666.15 Td (passive ) Tj ET Q q 0 0 0 rg BT 218.28 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 241.98 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 298.91 666.15 Td (products. ) Tj ET Q q 0 0 0 rg BT 340.97 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 344.26 666.15 Td (No ) Tj ET Q q 0 0 0 rg BT 360.37 666.15 Td (assurances ) Tj ET Q q 0 0 0 rg BT 408.55 666.15 Td (can ) Tj ET Q q 0 0 0 rg BT 426.41 666.15 Td (be ) Tj ET Q q 0 0 0 rg BT 439.60 666.15 Td (given ) Tj ET Q q 0 0 0 rg BT 466.21 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 485.24 666.15 Td (we ) Tj ET Q q 0 0 0 rg BT 500.77 666.15 Td (will ) Tj ET Q q 0 0 0 rg BT 520.39 666.15 Td (be ) Tj ET Q q 0 0 0 rg BT 533.58 666.15 Td (able ) Tj ET Q q 0 0 0 rg BT 554.35 666.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (maintain ) Tj ET Q q 0 0 0 rg BT 89.40 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 106.56 653.55 Td (current ) Tj ET Q q 0 0 0 rg BT 139.46 653.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 155.44 653.55 Td (structure. ) Tj ET Q q 0 0 0 rg BT 197.96 653.55 Td (Competition ) Tj ET Q q 0 0 0 rg BT 253.62 653.55 Td (could ) Tj ET Q q 0 0 0 rg BT 280.11 653.55 Td (lead ) Tj ET Q q 0 0 0 rg BT 300.76 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 312.09 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 329.25 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 352.83 653.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 396.22 653.55 Td (reducing ) Tj ET Q q 0 0 0 rg BT 436.12 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 452.11 653.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 472.17 653.55 Td (that ) Tj ET Q q 0 0 0 rg BT 491.08 653.55 Td (they ) Tj ET Q q 0 0 0 rg BT 512.32 653.55 Td (char) Tj ET Q q 0 0 0 rg BT 530.20 653.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 543.27 653.55 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (clients ) Tj ET Q q 0 0 0 rg BT 79.10 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 93.54 640.95 Td (products ) Tj ET Q q 0 0 0 rg BT 131.90 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 149.25 640.95 Td (services. ) Tj ET Q q 0 0 0 rg BT 187.89 640.95 Td (See ) Tj ET Q q 0 0 0 rg BT 205.25 640.95 Td (�Competition ) Tj ET Q q 0 0 0 rg BT 264.60 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 274.96 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 289.50 640.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 315.03 640.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 372.04 640.95 Td (Industry ) Tj ET Q q 0 0 0 rg BT 409.23 640.95 Td (Could ) Tj ET Q q 0 0 0 rg BT 437.10 640.95 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 470.78 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 486.97 640.95 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 529.98 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 547.34 640.95 Td (Net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Income.� ) Tj ET Q q 0 0 0 rg BT 91.62 628.35 Td (In ) Tj ET Q q 0 0 0 rg BT 103.72 628.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 144.11 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 161.45 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 185.22 628.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 228.80 628.35 Td (may ) Tj ET Q q 0 0 0 rg BT 250.23 628.35 Td (be ) Tj ET Q q 0 0 0 rg BT 263.49 628.35 Td (required ) Tj ET Q q 0 0 0 rg BT 301.82 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 313.34 628.35 Td (reduce ) Tj ET Q q 0 0 0 rg BT 344.67 628.35 Td (their ) Tj ET Q q 0 0 0 rg BT 367.26 628.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 383.43 628.35 Td (levels, ) Tj ET Q q 0 0 0 rg BT 413.90 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 426.00 628.35 Td (restructure ) Tj ET Q q 0 0 0 rg BT 474.24 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 490.42 628.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 510.67 628.35 Td (they ) Tj ET Q q 0 0 0 rg BT 532.10 628.35 Td (char) Tj ET Q q 0 0 0 rg BT 549.98 628.35 Td (ge, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (because ) Tj ET Q q 0 0 0 rg BT 85.51 615.75 Td (of, ) Tj ET Q q 0 0 0 rg BT 99.67 615.75 Td (among ) Tj ET Q q 0 0 0 rg BT 131.03 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 155.38 615.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 186.46 615.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 232.40 615.75 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 276.59 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 288.12 615.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 341.64 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 360.16 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 375.76 615.75 Td (either ) Tj ET Q q 0 0 0 rg BT 402.45 615.75 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 463.56 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 475.09 615.75 Td (specifically ) Tj ET Q q 0 0 0 rg BT 526.27 615.75 Td (tar) Tj ET Q q 0 0 0 rg BT 537.15 615.75 Td (geted, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 61.45 603.15 Td (court ) Tj ET Q q 0 0 0 rg BT 86.22 603.15 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 130.42 603.15 Td (A) Tj ET Q q 0 0 0 rg BT 137.42 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 140.63 603.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 183.48 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 194.85 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 210.88 603.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 230.98 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 249.93 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 267.12 603.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 290.74 603.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 334.17 603.15 Td (char) Tj ET Q q 0 0 0 rg BT 352.05 603.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 365.16 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 380.60 603.15 Td (their ) Tj ET Q q 0 0 0 rg BT 403.05 603.15 Td (products ) Tj ET Q q 0 0 0 rg BT 442.41 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 460.77 603.15 Td (services ) Tj ET Q q 0 0 0 rg BT 497.79 603.15 Td (will ) Tj ET Q q 0 0 0 rg BT 517.33 603.15 Td (reduce ) Tj ET Q q 0 0 0 rg BT 548.50 603.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 89.33 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 107.01 590.55 Td (could ) Tj ET Q q 0 0 0 rg BT 132.86 590.55 Td (reduce ) Tj ET Q q 0 0 0 rg BT 163.36 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 179.87 590.55 Td (net ) Tj ET Q q 0 0 0 rg BT 195.22 590.55 Td (income. ) Tj ET Q q 0 0 0 rg BT 231.09 590.55 Td (These ) Tj ET Q q 0 0 0 rg BT 258.68 590.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 289.76 590.55 Td (also ) Tj ET Q q 0 0 0 rg BT 309.20 590.55 Td (could ) Tj ET Q q 0 0 0 rg BT 335.04 590.55 Td (inhibit ) Tj ET Q q 0 0 0 rg BT 364.98 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 381.50 590.55 Td (ability ) Tj ET Q q 0 0 0 rg BT 410.85 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 421.53 590.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 458.44 590.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 477.87 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 492.63 590.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 523.71 590.55 Td (products.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 565.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.09 565.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 131.49 565.35 Td (can ) Tj ET Q q 0 0 0 rg BT 148.96 565.35 Td (generate ) Tj ET Q q 0 0 0 rg BT 187.42 565.35 Td (very ) Tj ET Q q 0 0 0 rg BT 208.97 565.35 Td (dif) Tj ET Q q 0 0 0 rg BT 220.45 565.35 Td (ferent ) Tj ET Q q 0 0 0 rg BT 247.83 565.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 288.04 565.35 Td (per ) Tj ET Q q 0 0 0 rg BT 304.35 565.35 Td (dollar ) Tj ET Q q 0 0 0 rg BT 331.74 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 343.39 565.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 384.19 565.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 411.59 565.35 Td (based ) Tj ET Q q 0 0 0 rg BT 438.39 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 451.79 565.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 483.26 565.35 Td (such ) Tj ET Q q 0 0 0 rg BT 505.41 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 517.05 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 532.78 565.35 Td (type ) Tj ET Q q 0 0 0 rg BT 553.76 565.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.73 552.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 113.44 552.75 Td (\(alternative ) Tj ET Q q 0 0 0 rg BT 164.06 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 191.38 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 209.35 552.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 238.42 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.73 552.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 307.61 552.75 Td (produce ) Tj ET Q q 0 0 0 rg BT 344.24 552.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 376.20 552.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 416.33 552.75 Td (than ) Tj ET Q q 0 0 0 rg BT 437.23 552.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 461.62 552.75 Td (income ) Tj ET Q q 0 0 0 rg BT 495.34 552.75 Td (assets\), ) Tj ET Q q 0 0 0 rg BT 528.78 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 544.42 552.75 Td (type ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.88 540.15 Td (client ) Tj ET Q q 0 0 0 rg BT 86.83 540.15 Td (\(institutional ) Tj ET Q q 0 0 0 rg BT 143.13 540.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 173.17 540.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 214.87 540.15 Td (pay ) Tj ET Q q 0 0 0 rg BT 232.66 540.15 Td (lower ) Tj ET Q q 0 0 0 rg BT 259.20 540.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 278.73 540.15 Td (than ) Tj ET Q q 0 0 0 rg BT 299.44 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 323.65 540.15 Td (clients\), ) Tj ET Q q 0 0 0 rg BT 359.81 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 375.27 540.15 Td (type ) Tj ET Q q 0 0 0 rg BT 395.98 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 407.36 540.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 430.40 540.15 Td (management ) Tj ET Q q 0 0 0 rg BT 486.68 540.15 Td (product ) Tj ET Q q 0 0 0 rg BT 521.38 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 532.76 540.15 Td (service ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 88.67 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 105.68 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 120.35 527.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 135.01 527.55 Td (schedule ) Tj ET Q q 0 0 0 rg BT 173.60 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 184.19 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 198.86 527.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 221.12 527.55 Td (manager ) Tj ET Q q 0 0 0 rg BT 259.11 527.55 Td (providing ) Tj ET Q q 0 0 0 rg BT 301.79 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 316.46 527.55 Td (service. ) Tj ET Q q 0 0 0 rg BT 350.26 527.55 Td (A) Tj ET Q q 0 0 0 rg BT 357.26 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 359.11 527.55 Td (shift ) Tj ET Q q 0 0 0 rg BT 379.62 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 389.63 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 404.31 527.55 Td (mix ) Tj ET Q q 0 0 0 rg BT 422.49 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 433.08 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 448.52 527.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 474.86 527.55 Td (from ) Tj ET Q q 0 0 0 rg BT 497.12 527.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 525.79 527.55 Td (revenue-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (generating ) Tj ET Q q 0 0 0 rg BT 96.26 514.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 123.21 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 133.83 514.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 160.18 514.95 Td (revenue-generating ) Tj ET Q q 0 0 0 rg BT 243.67 514.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 270.62 514.95 Td (may ) Tj ET Q q 0 0 0 rg BT 291.15 514.95 Td (result ) Tj ET Q q 0 0 0 rg BT 316.92 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 327.54 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 334.65 514.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 373.24 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 383.85 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 400.30 514.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 440.06 514.95 Td (even ) Tj ET Q q 0 0 0 rg BT 462.33 514.95 Td (if ) Tj ET Q q 0 0 0 rg BT 471.20 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 487.64 514.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 530.90 514.95 Td (level ) Tj ET Q q 0 0 0 rg BT 553.75 514.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 77.30 502.35 Td (remains ) Tj ET Q q 0 0 0 rg BT 113.84 502.35 Td (unchanged ) Tj ET Q q 0 0 0 rg BT 162.61 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 174.66 502.35 Td (increases. ) Tj ET Q q 0 0 0 rg BT 218.33 502.35 Td (A) Tj ET Q q 0 0 0 rg BT 225.33 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 228.63 502.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 268.06 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 279.53 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 296.82 502.35 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 340.06 502.35 Td (without ) Tj ET Q q 0 0 0 rg BT 375.44 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 383.40 502.35 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 447.92 502.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 490.87 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 502.34 502.35 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 546.17 502.35 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 80.04 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 96.60 489.75 Td (net ) Tj ET Q q 0 0 0 rg BT 111.99 489.75 Td (income. ) Tj ET Q q 0 0 0 rg BT 148.08 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 150.07 489.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 192.30 489.75 Td (we ) Tj ET Q q 0 0 0 rg BT 207.11 489.75 Td (experienced ) Tj ET Q q 0 0 0 rg BT 260.39 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 267.61 489.75 Td (shift ) Tj ET Q q 0 0 0 rg BT 288.84 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 299.57 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 314.96 489.75 Td (mix ) Tj ET Q q 0 0 0 rg BT 333.85 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 345.16 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 361.15 489.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 388.21 489.75 Td (during ) Tj ET Q q 0 0 0 rg BT 418.19 489.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 443.49 489.75 Td (year ) Tj ET Q q 0 0 0 rg BT 464.12 489.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 490.31 489.75 Td (during ) Tj ET Q q 0 0 0 rg BT 520.28 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 548.50 489.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.37 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 96.16 477.15 Td (alternative ) Tj ET Q q 0 0 0 rg BT 142.52 477.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 169.65 477.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 211.92 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 222.71 477.15 Td ($179.8 ) Tj ET Q q 0 0 0 rg BT 254.22 477.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 284.26 477.15 Td (\(25% ) Tj ET Q q 0 0 0 rg BT 309.63 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 321.01 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 337.63 477.15 Td (total ) Tj ET Q q 0 0 0 rg BT 358.34 477.15 Td (AUM\) ) Tj ET Q q 0 0 0 rg BT 388.97 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 406.76 477.15 Td ($67.9 ) Tj ET Q q 0 0 0 rg BT 433.01 477.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 463.06 477.15 Td (\(9% ) Tj ET Q q 0 0 0 rg BT 483.18 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 494.55 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 511.18 477.15 Td (total ) Tj ET Q q 0 0 0 rg BT 531.89 477.15 Td (AUM\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 464.55 Td (, ) Tj ET Q q 0 0 0 rg BT 105.43 464.55 Td (on ) Tj ET Q q 0 0 0 rg BT 119.19 464.55 Td (March ) Tj ET Q q 0 0 0 rg BT 149.85 464.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 166.23 464.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 190.49 464.55 Td (from ) Tj ET Q q 0 0 0 rg BT 214.16 464.55 Td ($162.3 ) Tj ET Q q 0 0 0 rg BT 246.29 464.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 276.97 464.55 Td (\(24% ) Tj ET Q q 0 0 0 rg BT 302.97 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 314.98 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 332.23 464.55 Td (total ) Tj ET Q q 0 0 0 rg BT 353.44 464.55 Td (AUM\) ) Tj ET Q q 0 0 0 rg BT 384.69 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 403.11 464.55 Td ($22.7 ) Tj ET Q q 0 0 0 rg BT 430.00 464.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 460.67 464.55 Td (\(3% ) Tj ET Q q 0 0 0 rg BT 481.43 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 493.43 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 510.69 464.55 Td (total ) Tj ET Q q 0 0 0 rg BT 531.89 464.55 Td (AUM\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 451.95 Td (, ) Tj ET Q q 0 0 0 rg BT 104.54 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 117.41 451.95 Td (March ) Tj ET Q q 0 0 0 rg BT 147.19 451.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 162.69 451.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 188.68 451.95 Td (there ) Tj ET Q q 0 0 0 rg BT 212.04 451.95 Td (can ) Tj ET Q q 0 0 0 rg BT 228.98 451.95 Td (be ) Tj ET Q q 0 0 0 rg BT 241.26 451.95 Td (no ) Tj ET Q q 0 0 0 rg BT 254.13 451.95 Td (assurance ) Tj ET Q q 0 0 0 rg BT 297.32 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 315.43 451.95 Td (this ) Tj ET Q q 0 0 0 rg BT 332.98 451.95 Td (shift ) Tj ET Q q 0 0 0 rg BT 354.01 451.95 Td (will ) Tj ET Q q 0 0 0 rg BT 372.72 451.95 Td (continue. ) Tj ET Q q 0 0 0 rg BT 413.87 451.95 Td (In ) Tj ET Q q 0 0 0 rg BT 424.99 451.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 464.40 451.95 Td (although ) Tj ET Q q 0 0 0 rg BT 503.52 451.95 Td (average ) Tj ET Q q 0 0 0 rg BT 538.00 451.95 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 92.44 439.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 128.95 439.35 Td (yields, ) Tj ET Q q 0 0 0 rg BT 159.94 439.35 Td (excluding ) Tj ET Q q 0 0 0 rg BT 204.63 439.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 260.96 439.35 Td (fees, ) Tj ET Q q 0 0 0 rg BT 283.77 439.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 326.70 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 338.15 439.35 Td (38.6 ) Tj ET Q q 0 0 0 rg BT 359.80 439.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 384.09 439.35 Td (points ) Tj ET Q q 0 0 0 rg BT 413.04 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 424.49 439.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 450.51 439.35 Td (year ) Tj ET Q q 0 0 0 rg BT 471.86 439.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 496.15 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 519.84 439.35 Td (38.2 ) Tj ET Q q 0 0 0 rg BT 541.50 439.35 Td (basis ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (points ) Tj ET Q q 0 0 0 rg BT 78.43 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 89.87 426.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 115.87 426.75 Td (year ) Tj ET Q q 0 0 0 rg BT 137.20 426.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 164.09 426.75 Td (because ) Tj ET Q q 0 0 0 rg BT 200.58 426.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 244.53 426.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 272.29 426.75 Td (comprised ) Tj ET Q q 0 0 0 rg BT 319.30 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 327.22 426.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 357.31 426.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 406.04 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 418.05 426.75 Td (total ) Tj ET Q q 0 0 0 rg BT 439.98 426.75 Td (average ) Tj ET Q q 0 0 0 rg BT 475.16 426.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 502.92 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 518.43 426.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 544.43 426.75 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 72.71 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 83.67 414.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 127.28 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 137.66 414.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 162.61 414.15 Td (year ) Tj ET Q q 0 0 0 rg BT 182.89 414.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 208.73 414.15 Td (there ) Tj ET Q q 0 0 0 rg BT 231.93 414.15 Td (can ) Tj ET Q q 0 0 0 rg BT 248.71 414.15 Td (be ) Tj ET Q q 0 0 0 rg BT 260.83 414.15 Td (no ) Tj ET Q q 0 0 0 rg BT 273.55 414.15 Td (assurance ) Tj ET Q q 0 0 0 rg BT 316.57 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 334.53 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 349.57 414.15 Td (shift ) Tj ET Q q 0 0 0 rg BT 370.45 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 380.83 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 387.70 414.15 Td (more ) Tj ET Q q 0 0 0 rg BT 411.49 414.15 Td (favorable ) Tj ET Q q 0 0 0 rg BT 453.34 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 475.97 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 493.34 414.15 Td (product ) Tj ET Q q 0 0 0 rg BT 527.63 414.15 Td (mix ) Tj ET Q q 0 0 0 rg BT 546.18 414.15 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 88.28 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 99.07 401.55 Td (future ) Tj ET Q q 0 0 0 rg BT 126.77 401.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 152.13 401.55 Td (years.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 376.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.22 376.35 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 141.53 376.35 Td (Fund ) Tj ET Q q 0 0 0 rg BT 168.67 376.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 229.05 376.35 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 274.27 376.35 Td (May ) Tj ET Q q 0 0 0 rg BT 296.73 376.35 Td (Not ) Tj ET Q q 0 0 0 rg BT 315.69 376.35 Td (Be ) Tj ET Q q 0 0 0 rg BT 330.56 376.35 Td (Renewed, ) Tj ET Q q 0 0 0 rg BT 375.25 376.35 Td (Which ) Tj ET Q q 0 0 0 rg BT 407.05 376.35 Td (May ) Tj ET Q q 0 0 0 rg BT 429.51 376.35 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 464.79 376.35 Td (our ) Tj ET Q q 0 0 0 rg BT 483.18 376.35 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 527.80 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 547.35 376.35 Td (Net ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 338.55 Td (A) Tj ET Q q 0 0 0 rg BT 92.50 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 95.39 338.55 Td (substantial ) Tj ET Q q 0 0 0 rg BT 143.19 338.55 Td (portion ) Tj ET Q q 0 0 0 rg BT 176.41 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 188.05 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 204.93 338.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 241.05 338.55 Td (comes ) Tj ET Q q 0 0 0 rg BT 270.76 338.55 Td (from ) Tj ET Q q 0 0 0 rg BT 294.06 338.55 Td (managing ) Tj ET Q q 0 0 0 rg BT 338.35 338.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 359.91 338.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 391.96 338.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 420.60 338.55 Td (W) Tj ET Q q 0 0 0 rg BT 429.67 338.55 Td (e ) Tj ET Q q 0 0 0 rg BT 437.22 338.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 479.17 338.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 514.71 338.55 Td (these ) Tj ET Q q 0 0 0 rg BT 539.17 338.55 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 89.24 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 100.99 325.95 Td (management ) Tj ET Q q 0 0 0 rg BT 158.21 325.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 199.69 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 221.93 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 238.34 325.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 265.25 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 284.58 325.95 Td (must ) Tj ET Q q 0 0 0 rg BT 308.58 325.95 Td (be ) Tj ET Q q 0 0 0 rg BT 322.07 325.95 Td (renewed ) Tj ET Q q 0 0 0 rg BT 361.21 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 379.95 325.95 Td (approved ) Tj ET Q q 0 0 0 rg BT 422.59 325.95 Td (by ) Tj ET Q q 0 0 0 rg BT 436.67 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 453.08 325.95 Td (funds' ) Tj ET Q q 0 0 0 rg BT 481.88 325.95 Td (boards ) Tj ET Q q 0 0 0 rg BT 513.45 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 525.78 325.95 Td (directors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (annually) Tj ET Q q 0 0 0 rg BT 84.97 313.35 Td (. ) Tj ET Q q 0 0 0 rg BT 89.70 313.35 Td (A) Tj ET Q q 0 0 0 rg BT 96.70 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 99.39 313.35 Td (majority ) Tj ET Q q 0 0 0 rg BT 137.66 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 149.09 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 164.61 313.35 Td (directors ) Tj ET Q q 0 0 0 rg BT 204.04 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 215.48 313.35 Td (each ) Tj ET Q q 0 0 0 rg BT 237.40 313.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 269.25 313.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 291.19 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 306.70 313.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 360.71 313.35 Td (from ) Tj ET Q q 0 0 0 rg BT 383.81 313.35 Td (us. ) Tj ET Q q 0 0 0 rg BT 397.86 313.35 Td (Although ) Tj ET Q q 0 0 0 rg BT 440.22 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 455.74 313.35 Td (funds' ) Tj ET Q q 0 0 0 rg BT 483.66 313.35 Td (boards ) Tj ET Q q 0 0 0 rg BT 514.34 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 525.78 313.35 Td (directors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 71.85 300.75 Td (historically ) Tj ET Q q 0 0 0 rg BT 121.62 300.75 Td (approved ) Tj ET Q q 0 0 0 rg BT 163.21 300.75 Td (each ) Tj ET Q q 0 0 0 rg BT 184.97 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 196.24 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 212.76 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 268.94 300.75 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 311.99 300.75 Td (there ) Tj ET Q q 0 0 0 rg BT 335.50 300.75 Td (can ) Tj ET Q q 0 0 0 rg BT 352.60 300.75 Td (be ) Tj ET Q q 0 0 0 rg BT 365.03 300.75 Td (no ) Tj ET Q q 0 0 0 rg BT 378.06 300.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 421.40 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 439.67 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 455.02 300.75 Td (board ) Tj ET Q q 0 0 0 rg BT 481.46 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 492.73 300.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 531.99 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 543.27 300.75 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.06 288.15 Td (that ) Tj ET Q q 0 0 0 rg BT 89.11 288.15 Td (we ) Tj ET Q q 0 0 0 rg BT 103.67 288.15 Td (manage ) Tj ET Q q 0 0 0 rg BT 138.63 288.15 Td (will ) Tj ET Q q 0 0 0 rg BT 157.28 288.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 195.74 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 206.22 288.15 Td (approve ) Tj ET Q q 0 0 0 rg BT 242.35 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 257.49 288.15 Td (funds�) Tj ET Q q 0 0 0 rg BT 283.54 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 285.85 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 341.81 288.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 382.02 288.15 Td (each ) Tj ET Q q 0 0 0 rg BT 403.56 288.15 Td (year) Tj ET Q q 0 0 0 rg BT 421.21 288.15 Td (, ) Tj ET Q q 0 0 0 rg BT 426.14 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 437.20 288.15 Td (will ) Tj ET Q q 0 0 0 rg BT 455.85 288.15 Td (not ) Tj ET Q q 0 0 0 rg BT 471.58 288.15 Td (condition ) Tj ET Q q 0 0 0 rg BT 513.55 288.15 Td (its ) Tj ET Q q 0 0 0 rg BT 525.78 288.15 Td (approval ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 62.31 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 77.45 275.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 103.09 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 114.15 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 129.29 275.55 Td (management ) Tj ET Q q 0 0 0 rg BT 185.25 275.55 Td (contract ) Tj ET Q q 0 0 0 rg BT 221.38 275.55 Td (being ) Tj ET Q q 0 0 0 rg BT 247.02 275.55 Td (revised ) Tj ET Q q 0 0 0 rg BT 279.65 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 290.13 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 297.11 275.55 Td (way ) Tj ET Q q 0 0 0 rg BT 316.91 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 334.97 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 344.29 275.55 Td (adverse ) Tj ET Q q 0 0 0 rg BT 378.66 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 389.14 275.55 Td (us. ) Tj ET Q q 0 0 0 rg BT 403.42 275.55 Td (If ) Tj ET Q q 0 0 0 rg BT 412.72 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 419.70 275.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 451.17 275.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 472.73 275.55 Td (management ) Tj ET Q q 0 0 0 rg BT 528.69 275.55 Td (contract ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 58.93 262.95 Td (not ) Tj ET Q q 0 0 0 rg BT 74.77 262.95 Td (renewed, ) Tj ET Q q 0 0 0 rg BT 115.39 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 126.56 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 135.99 262.95 Td (revised ) Tj ET Q q 0 0 0 rg BT 168.74 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 179.33 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 186.42 262.95 Td (way ) Tj ET Q q 0 0 0 rg BT 206.34 262.95 Td (that ) Tj ET Q q 0 0 0 rg BT 224.51 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 233.94 262.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 268.43 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 279.03 262.95 Td (us, ) Tj ET Q q 0 0 0 rg BT 293.41 262.95 Td (it ) Tj ET Q q 0 0 0 rg BT 301.67 262.95 Td (could ) Tj ET Q q 0 0 0 rg BT 327.43 262.95 Td (result ) Tj ET Q q 0 0 0 rg BT 353.18 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 363.78 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 370.86 262.95 Td (reduction ) Tj ET Q q 0 0 0 rg BT 412.94 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 423.54 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 439.96 262.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 479.70 262.95 Td (and, ) Tj ET Q q 0 0 0 rg BT 499.91 262.95 Td (if ) Tj ET Q q 0 0 0 rg BT 508.75 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 525.18 262.95 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (decline ) Tj ET Q q 0 0 0 rg BT 82.44 250.35 Td (without ) Tj ET Q q 0 0 0 rg BT 117.15 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 124.44 250.35 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 188.29 250.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 230.57 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 241.36 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 257.98 250.35 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 301.14 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 317.76 250.35 Td (net ) Tj ET Q q 0 0 0 rg BT 333.21 250.35 Td (income ) Tj ET Q q 0 0 0 rg BT 366.74 250.35 Td (will ) Tj ET Q q 0 0 0 rg BT 385.70 250.35 Td (be ) Tj ET Q q 0 0 0 rg BT 398.24 250.35 Td (reduced.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 225.15 Td (Unavailability ) Tj ET Q q 0 0 0 rg BT 148.99 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 159.64 225.15 Td (Appropriate ) Tj ET Q q 0 0 0 rg BT 213.80 225.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 263.87 225.15 Td (Opportunities ) Tj ET Q q 0 0 0 rg BT 325.63 225.15 Td (Could ) Tj ET Q q 0 0 0 rg BT 354.13 225.15 Td (Hamper ) Tj ET Q q 0 0 0 rg BT 391.95 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 409.36 225.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 459.43 225.15 Td (Performance ) Tj ET Q q 0 0 0 rg BT 518.25 225.15 Td (or ) Tj ET Q q 0 0 0 rg BT 529.82 225.15 Td (Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 199.95 Td (An ) Tj ET Q q 0 0 0 rg BT 100.75 199.95 Td (important ) Tj ET Q q 0 0 0 rg BT 144.00 199.95 Td (component ) Tj ET Q q 0 0 0 rg BT 193.08 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 204.24 199.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 252.74 199.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 308.21 199.95 Td (is ) Tj ET Q q 0 0 0 rg BT 317.63 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 332.88 199.95 Td (availability ) Tj ET Q q 0 0 0 rg BT 382.54 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 393.71 199.95 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 443.94 199.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 492.43 199.95 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 550.27 199.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (new ) Tj ET Q q 0 0 0 rg BT 69.95 187.35 Td (client ) Tj ET Q q 0 0 0 rg BT 96.23 187.35 Td (funds. ) Tj ET Q q 0 0 0 rg BT 125.15 187.35 Td (If ) Tj ET Q q 0 0 0 rg BT 135.10 187.35 Td (any ) Tj ET Q q 0 0 0 rg BT 153.21 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 164.92 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 181.87 187.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 205.24 187.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 248.43 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 264.20 187.35 Td (not ) Tj ET Q q 0 0 0 rg BT 280.58 187.35 Td (able ) Tj ET Q q 0 0 0 rg BT 301.02 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 312.15 187.35 Td (find ) Tj ET Q q 0 0 0 rg BT 332.02 187.35 Td (suf) Tj ET Q q 0 0 0 rg BT 344.66 187.35 Td (ficient ) Tj ET Q q 0 0 0 rg BT 374.44 187.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 427.56 187.35 Td (for ) Tj ET Q q 0 0 0 rg BT 442.76 187.35 Td (new ) Tj ET Q q 0 0 0 rg BT 463.21 187.35 Td (client ) Tj ET Q q 0 0 0 rg BT 489.49 187.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 516.95 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 528.07 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 535.69 187.35 Td (timely ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (manner) Tj ET Q q 0 0 0 rg BT 80.56 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 85.27 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 100.18 174.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 122.67 174.75 Td (manager's ) Tj ET Q q 0 0 0 rg BT 166.87 174.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 215.03 174.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 270.16 174.75 Td (could ) Tj ET Q q 0 0 0 rg BT 295.56 174.75 Td (be ) Tj ET Q q 0 0 0 rg BT 307.55 174.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 349.86 174.75 Td (af) Tj ET Q q 0 0 0 rg BT 357.83 174.75 Td (fected. ) Tj ET Q q 0 0 0 rg BT 387.72 174.75 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 442.44 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 447.15 174.75 Td (if ) Tj ET Q q 0 0 0 rg BT 455.64 174.75 Td (one ) Tj ET Q q 0 0 0 rg BT 472.88 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 483.70 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 499.78 174.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 522.27 174.75 Td (managers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (does ) Tj ET Q q 0 0 0 rg BT 70.81 162.15 Td (not ) Tj ET Q q 0 0 0 rg BT 86.30 162.15 Td (have ) Tj ET Q q 0 0 0 rg BT 108.19 162.15 Td (suf) Tj ET Q q 0 0 0 rg BT 120.83 162.15 Td (ficient ) Tj ET Q q 0 0 0 rg BT 149.72 162.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 197.86 162.15 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 255.35 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 269.66 162.15 Td (new ) Tj ET Q q 0 0 0 rg BT 289.22 162.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 317.24 162.15 Td (it ) Tj ET Q q 0 0 0 rg BT 325.14 162.15 Td (may ) Tj ET Q q 0 0 0 rg BT 345.29 162.15 Td (elect ) Tj ET Q q 0 0 0 rg BT 367.17 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 377.41 162.15 Td (limit ) Tj ET Q q 0 0 0 rg BT 399.31 162.15 Td (its ) Tj ET Q q 0 0 0 rg BT 411.30 162.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 443.12 162.15 Td (by ) Tj ET Q q 0 0 0 rg BT 455.68 162.15 Td (reducing ) Tj ET Q q 0 0 0 rg BT 494.49 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 509.38 162.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 527.19 162.15 Td (at ) Tj ET Q q 0 0 0 rg BT 536.83 162.15 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (it ) Tj ET Q q 0 0 0 rg BT 58.62 149.55 Td (receives ) Tj ET Q q 0 0 0 rg BT 96.29 149.55 Td (new ) Tj ET Q q 0 0 0 rg BT 117.07 149.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 146.31 149.55 Td (Depending ) Tj ET Q q 0 0 0 rg BT 195.67 149.55 Td (on, ) Tj ET Q q 0 0 0 rg BT 212.07 149.55 Td (among ) Tj ET Q q 0 0 0 rg BT 243.93 149.55 Td (other ) Tj ET Q q 0 0 0 rg BT 268.79 149.55 Td (factors, ) Tj ET Q q 0 0 0 rg BT 303.27 149.55 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 349.12 149.55 Td (market ) Tj ET Q q 0 0 0 rg BT 381.56 149.55 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 431.21 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 447.32 149.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 471.02 149.55 Td (manager's ) Tj ET Q q 0 0 0 rg BT 516.43 149.55 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (style, ) Tj ET Q q 0 0 0 rg BT 75.23 136.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 121.66 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 140.10 136.95 Td (other ) Tj ET Q q 0 0 0 rg BT 164.95 136.95 Td (limits ) Tj ET Q q 0 0 0 rg BT 192.15 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 210.59 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 226.70 136.95 Td (market ) Tj ET Q q 0 0 0 rg BT 259.13 136.95 Td (sectors ) Tj ET Q q 0 0 0 rg BT 291.56 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 310.00 136.95 Td (types ) Tj ET Q q 0 0 0 rg BT 335.44 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 347.47 136.95 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 406.16 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 417.60 136.95 Td (which ) Tj ET Q q 0 0 0 rg BT 446.54 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 462.65 136.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 486.33 136.95 Td (manager ) Tj ET Q q 0 0 0 rg BT 525.76 136.95 Td (typically ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (invests ) Tj ET Q q 0 0 0 rg BT 81.35 124.35 Td (\(such ) Tj ET Q q 0 0 0 rg BT 106.78 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 118.21 124.35 Td (less ) Tj ET Q q 0 0 0 rg BT 136.65 124.35 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 184.81 124.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 232.40 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 250.24 124.35 Td (other ) Tj ET Q q 0 0 0 rg BT 274.50 124.35 Td (more ) Tj ET Q q 0 0 0 rg BT 298.76 124.35 Td (thinly ) Tj ET Q q 0 0 0 rg BT 325.95 124.35 Td (traded ) Tj ET Q q 0 0 0 rg BT 354.87 124.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 397.21 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 408.06 124.35 Td (which ) Tj ET Q q 0 0 0 rg BT 436.41 124.35 Td (relatively ) Tj ET Q q 0 0 0 rg BT 478.74 124.35 Td (smaller ) Tj ET Q q 0 0 0 rg BT 512.33 124.35 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.09 111.75 Td (typically ) Tj ET Q q 0 0 0 rg BT 102.60 111.75 Td (made\), ) Tj ET Q q 0 0 0 rg BT 133.23 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 147.82 111.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 169.43 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 179.95 111.75 Td (not ) Tj ET Q q 0 0 0 rg BT 195.13 111.75 Td (having ) Tj ET Q q 0 0 0 rg BT 225.48 111.75 Td (suf) Tj ET Q q 0 0 0 rg BT 238.12 111.75 Td (ficient ) Tj ET Q q 0 0 0 rg BT 266.71 111.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 314.56 111.75 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 371.74 111.75 Td (may ) Tj ET Q q 0 0 0 rg BT 391.59 111.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 427.75 111.75 Td (when ) Tj ET Q q 0 0 0 rg BT 452.26 111.75 Td (an ) Tj ET Q q 0 0 0 rg BT 463.94 111.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 486.12 111.75 Td (manager ) Tj ET Q q 0 0 0 rg BT 524.04 111.75 Td (increases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (its ) Tj ET Q q 0 0 0 rg BT 60.52 99.15 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 89.05 99.15 Td (particularly ) Tj ET Q q 0 0 0 rg BT 138.85 99.15 Td (when ) Tj ET Q q 0 0 0 rg BT 163.00 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 177.23 99.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 213.03 99.15 Td (occurs ) Tj ET Q q 0 0 0 rg BT 241.84 99.15 Td (very ) Tj ET Q q 0 0 0 rg BT 261.90 99.15 Td (quickly) Tj ET Q q 0 0 0 rg BT 292.71 99.15 Td (. ) Tj ET Q q 0 0 0 rg BT 296.74 99.15 Td (If ) Tj ET Q q 0 0 0 rg BT 305.14 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 320.54 99.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 342.36 99.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 384.00 99.15 Td (are ) Tj ET Q q 0 0 0 rg BT 398.22 99.15 Td (not ) Tj ET Q q 0 0 0 rg BT 413.04 99.15 Td (able ) Tj ET Q q 0 0 0 rg BT 431.93 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 441.51 99.15 Td (identify ) Tj ET Q q 0 0 0 rg BT 475.57 99.15 Td (suf) Tj ET Q q 0 0 0 rg BT 488.21 99.15 Td (ficient ) Tj ET Q q 0 0 0 rg BT 516.44 99.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 107.54 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 122.41 86.55 Td (new ) Tj ET Q q 0 0 0 rg BT 142.53 86.55 Td (client ) Tj ET Q q 0 0 0 rg BT 168.47 86.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 197.06 86.55 Td (their ) Tj ET Q q 0 0 0 rg BT 218.92 86.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 267.63 86.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 323.30 86.55 Td (or ) Tj ET Q q 0 0 0 rg BT 334.67 86.55 Td (ability ) Tj ET Q q 0 0 0 rg BT 364.13 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 374.92 86.55 Td (grow ) Tj ET Q q 0 0 0 rg BT 399.13 86.55 Td (may ) Tj ET Q q 0 0 0 rg BT 419.83 86.55 Td (be ) Tj ET Q q 0 0 0 rg BT 432.36 86.55 Td (reduced.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td ( ) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (18) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 741.90 Td (Changes ) Tj ET Q q 0 0 0 rg BT 126.06 741.90 Td (in ) Tj ET Q q 0 0 0 rg BT 137.44 741.90 Td (Securities ) Tj ET Q q 0 0 0 rg BT 182.65 741.90 Td (Markets ) Tj ET Q q 0 0 0 rg BT 220.86 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 239.83 741.90 Td (Prices ) Tj ET Q q 0 0 0 rg BT 269.28 741.90 Td (May ) Tj ET Q q 0 0 0 rg BT 290.76 741.90 Td (Af) Tj ET Q q 0 0 0 rg BT 301.07 741.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 319.43 741.90 Td (our ) Tj ET Q q 0 0 0 rg BT 337.23 741.90 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 381.27 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 400.23 741.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 418.02 741.90 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 716.70 Td (A) Tj ET Q q 0 0 0 rg BT 92.50 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 95.43 716.70 Td (lar) Tj ET Q q 0 0 0 rg BT 106.31 716.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 119.15 716.70 Td (portion ) Tj ET Q q 0 0 0 rg BT 152.41 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 164.08 716.70 Td (our ) Tj ET Q q 0 0 0 rg BT 181.01 716.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 217.16 716.70 Td (is ) Tj ET Q q 0 0 0 rg BT 227.09 716.70 Td (derived ) Tj ET Q q 0 0 0 rg BT 261.50 716.70 Td (from ) Tj ET Q q 0 0 0 rg BT 284.84 716.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 333.84 716.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 372.93 716.70 Td (contracts ) Tj ET Q q 0 0 0 rg BT 413.76 716.70 Td (with ) Tj ET Q q 0 0 0 rg BT 435.35 716.70 Td (clients. ) Tj ET Q q 0 0 0 rg BT 468.31 716.70 Td (Under ) Tj ET Q q 0 0 0 rg BT 497.48 716.70 Td (these ) Tj ET Q q 0 0 0 rg BT 521.98 716.70 Td (contracts, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.29 704.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 112.34 704.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 150.47 704.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 169.34 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 183.55 704.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 215.82 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 230.60 704.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 269.31 704.10 Td (based ) Tj ET Q q 0 0 0 rg BT 295.19 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 307.65 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.45 704.10 Td (market ) Tj ET Q q 0 0 0 rg BT 353.56 704.10 Td (value ) Tj ET Q q 0 0 0 rg BT 378.27 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.55 704.10 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 417.21 704.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 469.01 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 473.60 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 480.23 704.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 512.51 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.65 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.44 704.10 Td (prices ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 691.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 103.15 691.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 144.84 691.50 Td (may ) Tj ET Q q 0 0 0 rg BT 165.54 691.50 Td (cause ) Tj ET Q q 0 0 0 rg BT 191.49 691.50 Td (our ) Tj ET Q q 0 0 0 rg BT 208.11 691.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 248.05 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 265.83 691.50 Td (income ) Tj ET Q q 0 0 0 rg BT 299.36 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 310.16 691.50 Td (decline ) Tj ET Q q 0 0 0 rg BT 343.10 691.50 Td (by:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 666.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 666.30 Td (causing the value of our ) Tj ET Q q 0 0 0 rg BT 206.43 666.30 Td (AUM to decrease, which would result in lower investment advisory and other fees;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 653.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 653.70 Td (causing ) Tj ET Q q 0 0 0 rg BT 138.11 653.70 Td (our ) Tj ET Q q 0 0 0 rg BT 154.63 653.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 184.57 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 195.27 653.70 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 237.46 653.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 263.32 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 274.02 653.70 Td (favor ) Tj ET Q q 0 0 0 rg BT 298.70 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 309.98 653.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 362.68 653.70 Td (they ) Tj ET Q q 0 0 0 rg BT 383.28 653.70 Td (perceive ) Tj ET Q q 0 0 0 rg BT 421.37 653.70 Td (of) Tj ET Q q 0 0 0 rg BT 429.93 653.70 Td (fer ) Tj ET Q q 0 0 0 rg BT 444.11 653.70 Td (greater ) Tj ET Q q 0 0 0 rg BT 475.78 653.70 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 527.31 653.70 Td (or ) Tj ET Q q 0 0 0 rg BT 538.59 653.70 Td (lower ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 641.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 124.50 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 152.79 641.10 Td (would ) Tj ET Q q 0 0 0 rg BT 181.66 641.10 Td (also ) Tj ET Q q 0 0 0 rg BT 201.20 641.10 Td (result ) Tj ET Q q 0 0 0 rg BT 227.16 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.95 641.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 264.48 641.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 313.18 641.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 351.97 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.75 641.10 Td (other ) Tj ET Q q 0 0 0 rg BT 393.95 641.10 Td (fees; ) Tj ET Q q 0 0 0 rg BT 416.40 641.10 Td (or) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 628.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 628.50 Td (decreasing the performance fees earned by our asset managers.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 603.30 Td (There ) Tj ET Q q 0 0 0 rg BT 112.69 603.30 Td (are ) Tj ET Q q 0 0 0 rg BT 128.21 603.30 Td (often ) Tj ET Q q 0 0 0 rg BT 152.49 603.30 Td (substantial ) Tj ET Q q 0 0 0 rg BT 200.11 603.30 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 252.39 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 263.26 603.30 Td (price ) Tj ET Q q 0 0 0 rg BT 286.95 603.30 Td (levels ) Tj ET Q q 0 0 0 rg BT 314.15 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 325.02 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 340.55 603.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.91 603.30 Td (markets. ) Tj ET Q q 0 0 0 rg BT 421.28 603.30 Td (These ) Tj ET Q q 0 0 0 rg BT 449.06 603.30 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 501.34 603.30 Td (can ) Tj ET Q q 0 0 0 rg BT 518.61 603.30 Td (occur ) Tj ET Q q 0 0 0 rg BT 544.64 603.30 Td (on ) Tj ET Q q 0 0 0 rg BT 557.84 603.30 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (daily ) Tj ET Q q 0 0 0 rg BT 73.79 590.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 98.08 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 116.53 590.70 Td (over ) Tj ET Q q 0 0 0 rg BT 138.48 590.70 Td (longer ) Tj ET Q q 0 0 0 rg BT 168.60 590.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 202.80 590.70 Td (as ) Tj ET Q q 0 0 0 rg BT 214.84 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 222.79 590.70 Td (result ) Tj ET Q q 0 0 0 rg BT 249.41 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 261.45 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 269.40 590.70 Td (variety ) Tj ET Q q 0 0 0 rg BT 301.84 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 313.88 590.70 Td (factors, ) Tj ET Q q 0 0 0 rg BT 348.37 590.70 Td (including ) Tj ET Q q 0 0 0 rg BT 391.32 590.70 Td (national ) Tj ET Q q 0 0 0 rg BT 428.44 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 446.89 590.70 Td (international ) Tj ET Q q 0 0 0 rg BT 503.25 590.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 547.36 590.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (political ) Tj ET Q q 0 0 0 rg BT 85.45 578.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 116.44 578.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 141.88 578.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 169.09 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 178.79 578.10 Td (business ) Tj ET Q q 0 0 0 rg BT 215.92 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.62 578.10 Td (finance, ) Tj ET Q q 0 0 0 rg BT 267.68 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.38 578.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 316.83 578.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 334.10 578.10 Td (movements. ) Tj ET Q q 0 0 0 rg BT 386.68 578.10 Td (Reduced ) Tj ET Q q 0 0 0 rg BT 424.95 578.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 466.14 578.10 Td (market ) Tj ET Q q 0 0 0 rg BT 496.84 578.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 523.45 578.10 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (may ) Tj ET Q q 0 0 0 rg BT 69.63 565.50 Td (result ) Tj ET Q q 0 0 0 rg BT 95.00 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 105.21 565.50 Td (reduced ) Tj ET Q q 0 0 0 rg BT 140.49 565.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 179.85 565.50 Td (from ) Tj ET Q q 0 0 0 rg BT 202.31 565.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 228.26 565.50 Td (levels ) Tj ET Q q 0 0 0 rg BT 254.80 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 265.15 565.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 291.69 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 308.90 565.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 327.29 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 338.08 565.50 Td (reduction ) Tj ET Q q 0 0 0 rg BT 379.78 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 390.00 565.50 Td (advisory) Tj ET Q q 0 0 0 rg BT 425.48 565.50 Td (, ) Tj ET Q q 0 0 0 rg BT 430.15 565.50 Td (incentive ) Tj ET Q q 0 0 0 rg BT 470.68 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 487.89 565.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 542.98 565.50 Td (fees. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (Periods ) Tj ET Q q 0 0 0 rg BT 84.10 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 95.94 552.90 Td (reduced ) Tj ET Q q 0 0 0 rg BT 132.26 552.90 Td (market ) Tj ET Q q 0 0 0 rg BT 164.51 552.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 192.68 552.90 Td (may ) Tj ET Q q 0 0 0 rg BT 213.85 552.90 Td (adversely ) Tj ET Q q 0 0 0 rg BT 257.18 552.90 Td (af) Tj ET Q q 0 0 0 rg BT 265.15 552.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 283.98 552.90 Td (our ) Tj ET Q q 0 0 0 rg BT 301.07 552.90 Td (profitability ) Tj ET Q q 0 0 0 rg BT 354.32 552.90 Td (because ) Tj ET Q q 0 0 0 rg BT 390.65 552.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 415.32 552.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 439.41 552.90 Td (remain ) Tj ET Q q 0 0 0 rg BT 471.66 552.90 Td (relatively ) Tj ET Q q 0 0 0 rg BT 514.40 552.90 Td (unchanged. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (Because ) Tj ET Q q 0 0 0 rg BT 86.48 540.30 Td (we ) Tj ET Q q 0 0 0 rg BT 100.71 540.30 Td (operate ) Tj ET Q q 0 0 0 rg BT 133.60 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 143.76 540.30 Td (one ) Tj ET Q q 0 0 0 rg BT 160.92 540.30 Td (industry) Tj ET Q q 0 0 0 rg BT 194.65 540.30 Td (, ) Tj ET Q q 0 0 0 rg BT 199.27 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 214.09 540.30 Td (business ) Tj ET Q q 0 0 0 rg BT 251.67 540.30 Td (cycles ) Tj ET Q q 0 0 0 rg BT 279.90 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 290.64 540.30 Td (our ) Tj ET Q q 0 0 0 rg BT 306.63 540.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 329.04 540.30 Td (managers ) Tj ET Q q 0 0 0 rg BT 371.26 540.30 Td (may ) Tj ET Q q 0 0 0 rg BT 391.33 540.30 Td (occur ) Tj ET Q q 0 0 0 rg BT 416.64 540.30 Td (contemporaneously) Tj ET Q q 0 0 0 rg BT 498.19 540.30 Td (. ) Tj ET Q q 0 0 0 rg BT 502.81 540.30 Td (Consequently) Tj ET Q q 0 0 0 rg BT 559.87 540.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 527.70 Td (ef) Tj ET Q q 0 0 0 rg BT 72.92 527.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 91.28 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 102.65 527.70 Td (an ) Tj ET Q q 0 0 0 rg BT 115.19 527.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 158.63 527.70 Td (downturn ) Tj ET Q q 0 0 0 rg BT 201.50 527.70 Td (may ) Tj ET Q q 0 0 0 rg BT 222.21 527.70 Td (have ) Tj ET Q q 0 0 0 rg BT 244.65 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 251.94 527.70 Td (magnified ) Tj ET Q q 0 0 0 rg BT 297.13 527.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 335.32 527.70 Td (ef) Tj ET Q q 0 0 0 rg BT 343.29 527.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 361.65 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 374.78 527.70 Td (our ) Tj ET Q q 0 0 0 rg BT 391.40 527.70 Td (business.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 502.50 Td (In ) Tj ET Q q 0 0 0 rg BT 96.59 502.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 135.98 502.50 Td (as ) Tj ET Q q 0 0 0 rg BT 147.07 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 158.16 502.50 Td (March ) Tj ET Q q 0 0 0 rg BT 187.91 502.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 203.38 502.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 229.35 502.50 Td (a ) Tj ET Q q 0 0 0 rg BT 236.36 502.50 Td (substantial ) Tj ET Q q 0 0 0 rg BT 283.62 502.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 316.30 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 327.39 502.50 Td (our ) Tj ET Q q 0 0 0 rg BT 343.73 502.50 Td (invested ) Tj ET Q q 0 0 0 rg BT 381.07 502.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 407.91 502.50 Td (consisted ) Tj ET Q q 0 0 0 rg BT 449.34 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 460.43 502.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 502.43 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 519.94 502.50 Td (other ) Tj ET Q q 0 0 0 rg BT 543.86 502.50 Td (seed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 80.07 489.90 Td (investments. ) Tj ET Q q 0 0 0 rg BT 135.45 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 137.46 489.90 Td (A) Tj ET Q q 0 0 0 rg BT 144.47 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 147.05 489.90 Td (decline ) Tj ET Q q 0 0 0 rg BT 179.96 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 190.71 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 206.12 489.90 Td (value ) Tj ET Q q 0 0 0 rg BT 231.45 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 242.78 489.90 Td (alternatives, ) Tj ET Q q 0 0 0 rg BT 296.39 489.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 325.22 489.90 Td (or ) Tj ET Q q 0 0 0 rg BT 336.55 489.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 360.72 489.90 Td (income ) Tj ET Q q 0 0 0 rg BT 394.21 489.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 436.45 489.90 Td (could ) Tj ET Q q 0 0 0 rg BT 462.36 489.90 Td (lower ) Tj ET Q q 0 0 0 rg BT 488.86 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 504.27 489.90 Td (value ) Tj ET Q q 0 0 0 rg BT 529.60 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 540.93 489.90 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 101.98 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 119.45 477.30 Td (result ) Tj ET Q q 0 0 0 rg BT 145.09 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 155.56 477.30 Td (declines ) Tj ET Q q 0 0 0 rg BT 192.28 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 202.76 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 219.07 477.30 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 280.28 477.30 Td (income ) Tj ET Q q 0 0 0 rg BT 313.49 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 330.96 477.30 Td (net ) Tj ET Q q 0 0 0 rg BT 346.10 477.30 Td (income. ) Tj ET Q q 0 0 0 rg BT 381.95 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 384.26 477.30 Td (Increases ) Tj ET Q q 0 0 0 rg BT 425.63 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 436.68 477.30 Td (decreases ) Tj ET Q q 0 0 0 rg BT 479.22 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 489.70 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 504.84 477.30 Td (value ) Tj ET Q q 0 0 0 rg BT 529.89 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 540.94 477.30 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 102.29 464.70 Td (could ) Tj ET Q q 0 0 0 rg BT 128.24 464.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 165.26 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 180.71 464.70 Td (volatility ) Tj ET Q q 0 0 0 rg BT 221.25 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 232.63 464.70 Td (our ) Tj ET Q q 0 0 0 rg BT 249.25 464.70 Td (earnings.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 439.50 Td (Changes ) Tj ET Q q 0 0 0 rg BT 126.06 439.50 Td (in ) Tj ET Q q 0 0 0 rg BT 137.44 439.50 Td (Interest ) Tj ET Q q 0 0 0 rg BT 173.32 439.50 Td (Rates ) Tj ET Q q 0 0 0 rg BT 199.86 439.50 Td (Could ) Tj ET Q q 0 0 0 rg BT 228.75 439.50 Td (Have ) Tj ET Q q 0 0 0 rg BT 253.72 439.50 Td (Adverse ) Tj ET Q q 0 0 0 rg BT 290.75 439.50 Td (Ef) Tj ET Q q 0 0 0 rg BT 301.06 439.50 Td (fects ) Tj ET Q q 0 0 0 rg BT 323.51 439.50 Td (on ) Tj ET Q q 0 0 0 rg BT 337.23 439.50 Td (our ) Tj ET Q q 0 0 0 rg BT 354.64 439.50 Td (Assets ) Tj ET Q q 0 0 0 rg BT 384.10 439.50 Td (Under ) Tj ET Q q 0 0 0 rg BT 414.15 439.50 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 414.30 Td (Increases ) Tj ET Q q 0 0 0 rg BT 126.84 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 137.29 414.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 170.47 414.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 192.58 414.30 Td (may ) Tj ET Q q 0 0 0 rg BT 212.93 414.30 Td (adversely ) Tj ET Q q 0 0 0 rg BT 255.45 414.30 Td (af) Tj ET Q q 0 0 0 rg BT 263.41 414.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 281.43 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 296.54 414.30 Td (net ) Tj ET Q q 0 0 0 rg BT 311.65 414.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 334.34 414.30 Td (values ) Tj ET Q q 0 0 0 rg BT 363.44 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 374.47 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 390.25 414.30 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 419.65 414.30 Td (In ) Tj ET Q q 0 0 0 rg BT 430.68 414.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 470.00 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 480.45 414.30 Td (a ) Tj ET Q q 0 0 0 rg BT 487.39 414.30 Td (rising ) Tj ET Q q 0 0 0 rg BT 513.58 414.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 546.77 414.30 Td (rate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (environment, ) Tj ET Q q 0 0 0 rg BT 109.36 401.70 Td (institutional ) Tj ET Q q 0 0 0 rg BT 163.69 401.70 Td (investors ) Tj ET Q q 0 0 0 rg BT 205.77 401.70 Td (may ) Tj ET Q q 0 0 0 rg BT 228.01 401.70 Td (shift ) Tj ET Q q 0 0 0 rg BT 250.84 401.70 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 290.59 401.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 319.26 401.70 Td (that ) Tj ET Q q 0 0 0 rg BT 339.17 401.70 Td (we ) Tj ET Q q 0 0 0 rg BT 355.57 401.70 Td (manage ) Tj ET Q q 0 0 0 rg BT 392.39 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 404.72 401.70 Td (pooled ) Tj ET Q q 0 0 0 rg BT 437.46 401.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 487.70 401.70 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 526.27 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 538.60 401.70 Td (direct ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 102.42 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.35 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.94 389.10 Td (types ) Tj ET Q q 0 0 0 rg BT 153.87 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.37 389.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 192.63 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 203.56 389.10 Td (which ) Tj ET Q q 0 0 0 rg BT 231.98 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.57 389.10 Td (pooled ) Tj ET Q q 0 0 0 rg BT 278.91 389.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 316.08 389.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 343.92 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.85 389.10 Td (order ) Tj ET Q q 0 0 0 rg BT 379.76 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 390.69 389.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 421.42 389.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 451.01 389.10 Td (yields ) Tj ET Q q 0 0 0 rg BT 478.85 389.10 Td (than ) Tj ET Q q 0 0 0 rg BT 499.69 389.10 Td (those ) Tj ET Q q 0 0 0 rg BT 524.62 389.10 Td (available ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 60.86 376.50 Td (money ) Tj ET Q q 0 0 0 rg BT 92.62 376.50 Td (market ) Tj ET Q q 0 0 0 rg BT 124.97 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 143.31 376.50 Td (other ) Tj ET Q q 0 0 0 rg BT 168.08 376.50 Td (products ) Tj ET Q q 0 0 0 rg BT 207.43 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 219.36 376.50 Td (strategies ) Tj ET Q q 0 0 0 rg BT 262.21 376.50 Td (holding ) Tj ET Q q 0 0 0 rg BT 297.48 376.50 Td (lower) Tj ET Q q 0 0 0 rg BT 321.18 376.50 Td (-yielding ) Tj ET Q q 0 0 0 rg BT 362.28 376.50 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 417.09 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 420.28 376.50 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 478.58 376.50 Td (increases ) Tj ET Q q 0 0 0 rg BT 520.25 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 531.60 376.50 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 71.99 363.90 Td (may ) Tj ET Q q 0 0 0 rg BT 92.73 363.90 Td (result ) Tj ET Q q 0 0 0 rg BT 118.73 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 129.57 363.90 Td (reduced ) Tj ET Q q 0 0 0 rg BT 165.46 363.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 193.20 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 204.04 363.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 232.95 363.90 Td (markets. ) Tj ET Q q 0 0 0 rg BT 271.48 363.90 Td (Conversely) Tj ET Q q 0 0 0 rg BT 318.62 363.90 Td (, ) Tj ET Q q 0 0 0 rg BT 323.92 363.90 Td (decreases ) Tj ET Q q 0 0 0 rg BT 366.81 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 377.64 363.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 411.22 363.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 433.71 363.90 Td (could ) Tj ET Q q 0 0 0 rg BT 459.70 363.90 Td (lead ) Tj ET Q q 0 0 0 rg BT 479.86 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 490.69 363.90 Td (outflows ) Tj ET Q q 0 0 0 rg BT 530.11 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 540.95 363.90 Td (fixed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (income ) Tj ET Q q 0 0 0 rg BT 83.25 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 94.85 351.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 133.28 351.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 160.63 351.30 Td (that ) Tj ET Q q 0 0 0 rg BT 179.22 351.30 Td (we ) Tj ET Q q 0 0 0 rg BT 194.31 351.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 229.80 351.30 Td (as ) Tj ET Q q 0 0 0 rg BT 241.40 351.30 Td (investors ) Tj ET Q q 0 0 0 rg BT 282.16 351.30 Td (seek ) Tj ET Q q 0 0 0 rg BT 303.66 351.30 Td (higher ) Tj ET Q q 0 0 0 rg BT 333.33 351.30 Td (yields. ) Tj ET Q q 0 0 0 rg BT 363.26 351.30 Td (Any ) Tj ET Q q 0 0 0 rg BT 384.19 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 395.78 351.30 Td (these ) Tj ET Q q 0 0 0 rg BT 420.21 351.30 Td (ef) Tj ET Q q 0 0 0 rg BT 428.17 351.30 Td (fects ) Tj ET Q q 0 0 0 rg BT 450.84 351.30 Td (could ) Tj ET Q q 0 0 0 rg BT 477.02 351.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 503.77 351.30 Td (our ) Tj ET Q q 0 0 0 rg BT 519.99 351.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 547.34 351.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 89.44 338.70 Td (and, ) Tj ET Q q 0 0 0 rg BT 109.85 338.70 Td (if ) Tj ET Q q 0 0 0 rg BT 118.89 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 135.51 338.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 175.45 338.70 Td (decline ) Tj ET Q q 0 0 0 rg BT 208.39 338.70 Td (without ) Tj ET Q q 0 0 0 rg BT 243.10 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 250.39 338.70 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 314.24 338.70 Td (reduction ) Tj ET Q q 0 0 0 rg BT 356.52 338.70 Td (in ) Tj ET Q q 0 0 0 rg BT 367.31 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 383.93 338.70 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 427.09 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 443.71 338.70 Td (net ) Tj ET Q q 0 0 0 rg BT 459.16 338.70 Td (income ) Tj ET Q q 0 0 0 rg BT 492.69 338.70 Td (will ) Tj ET Q q 0 0 0 rg BT 511.66 338.70 Td (be ) Tj ET Q q 0 0 0 rg BT 524.19 338.70 Td (reduced.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 313.50 Td (The ) Tj ET Q q 0 0 0 rg BT 103.97 313.50 Td (low ) Tj ET Q q 0 0 0 rg BT 121.87 313.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 154.92 313.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 172.81 313.50 Td (environment ) Tj ET Q q 0 0 0 rg BT 228.02 313.50 Td (experienced ) Tj ET Q q 0 0 0 rg BT 280.89 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 291.20 313.50 Td (recent ) Tj ET Q q 0 0 0 rg BT 318.99 313.50 Td (years ) Tj ET Q q 0 0 0 rg BT 343.30 313.50 Td (adversely ) Tj ET Q q 0 0 0 rg BT 385.67 313.50 Td (af) Tj ET Q q 0 0 0 rg BT 393.64 313.50 Td (fected ) Tj ET Q q 0 0 0 rg BT 421.44 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 436.41 313.50 Td (yields ) Tj ET Q q 0 0 0 rg BT 463.64 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 474.53 313.50 Td (money ) Tj ET Q q 0 0 0 rg BT 505.26 313.50 Td (market ) Tj ET Q q 0 0 0 rg BT 536.56 313.50 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (which ) Tj ET Q q 0 0 0 rg BT 77.35 300.90 Td (are ) Tj ET Q q 0 0 0 rg BT 92.36 300.90 Td (based ) Tj ET Q q 0 0 0 rg BT 118.47 300.90 Td (on ) Tj ET Q q 0 0 0 rg BT 131.16 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 146.18 300.90 Td (income ) Tj ET Q q 0 0 0 rg BT 179.28 300.90 Td (from ) Tj ET Q q 0 0 0 rg BT 201.88 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 216.90 300.90 Td (underlying ) Tj ET Q q 0 0 0 rg BT 264.59 300.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 306.43 300.90 Td (less ) Tj ET Q q 0 0 0 rg BT 324.38 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 339.40 300.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 381.25 300.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 404.44 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 415.38 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 430.40 300.90 Td (funds. ) Tj ET Q q 0 0 0 rg BT 458.39 300.90 Td (When ) Tj ET Q q 0 0 0 rg BT 485.66 300.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 531.59 300.90 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 72.83 288.30 Td (are ) Tj ET Q q 0 0 0 rg BT 89.16 288.30 Td (at ) Tj ET Q q 0 0 0 rg BT 100.24 288.30 Td (or ) Tj ET Q q 0 0 0 rg BT 112.50 288.30 Td (near ) Tj ET Q q 0 0 0 rg BT 134.07 288.30 Td (zero, ) Tj ET Q q 0 0 0 rg BT 158.27 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 174.61 288.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 217.77 288.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 259.19 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 271.44 288.30 Td (money ) Tj ET Q q 0 0 0 rg BT 303.53 288.30 Td (market ) Tj ET Q q 0 0 0 rg BT 336.19 288.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 363.03 288.30 Td (may ) Tj ET Q q 0 0 0 rg BT 384.62 288.30 Td (become ) Tj ET Q q 0 0 0 rg BT 420.77 288.30 Td (greater ) Tj ET Q q 0 0 0 rg BT 453.42 288.30 Td (than ) Tj ET Q q 0 0 0 rg BT 475.01 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 491.35 288.30 Td (income ) Tj ET Q q 0 0 0 rg BT 525.76 288.30 Td (from ) Tj ET Q q 0 0 0 rg BT 549.68 288.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.24 275.70 Td (securities, ) Tj ET Q q 0 0 0 rg BT 141.76 275.70 Td (which ) Tj ET Q q 0 0 0 rg BT 169.67 275.70 Td (reduces ) Tj ET Q q 0 0 0 rg BT 203.98 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 219.05 275.70 Td (yield ) Tj ET Q q 0 0 0 rg BT 242.29 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 253.29 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 268.36 275.70 Td (money ) Tj ET Q q 0 0 0 rg BT 299.18 275.70 Td (market ) Tj ET Q q 0 0 0 rg BT 330.58 275.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 356.16 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 366.57 275.70 Td (very ) Tj ET Q q 0 0 0 rg BT 387.48 275.70 Td (low ) Tj ET Q q 0 0 0 rg BT 405.47 275.70 Td (levels. ) Tj ET Q q 0 0 0 rg BT 434.84 275.70 Td (In ) Tj ET Q q 0 0 0 rg BT 445.83 275.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 485.11 275.70 Td (bank ) Tj ET Q q 0 0 0 rg BT 507.77 275.70 Td (deposits ) Tj ET Q q 0 0 0 rg BT 544.43 275.70 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (become ) Tj ET Q q 0 0 0 rg BT 85.81 263.10 Td (more ) Tj ET Q q 0 0 0 rg BT 111.05 263.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 153.78 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.61 263.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 207.19 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.01 263.10 Td (money ) Tj ET Q q 0 0 0 rg BT 258.26 263.10 Td (market ) Tj ET Q q 0 0 0 rg BT 291.07 263.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 318.07 263.10 Td (could ) Tj ET Q q 0 0 0 rg BT 345.06 263.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 394.20 263.10 Td (redemptions, ) Tj ET Q q 0 0 0 rg BT 452.39 263.10 Td (which ) Tj ET Q q 0 0 0 rg BT 481.72 263.10 Td (could ) Tj ET Q q 0 0 0 rg BT 508.71 263.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 548.51 263.10 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 89.09 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 106.53 250.50 Td (net ) Tj ET Q q 0 0 0 rg BT 121.64 250.50 Td (income. ) Tj ET Q q 0 0 0 rg BT 157.45 250.50 Td ( ) Tj ET Q q 0 0 0 rg BT 159.56 250.50 Td (While ) Tj ET Q q 0 0 0 rg BT 187.50 250.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 220.69 250.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 242.79 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 253.23 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 268.34 250.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 289.29 250.50 Td (have ) Tj ET Q q 0 0 0 rg BT 311.39 250.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 353.31 250.50 Td (recently) Tj ET Q q 0 0 0 rg BT 386.44 250.50 Td (, ) Tj ET Q q 0 0 0 rg BT 391.35 250.50 Td (we ) Tj ET Q q 0 0 0 rg BT 405.87 250.50 Td (continue ) Tj ET Q q 0 0 0 rg BT 444.31 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 454.75 250.50 Td (monitor ) Tj ET Q q 0 0 0 rg BT 490.28 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 505.39 250.50 Td (industry ) Tj ET Q q 0 0 0 rg BT 542.08 250.50 Td (wide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (low ) Tj ET Q q 0 0 0 rg BT 67.04 237.90 Td (yields ) Tj ET Q q 0 0 0 rg BT 93.90 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 104.44 237.90 Td (money ) Tj ET Q q 0 0 0 rg BT 134.80 237.90 Td (market ) Tj ET Q q 0 0 0 rg BT 165.74 237.90 Td (funds, ) Tj ET Q q 0 0 0 rg BT 193.48 237.90 Td (which ) Tj ET Q q 0 0 0 rg BT 220.93 237.90 Td (may ) Tj ET Q q 0 0 0 rg BT 240.79 237.90 Td (result ) Tj ET Q q 0 0 0 rg BT 265.91 237.90 Td (in ) Tj ET Q q 0 0 0 rg BT 275.86 237.90 Td (negative ) Tj ET Q q 0 0 0 rg BT 313.21 237.90 Td (yields, ) Tj ET Q q 0 0 0 rg BT 342.71 237.90 Td (particularly ) Tj ET Q q 0 0 0 rg BT 392.89 237.90 Td (in ) Tj ET Q q 0 0 0 rg BT 402.84 237.90 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 437.57 237.90 Td (which ) Tj ET Q q 0 0 0 rg BT 465.02 237.90 Td (could ) Tj ET Q q 0 0 0 rg BT 490.13 237.90 Td (have ) Tj ET Q q 0 0 0 rg BT 511.74 237.90 Td (a ) Tj ET Q q 0 0 0 rg BT 518.18 237.90 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (adverse ) Tj ET Q q 0 0 0 rg BT 85.40 225.30 Td (ef) Tj ET Q q 0 0 0 rg BT 93.37 225.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 112.94 225.30 Td (on ) Tj ET Q q 0 0 0 rg BT 127.28 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 143.95 225.30 Td (industry ) Tj ET Q q 0 0 0 rg BT 182.20 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 194.21 225.30 Td (general ) Tj ET Q q 0 0 0 rg BT 228.94 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 247.94 225.30 Td (our ) Tj ET Q q 0 0 0 rg BT 265.77 225.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 305.20 225.30 Td (business ) Tj ET Q q 0 0 0 rg BT 344.62 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 356.63 225.30 Td (particular) Tj ET Q q 0 0 0 rg BT 396.27 225.30 Td (. ) Tj ET Q q 0 0 0 rg BT 402.74 225.30 Td (During ) Tj ET Q q 0 0 0 rg BT 436.32 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 452.99 225.30 Td (past ) Tj ET Q q 0 0 0 rg BT 473.74 225.30 Td (four ) Tj ET Q q 0 0 0 rg BT 495.07 225.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 521.65 225.30 Td (years, ) Tj ET Q q 0 0 0 rg BT 550.26 225.30 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 98.50 212.70 Td (waived ) Tj ET Q q 0 0 0 rg BT 131.74 212.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 163.23 212.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 183.06 212.70 Td (or ) Tj ET Q q 0 0 0 rg BT 194.73 212.70 Td (assumed ) Tj ET Q q 0 0 0 rg BT 233.81 212.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 274.64 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 286.31 212.70 Td (money ) Tj ET Q q 0 0 0 rg BT 317.81 212.70 Td (market ) Tj ET Q q 0 0 0 rg BT 349.88 212.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 376.14 212.70 Td (for ) Tj ET Q q 0 0 0 rg BT 391.30 212.70 Td (competitive ) Tj ET Q q 0 0 0 rg BT 443.79 212.70 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 480.83 212.70 Td (such ) Tj ET Q q 0 0 0 rg BT 503.00 212.70 Td (as ) Tj ET Q q 0 0 0 rg BT 514.67 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 525.76 212.70 Td (maintain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 100.92 200.10 Td (yields, ) Tj ET Q q 0 0 0 rg BT 130.47 200.10 Td (which ) Tj ET Q q 0 0 0 rg BT 157.97 200.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 193.05 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.89 200.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 246.90 200.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 261.56 200.10 Td (income ) Tj ET Q q 0 0 0 rg BT 294.31 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.32 200.10 Td (net ) Tj ET Q q 0 0 0 rg BT 325.99 200.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 361.24 200.10 Td (The ) Tj ET Q q 0 0 0 rg BT 379.41 200.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 406.32 200.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 439.66 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.25 200.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 469.00 200.10 Td (waived ) Tj ET Q q 0 0 0 rg BT 501.17 200.10 Td (was ) Tj ET Q q 0 0 0 rg BT 519.35 200.10 Td (dependent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (on ) Tj ET Q q 0 0 0 rg BT 62.98 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 70.62 187.50 Td (number ) Tj ET Q q 0 0 0 rg BT 105.67 187.50 Td (of ) Tj ET Q q 0 0 0 rg BT 117.40 187.50 Td (variables ) Tj ET Q q 0 0 0 rg BT 158.28 187.50 Td (including, ) Tj ET Q q 0 0 0 rg BT 203.54 187.50 Td (among ) Tj ET Q q 0 0 0 rg BT 235.10 187.50 Td (others, ) Tj ET Q q 0 0 0 rg BT 266.37 187.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 303.16 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 314.31 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 330.12 187.50 Td (net ) Tj ET Q q 0 0 0 rg BT 345.92 187.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 373.40 187.50 Td (held ) Tj ET Q q 0 0 0 rg BT 394.46 187.50 Td (by ) Tj ET Q q 0 0 0 rg BT 407.94 187.50 Td (our ) Tj ET Q q 0 0 0 rg BT 424.91 187.50 Td (money ) Tj ET Q q 0 0 0 rg BT 456.47 187.50 Td (market ) Tj ET Q q 0 0 0 rg BT 488.60 187.50 Td (funds, ) Tj ET Q q 0 0 0 rg BT 517.54 187.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.34 187.50 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (market ) Tj ET Q q 0 0 0 rg BT 80.54 174.90 Td (yields, ) Tj ET Q q 0 0 0 rg BT 110.13 174.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 145.83 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 155.89 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 170.60 174.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 206.30 174.90 Td (levels ) Tj ET Q q 0 0 0 rg BT 232.68 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 243.31 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 258.03 174.90 Td (funds, ) Tj ET Q q 0 0 0 rg BT 285.87 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 302.92 174.90 Td (our ) Tj ET Q q 0 0 0 rg BT 318.80 174.90 Td (willingness ) Tj ET Q q 0 0 0 rg BT 368.52 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 378.57 174.90 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 426.53 174.90 Td (continue ) Tj ET Q q 0 0 0 rg BT 464.58 174.90 Td (such ) Tj ET Q q 0 0 0 rg BT 485.71 174.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 500.41 174.90 Td (waivers. ) Tj ET Q q 0 0 0 rg BT 537.44 174.90 Td (These ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (fee ) Tj ET Q q 0 0 0 rg BT 64.46 162.30 Td (waivers ) Tj ET Q q 0 0 0 rg BT 99.25 162.30 Td (for ) Tj ET Q q 0 0 0 rg BT 113.63 162.30 Td (competitive ) Tj ET Q q 0 0 0 rg BT 165.34 162.30 Td (reasons ) Tj ET Q q 0 0 0 rg BT 198.97 162.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 234.35 162.30 Td (in ) Tj ET Q q 0 0 0 rg BT 244.66 162.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 307.44 162.30 Td ($22 ) Tj ET Q q 0 0 0 rg BT 325.33 162.30 Td (million ) Tj ET Q q 0 0 0 rg BT 357.81 162.30 Td (in ) Tj ET Q q 0 0 0 rg BT 368.12 162.30 Td (reduced ) Tj ET Q q 0 0 0 rg BT 403.48 162.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 451.70 162.30 Td (advisory ) Tj ET Q q 0 0 0 rg BT 490.00 162.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 529.46 162.30 Td (in ) Tj ET Q q 0 0 0 rg BT 539.76 162.30 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (year ) Tj ET Q q 0 0 0 rg BT 70.02 149.70 Td (2017. ) Tj ET Q q 0 0 0 rg BT 96.10 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 98.56 149.70 Td (Given ) Tj ET Q q 0 0 0 rg BT 126.67 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 141.96 149.70 Td (current ) Tj ET Q q 0 0 0 rg BT 174.14 149.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 203.42 149.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 236.78 149.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 254.97 149.70 Td (environment, ) Tj ET Q q 0 0 0 rg BT 313.12 149.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 328.39 149.70 Td (waivers ) Tj ET Q q 0 0 0 rg BT 363.50 149.70 Td (for ) Tj ET Q q 0 0 0 rg BT 378.20 149.70 Td (competitive ) Tj ET Q q 0 0 0 rg BT 430.23 149.70 Td (reasons ) Tj ET Q q 0 0 0 rg BT 464.17 149.70 Td (have ) Tj ET Q q 0 0 0 rg BT 486.45 149.70 Td (not ) Tj ET Q q 0 0 0 rg BT 502.32 149.70 Td (continued ) Tj ET Q q 0 0 0 rg BT 546.18 149.70 Td (into ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 74.86 137.10 Td (year ) Tj ET Q q 0 0 0 rg BT 95.56 137.10 Td (2018.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 111.90 Td (Competition ) Tj ET Q q 0 0 0 rg BT 141.22 111.90 Td (in ) Tj ET Q q 0 0 0 rg BT 152.60 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 168.25 111.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 193.63 111.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 253.43 111.90 Td (Industry ) Tj ET Q q 0 0 0 rg BT 292.82 111.90 Td (Could ) Tj ET Q q 0 0 0 rg BT 321.71 111.90 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 356.41 111.90 Td (our ) Tj ET Q q 0 0 0 rg BT 374.21 111.90 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 418.25 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 437.21 111.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 455.00 111.90 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 86.70 Td (The ) Tj ET Q q 0 0 0 rg BT 106.49 86.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 131.57 86.70 Td (management ) Tj ET Q q 0 0 0 rg BT 189.88 86.70 Td (industry ) Tj ET Q q 0 0 0 rg BT 228.96 86.70 Td (in ) Tj ET Q q 0 0 0 rg BT 241.79 86.70 Td (which ) Tj ET Q q 0 0 0 rg BT 272.12 86.70 Td (we ) Tj ET Q q 0 0 0 rg BT 289.03 86.70 Td (are ) Tj ET Q q 0 0 0 rg BT 306.51 86.70 Td (engaged ) Tj ET Q q 0 0 0 rg BT 346.16 86.70 Td (is ) Tj ET Q q 0 0 0 rg BT 357.83 86.70 Td (extremely ) Tj ET Q q 0 0 0 rg BT 404.47 86.70 Td (competitive ) Tj ET Q q 0 0 0 rg BT 458.71 86.70 Td (and ) Tj ET Q q 0 0 0 rg BT 478.53 86.70 Td (we ) Tj ET Q q 0 0 0 rg BT 495.44 86.70 Td (face ) Tj ET Q q 0 0 0 rg BT 517.58 86.70 Td (substantial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 102.24 74.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.00 74.10 Td (all ) Tj ET Q q 0 0 0 rg BT 126.08 74.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 158.99 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.32 74.10 Td (our ) Tj ET Q q 0 0 0 rg BT 186.90 74.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 227.51 74.10 Td (W) Tj ET Q q 0 0 0 rg BT 236.58 74.10 Td (e ) Tj ET Q q 0 0 0 rg BT 243.83 74.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 281.98 74.10 Td (with ) Tj ET Q q 0 0 0 rg BT 303.23 74.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 347.23 74.10 Td (international ) Tj ET Q q 0 0 0 rg BT 402.88 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.63 74.10 Td (domestic ) Tj ET Q q 0 0 0 rg BT 461.12 74.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 484.12 74.10 Td (management ) Tj ET Q q 0 0 0 rg BT 540.35 74.10 Td (firms ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 69.30 61.50 Td (broker) Tj ET Q q 0 0 0 rg BT 96.50 61.50 Td (-dealers, ) Tj ET Q q 0 0 0 rg BT 137.00 61.50 Td (mutual ) Tj ET Q q 0 0 0 rg BT 170.80 61.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 194.69 61.50 Td (complexes, ) Tj ET Q q 0 0 0 rg BT 246.87 61.50 Td (hedge ) Tj ET Q q 0 0 0 rg BT 276.58 61.50 Td (funds, ) Tj ET Q q 0 0 0 rg BT 307.18 61.50 Td (commercial ) Tj ET Q q 0 0 0 rg BT 361.39 61.50 Td (banks, ) Tj ET Q q 0 0 0 rg BT 393.15 61.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 438.03 61.50 Td (companies, ) Tj ET Q q 0 0 0 rg BT 490.20 61.50 Td (other ) Tj ET Q q 0 0 0 rg BT 516.42 61.50 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 97.43 48.90 Td (and ) Tj ET Q q 0 0 0 rg BT 115.62 48.90 Td (other ) Tj ET Q q 0 0 0 rg BT 140.23 48.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 179.99 48.90 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 232.32 48.90 Td (Many ) Tj ET Q q 0 0 0 rg BT 259.85 48.90 Td (of ) Tj ET Q q 0 0 0 rg BT 271.63 48.90 Td (these ) Tj ET Q q 0 0 0 rg BT 296.23 48.90 Td (or) Tj ET Q q 0 0 0 rg BT 304.79 48.90 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 355.64 48.90 Td (of) Tj ET Q q 0 0 0 rg BT 364.20 48.90 Td (fer ) Tj ET Q q 0 0 0 rg BT 378.88 48.90 Td (products ) Tj ET Q q 0 0 0 rg BT 418.07 48.90 Td (and ) Tj ET Q q 0 0 0 rg BT 436.27 48.90 Td (services ) Tj ET Q q 0 0 0 rg BT 473.11 48.90 Td (that ) Tj ET Q q 0 0 0 rg BT 491.89 48.90 Td (are ) Tj ET Q q 0 0 0 rg BT 507.74 48.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 539.93 48.90 Td (to, ) Tj ET Q q 0 0 0 rg BT 553.75 48.90 Td (or ) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (compete ) Tj ET Q q 0 0 0 rg BT 88.04 741.75 Td (with, ) Tj ET Q q 0 0 0 rg BT 112.31 741.75 Td (those ) Tj ET Q q 0 0 0 rg BT 137.45 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 146.00 741.75 Td (fered ) Tj ET Q q 0 0 0 rg BT 170.54 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 184.01 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 200.98 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 224.37 741.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 267.58 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 285.71 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 308.50 741.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 364.56 741.75 Td (more ) Tj ET Q q 0 0 0 rg BT 389.11 741.75 Td (personnel ) Tj ET Q q 0 0 0 rg BT 432.90 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 451.04 741.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 483.15 741.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 522.86 741.75 Td (resources ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (than ) Tj ET Q q 0 0 0 rg BT 70.41 729.15 Td (we ) Tj ET Q q 0 0 0 rg BT 85.49 729.15 Td (do. ) Tj ET Q q 0 0 0 rg BT 101.45 729.15 Td (Some ) Tj ET Q q 0 0 0 rg BT 128.21 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 139.79 729.15 Td (these ) Tj ET Q q 0 0 0 rg BT 164.20 729.15 Td (competitors ) Tj ET Q q 0 0 0 rg BT 216.61 729.15 Td (have ) Tj ET Q q 0 0 0 rg BT 239.27 729.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 288.75 729.15 Td (products ) Tj ET Q q 0 0 0 rg BT 327.74 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 345.74 729.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 397.00 729.15 Td (channels ) Tj ET Q q 0 0 0 rg BT 436.57 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 455.15 729.15 Td (make ) Tj ET Q q 0 0 0 rg BT 480.72 729.15 Td (it ) Tj ET Q q 0 0 0 rg BT 489.39 729.15 Td (more ) Tj ET Q q 0 0 0 rg BT 513.80 729.15 Td (dif) Tj ET Q q 0 0 0 rg BT 525.28 729.15 Td (ficult ) Tj ET Q q 0 0 0 rg BT 550.27 729.15 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (us ) Tj ET Q q 0 0 0 rg BT 62.87 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 75.07 716.55 Td (compete ) Tj ET Q q 0 0 0 rg BT 114.66 716.55 Td (with ) Tj ET Q q 0 0 0 rg BT 137.36 716.55 Td (them. ) Tj ET Q q 0 0 0 rg BT 165.02 716.55 Td (In ) Tj ET Q q 0 0 0 rg BT 177.79 716.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 218.86 716.55 Td (many ) Tj ET Q q 0 0 0 rg BT 246.22 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 259.00 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 277.03 716.55 Td (competitors ) Tj ET Q q 0 0 0 rg BT 330.63 716.55 Td (have ) Tj ET Q q 0 0 0 rg BT 354.49 716.55 Td (long-standing ) Tj ET Q q 0 0 0 rg BT 416.26 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 435.46 716.55 Td (established ) Tj ET Q q 0 0 0 rg BT 486.14 716.55 Td (relationships ) Tj ET Q q 0 0 0 rg BT 543.84 716.55 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (distributors ) Tj ET Q q 0 0 0 rg BT 100.46 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 118.74 703.95 Td (clients. ) Tj ET Q q 0 0 0 rg BT 151.89 703.95 Td (From ) Tj ET Q q 0 0 0 rg BT 177.76 703.95 Td (time ) Tj ET Q q 0 0 0 rg BT 199.55 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 210.83 703.95 Td (time, ) Tj ET Q q 0 0 0 rg BT 235.24 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 252.36 703.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 275.89 703.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 319.24 703.95 Td (also ) Tj ET Q q 0 0 0 rg BT 339.28 703.95 Td (compete ) Tj ET Q q 0 0 0 rg BT 377.96 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 399.75 703.95 Td (each ) Tj ET Q q 0 0 0 rg BT 422.10 703.95 Td (other ) Tj ET Q q 0 0 0 rg BT 446.80 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 462.16 703.95 Td (clients ) Tj ET Q q 0 0 0 rg BT 492.69 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 510.97 703.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 538.59 703.95 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (management. ) Tj ET Q q 0 0 0 rg BT 107.83 691.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 126.22 691.35 Td (competitors ) Tj ET Q q 0 0 0 rg BT 177.85 691.35 Td (seek ) Tj ET Q q 0 0 0 rg BT 198.57 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 208.79 691.35 Td (expand ) Tj ET Q q 0 0 0 rg BT 241.17 691.35 Td (market ) Tj ET Q q 0 0 0 rg BT 272.38 691.35 Td (share ) Tj ET Q q 0 0 0 rg BT 296.60 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 306.82 691.35 Td (many ) Tj ET Q q 0 0 0 rg BT 332.21 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 343.01 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 357.90 691.35 Td (products ) Tj ET Q q 0 0 0 rg BT 396.12 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 413.34 691.35 Td (services ) Tj ET Q q 0 0 0 rg BT 449.22 691.35 Td (we ) Tj ET Q q 0 0 0 rg BT 463.52 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 472.08 691.35 Td (fer) Tj ET Q q 0 0 0 rg BT 483.15 691.35 Td (. ) Tj ET Q q 0 0 0 rg BT 487.83 691.35 Td (If ) Tj ET Q q 0 0 0 rg BT 496.89 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 512.94 691.35 Td (competitors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (successfully ) Tj ET Q q 0 0 0 rg BT 102.65 678.75 Td (expand ) Tj ET Q q 0 0 0 rg BT 134.79 678.75 Td (their ) Tj ET Q q 0 0 0 rg BT 155.85 678.75 Td (market ) Tj ET Q q 0 0 0 rg BT 186.83 678.75 Td (share ) Tj ET Q q 0 0 0 rg BT 210.81 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 220.80 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.45 678.75 Td (detriment ) Tj ET Q q 0 0 0 rg BT 277.51 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 288.08 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 303.90 678.75 Td (market ) Tj ET Q q 0 0 0 rg BT 334.87 678.75 Td (share, ) Tj ET Q q 0 0 0 rg BT 361.48 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 377.29 678.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 416.43 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 433.42 678.75 Td (profitability ) Tj ET Q q 0 0 0 rg BT 485.40 678.75 Td (could ) Tj ET Q q 0 0 0 rg BT 510.55 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 522.28 678.75 Td (adversely ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (af) Tj ET Q q 0 0 0 rg BT 57.47 666.15 Td (fected. ) Tj ET Q q 0 0 0 rg BT 88.31 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 90.89 666.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 109.79 666.15 Td (ability ) Tj ET Q q 0 0 0 rg BT 139.20 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 149.94 666.15 Td (compete ) Tj ET Q q 0 0 0 rg BT 188.08 666.15 Td (may ) Tj ET Q q 0 0 0 rg BT 208.74 666.15 Td (be ) Tj ET Q q 0 0 0 rg BT 221.22 666.15 Td (adversely ) Tj ET Q q 0 0 0 rg BT 264.03 666.15 Td (af) Tj ET Q q 0 0 0 rg BT 272.00 666.15 Td (fected ) Tj ET Q q 0 0 0 rg BT 300.22 666.15 Td (if, ) Tj ET Q q 0 0 0 rg BT 311.83 666.15 Td (among ) Tj ET Q q 0 0 0 rg BT 342.99 666.15 Td (other ) Tj ET Q q 0 0 0 rg BT 367.14 666.15 Td (things, ) Tj ET Q q 0 0 0 rg BT 398.01 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 414.58 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 437.57 666.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 480.38 666.15 Td (lose ) Tj ET Q q 0 0 0 rg BT 499.87 666.15 Td (key ) Tj ET Q q 0 0 0 rg BT 517.60 666.15 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (or) Tj ET Q q 0 0 0 rg BT 57.83 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 62.66 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 73.62 653.55 Td (has ) Tj ET Q q 0 0 0 rg BT 89.83 653.55 Td (been ) Tj ET Q q 0 0 0 rg BT 111.87 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 126.91 653.55 Td (case ) Tj ET Q q 0 0 0 rg BT 147.19 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 161.64 653.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 192.42 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 203.38 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 218.42 653.55 Td (products ) Tj ET Q q 0 0 0 rg BT 256.79 653.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 296.90 653.55 Td (by ) Tj ET Q q 0 0 0 rg BT 309.62 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 325.83 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 348.45 653.55 Td (managers, ) Tj ET Q q 0 0 0 rg BT 393.52 653.55 Td (under) Tj ET Q q 0 0 0 rg BT 417.22 653.55 Td (-perform ) Tj ET Q q 0 0 0 rg BT 456.74 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 467.12 653.55 Td (comparison ) Tj ET Q q 0 0 0 rg BT 518.32 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 528.70 653.55 Td (relevant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.17 640.95 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 158.53 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 169.90 640.95 Td (peer ) Tj ET Q q 0 0 0 rg BT 190.60 640.95 Td (groups.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 103.56 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 125.70 615.75 Td (management ) Tj ET Q q 0 0 0 rg BT 181.08 615.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 217.23 615.75 Td (has ) Tj ET Q q 0 0 0 rg BT 232.96 615.75 Td (experienced ) Tj ET Q q 0 0 0 rg BT 285.41 615.75 Td (from ) Tj ET Q q 0 0 0 rg BT 307.55 615.75 Td (time ) Tj ET Q q 0 0 0 rg BT 327.95 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 337.85 615.75 Td (time ) Tj ET Q q 0 0 0 rg BT 358.25 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 372.81 615.75 Td (entry ) Tj ET Q q 0 0 0 rg BT 396.12 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 406.60 615.75 Td (many ) Tj ET Q q 0 0 0 rg BT 431.66 615.75 Td (new ) Tj ET Q q 0 0 0 rg BT 450.88 615.75 Td (firms, ) Tj ET Q q 0 0 0 rg BT 477.41 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 487.89 615.75 Td (well ) Tj ET Q q 0 0 0 rg BT 507.70 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 518.18 615.75 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 109.13 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 120.93 603.15 Td (numerous ) Tj ET Q q 0 0 0 rg BT 165.40 603.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 188.86 603.15 Td (management ) Tj ET Q q 0 0 0 rg BT 245.56 603.15 Td (firms ) Tj ET Q q 0 0 0 rg BT 270.78 603.15 Td (have ) Tj ET Q q 0 0 0 rg BT 293.65 603.15 Td (either ) Tj ET Q q 0 0 0 rg BT 320.61 603.15 Td (been ) Tj ET Q q 0 0 0 rg BT 343.48 603.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 382.68 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 396.23 603.15 Td (other ) Tj ET Q q 0 0 0 rg BT 420.86 603.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 460.65 603.15 Td (services ) Tj ET Q q 0 0 0 rg BT 497.52 603.15 Td (firms ) Tj ET Q q 0 0 0 rg BT 522.74 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 534.54 603.15 Td (ceased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 98.31 590.55 Td (In ) Tj ET Q q 0 0 0 rg BT 109.49 590.55 Td (many ) Tj ET Q q 0 0 0 rg BT 135.26 590.55 Td (cases, ) Tj ET Q q 0 0 0 rg BT 162.49 590.55 Td (this ) Tj ET Q q 0 0 0 rg BT 180.10 590.55 Td (has ) Tj ET Q q 0 0 0 rg BT 196.54 590.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 232.22 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 242.83 590.55 Td (firms ) Tj ET Q q 0 0 0 rg BT 267.44 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 288.55 590.55 Td (greater ) Tj ET Q q 0 0 0 rg BT 320.13 590.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.30 590.55 Td (resources ) Tj ET Q q 0 0 0 rg BT 401.39 590.55 Td (than ) Tj ET Q q 0 0 0 rg BT 421.91 590.55 Td (we ) Tj ET Q q 0 0 0 rg BT 436.60 590.55 Td (have. ) Tj ET Q q 0 0 0 rg BT 461.49 590.55 Td (In ) Tj ET Q q 0 0 0 rg BT 472.67 590.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 512.15 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 519.26 590.55 Td (number ) Tj ET Q q 0 0 0 rg BT 553.77 590.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (heavily ) Tj ET Q q 0 0 0 rg BT 83.79 577.95 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 132.65 577.95 Td (companies, ) Tj ET Q q 0 0 0 rg BT 183.56 577.95 Td (including ) Tj ET Q q 0 0 0 rg BT 226.61 577.95 Td (commercial ) Tj ET Q q 0 0 0 rg BT 279.55 577.95 Td (banks ) Tj ET Q q 0 0 0 rg BT 307.43 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 325.97 577.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 359.68 577.95 Td (entities ) Tj ET Q q 0 0 0 rg BT 393.39 577.95 Td (have ) Tj ET Q q 0 0 0 rg BT 416.60 577.95 Td (made ) Tj ET Q q 0 0 0 rg BT 442.72 577.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 496.27 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 507.82 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 526.36 577.95 Td (acquired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 71.96 565.35 Td (management ) Tj ET Q q 0 0 0 rg BT 127.65 565.35 Td (firms. ) Tj ET Q q 0 0 0 rg BT 154.04 565.35 Td (Access ) Tj ET Q q 0 0 0 rg BT 185.83 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 196.04 565.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 227.25 565.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 248.55 565.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 299.02 565.35 Td (channels ) Tj ET Q q 0 0 0 rg BT 337.80 565.35 Td (has ) Tj ET Q q 0 0 0 rg BT 353.85 565.35 Td (also ) Tj ET Q q 0 0 0 rg BT 372.81 565.35 Td (become ) Tj ET Q q 0 0 0 rg BT 407.51 565.35 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 460.87 565.35 Td (competitive. ) Tj ET Q q 0 0 0 rg BT 514.66 565.35 Td (All ) Tj ET Q q 0 0 0 rg BT 530.13 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 540.92 565.35 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 80.12 552.75 Td (could ) Tj ET Q q 0 0 0 rg BT 105.51 552.75 Td (make ) Tj ET Q q 0 0 0 rg BT 130.30 552.75 Td (it ) Tj ET Q q 0 0 0 rg BT 138.19 552.75 Td (more ) Tj ET Q q 0 0 0 rg BT 161.83 552.75 Td (dif) Tj ET Q q 0 0 0 rg BT 173.30 552.75 Td (ficult ) Tj ET Q q 0 0 0 rg BT 197.52 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 211.82 552.75 Td (us ) Tj ET Q q 0 0 0 rg BT 223.21 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 233.43 552.75 Td (compete, ) Tj ET Q q 0 0 0 rg BT 273.68 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 290.90 552.75 Td (no ) Tj ET Q q 0 0 0 rg BT 303.45 552.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 346.32 552.75 Td (can ) Tj ET Q q 0 0 0 rg BT 362.95 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 374.92 552.75 Td (given ) Tj ET Q q 0 0 0 rg BT 400.30 552.75 Td (that ) Tj ET Q q 0 0 0 rg BT 418.10 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 432.40 552.75 Td (will ) Tj ET Q q 0 0 0 rg BT 450.79 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 462.76 552.75 Td (successful ) Tj ET Q q 0 0 0 rg BT 507.97 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 518.19 552.75 Td (competing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 66.83 540.15 Td (growing ) Tj ET Q q 0 0 0 rg BT 104.00 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 119.69 540.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 146.37 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 163.70 540.15 Td (business. ) Tj ET Q q 0 0 0 rg BT 204.08 540.15 Td (If ) Tj ET Q q 0 0 0 rg BT 213.25 540.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 242.83 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 260.17 540.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 299.08 540.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 328.66 540.15 Td (decide ) Tj ET Q q 0 0 0 rg BT 358.23 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 368.57 540.15 Td (use ) Tj ET Q q 0 0 0 rg BT 384.74 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 399.74 540.15 Td (services ) Tj ET Q q 0 0 0 rg BT 435.73 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 446.65 540.15 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 501.03 540.15 Td (it ) Tj ET Q q 0 0 0 rg BT 509.03 540.15 Td (could ) Tj ET Q q 0 0 0 rg BT 534.53 540.15 Td (reduce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 66.96 527.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 107.73 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 126.35 527.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 159.56 527.55 Td (rate, ) Tj ET Q q 0 0 0 rg BT 181.38 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 200.00 527.55 Td (if ) Tj ET Q q 0 0 0 rg BT 209.87 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 227.33 527.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 268.10 527.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 307.70 527.55 Td (without ) Tj ET Q q 0 0 0 rg BT 343.24 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 351.36 527.55 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 416.05 527.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 459.16 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 470.79 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 488.24 527.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 532.23 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 549.69 527.55 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (income ) Tj ET Q q 0 0 0 rg BT 83.34 514.95 Td (will ) Tj ET Q q 0 0 0 rg BT 102.61 514.95 Td (be ) Tj ET Q q 0 0 0 rg BT 115.46 514.95 Td (reduced. ) Tj ET Q q 0 0 0 rg BT 154.25 514.95 Td (In ) Tj ET Q q 0 0 0 rg BT 165.94 514.95 Td (this ) Tj ET Q q 0 0 0 rg BT 184.04 514.95 Td (regard, ) Tj ET Q q 0 0 0 rg BT 216.42 514.95 Td (there ) Tj ET Q q 0 0 0 rg BT 240.34 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 256.10 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 263.69 514.95 Td (number ) Tj ET Q q 0 0 0 rg BT 298.70 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 310.39 514.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 333.73 514.95 Td (classes ) Tj ET Q q 0 0 0 rg BT 365.83 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 383.93 514.95 Td (product ) Tj ET Q q 0 0 0 rg BT 418.94 514.95 Td (types ) Tj ET Q q 0 0 0 rg BT 444.04 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 462.72 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 478.48 514.95 Td (not ) Tj ET Q q 0 0 0 rg BT 494.83 514.95 Td (well ) Tj ET Q q 0 0 0 rg BT 515.85 514.95 Td (covered ) Tj ET Q q 0 0 0 rg BT 552.01 514.95 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 64.92 502.35 Td (current ) Tj ET Q q 0 0 0 rg BT 96.08 502.35 Td (products ) Tj ET Q q 0 0 0 rg BT 133.66 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 150.25 502.35 Td (services. ) Tj ET Q q 0 0 0 rg BT 188.01 502.35 Td (When ) Tj ET Q q 0 0 0 rg BT 214.51 502.35 Td (these ) Tj ET Q q 0 0 0 rg BT 237.50 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 259.34 502.35 Td (classes ) Tj ET Q q 0 0 0 rg BT 289.92 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 300.09 502.35 Td (products ) Tj ET Q q 0 0 0 rg BT 337.68 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 351.92 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 361.51 502.35 Td (favor ) Tj ET Q q 0 0 0 rg BT 385.09 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 405.18 502.35 Td (investors, ) Tj ET Q q 0 0 0 rg BT 447.14 502.35 Td (we ) Tj ET Q q 0 0 0 rg BT 460.81 502.35 Td (will ) Tj ET Q q 0 0 0 rg BT 478.57 502.35 Td (miss ) Tj ET Q q 0 0 0 rg BT 499.25 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 513.50 502.35 Td (opportunity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.58 489.75 Td (gain ) Tj ET Q q 0 0 0 rg BT 81.56 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 97.30 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 124.70 489.75 Td (under ) Tj ET Q q 0 0 0 rg BT 151.52 489.75 Td (management ) Tj ET Q q 0 0 0 rg BT 208.07 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 226.73 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 242.45 489.75 Td (being ) Tj ET Q q 0 0 0 rg BT 268.69 489.75 Td (invested ) Tj ET Q q 0 0 0 rg BT 306.59 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 317.67 489.75 Td (these ) Tj ET Q q 0 0 0 rg BT 342.15 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 369.56 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.62 489.75 Td (face ) Tj ET Q q 0 0 0 rg BT 408.01 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.75 489.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 442.41 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 454.06 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 470.97 489.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 511.77 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.18 489.75 Td (being ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (withdrawn ) Tj ET Q q 0 0 0 rg BT 96.79 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 107.34 477.15 Td (favor ) Tj ET Q q 0 0 0 rg BT 131.88 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 143.01 477.15 Td (competitors ) Tj ET Q q 0 0 0 rg BT 194.97 477.15 Td (who ) Tj ET Q q 0 0 0 rg BT 215.44 477.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 249.90 477.15 Td (services ) Tj ET Q q 0 0 0 rg BT 286.10 477.15 Td (covering ) Tj ET Q q 0 0 0 rg BT 325.22 477.15 Td (these ) Tj ET Q q 0 0 0 rg BT 349.18 477.15 Td (classes ) Tj ET Q q 0 0 0 rg BT 380.72 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 391.85 477.15 Td (products. ) Tj ET Q q 0 0 0 rg BT 433.02 477.15 Td (For ) Tj ET Q q 0 0 0 rg BT 450.00 477.15 Td (example, ) Tj ET Q q 0 0 0 rg BT 490.57 477.15 Td (there ) Tj ET Q q 0 0 0 rg BT 513.94 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 523.33 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 530.37 477.15 Td (trend ) Tj ET Q q 0 0 0 rg BT 554.33 477.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.86 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 89.81 464.55 Td (management ) Tj ET Q q 0 0 0 rg BT 146.99 464.55 Td (business ) Tj ET Q q 0 0 0 rg BT 186.11 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 197.82 464.55 Td (favor ) Tj ET Q q 0 0 0 rg BT 223.50 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 235.79 464.55 Td (passive ) Tj ET Q q 0 0 0 rg BT 270.23 464.55 Td (products ) Tj ET Q q 0 0 0 rg BT 309.93 464.55 Td (such ) Tj ET Q q 0 0 0 rg BT 332.71 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 344.99 464.55 Td (index ) Tj ET Q q 0 0 0 rg BT 371.86 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 390.55 464.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 422.65 464.55 Td (types ) Tj ET Q q 0 0 0 rg BT 448.35 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 460.63 464.55 Td (ETFs, ) Tj ET Q q 0 0 0 rg BT 489.55 464.55 Td (which ) Tj ET Q q 0 0 0 rg BT 518.74 464.55 Td (favors ) Tj ET Q q 0 0 0 rg BT 548.52 464.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (competitors ) Tj ET Q q 0 0 0 rg BT 101.69 451.95 Td (who ) Tj ET Q q 0 0 0 rg BT 122.38 451.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 157.07 451.95 Td (those ) Tj ET Q q 0 0 0 rg BT 181.85 451.95 Td (products ) Tj ET Q q 0 0 0 rg BT 220.62 451.95 Td (over ) Tj ET Q q 0 0 0 rg BT 241.89 451.95 Td (active ) Tj ET Q q 0 0 0 rg BT 269.57 451.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 312.42 451.95 Td (like ) Tj ET Q q 0 0 0 rg BT 330.78 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 347.39 451.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 370.41 451.95 Td (managers. ) Tj ET Q q 0 0 0 rg BT 415.88 451.95 Td (Investors ) Tj ET Q q 0 0 0 rg BT 456.99 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 472.42 451.95 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 526.35 451.95 Td (attracted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.26 439.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 86.75 439.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 102.16 439.35 Td (passive ) Tj ET Q q 0 0 0 rg BT 135.66 439.35 Td (products, ) Tj ET Q q 0 0 0 rg BT 177.04 439.35 Td (which ) Tj ET Q q 0 0 0 rg BT 205.29 439.35 Td (have ) Tj ET Q q 0 0 0 rg BT 227.70 439.35 Td (gained ) Tj ET Q q 0 0 0 rg BT 258.28 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 276.03 439.35 Td (may ) Tj ET Q q 0 0 0 rg BT 296.69 439.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 335.44 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 346.20 439.35 Td (gain ) Tj ET Q q 0 0 0 rg BT 366.86 439.35 Td (share ) Tj ET Q q 0 0 0 rg BT 391.61 439.35 Td (at ) Tj ET Q q 0 0 0 rg BT 401.78 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 417.19 439.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 453.60 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 464.94 439.35 Td (active ) Tj ET Q q 0 0 0 rg BT 492.59 439.35 Td (products ) Tj ET Q q 0 0 0 rg BT 531.34 439.35 Td (like ) Tj ET Q q 0 0 0 rg BT 549.68 439.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (ones ) Tj ET Q q 0 0 0 rg BT 70.54 426.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 110.24 426.75 Td (by ) Tj ET Q q 0 0 0 rg BT 122.53 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 138.33 426.75 Td (af) Tj ET Q q 0 0 0 rg BT 146.29 426.75 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 179.29 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 196.25 426.75 Td (we ) Tj ET Q q 0 0 0 rg BT 210.29 426.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 248.24 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 258.20 426.75 Td (face ) Tj ET Q q 0 0 0 rg BT 277.48 426.75 Td (market ) Tj ET Q q 0 0 0 rg BT 308.42 426.75 Td (pressures ) Tj ET Q q 0 0 0 rg BT 349.29 426.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 391.32 426.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 405.94 426.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 432.22 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 442.19 426.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 472.55 426.75 Td (products. ) Tj ET Q q 0 0 0 rg BT 513.13 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 514.92 426.75 Td (In ) Tj ET Q q 0 0 0 rg BT 525.47 426.75 Td (addition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 66.16 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 89.24 414.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 132.13 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 147.62 414.15 Td (not ) Tj ET Q q 0 0 0 rg BT 163.70 414.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 203.10 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 218.60 414.15 Td (lowest ) Tj ET Q q 0 0 0 rg BT 248.68 414.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 268.26 414.15 Td (provider ) Tj ET Q q 0 0 0 rg BT 306.49 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 317.90 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 340.98 414.15 Td (management ) Tj ET Q q 0 0 0 rg BT 397.29 414.15 Td (services. ) Tj ET Q q 0 0 0 rg BT 436.21 414.15 Td (T) Tj ET Q q 0 0 0 rg BT 441.89 414.15 Td (o ) Tj ET Q q 0 0 0 rg BT 449.80 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 465.29 414.15 Td (extent ) Tj ET Q q 0 0 0 rg BT 493.61 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 512.02 414.15 Td (we ) Tj ET Q q 0 0 0 rg BT 526.93 414.15 Td (compete ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (on ) Tj ET Q q 0 0 0 rg BT 62.03 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 76.89 401.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 99.93 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 110.71 401.55 Td (price ) Tj ET Q q 0 0 0 rg BT 133.72 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 143.92 401.55 Td (any ) Tj ET Q q 0 0 0 rg BT 161.12 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 171.90 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 187.93 401.55 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 236.92 401.55 Td (we ) Tj ET Q q 0 0 0 rg BT 251.20 401.55 Td (may ) Tj ET Q q 0 0 0 rg BT 271.31 401.55 Td (not ) Tj ET Q q 0 0 0 rg BT 286.76 401.55 Td (be ) Tj ET Q q 0 0 0 rg BT 298.70 401.55 Td (able ) Tj ET Q q 0 0 0 rg BT 318.22 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 328.42 401.55 Td (maintain ) Tj ET Q q 0 0 0 rg BT 367.20 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 383.22 401.55 Td (current ) Tj ET Q q 0 0 0 rg BT 414.99 401.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 429.84 401.55 Td (structure ) Tj ET Q q 0 0 0 rg BT 468.61 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 478.81 401.55 Td (that ) Tj ET Q q 0 0 0 rg BT 496.59 401.55 Td (business, ) Tj ET Q q 0 0 0 rg BT 536.83 401.55 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (could ) Tj ET Q q 0 0 0 rg BT 75.65 388.95 Td (adversely ) Tj ET Q q 0 0 0 rg BT 118.70 388.95 Td (af) Tj ET Q q 0 0 0 rg BT 126.66 388.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 145.22 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 162.03 388.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 202.16 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 220.14 388.95 Td (net ) Tj ET Q q 0 0 0 rg BT 235.79 388.95 Td (income. ) Tj ET Q q 0 0 0 rg BT 272.13 388.95 Td (In ) Tj ET Q q 0 0 0 rg BT 283.70 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 299.34 388.95 Td (retail ) Tj ET Q q 0 0 0 rg BT 323.73 388.95 Td (separately ) Tj ET Q q 0 0 0 rg BT 369.11 388.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 409.83 388.95 Td (account ) Tj ET Q q 0 0 0 rg BT 445.29 388.95 Td (program ) Tj ET Q q 0 0 0 rg BT 483.68 388.95 Td (business, ) Tj ET Q q 0 0 0 rg BT 524.71 388.95 Td (there ) Tj ET Q q 0 0 0 rg BT 548.51 388.95 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (been ) Tj ET Q q 0 0 0 rg BT 71.71 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 78.76 376.35 Td (trend ) Tj ET Q q 0 0 0 rg BT 102.72 376.35 Td (toward ) Tj ET Q q 0 0 0 rg BT 134.26 376.35 Td (more ) Tj ET Q q 0 0 0 rg BT 158.22 376.35 Td (open ) Tj ET Q q 0 0 0 rg BT 181.02 376.35 Td (programs ) Tj ET Q q 0 0 0 rg BT 223.06 376.35 Td (that ) Tj ET Q q 0 0 0 rg BT 241.20 376.35 Td (involve ) Tj ET Q q 0 0 0 rg BT 275.08 376.35 Td (more ) Tj ET Q q 0 0 0 rg BT 299.04 376.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 321.84 376.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 364.46 376.35 Td (who ) Tj ET Q q 0 0 0 rg BT 384.93 376.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 419.39 376.35 Td (only ) Tj ET Q q 0 0 0 rg BT 440.44 376.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 488.91 376.35 Td (models ) Tj ET Q q 0 0 0 rg BT 521.63 376.35 Td (which ) Tj ET Q q 0 0 0 rg BT 549.67 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.32 363.75 Td (institution ) Tj ET Q q 0 0 0 rg BT 135.00 363.75 Td (sponsor's ) Tj ET Q q 0 0 0 rg BT 176.74 363.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 224.73 363.75 Td (use ) Tj ET Q q 0 0 0 rg BT 241.82 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 253.08 363.75 Td (allocate ) Tj ET Q q 0 0 0 rg BT 288.82 363.75 Td (assets. ) Tj ET Q q 0 0 0 rg BT 318.35 363.75 Td (A) Tj ET Q q 0 0 0 rg BT 325.35 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 328.44 363.75 Td (number ) Tj ET Q q 0 0 0 rg BT 363.61 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 375.44 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.36 363.75 Td (programs ) Tj ET Q q 0 0 0 rg BT 434.11 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 449.44 363.75 Td (which ) Tj ET Q q 0 0 0 rg BT 478.19 363.75 Td (we ) Tj ET Q q 0 0 0 rg BT 493.53 363.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 528.69 363.75 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (have ) Tj ET Q q 0 0 0 rg BT 71.53 351.15 Td (followed ) Tj ET Q q 0 0 0 rg BT 111.07 351.15 Td (this ) Tj ET Q q 0 0 0 rg BT 128.46 351.15 Td (trend, ) Tj ET Q q 0 0 0 rg BT 154.87 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 172.25 351.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 216.45 351.15 Td (programs ) Tj ET Q q 0 0 0 rg BT 258.32 351.15 Td (could ) Tj ET Q q 0 0 0 rg BT 283.86 351.15 Td (do ) Tj ET Q q 0 0 0 rg BT 296.58 351.15 Td (so ) Tj ET Q q 0 0 0 rg BT 308.13 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 318.51 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 333.55 351.15 Td (future. ) Tj ET Q q 0 0 0 rg BT 363.46 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 365.51 351.15 Td (This ) Tj ET Q q 0 0 0 rg BT 386.39 351.15 Td (trend ) Tj ET Q q 0 0 0 rg BT 410.18 351.15 Td (could ) Tj ET Q q 0 0 0 rg BT 435.72 351.15 Td (result ) Tj ET Q q 0 0 0 rg BT 461.26 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 471.16 351.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 497.87 351.15 Td (retention ) Tj ET Q q 0 0 0 rg BT 537.41 351.15 Td (issues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (due ) Tj ET Q q 0 0 0 rg BT 69.73 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 82.96 338.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 130.02 338.55 Td (competition ) Tj ET Q q 0 0 0 rg BT 185.25 338.55 Td (within ) Tj ET Q q 0 0 0 rg BT 217.16 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 235.05 338.55 Td (programs, ) Tj ET Q q 0 0 0 rg BT 282.40 338.55 Td (particularly ) Tj ET Q q 0 0 0 rg BT 335.87 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 353.18 338.55 Td (products ) Tj ET Q q 0 0 0 rg BT 394.41 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 418.14 338.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 476.26 338.55 Td (issues, ) Tj ET Q q 0 0 0 rg BT 509.04 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 529.27 338.55 Td (reduced ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (management ) Tj ET Q q 0 0 0 rg BT 105.77 325.95 Td (fees, ) Tj ET Q q 0 0 0 rg BT 127.92 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 156.21 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 171.65 325.95 Td (typical ) Tj ET Q q 0 0 0 rg BT 202.85 325.95 Td (results ) Tj ET Q q 0 0 0 rg BT 232.89 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 244.26 325.95 Td (providing ) Tj ET Q q 0 0 0 rg BT 287.72 325.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 336.42 325.95 Td (models ) Tj ET Q q 0 0 0 rg BT 369.38 325.95 Td (rather ) Tj ET Q q 0 0 0 rg BT 396.49 325.95 Td (than ) Tj ET Q q 0 0 0 rg BT 417.19 325.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 455.98 325.95 Td (services.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 300.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.86 300.75 Td (business ) Tj ET Q q 0 0 0 rg BT 143.48 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 153.51 300.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 176.96 300.75 Td (management. ) Tj ET Q q 0 0 0 rg BT 235.59 300.75 Td (As ) Tj ET Q q 0 0 0 rg BT 250.29 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 257.98 300.75 Td (result, ) Tj ET Q q 0 0 0 rg BT 286.97 300.75 Td (we ) Tj ET Q q 0 0 0 rg BT 302.24 300.75 Td (may ) Tj ET Q q 0 0 0 rg BT 323.35 300.75 Td (be ) Tj ET Q q 0 0 0 rg BT 336.29 300.75 Td (more ) Tj ET Q q 0 0 0 rg BT 360.90 300.75 Td (af) Tj ET Q q 0 0 0 rg BT 368.87 300.75 Td (fected ) Tj ET Q q 0 0 0 rg BT 397.54 300.75 Td (by ) Tj ET Q q 0 0 0 rg BT 411.08 300.75 Td (trends ) Tj ET Q q 0 0 0 rg BT 439.77 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 457.96 300.75 Td (issues ) Tj ET Q q 0 0 0 rg BT 486.08 300.75 Td (af) Tj ET Q q 0 0 0 rg BT 494.05 300.75 Td (fecting ) Tj ET Q q 0 0 0 rg BT 526.23 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 542.09 300.75 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 105.76 288.15 Td (industry) Tj ET Q q 0 0 0 rg BT 139.50 288.15 Td (, ) Tj ET Q q 0 0 0 rg BT 144.74 288.15 Td (such ) Tj ET Q q 0 0 0 rg BT 166.60 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 177.97 288.15 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 238.91 288.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 284.67 288.15 Td (issues ) Tj ET Q q 0 0 0 rg BT 312.38 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 330.15 288.15 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 372.14 288.15 Td (publicity ) Tj ET Q q 0 0 0 rg BT 412.09 288.15 Td (about, ) Tj ET Q q 0 0 0 rg BT 440.66 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 458.43 288.15 Td (public ) Tj ET Q q 0 0 0 rg BT 487.30 288.15 Td (perceptions ) Tj ET Q q 0 0 0 rg BT 538.31 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 288.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (industry ) Tj ET Q q 0 0 0 rg BT 86.57 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 104.38 275.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 127.45 275.55 Td (management ) Tj ET Q q 0 0 0 rg BT 183.74 275.55 Td (industry ) Tj ET Q q 0 0 0 rg BT 220.81 275.55 Td (market ) Tj ET Q q 0 0 0 rg BT 252.62 275.55 Td (cycles, ) Tj ET Q q 0 0 0 rg BT 284.13 275.55 Td (than ) Tj ET Q q 0 0 0 rg BT 304.86 275.55 Td (other ) Tj ET Q q 0 0 0 rg BT 329.09 275.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.47 275.55 Td (services ) Tj ET Q q 0 0 0 rg BT 404.94 275.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 452.50 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 470.89 275.55 Td (have ) Tj ET Q q 0 0 0 rg BT 493.37 275.55 Td (more ) Tj ET Q q 0 0 0 rg BT 517.59 275.55 Td (diversified ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (businesses.) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (20) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 741.90 Td (Failure ) Tj ET Q q 0 0 0 rg BT 120.73 741.90 Td (to ) Tj ET Q q 0 0 0 rg BT 131.46 741.90 Td (Properly ) Tj ET Q q 0 0 0 rg BT 170.96 741.90 Td (Address ) Tj ET Q q 0 0 0 rg BT 207.94 741.90 Td (the ) Tj ET Q q 0 0 0 rg BT 223.92 741.90 Td (Increased ) Tj ET Q q 0 0 0 rg BT 269.05 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 275.08 741.90 Td (ransformative ) Tj ET Q q 0 0 0 rg BT 338.31 741.90 Td (Pressures ) Tj ET Q q 0 0 0 rg BT 382.49 741.90 Td (Af) Tj ET Q q 0 0 0 rg BT 392.80 741.90 Td (fecting ) Tj ET Q q 0 0 0 rg BT 425.10 741.90 Td (the ) Tj ET Q q 0 0 0 rg BT 440.70 741.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 466.01 741.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 525.74 741.90 Td (Industry ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Could ) Tj ET Q q 0 0 0 rg BT 78.39 729.30 Td (Negatively ) Tj ET Q q 0 0 0 rg BT 126.49 729.30 Td (Impact ) Tj ET Q q 0 0 0 rg BT 159.45 729.30 Td (our ) Tj ET Q q 0 0 0 rg BT 177.25 729.30 Td (Business) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 104.99 704.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 128.56 704.10 Td (management ) Tj ET Q q 0 0 0 rg BT 185.37 704.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 222.95 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 233.11 704.10 Td (facing ) Tj ET Q q 0 0 0 rg BT 262.51 704.10 Td (transformative ) Tj ET Q q 0 0 0 rg BT 326.90 704.10 Td (pressures ) Tj ET Q q 0 0 0 rg BT 369.14 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.46 704.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 416.28 704.10 Td (from ) Tj ET Q q 0 0 0 rg BT 439.86 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 447.68 704.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 479.99 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.90 704.10 Td (dif) Tj ET Q q 0 0 0 rg BT 503.38 704.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 531.02 704.10 Td (sources ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (including:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 678.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 678.90 Td (Increased ) Tj ET Q q 0 0 0 rg BT 146.35 678.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 161.79 678.90 Td (pressure;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 666.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 666.30 Td (Increased ) Tj ET Q q 0 0 0 rg BT 146.35 666.30 Td (demand ) Tj ET Q q 0 0 0 rg BT 182.21 666.30 Td (from ) Tj ET Q q 0 0 0 rg BT 205.25 666.30 Td (clients ) Tj ET Q q 0 0 0 rg BT 235.28 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 253.07 666.30 Td (distributors ) Tj ET Q q 0 0 0 rg BT 303.53 666.30 Td (for ) Tj ET Q q 0 0 0 rg BT 318.40 666.30 Td (client ) Tj ET Q q 0 0 0 rg BT 344.35 666.30 Td (engagement ) Tj ET Q q 0 0 0 rg BT 397.70 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 415.48 666.30 Td (value-added ) Tj ET Q q 0 0 0 rg BT 469.42 666.30 Td (services;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 653.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 653.70 Td (Diver) Tj ET Q q 0 0 0 rg BT 127.22 653.70 Td (gent ) Tj ET Q q 0 0 0 rg BT 148.99 653.70 Td (central ) Tj ET Q q 0 0 0 rg BT 181.25 653.70 Td (bank ) Tj ET Q q 0 0 0 rg BT 205.35 653.70 Td (monetary ) Tj ET Q q 0 0 0 rg BT 248.69 653.70 Td (policies ) Tj ET Q q 0 0 0 rg BT 285.05 653.70 Td (between ) Tj ET Q q 0 0 0 rg BT 323.72 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 340.24 653.70 Td (U.S ) Tj ET Q q 0 0 0 rg BT 359.98 653.70 Td (Federal ) Tj ET Q q 0 0 0 rg BT 395.16 653.70 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 432.67 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 451.53 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 468.05 653.70 Td (central ) Tj ET Q q 0 0 0 rg BT 500.31 653.70 Td (banks ) Tj ET Q q 0 0 0 rg BT 528.50 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 540.94 653.70 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 641.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 149.27 641.10 Td (economies;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 628.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 628.50 Td (A) Tj ET Q q 0 0 0 rg BT 110.50 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 113.66 628.50 Td (continued ) Tj ET Q q 0 0 0 rg BT 158.22 628.50 Td (shift ) Tj ET Q q 0 0 0 rg BT 180.04 628.50 Td (away ) Tj ET Q q 0 0 0 rg BT 205.35 628.50 Td (from ) Tj ET Q q 0 0 0 rg BT 228.91 628.50 Td (core ) Tj ET Q q 0 0 0 rg BT 250.13 628.50 Td (equities ) Tj ET Q q 0 0 0 rg BT 285.94 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 304.26 628.50 Td (fixed ) Tj ET Q q 0 0 0 rg BT 328.99 628.50 Td (income ) Tj ET Q q 0 0 0 rg BT 363.05 628.50 Td (strategies ) Tj ET Q q 0 0 0 rg BT 405.85 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 424.17 628.50 Td (towards ) Tj ET Q q 0 0 0 rg BT 460.56 628.50 Td (alternative, ) Tj ET Q q 0 0 0 rg BT 510.65 628.50 Td (passive, ) Tj ET Q q 0 0 0 rg BT 547.34 628.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 615.90 Td (smart ) Tj ET Q q 0 0 0 rg BT 129.45 615.90 Td (beta ) Tj ET Q q 0 0 0 rg BT 149.57 615.90 Td (strategies;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 603.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 603.30 Td (A) Tj ET Q q 0 0 0 rg BT 110.50 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 112.34 603.30 Td (trend ) Tj ET Q q 0 0 0 rg BT 135.75 603.30 Td (towards ) Tj ET Q q 0 0 0 rg BT 170.83 603.30 Td (institutions ) Tj ET Q q 0 0 0 rg BT 219.34 603.30 Td (developing ) Tj ET Q q 0 0 0 rg BT 267.83 603.30 Td (fewer ) Tj ET Q q 0 0 0 rg BT 293.57 603.30 Td (relationships ) Tj ET Q q 0 0 0 rg BT 349.06 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 366.06 603.30 Td (partners ) Tj ET Q q 0 0 0 rg BT 401.71 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 418.71 603.30 Td (reducing ) Tj ET Q q 0 0 0 rg BT 457.28 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 471.94 603.30 Td (number ) Tj ET Q q 0 0 0 rg BT 505.85 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 516.44 603.30 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 590.70 Td (managers ) Tj ET Q q 0 0 0 rg BT 146.36 590.70 Td (they ) Tj ET Q q 0 0 0 rg BT 167.06 590.70 Td (work ) Tj ET Q q 0 0 0 rg BT 191.27 590.70 Td (with;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 578.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 578.10 Td (Increased ) Tj ET Q q 0 0 0 rg BT 148.42 578.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 196.27 578.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 232.46 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.32 578.10 Td (scrutiny ) Tj ET Q q 0 0 0 rg BT 290.85 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.30 578.10 Td (many ) Tj ET Q q 0 0 0 rg BT 332.32 578.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 367.35 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.79 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.32 578.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 423.43 578.10 Td (management ) Tj ET Q q 0 0 0 rg BT 481.78 578.10 Td (industry) Tj ET Q q 0 0 0 rg BT 515.51 578.10 Td (, ) Tj ET Q q 0 0 0 rg BT 522.84 578.10 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 565.50 Td (transparency/unbundling ) Tj ET Q q 0 0 0 rg BT 212.55 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 225.96 565.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 250.15 565.50 Td (inducements, ) Tj ET Q q 0 0 0 rg BT 310.51 565.50 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 351.33 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 364.73 565.50 Td (interest, ) Tj ET Q q 0 0 0 rg BT 402.93 565.50 Td (capital, ) Tj ET Q q 0 0 0 rg BT 438.20 565.50 Td (liquidity) Tj ET Q q 0 0 0 rg BT 473.10 565.50 Td (, ) Tj ET Q q 0 0 0 rg BT 480.39 565.50 Td (solvency) Tj ET Q q 0 0 0 rg BT 517.03 565.50 Td (, ) Tj ET Q q 0 0 0 rg BT 524.32 565.50 Td (leverage, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 552.90 Td (operational ) Tj ET Q q 0 0 0 rg BT 153.36 552.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 171.73 552.90 Td (management, ) Tj ET Q q 0 0 0 rg BT 230.63 552.90 Td (controls ) Tj ET Q q 0 0 0 rg BT 267.08 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 284.87 552.90 Td (compensation;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 540.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 540.30 Td (Addressing ) Tj ET Q q 0 0 0 rg BT 153.40 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 168.30 540.30 Td (key ) Tj ET Q q 0 0 0 rg BT 185.53 540.30 Td (emer) Tj ET Q q 0 0 0 rg BT 206.33 540.30 Td (ging ) Tj ET Q q 0 0 0 rg BT 227.07 540.30 Td (markets ) Tj ET Q q 0 0 0 rg BT 262.38 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 272.62 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 287.52 540.30 Td (world, ) Tj ET Q q 0 0 0 rg BT 316.71 540.30 Td (such ) Tj ET Q q 0 0 0 rg BT 338.03 540.30 Td (as ) Tj ET Q q 0 0 0 rg BT 348.85 540.30 Td (China ) Tj ET Q q 0 0 0 rg BT 376.00 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 393.23 540.30 Td (India, ) Tj ET Q q 0 0 0 rg BT 419.50 540.30 Td (which ) Tj ET Q q 0 0 0 rg BT 447.23 540.30 Td (often ) Tj ET Q q 0 0 0 rg BT 470.88 540.30 Td (have ) Tj ET Q q 0 0 0 rg BT 492.77 540.30 Td (populations ) Tj ET Q q 0 0 0 rg BT 543.84 540.30 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 527.70 Td (dif) Tj ET Q q 0 0 0 rg BT 114.97 527.70 Td (ferent ) Tj ET Q q 0 0 0 rg BT 142.08 527.70 Td (needs, ) Tj ET Q q 0 0 0 rg BT 171.24 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 173.86 527.70 Td (preferences ) Tj ET Q q 0 0 0 rg BT 224.87 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 242.65 527.70 Td (horizons ) Tj ET Q q 0 0 0 rg BT 281.44 527.70 Td (than ) Tj ET Q q 0 0 0 rg BT 302.14 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 317.60 527.70 Td (more ) Tj ET Q q 0 0 0 rg BT 341.80 527.70 Td (developed ) Tj ET Q q 0 0 0 rg BT 387.57 527.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 408.87 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 426.65 527.70 Td (European ) Tj ET Q q 0 0 0 rg BT 469.51 527.70 Td (markets; ) Tj ET Q q 0 0 0 rg BT 508.29 527.70 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 515.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 515.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 147.53 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.32 515.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 207.60 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.39 515.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 271.16 515.10 Td (client ) Tj ET Q q 0 0 0 rg BT 297.11 515.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 330.64 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 341.43 515.10 Td (interacting ) Tj ET Q q 0 0 0 rg BT 388.96 515.10 Td (digitally ) Tj ET Q q 0 0 0 rg BT 426.58 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 447.87 515.10 Td (their ) Tj ET Q q 0 0 0 rg BT 469.74 515.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 518.44 515.10 Td (portfolios.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.50 489.90 Td (As ) Tj ET Q q 0 0 0 rg BT 77.21 489.90 Td (a ) Tj ET Q q 0 0 0 rg BT 84.90 489.90 Td (result ) Tj ET Q q 0 0 0 rg BT 111.27 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 123.05 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 138.92 489.90 Td (trends ) Tj ET Q q 0 0 0 rg BT 167.61 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 185.81 489.90 Td (pressures ) Tj ET Q q 0 0 0 rg BT 227.92 489.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 271.21 489.90 Td (above, ) Tj ET Q q 0 0 0 rg BT 301.94 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 317.80 489.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 341.25 489.90 Td (management ) Tj ET Q q 0 0 0 rg BT 397.93 489.90 Td (industry ) Tj ET Q q 0 0 0 rg BT 435.39 489.90 Td (is ) Tj ET Q q 0 0 0 rg BT 445.43 489.90 Td (facing ) Tj ET Q q 0 0 0 rg BT 474.70 489.90 Td (an ) Tj ET Q q 0 0 0 rg BT 487.65 489.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 530.33 489.90 Td (level ) Tj ET Q q 0 0 0 rg BT 553.77 489.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (disruption. ) Tj ET Q q 0 0 0 rg BT 96.91 477.30 Td (If ) Tj ET Q q 0 0 0 rg BT 106.10 477.30 Td (we ) Tj ET Q q 0 0 0 rg BT 120.55 477.30 Td (are ) Tj ET Q q 0 0 0 rg BT 135.57 477.30 Td (unable ) Tj ET Q q 0 0 0 rg BT 165.76 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 176.13 477.30 Td (adapt ) Tj ET Q q 0 0 0 rg BT 201.06 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 217.26 477.30 Td (strategy ) Tj ET Q q 0 0 0 rg BT 252.70 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 270.06 477.30 Td (business ) Tj ET Q q 0 0 0 rg BT 307.85 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 318.22 477.30 Td (adequately ) Tj ET Q q 0 0 0 rg BT 365.90 477.30 Td (address ) Tj ET Q q 0 0 0 rg BT 399.59 477.30 Td (these ) Tj ET Q q 0 0 0 rg BT 423.37 477.30 Td (trends ) Tj ET Q q 0 0 0 rg BT 451.23 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 468.59 477.30 Td (pressures ) Tj ET Q q 0 0 0 rg BT 509.86 477.30 Td (listed ) Tj ET Q q 0 0 0 rg BT 534.81 477.30 Td (above, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (we ) Tj ET Q q 0 0 0 rg BT 64.92 464.70 Td (may ) Tj ET Q q 0 0 0 rg BT 86.18 464.70 Td (be ) Tj ET Q q 0 0 0 rg BT 99.27 464.70 Td (unable ) Tj ET Q q 0 0 0 rg BT 130.44 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 141.79 464.70 Td (satisfactorily ) Tj ET Q q 0 0 0 rg BT 199.21 464.70 Td (meet ) Tj ET Q q 0 0 0 rg BT 222.79 464.70 Td (client ) Tj ET Q q 0 0 0 rg BT 249.30 464.70 Td (needs, ) Tj ET Q q 0 0 0 rg BT 279.01 464.70 Td (our ) Tj ET Q q 0 0 0 rg BT 296.19 464.70 Td (competitive ) Tj ET Q q 0 0 0 rg BT 348.93 464.70 Td (position ) Tj ET Q q 0 0 0 rg BT 385.95 464.70 Td (may ) Tj ET Q q 0 0 0 rg BT 407.21 464.70 Td (weaken ) Tj ET Q q 0 0 0 rg BT 442.46 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 460.80 464.70 Td (our ) Tj ET Q q 0 0 0 rg BT 477.97 464.70 Td (business ) Tj ET Q q 0 0 0 rg BT 516.74 464.70 Td (results ) Tj ET Q q 0 0 0 rg BT 547.34 464.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 95.86 452.10 Td (may ) Tj ET Q q 0 0 0 rg BT 116.57 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 129.10 452.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 171.96 452.10 Td (af) Tj ET Q q 0 0 0 rg BT 179.93 452.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 210.82 452.10 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 426.90 Td (W) Tj ET Q q 0 0 0 rg BT 94.06 426.90 Td (e ) Tj ET Q q 0 0 0 rg BT 101.71 426.90 Td (May ) Tj ET Q q 0 0 0 rg BT 123.96 426.90 Td (Support ) Tj ET Q q 0 0 0 rg BT 161.39 426.90 Td (Government ) Tj ET Q q 0 0 0 rg BT 218.05 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 237.39 426.90 Td (Retail ) Tj ET Q q 0 0 0 rg BT 266.05 426.90 Td (Money ) Tj ET Q q 0 0 0 rg BT 298.79 426.90 Td (Market ) Tj ET Q q 0 0 0 rg BT 333.29 426.90 Td (Funds ) Tj ET Q q 0 0 0 rg BT 364.31 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 375.47 426.90 Td (Maintain ) Tj ET Q q 0 0 0 rg BT 418.74 426.90 Td (Their ) Tj ET Q q 0 0 0 rg BT 445.65 426.90 Td (Stable ) Tj ET Q q 0 0 0 rg BT 475.48 426.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 493.20 426.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 518.95 426.90 Td (V) Tj ET Q q 0 0 0 rg BT 524.79 426.90 Td (alues, ) Tj ET Q q 0 0 0 rg BT 553.16 426.90 Td (or ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 77.21 414.30 Td (Products ) Tj ET Q q 0 0 0 rg BT 118.34 414.30 Td (we ) Tj ET Q q 0 0 0 rg BT 132.63 414.30 Td (Manage, ) Tj ET Q q 0 0 0 rg BT 173.28 414.30 Td (Which ) Tj ET Q q 0 0 0 rg BT 204.50 414.30 Td (Could ) Tj ET Q q 0 0 0 rg BT 232.99 414.30 Td (Af) Tj ET Q q 0 0 0 rg BT 243.30 414.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 261.67 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 279.47 414.30 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 323.50 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 335.46 414.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 381.84 414.30 Td (Results) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 389.10 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 151.99 389.10 Td (7% ) Tj ET Q q 0 0 0 rg BT 168.90 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.56 389.10 Td (our ) Tj ET Q q 0 0 0 rg BT 196.83 389.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 224.25 389.10 Td (as ) Tj ET Q q 0 0 0 rg BT 235.91 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.58 389.10 Td (March ) Tj ET Q q 0 0 0 rg BT 277.90 389.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 293.94 389.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 320.48 389.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 362.47 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.14 389.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 401.55 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.63 389.10 Td (government ) Tj ET Q q 0 0 0 rg BT 465.70 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 477.36 389.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 501.85 389.10 Td (money ) Tj ET Q q 0 0 0 rg BT 533.34 389.10 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (funds. ) Tj ET Q q 0 0 0 rg BT 78.31 376.50 Td (Money ) Tj ET Q q 0 0 0 rg BT 110.92 376.50 Td (market ) Tj ET Q q 0 0 0 rg BT 142.93 376.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 169.11 376.50 Td (seek ) Tj ET Q q 0 0 0 rg BT 190.63 376.50 Td (to ) Tj ET Q q 0 0 0 rg BT 201.65 376.50 Td (preserve ) Tj ET Q q 0 0 0 rg BT 240.07 376.50 Td (a ) Tj ET Q q 0 0 0 rg BT 247.59 376.50 Td (stable ) Tj ET Q q 0 0 0 rg BT 274.93 376.50 Td (net ) Tj ET Q q 0 0 0 rg BT 290.62 376.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 313.89 376.50 Td (value. ) Tj ET Q q 0 0 0 rg BT 341.90 376.50 Td (While ) Tj ET Q q 0 0 0 rg BT 370.41 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 386.10 376.50 Td (SEC ) Tj ET Q q 0 0 0 rg BT 408.21 376.50 Td (has ) Tj ET Q q 0 0 0 rg BT 425.06 376.50 Td (implemented ) Tj ET Q q 0 0 0 rg BT 482.74 376.50 Td (rules ) Tj ET Q q 0 0 0 rg BT 506.00 376.50 Td (requiring ) Tj ET Q q 0 0 0 rg BT 547.35 376.50 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (institutional ) Tj ET Q q 0 0 0 rg BT 101.84 363.90 Td (prime ) Tj ET Q q 0 0 0 rg BT 128.51 363.90 Td (money ) Tj ET Q q 0 0 0 rg BT 159.26 363.90 Td (market ) Tj ET Q q 0 0 0 rg BT 190.59 363.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 212.01 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 229.34 363.90 Td (any ) Tj ET Q q 0 0 0 rg BT 246.68 363.90 Td (institutional ) Tj ET Q q 0 0 0 rg BT 299.02 363.90 Td (municipal ) Tj ET Q q 0 0 0 rg BT 343.19 363.90 Td (\(or ) Tj ET Q q 0 0 0 rg BT 357.60 363.90 Td (tax-exempt\) ) Tj ET Q q 0 0 0 rg BT 410.50 363.90 Td (money ) Tj ET Q q 0 0 0 rg BT 441.26 363.90 Td (market ) Tj ET Q q 0 0 0 rg BT 472.58 363.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 494.00 363.90 Td (that ) Tj ET Q q 0 0 0 rg BT 511.92 363.90 Td (is ) Tj ET Q q 0 0 0 rg BT 521.10 363.90 Td (registered ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (under ) Tj ET Q q 0 0 0 rg BT 75.73 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 90.88 351.30 Td (Investment ) Tj ET Q q 0 0 0 rg BT 139.86 351.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 182.50 351.30 Td (Act ) Tj ET Q q 0 0 0 rg BT 199.99 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 211.06 351.30 Td (1940 ) Tj ET Q q 0 0 0 rg BT 234.38 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 244.87 351.30 Td (utilize ) Tj ET Q q 0 0 0 rg BT 273.43 351.30 Td (market-based ) Tj ET Q q 0 0 0 rg BT 332.31 351.30 Td (valuations ) Tj ET Q q 0 0 0 rg BT 377.79 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 388.29 351.30 Td (calculate ) Tj ET Q q 0 0 0 rg BT 427.91 351.30 Td (a ) Tj ET Q q 0 0 0 rg BT 434.90 351.30 Td (floating ) Tj ET Q q 0 0 0 rg BT 469.88 351.30 Td (NA) Tj ET Q q 0 0 0 rg BT 483.69 351.30 Td (V) Tj ET Q q 0 0 0 rg BT 489.92 351.30 Td (, ) Tj ET Q q 0 0 0 rg BT 494.87 351.30 Td (government ) Tj ET Q q 0 0 0 rg BT 547.34 351.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (retail ) Tj ET Q q 0 0 0 rg BT 74.24 338.70 Td (money ) Tj ET Q q 0 0 0 rg BT 105.99 338.70 Td (market ) Tj ET Q q 0 0 0 rg BT 138.31 338.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 164.81 338.70 Td (can ) Tj ET Q q 0 0 0 rg BT 182.56 338.70 Td (continue ) Tj ET Q q 0 0 0 rg BT 221.88 338.70 Td (using ) Tj ET Q q 0 0 0 rg BT 247.81 338.70 Td (current ) Tj ET Q q 0 0 0 rg BT 280.71 338.70 Td (pricing ) Tj ET Q q 0 0 0 rg BT 313.62 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 331.95 338.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 381.19 338.70 Td (methods ) Tj ET Q q 0 0 0 rg BT 419.94 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 431.28 338.70 Td (seek ) Tj ET Q q 0 0 0 rg BT 453.10 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 464.44 338.70 Td (maintain ) Tj ET Q q 0 0 0 rg BT 504.35 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 512.18 338.70 Td (stable ) Tj ET Q q 0 0 0 rg BT 539.85 338.70 Td (NA) Tj ET Q q 0 0 0 rg BT 553.66 338.70 Td (V) Tj ET Q q 0 0 0 rg BT 559.89 338.70 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 82.46 326.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 128.84 326.10 Td (could ) Tj ET Q q 0 0 0 rg BT 154.80 326.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 174.92 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.72 326.10 Td (severe ) Tj ET Q q 0 0 0 rg BT 215.17 326.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 253.39 326.10 Td (or ) Tj ET Q q 0 0 0 rg BT 264.77 326.10 Td (security ) Tj ET Q q 0 0 0 rg BT 300.65 326.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 333.02 326.10 Td (issues, ) Tj ET Q q 0 0 0 rg BT 363.37 326.10 Td (which ) Tj ET Q q 0 0 0 rg BT 391.67 326.10 Td (could ) Tj ET Q q 0 0 0 rg BT 417.63 326.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 448.83 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.30 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.93 326.10 Td (NA) Tj ET Q q 0 0 0 rg BT 480.74 326.10 Td (V) Tj ET Q q 0 0 0 rg BT 488.14 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.77 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.15 326.10 Td (money ) Tj ET Q q 0 0 0 rg BT 533.36 326.10 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (funds. ) Tj ET Q q 0 0 0 rg BT 78.03 313.50 Td (If ) Tj ET Q q 0 0 0 rg BT 87.59 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 102.99 313.50 Td (NA) Tj ET Q q 0 0 0 rg BT 116.80 313.50 Td (V) Tj ET Q q 0 0 0 rg BT 124.19 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 126.76 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 138.08 313.50 Td (a ) Tj ET Q q 0 0 0 rg BT 145.31 313.50 Td (money ) Tj ET Q q 0 0 0 rg BT 176.46 313.50 Td (market ) Tj ET Q q 0 0 0 rg BT 208.18 313.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 230.00 313.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 270.47 313.50 Td (by ) Tj ET Q q 0 0 0 rg BT 283.54 313.50 Td (our ) Tj ET Q q 0 0 0 rg BT 300.10 313.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 323.08 313.50 Td (managers ) Tj ET Q q 0 0 0 rg BT 365.89 313.50 Td (were ) Tj ET Q q 0 0 0 rg BT 388.86 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 399.60 313.50 Td (fall ) Tj ET Q q 0 0 0 rg BT 416.16 313.50 Td (below ) Tj ET Q q 0 0 0 rg BT 444.39 313.50 Td (its ) Tj ET Q q 0 0 0 rg BT 456.88 313.50 Td (stable ) Tj ET Q q 0 0 0 rg BT 483.94 313.50 Td (net ) Tj ET Q q 0 0 0 rg BT 499.34 313.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 522.32 313.50 Td (value, ) Tj ET Q q 0 0 0 rg BT 550.25 313.50 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (would ) Tj ET Q q 0 0 0 rg BT 77.99 300.90 Td (likely ) Tj ET Q q 0 0 0 rg BT 104.14 300.90 Td (experience ) Tj ET Q q 0 0 0 rg BT 151.85 300.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 198.41 300.90 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 252.56 300.90 Td (in ) Tj ET Q q 0 0 0 rg BT 262.47 300.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 289.21 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 306.61 300.90 Td (reputational ) Tj ET Q q 0 0 0 rg BT 359.00 300.90 Td (harm, ) Tj ET Q q 0 0 0 rg BT 385.44 300.90 Td (which ) Tj ET Q q 0 0 0 rg BT 413.34 300.90 Td (could ) Tj ET Q q 0 0 0 rg BT 438.91 300.90 Td (have ) Tj ET Q q 0 0 0 rg BT 460.97 300.90 Td (a ) Tj ET Q q 0 0 0 rg BT 467.87 300.90 Td (material ) Tj ET Q q 0 0 0 rg BT 504.50 300.90 Td (adverse ) Tj ET Q q 0 0 0 rg BT 538.81 300.90 Td (ef) Tj ET Q q 0 0 0 rg BT 546.78 300.90 Td (fect ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (on ) Tj ET Q q 0 0 0 rg BT 62.63 288.30 Td (our ) Tj ET Q q 0 0 0 rg BT 79.25 288.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 119.19 288.30 Td (or ) Tj ET Q q 0 0 0 rg BT 130.56 288.30 Td (net ) Tj ET Q q 0 0 0 rg BT 146.01 288.30 Td (income.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 263.10 Td (If ) Tj ET Q q 0 0 0 rg BT 95.33 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 102.83 263.10 Td (government ) Tj ET Q q 0 0 0 rg BT 155.82 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 167.40 263.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 191.81 263.10 Td (money ) Tj ET Q q 0 0 0 rg BT 223.22 263.10 Td (market ) Tj ET Q q 0 0 0 rg BT 255.21 263.10 Td (fund's ) Tj ET Q q 0 0 0 rg BT 283.27 263.10 Td (stable ) Tj ET Q q 0 0 0 rg BT 310.60 263.10 Td (NA) Tj ET Q q 0 0 0 rg BT 324.41 263.10 Td (V) Tj ET Q q 0 0 0 rg BT 331.81 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.64 263.10 Td (comes ) Tj ET Q q 0 0 0 rg BT 364.30 263.10 Td (under ) Tj ET Q q 0 0 0 rg BT 391.05 263.10 Td (pressure, ) Tj ET Q q 0 0 0 rg BT 431.50 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 446.58 263.10 Td (may ) Tj ET Q q 0 0 0 rg BT 467.49 263.10 Td (elect, ) Tj ET Q q 0 0 0 rg BT 492.77 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 504.35 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 519.43 263.10 Td (have ) Tj ET Q q 0 0 0 rg BT 542.09 263.10 Td (done ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 60.45 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 76.07 250.50 Td (past, ) Tj ET Q q 0 0 0 rg BT 98.40 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 109.35 250.50 Td (provide ) Tj ET Q q 0 0 0 rg BT 144.21 250.50 Td (credit, ) Tj ET Q q 0 0 0 rg BT 173.52 250.50 Td (liquidity) Tj ET Q q 0 0 0 rg BT 208.43 250.50 Td (, ) Tj ET Q q 0 0 0 rg BT 213.84 250.50 Td (or ) Tj ET Q q 0 0 0 rg BT 225.38 250.50 Td (other ) Tj ET Q q 0 0 0 rg BT 249.74 250.50 Td (support ) Tj ET Q q 0 0 0 rg BT 284.02 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 294.98 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 310.59 250.50 Td (fund. ) Tj ET Q q 0 0 0 rg BT 335.05 250.50 Td (W) Tj ET Q q 0 0 0 rg BT 344.12 250.50 Td (e ) Tj ET Q q 0 0 0 rg BT 351.57 250.50 Td (may ) Tj ET Q q 0 0 0 rg BT 372.43 250.50 Td (also ) Tj ET Q q 0 0 0 rg BT 392.13 250.50 Td (elect ) Tj ET Q q 0 0 0 rg BT 414.74 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 425.69 250.50 Td (provide ) Tj ET Q q 0 0 0 rg BT 460.55 250.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 492.50 250.50 Td (or ) Tj ET Q q 0 0 0 rg BT 504.04 250.50 Td (other ) Tj ET Q q 0 0 0 rg BT 528.40 250.50 Td (support, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (including ) Tj ET Q q 0 0 0 rg BT 92.68 237.90 Td (by ) Tj ET Q q 0 0 0 rg BT 106.69 237.90 Td (providing ) Tj ET Q q 0 0 0 rg BT 151.04 237.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 190.14 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 201.82 237.90 Td (a ) Tj ET Q q 0 0 0 rg BT 210.00 237.90 Td (fund, ) Tj ET Q q 0 0 0 rg BT 235.38 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 247.07 237.90 Td (other ) Tj ET Q q 0 0 0 rg BT 272.16 237.90 Td (products ) Tj ET Q q 0 0 0 rg BT 311.83 237.90 Td (we ) Tj ET Q q 0 0 0 rg BT 327.59 237.90 Td (manage ) Tj ET Q q 0 0 0 rg BT 363.75 237.90 Td (for ) Tj ET Q q 0 0 0 rg BT 379.51 237.90 Td (any ) Tj ET Q q 0 0 0 rg BT 398.19 237.90 Td (number ) Tj ET Q q 0 0 0 rg BT 433.78 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 446.04 237.90 Td (reasons. ) Tj ET Q q 0 0 0 rg BT 483.41 237.90 Td (W) Tj ET Q q 0 0 0 rg BT 492.48 237.90 Td (e ) Tj ET Q q 0 0 0 rg BT 500.66 237.90 Td (are ) Tj ET Q q 0 0 0 rg BT 516.99 237.90 Td (not ) Tj ET Q q 0 0 0 rg BT 533.92 237.90 Td (legally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (required ) Tj ET Q q 0 0 0 rg BT 87.87 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 99.42 225.30 Td (support ) Tj ET Q q 0 0 0 rg BT 134.30 225.30 Td (any ) Tj ET Q q 0 0 0 rg BT 152.85 225.30 Td (product ) Tj ET Q q 0 0 0 rg BT 188.30 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 206.85 225.30 Td (there ) Tj ET Q q 0 0 0 rg BT 231.22 225.30 Td (can ) Tj ET Q q 0 0 0 rg BT 249.17 225.30 Td (be ) Tj ET Q q 0 0 0 rg BT 262.47 225.30 Td (no ) Tj ET Q q 0 0 0 rg BT 276.35 225.30 Td (assurance ) Tj ET Q q 0 0 0 rg BT 320.55 225.30 Td (that ) Tj ET Q q 0 0 0 rg BT 339.68 225.30 Td (any ) Tj ET Q q 0 0 0 rg BT 358.22 225.30 Td (support ) Tj ET Q q 0 0 0 rg BT 393.10 225.30 Td (would ) Tj ET Q q 0 0 0 rg BT 422.74 225.30 Td (be ) Tj ET Q q 0 0 0 rg BT 436.03 225.30 Td (suf) Tj ET Q q 0 0 0 rg BT 448.68 225.30 Td (ficient ) Tj ET Q q 0 0 0 rg BT 478.88 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 490.43 225.30 Td (avoid ) Tj ET Q q 0 0 0 rg BT 517.14 225.30 Td (an ) Tj ET Q q 0 0 0 rg BT 530.44 225.30 Td (adverse ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 81.44 212.70 Td (on ) Tj ET Q q 0 0 0 rg BT 95.31 212.70 Td (any ) Tj ET Q q 0 0 0 rg BT 113.83 212.70 Td (product ) Tj ET Q q 0 0 0 rg BT 149.27 212.70 Td (or ) Tj ET Q q 0 0 0 rg BT 161.38 212.70 Td (investors ) Tj ET Q q 0 0 0 rg BT 202.67 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 214.20 212.70 Td (any ) Tj ET Q q 0 0 0 rg BT 232.72 212.70 Td (product. ) Tj ET Q q 0 0 0 rg BT 270.05 212.70 Td (A) Tj ET Q q 0 0 0 rg BT 277.05 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 280.42 212.70 Td (decision ) Tj ET Q q 0 0 0 rg BT 318.78 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 330.31 212.70 Td (provide ) Tj ET Q q 0 0 0 rg BT 365.75 212.70 Td (support ) Tj ET Q q 0 0 0 rg BT 400.62 212.70 Td (may ) Tj ET Q q 0 0 0 rg BT 422.06 212.70 Td (arise ) Tj ET Q q 0 0 0 rg BT 445.25 212.70 Td (from ) Tj ET Q q 0 0 0 rg BT 469.02 212.70 Td (factors ) Tj ET Q q 0 0 0 rg BT 500.96 212.70 Td (specific ) Tj ET Q q 0 0 0 rg BT 536.97 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 548.51 212.70 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (products ) Tj ET Q q 0 0 0 rg BT 88.47 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 100.03 200.10 Td (from ) Tj ET Q q 0 0 0 rg BT 123.26 200.10 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 184.40 200.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 218.40 200.10 Td (If ) Tj ET Q q 0 0 0 rg BT 228.21 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 243.27 200.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 265.90 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.88 200.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 311.77 200.10 Td (support, ) Tj ET Q q 0 0 0 rg BT 348.71 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 363.76 200.10 Td (could ) Tj ET Q q 0 0 0 rg BT 389.91 200.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 414.29 200.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 442.19 200.10 Td (from ) Tj ET Q q 0 0 0 rg BT 465.42 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.06 200.10 Td (support ) Tj ET Q q 0 0 0 rg BT 515.37 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 530.43 200.10 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 66.80 187.50 Td (incur ) Tj ET Q q 0 0 0 rg BT 90.51 187.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 134.64 187.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 160.41 187.50 Td (including ) Tj ET Q q 0 0 0 rg BT 202.21 187.50 Td (financing ) Tj ET Q q 0 0 0 rg BT 244.00 187.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 269.77 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 280.08 187.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 328.28 187.50 Td (with ) Tj ET Q q 0 0 0 rg BT 349.09 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 364.06 187.50 Td (support. ) Tj ET Q q 0 0 0 rg BT 400.17 187.50 Td (These ) Tj ET Q q 0 0 0 rg BT 427.38 187.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 454.60 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 471.90 187.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 516.03 187.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 539.17 187.50 Td (could ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (be ) Tj ET Q q 0 0 0 rg BT 61.32 174.90 Td (material, ) Tj ET Q q 0 0 0 rg BT 100.25 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 117.31 174.90 Td (could ) Tj ET Q q 0 0 0 rg BT 142.55 174.90 Td (adversely ) Tj ET Q q 0 0 0 rg BT 184.68 174.90 Td (af) Tj ET Q q 0 0 0 rg BT 192.65 174.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 210.29 174.90 Td (our ) Tj ET Q q 0 0 0 rg BT 226.20 174.90 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 266.30 174.90 Td (If ) Tj ET Q q 0 0 0 rg BT 275.20 174.90 Td (we ) Tj ET Q q 0 0 0 rg BT 289.35 174.90 Td (were ) Tj ET Q q 0 0 0 rg BT 311.65 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 321.73 174.90 Td (take ) Tj ET Q q 0 0 0 rg BT 341.12 174.90 Td (such ) Tj ET Q q 0 0 0 rg BT 362.27 174.90 Td (actions ) Tj ET Q q 0 0 0 rg BT 393.92 174.90 Td (we ) Tj ET Q q 0 0 0 rg BT 408.07 174.90 Td (may ) Tj ET Q q 0 0 0 rg BT 428.06 174.90 Td (also ) Tj ET Q q 0 0 0 rg BT 446.88 174.90 Td (restrict ) Tj ET Q q 0 0 0 rg BT 477.93 174.90 Td (our ) Tj ET Q q 0 0 0 rg BT 493.84 174.90 Td (corporate ) Tj ET Q q 0 0 0 rg BT 535.39 174.90 Td (assets, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (limiting ) Tj ET Q q 0 0 0 rg BT 85.80 162.30 Td (our ) Tj ET Q q 0 0 0 rg BT 102.84 162.30 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 147.29 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 158.50 162.30 Td (use ) Tj ET Q q 0 0 0 rg BT 175.54 162.30 Td (these ) Tj ET Q q 0 0 0 rg BT 200.16 162.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 227.70 162.30 Td (for ) Tj ET Q q 0 0 0 rg BT 242.99 162.30 Td (other ) Tj ET Q q 0 0 0 rg BT 267.61 162.30 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 310.60 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 328.81 162.30 Td (may ) Tj ET Q q 0 0 0 rg BT 349.93 162.30 Td (be ) Tj ET Q q 0 0 0 rg BT 362.88 162.30 Td (required ) Tj ET Q q 0 0 0 rg BT 400.91 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 412.12 162.30 Td (raise ) Tj ET Q q 0 0 0 rg BT 434.98 162.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 480.02 162.30 Td (capital. ) Tj ET Q q 0 0 0 rg BT 513.67 162.30 Td (In ) Tj ET Q q 0 0 0 rg BT 525.46 162.30 Td (addition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.55 149.70 Td (proposed ) Tj ET Q q 0 0 0 rg BT 121.53 149.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 167.16 149.70 Td (reforms ) Tj ET Q q 0 0 0 rg BT 202.30 149.70 Td (could ) Tj ET Q q 0 0 0 rg BT 228.12 149.70 Td (adversely ) Tj ET Q q 0 0 0 rg BT 270.83 149.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 301.89 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 317.21 149.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 359.34 149.70 Td (results ) Tj ET Q q 0 0 0 rg BT 389.24 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 400.48 149.70 Td (our ) Tj ET Q q 0 0 0 rg BT 416.96 149.70 Td (money ) Tj ET Q q 0 0 0 rg BT 448.02 149.70 Td (market ) Tj ET Q q 0 0 0 rg BT 479.66 149.70 Td (funds. ) Tj ET Q q 0 0 0 rg BT 508.10 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 510.59 149.70 Td (See ) Tj ET Q q 0 0 0 rg BT 528.24 149.70 Td (�Item ) Tj ET Q q 0 0 0 rg BT 554.62 149.70 Td (1. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 89.47 137.10 Td (- ) Tj ET Q q 0 0 0 rg BT 95.59 137.10 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 144.29 137.10 Td (- ) Tj ET Q q 0 0 0 rg BT 150.41 137.10 Td (Existing ) Tj ET Q q 0 0 0 rg BT 188.04 137.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 209.34 137.10 Td (Regulation.�) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 111.90 Td (Failure ) Tj ET Q q 0 0 0 rg BT 121.15 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 132.28 111.90 Td (Comply ) Tj ET Q q 0 0 0 rg BT 168.29 111.90 Td (W) Tj ET Q q 0 0 0 rg BT 177.23 111.90 Td (ith ) Tj ET Q q 0 0 0 rg BT 191.88 111.90 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 246.78 111.90 Td (Requirements ) Tj ET Q q 0 0 0 rg BT 309.84 111.90 Td (or ) Tj ET Q q 0 0 0 rg BT 322.15 111.90 Td (Guidelines ) Tj ET Q q 0 0 0 rg BT 371.79 111.90 Td (Could ) Tj ET Q q 0 0 0 rg BT 401.02 111.90 Td (Result ) Tj ET Q q 0 0 0 rg BT 431.41 111.90 Td (in ) Tj ET Q q 0 0 0 rg BT 443.14 111.90 Td (Liability ) Tj ET Q q 0 0 0 rg BT 482.27 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 501.58 111.90 Td (Loss ) Tj ET Q q 0 0 0 rg BT 524.39 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 535.67 111.90 Td (Assets ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (Under ) Tj ET Q q 0 0 0 rg BT 79.54 99.30 Td (Management, ) Tj ET Q q 0 0 0 rg BT 141.97 99.30 Td (Both ) Tj ET Q q 0 0 0 rg BT 165.60 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 176.79 99.30 Td (Which ) Tj ET Q q 0 0 0 rg BT 208.00 99.30 Td (Could ) Tj ET Q q 0 0 0 rg BT 236.89 99.30 Td (Cause ) Tj ET Q q 0 0 0 rg BT 266.36 99.30 Td (our ) Tj ET Q q 0 0 0 rg BT 284.16 99.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 301.94 99.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 337.23 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 348.03 99.30 Td (Decline) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 74.10 Td (The ) Tj ET Q q 0 0 0 rg BT 104.36 74.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 127.31 74.10 Td (management ) Tj ET Q q 0 0 0 rg BT 183.50 74.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 223.94 74.10 Td (under ) Tj ET Q q 0 0 0 rg BT 250.38 74.10 Td (which ) Tj ET Q q 0 0 0 rg BT 278.58 74.10 Td (we ) Tj ET Q q 0 0 0 rg BT 293.37 74.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 328.56 74.10 Td (client ) Tj ET Q q 0 0 0 rg BT 354.42 74.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 384.08 74.10 Td (including ) Tj ET Q q 0 0 0 rg BT 426.28 74.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 466.72 74.10 Td (with ) Tj ET Q q 0 0 0 rg BT 487.93 74.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 536.54 74.10 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (often ) Tj ET Q q 0 0 0 rg BT 72.80 61.50 Td (specify ) Tj ET Q q 0 0 0 rg BT 104.84 61.50 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 149.72 61.50 Td (or ) Tj ET Q q 0 0 0 rg BT 160.19 61.50 Td (contractual ) Tj ET Q q 0 0 0 rg BT 208.55 61.50 Td (requirements ) Tj ET Q q 0 0 0 rg BT 265.09 61.50 Td (that ) Tj ET Q q 0 0 0 rg BT 282.55 61.50 Td (we ) Tj ET Q q 0 0 0 rg BT 296.52 61.50 Td (are ) Tj ET Q q 0 0 0 rg BT 311.06 61.50 Td (obligated ) Tj ET Q q 0 0 0 rg BT 351.85 61.50 Td (to ) Tj ET Q q 0 0 0 rg BT 361.74 61.50 Td (observe ) Tj ET Q q 0 0 0 rg BT 396.12 61.50 Td (in ) Tj ET Q q 0 0 0 rg BT 406.00 61.50 Td (providing ) Tj ET Q q 0 0 0 rg BT 448.56 61.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 470.69 61.50 Td (management ) Tj ET Q q 0 0 0 rg BT 526.06 61.50 Td (services. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.90 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 48.90 Td ( ) Tj ET Q q 0 0 0 rg BT 59.07 48.90 Td (failure ) Tj ET Q q 0 0 0 rg BT 89.05 48.90 Td (to ) Tj ET Q q 0 0 0 rg BT 99.78 48.90 Td (comply ) Tj ET Q q 0 0 0 rg BT 133.85 48.90 Td (with ) Tj ET Q q 0 0 0 rg BT 155.09 48.90 Td (these ) Tj ET Q q 0 0 0 rg BT 179.24 48.90 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 224.97 48.90 Td (or ) Tj ET Q q 0 0 0 rg BT 236.29 48.90 Td (requirements ) Tj ET Q q 0 0 0 rg BT 293.67 48.90 Td (could ) Tj ET Q q 0 0 0 rg BT 319.57 48.90 Td (result ) Tj ET Q q 0 0 0 rg BT 345.47 48.90 Td (in ) Tj ET Q q 0 0 0 rg BT 356.21 48.90 Td (damage ) Tj ET Q q 0 0 0 rg BT 391.43 48.90 Td (to ) Tj ET Q q 0 0 0 rg BT 402.17 48.90 Td (our ) Tj ET Q q 0 0 0 rg BT 418.74 48.90 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 466.50 48.90 Td (liability ) Tj ET Q q 0 0 0 rg BT 501.74 48.90 Td (to ) Tj ET Q q 0 0 0 rg BT 512.48 48.90 Td (the ) Tj ET Q q 0 0 0 rg BT 527.88 48.90 Td (client ) Tj ET Q q 0 0 0 rg BT 553.77 48.90 Td (or ) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (21) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.60 741.75 Td (client ) Tj ET Q q 0 0 0 rg BT 90.20 741.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 129.21 741.75 Td (its ) Tj ET Q q 0 0 0 rg BT 141.41 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 168.18 741.75 Td (under ) Tj ET Q q 0 0 0 rg BT 194.36 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 210.63 741.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 269.18 741.75 Td (any ) Tj ET Q q 0 0 0 rg BT 286.62 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 297.64 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 325.57 741.75 Td (could ) Tj ET Q q 0 0 0 rg BT 351.18 741.75 Td (cause ) Tj ET Q q 0 0 0 rg BT 376.77 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 393.04 741.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 432.63 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 450.07 741.75 Td (net ) Tj ET Q q 0 0 0 rg BT 465.17 741.75 Td (income ) Tj ET Q q 0 0 0 rg BT 498.35 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 508.79 741.75 Td (decline. ) Tj ET Q q 0 0 0 rg BT 543.85 741.75 Td (This ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.64 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 77.02 729.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 119.05 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 131.94 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 147.15 729.15 Td (trend ) Tj ET Q q 0 0 0 rg BT 171.11 729.15 Td (toward ) Tj ET Q q 0 0 0 rg BT 202.65 729.15 Td (customized, ) Tj ET Q q 0 0 0 rg BT 255.49 729.15 Td (specialized ) Tj ET Q q 0 0 0 rg BT 304.51 729.15 Td (mandates ) Tj ET Q q 0 0 0 rg BT 346.55 729.15 Td (seen ) Tj ET Q q 0 0 0 rg BT 367.59 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 380.48 729.15 Td (many ) Tj ET Q q 0 0 0 rg BT 406.19 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 417.33 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 433.71 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 456.50 729.15 Td (managers, ) Tj ET Q q 0 0 0 rg BT 501.75 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 529.79 729.15 Td (tends ) Tj ET Q q 0 0 0 rg BT 554.34 729.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (result ) Tj ET Q q 0 0 0 rg BT 75.45 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 86.25 716.55 Td (more ) Tj ET Q q 0 0 0 rg BT 110.45 716.55 Td (complex ) Tj ET Q q 0 0 0 rg BT 149.23 716.55 Td (mandates ) Tj ET Q q 0 0 0 rg BT 191.51 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 209.88 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 225.32 716.55 Td (more ) Tj ET Q q 0 0 0 rg BT 249.52 716.55 Td (dif) Tj ET Q q 0 0 0 rg BT 260.99 716.55 Td (ficult ) Tj ET Q q 0 0 0 rg BT 285.78 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 296.57 716.55 Td (administer) Tj ET Q q 0 0 0 rg BT 340.32 716.55 Td (.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 105.04 691.35 Td (Soundness ) Tj ET Q q 0 0 0 rg BT 154.36 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 165.73 691.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 193.44 691.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 238.66 691.35 Td (Institutions ) Tj ET Q q 0 0 0 rg BT 290.90 691.35 Td (Could ) Tj ET Q q 0 0 0 rg BT 319.40 691.35 Td (Adversely ) Tj ET Q q 0 0 0 rg BT 363.62 691.35 Td (Af) Tj ET Q q 0 0 0 rg BT 373.93 691.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 392.29 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 410.09 691.35 Td (Business) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 666.15 Td (V) Tj ET Q q 0 0 0 rg BT 91.73 666.15 Td (olatility ) Tj ET Q q 0 0 0 rg BT 128.41 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 140.59 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 157.43 666.15 Td (markets ) Tj ET Q q 0 0 0 rg BT 194.68 666.15 Td (has ) Tj ET Q q 0 0 0 rg BT 212.70 666.15 Td (highlighted ) Tj ET Q q 0 0 0 rg BT 264.54 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 281.38 666.15 Td (interconnection ) Tj ET Q q 0 0 0 rg BT 350.70 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 363.46 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 380.31 666.15 Td (global ) Tj ET Q q 0 0 0 rg BT 410.57 666.15 Td (markets ) Tj ET Q q 0 0 0 rg BT 447.82 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 466.99 666.15 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 527.57 666.15 Td (how ) Tj ET Q q 0 0 0 rg BT 549.67 666.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (deteriorating ) Tj ET Q q 0 0 0 rg BT 104.90 653.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.39 653.55 Td (condition ) Tj ET Q q 0 0 0 rg BT 184.81 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 195.31 653.55 Td (one ) Tj ET Q q 0 0 0 rg BT 212.23 653.55 Td (institution ) Tj ET Q q 0 0 0 rg BT 256.58 653.55 Td (may ) Tj ET Q q 0 0 0 rg BT 276.42 653.55 Td (materially ) Tj ET Q q 0 0 0 rg BT 320.74 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 337.66 653.55 Td (adversely ) Tj ET Q q 0 0 0 rg BT 379.65 653.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 409.98 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 424.56 653.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 479.37 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 489.88 653.55 Td (other ) Tj ET Q q 0 0 0 rg BT 513.21 653.55 Td (institutions. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.04 640.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 108.22 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 126.35 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 142.15 640.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 168.45 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 186.58 640.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 226.28 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 245.00 640.95 Td (we ) Tj ET Q q 0 0 0 rg BT 260.21 640.95 Td (manage, ) Tj ET Q q 0 0 0 rg BT 298.45 640.95 Td (have ) Tj ET Q q 0 0 0 rg BT 321.24 640.95 Td (exposure ) Tj ET Q q 0 0 0 rg BT 362.12 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 373.25 640.95 Td (many ) Tj ET Q q 0 0 0 rg BT 399.55 640.95 Td (dif) Tj ET Q q 0 0 0 rg BT 411.02 640.95 Td (ferent ) Tj ET Q q 0 0 0 rg BT 438.47 640.95 Td (industries ) Tj ET Q q 0 0 0 rg BT 482.28 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 500.40 640.95 Td (counterparties, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.93 628.35 Td (routinely ) Tj ET Q q 0 0 0 rg BT 107.11 628.35 Td (execute ) Tj ET Q q 0 0 0 rg BT 141.44 628.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 193.86 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 214.79 628.35 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 276.54 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 286.97 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 302.07 628.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 341.07 628.35 Td (industry) Tj ET Q q 0 0 0 rg BT 374.81 628.35 Td (. ) Tj ET Q q 0 0 0 rg BT 379.54 628.35 Td (W) Tj ET Q q 0 0 0 rg BT 388.61 628.35 Td (e, ) Tj ET Q q 0 0 0 rg BT 398.16 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 415.59 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 430.69 628.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 456.29 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 473.72 628.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 512.72 628.35 Td (we ) Tj ET Q q 0 0 0 rg BT 527.23 628.35 Td (manage, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (may ) Tj ET Q q 0 0 0 rg BT 70.58 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 83.50 615.75 Td (exposed ) Tj ET Q q 0 0 0 rg BT 120.92 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 132.09 615.75 Td (credit, ) Tj ET Q q 0 0 0 rg BT 161.63 615.75 Td (operational ) Tj ET Q q 0 0 0 rg BT 211.86 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 223.62 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 248.20 615.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 266.96 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 278.13 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 293.97 615.75 Td (event ) Tj ET Q q 0 0 0 rg BT 319.71 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 331.46 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 339.13 615.75 Td (default ) Tj ET Q q 0 0 0 rg BT 371.29 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 384.80 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 392.47 615.75 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 448.53 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 460.29 615.75 Td (client, ) Tj ET Q q 0 0 0 rg BT 489.24 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 501.00 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 512.17 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 528.00 615.75 Td (event ) Tj ET Q q 0 0 0 rg BT 553.75 615.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (other ) Tj ET Q q 0 0 0 rg BT 73.70 603.15 Td (unrelated ) Tj ET Q q 0 0 0 rg BT 115.39 603.15 Td (systemic ) Tj ET Q q 0 0 0 rg BT 154.76 603.15 Td (failures ) Tj ET Q q 0 0 0 rg BT 188.87 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 199.66 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 215.12 603.15 Td (markets.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 577.95 Td (Performance-Based ) Tj ET Q q 0 0 0 rg BT 174.44 577.95 Td (Fee ) Tj ET Q q 0 0 0 rg BT 193.00 577.95 Td (Arrangements ) Tj ET Q q 0 0 0 rg BT 257.48 577.95 Td (May ) Tj ET Q q 0 0 0 rg BT 279.35 577.95 Td (Increase ) Tj ET Q q 0 0 0 rg BT 319.31 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 335.35 577.95 Td (V) Tj ET Q q 0 0 0 rg BT 341.19 577.95 Td (olatility ) Tj ET Q q 0 0 0 rg BT 376.48 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 387.85 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 405.65 577.95 Td (Revenues) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 552.75 Td (A) Tj ET Q q 0 0 0 rg BT 92.50 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 94.89 552.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 127.61 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 138.74 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 155.13 552.75 Td (total ) Tj ET Q q 0 0 0 rg BT 176.17 552.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 215.88 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 225.27 552.75 Td (derived ) Tj ET Q q 0 0 0 rg BT 259.14 552.75 Td (from ) Tj ET Q q 0 0 0 rg BT 281.94 552.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 337.37 552.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 359.29 552.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 378.01 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 400.80 552.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 443.42 552.75 Td (earn ) Tj ET Q q 0 0 0 rg BT 463.88 552.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 519.31 552.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 538.60 552.75 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 81.54 540.15 Td (client ) Tj ET Q q 0 0 0 rg BT 108.34 540.15 Td (agreements ) Tj ET Q q 0 0 0 rg BT 159.62 540.15 Td (if ) Tj ET Q q 0 0 0 rg BT 169.51 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 185.81 540.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 235.37 540.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 291.89 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 303.53 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 319.83 540.15 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 360.05 540.15 Td (meets ) Tj ET Q q 0 0 0 rg BT 388.02 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 400.24 540.15 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 436.95 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 445.08 540.15 Td (specified ) Tj ET Q q 0 0 0 rg BT 486.46 540.15 Td (benchmark. ) Tj ET Q q 0 0 0 rg BT 539.20 540.15 Td (If ) Tj ET Q q 0 0 0 rg BT 549.67 540.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.71 527.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 152.90 527.55 Td (does ) Tj ET Q q 0 0 0 rg BT 174.28 527.55 Td (not ) Tj ET Q q 0 0 0 rg BT 189.84 527.55 Td (meet ) Tj ET Q q 0 0 0 rg BT 212.38 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 223.27 527.55 Td (exceed ) Tj ET Q q 0 0 0 rg BT 254.54 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 269.51 527.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 317.72 527.55 Td (return ) Tj ET Q q 0 0 0 rg BT 344.93 527.55 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 393.71 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 408.09 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 414.89 527.55 Td (particular ) Tj ET Q q 0 0 0 rg BT 457.26 527.55 Td (period, ) Tj ET Q q 0 0 0 rg BT 488.84 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 503.81 527.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 526.36 527.55 Td (manager ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (will ) Tj ET Q q 0 0 0 rg BT 68.01 514.95 Td (not ) Tj ET Q q 0 0 0 rg BT 83.60 514.95 Td (generate ) Tj ET Q q 0 0 0 rg BT 121.33 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 128.17 514.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 183.39 514.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 198.38 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 212.80 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 230.72 514.95 Td (period ) Tj ET Q q 0 0 0 rg BT 259.72 514.95 Td (and, ) Tj ET Q q 0 0 0 rg BT 279.68 514.95 Td (if ) Tj ET Q q 0 0 0 rg BT 288.26 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 303.27 514.95 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 352.08 514.95 Td (is ) Tj ET Q q 0 0 0 rg BT 361.26 514.95 Td (based ) Tj ET Q q 0 0 0 rg BT 387.34 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 400.02 514.95 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 448.84 514.95 Td (returns, ) Tj ET Q q 0 0 0 rg BT 482.80 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 497.80 514.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 520.39 514.95 Td (manager's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (ability ) Tj ET Q q 0 0 0 rg BT 78.71 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 89.26 502.35 Td (earn ) Tj ET Q q 0 0 0 rg BT 109.71 502.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 165.14 502.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 184.43 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 194.98 502.35 Td (future ) Tj ET Q q 0 0 0 rg BT 222.43 502.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 255.72 502.35 Td (may ) Tj ET Q q 0 0 0 rg BT 276.18 502.35 Td (be ) Tj ET Q q 0 0 0 rg BT 288.47 502.35 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 330.27 502.35 Td (As ) Tj ET Q q 0 0 0 rg BT 344.32 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 355.45 502.35 Td (March ) Tj ET Q q 0 0 0 rg BT 385.24 502.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 400.74 502.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 426.75 502.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 489.78 502.35 Td (1) Tj ET Q q 0 0 0 rg BT 494.64 502.35 Td (1% ) Tj ET Q q 0 0 0 rg BT 511.02 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 522.15 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 538.00 502.35 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (was ) Tj ET Q q 0 0 0 rg BT 67.70 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 77.73 489.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 116.33 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 126.94 489.75 Td (products ) Tj ET Q q 0 0 0 rg BT 164.97 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 182.58 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 197.27 489.75 Td (eligible ) Tj ET Q q 0 0 0 rg BT 230.63 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 240.66 489.75 Td (earn ) Tj ET Q q 0 0 0 rg BT 260.59 489.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 315.51 489.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 336.90 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 338.77 489.75 Td (Performance ) Tj ET Q q 0 0 0 rg BT 394.28 489.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 413.05 489.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 442.89 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 455.26 489.75 Td (pre-close ) Tj ET Q q 0 0 0 rg BT 495.19 489.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 521.56 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 531.00 489.75 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 87.33 477.15 Td (\(which ) Tj ET Q q 0 0 0 rg BT 119.91 477.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 160.06 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 175.72 477.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 239.79 477.15 Td (35% ) Tj ET Q q 0 0 0 rg BT 262.46 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 274.63 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 292.04 477.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 348.51 477.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 364.75 477.15 Td (eligible ) Tj ET Q q 0 0 0 rg BT 398.91 477.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 426.83 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 439.00 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 451.16 477.15 Td (March ) Tj ET Q q 0 0 0 rg BT 481.99 477.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 498.53 477.15 Td (2017\) ) Tj ET Q q 0 0 0 rg BT 526.45 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 542.69 477.15 Td (fully ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (passed ) Tj ET Q q 0 0 0 rg BT 79.79 464.55 Td (through ) Tj ET Q q 0 0 0 rg BT 114.76 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 125.23 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 140.36 464.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 174.15 464.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 210.86 464.55 Td (management ) Tj ET Q q 0 0 0 rg BT 266.81 464.55 Td (team, ) Tj ET Q q 0 0 0 rg BT 292.14 464.55 Td (per ) Tj ET Q q 0 0 0 rg BT 307.85 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 322.98 464.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 348.61 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 359.65 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 374.78 464.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 423.16 464.55 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 471.81 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 473.95 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 492.57 464.55 Td (full ) Tj ET Q q 0 0 0 rg BT 509.45 464.55 Td (pass ) Tj ET Q q 0 0 0 rg BT 529.84 464.55 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.75 451.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 94.74 451.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 131.65 451.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 187.20 451.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 206.61 451.95 Td (only ) Tj ET Q q 0 0 0 rg BT 227.77 451.95 Td (applies ) Tj ET Q q 0 0 0 rg BT 260.02 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 270.69 451.95 Td (historic ) Tj ET Q q 0 0 0 rg BT 304.13 451.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 331.13 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 341.80 451.95 Td (place ) Tj ET Q q 0 0 0 rg BT 366.45 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 377.70 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 388.95 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 404.28 451.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 437.11 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 448.35 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 463.68 451.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 512.26 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 524.71 451.95 Td (April ) Tj ET Q q 0 0 0 rg BT 549.38 451.95 Td (13, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (2016. ) Tj ET Q q 0 0 0 rg BT 76.25 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 79.15 439.35 Td (W) Tj ET Q q 0 0 0 rg BT 88.22 439.35 Td (e ) Tj ET Q q 0 0 0 rg BT 96.00 439.35 Td (expect ) Tj ET Q q 0 0 0 rg BT 126.53 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 142.48 439.35 Td (pass ) Tj ET Q q 0 0 0 rg BT 163.69 439.35 Td (through ) Tj ET Q q 0 0 0 rg BT 199.48 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 210.77 439.35 Td (phase ) Tj ET Q q 0 0 0 rg BT 237.81 439.35 Td (out ) Tj ET Q q 0 0 0 rg BT 254.35 439.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 318.12 439.35 Td (five ) Tj ET Q q 0 0 0 rg BT 337.57 439.35 Td (years ) Tj ET Q q 0 0 0 rg BT 362.85 439.35 Td (post-closing. ) Tj ET Q q 0 0 0 rg BT 419.93 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 422.83 439.35 Td (W) Tj ET Q q 0 0 0 rg BT 431.90 439.35 Td (e ) Tj ET Q q 0 0 0 rg BT 439.69 439.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 470.79 439.35 Td ($108.3 ) Tj ET Q q 0 0 0 rg BT 502.79 439.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 538.88 439.35 Td ($42.0 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (million ) Tj ET Q q 0 0 0 rg BT 82.15 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 99.62 426.75 Td ($83.5 ) Tj ET Q q 0 0 0 rg BT 125.56 426.75 Td (million ) Tj ET Q q 0 0 0 rg BT 158.20 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 168.68 426.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 224.04 426.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 243.26 426.75 Td (during ) Tj ET Q q 0 0 0 rg BT 272.98 426.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 298.03 426.75 Td (years ) Tj ET Q q 0 0 0 rg BT 322.50 426.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 348.44 426.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 371.75 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 389.22 426.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 415.15 426.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 465.20 426.75 Td (. ) Tj ET Q q 0 0 0 rg BT 470.14 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 472.45 426.75 Td (Of ) Tj ET Q q 0 0 0 rg BT 485.84 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 500.98 426.75 Td ($108.3 ) Tj ET Q q 0 0 0 rg BT 532.16 426.75 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.23 414.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 115.84 414.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 135.31 414.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 165.85 414.15 Td (during ) Tj ET Q q 0 0 0 rg BT 195.82 414.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 221.13 414.15 Td (year ) Tj ET Q q 0 0 0 rg BT 241.76 414.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 267.94 414.15 Td ($60.8 ) Tj ET Q q 0 0 0 rg BT 294.13 414.15 Td (million ) Tj ET Q q 0 0 0 rg BT 327.03 414.15 Td (was ) Tj ET Q q 0 0 0 rg BT 345.92 414.15 Td (passed ) Tj ET Q q 0 0 0 rg BT 376.48 414.15 Td (through ) Tj ET Q q 0 0 0 rg BT 411.70 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 422.43 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 437.82 414.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 471.88 414.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 508.85 414.15 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (team. ) Tj ET Q q 0 0 0 rg BT 74.74 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 76.46 401.55 Td (An ) Tj ET Q q 0 0 0 rg BT 91.51 401.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 128.11 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 139.07 401.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 177.41 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 187.79 401.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 243.05 401.55 Td (fees, ) Tj ET Q q 0 0 0 rg BT 264.79 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 275.75 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 286.12 401.55 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 368.79 401.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 383.81 401.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 442.58 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 463.46 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 479.67 401.55 Td (clients, ) Tj ET Q q 0 0 0 rg BT 511.91 401.55 Td (could ) Tj ET Q q 0 0 0 rg BT 537.45 401.55 Td (create ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (greater ) Tj ET Q q 0 0 0 rg BT 81.27 388.95 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 133.47 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 144.26 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 160.88 388.95 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 203.45 388.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 363.75 Td (W) Tj ET Q q 0 0 0 rg BT 94.06 363.75 Td (e ) Tj ET Q q 0 0 0 rg BT 101.34 363.75 Td (Rely ) Tj ET Q q 0 0 0 rg BT 123.21 363.75 Td (Significantly ) Tj ET Q q 0 0 0 rg BT 181.26 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 194.97 363.75 Td (Third ) Tj ET Q q 0 0 0 rg BT 222.11 363.75 Td (Parties ) Tj ET Q q 0 0 0 rg BT 255.06 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 265.86 363.75 Td (Distribute ) Tj ET Q q 0 0 0 rg BT 311.66 363.75 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 346.38 363.75 Td (Funds ) Tj ET Q q 0 0 0 rg BT 377.03 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 395.99 363.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 431.29 363.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 459.01 363.75 Td (Products) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 338.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.46 338.55 Td (ability ) Tj ET Q q 0 0 0 rg BT 137.91 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 150.71 338.55 Td (market ) Tj ET Q q 0 0 0 rg BT 184.48 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 204.27 338.55 Td (distribute ) Tj ET Q q 0 0 0 rg BT 248.56 338.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 282.35 338.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 310.31 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 330.10 338.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 363.28 338.55 Td (other ) Tj ET Q q 0 0 0 rg BT 389.49 338.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 440.19 338.55 Td (products ) Tj ET Q q 0 0 0 rg BT 480.98 338.55 Td (that ) Tj ET Q q 0 0 0 rg BT 501.35 338.55 Td (we ) Tj ET Q q 0 0 0 rg BT 518.22 338.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 555.49 338.55 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (significantly ) Tj ET Q q 0 0 0 rg BT 104.05 325.95 Td (dependent ) Tj ET Q q 0 0 0 rg BT 149.26 325.95 Td (on ) Tj ET Q q 0 0 0 rg BT 161.82 325.95 Td (access ) Tj ET Q q 0 0 0 rg BT 190.69 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 200.92 325.95 Td (third-party ) Tj ET Q q 0 0 0 rg BT 247.88 325.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 286.67 325.95 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 348.79 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 366.60 325.95 Td (distribute ) Tj ET Q q 0 0 0 rg BT 408.32 325.95 Td (these ) Tj ET Q q 0 0 0 rg BT 431.96 325.95 Td (products. ) Tj ET Q q 0 0 0 rg BT 472.65 325.95 Td (These ) Tj ET Q q 0 0 0 rg BT 499.79 325.95 Td (distributors ) Tj ET Q q 0 0 0 rg BT 549.68 325.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 91.11 313.35 Td (not ) Tj ET Q q 0 0 0 rg BT 107.07 313.35 Td (contractually ) Tj ET Q q 0 0 0 rg BT 164.43 313.35 Td (required ) Tj ET Q q 0 0 0 rg BT 201.96 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 212.67 313.35 Td (distribute ) Tj ET Q q 0 0 0 rg BT 254.88 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 271.43 313.35 Td (products, ) Tj ET Q q 0 0 0 rg BT 312.76 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 330.47 313.35 Td (typically ) Tj ET Q q 0 0 0 rg BT 369.76 313.35 Td (of) Tj ET Q q 0 0 0 rg BT 378.31 313.35 Td (fer ) Tj ET Q q 0 0 0 rg BT 392.51 313.35 Td (their ) Tj ET Q q 0 0 0 rg BT 414.30 313.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 444.26 313.35 Td (various ) Tj ET Q q 0 0 0 rg BT 477.72 313.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 526.34 313.35 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.17 300.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 106.12 300.75 Td (including ) Tj ET Q q 0 0 0 rg BT 148.30 300.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 197.45 300.75 Td (products ) Tj ET Q q 0 0 0 rg BT 236.12 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 253.79 300.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 292.75 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 303.42 300.75 Td (addition ) Tj ET Q q 0 0 0 rg BT 340.35 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 351.02 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 368.70 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 379.37 300.75 Td (competition ) Tj ET Q q 0 0 0 rg BT 432.04 300.75 Td (with ) Tj ET Q q 0 0 0 rg BT 453.22 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 469.73 300.75 Td (products ) Tj ET Q q 0 0 0 rg BT 508.40 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 526.07 300.75 Td (services. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (Relying ) Tj ET Q q 0 0 0 rg BT 85.05 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 97.86 288.15 Td (third-party ) Tj ET Q q 0 0 0 rg BT 145.07 288.15 Td (distributors ) Tj ET Q q 0 0 0 rg BT 195.21 288.15 Td (also ) Tj ET Q q 0 0 0 rg BT 214.43 288.15 Td (exposes ) Tj ET Q q 0 0 0 rg BT 249.97 288.15 Td (us ) Tj ET Q q 0 0 0 rg BT 261.62 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 272.09 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 287.22 288.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 305.28 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 316.33 288.15 Td (increasing ) Tj ET Q q 0 0 0 rg BT 361.78 288.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 385.09 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 396.14 288.15 Td (distribution, ) Tj ET Q q 0 0 0 rg BT 449.49 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 460.54 288.15 Td (we ) Tj ET Q q 0 0 0 rg BT 475.09 288.15 Td (compensate ) Tj ET Q q 0 0 0 rg BT 526.96 288.15 Td (them ) Tj ET Q q 0 0 0 rg BT 550.26 288.15 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (selling ) Tj ET Q q 0 0 0 rg BT 80.77 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 98.03 275.55 Td (products ) Tj ET Q q 0 0 0 rg BT 137.46 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 155.89 275.55 Td (services ) Tj ET Q q 0 0 0 rg BT 192.97 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 204.41 275.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 243.26 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 262.27 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 278.35 275.55 Td (agreed ) Tj ET Q q 0 0 0 rg BT 309.60 275.55 Td (between ) Tj ET Q q 0 0 0 rg BT 347.85 275.55 Td (them ) Tj ET Q q 0 0 0 rg BT 372.11 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 390.54 275.55 Td (us ) Tj ET Q q 0 0 0 rg BT 403.14 275.55 Td (but ) Tj ET Q q 0 0 0 rg BT 419.83 275.55 Td (which, ) Tj ET Q q 0 0 0 rg BT 451.38 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 462.81 275.55 Td (many ) Tj ET Q q 0 0 0 rg BT 489.41 275.55 Td (cases, ) Tj ET Q q 0 0 0 rg BT 517.46 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 533.54 275.55 Td (lar) Tj ET Q q 0 0 0 rg BT 544.43 275.55 Td (gely ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 100.62 262.95 Td (by ) Tj ET Q q 0 0 0 rg BT 115.01 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 131.73 262.95 Td (distributor) Tj ET Q q 0 0 0 rg BT 174.90 262.95 Td (. ) Tj ET Q q 0 0 0 rg BT 181.13 262.95 Td (There ) Tj ET Q q 0 0 0 rg BT 209.50 262.95 Td (has ) Tj ET Q q 0 0 0 rg BT 227.38 262.95 Td (been ) Tj ET Q q 0 0 0 rg BT 251.09 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 259.64 262.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 289.18 262.95 Td (trend ) Tj ET Q q 0 0 0 rg BT 314.64 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 327.28 262.95 Td (increasing ) Tj ET Q q 0 0 0 rg BT 374.32 262.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 395.11 262.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 417.08 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 429.13 262.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 461.58 262.95 Td (distributors ) Tj ET Q q 0 0 0 rg BT 513.31 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 525.36 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 542.08 262.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (management ) Tj ET Q q 0 0 0 rg BT 104.62 250.35 Td (business, ) Tj ET Q q 0 0 0 rg BT 144.30 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 160.93 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 176.40 250.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 226.29 250.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 248.76 250.35 Td (have ) Tj ET Q q 0 0 0 rg BT 270.05 250.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 311.16 250.35 Td (as ) Tj ET Q q 0 0 0 rg BT 321.38 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 327.51 250.35 Td (result. ) Tj ET Q q 0 0 0 rg BT 354.93 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 356.30 250.35 Td (While ) Tj ET Q q 0 0 0 rg BT 383.42 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 397.72 250.35 Td (third-party ) Tj ET Q q 0 0 0 rg BT 444.10 250.35 Td (distributors ) Tj ET Q q 0 0 0 rg BT 493.40 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 507.69 250.35 Td (compensated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 64.14 237.75 Td (distributing ) Tj ET Q q 0 0 0 rg BT 114.96 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 131.36 237.75 Td (products ) Tj ET Q q 0 0 0 rg BT 169.92 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.48 237.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 226.32 237.75 Td (there ) Tj ET Q q 0 0 0 rg BT 249.71 237.75 Td (can ) Tj ET Q q 0 0 0 rg BT 266.68 237.75 Td (be ) Tj ET Q q 0 0 0 rg BT 278.99 237.75 Td (no ) Tj ET Q q 0 0 0 rg BT 291.89 237.75 Td (assurances ) Tj ET Q q 0 0 0 rg BT 339.19 237.75 Td (that ) Tj ET Q q 0 0 0 rg BT 357.33 237.75 Td (we ) Tj ET Q q 0 0 0 rg BT 371.97 237.75 Td (will ) Tj ET Q q 0 0 0 rg BT 390.71 237.75 Td (be ) Tj ET Q q 0 0 0 rg BT 403.02 237.75 Td (successful ) Tj ET Q q 0 0 0 rg BT 448.57 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 459.14 237.75 Td (distributing ) Tj ET Q q 0 0 0 rg BT 509.96 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 526.36 237.75 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 65.98 225.15 Td (services ) Tj ET Q q 0 0 0 rg BT 101.13 225.15 Td (through ) Tj ET Q q 0 0 0 rg BT 135.12 225.15 Td (them. ) Tj ET Q q 0 0 0 rg BT 160.06 225.15 Td (In ) Tj ET Q q 0 0 0 rg BT 170.13 225.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 208.49 225.15 Td (mer) Tj ET Q q 0 0 0 rg BT 224.63 225.15 Td (gers ) Tj ET Q q 0 0 0 rg BT 243.45 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 259.93 225.15 Td (other ) Tj ET Q q 0 0 0 rg BT 282.83 225.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 323.80 225.15 Td (transactions ) Tj ET Q q 0 0 0 rg BT 375.28 225.15 Td (among ) Tj ET Q q 0 0 0 rg BT 405.18 225.15 Td (distributors ) Tj ET Q q 0 0 0 rg BT 454.34 225.15 Td (may ) Tj ET Q q 0 0 0 rg BT 473.74 225.15 Td (af) Tj ET Q q 0 0 0 rg BT 481.71 225.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 498.77 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 514.09 225.15 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 109.47 212.55 Td (For ) Tj ET Q q 0 0 0 rg BT 127.73 212.55 Td (example, ) Tj ET Q q 0 0 0 rg BT 169.60 212.55 Td (we ) Tj ET Q q 0 0 0 rg BT 185.53 212.55 Td (are ) Tj ET Q q 0 0 0 rg BT 202.02 212.55 Td (not ) Tj ET Q q 0 0 0 rg BT 219.12 212.55 Td (able ) Tj ET Q q 0 0 0 rg BT 240.29 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 252.14 212.55 Td (predict ) Tj ET Q q 0 0 0 rg BT 284.97 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 301.48 212.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 346.56 212.55 Td (ef) Tj ET Q q 0 0 0 rg BT 354.53 212.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 373.95 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 386.37 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 402.88 212.55 Td (Mor) Tj ET Q q 0 0 0 rg BT 420.77 212.55 Td (gan ) Tj ET Q q 0 0 0 rg BT 439.61 212.55 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 474.52 212.55 Td (W) Tj ET Q q 0 0 0 rg BT 483.59 212.55 Td (ealth ) Tj ET Q q 0 0 0 rg BT 507.68 212.55 Td (Management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (business ) Tj ET Q q 0 0 0 rg BT 87.89 199.95 Td (on ) Tj ET Q q 0 0 0 rg BT 101.19 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 117.99 199.95 Td (ability ) Tj ET Q q 0 0 0 rg BT 147.62 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 158.59 199.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 197.54 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 208.51 199.95 Td (successfully ) Tj ET Q q 0 0 0 rg BT 262.63 199.95 Td (distribute ) Tj ET Q q 0 0 0 rg BT 305.10 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 321.90 199.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 348.03 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 365.99 199.95 Td (other ) Tj ET Q q 0 0 0 rg BT 390.37 199.95 Td (products ) Tj ET Q q 0 0 0 rg BT 429.33 199.95 Td (through ) Tj ET Q q 0 0 0 rg BT 464.79 199.95 Td (it, ) Tj ET Q q 0 0 0 rg BT 476.05 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 487.60 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 503.23 199.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 527.03 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 538.58 199.95 Td (doing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (so. ) Tj ET Q q 0 0 0 rg BT 63.45 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 65.44 187.35 Td (If ) Tj ET Q q 0 0 0 rg BT 74.43 187.35 Td (we ) Tj ET Q q 0 0 0 rg BT 88.67 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 103.47 187.35 Td (unable ) Tj ET Q q 0 0 0 rg BT 133.46 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 143.61 187.35 Td (distribute ) Tj ET Q q 0 0 0 rg BT 185.27 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 201.26 187.35 Td (products ) Tj ET Q q 0 0 0 rg BT 239.41 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 256.56 187.35 Td (services ) Tj ET Q q 0 0 0 rg BT 292.37 187.35 Td (successfully) Tj ET Q q 0 0 0 rg BT 343.01 187.35 Td (, ) Tj ET Q q 0 0 0 rg BT 347.63 187.35 Td (it ) Tj ET Q q 0 0 0 rg BT 355.46 187.35 Td (will ) Tj ET Q q 0 0 0 rg BT 373.79 187.35 Td (adversely ) Tj ET Q q 0 0 0 rg BT 416.01 187.35 Td (af) Tj ET Q q 0 0 0 rg BT 423.98 187.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 441.70 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 457.69 187.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 497.00 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 514.15 187.35 Td (net ) Tj ET Q q 0 0 0 rg BT 528.97 187.35 Td (income, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 174.75 Td (any ) Tj ET Q q 0 0 0 rg BT 85.07 174.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 122.09 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 132.88 174.75 Td (distribution-related ) Tj ET Q q 0 0 0 rg BT 215.99 174.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 256.52 174.75 Td (could ) Tj ET Q q 0 0 0 rg BT 282.47 174.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 325.33 174.75 Td (af) Tj ET Q q 0 0 0 rg BT 333.30 174.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 351.66 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 368.28 174.75 Td (net ) Tj ET Q q 0 0 0 rg BT 383.73 174.75 Td (income.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 149.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.63 149.55 Td (Funds-of-Hedge ) Tj ET Q q 0 0 0 rg BT 180.01 149.55 Td (Funds ) Tj ET Q q 0 0 0 rg BT 210.65 149.55 Td (Business ) Tj ET Q q 0 0 0 rg BT 251.80 149.55 Td (Entails ) Tj ET Q q 0 0 0 rg BT 285.35 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 293.23 149.55 Td (Number ) Tj ET Q q 0 0 0 rg BT 331.44 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 342.42 149.55 Td (Additional ) Tj ET Q q 0 0 0 rg BT 390.56 149.55 Td (Risks) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 124.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 103.21 124.35 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 151.17 124.35 Td (operates ) Tj ET Q q 0 0 0 rg BT 188.63 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 195.76 124.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 228.56 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 239.78 124.35 Td (its ) Tj ET Q q 0 0 0 rg BT 252.17 124.35 Td (business ) Tj ET Q q 0 0 0 rg BT 290.23 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 300.87 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 316.17 124.35 Td (international ) Tj ET Q q 0 0 0 rg BT 371.71 124.35 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 438.32 124.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 464.13 124.35 Td (business. ) Tj ET Q q 0 0 0 rg BT 504.63 124.35 Td (The ) Tj ET Q q 0 0 0 rg BT 523.43 124.35 Td (funds-of-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 77.92 111.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 104.61 111.75 Td (business ) Tj ET Q q 0 0 0 rg BT 143.55 111.75 Td (typically ) Tj ET Q q 0 0 0 rg BT 183.65 111.75 Td (involves ) Tj ET Q q 0 0 0 rg BT 222.58 111.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 253.34 111.75 Td (being ) Tj ET Q q 0 0 0 rg BT 280.02 111.75 Td (char) Tj ET Q q 0 0 0 rg BT 297.90 111.75 Td (ged ) Tj ET Q q 0 0 0 rg BT 316.42 111.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 336.67 111.75 Td (on ) Tj ET Q q 0 0 0 rg BT 350.53 111.75 Td (two ) Tj ET Q q 0 0 0 rg BT 369.63 111.75 Td (levels�- ) Tj ET Q q 0 0 0 rg BT 403.60 111.75 Td (at ) Tj ET Q q 0 0 0 rg BT 414.53 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 430.71 111.75 Td (funds-of-funds ) Tj ET Q q 0 0 0 rg BT 496.47 111.75 Td (level ) Tj ET Q q 0 0 0 rg BT 520.23 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 538.74 111.75 Td (at ) Tj ET Q q 0 0 0 rg BT 549.67 111.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 98.12 99.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 124.58 99.15 Td (level. ) Tj ET Q q 0 0 0 rg BT 150.52 99.15 Td (These ) Tj ET Q q 0 0 0 rg BT 178.72 99.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 198.76 99.15 Td (may ) Tj ET Q q 0 0 0 rg BT 219.96 99.15 Td (include ) Tj ET Q q 0 0 0 rg BT 254.00 99.15 Td (management ) Tj ET Q q 0 0 0 rg BT 310.78 99.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 330.81 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 349.10 99.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 405.28 99.15 Td (fees. ) Tj ET Q q 0 0 0 rg BT 427.94 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 430.84 99.15 Td (There ) Tj ET Q q 0 0 0 rg BT 458.46 99.15 Td (can ) Tj ET Q q 0 0 0 rg BT 476.16 99.15 Td (be ) Tj ET Q q 0 0 0 rg BT 489.20 99.15 Td (no ) Tj ET Q q 0 0 0 rg BT 502.83 99.15 Td (assurance ) Tj ET Q q 0 0 0 rg BT 546.77 99.15 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 86.55 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 115.25 86.55 Td (will ) Tj ET Q q 0 0 0 rg BT 134.14 86.55 Td (not ) Tj ET Q q 0 0 0 rg BT 150.11 86.55 Td (be ) Tj ET Q q 0 0 0 rg BT 162.57 86.55 Td (forced ) Tj ET Q q 0 0 0 rg BT 191.93 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 202.65 86.55 Td (change ) Tj ET Q q 0 0 0 rg BT 234.94 86.55 Td (its ) Tj ET Q q 0 0 0 rg BT 247.41 86.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 262.78 86.55 Td (structures ) Tj ET Q q 0 0 0 rg BT 306.15 86.55 Td (by ) Tj ET Q q 0 0 0 rg BT 319.20 86.55 Td (competitive ) Tj ET Q q 0 0 0 rg BT 371.32 86.55 Td (or ) Tj ET Q q 0 0 0 rg BT 382.62 86.55 Td (other ) Tj ET Q q 0 0 0 rg BT 406.74 86.55 Td (pressures ) Tj ET Q q 0 0 0 rg BT 448.37 86.55 Td (or ) Tj ET Q q 0 0 0 rg BT 459.66 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 477.96 86.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 495.67 86.55 Td (rustPermal's ) Tj ET Q q 0 0 0 rg BT 549.69 86.55 Td (fee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (structures ) Tj ET Q q 0 0 0 rg BT 92.53 73.95 Td (will ) Tj ET Q q 0 0 0 rg BT 111.08 73.95 Td (not ) Tj ET Q q 0 0 0 rg BT 126.71 73.95 Td (hamper ) Tj ET Q q 0 0 0 rg BT 160.40 73.95 Td (its ) Tj ET Q q 0 0 0 rg BT 172.54 73.95 Td (growth. ) Tj ET Q q 0 0 0 rg BT 206.96 73.95 Td (The ) Tj ET Q q 0 0 0 rg BT 225.50 73.95 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 291.85 73.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 317.39 73.95 Td (industry ) Tj ET Q q 0 0 0 rg BT 354.02 73.95 Td (has ) Tj ET Q q 0 0 0 rg BT 370.23 73.95 Td (been ) Tj ET Q q 0 0 0 rg BT 392.26 73.95 Td (under ) Tj ET Q q 0 0 0 rg BT 418.38 73.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 464.92 73.95 Td (pressure ) Tj ET Q q 0 0 0 rg BT 502.12 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 512.49 73.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 540.35 73.95 Td (years ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.56 61.35 Td (has ) Tj ET Q q 0 0 0 rg BT 82.45 61.35 Td (seen ) Tj ET Q q 0 0 0 rg BT 103.00 61.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 149.22 61.35 Td (outflows. ) Tj ET Q q 0 0 0 rg BT 190.49 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 192.25 61.35 Td (There ) Tj ET Q q 0 0 0 rg BT 218.63 61.35 Td (can ) Tj ET Q q 0 0 0 rg BT 235.10 61.35 Td (be ) Tj ET Q q 0 0 0 rg BT 246.90 61.35 Td (no ) Tj ET Q q 0 0 0 rg BT 259.30 61.35 Td (assurance ) Tj ET Q q 0 0 0 rg BT 302.01 61.35 Td (that ) Tj ET Q q 0 0 0 rg BT 319.65 61.35 Td (this ) Tj ET Q q 0 0 0 rg BT 336.71 61.35 Td (pressure ) Tj ET Q q 0 0 0 rg BT 373.60 61.35 Td (will ) Tj ET Q q 0 0 0 rg BT 391.83 61.35 Td (not ) Tj ET Q q 0 0 0 rg BT 407.14 61.35 Td (continue. ) Tj ET Q q 0 0 0 rg BT 447.82 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 449.71 61.35 Td (In ) Tj ET Q q 0 0 0 rg BT 460.35 61.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 499.29 61.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 517.00 61.35 Td (rustPermal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (may ) Tj ET Q q 0 0 0 rg BT 71.38 48.75 Td (generate ) Tj ET Q q 0 0 0 rg BT 110.73 48.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 158.86 48.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 215.71 48.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 236.41 48.75 Td (from ) Tj ET Q q 0 0 0 rg BT 260.62 48.75 Td (time ) Tj ET Q q 0 0 0 rg BT 283.08 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 295.05 48.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 320.14 48.75 Td (which ) Tj ET Q q 0 0 0 rg BT 349.60 48.75 Td (could ) Tj ET Q q 0 0 0 rg BT 376.72 48.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 414.92 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 431.54 48.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 473.26 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 485.80 48.75 Td (our ) Tj ET Q q 0 0 0 rg BT 503.60 48.75 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 547.34 48.75 Td (See ) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (�Performance-Based ) Tj ET Q q 0 0 0 rg BT 139.54 741.75 Td (Fee ) Tj ET Q q 0 0 0 rg BT 156.71 741.75 Td (Arrangements ) Tj ET Q q 0 0 0 rg BT 218.77 741.75 Td (May ) Tj ET Q q 0 0 0 rg BT 240.59 741.75 Td (Increase ) Tj ET Q q 0 0 0 rg BT 278.14 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 293.36 741.75 Td (V) Tj ET Q q 0 0 0 rg BT 299.59 741.75 Td (olatility ) Tj ET Q q 0 0 0 rg BT 334.84 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 346.16 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 362.74 741.75 Td (Revenues.� ) Tj ET Q q 0 0 0 rg BT 413.43 741.75 Td (Because ) Tj ET Q q 0 0 0 rg BT 450.99 741.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 468.70 741.75 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 516.77 741.75 Td (operates ) Tj ET Q q 0 0 0 rg BT 554.33 741.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 64.58 729.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 130.98 729.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 156.56 729.15 Td (business ) Tj ET Q q 0 0 0 rg BT 194.40 729.15 Td (globally) Tj ET Q q 0 0 0 rg BT 228.13 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 233.01 729.15 Td (it ) Tj ET Q q 0 0 0 rg BT 241.10 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 250.35 729.15 Td (exposed ) Tj ET Q q 0 0 0 rg BT 287.01 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 297.43 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 304.34 729.15 Td (number ) Tj ET Q q 0 0 0 rg BT 338.67 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 349.67 729.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 395.07 729.15 Td (authorities ) Tj ET Q q 0 0 0 rg BT 441.65 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 459.06 729.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 516.12 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 526.54 729.15 Td (dif) Tj ET Q q 0 0 0 rg BT 538.02 729.15 Td (ferent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (jurisdictions.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Risks ) Tj ET Q q 0 0 0 rg BT 76.64 691.35 Td (Related ) Tj ET Q q 0 0 0 rg BT 113.67 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 125.04 691.35 Td (our) Tj ET Q q 0 0 0 rg BT 140.60 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 143.23 691.35 Td (Company) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 666.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.63 666.15 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 147.90 666.15 Td (May ) Tj ET Q q 0 0 0 rg BT 169.38 666.15 Td (Af) Tj ET Q q 0 0 0 rg BT 179.70 666.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 198.06 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 215.86 666.15 Td (Business ) Tj ET Q q 0 0 0 rg BT 257.00 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 275.97 666.15 Td (May ) Tj ET Q q 0 0 0 rg BT 297.84 666.15 Td (Restrict ) Tj ET Q q 0 0 0 rg BT 333.71 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 351.52 666.15 Td (Operating ) Tj ET Q q 0 0 0 rg BT 397.90 666.15 Td (Results) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 640.95 Td (At ) Tj ET Q q 0 0 0 rg BT 99.53 640.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 146.22 640.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 173.37 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 187.40 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 195.60 640.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 252.20 640.95 Td (basis, ) Tj ET Q q 0 0 0 rg BT 279.36 640.95 Td (we ) Tj ET Q q 0 0 0 rg BT 295.13 640.95 Td (had ) Tj ET Q q 0 0 0 rg BT 313.82 640.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 378.00 640.95 Td ($2.3 ) Tj ET Q q 0 0 0 rg BT 399.91 640.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 430.86 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 442.56 640.95 Td (total ) Tj ET Q q 0 0 0 rg BT 464.75 640.95 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 525.15 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 543.84 640.95 Td (total ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 108.89 628.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 139.55 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 152.72 628.35 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 175.51 628.35 Td (billion, ) Tj ET Q q 0 0 0 rg BT 209.98 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 229.56 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 247.97 628.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 289.73 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 309.31 628.35 Td (other ) Tj ET Q q 0 0 0 rg BT 335.30 628.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 381.71 628.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 410.63 628.35 Td (were ) Tj ET Q q 0 0 0 rg BT 435.45 628.35 Td ($1.9 ) Tj ET Q q 0 0 0 rg BT 458.25 628.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 490.08 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 509.66 628.35 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 532.46 628.35 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 615.75 Td (. ) Tj ET Q q 0 0 0 rg BT 104.98 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 107.58 615.75 Td (W) Tj ET Q q 0 0 0 rg BT 116.65 615.75 Td (e ) Tj ET Q q 0 0 0 rg BT 124.12 615.75 Td (also ) Tj ET Q q 0 0 0 rg BT 143.85 615.75 Td (have ) Tj ET Q q 0 0 0 rg BT 166.48 615.75 Td (an ) Tj ET Q q 0 0 0 rg BT 179.19 615.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 223.99 615.75 Td ($500 ) Tj ET Q q 0 0 0 rg BT 247.80 615.75 Td (million ) Tj ET Q q 0 0 0 rg BT 280.95 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 292.50 615.75 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 339.05 615.75 Td (capacity ) Tj ET Q q 0 0 0 rg BT 376.84 615.75 Td (available ) Tj ET Q q 0 0 0 rg BT 417.54 615.75 Td (under ) Tj ET Q q 0 0 0 rg BT 444.26 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 461.06 615.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 504.11 615.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 530.82 615.75 Td (facility) Tj ET Q q 0 0 0 rg BT 559.88 615.75 Td (. ) Tj ET Q q 0 0 0 rg BT 565.13 615.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.56 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 70.61 603.15 Td (result ) Tj ET Q q 0 0 0 rg BT 96.33 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 107.47 603.15 Td (this ) Tj ET Q q 0 0 0 rg BT 125.03 603.15 Td (substantial ) Tj ET Q q 0 0 0 rg BT 172.33 603.15 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 231.59 603.15 Td (we ) Tj ET Q q 0 0 0 rg BT 246.22 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 261.43 603.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 301.72 603.15 Td (required ) Tj ET Q q 0 0 0 rg BT 339.10 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 349.65 603.15 Td (use ) Tj ET Q q 0 0 0 rg BT 366.04 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 373.09 603.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 405.81 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 416.95 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 433.34 603.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 454.39 603.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 476.02 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 486.58 603.15 Td (service ) Tj ET Q q 0 0 0 rg BT 518.71 603.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 552.00 603.15 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 66.31 590.55 Td (debt, ) Tj ET Q q 0 0 0 rg BT 89.83 590.55 Td (which ) Tj ET Q q 0 0 0 rg BT 118.31 590.55 Td (will ) Tj ET Q q 0 0 0 rg BT 137.47 590.55 Td (limit ) Tj ET Q q 0 0 0 rg BT 160.12 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 175.77 590.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 197.24 590.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 219.31 590.55 Td (available ) Tj ET Q q 0 0 0 rg BT 260.02 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 275.08 590.55 Td (other ) Tj ET Q q 0 0 0 rg BT 299.47 590.55 Td (business ) Tj ET Q q 0 0 0 rg BT 337.88 590.55 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 398.73 590.55 Td (In ) Tj ET Q q 0 0 0 rg BT 410.30 590.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 450.15 590.55 Td (these ) Tj ET Q q 0 0 0 rg BT 474.54 590.55 Td (servicing ) Tj ET Q q 0 0 0 rg BT 515.85 590.55 Td (obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (will ) Tj ET Q q 0 0 0 rg BT 68.46 577.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 105.48 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 116.27 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 131.72 577.95 Td (future ) Tj ET Q q 0 0 0 rg BT 159.42 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 170.79 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 186.25 577.95 Td (principal ) Tj ET Q q 0 0 0 rg BT 226.19 577.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 269.06 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 282.18 577.95 Td (this ) Tj ET Q q 0 0 0 rg BT 299.98 577.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 320.68 577.95 Td (become ) Tj ET Q q 0 0 0 rg BT 355.96 577.95 Td (due ) Tj ET Q q 0 0 0 rg BT 373.74 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 385.11 577.95 Td (if ) Tj ET Q q 0 0 0 rg BT 394.15 577.95 Td (we ) Tj ET Q q 0 0 0 rg BT 409.02 577.95 Td (incur ) Tj ET Q q 0 0 0 rg BT 433.22 577.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 477.84 577.95 Td (indebtedness.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 552.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.06 552.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 133.13 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 143.53 552.75 Td (make ) Tj ET Q q 0 0 0 rg BT 168.50 552.75 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 212.72 552.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 255.20 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 266.18 552.75 Td (principal, ) Tj ET Q q 0 0 0 rg BT 308.36 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 318.76 552.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 336.15 552.75 Td (interest, ) Tj ET Q q 0 0 0 rg BT 371.92 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 382.90 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 393.30 552.75 Td (refinance ) Tj ET Q q 0 0 0 rg BT 434.59 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 450.82 552.75 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 507.29 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 524.69 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 535.09 552.75 Td (satisfy ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 65.76 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 89.61 540.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 109.95 540.15 Td (obligations ) Tj ET Q q 0 0 0 rg BT 158.89 540.15 Td (will ) Tj ET Q q 0 0 0 rg BT 177.49 540.15 Td (depend ) Tj ET Q q 0 0 0 rg BT 210.08 540.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 233.35 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 249.61 540.15 Td (future ) Tj ET Q q 0 0 0 rg BT 276.95 540.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 318.87 540.15 Td (performance, ) Tj ET Q q 0 0 0 rg BT 376.81 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 404.74 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 425.09 540.15 Td (be ) Tj ET Q q 0 0 0 rg BT 437.26 540.15 Td (af) Tj ET Q q 0 0 0 rg BT 445.23 540.15 Td (fected ) Tj ET Q q 0 0 0 rg BT 473.15 540.15 Td (by ) Tj ET Q q 0 0 0 rg BT 485.91 540.15 Td (general ) Tj ET Q q 0 0 0 rg BT 519.08 540.15 Td (economic, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (financial, ) Tj ET Q q 0 0 0 rg BT 92.50 527.55 Td (competitive, ) Tj ET Q q 0 0 0 rg BT 148.33 527.55 Td (legislative, ) Tj ET Q q 0 0 0 rg BT 197.75 527.55 Td (regulatory) Tj ET Q q 0 0 0 rg BT 240.22 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 246.48 527.55 Td (business ) Tj ET Q q 0 0 0 rg BT 285.71 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 304.51 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 329.73 527.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 361.94 527.55 Td (beyond ) Tj ET Q q 0 0 0 rg BT 396.49 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 414.12 527.55 Td (control ) Tj ET Q q 0 0 0 rg BT 447.51 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 466.31 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 480.45 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 488.75 527.55 Td (variety ) Tj ET Q q 0 0 0 rg BT 521.54 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 533.93 527.55 Td (factors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (specific ) Tj ET Q q 0 0 0 rg BT 84.77 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 95.57 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 112.19 514.95 Td (business.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 489.75 Td (The ) Tj ET Q q 0 0 0 rg BT 104.45 489.75 Td (level ) Tj ET Q q 0 0 0 rg BT 127.48 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 138.85 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 155.47 489.75 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 212.34 489.75 Td (could:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 464.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 464.55 Td (limit ) Tj ET Q q 0 0 0 rg BT 125.54 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 141.74 464.55 Td (ability ) Tj ET Q q 0 0 0 rg BT 170.78 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 181.15 464.55 Td (obtain ) Tj ET Q q 0 0 0 rg BT 209.60 464.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 253.80 464.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 274.08 464.55 Td (financing ) Tj ET Q q 0 0 0 rg BT 315.94 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 326.31 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 341.34 464.55 Td (future ) Tj ET Q q 0 0 0 rg BT 368.62 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 379.57 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 389.94 464.55 Td (borrow ) Tj ET Q q 0 0 0 rg BT 422.47 464.55 Td (under ) Tj ET Q q 0 0 0 rg BT 448.58 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 464.78 464.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 500.24 464.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 526.35 464.55 Td (facilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 451.95 Td (\(our ) Tj ET Q q 0 0 0 rg BT 123.30 451.95 Td (principal ) Tj ET Q q 0 0 0 rg BT 162.92 451.95 Td (bank ) Tj ET Q q 0 0 0 rg BT 185.64 451.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 206.02 451.95 Td (facility ) Tj ET Q q 0 0 0 rg BT 238.07 451.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 274.19 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 292.24 451.95 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 304.46 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 320.76 451.95 Td (ratio ) Tj ET Q q 0 0 0 rg BT 342.31 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 353.36 451.95 Td (net ) Tj ET Q q 0 0 0 rg BT 368.50 451.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 388.88 451.95 Td (\(total ) Tj ET Q q 0 0 0 rg BT 413.35 451.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 433.73 451.95 Td (less ) Tj ET Q q 0 0 0 rg BT 451.79 451.95 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 503.66 451.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 524.62 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 535.09 451.95 Td (excess ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 114.54 439.35 Td (working ) Tj ET Q q 0 0 0 rg BT 151.82 439.35 Td (capital\) ) Tj ET Q q 0 0 0 rg BT 185.60 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 196.05 439.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 253.76 439.35 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 291.67 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 293.96 439.35 Td (\(as ) Tj ET Q q 0 0 0 rg BT 308.50 439.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 342.27 439.35 Td (therein\) ) Tj ET Q q 0 0 0 rg BT 377.21 439.35 Td (not ) Tj ET Q q 0 0 0 rg BT 392.92 439.35 Td (exceed ) Tj ET Q q 0 0 0 rg BT 424.35 439.35 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 438.30 439.35 Td (3.5 ) Tj ET Q q 0 0 0 rg BT 453.71 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 464.17 439.35 Td (1 ) Tj ET Q q 0 0 0 rg BT 471.71 439.35 Td (at ) Tj ET Q q 0 0 0 rg BT 481.58 439.35 Td (any ) Tj ET Q q 0 0 0 rg BT 499.03 439.35 Td (time ) Tj ET Q q 0 0 0 rg BT 519.99 439.35 Td (during ) Tj ET Q q 0 0 0 rg BT 549.69 439.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 426.75 Td (period ) Tj ET Q q 0 0 0 rg BT 132.88 426.75 Td (from ) Tj ET Q q 0 0 0 rg BT 155.85 426.75 Td (January ) Tj ET Q q 0 0 0 rg BT 191.06 426.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 201.49 426.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 227.68 426.75 Td (through ) Tj ET Q q 0 0 0 rg BT 262.90 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 280.61 426.75 Td (including ) Tj ET Q q 0 0 0 rg BT 322.83 426.75 Td (March ) Tj ET Q q 0 0 0 rg BT 352.80 426.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 368.48 426.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 394.66 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 412.38 426.75 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 427.18 426.75 Td (3 ) Tj ET Q q 0 0 0 rg BT 434.99 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 445.71 426.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 453.52 426.75 Td (at ) Tj ET Q q 0 0 0 rg BT 463.65 426.75 Td (any ) Tj ET Q q 0 0 0 rg BT 481.37 426.75 Td (other ) Tj ET Q q 0 0 0 rg BT 505.50 426.75 Td (time., ) Tj ET Q q 0 0 0 rg BT 531.97 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 549.69 426.75 Td (\(ii\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 119.95 414.15 Td (ratio ) Tj ET Q q 0 0 0 rg BT 141.65 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 152.84 414.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 210.71 414.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 248.63 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 251.08 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 261.70 414.15 Td (total ) Tj ET Q q 0 0 0 rg BT 282.82 414.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 303.93 414.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 337.29 414.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 379.98 414.15 Td (on ) Tj ET Q q 0 0 0 rg BT 392.94 414.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 423.95 414.15 Td (Indebtedness ) Tj ET Q q 0 0 0 rg BT 481.22 414.15 Td (\(as ) Tj ET Q q 0 0 0 rg BT 495.92 414.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 529.86 414.15 Td (therein\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 401.55 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 139.35 401.55 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 155.10 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 165.90 401.55 Td (1\); ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 388.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 388.95 Td (limit ) Tj ET Q q 0 0 0 rg BT 126.44 388.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 148.20 388.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 170.55 388.95 Td (available ) Tj ET Q q 0 0 0 rg BT 211.55 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 226.90 388.95 Td (general ) Tj ET Q q 0 0 0 rg BT 260.89 388.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 303.64 388.95 Td (purposes ) Tj ET Q q 0 0 0 rg BT 344.07 388.95 Td (due ) Tj ET Q q 0 0 0 rg BT 362.34 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 373.61 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 389.54 388.95 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 427.06 388.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 448.82 388.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 471.17 388.95 Td (requirements ) Tj ET Q q 0 0 0 rg BT 529.09 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 544.43 388.95 Td (debt ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 376.35 Td (service;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 363.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 363.75 Td (limit ) Tj ET Q q 0 0 0 rg BT 125.28 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 141.23 363.75 Td (flexibility) Tj ET Q q 0 0 0 rg BT 181.96 363.75 Td (, ) Tj ET Q q 0 0 0 rg BT 186.53 363.75 Td (including ) Tj ET Q q 0 0 0 rg BT 228.14 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 244.08 363.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 272.85 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 282.97 363.75 Td (react ) Tj ET Q q 0 0 0 rg BT 305.31 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 315.42 363.75 Td (competitive ) Tj ET Q q 0 0 0 rg BT 366.94 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 384.04 363.75 Td (other ) Tj ET Q q 0 0 0 rg BT 407.56 363.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 443.33 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 453.44 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 468.22 363.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 504.58 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 521.69 363.75 Td (economic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 351.15 Td (conditions; ) Tj ET Q q 0 0 0 rg BT 152.79 351.15 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 338.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 338.55 Td (place us at a competitive disadvantage compared to our competitors that have less debt.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 313.35 Td (As ) Tj ET Q q 0 0 0 rg BT 99.52 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 110.61 313.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 156.11 313.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 182.08 313.35 Td (under ) Tj ET Q q 0 0 0 rg BT 208.34 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 223.51 313.35 Td (terms ) Tj ET Q q 0 0 0 rg BT 249.19 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 260.28 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 276.62 313.35 Td (bank ) Tj ET Q q 0 0 0 rg BT 299.38 313.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 325.63 313.35 Td (agreement ) Tj ET Q q 0 0 0 rg BT 371.70 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 388.04 313.35 Td (ratio ) Tj ET Q q 0 0 0 rg BT 409.63 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 420.73 313.35 Td (net ) Tj ET Q q 0 0 0 rg BT 435.90 313.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 456.33 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 466.84 313.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 524.60 313.35 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 562.51 313.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (was ) Tj ET Q q 0 0 0 rg BT 68.94 300.75 Td (2.6 ) Tj ET Q q 0 0 0 rg BT 85.17 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 96.44 300.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 104.79 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 123.06 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 140.16 300.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 162.51 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 174.36 300.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 232.88 300.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 270.80 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 273.90 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 285.17 300.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 319.19 300.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 356.11 300.75 Td (was ) Tj ET Q q 0 0 0 rg BT 375.55 300.75 Td (5.7 ) Tj ET Q q 0 0 0 rg BT 391.78 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 403.05 300.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 414.03 300.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 434.92 300.75 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 478.54 300.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 503.22 300.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 534.91 300.75 Td (was ) Tj ET Q q 0 0 0 rg BT 554.35 300.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (compliance ) Tj ET Q q 0 0 0 rg BT 100.50 288.15 Td (with ) Tj ET Q q 0 0 0 rg BT 121.78 288.15 Td (its ) Tj ET Q q 0 0 0 rg BT 134.31 288.15 Td (bank ) Tj ET Q q 0 0 0 rg BT 157.33 288.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 196.68 288.15 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 243.90 288.15 Td (If ) Tj ET Q q 0 0 0 rg BT 253.50 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 270.11 288.15 Td (net ) Tj ET Q q 0 0 0 rg BT 285.54 288.15 Td (income ) Tj ET Q q 0 0 0 rg BT 319.06 288.15 Td (significantly ) Tj ET Q q 0 0 0 rg BT 374.16 288.15 Td (declines ) Tj ET Q q 0 0 0 rg BT 411.17 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 426.03 288.15 Td (any ) Tj ET Q q 0 0 0 rg BT 443.80 288.15 Td (reason, ) Tj ET Q q 0 0 0 rg BT 476.44 288.15 Td (it ) Tj ET Q q 0 0 0 rg BT 484.88 288.15 Td (may ) Tj ET Q q 0 0 0 rg BT 505.57 288.15 Td (be ) Tj ET Q q 0 0 0 rg BT 518.09 288.15 Td (dif) Tj ET Q q 0 0 0 rg BT 529.56 288.15 Td (ficult ) Tj ET Q q 0 0 0 rg BT 554.33 288.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (remain ) Tj ET Q q 0 0 0 rg BT 80.89 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 91.29 275.55 Td (compliance ) Tj ET Q q 0 0 0 rg BT 141.93 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 162.83 275.55 Td (these ) Tj ET Q q 0 0 0 rg BT 186.64 275.55 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 233.49 275.55 Td (Similarly) Tj ET Q q 0 0 0 rg BT 271.89 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 276.75 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 287.16 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 302.22 275.55 Td (extent ) Tj ET Q q 0 0 0 rg BT 330.12 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 348.10 275.55 Td (we ) Tj ET Q q 0 0 0 rg BT 362.58 275.55 Td (spend ) Tj ET Q q 0 0 0 rg BT 389.31 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 405.55 275.55 Td (available ) Tj ET Q q 0 0 0 rg BT 445.68 275.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 466.57 275.55 Td (for ) Tj ET Q q 0 0 0 rg BT 481.05 275.55 Td (purposes ) Tj ET Q q 0 0 0 rg BT 520.62 275.55 Td (other ) Tj ET Q q 0 0 0 rg BT 544.43 275.55 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (repaying ) Tj ET Q q 0 0 0 rg BT 89.23 262.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 110.29 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 122.03 262.95 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 164.67 262.95 Td (businesses ) Tj ET Q q 0 0 0 rg BT 212.00 262.95 Td (that ) Tj ET Q q 0 0 0 rg BT 230.73 262.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 268.12 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 285.10 262.95 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 329.21 262.95 Td (we ) Tj ET Q q 0 0 0 rg BT 344.45 262.95 Td (will ) Tj ET Q q 0 0 0 rg BT 363.77 262.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 401.16 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 418.14 262.95 Td (net ) Tj ET Q q 0 0 0 rg BT 433.96 262.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 455.03 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 466.19 262.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 524.59 262.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 562.51 262.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (ratio. ) Tj ET Q q 0 0 0 rg BT 73.52 250.35 Td (Although ) Tj ET Q q 0 0 0 rg BT 115.95 250.35 Td (there ) Tj ET Q q 0 0 0 rg BT 139.70 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 155.29 250.35 Td (actions ) Tj ET Q q 0 0 0 rg BT 187.79 250.35 Td (that ) Tj ET Q q 0 0 0 rg BT 206.30 250.35 Td (we ) Tj ET Q q 0 0 0 rg BT 221.31 250.35 Td (may ) Tj ET Q q 0 0 0 rg BT 242.16 250.35 Td (take ) Tj ET Q q 0 0 0 rg BT 262.41 250.35 Td (if ) Tj ET Q q 0 0 0 rg BT 271.59 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 288.35 250.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 327.84 250.35 Td (covenant ) Tj ET Q q 0 0 0 rg BT 368.51 250.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 419.67 250.35 Td (becomes ) Tj ET Q q 0 0 0 rg BT 459.17 250.35 Td (an ) Tj ET Q q 0 0 0 rg BT 471.84 250.35 Td (issue, ) Tj ET Q q 0 0 0 rg BT 498.23 250.35 Td (there ) Tj ET Q q 0 0 0 rg BT 521.98 250.35 Td (can ) Tj ET Q q 0 0 0 rg BT 539.32 250.35 Td (be ) Tj ET Q q 0 0 0 rg BT 552.00 250.35 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 92.94 237.75 Td (that ) Tj ET Q q 0 0 0 rg BT 111.31 237.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 135.51 237.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 166.72 237.75 Td (will ) Tj ET Q q 0 0 0 rg BT 185.68 237.75 Td (remain ) Tj ET Q q 0 0 0 rg BT 217.45 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 228.25 237.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 279.27 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 300.56 237.75 Td (its ) Tj ET Q q 0 0 0 rg BT 313.11 237.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 336.14 237.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 356.84 237.75 Td (covenants.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 212.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.59 212.55 Td (access ) Tj ET Q q 0 0 0 rg BT 134.16 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 145.08 212.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 171.74 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 184.99 212.55 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 232.64 212.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 258.73 212.55 Td (is ) Tj ET Q q 0 0 0 rg BT 268.49 212.55 Td (also ) Tj ET Q q 0 0 0 rg BT 288.16 212.55 Td (partially ) Tj ET Q q 0 0 0 rg BT 325.90 212.55 Td (dependent ) Tj ET Q q 0 0 0 rg BT 371.81 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 385.06 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 401.82 212.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 428.47 212.55 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 462.43 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 465.19 212.55 Td (If ) Tj ET Q q 0 0 0 rg BT 474.94 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 491.69 212.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 518.35 212.55 Td (ratings ) Tj ET Q q 0 0 0 rg BT 549.68 212.55 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (downgraded, ) Tj ET Q q 0 0 0 rg BT 106.45 199.95 Td (it ) Tj ET Q q 0 0 0 rg BT 114.70 199.95 Td (will ) Tj ET Q q 0 0 0 rg BT 133.46 199.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 159.79 199.95 Td (become ) Tj ET Q q 0 0 0 rg BT 194.87 199.95 Td (more ) Tj ET Q q 0 0 0 rg BT 218.86 199.95 Td (dif) Tj ET Q q 0 0 0 rg BT 230.34 199.95 Td (ficult ) Tj ET Q q 0 0 0 rg BT 254.92 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 272.50 199.95 Td (costly ) Tj ET Q q 0 0 0 rg BT 300.00 199.95 Td (for ) Tj ET Q q 0 0 0 rg BT 314.67 199.95 Td (us ) Tj ET Q q 0 0 0 rg BT 326.43 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 337.01 199.95 Td (access ) Tj ET Q q 0 0 0 rg BT 366.25 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 381.50 199.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 407.82 199.95 Td (markets ) Tj ET Q q 0 0 0 rg BT 443.49 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 454.65 199.95 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 497.90 199.95 Td (incur ) Tj ET Q q 0 0 0 rg BT 521.89 199.95 Td (new ) Tj ET Q q 0 0 0 rg BT 541.81 199.95 Td (debt.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 174.75 Td (Upon ) Tj ET Q q 0 0 0 rg BT 111.16 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 126.32 174.75 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 174.70 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 185.78 174.75 Td (various ) Tj ET Q q 0 0 0 rg BT 219.02 174.75 Td (events, ) Tj ET Q q 0 0 0 rg BT 250.80 174.75 Td (such ) Tj ET Q q 0 0 0 rg BT 272.38 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 283.46 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 290.45 174.75 Td (change ) Tj ET Q q 0 0 0 rg BT 322.52 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 333.60 174.75 Td (control, ) Tj ET Q q 0 0 0 rg BT 368.29 174.75 Td (some ) Tj ET Q q 0 0 0 rg BT 392.79 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 403.87 174.75 Td (all ) Tj ET Q q 0 0 0 rg BT 416.70 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 427.77 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 444.10 174.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 495.43 174.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 515.84 174.75 Td (obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (may ) Tj ET Q q 0 0 0 rg BT 70.96 162.15 Td (come ) Tj ET Q q 0 0 0 rg BT 97.08 162.15 Td (due ) Tj ET Q q 0 0 0 rg BT 115.62 162.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 139.41 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 150.96 162.15 Td (their ) Tj ET Q q 0 0 0 rg BT 173.59 162.15 Td (maturity ) Tj ET Q q 0 0 0 rg BT 212.54 162.15 Td (dates ) Tj ET Q q 0 0 0 rg BT 237.50 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 256.04 162.15 Td (may ) Tj ET Q q 0 0 0 rg BT 277.50 162.15 Td (require ) Tj ET Q q 0 0 0 rg BT 310.62 162.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 354.24 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 365.79 162.15 Td (excess ) Tj ET Q q 0 0 0 rg BT 396.57 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 408.70 162.15 Td (their ) Tj ET Q q 0 0 0 rg BT 431.33 162.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 483.71 162.15 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 525.30 162.15 Td (which ) Tj ET Q q 0 0 0 rg BT 554.34 162.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.69 149.55 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 142.79 149.55 Td (may ) Tj ET Q q 0 0 0 rg BT 163.49 149.55 Td (be ) Tj ET Q q 0 0 0 rg BT 176.03 149.55 Td (significant.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 124.35 Td (W) Tj ET Q q 0 0 0 rg BT 94.06 124.35 Td (e ) Tj ET Q q 0 0 0 rg BT 101.34 124.35 Td (May ) Tj ET Q q 0 0 0 rg BT 123.21 124.35 Td (Engage ) Tj ET Q q 0 0 0 rg BT 159.09 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 170.48 124.35 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 211.60 124.35 Td (T) Tj ET Q q 0 0 0 rg BT 217.63 124.35 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 270.44 124.35 Td (That ) Tj ET Q q 0 0 0 rg BT 293.48 124.35 Td (Could ) Tj ET Q q 0 0 0 rg BT 322.37 124.35 Td (Create ) Tj ET Q q 0 0 0 rg BT 353.57 124.35 Td (Risks) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 99.15 Td (As ) Tj ET Q q 0 0 0 rg BT 98.88 99.15 Td (part ) Tj ET Q q 0 0 0 rg BT 116.91 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 127.37 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 143.08 99.15 Td (business ) Tj ET Q q 0 0 0 rg BT 180.37 99.15 Td (strategy) Tj ET Q q 0 0 0 rg BT 212.93 99.15 Td (, ) Tj ET Q q 0 0 0 rg BT 217.27 99.15 Td (we ) Tj ET Q q 0 0 0 rg BT 231.22 99.15 Td (regularly ) Tj ET Q q 0 0 0 rg BT 270.83 99.15 Td (review) Tj ET Q q 0 0 0 rg BT 298.72 99.15 Td (, ) Tj ET Q q 0 0 0 rg BT 303.05 99.15 Td (are ) Tj ET Q q 0 0 0 rg BT 317.58 99.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 357.19 99.15 Td (reviewing, ) Tj ET Q q 0 0 0 rg BT 403.51 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 420.38 99.15 Td (from ) Tj ET Q q 0 0 0 rg BT 442.50 99.15 Td (time ) Tj ET Q q 0 0 0 rg BT 462.87 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 472.75 99.15 Td (time ) Tj ET Q q 0 0 0 rg BT 493.12 99.15 Td (have ) Tj ET Q q 0 0 0 rg BT 514.66 99.15 Td (discussions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (with ) Tj ET Q q 0 0 0 rg BT 70.77 86.55 Td (respect ) Tj ET Q q 0 0 0 rg BT 103.11 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 113.88 86.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 153.22 86.55 Td (strategic ) Tj ET Q q 0 0 0 rg BT 191.39 86.55 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 246.77 86.55 Td (including ) Tj ET Q q 0 0 0 rg BT 289.04 86.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 328.38 86.55 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 383.78 86.55 Td (dispositions, ) Tj ET Q q 0 0 0 rg BT 439.18 86.55 Td (consolidations, ) Tj ET Q q 0 0 0 rg BT 505.08 86.55 Td (joint ) Tj ET Q q 0 0 0 rg BT 526.93 86.55 Td (ventures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 61.59 73.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 94.09 73.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 147.59 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 166.09 73.95 Td (�lift-outs� ) Tj ET Q q 0 0 0 rg BT 212.00 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 224.09 73.95 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 264.18 73.95 Td (management ) Tj ET Q q 0 0 0 rg BT 321.16 73.95 Td (teams, ) Tj ET Q q 0 0 0 rg BT 351.62 73.95 Td (some ) Tj ET Q q 0 0 0 rg BT 377.13 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 389.22 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 418.22 73.95 Td (may ) Tj ET Q q 0 0 0 rg BT 439.64 73.95 Td (be ) Tj ET Q q 0 0 0 rg BT 452.89 73.95 Td (material. ) Tj ET Q q 0 0 0 rg BT 493.01 73.95 Td (There ) Tj ET Q q 0 0 0 rg BT 520.84 73.95 Td (can ) Tj ET Q q 0 0 0 rg BT 538.75 73.95 Td (be ) Tj ET Q q 0 0 0 rg BT 552.00 73.95 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (assurance ) Tj ET Q q 0 0 0 rg BT 92.16 61.35 Td (that ) Tj ET Q q 0 0 0 rg BT 109.75 61.35 Td (we ) Tj ET Q q 0 0 0 rg BT 123.84 61.35 Td (will ) Tj ET Q q 0 0 0 rg BT 142.02 61.35 Td (find ) Tj ET Q q 0 0 0 rg BT 160.78 61.35 Td (suitable ) Tj ET Q q 0 0 0 rg BT 195.29 61.35 Td (candidates ) Tj ET Q q 0 0 0 rg BT 241.44 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 255.53 61.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 292.95 61.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 344.95 61.35 Td (at ) Tj ET Q q 0 0 0 rg BT 354.37 61.35 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 400.51 61.35 Td (prices, ) Tj ET Q q 0 0 0 rg BT 430.06 61.35 Td (have ) Tj ET Q q 0 0 0 rg BT 451.72 61.35 Td (suf) Tj ET Q q 0 0 0 rg BT 464.37 61.35 Td (ficient ) Tj ET Q q 0 0 0 rg BT 493.03 61.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 522.86 61.35 Td (resources ) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (23) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.22 741.75 Td (accomplish ) Tj ET Q q 0 0 0 rg BT 108.60 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 124.15 741.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 156.71 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 160.89 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 171.19 741.75 Td (be ) Tj ET Q q 0 0 0 rg BT 182.66 741.75 Td (successful ) Tj ET Q q 0 0 0 rg BT 227.37 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 237.10 741.75 Td (entering ) Tj ET Q q 0 0 0 rg BT 273.06 741.75 Td (into ) Tj ET Q q 0 0 0 rg BT 290.95 741.75 Td (agreements ) Tj ET Q q 0 0 0 rg BT 340.31 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 354.11 741.75 Td (desired ) Tj ET Q q 0 0 0 rg BT 385.99 741.75 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 440.33 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 450.63 741.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 489.22 741.75 Td (these ) Tj ET Q q 0 0 0 rg BT 512.35 741.75 Td (transactions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 88.87 729.15 Td (involve ) Tj ET Q q 0 0 0 rg BT 122.99 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 130.27 729.15 Td (number ) Tj ET Q q 0 0 0 rg BT 164.97 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 176.34 729.15 Td (risks ) Tj ET Q q 0 0 0 rg BT 198.81 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 216.59 729.15 Td (present ) Tj ET Q q 0 0 0 rg BT 249.54 729.15 Td (financial, ) Tj ET Q q 0 0 0 rg BT 291.52 729.15 Td (managerial ) Tj ET Q q 0 0 0 rg BT 340.79 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 358.57 729.15 Td (operational ) Tj ET Q q 0 0 0 rg BT 408.43 729.15 Td (challenges, ) Tj ET Q q 0 0 0 rg BT 457.99 729.15 Td (including:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 703.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 703.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 138.28 703.95 Td (ef) Tj ET Q q 0 0 0 rg BT 146.25 703.95 Td (fects ) Tj ET Q q 0 0 0 rg BT 168.78 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 182.00 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 198.71 703.95 Td (reported ) Tj ET Q q 0 0 0 rg BT 236.41 703.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 274.69 703.95 Td (per ) Tj ET Q q 0 0 0 rg BT 290.82 703.95 Td (share ) Tj ET Q q 0 0 0 rg BT 315.69 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 326.57 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 342.11 703.95 Td (event ) Tj ET Q q 0 0 0 rg BT 367.56 703.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 406.42 703.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 451.13 703.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 478.34 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 489.81 703.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 529.86 703.95 Td (become ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 691.35 Td (impaired;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 678.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 678.75 Td (existence of unknown liabilities or contingencies that arise after closing; and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 666.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 666.15 Td (potential disputes with counterparties.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 640.95 Td (Acquisitions, ) Tj ET Q q 0 0 0 rg BT 144.41 640.95 Td (related ) Tj ET Q q 0 0 0 rg BT 176.18 640.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 229.53 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 247.90 640.95 Td (completed ) Tj ET Q q 0 0 0 rg BT 294.83 640.95 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 350.82 640.95 Td (including ) Tj ET Q q 0 0 0 rg BT 393.69 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 409.72 640.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 463.08 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 475.03 640.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 509.73 640.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 547.34 640.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 628.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 86.10 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 104.41 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 120.38 628.35 Td (combination ) Tj ET Q q 0 0 0 rg BT 176.02 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 187.91 628.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 205.62 628.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 224.51 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 246.32 628.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 279.21 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 290.52 628.35 Td (form ) Tj ET Q q 0 0 0 rg BT 314.07 628.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 331.78 628.35 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 383.05 628.35 Td (pose ) Tj ET Q q 0 0 0 rg BT 405.44 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 421.41 628.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 440.30 628.35 Td (that ) Tj ET Q q 0 0 0 rg BT 459.19 628.35 Td (any ) Tj ET Q q 0 0 0 rg BT 477.50 628.35 Td (business ) Tj ET Q q 0 0 0 rg BT 516.23 628.35 Td (we ) Tj ET Q q 0 0 0 rg BT 531.62 628.35 Td (acquire ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (may ) Tj ET Q q 0 0 0 rg BT 70.86 615.75 Td (lose ) Tj ET Q q 0 0 0 rg BT 91.06 615.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 136.92 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 148.95 615.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 197.14 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 209.17 615.75 Td (could ) Tj ET Q q 0 0 0 rg BT 235.78 615.75 Td (underperform ) Tj ET Q q 0 0 0 rg BT 296.79 615.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 331.55 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 343.00 615.75 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 401.16 615.75 Td (W) Tj ET Q q 0 0 0 rg BT 410.23 615.75 Td (e ) Tj ET Q q 0 0 0 rg BT 418.17 615.75 Td (could ) Tj ET Q q 0 0 0 rg BT 444.78 615.75 Td (also ) Tj ET Q q 0 0 0 rg BT 464.98 615.75 Td (experience ) Tj ET Q q 0 0 0 rg BT 513.73 615.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 553.75 615.75 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (other ) Tj ET Q q 0 0 0 rg BT 74.65 603.15 Td (setbacks ) Tj ET Q q 0 0 0 rg BT 113.80 603.15 Td (if ) Tj ET Q q 0 0 0 rg BT 123.79 603.15 Td (transactions ) Tj ET Q q 0 0 0 rg BT 177.51 603.15 Td (encounter ) Tj ET Q q 0 0 0 rg BT 222.48 603.15 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 282.62 603.15 Td (problems, ) Tj ET Q q 0 0 0 rg BT 327.90 603.15 Td (including ) Tj ET Q q 0 0 0 rg BT 371.14 603.15 Td (problems ) Tj ET Q q 0 0 0 rg BT 413.79 603.15 Td (related ) Tj ET Q q 0 0 0 rg BT 445.93 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 457.67 603.15 Td (execution ) Tj ET Q q 0 0 0 rg BT 502.06 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 514.38 603.15 Td (integration. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Following ) Tj ET Q q 0 0 0 rg BT 95.33 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 110.82 590.55 Td (completion ) Tj ET Q q 0 0 0 rg BT 160.72 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 172.13 590.55 Td (an ) Tj ET Q q 0 0 0 rg BT 184.70 590.55 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 236.06 590.55 Td (we ) Tj ET Q q 0 0 0 rg BT 250.97 590.55 Td (may ) Tj ET Q q 0 0 0 rg BT 271.70 590.55 Td (have ) Tj ET Q q 0 0 0 rg BT 294.18 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 305.01 590.55 Td (rely ) Tj ET Q q 0 0 0 rg BT 324.00 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 337.16 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 352.64 590.55 Td (seller ) Tj ET Q q 0 0 0 rg BT 378.04 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 388.87 590.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 423.60 590.55 Td (administrative ) Tj ET Q q 0 0 0 rg BT 486.33 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 504.15 590.55 Td (other ) Tj ET Q q 0 0 0 rg BT 528.39 590.55 Td (support, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (including ) Tj ET Q q 0 0 0 rg BT 91.68 577.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 130.93 577.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 171.94 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 189.62 577.95 Td (internal ) Tj ET Q q 0 0 0 rg BT 224.21 577.95 Td (controls, ) Tj ET Q q 0 0 0 rg BT 263.18 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 273.86 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 289.21 577.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 327.88 577.95 Td (business ) Tj ET Q q 0 0 0 rg BT 365.98 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 380.74 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 387.92 577.95 Td (period ) Tj ET Q q 0 0 0 rg BT 417.27 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 428.53 577.95 Td (time. ) Tj ET Q q 0 0 0 rg BT 452.16 577.95 Td (There ) Tj ET Q q 0 0 0 rg BT 479.16 577.95 Td (can ) Tj ET Q q 0 0 0 rg BT 496.25 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 508.68 577.95 Td (no ) Tj ET Q q 0 0 0 rg BT 521.69 577.95 Td (assurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 67.87 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 83.32 565.35 Td (seller ) Tj ET Q q 0 0 0 rg BT 108.69 565.35 Td (will ) Tj ET Q q 0 0 0 rg BT 127.65 565.35 Td (do ) Tj ET Q q 0 0 0 rg BT 140.77 565.35 Td (so ) Tj ET Q q 0 0 0 rg BT 152.73 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 163.53 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 170.81 565.35 Td (manner ) Tj ET Q q 0 0 0 rg BT 204.92 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 223.29 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 232.92 565.35 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 279.85 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 290.64 565.35 Td (us.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 540.15 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 125.40 540.15 Td (transactions ) Tj ET Q q 0 0 0 rg BT 178.13 540.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 217.46 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 232.85 540.15 Td (announced ) Tj ET Q q 0 0 0 rg BT 280.92 540.15 Td (publicly ) Tj ET Q q 0 0 0 rg BT 317.91 540.15 Td (even ) Tj ET Q q 0 0 0 rg BT 340.31 540.15 Td (though ) Tj ET Q q 0 0 0 rg BT 372.06 540.15 Td (they ) Tj ET Q q 0 0 0 rg BT 392.72 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 413.37 540.15 Td (remain ) Tj ET Q q 0 0 0 rg BT 445.11 540.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 477.43 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 488.18 540.15 Td (numerous ) Tj ET Q q 0 0 0 rg BT 532.17 540.15 Td (closing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 100.98 527.55 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 163.81 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 184.07 527.55 Td (approvals ) Tj ET Q q 0 0 0 rg BT 229.99 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 250.25 527.55 Td (there ) Tj ET Q q 0 0 0 rg BT 276.34 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 288.45 527.55 Td (no ) Tj ET Q q 0 0 0 rg BT 304.05 527.55 Td (assurance ) Tj ET Q q 0 0 0 rg BT 349.96 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 370.81 527.55 Td (any ) Tj ET Q q 0 0 0 rg BT 391.07 527.55 Td (announced ) Tj ET Q q 0 0 0 rg BT 441.65 527.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 492.82 527.55 Td (will ) Tj ET Q q 0 0 0 rg BT 514.26 527.55 Td (actually ) Tj ET Q q 0 0 0 rg BT 552.59 527.55 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (consummated. ) Tj ET Q q 0 0 0 rg BT 112.59 514.95 Td (The ) Tj ET Q q 0 0 0 rg BT 131.22 514.95 Td (failure ) Tj ET Q q 0 0 0 rg BT 160.93 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 171.41 514.95 Td (consummate ) Tj ET Q q 0 0 0 rg BT 226.79 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 239.01 514.95 Td (announced ) Tj ET Q q 0 0 0 rg BT 286.80 514.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 335.18 514.95 Td (could ) Tj ET Q q 0 0 0 rg BT 360.82 514.95 Td (have ) Tj ET Q q 0 0 0 rg BT 382.95 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 395.17 514.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 429.54 514.95 Td (ef) Tj ET Q q 0 0 0 rg BT 437.51 514.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 455.55 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 468.36 514.95 Td (us. ) Tj ET Q q 0 0 0 rg BT 482.63 514.95 Td (Future ) Tj ET Q q 0 0 0 rg BT 512.36 514.95 Td (transactions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (may ) Tj ET Q q 0 0 0 rg BT 70.83 502.35 Td (also ) Tj ET Q q 0 0 0 rg BT 90.99 502.35 Td (further ) Tj ET Q q 0 0 0 rg BT 122.81 502.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 160.45 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 177.70 502.35 Td (leverage ) Tj ET Q q 0 0 0 rg BT 216.50 502.35 Td (or) Tj ET Q q 0 0 0 rg BT 224.83 502.35 Td (, ) Tj ET Q q 0 0 0 rg BT 230.70 502.35 Td (if ) Tj ET Q q 0 0 0 rg BT 240.36 502.35 Td (we ) Tj ET Q q 0 0 0 rg BT 255.86 502.35 Td (issue ) Tj ET Q q 0 0 0 rg BT 280.11 502.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 309.60 502.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 352.50 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 363.92 502.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 382.33 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 397.82 502.35 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 453.86 502.35 Td (dilute ) Tj ET Q q 0 0 0 rg BT 481.02 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 497.10 502.35 Td (holdings ) Tj ET Q q 0 0 0 rg BT 536.52 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 548.52 502.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 85.37 489.75 Td (stockholders.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 464.55 Td (If ) Tj ET Q q 0 0 0 rg BT 95.71 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 113.51 464.55 Td (Reputation ) Tj ET Q q 0 0 0 rg BT 163.98 464.55 Td (is ) Tj ET Q q 0 0 0 rg BT 173.61 464.55 Td (Harmed, ) Tj ET Q q 0 0 0 rg BT 214.44 464.55 Td (we ) Tj ET Q q 0 0 0 rg BT 228.73 464.55 Td (Could ) Tj ET Q q 0 0 0 rg BT 257.62 464.55 Td (Suf) Tj ET Q q 0 0 0 rg BT 272.60 464.55 Td (fer ) Tj ET Q q 0 0 0 rg BT 287.47 464.55 Td (Losses ) Tj ET Q q 0 0 0 rg BT 318.68 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 330.06 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 347.86 464.55 Td (Business, ) Tj ET Q q 0 0 0 rg BT 391.63 464.55 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 435.67 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 454.64 464.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 472.42 464.55 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 439.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.14 439.35 Td (business ) Tj ET Q q 0 0 0 rg BT 142.04 439.35 Td (depends ) Tj ET Q q 0 0 0 rg BT 178.77 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 191.58 439.35 Td (earning ) Tj ET Q q 0 0 0 rg BT 225.38 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 242.85 439.35 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 295.32 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 310.47 439.35 Td (trust ) Tj ET Q q 0 0 0 rg BT 331.45 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 348.92 439.35 Td (confidence ) Tj ET Q q 0 0 0 rg BT 397.29 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 408.35 439.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 438.07 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 455.55 439.35 Td (other ) Tj ET Q q 0 0 0 rg BT 479.44 439.35 Td (market ) Tj ET Q q 0 0 0 rg BT 510.90 439.35 Td (participants, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.89 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.95 426.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 120.93 426.75 Td (good ) Tj ET Q q 0 0 0 rg BT 144.16 426.75 Td (reputation ) Tj ET Q q 0 0 0 rg BT 188.96 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 198.19 426.75 Td (critical ) Tj ET Q q 0 0 0 rg BT 229.57 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 239.97 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 256.20 426.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 296.64 426.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 315.20 426.75 Td (reputation ) Tj ET Q q 0 0 0 rg BT 360.00 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 369.23 426.75 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 415.78 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 426.18 426.75 Td (many ) Tj ET Q q 0 0 0 rg BT 451.73 426.75 Td (threats ) Tj ET Q q 0 0 0 rg BT 481.95 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 499.93 426.75 Td (can ) Tj ET Q q 0 0 0 rg BT 516.73 426.75 Td (be ) Tj ET Q q 0 0 0 rg BT 528.87 426.75 Td (dif) Tj ET Q q 0 0 0 rg BT 540.35 426.75 Td (ficult ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 61.50 414.15 Td (impossible ) Tj ET Q q 0 0 0 rg BT 110.25 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 121.67 414.15 Td (control, ) Tj ET Q q 0 0 0 rg BT 157.29 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 175.70 414.15 Td (costly ) Tj ET Q q 0 0 0 rg BT 204.03 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 216.03 414.15 Td (impossible ) Tj ET Q q 0 0 0 rg BT 264.78 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 276.20 414.15 Td (remediate. ) Tj ET Q q 0 0 0 rg BT 323.47 414.15 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 373.37 414.15 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 415.99 414.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 460.06 414.15 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 511.72 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 530.13 414.15 Td (rumors, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (among ) Tj ET Q q 0 0 0 rg BT 79.83 401.55 Td (other ) Tj ET Q q 0 0 0 rg BT 103.16 401.55 Td (things, ) Tj ET Q q 0 0 0 rg BT 133.22 401.55 Td (can ) Tj ET Q q 0 0 0 rg BT 149.54 401.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 204.38 401.55 Td (damage ) Tj ET Q q 0 0 0 rg BT 238.79 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 254.54 401.55 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 301.49 401.55 Td (even ) Tj ET Q q 0 0 0 rg BT 323.07 401.55 Td (if ) Tj ET Q q 0 0 0 rg BT 331.24 401.55 Td (they ) Tj ET Q q 0 0 0 rg BT 351.07 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 365.65 401.55 Td (baseless ) Tj ET Q q 0 0 0 rg BT 401.81 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 412.31 401.55 Td (satisfactorily ) Tj ET Q q 0 0 0 rg BT 468.30 401.55 Td (addressed. ) Tj ET Q q 0 0 0 rg BT 514.09 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 515.84 401.55 Td (Regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 91.54 388.95 Td (or ) Tj ET Q q 0 0 0 rg BT 103.24 388.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 138.27 388.95 Td (litigation ) Tj ET Q q 0 0 0 rg BT 179.14 388.95 Td (results ) Tj ET Q q 0 0 0 rg BT 209.51 388.95 Td (can ) Tj ET Q q 0 0 0 rg BT 227.04 388.95 Td (also ) Tj ET Q q 0 0 0 rg BT 246.92 388.95 Td (cause ) Tj ET Q q 0 0 0 rg BT 273.19 388.95 Td (substantial ) Tj ET Q q 0 0 0 rg BT 321.07 388.95 Td (damage ) Tj ET Q q 0 0 0 rg BT 356.67 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 367.80 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 384.75 388.95 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 432.91 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 435.21 388.95 Td (Any ) Tj ET Q q 0 0 0 rg BT 456.26 388.95 Td (damage ) Tj ET Q q 0 0 0 rg BT 491.86 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 502.99 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 519.94 388.95 Td (reputation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (could ) Tj ET Q q 0 0 0 rg BT 75.39 376.35 Td (impede ) Tj ET Q q 0 0 0 rg BT 108.86 376.35 Td (our ) Tj ET Q q 0 0 0 rg BT 125.42 376.35 Td (ability ) Tj ET Q q 0 0 0 rg BT 154.81 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 165.54 376.35 Td (attract ) Tj ET Q q 0 0 0 rg BT 194.33 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 212.05 376.35 Td (retain ) Tj ET Q q 0 0 0 rg BT 238.52 376.35 Td (clients ) Tj ET Q q 0 0 0 rg BT 268.49 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 286.21 376.35 Td (key ) Tj ET Q q 0 0 0 rg BT 303.94 376.35 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 349.95 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 367.67 376.35 Td (lead ) Tj ET Q q 0 0 0 rg BT 387.72 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 398.45 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 405.67 376.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 447.89 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 458.62 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 474.01 376.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 508.06 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 519.37 376.35 Td (our ) Tj ET Q q 0 0 0 rg BT 535.37 376.35 Td (AUM, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (any ) Tj ET Q q 0 0 0 rg BT 67.29 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 78.66 363.75 Td (which ) Tj ET Q q 0 0 0 rg BT 106.94 363.75 Td (could ) Tj ET Q q 0 0 0 rg BT 132.90 363.75 Td (have ) Tj ET Q q 0 0 0 rg BT 155.34 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 162.63 363.75 Td (material ) Tj ET Q q 0 0 0 rg BT 199.65 363.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 234.34 363.75 Td (ef) Tj ET Q q 0 0 0 rg BT 242.31 363.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 260.67 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 273.79 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 290.42 363.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 330.36 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 348.14 363.75 Td (net ) Tj ET Q q 0 0 0 rg BT 363.60 363.75 Td (income.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 338.55 Td (Failure ) Tj ET Q q 0 0 0 rg BT 119.71 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 129.41 338.55 Td (Properly ) Tj ET Q q 0 0 0 rg BT 168.04 338.55 Td (Address ) Tj ET Q q 0 0 0 rg BT 204.00 338.55 Td (Conflicts ) Tj ET Q q 0 0 0 rg BT 244.62 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 254.91 338.55 Td (Interest ) Tj ET Q q 0 0 0 rg BT 289.69 338.55 Td (Could ) Tj ET Q q 0 0 0 rg BT 317.49 338.55 Td (Harm ) Tj ET Q q 0 0 0 rg BT 344.70 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 361.41 338.55 Td (Reputation, ) Tj ET Q q 0 0 0 rg BT 413.41 338.55 Td (Business ) Tj ET Q q 0 0 0 rg BT 453.47 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 471.34 338.55 Td (Results ) Tj ET Q q 0 0 0 rg BT 504.39 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 514.67 338.55 Td (Operations) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 313.35 Td (As ) Tj ET Q q 0 0 0 rg BT 99.06 313.35 Td (we ) Tj ET Q q 0 0 0 rg BT 113.19 313.35 Td (have ) Tj ET Q q 0 0 0 rg BT 134.89 313.35 Td (expanded ) Tj ET Q q 0 0 0 rg BT 177.01 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 191.73 313.35 Td (scope ) Tj ET Q q 0 0 0 rg BT 217.52 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 228.16 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 244.04 313.35 Td (businesses ) Tj ET Q q 0 0 0 rg BT 290.26 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 307.31 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 323.19 313.35 Td (client ) Tj ET Q q 0 0 0 rg BT 348.40 313.35 Td (base, ) Tj ET Q q 0 0 0 rg BT 371.57 313.35 Td (we ) Tj ET Q q 0 0 0 rg BT 385.70 313.35 Td (must ) Tj ET Q q 0 0 0 rg BT 408.01 313.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 446.05 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 456.11 313.35 Td (address ) Tj ET Q q 0 0 0 rg BT 489.48 313.35 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 527.53 313.35 Td (between ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 66.62 300.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 104.73 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 123.01 300.75 Td (those ) Tj ET Q q 0 0 0 rg BT 148.30 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.17 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 177.28 300.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 210.44 300.75 Td (In ) Tj ET Q q 0 0 0 rg BT 222.31 300.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 262.47 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 278.42 300.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 300.80 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 319.08 300.75 Td (other ) Tj ET Q q 0 0 0 rg BT 343.77 300.75 Td (regulators ) Tj ET Q q 0 0 0 rg BT 388.88 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 411.82 300.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 454.59 300.75 Td (their ) Tj ET Q q 0 0 0 rg BT 476.95 300.75 Td (scrutiny ) Tj ET Q q 0 0 0 rg BT 513.90 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 525.77 300.75 Td (potential ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 89.73 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 102.56 288.15 Td (interest. ) Tj ET Q q 0 0 0 rg BT 139.88 288.15 Td (W) Tj ET Q q 0 0 0 rg BT 148.94 288.15 Td (e ) Tj ET Q q 0 0 0 rg BT 157.68 288.15 Td (have ) Tj ET Q q 0 0 0 rg BT 181.58 288.15 Td (procedures ) Tj ET Q q 0 0 0 rg BT 231.72 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 250.96 288.15 Td (controls ) Tj ET Q q 0 0 0 rg BT 288.87 288.15 Td (that ) Tj ET Q q 0 0 0 rg BT 308.69 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 325.59 288.15 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 375.15 288.15 Td (designed ) Tj ET Q q 0 0 0 rg BT 416.55 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 428.80 288.15 Td (address ) Tj ET Q q 0 0 0 rg BT 464.37 288.15 Td (these ) Tj ET Q q 0 0 0 rg BT 490.02 288.15 Td (issues. ) Tj ET Q q 0 0 0 rg BT 521.81 288.15 Td (However) Tj ET Q q 0 0 0 rg BT 559.87 288.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 107.78 275.55 Td (dealing ) Tj ET Q q 0 0 0 rg BT 141.00 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 161.97 275.55 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 200.43 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 211.48 275.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 244.70 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 254.01 275.55 Td (complex ) Tj ET Q q 0 0 0 rg BT 292.47 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 309.93 275.55 Td (dif) Tj ET Q q 0 0 0 rg BT 321.41 275.55 Td (ficult ) Tj ET Q q 0 0 0 rg BT 345.87 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 363.34 275.55 Td (if ) Tj ET Q q 0 0 0 rg BT 372.06 275.55 Td (we ) Tj ET Q q 0 0 0 rg BT 386.61 275.55 Td (fail, ) Tj ET Q q 0 0 0 rg BT 405.53 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 416.58 275.55 Td (appear ) Tj ET Q q 0 0 0 rg BT 446.87 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 457.34 275.55 Td (fail, ) Tj ET Q q 0 0 0 rg BT 476.26 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 486.74 275.55 Td (deal ) Tj ET Q q 0 0 0 rg BT 506.53 275.55 Td (appropriately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (with ) Tj ET Q q 0 0 0 rg BT 70.44 262.95 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 108.87 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 119.89 262.95 Td (interest, ) Tj ET Q q 0 0 0 rg BT 155.69 262.95 Td (we ) Tj ET Q q 0 0 0 rg BT 170.21 262.95 Td (could ) Tj ET Q q 0 0 0 rg BT 195.81 262.95 Td (face ) Tj ET Q q 0 0 0 rg BT 215.56 262.95 Td (reputational ) Tj ET Q q 0 0 0 rg BT 267.98 262.95 Td (damage, ) Tj ET Q q 0 0 0 rg BT 305.53 262.95 Td (litigation ) Tj ET Q q 0 0 0 rg BT 345.72 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 356.74 262.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 402.16 262.95 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 455.16 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 466.18 262.95 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 508.40 262.95 Td (any ) Tj ET Q q 0 0 0 rg BT 525.83 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 536.85 262.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (may ) Tj ET Q q 0 0 0 rg BT 70.20 250.35 Td (adversely ) Tj ET Q q 0 0 0 rg BT 113.06 250.35 Td (af) Tj ET Q q 0 0 0 rg BT 121.03 250.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 139.39 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 156.01 250.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 195.95 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 207.32 250.35 Td (net ) Tj ET Q q 0 0 0 rg BT 222.77 250.35 Td (income.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 225.15 Td (Loss ) Tj ET Q q 0 0 0 rg BT 107.96 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 119.33 225.15 Td (Key ) Tj ET Q q 0 0 0 rg BT 138.28 225.15 Td (Personnel ) Tj ET Q q 0 0 0 rg BT 184.66 225.15 Td (Could ) Tj ET Q q 0 0 0 rg BT 213.55 225.15 Td (Harm ) Tj ET Q q 0 0 0 rg BT 241.85 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 259.65 225.15 Td (Business) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 199.95 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 199.95 Td (e ) Tj ET Q q 0 0 0 rg BT 100.77 199.95 Td (are ) Tj ET Q q 0 0 0 rg BT 115.12 199.95 Td (dependent ) Tj ET Q q 0 0 0 rg BT 159.81 199.95 Td (on ) Tj ET Q q 0 0 0 rg BT 171.85 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 186.22 199.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 229.16 199.95 Td (services ) Tj ET Q q 0 0 0 rg BT 264.52 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 274.80 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 281.00 199.95 Td (number ) Tj ET Q q 0 0 0 rg BT 314.61 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 324.90 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 340.43 199.95 Td (key ) Tj ET Q q 0 0 0 rg BT 357.13 199.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 379.08 199.95 Td (management ) Tj ET Q q 0 0 0 rg BT 434.26 199.95 Td (personnel ) Tj ET Q q 0 0 0 rg BT 476.62 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 493.32 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 508.86 199.95 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (team, ) Tj ET Q q 0 0 0 rg BT 75.04 187.35 Td (including ) Tj ET Q q 0 0 0 rg BT 117.21 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 133.71 187.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 159.55 187.35 Td (Executive ) Tj ET Q q 0 0 0 rg BT 204.04 187.35 Td (Of) Tj ET Q q 0 0 0 rg BT 214.93 187.35 Td (ficer) Tj ET Q q 0 0 0 rg BT 233.58 187.35 Td (. ) Tj ET Q q 0 0 0 rg BT 238.53 187.35 Td (The ) Tj ET Q q 0 0 0 rg BT 257.36 187.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 276.21 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 287.46 187.35 Td (any ) Tj ET Q q 0 0 0 rg BT 305.13 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 316.39 187.35 Td (such ) Tj ET Q q 0 0 0 rg BT 338.14 187.35 Td (personnel ) Tj ET Q q 0 0 0 rg BT 381.47 187.35 Td (without ) Tj ET Q q 0 0 0 rg BT 416.06 187.35 Td (adequate ) Tj ET Q q 0 0 0 rg BT 455.88 187.35 Td (replacement ) Tj ET Q q 0 0 0 rg BT 509.69 187.35 Td (could ) Tj ET Q q 0 0 0 rg BT 535.52 187.35 Td (have ) Tj ET Q q 0 0 0 rg BT 557.85 187.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (material ) Tj ET Q q 0 0 0 rg BT 87.60 174.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 123.36 174.75 Td (ef) Tj ET Q q 0 0 0 rg BT 131.33 174.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 150.76 174.75 Td (on ) Tj ET Q q 0 0 0 rg BT 164.96 174.75 Td (us. ) Tj ET Q q 0 0 0 rg BT 180.62 174.75 Td (Moreover) Tj ET Q q 0 0 0 rg BT 221.60 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 227.93 174.75 Td (since ) Tj ET Q q 0 0 0 rg BT 253.20 174.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 285.47 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 297.91 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 315.61 174.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 339.72 174.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 383.65 174.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 418.25 174.75 Td (with ) Tj ET Q q 0 0 0 rg BT 440.61 174.75 Td (lean ) Tj ET Q q 0 0 0 rg BT 461.80 174.75 Td (management ) Tj ET Q q 0 0 0 rg BT 519.14 174.75 Td (teams ) Tj ET Q q 0 0 0 rg BT 547.34 174.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (contribute ) Tj ET Q q 0 0 0 rg BT 94.15 162.15 Td (significantly ) Tj ET Q q 0 0 0 rg BT 148.71 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 158.96 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 175.03 162.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 214.42 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 231.65 162.15 Td (net ) Tj ET Q q 0 0 0 rg BT 246.56 162.15 Td (income, ) Tj ET Q q 0 0 0 rg BT 282.16 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 297.07 162.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 315.48 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 326.30 162.15 Td (even ) Tj ET Q q 0 0 0 rg BT 348.20 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 354.94 162.15 Td (small ) Tj ET Q q 0 0 0 rg BT 379.76 162.15 Td (number ) Tj ET Q q 0 0 0 rg BT 413.91 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 424.73 162.15 Td (key ) Tj ET Q q 0 0 0 rg BT 441.97 162.15 Td (personnel ) Tj ET Q q 0 0 0 rg BT 484.86 162.15 Td (at ) Tj ET Q q 0 0 0 rg BT 494.52 162.15 Td (these ) Tj ET Q q 0 0 0 rg BT 518.17 162.15 Td (businesses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (could ) Tj ET Q q 0 0 0 rg BT 74.30 149.55 Td (have ) Tj ET Q q 0 0 0 rg BT 95.59 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 101.73 149.55 Td (disproportionate ) Tj ET Q q 0 0 0 rg BT 172.02 149.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 202.07 149.55 Td (on ) Tj ET Q q 0 0 0 rg BT 214.04 149.55 Td (our ) Tj ET Q q 0 0 0 rg BT 229.51 149.55 Td (overall ) Tj ET Q q 0 0 0 rg BT 260.14 149.55 Td (business. ) Tj ET Q q 0 0 0 rg BT 299.50 149.55 Td (Additionally) Tj ET Q q 0 0 0 rg BT 351.90 149.55 Td (, ) Tj ET Q q 0 0 0 rg BT 355.99 149.55 Td (we ) Tj ET Q q 0 0 0 rg BT 369.71 149.55 Td (need ) Tj ET Q q 0 0 0 rg BT 391.00 149.55 Td (qualified ) Tj ET Q q 0 0 0 rg BT 429.80 149.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 471.50 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 488.13 149.55 Td (skilled ) Tj ET Q q 0 0 0 rg BT 517.61 149.55 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (with ) Tj ET Q q 0 0 0 rg BT 73.11 136.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 98.46 136.95 Td (management ) Tj ET Q q 0 0 0 rg BT 157.04 136.95 Td (experience ) Tj ET Q q 0 0 0 rg BT 207.45 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 220.55 136.95 Td (order ) Tj ET Q q 0 0 0 rg BT 247.64 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 260.75 136.95 Td (operate ) Tj ET Q q 0 0 0 rg BT 296.58 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 315.52 136.95 Td (business ) Tj ET Q q 0 0 0 rg BT 356.05 136.95 Td (successfully) Tj ET Q q 0 0 0 rg BT 406.69 136.95 Td (. ) Tj ET Q q 0 0 0 rg BT 413.89 136.95 Td (The ) Tj ET Q q 0 0 0 rg BT 435.16 136.95 Td (market ) Tj ET Q q 0 0 0 rg BT 469.25 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 486.43 136.95 Td (experienced ) Tj ET Q q 0 0 0 rg BT 542.09 136.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (management ) Tj ET Q q 0 0 0 rg BT 105.01 124.35 Td (professionals ) Tj ET Q q 0 0 0 rg BT 162.28 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 171.15 124.35 Td (extremely ) Tj ET Q q 0 0 0 rg BT 214.99 124.35 Td (competitive ) Tj ET Q q 0 0 0 rg BT 266.43 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 283.45 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 292.32 124.35 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 345.50 124.35 Td (characterized ) Tj ET Q q 0 0 0 rg BT 403.32 124.35 Td (by ) Tj ET Q q 0 0 0 rg BT 415.68 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 430.37 124.35 Td (movement ) Tj ET Q q 0 0 0 rg BT 476.56 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 487.17 124.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 533.94 124.35 Td (among ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (dif) Tj ET Q q 0 0 0 rg BT 60.97 111.75 Td (ferent ) Tj ET Q q 0 0 0 rg BT 87.27 111.75 Td (firms. ) Tj ET Q q 0 0 0 rg BT 113.88 111.75 Td (Due ) Tj ET Q q 0 0 0 rg BT 133.18 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 143.17 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 157.81 111.75 Td (competitive ) Tj ET Q q 0 0 0 rg BT 209.19 111.75 Td (market ) Tj ET Q q 0 0 0 rg BT 240.16 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 254.22 111.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 276.45 111.75 Td (management ) Tj ET Q q 0 0 0 rg BT 331.91 111.75 Td (professionals ) Tj ET Q q 0 0 0 rg BT 389.13 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 406.11 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.75 111.75 Td (success ) Tj ET Q q 0 0 0 rg BT 454.06 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 464.62 111.75 Td (some ) Tj ET Q q 0 0 0 rg BT 488.60 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 499.16 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 514.97 111.75 Td (employees, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 66.18 99.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 89.87 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 100.72 99.15 Td (attract ) Tj ET Q q 0 0 0 rg BT 129.64 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 147.48 99.15 Td (retain ) Tj ET Q q 0 0 0 rg BT 174.07 99.15 Td (key ) Tj ET Q q 0 0 0 rg BT 191.92 99.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 239.50 99.15 Td (are ) Tj ET Q q 0 0 0 rg BT 255.01 99.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 302.02 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 319.86 99.15 Td (will ) Tj ET Q q 0 0 0 rg BT 338.88 99.15 Td (likely ) Tj ET Q q 0 0 0 rg BT 365.48 99.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 402.56 99.15 Td (over ) Tj ET Q q 0 0 0 rg BT 423.90 99.15 Td (time. ) Tj ET Q q 0 0 0 rg BT 447.87 99.15 Td (From ) Tj ET Q q 0 0 0 rg BT 473.31 99.15 Td (time ) Tj ET Q q 0 0 0 rg BT 494.66 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 505.51 99.15 Td (time, ) Tj ET Q q 0 0 0 rg BT 529.49 99.15 Td (we ) Tj ET Q q 0 0 0 rg BT 544.42 99.15 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (work ) Tj ET Q q 0 0 0 rg BT 74.38 86.55 Td (with ) Tj ET Q q 0 0 0 rg BT 96.34 86.55 Td (key ) Tj ET Q q 0 0 0 rg BT 114.79 86.55 Td (employees ) Tj ET Q q 0 0 0 rg BT 162.99 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 174.46 86.55 Td (revise ) Tj ET Q q 0 0 0 rg BT 202.82 86.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 239.35 86.55 Td (sharing ) Tj ET Q q 0 0 0 rg BT 273.55 86.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 333.41 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 351.86 86.55 Td (other ) Tj ET Q q 0 0 0 rg BT 376.73 86.55 Td (employment-related ) Tj ET Q q 0 0 0 rg BT 464.58 86.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 491.20 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 502.67 86.55 Td (reflect ) Tj ET Q q 0 0 0 rg BT 532.77 86.55 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 113.22 73.95 Td (including ) Tj ET Q q 0 0 0 rg BT 154.50 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 164.28 73.95 Td (situations ) Tj ET Q q 0 0 0 rg BT 206.15 73.95 Td (where ) Tj ET Q q 0 0 0 rg BT 233.42 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 239.69 73.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 274.54 73.95 Td (sharing ) Tj ET Q q 0 0 0 rg BT 307.06 73.95 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 361.15 73.95 Td (may ) Tj ET Q q 0 0 0 rg BT 380.85 73.95 Td (result ) Tj ET Q q 0 0 0 rg BT 405.79 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 415.57 73.95 Td (insuf) Tj ET Q q 0 0 0 rg BT 436.39 73.95 Td (ficient ) Tj ET Q q 0 0 0 rg BT 464.82 73.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 503.75 73.95 Td (being ) Tj ET Q q 0 0 0 rg BT 528.70 73.95 Td (retained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (by ) Tj ET Q q 0 0 0 rg BT 62.68 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 78.18 61.35 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 120.67 61.35 Td (. ) Tj ET Q q 0 0 0 rg BT 125.97 61.35 Td (In ) Tj ET Q q 0 0 0 rg BT 137.39 61.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 177.11 61.35 Td (since ) Tj ET Q q 0 0 0 rg BT 201.36 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 216.87 61.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 265.62 61.35 Td (track ) Tj ET Q q 0 0 0 rg BT 289.29 61.35 Td (record ) Tj ET Q q 0 0 0 rg BT 318.78 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 330.20 61.35 Td (many ) Tj ET Q q 0 0 0 rg BT 356.21 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 367.63 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 384.31 61.35 Td (products ) Tj ET Q q 0 0 0 rg BT 423.15 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 440.99 61.35 Td (services ) Tj ET Q q 0 0 0 rg BT 477.48 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 487.16 61.35 Td (often ) Tj ET Q q 0 0 0 rg BT 511.42 61.35 Td (attributed ) Tj ET Q q 0 0 0 rg BT 554.33 61.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (a ) Tj ET Q q 0 0 0 rg BT 56.45 48.75 Td (small ) Tj ET Q q 0 0 0 rg BT 81.50 48.75 Td (number ) Tj ET Q q 0 0 0 rg BT 115.86 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 126.90 48.75 Td (individual ) Tj ET Q q 0 0 0 rg BT 171.78 48.75 Td (employees, ) Tj ET Q q 0 0 0 rg BT 221.60 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 239.05 48.75 Td (sometimes ) Tj ET Q q 0 0 0 rg BT 286.26 48.75 Td (one ) Tj ET Q q 0 0 0 rg BT 303.71 48.75 Td (person, ) Tj ET Q q 0 0 0 rg BT 336.62 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 351.75 48.75 Td (departure ) Tj ET Q q 0 0 0 rg BT 393.68 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 404.72 48.75 Td (one ) Tj ET Q q 0 0 0 rg BT 422.17 48.75 Td (or ) Tj ET Q q 0 0 0 rg BT 433.21 48.75 Td (more ) Tj ET Q q 0 0 0 rg BT 457.08 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 468.12 48.75 Td (these ) Tj ET Q q 0 0 0 rg BT 491.99 48.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 539.19 48.75 Td (could ) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (24) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (cause ) Tj ET Q q 0 0 0 rg BT 75.72 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 91.45 741.75 Td (business ) Tj ET Q q 0 0 0 rg BT 129.94 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 141.01 741.75 Td (lose ) Tj ET Q q 0 0 0 rg BT 160.83 741.75 Td (client ) Tj ET Q q 0 0 0 rg BT 187.06 741.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 226.70 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 238.35 741.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 279.15 741.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 309.18 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 337.74 741.75 Td (could ) Tj ET Q q 0 0 0 rg BT 363.97 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 386.70 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 394.26 741.75 Td (material ) Tj ET Q q 0 0 0 rg BT 431.56 741.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 466.53 741.75 Td (ef) Tj ET Q q 0 0 0 rg BT 474.50 741.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 493.14 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 506.54 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 523.44 741.75 Td (results ) Tj ET Q q 0 0 0 rg BT 553.76 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 95.81 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 113.54 729.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 152.85 729.15 Td (condition. ) Tj ET Q q 0 0 0 rg BT 197.71 729.15 Td (If ) Tj ET Q q 0 0 0 rg BT 207.27 729.15 Td (we ) Tj ET Q q 0 0 0 rg BT 222.09 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 237.48 729.15 Td (unable ) Tj ET Q q 0 0 0 rg BT 268.04 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 278.78 729.15 Td (attract ) Tj ET Q q 0 0 0 rg BT 307.58 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 325.32 729.15 Td (retain ) Tj ET Q q 0 0 0 rg BT 351.79 729.15 Td (qualified ) Tj ET Q q 0 0 0 rg BT 391.68 729.15 Td (individuals ) Tj ET Q q 0 0 0 rg BT 440.92 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 452.24 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 468.81 729.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 492.38 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 503.12 729.15 Td (do ) Tj ET Q q 0 0 0 rg BT 516.20 729.15 Td (so ) Tj ET Q q 0 0 0 rg BT 528.10 729.15 Td (increase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (significantly) Tj ET Q q 0 0 0 rg BT 101.31 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 106.56 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 123.18 716.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 169.55 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 187.33 716.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.69 716.55 Td (results ) Tj ET Q q 0 0 0 rg BT 256.73 716.55 Td (would ) Tj ET Q q 0 0 0 rg BT 285.60 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 298.14 716.55 Td (materially ) Tj ET Q q 0 0 0 rg BT 343.33 716.55 Td (adversely ) Tj ET Q q 0 0 0 rg BT 386.19 716.55 Td (af) Tj ET Q q 0 0 0 rg BT 394.15 716.55 Td (fected.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 691.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.63 691.35 Td (Business ) Tj ET Q q 0 0 0 rg BT 146.78 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 156.41 691.35 Td (Subject ) Tj ET Q q 0 0 0 rg BT 191.12 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 201.91 691.35 Td (Numerous ) Tj ET Q q 0 0 0 rg BT 250.05 691.35 Td (Operational ) Tj ET Q q 0 0 0 rg BT 304.60 691.35 Td (Risks) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 666.15 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 666.15 Td (e ) Tj ET Q q 0 0 0 rg BT 101.64 666.15 Td (face ) Tj ET Q q 0 0 0 rg BT 121.52 666.15 Td (numerous ) Tj ET Q q 0 0 0 rg BT 165.34 666.15 Td (operational ) Tj ET Q q 0 0 0 rg BT 214.98 666.15 Td (risks ) Tj ET Q q 0 0 0 rg BT 237.22 666.15 Td (related ) Tj ET Q q 0 0 0 rg BT 268.19 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 278.77 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 295.17 666.15 Td (business ) Tj ET Q q 0 0 0 rg BT 333.17 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 346.08 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 353.14 666.15 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 401.03 666.15 Td (basis. ) Tj ET Q q 0 0 0 rg BT 426.53 666.15 Td (Among ) Tj ET Q q 0 0 0 rg BT 460.44 666.15 Td (other ) Tj ET Q q 0 0 0 rg BT 484.42 666.15 Td (things, ) Tj ET Q q 0 0 0 rg BT 515.13 666.15 Td (we ) Tj ET Q q 0 0 0 rg BT 529.78 666.15 Td (must ) Tj ET Q q 0 0 0 rg BT 552.61 666.15 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (able ) Tj ET Q q 0 0 0 rg BT 69.90 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 80.98 653.55 Td (consistently ) Tj ET Q q 0 0 0 rg BT 134.05 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 152.12 653.55 Td (reliably ) Tj ET Q q 0 0 0 rg BT 187.10 653.55 Td (obtain ) Tj ET Q q 0 0 0 rg BT 216.25 653.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 258.82 653.55 Td (pricing ) Tj ET Q q 0 0 0 rg BT 291.47 653.55 Td (information, ) Tj ET Q q 0 0 0 rg BT 346.58 653.55 Td (process ) Tj ET Q q 0 0 0 rg BT 380.98 653.55 Td (trading ) Tj ET Q q 0 0 0 rg BT 413.63 653.55 Td (activity) Tj ET Q q 0 0 0 rg BT 444.44 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 449.98 653.55 Td (process ) Tj ET Q q 0 0 0 rg BT 484.38 653.55 Td (client ) Tj ET Q q 0 0 0 rg BT 510.61 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 528.68 653.55 Td (investor ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 101.91 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 119.32 640.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 153.65 640.95 Td (reports ) Tj ET Q q 0 0 0 rg BT 185.06 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 202.47 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 226.30 640.95 Td (customer ) Tj ET Q q 0 0 0 rg BT 267.05 640.95 Td (service ) Tj ET Q q 0 0 0 rg BT 299.03 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 309.45 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 325.70 640.95 Td (clients, ) Tj ET Q q 0 0 0 rg BT 357.99 640.95 Td (investors ) Tj ET Q q 0 0 0 rg BT 398.16 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 415.57 640.95 Td (distributors. ) Tj ET Q q 0 0 0 rg BT 468.29 640.95 Td (Failure ) Tj ET Q q 0 0 0 rg BT 500.28 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 510.70 640.95 Td (keep ) Tj ET Q q 0 0 0 rg BT 532.78 640.95 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.89 628.35 Td (accurate ) Tj ET Q q 0 0 0 rg BT 104.09 628.35 Td (books ) Tj ET Q q 0 0 0 rg BT 131.41 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 148.81 628.35 Td (records ) Tj ET Q q 0 0 0 rg BT 181.94 628.35 Td (can ) Tj ET Q q 0 0 0 rg BT 198.74 628.35 Td (render ) Tj ET Q q 0 0 0 rg BT 227.79 628.35 Td (us ) Tj ET Q q 0 0 0 rg BT 239.36 628.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 271.34 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 281.74 628.35 Td (disciplinary ) Tj ET Q q 0 0 0 rg BT 333.54 628.35 Td (action ) Tj ET Q q 0 0 0 rg BT 361.43 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 374.17 628.35 Td (governmental ) Tj ET Q q 0 0 0 rg BT 434.13 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 451.52 628.35 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 515.56 628.35 Td (authorities, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.61 615.75 Td (well ) Tj ET Q q 0 0 0 rg BT 81.05 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 92.15 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 102.68 615.75 Td (claims ) Tj ET Q q 0 0 0 rg BT 132.45 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 145.31 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 161.67 615.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 193.54 615.75 Td (A) Tj ET Q q 0 0 0 rg BT 200.54 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 202.90 615.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 235.59 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 246.70 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 263.06 615.75 Td (software ) Tj ET Q q 0 0 0 rg BT 301.57 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 310.93 615.75 Td (licensed ) Tj ET Q q 0 0 0 rg BT 347.70 615.75 Td (from ) Tj ET Q q 0 0 0 rg BT 370.47 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.99 615.75 Td (supported ) Tj ET Q q 0 0 0 rg BT 431.76 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 444.62 615.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 477.31 615.75 Td (vendors ) Tj ET Q q 0 0 0 rg BT 512.91 615.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 536.27 615.75 Td (whom ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (we ) Tj ET Q q 0 0 0 rg BT 64.55 603.15 Td (rely ) Tj ET Q q 0 0 0 rg BT 83.69 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 94.67 603.15 Td (prevent ) Tj ET Q q 0 0 0 rg BT 128.97 603.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 171.43 603.15 Td (system ) Tj ET Q q 0 0 0 rg BT 203.41 603.15 Td (failure. ) Tj ET Q q 0 0 0 rg BT 235.62 603.15 Td (A) Tj ET Q q 0 0 0 rg BT 242.63 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 245.44 603.15 Td (suspension ) Tj ET Q q 0 0 0 rg BT 294.34 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 305.89 603.15 Td (termination ) Tj ET Q q 0 0 0 rg BT 357.11 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 368.67 603.15 Td (these ) Tj ET Q q 0 0 0 rg BT 393.05 603.15 Td (licenses ) Tj ET Q q 0 0 0 rg BT 429.11 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 440.66 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 456.30 603.15 Td (related ) Tj ET Q q 0 0 0 rg BT 487.68 603.15 Td (support, ) Tj ET Q q 0 0 0 rg BT 524.61 603.15 Td (upgrades ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 68.56 590.55 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 125.52 590.55 Td (could ) Tj ET Q q 0 0 0 rg BT 152.75 590.55 Td (cause ) Tj ET Q q 0 0 0 rg BT 179.97 590.55 Td (system ) Tj ET Q q 0 0 0 rg BT 213.04 590.55 Td (delays ) Tj ET Q q 0 0 0 rg BT 243.77 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 256.42 590.55 Td (interruption. ) Tj ET Q q 0 0 0 rg BT 312.52 590.55 Td (If ) Tj ET Q q 0 0 0 rg BT 323.41 590.55 Td (any ) Tj ET Q q 0 0 0 rg BT 342.47 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 355.12 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 373.02 590.55 Td (financial, ) Tj ET Q q 0 0 0 rg BT 416.28 590.55 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 456.93 590.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 506.90 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 519.54 590.55 Td (other ) Tj ET Q q 0 0 0 rg BT 545.02 590.55 Td (data ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (processing ) Tj ET Q q 0 0 0 rg BT 97.03 577.95 Td (systems, ) Tj ET Q q 0 0 0 rg BT 135.53 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 146.90 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 162.35 577.95 Td (systems ) Tj ET Q q 0 0 0 rg BT 198.22 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 209.59 577.95 Td (third ) Tj ET Q q 0 0 0 rg BT 232.04 577.95 Td (parties ) Tj ET Q q 0 0 0 rg BT 262.65 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 275.77 577.95 Td (whom ) Tj ET Q q 0 0 0 rg BT 304.65 577.95 Td (we ) Tj ET Q q 0 0 0 rg BT 319.51 577.95 Td (rely) Tj ET Q q 0 0 0 rg BT 335.15 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 340.40 577.95 Td (do ) Tj ET Q q 0 0 0 rg BT 353.52 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 369.56 577.95 Td (operate ) Tj ET Q q 0 0 0 rg BT 403.08 577.95 Td (properly ) Tj ET Q q 0 0 0 rg BT 441.27 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 452.64 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 468.08 577.95 Td (disabled ) Tj ET Q q 0 0 0 rg BT 505.69 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 517.06 577.95 Td (if ) Tj ET Q q 0 0 0 rg BT 526.09 577.95 Td (there ) Tj ET Q q 0 0 0 rg BT 549.70 577.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (other ) Tj ET Q q 0 0 0 rg BT 73.97 565.35 Td (shortcomings ) Tj ET Q q 0 0 0 rg BT 133.45 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 145.09 565.35 Td (failures ) Tj ET Q q 0 0 0 rg BT 179.47 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 190.53 565.35 Td (our ) Tj ET Q q 0 0 0 rg BT 207.43 565.35 Td (internal ) Tj ET Q q 0 0 0 rg BT 242.39 565.35 Td (processes, ) Tj ET Q q 0 0 0 rg BT 288.15 565.35 Td (people ) Tj ET Q q 0 0 0 rg BT 319.04 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 330.68 565.35 Td (systems, ) Tj ET Q q 0 0 0 rg BT 369.45 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 381.09 565.35 Td (those ) Tj ET Q q 0 0 0 rg BT 406.15 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 417.80 565.35 Td (third ) Tj ET Q q 0 0 0 rg BT 440.52 565.35 Td (parties ) Tj ET Q q 0 0 0 rg BT 471.41 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 484.80 565.35 Td (whom ) Tj ET Q q 0 0 0 rg BT 513.95 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 529.09 565.35 Td (rely) Tj ET Q q 0 0 0 rg BT 544.73 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 550.25 565.35 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (could ) Tj ET Q q 0 0 0 rg BT 75.94 552.75 Td (suf) Tj ET Q q 0 0 0 rg BT 88.58 552.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 103.35 552.75 Td (an ) Tj ET Q q 0 0 0 rg BT 116.38 552.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 167.89 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 179.18 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 196.29 552.75 Td (liquidity) Tj ET Q q 0 0 0 rg BT 231.19 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 236.93 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 244.70 552.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 284.55 552.75 Td (loss, ) Tj ET Q q 0 0 0 rg BT 306.63 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 314.40 552.75 Td (disruption ) Tj ET Q q 0 0 0 rg BT 360.10 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 371.96 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 389.07 552.75 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 439.14 552.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 474.92 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 486.20 552.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 519.35 552.75 Td (regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (problems ) Tj ET Q q 0 0 0 rg BT 91.16 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 102.49 540.15 Td (damage ) Tj ET Q q 0 0 0 rg BT 137.72 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 148.47 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 165.05 540.15 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 212.64 540.15 Td (These ) Tj ET Q q 0 0 0 rg BT 240.29 540.15 Td (systems ) Tj ET Q q 0 0 0 rg BT 276.13 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 296.79 540.15 Td (fail ) Tj ET Q q 0 0 0 rg BT 313.36 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 324.11 540.15 Td (operate ) Tj ET Q q 0 0 0 rg BT 357.59 540.15 Td (properly ) Tj ET Q q 0 0 0 rg BT 395.74 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 407.07 540.15 Td (become ) Tj ET Q q 0 0 0 rg BT 442.30 540.15 Td (disabled ) Tj ET Q q 0 0 0 rg BT 479.87 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 491.20 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 498.44 540.15 Td (result ) Tj ET Q q 0 0 0 rg BT 524.35 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 535.68 540.15 Td (events ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 66.94 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 81.44 527.55 Td (wholly ) Tj ET Q q 0 0 0 rg BT 112.30 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 122.74 527.55 Td (partially ) Tj ET Q q 0 0 0 rg BT 159.42 527.55 Td (beyond ) Tj ET Q q 0 0 0 rg BT 192.02 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 207.71 527.55 Td (control, ) Tj ET Q q 0 0 0 rg BT 241.76 527.55 Td (including ) Tj ET Q q 0 0 0 rg BT 283.12 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 289.47 527.55 Td (disruption ) Tj ET Q q 0 0 0 rg BT 333.74 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 344.18 527.55 Td (electrical ) Tj ET Q q 0 0 0 rg BT 384.34 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 394.78 527.55 Td (communications ) Tj ET Q q 0 0 0 rg BT 465.87 527.55 Td (services ) Tj ET Q q 0 0 0 rg BT 501.38 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 511.82 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 527.51 527.55 Td (inability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 59.97 514.95 Td (occupy ) Tj ET Q q 0 0 0 rg BT 92.59 514.95 Td (one ) Tj ET Q q 0 0 0 rg BT 110.04 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 121.09 514.95 Td (more ) Tj ET Q q 0 0 0 rg BT 144.96 514.95 Td (of) Tj ET Q q 0 0 0 rg BT 153.52 514.95 Td (fices. ) Tj ET Q q 0 0 0 rg BT 178.26 514.95 Td (In ) Tj ET Q q 0 0 0 rg BT 189.31 514.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 228.65 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 244.94 514.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 290.98 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 306.09 514.95 Td (dependent ) Tj ET Q q 0 0 0 rg BT 351.54 514.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 374.84 514.95 Td (information ) Tj ET Q q 0 0 0 rg BT 426.71 514.95 Td (from, ) Tj ET Q q 0 0 0 rg BT 452.05 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 469.51 514.95 Td (communications ) Tj ET Q q 0 0 0 rg BT 541.21 514.95 Td (with, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (third ) Tj ET Q q 0 0 0 rg BT 71.96 502.35 Td (parties, ) Tj ET Q q 0 0 0 rg BT 105.20 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 122.98 502.35 Td (operational ) Tj ET Q q 0 0 0 rg BT 172.84 502.35 Td (problems ) Tj ET Q q 0 0 0 rg BT 214.54 502.35 Td (at ) Tj ET Q q 0 0 0 rg BT 224.74 502.35 Td (third ) Tj ET Q q 0 0 0 rg BT 247.20 502.35 Td (parties ) Tj ET Q q 0 0 0 rg BT 277.81 502.35 Td (may ) Tj ET Q q 0 0 0 rg BT 298.52 502.35 Td (adversely ) Tj ET Q q 0 0 0 rg BT 341.38 502.35 Td (af) Tj ET Q q 0 0 0 rg BT 349.34 502.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 367.70 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 384.33 502.35 Td (ability ) Tj ET Q q 0 0 0 rg BT 413.78 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 424.57 502.35 Td (carry ) Tj ET Q q 0 0 0 rg BT 448.76 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 461.89 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 478.51 502.35 Td (business.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 477.15 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 477.15 Td (e ) Tj ET Q q 0 0 0 rg BT 101.52 477.15 Td (depend ) Tj ET Q q 0 0 0 rg BT 134.13 477.15 Td (on ) Tj ET Q q 0 0 0 rg BT 146.92 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 163.20 477.15 Td (headquarters, ) Tj ET Q q 0 0 0 rg BT 221.75 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 236.87 477.15 Td (of) Tj ET Q q 0 0 0 rg BT 245.43 477.15 Td (fices ) Tj ET Q q 0 0 0 rg BT 267.54 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 278.57 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 294.86 477.15 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 349.35 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 365.63 477.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 411.66 477.15 Td (centers ) Tj ET Q q 0 0 0 rg BT 443.68 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 461.13 477.15 Td (third-party ) Tj ET Q q 0 0 0 rg BT 508.32 477.15 Td (providers ) Tj ET Q q 0 0 0 rg BT 550.27 477.15 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.90 464.55 Td (continued ) Tj ET Q q 0 0 0 rg BT 108.89 464.55 Td (operation ) Tj ET Q q 0 0 0 rg BT 151.12 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 162.44 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 179.01 464.55 Td (business. ) Tj ET Q q 0 0 0 rg BT 219.61 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 238.51 464.55 Td (failure ) Tj ET Q q 0 0 0 rg BT 268.49 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 279.23 464.55 Td (maintain ) Tj ET Q q 0 0 0 rg BT 318.55 464.55 Td (an ) Tj ET Q q 0 0 0 rg BT 331.04 464.55 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 390.17 464.55 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 453.98 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 475.22 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 490.62 464.55 Td (size ) Tj ET Q q 0 0 0 rg BT 509.53 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 527.26 464.55 Td (scope ) Tj ET Q q 0 0 0 rg BT 553.75 464.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 65.41 451.95 Td (business, ) Tj ET Q q 0 0 0 rg BT 105.54 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 112.11 451.95 Td (disaster ) Tj ET Q q 0 0 0 rg BT 146.10 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 156.76 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 163.33 451.95 Td (disruption ) Tj ET Q q 0 0 0 rg BT 207.83 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 217.91 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 232.66 451.95 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 291.13 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 308.79 451.95 Td (supports ) Tj ET Q q 0 0 0 rg BT 346.29 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 362.20 451.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 384.52 451.95 Td (managers, ) Tj ET Q q 0 0 0 rg BT 429.29 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 439.95 451.95 Td (an ) Tj ET Q q 0 0 0 rg BT 451.78 451.95 Td (event ) Tj ET Q q 0 0 0 rg BT 476.43 451.95 Td (disrupting ) Tj ET Q q 0 0 0 rg BT 520.93 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 535.67 451.95 Td (ability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 64.40 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 84.54 439.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 135.59 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 149.91 439.35 Td (perform ) Tj ET Q q 0 0 0 rg BT 189.88 439.35 Td (their ) Tj ET Q q 0 0 0 rg BT 215.27 439.35 Td (job ) Tj ET Q q 0 0 0 rg BT 234.83 439.35 Td (functions, ) Tj ET Q q 0 0 0 rg BT 282.69 439.35 Td (including ) Tj ET Q q 0 0 0 rg BT 328.50 439.35 Td (terrorist ) Tj ET Q q 0 0 0 rg BT 367.89 439.35 Td (attacks ) Tj ET Q q 0 0 0 rg BT 403.19 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 418.08 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 428.89 439.35 Td (disruption ) Tj ET Q q 0 0 0 rg BT 477.63 439.35 Td (involving ) Tj ET Q q 0 0 0 rg BT 524.03 439.35 Td (electrical ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (communications, ) Tj ET Q q 0 0 0 rg BT 123.00 426.75 Td (transportation ) Tj ET Q q 0 0 0 rg BT 182.80 426.75 Td (or ) Tj ET Q q 0 0 0 rg BT 193.02 426.75 Td (other ) Tj ET Q q 0 0 0 rg BT 216.07 426.75 Td (services ) Tj ET Q q 0 0 0 rg BT 251.36 426.75 Td (used ) Tj ET Q q 0 0 0 rg BT 272.08 426.75 Td (by ) Tj ET Q q 0 0 0 rg BT 284.06 426.75 Td (us ) Tj ET Q q 0 0 0 rg BT 294.87 426.75 Td (or ) Tj ET Q q 0 0 0 rg BT 305.09 426.75 Td (third ) Tj ET Q q 0 0 0 rg BT 326.39 426.75 Td (parties ) Tj ET Q q 0 0 0 rg BT 355.86 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 376.00 426.75 Td (whom ) Tj ET Q q 0 0 0 rg BT 403.72 426.75 Td (we ) Tj ET Q q 0 0 0 rg BT 417.44 426.75 Td (conduct ) Tj ET Q q 0 0 0 rg BT 452.16 426.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 491.84 426.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 525.39 426.75 Td (af) Tj ET Q q 0 0 0 rg BT 533.35 426.75 Td (fecting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 66.55 414.15 Td (headquarters, ) Tj ET Q q 0 0 0 rg BT 125.88 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 141.76 414.15 Td (of) Tj ET Q q 0 0 0 rg BT 150.32 414.15 Td (fices ) Tj ET Q q 0 0 0 rg BT 173.20 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 185.00 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 202.05 414.15 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 257.32 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 274.37 414.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 321.17 414.15 Td (centers ) Tj ET Q q 0 0 0 rg BT 353.96 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 365.76 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 381.64 414.15 Td (travel ) Tj ET Q q 0 0 0 rg BT 408.60 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 420.41 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 437.46 414.15 Td (sales, ) Tj ET Q q 0 0 0 rg BT 463.56 414.15 Td (client ) Tj ET Q q 0 0 0 rg BT 489.94 414.15 Td (service ) Tj ET Q q 0 0 0 rg BT 522.73 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 540.94 414.15 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 96.13 401.55 Td (may ) Tj ET Q q 0 0 0 rg BT 117.39 401.55 Td (have ) Tj ET Q q 0 0 0 rg BT 140.39 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 148.23 401.55 Td (material ) Tj ET Q q 0 0 0 rg BT 185.81 401.55 Td (adverse ) Tj ET Q q 0 0 0 rg BT 221.06 401.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 252.81 401.55 Td (on ) Tj ET Q q 0 0 0 rg BT 266.49 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 283.67 401.55 Td (ability ) Tj ET Q q 0 0 0 rg BT 313.68 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 325.03 401.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 364.37 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 375.72 401.55 Td (operate ) Tj ET Q q 0 0 0 rg BT 409.79 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 426.97 401.55 Td (business ) Tj ET Q q 0 0 0 rg BT 465.74 401.55 Td (without ) Tj ET Q q 0 0 0 rg BT 501.01 401.55 Td (interruption ) Tj ET Q q 0 0 0 rg BT 553.76 401.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (impede ) Tj ET Q q 0 0 0 rg BT 83.13 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 98.68 388.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 131.15 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 142.62 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 159.34 388.95 Td (business. ) Tj ET Q q 0 0 0 rg BT 200.27 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 203.00 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 205.12 388.95 Td (Although ) Tj ET Q q 0 0 0 rg BT 247.51 388.95 Td (we ) Tj ET Q q 0 0 0 rg BT 262.47 388.95 Td (have ) Tj ET Q q 0 0 0 rg BT 285.02 388.95 Td (disaster ) Tj ET Q q 0 0 0 rg BT 319.82 388.95 Td (recovery ) Tj ET Q q 0 0 0 rg BT 359.26 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 377.15 388.95 Td (business ) Tj ET Q q 0 0 0 rg BT 415.46 388.95 Td (continuity ) Tj ET Q q 0 0 0 rg BT 460.76 388.95 Td (programs ) Tj ET Q q 0 0 0 rg BT 503.14 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 514.03 388.95 Td (place, ) Tj ET Q q 0 0 0 rg BT 541.53 388.95 Td (there ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (can ) Tj ET Q q 0 0 0 rg BT 66.92 376.35 Td (be ) Tj ET Q q 0 0 0 rg BT 79.68 376.35 Td (no ) Tj ET Q q 0 0 0 rg BT 93.03 376.35 Td (assurance ) Tj ET Q q 0 0 0 rg BT 136.70 376.35 Td (that ) Tj ET Q q 0 0 0 rg BT 155.29 376.35 Td (these ) Tj ET Q q 0 0 0 rg BT 179.72 376.35 Td (will ) Tj ET Q q 0 0 0 rg BT 198.90 376.35 Td (be ) Tj ET Q q 0 0 0 rg BT 211.67 376.35 Td (suf) Tj ET Q q 0 0 0 rg BT 224.31 376.35 Td (ficient ) Tj ET Q q 0 0 0 rg BT 253.98 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 265.00 376.35 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 302.26 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 317.94 376.35 Td (harm ) Tj ET Q q 0 0 0 rg BT 342.36 376.35 Td (that ) Tj ET Q q 0 0 0 rg BT 360.96 376.35 Td (may ) Tj ET Q q 0 0 0 rg BT 381.89 376.35 Td (result ) Tj ET Q q 0 0 0 rg BT 408.07 376.35 Td (from ) Tj ET Q q 0 0 0 rg BT 431.33 376.35 Td (such ) Tj ET Q q 0 0 0 rg BT 453.42 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 460.94 376.35 Td (disaster ) Tj ET Q q 0 0 0 rg BT 495.86 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 507.46 376.35 Td (disruption. ) Tj ET Q q 0 0 0 rg BT 555.52 376.35 Td (If ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (we ) Tj ET Q q 0 0 0 rg BT 64.84 363.75 Td (fail ) Tj ET Q q 0 0 0 rg BT 81.93 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 93.20 363.75 Td (keep ) Tj ET Q q 0 0 0 rg BT 116.12 363.75 Td (business ) Tj ET Q q 0 0 0 rg BT 154.81 363.75 Td (continuity ) Tj ET Q q 0 0 0 rg BT 200.49 363.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 225.75 363.75 Td (up-to-date ) Tj ET Q q 0 0 0 rg BT 272.00 363.75 Td (or ) Tj ET Q q 0 0 0 rg BT 283.85 363.75 Td (if ) Tj ET Q q 0 0 0 rg BT 293.36 363.75 Td (such ) Tj ET Q q 0 0 0 rg BT 315.70 363.75 Td (plans, ) Tj ET Q q 0 0 0 rg BT 343.59 363.75 Td (including ) Tj ET Q q 0 0 0 rg BT 386.36 363.75 Td (secure ) Tj ET Q q 0 0 0 rg BT 416.27 363.75 Td (back-up ) Tj ET Q q 0 0 0 rg BT 453.19 363.75 Td (facilities ) Tj ET Q q 0 0 0 rg BT 492.44 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 510.70 363.75 Td (systems, ) Tj ET Q q 0 0 0 rg BT 549.68 363.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (improperly ) Tj ET Q q 0 0 0 rg BT 98.84 351.15 Td (implemented ) Tj ET Q q 0 0 0 rg BT 156.34 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 167.77 351.15 Td (deployed ) Tj ET Q q 0 0 0 rg BT 208.94 351.15 Td (during ) Tj ET Q q 0 0 0 rg BT 239.03 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 246.38 351.15 Td (disruption, ) Tj ET Q q 0 0 0 rg BT 294.27 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 310.95 351.15 Td (ability ) Tj ET Q q 0 0 0 rg BT 340.46 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 351.31 351.15 Td (operate ) Tj ET Q q 0 0 0 rg BT 384.88 351.15 Td (could ) Tj ET Q q 0 0 0 rg BT 410.89 351.15 Td (be ) Tj ET Q q 0 0 0 rg BT 423.49 351.15 Td (adversely ) Tj ET Q q 0 0 0 rg BT 466.40 351.15 Td (impacted ) Tj ET Q q 0 0 0 rg BT 507.57 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 519.00 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 535.67 351.15 Td (ability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.67 338.55 Td (comply ) Tj ET Q q 0 0 0 rg BT 95.16 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 116.83 338.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 162.98 338.55 Td (obligations ) Tj ET Q q 0 0 0 rg BT 212.65 338.55 Td (leading ) Tj ET Q q 0 0 0 rg BT 246.55 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 257.72 338.55 Td (reputational ) Tj ET Q q 0 0 0 rg BT 310.87 338.55 Td (harm, ) Tj ET Q q 0 0 0 rg BT 338.06 338.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 384.21 338.55 Td (fines ) Tj ET Q q 0 0 0 rg BT 407.62 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 425.78 338.55 Td (sanctions. ) Tj ET Q q 0 0 0 rg BT 470.49 338.55 Td (In ) Tj ET Q q 0 0 0 rg BT 482.23 338.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 522.27 338.55 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 325.95 Td (other ) Tj ET Q q 0 0 0 rg BT 91.49 325.95 Td (safeguards ) Tj ET Q q 0 0 0 rg BT 139.01 325.95 Td (might ) Tj ET Q q 0 0 0 rg BT 166.14 325.95 Td (only ) Tj ET Q q 0 0 0 rg BT 187.43 325.95 Td (partially ) Tj ET Q q 0 0 0 rg BT 225.04 325.95 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 269.65 325.95 Td (us ) Tj ET Q q 0 0 0 rg BT 281.61 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 296.48 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 313.10 325.95 Td (losses.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 300.75 Td (Failure ) Tj ET Q q 0 0 0 rg BT 120.22 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 130.43 300.75 Td (implement ) Tj ET Q q 0 0 0 rg BT 177.97 300.75 Td (ef) Tj ET Q q 0 0 0 rg BT 185.94 300.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 215.96 300.75 Td (information ) Tj ET Q q 0 0 0 rg BT 269.94 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 288.32 300.75 Td (cyber ) Tj ET Q q 0 0 0 rg BT 313.69 300.75 Td (security ) Tj ET Q q 0 0 0 rg BT 349.56 300.75 Td (policies, ) Tj ET Q q 0 0 0 rg BT 386.89 300.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 436.76 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 455.15 300.75 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 506.19 300.75 Td (could ) Tj ET Q q 0 0 0 rg BT 532.15 300.75 Td (disrupt ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 97.63 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 116.60 288.15 Td (cause ) Tj ET Q q 0 0 0 rg BT 143.72 288.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 185.44 288.15 Td (losses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 262.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.12 262.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 150.15 262.95 Td (rely ) Tj ET Q q 0 0 0 rg BT 168.76 262.95 Td (on ) Tj ET Q q 0 0 0 rg BT 181.55 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 196.66 262.95 Td (ef) Tj ET Q q 0 0 0 rg BT 204.63 262.95 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 253.56 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 264.60 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 280.88 262.95 Td (information ) Tj ET Q q 0 0 0 rg BT 332.75 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 350.19 262.95 Td (cyber ) Tj ET Q q 0 0 0 rg BT 375.80 262.95 Td (security ) Tj ET Q q 0 0 0 rg BT 411.33 262.95 Td (policies, ) Tj ET Q q 0 0 0 rg BT 448.90 262.95 Td (procedures ) Tj ET Q q 0 0 0 rg BT 497.25 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 514.70 262.95 Td (capabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 61.46 250.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 97.33 250.35 Td (secure ) Tj ET Q q 0 0 0 rg BT 127.95 250.35 Td (processing, ) Tj ET Q q 0 0 0 rg BT 179.28 250.35 Td (storage ) Tj ET Q q 0 0 0 rg BT 213.39 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 232.35 250.35 Td (transmission ) Tj ET Q q 0 0 0 rg BT 289.23 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 301.78 250.35 Td (confidential ) Tj ET Q q 0 0 0 rg BT 355.72 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 374.68 250.35 Td (other ) Tj ET Q q 0 0 0 rg BT 400.05 250.35 Td (information ) Tj ET Q q 0 0 0 rg BT 453.42 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 465.38 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 483.18 250.35 Td (computer ) Tj ET Q q 0 0 0 rg BT 526.63 250.35 Td (systems, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (networks ) Tj ET Q q 0 0 0 rg BT 90.48 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 108.12 237.75 Td (mobile ) Tj ET Q q 0 0 0 rg BT 139.76 237.75 Td (devices ) Tj ET Q q 0 0 0 rg BT 173.73 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 191.37 237.75 Td (on ) Tj ET Q q 0 0 0 rg BT 204.35 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 219.66 237.75 Td (computer ) Tj ET Q q 0 0 0 rg BT 261.80 237.75 Td (systems, ) Tj ET Q q 0 0 0 rg BT 300.16 237.75 Td (networks ) Tj ET Q q 0 0 0 rg BT 341.13 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 358.78 237.75 Td (mobile ) Tj ET Q q 0 0 0 rg BT 390.42 237.75 Td (devices ) Tj ET Q q 0 0 0 rg BT 424.39 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 435.62 237.75 Td (third ) Tj ET Q q 0 0 0 rg BT 457.93 237.75 Td (parties ) Tj ET Q q 0 0 0 rg BT 488.40 237.75 Td (on ) Tj ET Q q 0 0 0 rg BT 501.38 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 529.52 237.75 Td (we ) Tj ET Q q 0 0 0 rg BT 544.25 237.75 Td (rely) Tj ET Q q 0 0 0 rg BT 559.89 237.75 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (Although ) Tj ET Q q 0 0 0 rg BT 92.97 225.15 Td (we ) Tj ET Q q 0 0 0 rg BT 109.01 225.15 Td (take ) Tj ET Q q 0 0 0 rg BT 130.30 225.15 Td (protective ) Tj ET Q q 0 0 0 rg BT 176.08 225.15 Td (measures ) Tj ET Q q 0 0 0 rg BT 218.95 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 237.91 225.15 Td (endeavor ) Tj ET Q q 0 0 0 rg BT 280.18 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 292.15 225.15 Td (modify ) Tj ET Q q 0 0 0 rg BT 326.28 225.15 Td (them ) Tj ET Q q 0 0 0 rg BT 351.08 225.15 Td (as ) Tj ET Q q 0 0 0 rg BT 363.62 225.15 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 426.90 225.15 Td (warrant, ) Tj ET Q q 0 0 0 rg BT 465.39 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 483.18 225.15 Td (computer ) Tj ET Q q 0 0 0 rg BT 526.64 225.15 Td (systems, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (software, ) Tj ET Q q 0 0 0 rg BT 91.46 212.55 Td (networks ) Tj ET Q q 0 0 0 rg BT 133.14 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 151.48 212.55 Td (mobile ) Tj ET Q q 0 0 0 rg BT 183.82 212.55 Td (devices, ) Tj ET Q q 0 0 0 rg BT 221.12 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 239.46 212.55 Td (those ) Tj ET Q q 0 0 0 rg BT 264.81 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 276.74 212.55 Td (third ) Tj ET Q q 0 0 0 rg BT 299.75 212.55 Td (parties ) Tj ET Q q 0 0 0 rg BT 330.92 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 344.61 212.55 Td (whom ) Tj ET Q q 0 0 0 rg BT 374.04 212.55 Td (we ) Tj ET Q q 0 0 0 rg BT 389.47 212.55 Td (rely) Tj ET Q q 0 0 0 rg BT 405.11 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 410.92 212.55 Td (may ) Tj ET Q q 0 0 0 rg BT 432.18 212.55 Td (be ) Tj ET Q q 0 0 0 rg BT 445.27 212.55 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 492.77 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 504.12 212.55 Td (cyber) Tj ET Q q 0 0 0 rg BT 527.22 212.55 Td (-attacks, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (sabotage, ) Tj ET Q q 0 0 0 rg BT 92.50 199.95 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 150.94 199.95 Td (access, ) Tj ET Q q 0 0 0 rg BT 184.02 199.95 Td (computer ) Tj ET Q q 0 0 0 rg BT 227.31 199.95 Td (viruses, ) Tj ET Q q 0 0 0 rg BT 263.32 199.95 Td (worms ) Tj ET Q q 0 0 0 rg BT 295.54 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 307.92 199.95 Td (other ) Tj ET Q q 0 0 0 rg BT 333.13 199.95 Td (malicious ) Tj ET Q q 0 0 0 rg BT 377.59 199.95 Td (code, ) Tj ET Q q 0 0 0 rg BT 403.67 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 422.47 199.95 Td (other ) Tj ET Q q 0 0 0 rg BT 447.68 199.95 Td (events ) Tj ET Q q 0 0 0 rg BT 478.14 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 497.52 199.95 Td (have ) Tj ET Q q 0 0 0 rg BT 520.98 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 529.27 199.95 Td (security ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (impact. ) Tj ET Q q 0 0 0 rg BT 82.74 187.35 Td (An ) Tj ET Q q 0 0 0 rg BT 98.19 187.35 Td (externally ) Tj ET Q q 0 0 0 rg BT 142.78 187.35 Td (caused ) Tj ET Q q 0 0 0 rg BT 173.97 187.35 Td (information ) Tj ET Q q 0 0 0 rg BT 226.16 187.35 Td (security ) Tj ET Q q 0 0 0 rg BT 262.01 187.35 Td (incident, ) Tj ET Q q 0 0 0 rg BT 301.08 187.35 Td (such ) Tj ET Q q 0 0 0 rg BT 322.94 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 334.31 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 341.58 187.35 Td (hacker ) Tj ET Q q 0 0 0 rg BT 372.18 187.35 Td (attack, ) Tj ET Q q 0 0 0 rg BT 402.49 187.35 Td (virus ) Tj ET Q q 0 0 0 rg BT 426.10 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 437.46 187.35 Td (worm, ) Tj ET Q q 0 0 0 rg BT 467.20 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 478.57 187.35 Td (an ) Tj ET Q q 0 0 0 rg BT 491.09 187.35 Td (internally ) Tj ET Q q 0 0 0 rg BT 533.95 187.35 Td (caused ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (issue, ) Tj ET Q q 0 0 0 rg BT 75.03 174.75 Td (such ) Tj ET Q q 0 0 0 rg BT 96.19 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 106.85 174.75 Td (failure ) Tj ET Q q 0 0 0 rg BT 136.15 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 146.23 174.75 Td (control ) Tj ET Q q 0 0 0 rg BT 177.88 174.75 Td (access ) Tj ET Q q 0 0 0 rg BT 206.61 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 216.68 174.75 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 255.34 174.75 Td (systems, ) Tj ET Q q 0 0 0 rg BT 293.13 174.75 Td (could ) Tj ET Q q 0 0 0 rg BT 318.36 174.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 362.84 174.75 Td (interrupt ) Tj ET Q q 0 0 0 rg BT 400.90 174.75 Td (business ) Tj ET Q q 0 0 0 rg BT 438.40 174.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 484.05 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 494.70 174.75 Td (cause ) Tj ET Q q 0 0 0 rg BT 519.93 174.75 Td (disclosure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 60.52 162.15 Td (modification ) Tj ET Q q 0 0 0 rg BT 116.44 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 127.46 162.15 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 166.48 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 177.49 162.15 Td (confidential ) Tj ET Q q 0 0 0 rg BT 229.91 162.15 Td (client ) Tj ET Q q 0 0 0 rg BT 255.50 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 266.52 162.15 Td (competitive ) Tj ET Q q 0 0 0 rg BT 318.36 162.15 Td (information ) Tj ET Q q 0 0 0 rg BT 370.20 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 387.63 162.15 Td (could ) Tj ET Q q 0 0 0 rg BT 413.23 162.15 Td (result ) Tj ET Q q 0 0 0 rg BT 438.83 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 449.27 162.15 Td (material ) Tj ET Q q 0 0 0 rg BT 485.94 162.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.94 162.15 Td (loss, ) Tj ET Q q 0 0 0 rg BT 546.17 162.15 Td (loss ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.77 149.55 Td (competitive ) Tj ET Q q 0 0 0 rg BT 112.86 149.55 Td (position, ) Tj ET Q q 0 0 0 rg BT 151.85 149.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 197.52 149.55 Td (actions, ) Tj ET Q q 0 0 0 rg BT 232.42 149.55 Td (breach ) Tj ET Q q 0 0 0 rg BT 262.92 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 274.19 149.55 Td (client ) Tj ET Q q 0 0 0 rg BT 300.04 149.55 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 343.09 149.55 Td (reputational ) Tj ET Q q 0 0 0 rg BT 395.76 149.55 Td (harm ) Tj ET Q q 0 0 0 rg BT 419.86 149.55 Td (or ) Tj ET Q q 0 0 0 rg BT 431.13 149.55 Td (legal ) Tj ET Q q 0 0 0 rg BT 454.06 149.55 Td (liability) Tj ET Q q 0 0 0 rg BT 486.04 149.55 Td (. ) Tj ET Q q 0 0 0 rg BT 491.19 149.55 Td (If ) Tj ET Q q 0 0 0 rg BT 500.71 149.55 Td (one ) Tj ET Q q 0 0 0 rg BT 518.39 149.55 Td (or ) Tj ET Q q 0 0 0 rg BT 529.66 149.55 Td (more ) Tj ET Q q 0 0 0 rg BT 553.76 149.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (such ) Tj ET Q q 0 0 0 rg BT 71.94 136.95 Td (events ) Tj ET Q q 0 0 0 rg BT 101.97 136.95 Td (occur) Tj ET Q q 0 0 0 rg BT 124.86 136.95 Td (, ) Tj ET Q q 0 0 0 rg BT 130.69 136.95 Td (it ) Tj ET Q q 0 0 0 rg BT 139.72 136.95 Td (potentially ) Tj ET Q q 0 0 0 rg BT 187.82 136.95 Td (could ) Tj ET Q q 0 0 0 rg BT 214.35 136.95 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 261.27 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 278.46 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 290.40 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 307.60 136.95 Td (clients', ) Tj ET Q q 0 0 0 rg BT 342.72 136.95 Td (employees' ) Tj ET Q q 0 0 0 rg BT 392.71 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 404.66 136.95 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 469.22 136.95 Td (confidential ) Tj ET Q q 0 0 0 rg BT 522.57 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 540.92 136.95 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (information ) Tj ET Q q 0 0 0 rg BT 102.21 124.35 Td (processed ) Tj ET Q q 0 0 0 rg BT 146.75 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 165.05 124.35 Td (stored ) Tj ET Q q 0 0 0 rg BT 193.85 124.35 Td (in, ) Tj ET Q q 0 0 0 rg BT 207.79 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 226.08 124.35 Td (transmitted ) Tj ET Q q 0 0 0 rg BT 276.47 124.35 Td (through, ) Tj ET Q q 0 0 0 rg BT 314.89 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 332.03 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 343.92 124.35 Td (third ) Tj ET Q q 0 0 0 rg BT 366.89 124.35 Td (party ) Tj ET Q q 0 0 0 rg BT 391.60 124.35 Td (computer ) Tj ET Q q 0 0 0 rg BT 434.39 124.35 Td (systems, ) Tj ET Q q 0 0 0 rg BT 473.41 124.35 Td (networks ) Tj ET Q q 0 0 0 rg BT 515.04 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 533.34 124.35 Td (mobile ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (devices, ) Tj ET Q q 0 0 0 rg BT 86.00 111.75 Td (or ) Tj ET Q q 0 0 0 rg BT 97.14 111.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 140.36 111.75 Td (cause ) Tj ET Q q 0 0 0 rg BT 166.07 111.75 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 222.12 111.75 Td (or ) Tj ET Q q 0 0 0 rg BT 233.26 111.75 Td (malfunctions ) Tj ET Q q 0 0 0 rg BT 290.48 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 301.04 111.75 Td (our) Tj ET Q q 0 0 0 rg BT 314.62 111.75 Td (, ) Tj ET Q q 0 0 0 rg BT 319.64 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 336.02 111.75 Td (clients', ) Tj ET Q q 0 0 0 rg BT 370.35 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 386.73 111.75 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 450.49 111.75 Td (or ) Tj ET Q q 0 0 0 rg BT 461.63 111.75 Td (third ) Tj ET Q q 0 0 0 rg BT 483.86 111.75 Td (parties' ) Tj ET Q q 0 0 0 rg BT 516.13 111.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 565.12 111.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (As ) Tj ET Q q 0 0 0 rg BT 64.28 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 72.05 99.15 Td (result, ) Tj ET Q q 0 0 0 rg BT 101.12 99.15 Td (we ) Tj ET Q q 0 0 0 rg BT 116.48 99.15 Td (could ) Tj ET Q q 0 0 0 rg BT 142.92 99.15 Td (experience ) Tj ET Q q 0 0 0 rg BT 191.50 99.15 Td (material ) Tj ET Q q 0 0 0 rg BT 229.01 99.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 268.85 99.15 Td (loss, ) Tj ET Q q 0 0 0 rg BT 290.93 99.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 310.38 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 322.24 99.15 Td (competitive ) Tj ET Q q 0 0 0 rg BT 374.92 99.15 Td (position, ) Tj ET Q q 0 0 0 rg BT 414.50 99.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 460.76 99.15 Td (actions, ) Tj ET Q q 0 0 0 rg BT 496.24 99.15 Td (breach ) Tj ET Q q 0 0 0 rg BT 527.33 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 539.19 99.15 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 92.74 86.55 Td (reputational ) Tj ET Q q 0 0 0 rg BT 145.61 86.55 Td (harm ) Tj ET Q q 0 0 0 rg BT 169.90 86.55 Td (or ) Tj ET Q q 0 0 0 rg BT 181.36 86.55 Td (legal ) Tj ET Q q 0 0 0 rg BT 204.49 86.55 Td (liability) Tj ET Q q 0 0 0 rg BT 236.47 86.55 Td (, ) Tj ET Q q 0 0 0 rg BT 241.81 86.55 Td (which, ) Tj ET Q q 0 0 0 rg BT 272.82 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 283.70 86.55 Td (turn, ) Tj ET Q q 0 0 0 rg BT 305.96 86.55 Td (could ) Tj ET Q q 0 0 0 rg BT 332.00 86.55 Td (cause ) Tj ET Q q 0 0 0 rg BT 358.04 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 365.42 86.55 Td (decline ) Tj ET Q q 0 0 0 rg BT 398.45 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 409.34 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 426.05 86.55 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 466.77 86.55 Td (W) Tj ET Q q 0 0 0 rg BT 475.84 86.55 Td (e ) Tj ET Q q 0 0 0 rg BT 483.22 86.55 Td (may ) Tj ET Q q 0 0 0 rg BT 504.01 86.55 Td (be ) Tj ET Q q 0 0 0 rg BT 516.64 86.55 Td (required ) Tj ET Q q 0 0 0 rg BT 554.34 86.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (spend ) Tj ET Q q 0 0 0 rg BT 76.75 73.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 123.82 73.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 168.56 73.95 Td (resources ) Tj ET Q q 0 0 0 rg BT 210.95 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 221.87 73.95 Td (modify ) Tj ET Q q 0 0 0 rg BT 254.95 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 271.69 73.95 Td (protective ) Tj ET Q q 0 0 0 rg BT 316.42 73.95 Td (measures ) Tj ET Q q 0 0 0 rg BT 358.24 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 369.73 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 380.65 73.95 Td (investigate ) Tj ET Q q 0 0 0 rg BT 428.88 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 446.79 73.95 Td (remediate ) Tj ET Q q 0 0 0 rg BT 490.93 73.95 Td (vulnerabilities ) Tj ET Q q 0 0 0 rg BT 553.75 73.95 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (other ) Tj ET Q q 0 0 0 rg BT 73.47 61.35 Td (exposures, ) Tj ET Q q 0 0 0 rg BT 120.48 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 138.03 61.35 Td (we ) Tj ET Q q 0 0 0 rg BT 152.67 61.35 Td (may ) Tj ET Q q 0 0 0 rg BT 173.14 61.35 Td (be ) Tj ET Q q 0 0 0 rg BT 185.44 61.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 217.58 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 228.14 61.35 Td (litigation ) Tj ET Q q 0 0 0 rg BT 268.45 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 286.00 61.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.12 61.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 352.60 61.35 Td (that ) Tj ET Q q 0 0 0 rg BT 370.74 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 385.95 61.35 Td (either ) Tj ET Q q 0 0 0 rg BT 412.25 61.35 Td (not ) Tj ET Q q 0 0 0 rg BT 428.06 61.35 Td (insured ) Tj ET Q q 0 0 0 rg BT 461.37 61.35 Td (against ) Tj ET Q q 0 0 0 rg BT 493.50 61.35 Td (fully ) Tj ET Q q 0 0 0 rg BT 515.73 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 526.87 61.35 Td (not ) Tj ET Q q 0 0 0 rg BT 542.68 61.35 Td (fully ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (covered ) Tj ET Q q 0 0 0 rg BT 85.35 48.75 Td (through ) Tj ET Q q 0 0 0 rg BT 120.64 48.75 Td (any ) Tj ET Q q 0 0 0 rg BT 138.43 48.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 181.29 48.75 Td (that ) Tj ET Q q 0 0 0 rg BT 199.66 48.75 Td (we ) Tj ET Q q 0 0 0 rg BT 214.52 48.75 Td (maintain.) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (25) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 729.15 Td (W) Tj ET Q q 0 0 0 rg BT 94.06 729.15 Td (e ) Tj ET Q q 0 0 0 rg BT 101.34 729.15 Td (May ) Tj ET Q q 0 0 0 rg BT 123.21 729.15 Td (Incur ) Tj ET Q q 0 0 0 rg BT 150.35 729.15 Td (Charges ) Tj ET Q q 0 0 0 rg BT 189.15 729.15 Td (Related ) Tj ET Q q 0 0 0 rg BT 224.44 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 235.23 729.15 Td (Leased ) Tj ET Q q 0 0 0 rg BT 268.18 729.15 Td (Facilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 703.95 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 703.95 Td (e ) Tj ET Q q 0 0 0 rg BT 102.14 703.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 141.21 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 152.29 703.95 Td (be ) Tj ET Q q 0 0 0 rg BT 165.11 703.95 Td (exposed ) Tj ET Q q 0 0 0 rg BT 202.43 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 213.50 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 229.24 703.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 247.90 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 259.56 703.95 Td (incurring ) Tj ET Q q 0 0 0 rg BT 300.96 703.95 Td (char) Tj ET Q q 0 0 0 rg BT 318.84 703.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 335.75 703.95 Td (related ) Tj ET Q q 0 0 0 rg BT 367.22 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 378.30 703.95 Td (subleases ) Tj ET Q q 0 0 0 rg BT 420.87 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 432.53 703.95 Td (vacant ) Tj ET Q q 0 0 0 rg BT 462.84 703.95 Td (space ) Tj ET Q q 0 0 0 rg BT 489.06 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 504.22 703.95 Td (several ) Tj ET Q q 0 0 0 rg BT 536.86 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 548.52 703.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (leased ) Tj ET Q q 0 0 0 rg BT 79.30 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 87.86 691.35 Td (fices. ) Tj ET Q q 0 0 0 rg BT 113.09 691.35 Td (As ) Tj ET Q q 0 0 0 rg BT 128.33 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 140.64 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 171.61 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 188.31 691.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 215.50 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 233.07 691.35 Td (future ) Tj ET Q q 0 0 0 rg BT 261.71 691.35 Td (commitments ) Tj ET Q q 0 0 0 rg BT 322.44 691.35 Td (from ) Tj ET Q q 0 0 0 rg BT 346.42 691.35 Td (third ) Tj ET Q q 0 0 0 rg BT 369.82 691.35 Td (parties ) Tj ET Q q 0 0 0 rg BT 401.37 691.35 Td (under ) Tj ET Q q 0 0 0 rg BT 428.85 691.35 Td (non-cancellable ) Tj ET Q q 0 0 0 rg BT 498.88 691.35 Td (subleases ) Tj ET Q q 0 0 0 rg BT 542.11 691.35 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 112.08 678.75 Td ($126 ) Tj ET Q q 0 0 0 rg BT 135.01 678.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 169.91 678.75 Td (which ) Tj ET Q q 0 0 0 rg BT 197.50 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 207.60 678.75 Td (total, ) Tj ET Q q 0 0 0 rg BT 230.83 678.75 Td (net ) Tj ET Q q 0 0 0 rg BT 245.59 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 256.27 678.75 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 295.22 678.75 Td (ef) Tj ET Q q 0 0 0 rg BT 303.19 678.75 Td (fectively ) Tj ET Q q 0 0 0 rg BT 341.85 678.75 Td (of) Tj ET Q q 0 0 0 rg BT 350.41 678.75 Td (fsets ) Tj ET Q q 0 0 0 rg BT 371.59 678.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 420.19 678.75 Td (under ) Tj ET Q q 0 0 0 rg BT 446.03 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 461.96 678.75 Td (leases ) Tj ET Q q 0 0 0 rg BT 488.97 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 503.14 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 517.91 678.75 Td (properties. ) Tj ET Q q 0 0 0 rg BT 565.14 678.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.48 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 74.53 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 104.24 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.67 666.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 145.61 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 161.91 666.15 Td (total ) Tj ET Q q 0 0 0 rg BT 182.88 666.15 Td (future ) Tj ET Q q 0 0 0 rg BT 210.26 666.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 233.55 666.15 Td (commitments ) Tj ET Q q 0 0 0 rg BT 293.02 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 307.57 666.15 Td (of) Tj ET Q q 0 0 0 rg BT 316.13 666.15 Td (fice ) Tj ET Q q 0 0 0 rg BT 334.17 666.15 Td (space ) Tj ET Q q 0 0 0 rg BT 359.80 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 377.85 666.15 Td (we ) Tj ET Q q 0 0 0 rg BT 392.40 666.15 Td (vacated ) Tj ET Q q 0 0 0 rg BT 426.77 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 444.23 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 459.36 666.15 Td (seeking ) Tj ET Q q 0 0 0 rg BT 493.74 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 504.22 666.15 Td (sublease ) Tj ET Q q 0 0 0 rg BT 542.10 666.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 113.23 653.55 Td ($20 ) Tj ET Q q 0 0 0 rg BT 132.06 653.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 168.10 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 179.93 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 208.67 653.55 Td (we ) Tj ET Q q 0 0 0 rg BT 223.99 653.55 Td (reserved ) Tj ET Q q 0 0 0 rg BT 262.63 653.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 326.36 653.55 Td ($9 ) Tj ET Q q 0 0 0 rg BT 339.94 653.55 Td (million ) Tj ET Q q 0 0 0 rg BT 373.36 653.55 Td (through ) Tj ET Q q 0 0 0 rg BT 409.10 653.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 433.17 653.55 Td (char) Tj ET Q q 0 0 0 rg BT 451.05 653.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 468.13 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 479.37 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 496.45 653.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 535.10 653.55 Td (during ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.55 640.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 89.51 640.95 Td (year ) Tj ET Q q 0 0 0 rg BT 109.81 640.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 137.10 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 166.73 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.08 640.95 Td (2017. ) Tj ET Q q 0 0 0 rg BT 207.93 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 210.15 640.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 238.61 640.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 279.90 640.95 Td (accepted ) Tj ET Q q 0 0 0 rg BT 318.85 640.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 367.14 640.95 Td (principles, ) Tj ET Q q 0 0 0 rg BT 413.39 640.95 Td (at ) Tj ET Q q 0 0 0 rg BT 423.19 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 438.24 640.95 Td (time ) Tj ET Q q 0 0 0 rg BT 459.13 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 466.02 640.95 Td (sublease ) Tj ET Q q 0 0 0 rg BT 503.81 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 513.04 640.95 Td (entered ) Tj ET Q q 0 0 0 rg BT 546.16 640.95 Td (into ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 60.87 628.35 Td (space ) Tj ET Q q 0 0 0 rg BT 86.82 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 96.45 628.35 Td (deemed ) Tj ET Q q 0 0 0 rg BT 131.72 628.35 Td (permanently ) Tj ET Q q 0 0 0 rg BT 186.83 628.35 Td (abandoned, ) Tj ET Q q 0 0 0 rg BT 237.56 628.35 Td (we ) Tj ET Q q 0 0 0 rg BT 252.44 628.35 Td (must ) Tj ET Q q 0 0 0 rg BT 275.48 628.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 299.68 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 306.97 628.35 Td (char) Tj ET Q q 0 0 0 rg BT 324.85 628.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 337.39 628.35 Td (equal ) Tj ET Q q 0 0 0 rg BT 362.75 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 373.55 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 389.00 628.35 Td (present ) Tj ET Q q 0 0 0 rg BT 421.95 628.35 Td (value ) Tj ET Q q 0 0 0 rg BT 447.31 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 458.69 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 474.14 628.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 508.26 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 521.39 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 549.68 628.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (commitments ) Tj ET Q q 0 0 0 rg BT 109.15 615.75 Td (under ) Tj ET Q q 0 0 0 rg BT 135.55 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 150.87 615.75 Td (lease ) Tj ET Q q 0 0 0 rg BT 174.34 615.75 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 210.06 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 225.38 615.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 259.37 615.75 Td (due, ) Tj ET Q q 0 0 0 rg BT 279.64 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 290.88 615.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 324.87 615.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 364.67 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 375.32 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 387.73 615.75 Td (received, ) Tj ET Q q 0 0 0 rg BT 428.40 615.75 Td (under ) Tj ET Q q 0 0 0 rg BT 454.79 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 461.95 615.75 Td (sublease. ) Tj ET Q q 0 0 0 rg BT 502.63 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 504.57 615.75 Td (As ) Tj ET Q q 0 0 0 rg BT 518.73 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 525.88 615.75 Td (result, ) Tj ET Q q 0 0 0 rg BT 554.33 615.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 56.51 603.15 Td (period ) Tj ET Q q 0 0 0 rg BT 85.68 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 96.78 603.15 Td (declining ) Tj ET Q q 0 0 0 rg BT 138.20 603.15 Td (commercial ) Tj ET Q q 0 0 0 rg BT 190.11 603.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 213.45 603.15 Td (markets, ) Tj ET Q q 0 0 0 rg BT 251.66 603.15 Td (we ) Tj ET Q q 0 0 0 rg BT 266.26 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 281.42 603.15 Td (exposed ) Tj ET Q q 0 0 0 rg BT 318.18 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 328.70 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 343.88 603.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 361.98 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 373.07 603.15 Td (incurring ) Tj ET Q q 0 0 0 rg BT 413.91 603.15 Td (char) Tj ET Q q 0 0 0 rg BT 431.79 603.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 448.13 603.15 Td (relating ) Tj ET Q q 0 0 0 rg BT 482.55 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 493.07 603.15 Td (any ) Tj ET Q q 0 0 0 rg BT 510.58 603.15 Td (premises ) Tj ET Q q 0 0 0 rg BT 550.26 603.15 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 65.13 590.55 Td (seeking ) Tj ET Q q 0 0 0 rg BT 100.01 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 110.99 590.55 Td (sublease ) Tj ET Q q 0 0 0 rg BT 149.37 590.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 188.93 590.55 Td (from ) Tj ET Q q 0 0 0 rg BT 212.15 590.55 Td (longer ) Tj ET Q q 0 0 0 rg BT 241.78 590.55 Td (periods ) Tj ET Q q 0 0 0 rg BT 275.50 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 286.48 590.55 Td (identify ) Tj ET Q q 0 0 0 rg BT 321.95 590.55 Td (sub-tenants ) Tj ET Q q 0 0 0 rg BT 372.58 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 390.55 590.55 Td (reduced ) Tj ET Q q 0 0 0 rg BT 426.59 590.55 Td (market ) Tj ET Q q 0 0 0 rg BT 458.55 590.55 Td (rent ) Tj ET Q q 0 0 0 rg BT 477.69 590.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 500.32 590.55 Td (leading ) Tj ET Q q 0 0 0 rg BT 534.04 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 545.01 590.55 Td (new ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (sub-tenants ) Tj ET Q q 0 0 0 rg BT 99.87 577.95 Td (paying ) Tj ET Q q 0 0 0 rg BT 131.00 577.95 Td (less ) Tj ET Q q 0 0 0 rg BT 149.30 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 160.02 577.95 Td (rent ) Tj ET Q q 0 0 0 rg BT 178.89 577.95 Td (than ) Tj ET Q q 0 0 0 rg BT 199.52 577.95 Td (we ) Tj ET Q q 0 0 0 rg BT 214.31 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 229.67 577.95 Td (paying ) Tj ET Q q 0 0 0 rg BT 260.80 577.95 Td (under ) Tj ET Q q 0 0 0 rg BT 287.26 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 303.80 577.95 Td (lease. ) Tj ET Q q 0 0 0 rg BT 329.96 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 331.95 577.95 Td (Also, ) Tj ET Q q 0 0 0 rg BT 356.96 577.95 Td (if ) Tj ET Q q 0 0 0 rg BT 365.92 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 373.13 577.95 Td (sub-tenant ) Tj ET Q q 0 0 0 rg BT 419.41 577.95 Td (defaults ) Tj ET Q q 0 0 0 rg BT 455.20 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 468.25 577.95 Td (its ) Tj ET Q q 0 0 0 rg BT 480.72 577.95 Td (sublease, ) Tj ET Q q 0 0 0 rg BT 521.47 577.95 Td (we ) Tj ET Q q 0 0 0 rg BT 536.26 577.95 Td (would ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 75.16 565.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 98.49 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 104.90 565.35 Td (char) Tj ET Q q 0 0 0 rg BT 122.78 565.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 134.44 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 148.44 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 163.01 565.35 Td (rent ) Tj ET Q q 0 0 0 rg BT 181.09 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 198.59 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 212.58 565.35 Td (will ) Tj ET Q q 0 0 0 rg BT 230.67 565.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 253.99 565.35 Td (during ) Tj ET Q q 0 0 0 rg BT 283.16 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 297.74 565.35 Td (period ) Tj ET Q q 0 0 0 rg BT 326.31 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 343.81 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 357.80 565.35 Td (expect ) Tj ET Q q 0 0 0 rg BT 386.96 565.35 Td (would ) Tj ET Q q 0 0 0 rg BT 414.96 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 426.62 565.35 Td (required ) Tj ET Q q 0 0 0 rg BT 463.35 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 473.27 565.35 Td (sublease ) Tj ET Q q 0 0 0 rg BT 510.59 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 525.17 565.35 Td (premises ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.66 552.75 Td (any ) Tj ET Q q 0 0 0 rg BT 83.81 552.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 125.46 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 135.62 552.75 Td (rent ) Tj ET Q q 0 0 0 rg BT 153.94 552.75 Td (that ) Tj ET Q q 0 0 0 rg BT 171.69 552.75 Td (current ) Tj ET Q q 0 0 0 rg BT 203.41 552.75 Td (market ) Tj ET Q q 0 0 0 rg BT 234.56 552.75 Td (rent ) Tj ET Q q 0 0 0 rg BT 252.88 552.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 274.70 552.75 Td (lead ) Tj ET Q q 0 0 0 rg BT 294.18 552.75 Td (us ) Tj ET Q q 0 0 0 rg BT 305.52 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 315.68 552.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 345.07 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 351.73 552.75 Td (new ) Tj ET Q q 0 0 0 rg BT 371.22 552.75 Td (sub-tenant ) Tj ET Q q 0 0 0 rg BT 416.95 552.75 Td (will ) Tj ET Q q 0 0 0 rg BT 435.29 552.75 Td (pay) Tj ET Q q 0 0 0 rg BT 449.76 552.75 Td (. ) Tj ET Q q 0 0 0 rg BT 454.24 552.75 Td (There ) Tj ET Q q 0 0 0 rg BT 480.72 552.75 Td (can ) Tj ET Q q 0 0 0 rg BT 497.29 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 509.19 552.75 Td (no ) Tj ET Q q 0 0 0 rg BT 521.69 552.75 Td (assurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (that ) Tj ET Q q 0 0 0 rg BT 67.87 540.15 Td (we ) Tj ET Q q 0 0 0 rg BT 82.74 540.15 Td (will ) Tj ET Q q 0 0 0 rg BT 101.70 540.15 Td (not ) Tj ET Q q 0 0 0 rg BT 117.74 540.15 Td (recognize ) Tj ET Q q 0 0 0 rg BT 161.17 540.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 205.79 540.15 Td (lease-related ) Tj ET Q q 0 0 0 rg BT 261.46 540.15 Td (char) Tj ET Q q 0 0 0 rg BT 279.34 540.15 Td (ges, ) Tj ET Q q 0 0 0 rg BT 298.59 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 326.87 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 347.58 540.15 Td (be ) Tj ET Q q 0 0 0 rg BT 360.11 540.15 Td (material ) Tj ET Q q 0 0 0 rg BT 397.13 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 407.93 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 424.55 540.15 Td (results ) Tj ET Q q 0 0 0 rg BT 454.59 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 465.96 540.15 Td (operations.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 514.95 Td (Potential ) Tj ET Q q 0 0 0 rg BT 127.21 514.95 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 181.18 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 192.55 514.95 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 234.26 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 253.23 514.95 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 300.39 514.95 Td (Assets ) Tj ET Q q 0 0 0 rg BT 329.86 514.95 Td (Could ) Tj ET Q q 0 0 0 rg BT 358.74 514.95 Td (Increase ) Tj ET Q q 0 0 0 rg BT 398.70 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 416.50 514.95 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 459.96 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 478.93 514.95 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 513.63 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 531.04 514.95 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 489.75 Td (Determining ) Tj ET Q q 0 0 0 rg BT 140.85 489.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 180.47 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 197.91 489.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 242.19 489.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 271.59 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 289.03 489.75 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 335.05 489.75 Td (them ) Tj ET Q q 0 0 0 rg BT 358.33 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 372.85 489.75 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 426.16 489.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 462.26 489.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 508.87 489.75 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 90.91 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 108.41 477.15 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 153.04 477.15 Td (including ) Tj ET Q q 0 0 0 rg BT 195.04 477.15 Td (estimating ) Tj ET Q q 0 0 0 rg BT 241.12 477.15 Td (value ) Tj ET Q q 0 0 0 rg BT 266.20 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 283.70 477.15 Td (assessing ) Tj ET Q q 0 0 0 rg BT 325.12 477.15 Td (life ) Tj ET Q q 0 0 0 rg BT 341.45 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 351.95 477.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 400.36 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 421.36 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 436.53 477.15 Td (allocation ) Tj ET Q q 0 0 0 rg BT 480.27 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 491.35 477.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 531.01 477.15 Td (price ) Tj ET Q q 0 0 0 rg BT 554.33 477.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.47 464.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 112.68 464.55 Td (creating ) Tj ET Q q 0 0 0 rg BT 148.64 464.55 Td (them. ) Tj ET Q q 0 0 0 rg BT 174.40 464.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 192.87 464.55 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 232.34 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 249.64 464.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 293.77 464.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 320.41 464.55 Td (may ) Tj ET Q q 0 0 0 rg BT 340.62 464.55 Td (become ) Tj ET Q q 0 0 0 rg BT 375.41 464.55 Td (impaired ) Tj ET Q q 0 0 0 rg BT 414.87 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 425.76 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 432.56 464.55 Td (result ) Tj ET Q q 0 0 0 rg BT 458.03 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 468.91 464.55 Td (any ) Tj ET Q q 0 0 0 rg BT 486.21 464.55 Td (number ) Tj ET Q q 0 0 0 rg BT 520.43 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 531.31 464.55 Td (factors, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (including ) Tj ET Q q 0 0 0 rg BT 90.87 451.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 117.67 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 128.12 451.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 175.91 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 231.26 451.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 270.87 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 281.33 451.95 Td (declines ) Tj ET Q q 0 0 0 rg BT 317.44 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 327.31 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 341.85 451.95 Td (value ) Tj ET Q q 0 0 0 rg BT 366.30 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 376.75 451.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 416.36 451.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 444.81 451.95 Td (Any ) Tj ET Q q 0 0 0 rg BT 464.61 451.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 514.72 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 525.18 451.95 Td (goodwill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 61.55 439.35 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 110.94 439.35 Td (could ) Tj ET Q q 0 0 0 rg BT 137.58 439.35 Td (have ) Tj ET Q q 0 0 0 rg BT 160.71 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 168.67 439.35 Td (material ) Tj ET Q q 0 0 0 rg BT 206.38 439.35 Td (adverse ) Tj ET Q q 0 0 0 rg BT 241.75 439.35 Td (ef) Tj ET Q q 0 0 0 rg BT 249.72 439.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 268.77 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 282.57 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 299.88 439.35 Td (results ) Tj ET Q q 0 0 0 rg BT 330.60 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 342.66 439.35 Td (operations. ) Tj ET Q q 0 0 0 rg BT 392.33 439.35 Td (During ) Tj ET Q q 0 0 0 rg BT 425.38 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 441.52 439.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 474.56 439.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.94 439.35 Td (December ) Tj ET Q q 0 0 0 rg BT 549.39 439.35 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 76.16 426.75 Td (we ) Tj ET Q q 0 0 0 rg BT 91.43 426.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 129.44 426.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 180.88 426.75 Td (char) Tj ET Q q 0 0 0 rg BT 198.76 426.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 215.79 426.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 261.97 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 283.67 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 300.70 426.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 331.73 426.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 391.90 426.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 444.49 426.75 Td (management ) Tj ET Q q 0 0 0 rg BT 501.17 426.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 542.10 426.75 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.97 414.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 101.02 414.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 125.31 414.15 Td (name ) Tj ET Q q 0 0 0 rg BT 151.36 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 175.08 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 187.13 414.15 Td ($18 ) Tj ET Q q 0 0 0 rg BT 206.19 414.15 Td (million ) Tj ET Q q 0 0 0 rg BT 239.84 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 258.31 414.15 Td ($17 ) Tj ET Q q 0 0 0 rg BT 277.36 414.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 313.64 414.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 363.68 414.15 Td (. ) Tj ET Q q 0 0 0 rg BT 368.88 414.15 Td (Also, ) Tj ET Q q 0 0 0 rg BT 394.65 414.15 Td (during ) Tj ET Q q 0 0 0 rg BT 425.38 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 441.51 414.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 474.55 414.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.93 414.15 Td (December ) Tj ET Q q 0 0 0 rg BT 549.38 414.15 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 75.75 401.55 Td (we ) Tj ET Q q 0 0 0 rg BT 90.62 401.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 128.23 401.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 171.66 401.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 222.69 401.55 Td (char) Tj ET Q q 0 0 0 rg BT 240.57 401.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 257.19 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 268.56 401.55 Td ($371 ) Tj ET Q q 0 0 0 rg BT 292.18 401.55 Td (million ) Tj ET Q q 0 0 0 rg BT 325.15 401.55 Td (\($297 ) Tj ET Q q 0 0 0 rg BT 352.27 401.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 387.86 401.55 Td (net ) Tj ET Q q 0 0 0 rg BT 403.31 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 414.68 401.55 Td (taxes\) ) Tj ET Q q 0 0 0 rg BT 442.38 401.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 477.07 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 487.87 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 503.32 401.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 535.69 401.55 Td (funds-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (of-hedge ) Tj ET Q q 0 0 0 rg BT 89.48 388.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 115.48 388.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 156.05 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 173.88 388.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 206.29 388.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 229.94 388.95 Td (name ) Tj ET Q q 0 0 0 rg BT 255.35 388.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 285.14 388.95 Td (Changes ) Tj ET Q q 0 0 0 rg BT 323.97 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 334.80 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 350.30 388.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 404.89 388.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 453.05 388.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 494.78 388.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 516.10 388.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 542.10 388.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.83 376.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 91.82 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 103.07 376.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 144.05 376.35 Td (unit, ) Tj ET Q q 0 0 0 rg BT 165.51 376.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 204.76 376.35 Td (from ) Tj ET Q q 0 0 0 rg BT 227.66 376.35 Td (market ) Tj ET Q q 0 0 0 rg BT 259.32 376.35 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 308.19 376.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 343.36 376.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 370.36 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 381.61 376.35 Td (other ) Tj ET Q q 0 0 0 rg BT 405.68 376.35 Td (factors, ) Tj ET Q q 0 0 0 rg BT 439.37 376.35 Td (could ) Tj ET Q q 0 0 0 rg BT 465.20 376.35 Td (result ) Tj ET Q q 0 0 0 rg BT 491.03 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 501.69 376.35 Td (an ) Tj ET Q q 0 0 0 rg BT 514.10 376.35 Td (impairment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 363.75 Td (any ) Tj ET Q q 0 0 0 rg BT 78.66 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 90.03 363.75 Td (these ) Tj ET Q q 0 0 0 rg BT 114.23 363.75 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 338.55 Td (The ) Tj ET Q q 0 0 0 rg BT 105.33 338.55 Td (domestic ) Tj ET Q q 0 0 0 rg BT 146.75 338.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 179.42 338.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 202.18 338.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 243.59 338.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 267.51 338.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 307.16 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 318.84 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 335.17 338.55 Td (2005 ) Tj ET Q q 0 0 0 rg BT 359.68 338.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 409.27 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 421.52 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 437.86 338.55 Td (Citigroup ) Tj ET Q q 0 0 0 rg BT 480.84 338.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 507.69 338.55 Td (Management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (business ) Tj ET Q q 0 0 0 rg BT 88.03 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 99.72 325.95 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 121.03 325.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 151.39 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 169.50 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 185.27 325.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 202.98 325.95 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 251.41 325.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 277.68 325.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 318.53 325.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 341.88 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 353.57 325.95 Td ($596 ) Tj ET Q q 0 0 0 rg BT 377.51 325.95 Td (million ) Tj ET Q q 0 0 0 rg BT 410.79 325.95 Td (account ) Tj ET Q q 0 0 0 rg BT 446.38 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 461.56 325.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 525.15 325.95 Td (55% ) Tj ET Q q 0 0 0 rg BT 547.34 325.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (15%, ) Tj ET Q q 0 0 0 rg BT 74.19 313.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.24 313.35 Td (, ) Tj ET Q q 0 0 0 rg BT 129.68 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 141.24 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 158.06 313.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 218.60 313.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 263.41 313.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 293.35 313.35 Td (while ) Tj ET Q q 0 0 0 rg BT 319.49 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 335.14 313.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 375.29 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 386.28 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 403.09 313.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 444.40 313.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 463.55 313.35 Td (aggregates ) Tj ET Q q 0 0 0 rg BT 511.26 313.35 Td ($1.9 ) Tj ET Q q 0 0 0 rg BT 532.45 313.35 Td (billion. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.04 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 73.65 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 102.92 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.92 300.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 143.41 300.75 Td (we ) Tj ET Q q 0 0 0 rg BT 157.52 300.75 Td (also ) Tj ET Q q 0 0 0 rg BT 176.30 300.75 Td (had ) Tj ET Q q 0 0 0 rg BT 193.33 300.75 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 213.57 300.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 242.86 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.48 300.75 Td (other ) Tj ET Q q 0 0 0 rg BT 276.92 300.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 336.51 300.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 380.37 300.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 409.36 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 436.89 300.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 473.75 300.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 533.34 300.75 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.17 288.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 111.32 288.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 138.15 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 149.24 288.15 Td ($505 ) Tj ET Q q 0 0 0 rg BT 172.57 288.15 Td (million ) Tj ET Q q 0 0 0 rg BT 205.25 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 222.74 288.15 Td ($130 ) Tj ET Q q 0 0 0 rg BT 246.08 288.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 281.38 288.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 320.44 288.15 Td (at ) Tj ET Q q 0 0 0 rg BT 330.36 288.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 347.26 288.15 Td (value ) Tj ET Q q 0 0 0 rg BT 372.34 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 382.84 288.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 431.25 288.15 Td (with ) Tj ET Q q 0 0 0 rg BT 452.25 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 467.41 288.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 519.92 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 531.00 288.15 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 86.53 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 96.75 275.55 Td (April ) Tj ET Q q 0 0 0 rg BT 121.54 275.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 145.16 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 162.95 275.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 193.58 275.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 253.34 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 264.13 275.55 Td (October ) Tj ET Q q 0 0 0 rg BT 300.57 275.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 326.82 275.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 376.87 275.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 250.35 Td (In ) Tj ET Q q 0 0 0 rg BT 96.40 250.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 132.96 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 143.28 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 158.26 250.35 Td (previously ) Tj ET Q q 0 0 0 rg BT 204.74 250.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 247.14 250.35 Td (impairments ) Tj ET Q q 0 0 0 rg BT 301.78 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 312.68 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 327.66 250.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 357.81 250.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 417.10 250.35 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 468.81 250.35 Td (management ) Tj ET Q q 0 0 0 rg BT 524.60 250.35 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.93 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 91.11 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 106.96 237.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 139.73 237.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 163.73 237.75 Td (name ) Tj ET Q q 0 0 0 rg BT 189.49 237.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 215.55 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.40 237.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 269.40 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 295.16 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.93 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 322.78 237.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 355.54 237.75 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 422.71 237.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 449.06 237.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 489.98 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 513.42 237.75 Td (was ) Tj ET Q q 0 0 0 rg BT 532.77 237.75 Td (written ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (down ) Tj ET Q q 0 0 0 rg BT 75.71 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 86.76 225.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 104.22 225.15 Td (value ) Tj ET Q q 0 0 0 rg BT 129.84 225.15 Td (as ) Tj ET Q q 0 0 0 rg BT 141.46 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 149.01 225.15 Td (result ) Tj ET Q q 0 0 0 rg BT 175.22 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 186.84 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 202.55 225.15 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 271.32 225.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 322.61 225.15 Td (during ) Tj ET Q q 0 0 0 rg BT 352.91 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 368.61 225.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 401.23 225.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 429.18 225.15 Td (December ) Tj ET Q q 0 0 0 rg BT 475.20 225.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.21 225.15 Td (2015. ) Tj ET Q q 0 0 0 rg BT 517.08 225.15 Td (As ) Tj ET Q q 0 0 0 rg BT 531.63 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 539.17 225.15 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.28 212.55 Td (impairing ) Tj ET Q q 0 0 0 rg BT 105.14 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 121.00 212.55 Td (contract ) Tj ET Q q 0 0 0 rg BT 157.84 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 176.03 212.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 200.05 212.55 Td (name ) Tj ET Q q 0 0 0 rg BT 225.82 212.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 255.97 212.55 Td (decreases ) Tj ET Q q 0 0 0 rg BT 299.23 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 310.43 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 327.45 212.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 349.14 212.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 371.42 212.55 Td (projections ) Tj ET Q q 0 0 0 rg BT 421.11 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 432.89 212.55 Td (increases ) Tj ET Q q 0 0 0 rg BT 474.40 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 485.60 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 501.46 212.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 540.07 212.55 Td (rates, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 89.02 199.95 Td (from ) Tj ET Q q 0 0 0 rg BT 112.21 199.95 Td (actual ) Tj ET Q q 0 0 0 rg BT 140.06 199.95 Td (results, ) Tj ET Q q 0 0 0 rg BT 172.87 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 184.40 199.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 220.99 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 231.94 199.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 286.64 199.95 Td (due ) Tj ET Q q 0 0 0 rg BT 304.58 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 315.52 199.95 Td (market ) Tj ET Q q 0 0 0 rg BT 347.45 199.95 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 396.60 199.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 432.00 199.95 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 461.90 199.95 Td (less ) Tj ET Q q 0 0 0 rg BT 480.43 199.95 Td (favorable ) Tj ET Q q 0 0 0 rg BT 522.85 199.95 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (mar) Tj ET Q q 0 0 0 rg BT 65.64 187.35 Td (gins, ) Tj ET Q q 0 0 0 rg BT 88.25 187.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 114.65 187.35 Td (yielding ) Tj ET Q q 0 0 0 rg BT 151.55 187.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 174.45 187.35 Td (mixes, ) Tj ET Q q 0 0 0 rg BT 204.65 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 222.30 187.35 Td (other ) Tj ET Q q 0 0 0 rg BT 246.36 187.35 Td (factors, ) Tj ET Q q 0 0 0 rg BT 280.05 187.35 Td (may ) Tj ET Q q 0 0 0 rg BT 300.61 187.35 Td (result ) Tj ET Q q 0 0 0 rg BT 326.43 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 337.09 187.35 Td (further ) Tj ET Q q 0 0 0 rg BT 368.15 187.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 419.04 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 430.28 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 445.59 187.35 Td (related ) Tj ET Q q 0 0 0 rg BT 476.65 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 479.14 187.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 508.57 187.35 Td (There ) Tj ET Q q 0 0 0 rg BT 535.54 187.35 Td (can ) Tj ET Q q 0 0 0 rg BT 552.60 187.35 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (no ) Tj ET Q q 0 0 0 rg BT 62.50 174.75 Td (assurances ) Tj ET Q q 0 0 0 rg BT 109.91 174.75 Td (that ) Tj ET Q q 0 0 0 rg BT 128.15 174.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 172.06 174.75 Td (market ) Tj ET Q q 0 0 0 rg BT 203.72 174.75 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 253.45 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 264.70 174.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 287.62 174.75 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 329.50 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 340.75 174.75 Td (other ) Tj ET Q q 0 0 0 rg BT 364.83 174.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 398.52 174.75 Td (will ) Tj ET Q q 0 0 0 rg BT 417.36 174.75 Td (not ) Tj ET Q q 0 0 0 rg BT 433.28 174.75 Td (produce ) Tj ET Q q 0 0 0 rg BT 469.60 174.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 514.10 174.75 Td (impairment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 61.12 162.15 Td (some ) Tj ET Q q 0 0 0 rg BT 86.73 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 98.92 162.15 Td (all ) Tj ET Q q 0 0 0 rg BT 112.87 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 125.06 162.15 Td (these ) Tj ET Q q 0 0 0 rg BT 150.08 162.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 180.65 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 184.10 162.15 Td (See ) Tj ET Q q 0 0 0 rg BT 202.71 162.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 226.57 162.15 Td (18 ) Tj ET Q q 0 0 0 rg BT 240.52 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 252.71 162.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 280.66 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 292.27 162.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 351.13 162.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 393.65 162.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 443.18 162.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 486.86 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 494.97 162.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 538.07 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 162.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.45 149.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 155.64 149.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 190.93 149.55 Td (related ) Tj ET Q q 0 0 0 rg BT 222.12 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 232.91 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 248.37 149.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 297.07 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 308.44 149.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 339.07 149.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 398.83 149.55 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 448.12 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 458.91 149.55 Td (March ) Tj ET Q q 0 0 0 rg BT 488.94 149.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 504.69 149.55 Td (2017.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 124.35 Td (As ) Tj ET Q q 0 0 0 rg BT 99.69 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 110.96 124.35 Td (December ) Tj ET Q q 0 0 0 rg BT 156.62 124.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.27 124.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 198.42 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 213.77 124.35 Td (date ) Tj ET Q q 0 0 0 rg BT 233.78 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 245.05 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 261.57 124.35 Td (most ) Tj ET Q q 0 0 0 rg BT 284.51 124.35 Td (recent ) Tj ET Q q 0 0 0 rg BT 312.68 124.35 Td (annual ) Tj ET Q q 0 0 0 rg BT 343.19 124.35 Td (testing, ) Tj ET Q q 0 0 0 rg BT 376.34 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 391.69 124.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 434.45 124.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 451.54 124.35 Td (value ) Tj ET Q q 0 0 0 rg BT 476.80 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 488.07 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 503.42 124.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 535.69 124.35 Td (funds-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (of-hedge ) Tj ET Q q 0 0 0 rg BT 90.49 111.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 117.50 111.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 159.08 111.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 183.17 111.75 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 225.91 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.41 111.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 281.07 111.75 Td (value ) Tj ET Q q 0 0 0 rg BT 307.49 111.75 Td (by ) Tj ET Q q 0 0 0 rg BT 321.67 111.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 386.00 111.75 Td ($15 ) Tj ET Q q 0 0 0 rg BT 405.43 111.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 441.25 111.75 Td (After ) Tj ET Q q 0 0 0 rg BT 467.09 111.75 Td (completing ) Tj ET Q q 0 0 0 rg BT 518.01 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 534.51 111.75 Td (annual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.08 99.15 Td (testing ) Tj ET Q q 0 0 0 rg BT 130.25 99.15 Td (process ) Tj ET Q q 0 0 0 rg BT 163.91 99.15 Td (as ) Tj ET Q q 0 0 0 rg BT 174.83 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 185.75 99.15 Td (December ) Tj ET Q q 0 0 0 rg BT 231.06 99.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 246.35 99.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 272.15 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 287.15 99.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 304.86 99.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 322.78 99.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 348.28 99.15 Td (management ) Tj ET Q q 0 0 0 rg BT 404.10 99.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 444.17 99.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 466.76 99.15 Td (was ) Tj ET Q q 0 0 0 rg BT 485.26 99.15 Td (combined ) Tj ET Q q 0 0 0 rg BT 528.83 99.15 Td (with ) Tj ET Q q 0 0 0 rg BT 549.67 99.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 82.40 86.55 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 149.71 86.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 176.20 86.55 Td (management ) Tj ET Q q 0 0 0 rg BT 233.00 86.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 274.06 86.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 297.63 86.55 Td (because ) Tj ET Q q 0 0 0 rg BT 334.02 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 350.01 86.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 377.67 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 393.65 86.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 434.71 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 453.03 86.55 Td (operated ) Tj ET Q q 0 0 0 rg BT 492.33 86.55 Td (collectively) Tj ET Q q 0 0 0 rg BT 540.63 86.55 Td (. ) Tj ET Q q 0 0 0 rg BT 546.19 86.55 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (related ) Tj ET Q q 0 0 0 rg BT 81.06 73.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 119.05 73.95 Td (values ) Tj ET Q q 0 0 0 rg BT 148.87 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 167.03 73.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 188.69 73.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 215.03 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 226.77 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 242.60 73.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 268.93 73.95 Td (will ) Tj ET Q q 0 0 0 rg BT 288.27 73.95 Td (be ) Tj ET Q q 0 0 0 rg BT 301.18 73.95 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 350.24 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 365.48 73.95 Td (future ) Tj ET Q q 0 0 0 rg BT 393.55 73.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 444.96 73.95 Td (testing. ) Tj ET Q q 0 0 0 rg BT 478.37 73.95 Td (The ) Tj ET Q q 0 0 0 rg BT 497.69 73.95 Td (combined ) Tj ET Q q 0 0 0 rg BT 542.10 73.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (remains ) Tj ET Q q 0 0 0 rg BT 84.87 61.35 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 123.75 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 134.06 61.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 170.01 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 180.31 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 195.27 61.35 Td (actual ) Tj ET Q q 0 0 0 rg BT 222.47 61.35 Td (results ) Tj ET Q q 0 0 0 rg BT 252.02 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 262.90 61.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 316.96 61.35 Td (noted ) Tj ET Q q 0 0 0 rg BT 342.42 61.35 Td (above, ) Tj ET Q q 0 0 0 rg BT 372.25 61.35 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 414.90 61.35 Td (market ) Tj ET Q q 0 0 0 rg BT 446.19 61.35 Td (decreases, ) Tj ET Q q 0 0 0 rg BT 491.17 61.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 530.06 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 540.94 61.35 Td (other ) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 86.08 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 97.01 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.60 741.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 140.44 741.75 Td (results ) Tj ET Q q 0 0 0 rg BT 170.61 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 182.12 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 197.72 741.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 252.40 741.75 Td (noted ) Tj ET Q q 0 0 0 rg BT 278.49 741.75 Td (above ) Tj ET Q q 0 0 0 rg BT 306.33 741.75 Td (may ) Tj ET Q q 0 0 0 rg BT 327.17 741.75 Td (result ) Tj ET Q q 0 0 0 rg BT 353.26 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 364.19 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 376.87 741.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 428.04 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 439.55 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 455.14 741.75 Td (combined ) Tj ET Q q 0 0 0 rg BT 499.31 741.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 517.02 741.75 Td (rustPermal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.37 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 127.64 729.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 168.17 729.15 Td (asset.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 703.95 Td (There ) Tj ET Q q 0 0 0 rg BT 112.66 703.95 Td (can ) Tj ET Q q 0 0 0 rg BT 129.91 703.95 Td (be ) Tj ET Q q 0 0 0 rg BT 142.49 703.95 Td (no ) Tj ET Q q 0 0 0 rg BT 155.67 703.95 Td (assurances ) Tj ET Q q 0 0 0 rg BT 203.24 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 221.67 703.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 265.75 703.95 Td (market ) Tj ET Q q 0 0 0 rg BT 297.58 703.95 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 347.48 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 358.91 703.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 382.00 703.95 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 424.05 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 435.47 703.95 Td (other ) Tj ET Q q 0 0 0 rg BT 459.72 703.95 Td (factors, ) Tj ET Q q 0 0 0 rg BT 493.59 703.95 Td (will ) Tj ET Q q 0 0 0 rg BT 512.60 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 528.70 703.95 Td (produce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 63.55 691.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 109.68 691.35 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 164.85 691.35 Td (See ) Tj ET Q q 0 0 0 rg BT 184.16 691.35 Td (�Item�7. ) Tj ET Q q 0 0 0 rg BT 222.70 691.35 Td (Management's ) Tj ET Q q 0 0 0 rg BT 287.63 691.35 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 337.86 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 356.25 691.35 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 397.14 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 410.03 691.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 453.24 691.35 Td (Condition ) Tj ET Q q 0 0 0 rg BT 499.39 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 518.69 691.35 Td (Results ) Tj ET Q q 0 0 0 rg BT 553.75 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Operations�- ) Tj ET Q q 0 0 0 rg BT 104.32 678.75 Td (Critical ) Tj ET Q q 0 0 0 rg BT 137.86 678.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 189.47 678.75 Td (Policies ) Tj ET Q q 0 0 0 rg BT 225.35 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 243.13 678.75 Td (Estimates�- ) Tj ET Q q 0 0 0 rg BT 292.71 678.75 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 337.32 678.75 Td (Assets ) Tj ET Q q 0 0 0 rg BT 367.37 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 385.15 678.75 Td (Goodwill.� ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 653.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.63 653.55 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 146.74 653.55 Td (T) Tj ET Q q 0 0 0 rg BT 152.19 653.55 Td (ax ) Tj ET Q q 0 0 0 rg BT 164.93 653.55 Td (Assets ) Tj ET Q q 0 0 0 rg BT 194.40 653.55 Td (May ) Tj ET Q q 0 0 0 rg BT 216.27 653.55 Td (Not ) Tj ET Q q 0 0 0 rg BT 234.64 653.55 Td (Be ) Tj ET Q q 0 0 0 rg BT 248.93 653.55 Td (Fully ) Tj ET Q q 0 0 0 rg BT 274.90 653.55 Td (Realizable) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 628.35 Td (As ) Tj ET Q q 0 0 0 rg BT 99.67 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 110.92 628.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 156.58 628.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 182.71 628.35 Td (we ) Tj ET Q q 0 0 0 rg BT 197.46 628.35 Td (had ) Tj ET Q q 0 0 0 rg BT 215.12 628.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 278.27 628.35 Td ($732 ) Tj ET Q q 0 0 0 rg BT 301.78 628.35 Td (million ) Tj ET Q q 0 0 0 rg BT 334.62 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 345.29 628.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 366.46 628.35 Td (federal ) Tj ET Q q 0 0 0 rg BT 398.11 628.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 435.58 628.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 450.92 628.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 480.54 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 508.71 628.35 Td (represent ) Tj ET Q q 0 0 0 rg BT 549.69 628.35 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 84.79 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 102.58 615.75 Td (we ) Tj ET Q q 0 0 0 rg BT 116.87 615.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 146.31 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 156.52 615.75 Td (realize ) Tj ET Q q 0 0 0 rg BT 186.54 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 196.76 615.75 Td (future ) Tj ET Q q 0 0 0 rg BT 223.88 615.75 Td (periods. ) Tj ET Q q 0 0 0 rg BT 259.46 615.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 287.74 615.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 335.86 615.75 Td (rules, ) Tj ET Q q 0 0 0 rg BT 360.94 615.75 Td (we ) Tj ET Q q 0 0 0 rg BT 375.23 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 390.09 615.75 Td (required ) Tj ET Q q 0 0 0 rg BT 427.12 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 437.33 615.75 Td (recognize ) Tj ET Q q 0 0 0 rg BT 480.19 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 486.89 615.75 Td (char) Tj ET Q q 0 0 0 rg BT 504.77 615.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 516.73 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 526.94 615.75 Td (earnings ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 59.70 603.15 Td (reduce ) Tj ET Q q 0 0 0 rg BT 89.72 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 105.75 603.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 142.76 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 157.63 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 184.16 603.15 Td (if ) Tj ET Q q 0 0 0 rg BT 192.61 603.15 Td (it ) Tj ET Q q 0 0 0 rg BT 200.48 603.15 Td (is ) Tj ET Q q 0 0 0 rg BT 209.52 603.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 258.79 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 276.57 603.15 Td (any ) Tj ET Q q 0 0 0 rg BT 293.77 603.15 Td (future ) Tj ET Q q 0 0 0 rg BT 320.88 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 335.74 603.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 371.02 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 385.87 603.15 Td (not ) Tj ET Q q 0 0 0 rg BT 401.33 603.15 Td (likely ) Tj ET Q q 0 0 0 rg BT 427.28 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 437.48 603.15 Td (be ) Tj ET Q q 0 0 0 rg BT 449.43 603.15 Td (realized ) Tj ET Q q 0 0 0 rg BT 484.69 603.15 Td (before ) Tj ET Q q 0 0 0 rg BT 513.54 603.15 Td (they ) Tj ET Q q 0 0 0 rg BT 533.65 603.15 Td (expire. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 89.69 590.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 105.41 590.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 132.79 590.55 Td (generated ) Tj ET Q q 0 0 0 rg BT 176.49 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 187.54 590.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 209.10 590.55 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 263.91 590.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 303.54 590.55 Td (from ) Tj ET Q q 0 0 0 rg BT 326.84 590.55 Td (net ) Tj ET Q q 0 0 0 rg BT 342.56 590.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 385.10 590.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 413.07 590.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 455.02 590.55 Td (expire ) Tj ET Q q 0 0 0 rg BT 484.15 590.55 Td (20�years ) Tj ET Q q 0 0 0 rg BT 522.31 590.55 Td (after ) Tj ET Q q 0 0 0 rg BT 544.43 590.55 Td (they ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 64.64 577.95 Td (generated. ) Tj ET Q q 0 0 0 rg BT 110.22 577.95 Td (Those ) Tj ET Q q 0 0 0 rg BT 138.21 577.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 177.27 577.95 Td (from ) Tj ET Q q 0 0 0 rg BT 200.01 577.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 232.65 577.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 247.80 577.95 Td (credits ) Tj ET Q q 0 0 0 rg BT 278.11 577.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 319.49 577.95 Td (expire ) Tj ET Q q 0 0 0 rg BT 348.05 577.95 Td (10�years ) Tj ET Q q 0 0 0 rg BT 385.65 577.95 Td (after ) Tj ET Q q 0 0 0 rg BT 407.20 577.95 Td (they ) Tj ET Q q 0 0 0 rg BT 427.60 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 442.74 577.95 Td (generated. ) Tj ET Q q 0 0 0 rg BT 488.50 577.95 Td (In ) Tj ET Q q 0 0 0 rg BT 499.56 577.95 Td (order ) Tj ET Q q 0 0 0 rg BT 524.04 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 534.53 577.95 Td (realize ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (these ) Tj ET Q q 0 0 0 rg BT 74.16 565.35 Td (future ) Tj ET Q q 0 0 0 rg BT 102.31 565.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 118.23 565.35 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 157.17 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 172.50 565.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 210.57 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 229.40 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 244.73 565.35 Td (must ) Tj ET Q q 0 0 0 rg BT 268.24 565.35 Td (generate ) Tj ET Q q 0 0 0 rg BT 306.88 565.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 370.61 565.35 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 392.07 565.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 422.57 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 433.82 565.35 Td (future ) Tj ET Q q 0 0 0 rg BT 461.98 565.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 483.74 565.35 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 525.02 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 536.85 565.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td ($81) Tj ET Q q 0 0 0 rg BT 64.86 552.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 72.65 552.75 Td (million ) Tj ET Q q 0 0 0 rg BT 105.53 552.75 Td (must ) Tj ET Q q 0 0 0 rg BT 128.49 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 140.94 552.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 173.80 552.75 Td (sourced ) Tj ET Q q 0 0 0 rg BT 208.99 552.75 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 249.73 552.75 Td (before ) Tj ET Q q 0 0 0 rg BT 279.08 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 294.45 552.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 330.22 552.75 Td (expire. ) Tj ET Q q 0 0 0 rg BT 361.44 552.75 Td (There ) Tj ET Q q 0 0 0 rg BT 388.46 552.75 Td (can ) Tj ET Q q 0 0 0 rg BT 405.57 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 418.02 552.75 Td (no ) Tj ET Q q 0 0 0 rg BT 431.06 552.75 Td (assurances ) Tj ET Q q 0 0 0 rg BT 478.50 552.75 Td (that ) Tj ET Q q 0 0 0 rg BT 496.78 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 511.57 552.75 Td (will ) Tj ET Q q 0 0 0 rg BT 530.44 552.75 Td (achieve ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (this ) Tj ET Q q 0 0 0 rg BT 67.26 540.15 Td (level ) Tj ET Q q 0 0 0 rg BT 90.26 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 101.60 540.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 139.76 540.15 Td (before ) Tj ET Q q 0 0 0 rg BT 169.16 540.15 Td (some ) Tj ET Q q 0 0 0 rg BT 193.92 540.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 226.84 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 238.18 540.15 Td (these ) Tj ET Q q 0 0 0 rg BT 262.34 540.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 277.76 540.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 313.59 540.15 Td (expires. ) Tj ET Q q 0 0 0 rg BT 349.13 540.15 Td (In ) Tj ET Q q 0 0 0 rg BT 360.46 540.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 400.09 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 416.68 540.15 Td (belief ) Tj ET Q q 0 0 0 rg BT 443.17 540.15 Td (that ) Tj ET Q q 0 0 0 rg BT 461.51 540.15 Td (we ) Tj ET Q q 0 0 0 rg BT 476.34 540.15 Td (will ) Tj ET Q q 0 0 0 rg BT 495.27 540.15 Td (likely ) Tj ET Q q 0 0 0 rg BT 521.77 540.15 Td (be ) Tj ET Q q 0 0 0 rg BT 534.27 540.15 Td (able ) Tj ET Q q 0 0 0 rg BT 554.35 540.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (realize ) Tj ET Q q 0 0 0 rg BT 79.70 527.55 Td (these ) Tj ET Q q 0 0 0 rg BT 103.50 527.55 Td (future ) Tj ET Q q 0 0 0 rg BT 130.79 527.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 145.84 527.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 181.31 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 190.53 527.55 Td (based ) Tj ET Q q 0 0 0 rg BT 216.67 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 227.06 527.55 Td (part ) Tj ET Q q 0 0 0 rg BT 245.60 527.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 268.83 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 285.05 527.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 326.35 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 337.32 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 352.37 527.55 Td (timing ) Tj ET Q q 0 0 0 rg BT 382.01 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 392.98 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 416.78 527.55 Td (dif) Tj ET Q q 0 0 0 rg BT 428.26 527.55 Td (ferences ) Tj ET Q q 0 0 0 rg BT 465.45 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 475.84 527.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 511.29 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 528.68 527.55 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (recognition ) Tj ET Q q 0 0 0 rg BT 99.16 514.95 Td (between ) Tj ET Q q 0 0 0 rg BT 135.97 514.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 150.64 514.95 Td (returns ) Tj ET Q q 0 0 0 rg BT 181.63 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 198.63 514.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 237.19 514.95 Td (statements, ) Tj ET Q q 0 0 0 rg BT 285.98 514.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 316.38 514.95 Td (planning ) Tj ET Q q 0 0 0 rg BT 354.96 514.95 Td (strategies ) Tj ET Q q 0 0 0 rg BT 396.45 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 413.44 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 429.28 514.95 Td (understanding ) Tj ET Q q 0 0 0 rg BT 490.60 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 501.18 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 515.85 514.95 Td (application ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 59.94 502.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 74.46 502.35 Td (regulations ) Tj ET Q q 0 0 0 rg BT 122.81 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 139.66 502.35 Td (ability ) Tj ET Q q 0 0 0 rg BT 168.18 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 178.04 502.35 Td (implement ) Tj ET Q q 0 0 0 rg BT 224.64 502.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 254.90 502.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 269.42 502.35 Td (planning ) Tj ET Q q 0 0 0 rg BT 307.85 502.35 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 351.83 502.35 Td (which ) Tj ET Q q 0 0 0 rg BT 379.18 502.35 Td (may ) Tj ET Q q 0 0 0 rg BT 398.95 502.35 Td (be ) Tj ET Q q 0 0 0 rg BT 410.55 502.35 Td (revised ) Tj ET Q q 0 0 0 rg BT 442.56 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 452.42 502.35 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 501.93 502.35 Td (future ) Tj ET Q q 0 0 0 rg BT 528.69 502.35 Td (changes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.52 489.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 76.20 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 87.81 489.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 136.73 489.75 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 188.86 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 191.72 489.75 Td (In ) Tj ET Q q 0 0 0 rg BT 203.32 489.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 243.21 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 258.89 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 284.49 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 296.09 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 312.94 489.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 350.77 489.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 366.45 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 393.80 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 409.47 489.75 Td (based ) Tj ET Q q 0 0 0 rg BT 436.24 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 449.59 489.75 Td (enacted ) Tj ET Q q 0 0 0 rg BT 484.50 489.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 527.00 489.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 542.68 489.75 Td (rates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.29 477.15 Td (future ) Tj ET Q q 0 0 0 rg BT 91.91 477.15 Td (periods. ) Tj ET Q q 0 0 0 rg BT 127.99 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 130.53 477.15 Td (Legislative ) Tj ET Q q 0 0 0 rg BT 179.73 477.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 216.09 477.15 Td (related ) Tj ET Q q 0 0 0 rg BT 247.20 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 257.92 477.15 Td (these ) Tj ET Q q 0 0 0 rg BT 282.04 477.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 304.40 477.15 Td (would ) Tj ET Q q 0 0 0 rg BT 333.20 477.15 Td (require ) Tj ET Q q 0 0 0 rg BT 365.48 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 372.68 477.15 Td (measurement ) Tj ET Q q 0 0 0 rg BT 431.21 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 442.50 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 459.04 477.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 496.56 477.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 511.93 477.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 538.97 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 549.69 477.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (period ) Tj ET Q q 0 0 0 rg BT 79.76 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 91.95 464.55 Td (enactment. ) Tj ET Q q 0 0 0 rg BT 141.16 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 144.60 464.55 Td (Currently ) Tj ET Q q 0 0 0 rg BT 188.28 464.55 Td (there ) Tj ET Q q 0 0 0 rg BT 212.70 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 228.96 464.55 Td (proposals ) Tj ET Q q 0 0 0 rg BT 272.65 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 284.25 464.55 Td (significantly ) Tj ET Q q 0 0 0 rg BT 340.18 464.55 Td (change ) Tj ET Q q 0 0 0 rg BT 373.35 464.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 395.47 464.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 428.05 464.55 Td (income ) Tj ET Q q 0 0 0 rg BT 462.39 464.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 478.66 464.55 Td (rules ) Tj ET Q q 0 0 0 rg BT 502.51 464.55 Td (which ) Tj ET Q q 0 0 0 rg BT 531.61 464.55 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (proposals ) Tj ET Q q 0 0 0 rg BT 93.49 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 105.41 451.95 Td (reduce ) Tj ET Q q 0 0 0 rg BT 137.13 451.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 153.70 451.95 Td (rates, ) Tj ET Q q 0 0 0 rg BT 179.89 451.95 Td (limit ) Tj ET Q q 0 0 0 rg BT 203.48 451.95 Td (deductibility ) Tj ET Q q 0 0 0 rg BT 260.30 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 272.79 451.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 307.44 451.95 Td (expense, ) Tj ET Q q 0 0 0 rg BT 347.63 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 366.54 451.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 404.10 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 416.01 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 432.58 451.95 Td (taxation ) Tj ET Q q 0 0 0 rg BT 470.15 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 482.65 451.95 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 524.31 451.95 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 565.13 451.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Although ) Tj ET Q q 0 0 0 rg BT 92.21 439.35 Td (details ) Tj ET Q q 0 0 0 rg BT 122.65 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 138.51 439.35 Td (not ) Tj ET Q q 0 0 0 rg BT 154.96 439.35 Td (yet ) Tj ET Q q 0 0 0 rg BT 170.83 439.35 Td (available, ) Tj ET Q q 0 0 0 rg BT 214.39 439.35 Td (these ) Tj ET Q q 0 0 0 rg BT 239.00 439.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 275.86 439.35 Td (could ) Tj ET Q q 0 0 0 rg BT 302.22 439.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 333.83 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 349.70 439.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 387.72 439.35 Td (value ) Tj ET Q q 0 0 0 rg BT 413.49 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 425.28 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 442.31 439.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 480.32 439.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 496.19 439.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 526.35 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 529.39 439.35 Td (Further) Tj ET Q q 0 0 0 rg BT 559.88 439.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 66.28 426.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 108.14 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 126.08 426.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 180.79 426.75 Td (do ) Tj ET Q q 0 0 0 rg BT 194.07 426.75 Td (not ) Tj ET Q q 0 0 0 rg BT 210.27 426.75 Td (contemplate ) Tj ET Q q 0 0 0 rg BT 264.36 426.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 295.71 426.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 332.91 426.75 Td (future ) Tj ET Q q 0 0 0 rg BT 360.76 426.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 397.37 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 408.32 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.93 426.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 470.45 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 481.98 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 506.34 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 537.71 426.75 Td (stock, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (which, ) Tj ET Q q 0 0 0 rg BT 80.32 414.15 Td (under ) Tj ET Q q 0 0 0 rg BT 106.77 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 122.14 414.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 143.35 414.15 Td (Internal ) Tj ET Q q 0 0 0 rg BT 178.53 414.15 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 217.81 414.15 Td (Code ) Tj ET Q q 0 0 0 rg BT 242.51 414.15 Td (\(the ) Tj ET Q q 0 0 0 rg BT 261.37 414.15 Td (�Code�\), ) Tj ET Q q 0 0 0 rg BT 301.52 414.15 Td (could ) Tj ET Q q 0 0 0 rg BT 327.38 414.15 Td (limit ) Tj ET Q q 0 0 0 rg BT 349.76 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 366.29 414.15 Td (utilization ) Tj ET Q q 0 0 0 rg BT 411.41 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 422.69 414.15 Td (net ) Tj ET Q q 0 0 0 rg BT 438.06 414.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 480.25 414.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 499.13 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 516.83 414.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 549.69 414.15 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.07 401.55 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 114.59 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 117.26 401.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 146.16 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 161.65 401.55 Td (relevant ) Tj ET Q q 0 0 0 rg BT 198.13 401.55 Td (Code ) Tj ET Q q 0 0 0 rg BT 222.96 401.55 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 272.00 401.55 Td (an ) Tj ET Q q 0 0 0 rg BT 284.58 401.55 Td (�ownership ) Tj ET Q q 0 0 0 rg BT 335.64 401.55 Td (change� ) Tj ET Q q 0 0 0 rg BT 372.70 401.55 Td (occurs ) Tj ET Q q 0 0 0 rg BT 402.77 401.55 Td (if ) Tj ET Q q 0 0 0 rg BT 411.85 401.55 Td (there ) Tj ET Q q 0 0 0 rg BT 435.49 401.55 Td (is ) Tj ET Q q 0 0 0 rg BT 445.16 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 452.49 401.55 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 501.80 401.55 Td (net ) Tj ET Q q 0 0 0 rg BT 517.29 401.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 554.35 401.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.13 388.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 108.73 388.95 Td (ownership ) Tj ET Q q 0 0 0 rg BT 155.27 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 166.82 388.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 191.19 388.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 222.57 388.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 247.53 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 260.83 388.95 Td (�5% ) Tj ET Q q 0 0 0 rg BT 282.29 388.95 Td (shareholders� ) Tj ET Q q 0 0 0 rg BT 342.81 388.95 Td (\(as ) Tj ET Q q 0 0 0 rg BT 357.85 388.95 Td (defined ) Tj ET Q q 0 0 0 rg BT 392.13 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 403.10 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 418.73 388.95 Td (Code\) ) Tj ET Q q 0 0 0 rg BT 447.18 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 449.98 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 461.53 388.95 Td (more ) Tj ET Q q 0 0 0 rg BT 485.90 388.95 Td (than ) Tj ET Q q 0 0 0 rg BT 506.78 388.95 Td (50 ) Tj ET Q q 0 0 0 rg BT 520.07 388.95 Td (percent ) Tj ET Q q 0 0 0 rg BT 553.77 388.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 63.68 376.35 Td (total ) Tj ET Q q 0 0 0 rg BT 83.69 376.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 134.04 376.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 161.63 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 171.73 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 194.65 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 224.58 376.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 248.10 376.35 Td (during ) Tj ET Q q 0 0 0 rg BT 276.86 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 282.87 376.35 Td (rolling ) Tj ET Q q 0 0 0 rg BT 312.22 376.35 Td (three-year ) Tj ET Q q 0 0 0 rg BT 356.12 376.35 Td (period. ) Tj ET Q q 0 0 0 rg BT 386.92 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 387.97 376.35 Td (An ) Tj ET Q q 0 0 0 rg BT 402.15 376.35 Td (ownership ) Tj ET Q q 0 0 0 rg BT 447.25 376.35 Td (change ) Tj ET Q q 0 0 0 rg BT 478.33 376.35 Td (would ) Tj ET Q q 0 0 0 rg BT 505.93 376.35 Td (prospectively ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (establish ) Tj ET Q q 0 0 0 rg BT 88.57 363.75 Td (an ) Tj ET Q q 0 0 0 rg BT 100.80 363.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 131.12 363.75 Td (limitation ) Tj ET Q q 0 0 0 rg BT 174.27 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 187.10 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 202.25 363.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 236.07 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 247.14 363.75 Td (pre-change ) Tj ET Q q 0 0 0 rg BT 296.10 363.75 Td (net ) Tj ET Q q 0 0 0 rg BT 311.25 363.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 353.23 363.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 371.89 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 389.38 363.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 422.02 363.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 437.17 363.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 463.40 363.75 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 524.61 363.75 Td (we ) Tj ET Q q 0 0 0 rg BT 539.17 363.75 Td (could ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (utilize ) Tj ET Q q 0 0 0 rg BT 77.65 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 87.74 351.15 Td (reduce ) Tj ET Q q 0 0 0 rg BT 117.63 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 133.54 351.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 148.28 351.15 Td (liability) Tj ET Q q 0 0 0 rg BT 180.26 351.15 Td (. ) Tj ET Q q 0 0 0 rg BT 184.80 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 186.58 351.15 Td (The ) Tj ET Q q 0 0 0 rg BT 204.82 351.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 238.23 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 248.89 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 263.63 351.15 Td (limitation ) Tj ET Q q 0 0 0 rg BT 306.37 351.15 Td (would ) Tj ET Q q 0 0 0 rg BT 334.54 351.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 375.51 351.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 400.17 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 414.91 351.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 448.32 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 458.98 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 474.89 351.15 Td (market ) Tj ET Q q 0 0 0 rg BT 505.95 351.15 Td (capitalization ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (immediately ) Tj ET Q q 0 0 0 rg BT 104.43 338.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 127.28 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 137.89 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 153.16 338.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 199.35 338.55 Td (change ) Tj ET Q q 0 0 0 rg BT 231.52 338.55 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 277.13 338.55 Td (by ) Tj ET Q q 0 0 0 rg BT 290.07 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 305.34 338.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 349.19 338.55 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 398.86 338.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 432.21 338.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 450.39 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 461.00 338.55 Td (ef) Tj ET Q q 0 0 0 rg BT 468.96 338.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 487.14 338.55 Td (at ) Tj ET Q q 0 0 0 rg BT 497.16 338.55 Td (that ) Tj ET Q q 0 0 0 rg BT 515.35 338.55 Td (time. ) Tj ET Q q 0 0 0 rg BT 539.08 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 541.52 338.55 Td (Such ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (an ) Tj ET Q q 0 0 0 rg BT 62.19 325.95 Td (ownership ) Tj ET Q q 0 0 0 rg BT 108.72 325.95 Td (change ) Tj ET Q q 0 0 0 rg BT 141.23 325.95 Td (would ) Tj ET Q q 0 0 0 rg BT 170.27 325.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 201.62 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 217.24 325.95 Td (timing ) Tj ET Q q 0 0 0 rg BT 247.44 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 258.97 325.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 293.25 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 304.77 325.95 Td (net ) Tj ET Q q 0 0 0 rg BT 320.39 325.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 362.82 325.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 381.94 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 393.47 325.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 426.58 325.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 442.19 325.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 468.87 325.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 504.90 325.95 Td (we ) Tj ET Q q 0 0 0 rg BT 519.92 325.95 Td (ultimately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (realize ) Tj ET Q q 0 0 0 rg BT 79.90 313.35 Td (before ) Tj ET Q q 0 0 0 rg BT 109.14 313.35 Td (they ) Tj ET Q q 0 0 0 rg BT 129.65 313.35 Td (expire. ) Tj ET Q q 0 0 0 rg BT 160.94 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 163.37 313.35 Td (If ) Tj ET Q q 0 0 0 rg BT 172.79 313.35 Td (we ) Tj ET Q q 0 0 0 rg BT 187.46 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 202.70 313.35 Td (required ) Tj ET Q q 0 0 0 rg BT 240.11 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 250.71 313.35 Td (recognize ) Tj ET Q q 0 0 0 rg BT 293.94 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 301.03 313.35 Td (char) Tj ET Q q 0 0 0 rg BT 318.91 313.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 331.25 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 341.84 313.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 379.84 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 390.44 313.35 Td (reduce ) Tj ET Q q 0 0 0 rg BT 420.84 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 437.27 313.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 474.67 313.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 489.92 313.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 519.47 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 534.73 313.35 Td (char) Tj ET Q q 0 0 0 rg BT 552.61 313.35 Td (ge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (may ) Tj ET Q q 0 0 0 rg BT 70.20 300.75 Td (be ) Tj ET Q q 0 0 0 rg BT 82.74 300.75 Td (material ) Tj ET Q q 0 0 0 rg BT 119.76 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 130.55 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 147.18 300.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 185.37 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 196.74 300.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 236.10 300.75 Td (condition.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 275.55 Td (W) Tj ET Q q 0 0 0 rg BT 94.06 275.55 Td (e ) Tj ET Q q 0 0 0 rg BT 100.95 275.55 Td (Are ) Tj ET Q q 0 0 0 rg BT 119.33 275.55 Td (Exposed ) Tj ET Q q 0 0 0 rg BT 158.70 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 169.50 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 177.37 275.55 Td (Number ) Tj ET Q q 0 0 0 rg BT 215.58 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 226.96 275.55 Td (Risks ) Tj ET Q q 0 0 0 rg BT 252.53 275.55 Td (Arising ) Tj ET Q q 0 0 0 rg BT 287.26 275.55 Td (From ) Tj ET Q q 0 0 0 rg BT 314.39 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 332.19 275.55 Td (International ) Tj ET Q q 0 0 0 rg BT 392.59 275.55 Td (Operations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 250.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.33 250.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 129.24 250.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 172.97 250.35 Td (operate ) Tj ET Q q 0 0 0 rg BT 207.36 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 219.03 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 227.19 250.35 Td (number ) Tj ET Q q 0 0 0 rg BT 262.76 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 275.00 250.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 330.42 250.35 Td (outside ) Tj ET Q q 0 0 0 rg BT 364.25 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 376.49 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 392.82 250.35 Td (United ) Tj ET Q q 0 0 0 rg BT 424.90 250.35 Td (States ) Tj ET Q q 0 0 0 rg BT 453.48 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 467.48 250.35 Td (behalf ) Tj ET Q q 0 0 0 rg BT 497.21 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 509.45 250.35 Td (international ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 81.56 237.75 Td (W) Tj ET Q q 0 0 0 rg BT 90.63 237.75 Td (e ) Tj ET Q q 0 0 0 rg BT 97.47 237.75 Td (have ) Tj ET Q q 0 0 0 rg BT 119.47 237.75 Td (of) Tj ET Q q 0 0 0 rg BT 128.02 237.75 Td (fices ) Tj ET Q q 0 0 0 rg BT 150.02 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 160.37 237.75 Td (numerous ) Tj ET Q q 0 0 0 rg BT 203.96 237.75 Td (countries ) Tj ET Q q 0 0 0 rg BT 244.63 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 261.97 237.75 Td (many ) Tj ET Q q 0 0 0 rg BT 287.48 237.75 Td (cross ) Tj ET Q q 0 0 0 rg BT 311.24 237.75 Td (border ) Tj ET Q q 0 0 0 rg BT 340.82 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 358.16 237.75 Td (local ) Tj ET Q q 0 0 0 rg BT 380.75 237.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 429.57 237.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 455.08 237.75 Td (that ) Tj ET Q q 0 0 0 rg BT 473.01 237.75 Td (are ) Tj ET Q q 0 0 0 rg BT 488.00 237.75 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 532.17 237.75 Td (outside ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 67.04 225.15 Td (United ) Tj ET Q q 0 0 0 rg BT 100.32 225.15 Td (States. ) Tj ET Q q 0 0 0 rg BT 132.74 225.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 153.78 225.15 Td (international ) Tj ET Q q 0 0 0 rg BT 211.55 225.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 260.00 225.15 Td (require ) Tj ET Q q 0 0 0 rg BT 294.44 225.15 Td (us ) Tj ET Q q 0 0 0 rg BT 308.48 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 321.36 225.15 Td (comply ) Tj ET Q q 0 0 0 rg BT 357.56 225.15 Td (with ) Tj ET Q q 0 0 0 rg BT 380.94 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 398.47 225.15 Td (legal ) Tj ET Q q 0 0 0 rg BT 423.59 225.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 483.11 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 496.56 225.15 Td (various ) Tj ET Q q 0 0 0 rg BT 532.18 225.15 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 107.11 212.55 Td (expose ) Tj ET Q q 0 0 0 rg BT 139.33 212.55 Td (us ) Tj ET Q q 0 0 0 rg BT 151.73 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 162.97 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 178.86 212.55 Td (political ) Tj ET Q q 0 0 0 rg BT 216.34 212.55 Td (consequences ) Tj ET Q q 0 0 0 rg BT 277.13 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 288.94 212.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 331.66 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 342.89 212.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 376.28 212.55 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 431.26 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 449.49 212.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 482.30 212.55 Td (us ) Tj ET Q q 0 0 0 rg BT 494.70 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 505.93 212.55 Td (expropriation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (risks, ) Tj ET Q q 0 0 0 rg BT 75.30 199.95 Td (expatriation ) Tj ET Q q 0 0 0 rg BT 128.78 199.95 Td (controls ) Tj ET Q q 0 0 0 rg BT 165.94 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 184.44 199.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 224.52 199.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 259.92 199.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 276.08 199.95 Td (consequences ) Tj ET Q q 0 0 0 rg BT 337.14 199.95 Td (which, ) Tj ET Q q 0 0 0 rg BT 368.76 199.95 Td (among ) Tj ET Q q 0 0 0 rg BT 400.67 199.95 Td (other ) Tj ET Q q 0 0 0 rg BT 425.58 199.95 Td (things, ) Tj ET Q q 0 0 0 rg BT 457.21 199.95 Td (make ) Tj ET Q q 0 0 0 rg BT 483.29 199.95 Td (it ) Tj ET Q q 0 0 0 rg BT 492.46 199.95 Td (more ) Tj ET Q q 0 0 0 rg BT 517.37 199.95 Td (dif) Tj ET Q q 0 0 0 rg BT 528.84 199.95 Td (ficult ) Tj ET Q q 0 0 0 rg BT 554.34 199.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (repatriate ) Tj ET Q q 0 0 0 rg BT 91.89 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 102.81 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 118.40 187.35 Td (United ) Tj ET Q q 0 0 0 rg BT 149.73 187.35 Td (States ) Tj ET Q q 0 0 0 rg BT 177.57 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 193.15 187.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 214.56 187.35 Td (that ) Tj ET Q q 0 0 0 rg BT 233.06 187.35 Td (we ) Tj ET Q q 0 0 0 rg BT 248.06 187.35 Td (generate ) Tj ET Q q 0 0 0 rg BT 286.37 187.35 Td (outside ) Tj ET Q q 0 0 0 rg BT 319.46 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 335.04 187.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 355.86 187.35 Td (At ) Tj ET Q q 0 0 0 rg BT 369.11 187.35 Td (March ) Tj ET Q q 0 0 0 rg BT 399.27 187.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 415.15 187.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 441.53 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 458.28 187.35 Td (total ) Tj ET Q q 0 0 0 rg BT 479.70 187.35 Td (liquid ) Tj ET Q q 0 0 0 rg BT 506.96 187.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 536.83 187.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (include ) Tj ET Q q 0 0 0 rg BT 83.42 174.75 Td (cash, ) Tj ET Q q 0 0 0 rg BT 107.71 174.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 129.38 174.75 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 180.21 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 198.38 174.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 229.95 174.75 Td (current ) Tj ET Q q 0 0 0 rg BT 262.69 174.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 311.78 174.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 357.07 174.75 Td (were ) Tj ET Q q 0 0 0 rg BT 380.48 174.75 Td ($999 ) Tj ET Q q 0 0 0 rg BT 404.49 174.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 440.46 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 443.25 174.75 Td (These ) Tj ET Q q 0 0 0 rg BT 471.33 174.75 Td (liquid ) Tj ET Q q 0 0 0 rg BT 498.85 174.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 526.35 174.75 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 112.49 162.15 Td ($336 ) Tj ET Q q 0 0 0 rg BT 135.82 162.15 Td (million ) Tj ET Q q 0 0 0 rg BT 168.50 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 179.58 162.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 200.58 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 218.08 162.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 270.58 162.15 Td (held ) Tj ET Q q 0 0 0 rg BT 291.00 162.15 Td (by ) Tj ET Q q 0 0 0 rg BT 303.83 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 320.17 162.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 352.83 162.15 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 407.37 162.15 Td (some ) Tj ET Q q 0 0 0 rg BT 431.87 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 442.96 162.15 Td (which, ) Tj ET Q q 0 0 0 rg BT 473.58 162.15 Td (if ) Tj ET Q q 0 0 0 rg BT 482.33 162.15 Td (repatriated, ) Tj ET Q q 0 0 0 rg BT 532.18 162.15 Td (may ) Tj ET Q q 0 0 0 rg BT 552.60 162.15 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 81.87 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 92.66 149.55 Td (material ) Tj ET Q q 0 0 0 rg BT 129.68 149.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 145.14 149.55 Td (ef) Tj ET Q q 0 0 0 rg BT 153.10 149.55 Td (fects. ) Tj ET Q q 0 0 0 rg BT 178.18 149.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 124.35 Td (In ) Tj ET Q q 0 0 0 rg BT 97.22 124.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 137.23 124.35 Td (we ) Tj ET Q q 0 0 0 rg BT 152.45 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 168.24 124.35 Td (exposed ) Tj ET Q q 0 0 0 rg BT 205.62 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 216.76 124.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 248.30 124.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 271.11 124.35 Td (related ) Tj ET Q q 0 0 0 rg BT 302.65 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 313.79 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 329.59 124.35 Td (dif) Tj ET Q q 0 0 0 rg BT 341.07 124.35 Td (ferent ) Tj ET Q q 0 0 0 rg BT 368.52 124.35 Td (currencies ) Tj ET Q q 0 0 0 rg BT 414.63 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 425.78 124.35 Td (which ) Tj ET Q q 0 0 0 rg BT 454.41 124.35 Td (we ) Tj ET Q q 0 0 0 rg BT 469.63 124.35 Td (transact ) Tj ET Q q 0 0 0 rg BT 505.25 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 523.39 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 539.19 124.35 Td (home ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 103.34 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 114.02 111.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 144.51 111.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 186.09 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 196.18 111.75 Td (which ) Tj ET Q q 0 0 0 rg BT 223.77 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 239.27 111.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 265.69 111.75 Td (is ) Tj ET Q q 0 0 0 rg BT 274.62 111.75 Td (invested. ) Tj ET Q q 0 0 0 rg BT 314.17 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 316.09 111.75 Td (Uncertainties ) Tj ET Q q 0 0 0 rg BT 374.00 111.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 416.16 111.75 Td (developments ) Tj ET Q q 0 0 0 rg BT 476.40 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 486.50 111.75 Td (those ) Tj ET Q q 0 0 0 rg BT 510.59 111.75 Td (jurisdictions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (can ) Tj ET Q q 0 0 0 rg BT 67.27 99.15 Td (produce ) Tj ET Q q 0 0 0 rg BT 104.28 99.15 Td (volatility ) Tj ET Q q 0 0 0 rg BT 145.40 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 156.76 99.15 Td (global ) Tj ET Q q 0 0 0 rg BT 186.20 99.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.13 99.15 Td (markets ) Tj ET Q q 0 0 0 rg BT 262.57 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 280.92 99.15 Td (adversely ) Tj ET Q q 0 0 0 rg BT 324.35 99.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 356.12 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 373.32 99.15 Td (results ) Tj ET Q q 0 0 0 rg BT 403.93 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 415.87 99.15 Td (operations.� ) Tj ET Q q 0 0 0 rg BT 468.06 99.15 Td (For ) Tj ET Q q 0 0 0 rg BT 485.84 99.15 Td (example, ) Tj ET Q q 0 0 0 rg BT 527.23 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 543.25 99.15 Td (June ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 73.18 86.55 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 96.27 86.55 Td (electorate ) Tj ET Q q 0 0 0 rg BT 139.75 86.55 Td (vote ) Tj ET Q q 0 0 0 rg BT 160.51 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 171.36 86.55 Td (exit ) Tj ET Q q 0 0 0 rg BT 189.78 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 205.29 86.55 Td (European ) Tj ET Q q 0 0 0 rg BT 248.20 86.55 Td (Union ) Tj ET Q q 0 0 0 rg BT 277.13 86.55 Td (\(�Brexit�\) ) Tj ET Q q 0 0 0 rg BT 322.37 86.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 358.29 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 369.13 86.55 Td (market ) Tj ET Q q 0 0 0 rg BT 400.96 86.55 Td (volatility ) Tj ET Q q 0 0 0 rg BT 441.56 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 459.98 86.55 Td (may ) Tj ET Q q 0 0 0 rg BT 480.74 86.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 519.57 86.55 Td (during ) Tj ET Q q 0 0 0 rg BT 549.67 86.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (Brexit ) Tj ET Q q 0 0 0 rg BT 78.77 73.95 Td (negotiation ) Tj ET Q q 0 0 0 rg BT 129.04 73.95 Td (process.�) Tj ET Q q 0 0 0 rg BT 165.60 73.95 Td (This ) Tj ET Q q 0 0 0 rg BT 187.29 73.95 Td (may ) Tj ET Q q 0 0 0 rg BT 208.40 73.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 240.00 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 255.86 73.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 283.38 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 301.57 73.95 Td (composition ) Tj ET Q q 0 0 0 rg BT 356.52 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 368.29 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 384.65 73.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 412.18 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 430.37 73.95 Td (also ) Tj ET Q q 0 0 0 rg BT 450.31 73.95 Td (negatively ) Tj ET Q q 0 0 0 rg BT 497.08 73.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 528.68 73.95 Td (investor ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (sentiment, ) Tj ET Q q 0 0 0 rg BT 95.70 61.35 Td (which ) Tj ET Q q 0 0 0 rg BT 124.10 61.35 Td (could ) Tj ET Q q 0 0 0 rg BT 150.17 61.35 Td (result ) Tj ET Q q 0 0 0 rg BT 176.24 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 187.15 61.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 223.13 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 234.62 61.35 Td (negative ) Tj ET Q q 0 0 0 rg BT 272.93 61.35 Td (flows.�In ) Tj ET Q q 0 0 0 rg BT 313.00 61.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 352.78 61.35 Td (because ) Tj ET Q q 0 0 0 rg BT 388.75 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 404.32 61.35 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 427.48 61.35 Td (Pound ) Tj ET Q q 0 0 0 rg BT 457.07 61.35 Td (Sterling ) Tj ET Q q 0 0 0 rg BT 493.06 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 510.96 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 526.53 61.35 Td (Euro ) Tj ET Q q 0 0 0 rg BT 549.69 61.35 Td (are ) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.86 741.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 104.12 741.75 Td (used ) Tj ET Q q 0 0 0 rg BT 125.89 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 136.59 741.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 167.69 741.75 Td (aspects ) Tj ET Q q 0 0 0 rg BT 200.54 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 211.82 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 228.35 741.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 269.09 741.75 Td (any ) Tj ET Q q 0 0 0 rg BT 286.78 741.75 Td (weakening ) Tj ET Q q 0 0 0 rg BT 334.80 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 346.07 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 361.43 741.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 384.38 741.75 Td (Pound ) Tj ET Q q 0 0 0 rg BT 413.75 741.75 Td (Sterling ) Tj ET Q q 0 0 0 rg BT 449.53 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 460.81 741.75 Td (Euro ) Tj ET Q q 0 0 0 rg BT 483.75 741.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 517.76 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 528.46 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 543.82 741.75 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 78.95 729.15 Td (could ) Tj ET Q q 0 0 0 rg BT 104.90 729.15 Td (negatively ) Tj ET Q q 0 0 0 rg BT 151.26 729.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 182.46 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 199.08 729.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 236.69 729.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 276.05 729.15 Td (results. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 703.95 Td (Despite ) Tj ET Q q 0 0 0 rg BT 120.09 703.95 Td (controls ) Tj ET Q q 0 0 0 rg BT 156.44 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 174.12 703.95 Td (other ) Tj ET Q q 0 0 0 rg BT 198.21 703.95 Td (actions ) Tj ET Q q 0 0 0 rg BT 230.47 703.95 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 278.47 703.95 Td (designed ) Tj ET Q q 0 0 0 rg BT 318.31 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 329.00 703.95 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 365.92 703.95 Td (these ) Tj ET Q q 0 0 0 rg BT 390.02 703.95 Td (risks, ) Tj ET Q q 0 0 0 rg BT 415.00 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 431.51 703.95 Td (international ) Tj ET Q q 0 0 0 rg BT 487.09 703.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 533.35 703.95 Td (expose ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (us ) Tj ET Q q 0 0 0 rg BT 61.57 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 72.47 691.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 95.04 691.35 Td (arising ) Tj ET Q q 0 0 0 rg BT 126.35 691.35 Td (from ) Tj ET Q q 0 0 0 rg BT 149.50 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 173.81 691.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 211.10 691.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 250.58 691.35 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 310.48 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 325.46 691.35 Td (actions ) Tj ET Q q 0 0 0 rg BT 357.93 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 369.41 691.35 Td (third ) Tj ET Q q 0 0 0 rg BT 391.98 691.35 Td (party ) Tj ET Q q 0 0 0 rg BT 416.29 691.35 Td (agents ) Tj ET Q q 0 0 0 rg BT 445.85 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 463.74 691.35 Td (other ) Tj ET Q q 0 0 0 rg BT 488.05 691.35 Td (representatives ) Tj ET Q q 0 0 0 rg BT 553.76 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 66.42 678.75 Td (business ) Tj ET Q q 0 0 0 rg BT 104.92 678.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 147.50 678.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 180.75 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 197.67 678.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 233.82 678.75 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 288.66 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 300.33 678.75 Td (operation. ) Tj ET Q q 0 0 0 rg BT 345.53 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 348.45 678.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 367.69 678.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 400.94 678.75 Td (business ) Tj ET Q q 0 0 0 rg BT 439.44 678.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 486.10 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 501.84 678.75 Td (also ) Tj ET Q q 0 0 0 rg BT 521.67 678.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.34 678.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 666.15 Td (following ) Tj ET Q q 0 0 0 rg BT 108.41 666.15 Td (risks:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 640.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 640.95 Td (dif) Tj ET Q q 0 0 0 rg BT 114.97 640.95 Td (ficulty in managing, operating and marketing our international operations;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 628.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 628.35 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 155.38 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 165.86 628.35 Td (currency ) Tj ET Q q 0 0 0 rg BT 204.89 628.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 246.84 628.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 268.97 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 296.94 628.35 Td (may ) Tj ET Q q 0 0 0 rg BT 317.32 628.35 Td (result ) Tj ET Q q 0 0 0 rg BT 342.96 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 353.43 628.35 Td (substantial ) Tj ET Q q 0 0 0 rg BT 400.65 628.35 Td (negative ) Tj ET Q q 0 0 0 rg BT 438.53 628.35 Td (ef) Tj ET Q q 0 0 0 rg BT 446.49 628.35 Td (fects ) Tj ET Q q 0 0 0 rg BT 468.62 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 480.92 628.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 507.73 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 525.20 628.35 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 114.29 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 130.91 615.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 152.21 615.75 Td (dollar) Tj ET Q q 0 0 0 rg BT 176.49 615.75 Td (-based ) Tj ET Q q 0 0 0 rg BT 206.52 615.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 245.88 615.75 Td (statements; ) Tj ET Q q 0 0 0 rg BT 295.75 615.75 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 603.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 603.15 Td (significant adverse changes in foreign political, economic, legal and regulatory environments.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Legal ) Tj ET Q q 0 0 0 rg BT 77.21 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 96.76 577.95 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 149.54 577.95 Td (Risks) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 552.75 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 135.96 552.75 Td (Matters ) Tj ET Q q 0 0 0 rg BT 171.84 552.75 Td (May ) Tj ET Q q 0 0 0 rg BT 193.71 552.75 Td (Negatively ) Tj ET Q q 0 0 0 rg BT 241.43 552.75 Td (Af) Tj ET Q q 0 0 0 rg BT 251.74 552.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 270.10 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 287.90 552.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 329.04 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 348.01 552.75 Td (Results ) Tj ET Q q 0 0 0 rg BT 382.15 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 393.52 552.75 Td (Operations) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 527.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.70 527.55 Td (business ) Tj ET Q q 0 0 0 rg BT 145.16 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 156.04 527.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 189.66 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 201.70 527.55 Td (regulation ) Tj ET Q q 0 0 0 rg BT 248.14 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 262.52 527.55 Td (various ) Tj ET Q q 0 0 0 rg BT 297.30 527.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 344.32 527.55 Td (authorities ) Tj ET Q q 0 0 0 rg BT 392.52 527.55 Td (around ) Tj ET Q q 0 0 0 rg BT 425.55 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 442.25 527.55 Td (world ) Tj ET Q q 0 0 0 rg BT 470.62 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 490.24 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 506.94 527.55 Td (char) Tj ET Q q 0 0 0 rg BT 524.81 527.55 Td (ged ) Tj ET Q q 0 0 0 rg BT 543.85 527.55 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (protecting ) Tj ET Q q 0 0 0 rg BT 93.84 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 108.44 514.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 145.21 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 155.72 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 171.49 514.95 Td (clients. ) Tj ET Q q 0 0 0 rg BT 203.17 514.95 Td (W) Tj ET Q q 0 0 0 rg BT 212.24 514.95 Td (e ) Tj ET Q q 0 0 0 rg BT 218.67 514.95 Td (could ) Tj ET Q q 0 0 0 rg BT 243.77 514.95 Td (be ) Tj ET Q q 0 0 0 rg BT 255.45 514.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 286.97 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 296.91 514.95 Td (civil ) Tj ET Q q 0 0 0 rg BT 317.34 514.95 Td (liability) Tj ET Q q 0 0 0 rg BT 349.33 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 353.72 514.95 Td (criminal ) Tj ET Q q 0 0 0 rg BT 390.48 514.95 Td (liability) Tj ET Q q 0 0 0 rg BT 422.47 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 426.86 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 437.38 514.95 Td (sanction, ) Tj ET Q q 0 0 0 rg BT 476.77 514.95 Td (including ) Tj ET Q q 0 0 0 rg BT 518.20 514.95 Td (revocation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.69 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 79.13 502.35 Td (subsidiaries' ) Tj ET Q q 0 0 0 rg BT 134.04 502.35 Td (registrations ) Tj ET Q q 0 0 0 rg BT 189.39 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 201.58 502.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 251.10 502.35 Td (advisers, ) Tj ET Q q 0 0 0 rg BT 291.57 502.35 Td (revocation ) Tj ET Q q 0 0 0 rg BT 339.32 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 351.51 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 367.78 502.35 Td (licenses ) Tj ET Q q 0 0 0 rg BT 404.46 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 416.65 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 434.09 502.35 Td (employees, ) Tj ET Q q 0 0 0 rg BT 485.06 502.35 Td (censures, ) Tj ET Q q 0 0 0 rg BT 527.28 502.35 Td (fines, ) Tj ET Q q 0 0 0 rg BT 553.75 502.35 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (temporary ) Tj ET Q q 0 0 0 rg BT 94.93 489.75 Td (suspension ) Tj ET Q q 0 0 0 rg BT 143.30 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 154.33 489.75 Td (permanent ) Tj ET Q q 0 0 0 rg BT 200.92 489.75 Td (bar ) Tj ET Q q 0 0 0 rg BT 216.61 489.75 Td (from ) Tj ET Q q 0 0 0 rg BT 239.31 489.75 Td (conducting ) Tj ET Q q 0 0 0 rg BT 288.24 489.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 328.74 489.75 Td (if ) Tj ET Q q 0 0 0 rg BT 337.43 489.75 Td (we ) Tj ET Q q 0 0 0 rg BT 351.96 489.75 Td (violate ) Tj ET Q q 0 0 0 rg BT 382.81 489.75 Td (such ) Tj ET Q q 0 0 0 rg BT 404.34 489.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 425.87 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 436.90 489.75 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 487.96 489.75 Td (Any ) Tj ET Q q 0 0 0 rg BT 508.33 489.75 Td (such ) Tj ET Q q 0 0 0 rg BT 529.85 489.75 Td (liability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 61.15 477.15 Td (sanction ) Tj ET Q q 0 0 0 rg BT 99.04 477.15 Td (could ) Tj ET Q q 0 0 0 rg BT 125.27 477.15 Td (have ) Tj ET Q q 0 0 0 rg BT 147.99 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 155.55 477.15 Td (material ) Tj ET Q q 0 0 0 rg BT 192.85 477.15 Td (adverse ) Tj ET Q q 0 0 0 rg BT 227.82 477.15 Td (ef) Tj ET Q q 0 0 0 rg BT 235.78 477.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 254.42 477.15 Td (on ) Tj ET Q q 0 0 0 rg BT 267.82 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 284.72 477.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.35 477.15 Td (condition, ) Tj ET Q q 0 0 0 rg BT 369.54 477.15 Td (results ) Tj ET Q q 0 0 0 rg BT 399.85 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 411.50 477.15 Td (operations, ) Tj ET Q q 0 0 0 rg BT 460.76 477.15 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 508.86 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 526.92 477.15 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (prospects. ) Tj ET Q q 0 0 0 rg BT 93.67 464.55 Td (In ) Tj ET Q q 0 0 0 rg BT 104.30 464.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 143.22 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 157.94 464.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 202.97 464.55 Td (environment ) Tj ET Q q 0 0 0 rg BT 257.93 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 267.98 464.55 Td (which ) Tj ET Q q 0 0 0 rg BT 295.53 464.55 Td (we ) Tj ET Q q 0 0 0 rg BT 309.66 464.55 Td (operate ) Tj ET Q q 0 0 0 rg BT 342.44 464.55 Td (frequently ) Tj ET Q q 0 0 0 rg BT 387.47 464.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 423.17 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 440.22 464.55 Td (has ) Tj ET Q q 0 0 0 rg BT 456.10 464.55 Td (seen ) Tj ET Q q 0 0 0 rg BT 476.65 464.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 522.86 464.55 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (regulation ) Tj ET Q q 0 0 0 rg BT 95.56 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 107.21 451.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 136.34 451.95 Td (years. ) Tj ET Q q 0 0 0 rg BT 164.60 451.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 184.42 451.95 Td (profitability ) Tj ET Q q 0 0 0 rg BT 238.06 451.95 Td (could ) Tj ET Q q 0 0 0 rg BT 264.87 451.95 Td (be ) Tj ET Q q 0 0 0 rg BT 278.27 451.95 Td (materially ) Tj ET Q q 0 0 0 rg BT 324.32 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 342.97 451.95 Td (adversely ) Tj ET Q q 0 0 0 rg BT 386.68 451.95 Td (af) Tj ET Q q 0 0 0 rg BT 394.65 451.95 Td (fected ) Tj ET Q q 0 0 0 rg BT 423.78 451.95 Td (by ) Tj ET Q q 0 0 0 rg BT 437.77 451.95 Td (modification ) Tj ET Q q 0 0 0 rg BT 494.91 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 507.14 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 523.45 451.95 Td (rules ) Tj ET Q q 0 0 0 rg BT 547.35 451.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (regulations ) Tj ET Q q 0 0 0 rg BT 98.22 439.35 Td (that ) Tj ET Q q 0 0 0 rg BT 116.03 439.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 146.67 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 161.56 439.35 Td (business ) Tj ET Q q 0 0 0 rg BT 199.22 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 216.44 439.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 255.24 439.35 Td (communities ) Tj ET Q q 0 0 0 rg BT 311.55 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 321.78 439.35 Td (general, ) Tj ET Q q 0 0 0 rg BT 357.37 439.35 Td (including ) Tj ET Q q 0 0 0 rg BT 399.09 439.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 434.98 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 445.21 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 460.10 439.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 481.42 439.35 Td (governing ) Tj ET Q q 0 0 0 rg BT 526.06 439.35 Td (taxation, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (antitrust ) Tj ET Q q 0 0 0 rg BT 85.46 426.75 Td (regulation ) Tj ET Q q 0 0 0 rg BT 129.59 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 146.30 426.75 Td (electronic ) Tj ET Q q 0 0 0 rg BT 189.24 426.75 Td (commerce. ) Tj ET Q q 0 0 0 rg BT 237.14 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 238.69 426.75 Td (In ) Tj ET Q q 0 0 0 rg BT 248.99 426.75 Td (particular) Tj ET Q q 0 0 0 rg BT 288.79 426.75 Td (, ) Tj ET Q q 0 0 0 rg BT 292.97 426.75 Td (we ) Tj ET Q q 0 0 0 rg BT 306.76 426.75 Td (have ) Tj ET Q q 0 0 0 rg BT 328.14 426.75 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 367.29 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 384.01 426.75 Td (will ) Tj ET Q q 0 0 0 rg BT 401.89 426.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 439.60 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 449.32 426.75 Td (incur) Tj ET Q q 0 0 0 rg BT 470.47 426.75 Td (, ) Tj ET Q q 0 0 0 rg BT 474.65 426.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 520.52 426.75 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 73.13 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 84.50 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 91.78 414.15 Td (result ) Tj ET Q q 0 0 0 rg BT 117.74 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 129.11 414.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 174.88 414.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 211.33 414.15 Td (af) Tj ET Q q 0 0 0 rg BT 219.29 414.15 Td (fecting ) Tj ET Q q 0 0 0 rg BT 251.07 414.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 272.37 414.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 304.16 414.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 330.12 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 347.90 414.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 384.35 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 395.14 414.15 Td (European ) Tj ET Q q 0 0 0 rg BT 437.99 414.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 469.78 414.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 491.65 414.15 Td (regulation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 388.95 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 388.95 Td (e ) Tj ET Q q 0 0 0 rg BT 100.71 388.95 Td (may ) Tj ET Q q 0 0 0 rg BT 120.27 388.95 Td (be ) Tj ET Q q 0 0 0 rg BT 131.67 388.95 Td (adversely ) Tj ET Q q 0 0 0 rg BT 173.38 388.95 Td (af) Tj ET Q q 0 0 0 rg BT 181.35 388.95 Td (fected ) Tj ET Q q 0 0 0 rg BT 208.48 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 218.70 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 224.85 388.95 Td (result ) Tj ET Q q 0 0 0 rg BT 249.66 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 259.89 388.95 Td (new ) Tj ET Q q 0 0 0 rg BT 278.86 388.95 Td (or ) Tj ET Q q 0 0 0 rg BT 289.09 388.95 Td (revised ) Tj ET Q q 0 0 0 rg BT 320.89 388.95 Td (legislation ) Tj ET Q q 0 0 0 rg BT 366.12 388.95 Td (or ) Tj ET Q q 0 0 0 rg BT 376.35 388.95 Td (regulations ) Tj ET Q q 0 0 0 rg BT 424.49 388.95 Td (or ) Tj ET Q q 0 0 0 rg BT 434.72 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 446.70 388.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 482.00 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 491.65 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 505.96 388.95 Td (interpretation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 60.51 376.35 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 115.25 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 126.27 376.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 161.78 376.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 183.30 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 200.73 376.35 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 252.11 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 270.70 376.35 Td (challenges ) Tj ET Q q 0 0 0 rg BT 317.29 376.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 362.70 376.35 Td (with ) Tj ET Q q 0 0 0 rg BT 383.64 376.35 Td (consistently ) Tj ET Q q 0 0 0 rg BT 436.07 376.35 Td (interpreting ) Tj ET Q q 0 0 0 rg BT 487.32 376.35 Td (regulations ) Tj ET Q q 0 0 0 rg BT 536.25 376.35 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.49 363.75 Td (multiple ) Tj ET Q q 0 0 0 rg BT 96.31 363.75 Td (countries ) Tj ET Q q 0 0 0 rg BT 136.63 363.75 Td (may ) Tj ET Q q 0 0 0 rg BT 156.53 363.75 Td (add ) Tj ET Q q 0 0 0 rg BT 173.51 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 183.50 363.75 Td (such ) Tj ET Q q 0 0 0 rg BT 204.57 363.75 Td (risks. ) Tj ET Q q 0 0 0 rg BT 228.73 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 246.88 363.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 267.37 363.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 298.34 363.75 Td (government ) Tj ET Q q 0 0 0 rg BT 350.32 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 367.30 363.75 Td (governments ) Tj ET Q q 0 0 0 rg BT 423.36 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 433.35 363.75 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 473.10 363.75 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 526.84 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 536.83 363.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (we ) Tj ET Q q 0 0 0 rg BT 64.64 351.15 Td (operate ) Tj ET Q q 0 0 0 rg BT 98.44 351.15 Td (have ) Tj ET Q q 0 0 0 rg BT 121.16 351.15 Td (made, ) Tj ET Q q 0 0 0 rg BT 149.42 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 167.48 351.15 Td (have ) Tj ET Q q 0 0 0 rg BT 190.20 351.15 Td (proposed ) Tj ET Q q 0 0 0 rg BT 231.60 351.15 Td (further) Tj ET Q q 0 0 0 rg BT 259.74 351.15 Td (, ) Tj ET Q q 0 0 0 rg BT 265.27 351.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 312.49 351.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 349.21 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 360.28 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 376.00 351.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 422.05 351.15 Td (structure ) Tj ET Q q 0 0 0 rg BT 461.69 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 473.33 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 489.06 351.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 528.69 351.15 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (industry) Tj ET Q q 0 0 0 rg BT 83.24 338.55 Td (, ) Tj ET Q q 0 0 0 rg BT 88.45 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 106.21 338.55 Td (we ) Tj ET Q q 0 0 0 rg BT 121.04 338.55 Td (expect ) Tj ET Q q 0 0 0 rg BT 151.03 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 161.79 338.55 Td (spend ) Tj ET Q q 0 0 0 rg BT 188.88 338.55 Td (time ) Tj ET Q q 0 0 0 rg BT 210.14 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 227.89 338.55 Td (resources ) Tj ET Q q 0 0 0 rg BT 270.13 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 280.89 338.55 Td (comply ) Tj ET Q q 0 0 0 rg BT 314.97 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 336.23 338.55 Td (these ) Tj ET Q q 0 0 0 rg BT 360.40 338.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 406.14 338.55 Td (changes. ) Tj ET Q q 0 0 0 rg BT 445.18 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 447.77 338.55 Td (For ) Tj ET Q q 0 0 0 rg BT 464.95 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 472.20 338.55 Td (summary ) Tj ET Q q 0 0 0 rg BT 513.87 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 525.21 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 540.63 338.55 Td (laws, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (regulations ) Tj ET Q q 0 0 0 rg BT 98.78 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 116.57 325.95 Td (regulators ) Tj ET Q q 0 0 0 rg BT 161.18 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 171.97 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 200.26 325.95 Td (we ) Tj ET Q q 0 0 0 rg BT 215.13 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 230.57 325.95 Td (subject, ) Tj ET Q q 0 0 0 rg BT 265.56 325.95 Td (see ) Tj ET Q q 0 0 0 rg BT 281.59 325.95 Td (�Item ) Tj ET Q q 0 0 0 rg BT 308.12 325.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 316.00 325.95 Td (- ) Tj ET Q q 0 0 0 rg BT 322.12 325.95 Td (Business ) Tj ET Q q 0 0 0 rg BT 362.08 325.95 Td (- ) Tj ET Q q 0 0 0 rg BT 368.21 325.95 Td (Regulation.�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 300.75 Td (Instances ) Tj ET Q q 0 0 0 rg BT 126.71 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 137.59 300.75 Td (criminal ) Tj ET Q q 0 0 0 rg BT 174.71 300.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 208.34 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 225.64 300.75 Td (fraud ) Tj ET Q q 0 0 0 rg BT 249.93 300.75 Td (by ) Tj ET Q q 0 0 0 rg BT 262.57 300.75 Td (participants ) Tj ET Q q 0 0 0 rg BT 313.69 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 323.99 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 338.96 300.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 361.50 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 417.29 300.75 Td (industry) Tj ET Q q 0 0 0 rg BT 451.02 300.75 Td (, ) Tj ET Q q 0 0 0 rg BT 455.78 300.75 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 504.58 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 515.47 300.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 547.35 300.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (other ) Tj ET Q q 0 0 0 rg BT 73.78 288.15 Td (abuses ) Tj ET Q q 0 0 0 rg BT 104.49 288.15 Td (by ) Tj ET Q q 0 0 0 rg BT 117.69 288.15 Td (participants ) Tj ET Q q 0 0 0 rg BT 169.39 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 180.26 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 195.80 288.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 235.24 288.15 Td (services ) Tj ET Q q 0 0 0 rg BT 271.77 288.15 Td (industry ) Tj ET Q q 0 0 0 rg BT 308.89 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 326.76 288.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 373.80 288.15 Td (governmental ) Tj ET Q q 0 0 0 rg BT 434.23 288.15 Td (intervention ) Tj ET Q q 0 0 0 rg BT 487.68 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 505.55 288.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 554.34 288.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.94 275.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 104.29 275.55 Td (markets ) Tj ET Q q 0 0 0 rg BT 140.15 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 157.92 275.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 197.27 275.55 Td (firms ) Tj ET Q q 0 0 0 rg BT 222.05 275.55 Td (have ) Tj ET Q q 0 0 0 rg BT 244.49 275.55 Td (led ) Tj ET Q q 0 0 0 rg BT 259.93 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 275.38 275.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 296.67 275.55 Td (government ) Tj ET Q q 0 0 0 rg BT 349.44 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 367.21 275.55 Td (regulators ) Tj ET Q q 0 0 0 rg BT 411.81 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 422.60 275.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 459.61 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 475.05 275.55 Td (rules ) Tj ET Q q 0 0 0 rg BT 498.08 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 515.86 275.55 Td (regulations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (governing, ) Tj ET Q q 0 0 0 rg BT 98.09 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 116.64 262.95 Td (oversight ) Tj ET Q q 0 0 0 rg BT 159.10 262.95 Td (of, ) Tj ET Q q 0 0 0 rg BT 173.86 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 190.08 262.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 212.14 262.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.26 262.95 Td (system. ) Tj ET Q q 0 0 0 rg BT 287.19 262.95 Td (This ) Tj ET Q q 0 0 0 rg BT 309.25 262.95 Td (activity ) Tj ET Q q 0 0 0 rg BT 344.13 262.95 Td (has ) Tj ET Q q 0 0 0 rg BT 361.51 262.95 Td (resulted ) Tj ET Q q 0 0 0 rg BT 398.14 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 409.69 262.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 446.90 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 458.46 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 474.67 262.95 Td (laws ) Tj ET Q q 0 0 0 rg BT 497.31 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 515.85 262.95 Td (regulations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (governing ) Tj ET Q q 0 0 0 rg BT 93.59 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 107.94 250.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 129.87 250.35 Td (management ) Tj ET Q q 0 0 0 rg BT 185.04 250.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 220.97 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 237.65 250.35 Td (more ) Tj ET Q q 0 0 0 rg BT 260.75 250.35 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 306.58 250.35 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 360.57 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 370.84 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 385.19 250.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 419.96 250.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 440.72 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 457.40 250.35 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 508.20 250.35 Td (For ) Tj ET Q q 0 0 0 rg BT 524.31 250.35 Td (example, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.24 237.75 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 118.83 237.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 136.90 237.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 175.97 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 191.13 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 198.70 237.75 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 265.17 237.75 Td (overhaul ) Tj ET Q q 0 0 0 rg BT 304.81 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 316.47 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 332.21 237.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 371.85 237.75 Td (services ) Tj ET Q q 0 0 0 rg BT 408.58 237.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 454.63 237.75 Td (environment ) Tj ET Q q 0 0 0 rg BT 510.61 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 528.68 237.75 Td (requires ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.40 225.15 Td (adoption ) Tj ET Q q 0 0 0 rg BT 105.21 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 117.02 225.15 Td (extensive ) Tj ET Q q 0 0 0 rg BT 159.74 225.15 Td (regulations ) Tj ET Q q 0 0 0 rg BT 209.47 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 227.70 225.15 Td (many ) Tj ET Q q 0 0 0 rg BT 254.09 225.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 300.31 225.15 Td (decisions ) Tj ET Q q 0 0 0 rg BT 342.45 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 353.69 225.15 Td (be ) Tj ET Q q 0 0 0 rg BT 366.67 225.15 Td (implemented. ) Tj ET Q q 0 0 0 rg BT 427.18 225.15 Td (Certain ) Tj ET Q q 0 0 0 rg BT 461.15 225.15 Td (provisions ) Tj ET Q q 0 0 0 rg BT 507.97 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 519.79 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 535.68 225.15 Td (Dodd-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (Frank ) Tj ET Q q 0 0 0 rg BT 75.72 212.55 Td (Act ) Tj ET Q q 0 0 0 rg BT 93.09 212.55 Td (have, ) Tj ET Q q 0 0 0 rg BT 117.74 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 135.11 212.55 Td (other ) Tj ET Q q 0 0 0 rg BT 158.89 212.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 204.24 212.55 Td (proposals ) Tj ET Q q 0 0 0 rg BT 246.70 212.55 Td (may) Tj ET Q q 0 0 0 rg BT 264.10 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 268.93 212.55 Td (require ) Tj ET Q q 0 0 0 rg BT 300.87 212.55 Td (us ) Tj ET Q q 0 0 0 rg BT 312.41 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 322.78 212.55 Td (change ) Tj ET Q q 0 0 0 rg BT 354.72 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 365.68 212.55 Td (impose ) Tj ET Q q 0 0 0 rg BT 398.22 212.55 Td (new ) Tj ET Q q 0 0 0 rg BT 417.92 212.55 Td (limitations ) Tj ET Q q 0 0 0 rg BT 465.04 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 477.75 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 492.79 212.55 Td (manner ) Tj ET Q q 0 0 0 rg BT 526.48 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 536.85 212.55 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (we ) Tj ET Q q 0 0 0 rg BT 63.83 199.95 Td (conduct ) Tj ET Q q 0 0 0 rg BT 99.16 199.95 Td (business, ) Tj ET Q q 0 0 0 rg BT 139.47 199.95 Td (have ) Tj ET Q q 0 0 0 rg BT 161.38 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 172.21 199.95 Td (may ) Tj ET Q q 0 0 0 rg BT 192.38 199.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 228.87 199.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 274.11 199.95 Td (compliance ) Tj ET Q q 0 0 0 rg BT 324.59 199.95 Td (burdens, ) Tj ET Q q 0 0 0 rg BT 362.55 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 379.80 199.95 Td (may ) Tj ET Q q 0 0 0 rg BT 399.97 199.95 Td (have ) Tj ET Q q 0 0 0 rg BT 421.88 199.95 Td (unintended ) Tj ET Q q 0 0 0 rg BT 470.63 199.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 504.78 199.95 Td (consequences ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (on ) Tj ET Q q 0 0 0 rg BT 63.55 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 79.92 187.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 119.06 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 131.35 187.35 Td (structure ) Tj ET Q q 0 0 0 rg BT 171.64 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 183.93 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 200.31 187.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 240.59 187.35 Td (markets. ) Tj ET Q q 0 0 0 rg BT 280.00 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 283.29 187.35 Td (The ) Tj ET Q q 0 0 0 rg BT 303.16 187.35 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 341.13 187.35 Td (revisions ) Tj ET Q q 0 0 0 rg BT 382.59 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 394.31 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 410.68 187.35 Td (laws ) Tj ET Q q 0 0 0 rg BT 433.48 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 452.19 187.35 Td (regulations ) Tj ET Q q 0 0 0 rg BT 502.39 187.35 Td (governing ) Tj ET Q q 0 0 0 rg BT 548.51 187.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 90.60 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 108.64 174.75 Td (their ) Tj ET Q q 0 0 0 rg BT 130.76 174.75 Td (counterparts ) Tj ET Q q 0 0 0 rg BT 185.54 174.75 Td (internationally) Tj ET Q q 0 0 0 rg BT 246.09 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 251.60 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 267.30 174.75 Td (an ) Tj ET Q q 0 0 0 rg BT 280.10 174.75 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 317.40 174.75 Td (process. ) Tj ET Q q 0 0 0 rg BT 354.19 174.75 Td (The ) Tj ET Q q 0 0 0 rg BT 373.40 174.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 422.93 174.75 Td (ef) Tj ET Q q 0 0 0 rg BT 430.90 174.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 449.52 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 461.15 174.75 Td (these ) Tj ET Q q 0 0 0 rg BT 485.60 174.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 518.23 174.75 Td (may ) Tj ET Q q 0 0 0 rg BT 539.19 174.75 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 59.87 162.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 101.72 162.15 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 144.46 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 155.42 162.15 Td (lower ) Tj ET Q q 0 0 0 rg BT 181.53 162.15 Td (management ) Tj ET Q q 0 0 0 rg BT 237.38 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 248.34 162.15 Td (other ) Tj ET Q q 0 0 0 rg BT 272.12 162.15 Td (fees, ) Tj ET Q q 0 0 0 rg BT 293.85 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 311.22 162.15 Td (therefore ) Tj ET Q q 0 0 0 rg BT 351.32 162.15 Td (adversely ) Tj ET Q q 0 0 0 rg BT 393.76 162.15 Td (af) Tj ET Q q 0 0 0 rg BT 401.72 162.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 419.67 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 434.70 162.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 474.22 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 485.18 162.15 Td (profitability ) Tj ET Q q 0 0 0 rg BT 537.54 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 548.50 162.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (business.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 124.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.37 124.35 Td (Business ) Tj ET Q q 0 0 0 rg BT 146.24 124.35 Td (Involves ) Tj ET Q q 0 0 0 rg BT 184.76 124.35 Td (Risks ) Tj ET Q q 0 0 0 rg BT 210.46 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 221.56 124.35 Td (Being ) Tj ET Q q 0 0 0 rg BT 249.59 124.35 Td (Engaged ) Tj ET Q q 0 0 0 rg BT 290.45 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 301.56 124.35 Td (Litigation, ) Tj ET Q q 0 0 0 rg BT 349.13 124.35 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 399.33 124.35 Td (Proceedings ) Tj ET Q q 0 0 0 rg BT 454.76 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 473.45 124.35 Td (T) Tj ET Q q 0 0 0 rg BT 478.90 124.35 Td (ax ) Tj ET Q q 0 0 0 rg BT 491.76 124.35 Td (Disputes, ) Tj ET Q q 0 0 0 rg BT 533.91 124.35 Td (Which ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (May ) Tj ET Q q 0 0 0 rg BT 71.37 111.75 Td (Result ) Tj ET Q q 0 0 0 rg BT 101.42 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.80 111.75 Td (Liability ) Tj ET Q q 0 0 0 rg BT 151.59 111.75 Td (That ) Tj ET Q q 0 0 0 rg BT 174.64 111.75 Td (Could ) Tj ET Q q 0 0 0 rg BT 203.52 111.75 Td (Increase ) Tj ET Q q 0 0 0 rg BT 243.48 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 261.28 111.75 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 304.74 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 323.71 111.75 Td (Reduce ) Tj ET Q q 0 0 0 rg BT 358.41 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 376.21 111.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 394.00 111.75 Td (Income ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 86.55 Td (Many ) Tj ET Q q 0 0 0 rg BT 113.77 86.55 Td (aspects ) Tj ET Q q 0 0 0 rg BT 147.87 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 160.39 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 178.16 86.55 Td (business ) Tj ET Q q 0 0 0 rg BT 217.52 86.55 Td (involve ) Tj ET Q q 0 0 0 rg BT 252.79 86.55 Td (substantial ) Tj ET Q q 0 0 0 rg BT 301.48 86.55 Td (risks ) Tj ET Q q 0 0 0 rg BT 325.10 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 337.62 86.55 Td (liability) Tj ET Q q 0 0 0 rg BT 369.60 86.55 Td (. ) Tj ET Q q 0 0 0 rg BT 376.00 86.55 Td (In ) Tj ET Q q 0 0 0 rg BT 388.52 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 405.13 86.55 Td (normal ) Tj ET Q q 0 0 0 rg BT 438.64 86.55 Td (course ) Tj ET Q q 0 0 0 rg BT 469.82 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 482.34 86.55 Td (business, ) Tj ET Q q 0 0 0 rg BT 524.33 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 542.10 86.55 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 92.41 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 107.90 73.95 Td (from ) Tj ET Q q 0 0 0 rg BT 130.99 73.95 Td (time ) Tj ET Q q 0 0 0 rg BT 152.33 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 163.17 73.95 Td (time ) Tj ET Q q 0 0 0 rg BT 184.51 73.95 Td (named ) Tj ET Q q 0 0 0 rg BT 215.18 73.95 Td (as ) Tj ET Q q 0 0 0 rg BT 226.60 73.95 Td (defendants ) Tj ET Q q 0 0 0 rg BT 274.76 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 286.18 73.95 Td (co-defendants ) Tj ET Q q 0 0 0 rg BT 347.75 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 358.59 73.95 Td (lawsuits, ) Tj ET Q q 0 0 0 rg BT 398.31 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 409.73 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 425.23 73.95 Td (involved ) Tj ET Q q 0 0 0 rg BT 464.65 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 475.49 73.95 Td (disputes ) Tj ET Q q 0 0 0 rg BT 512.59 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 531.01 73.95 Td (involve ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 66.14 61.35 Td (threat ) Tj ET Q q 0 0 0 rg BT 93.85 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 106.41 61.35 Td (lawsuits, ) Tj ET Q q 0 0 0 rg BT 147.26 61.35 Td (seeking ) Tj ET Q q 0 0 0 rg BT 183.15 61.35 Td (substantial ) Tj ET Q q 0 0 0 rg BT 231.87 61.35 Td (damages. ) Tj ET Q q 0 0 0 rg BT 274.77 61.35 Td (W) Tj ET Q q 0 0 0 rg BT 283.84 61.35 Td (e ) Tj ET Q q 0 0 0 rg BT 292.31 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 308.94 61.35 Td (also ) Tj ET Q q 0 0 0 rg BT 329.67 61.35 Td (involved ) Tj ET Q q 0 0 0 rg BT 370.22 61.35 Td (from ) Tj ET Q q 0 0 0 rg BT 394.44 61.35 Td (time ) Tj ET Q q 0 0 0 rg BT 416.92 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 428.89 61.35 Td (time ) Tj ET Q q 0 0 0 rg BT 451.37 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 463.35 61.35 Td (governmental ) Tj ET Q q 0 0 0 rg BT 524.89 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 543.86 61.35 Td (self-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 95.29 48.75 Td (or) Tj ET Q q 0 0 0 rg BT 103.85 48.75 Td (ganization ) Tj ET Q q 0 0 0 rg BT 150.23 48.75 Td (investigations ) Tj ET Q q 0 0 0 rg BT 211.20 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 229.01 48.75 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 285.01 48.75 Td (including ) Tj ET Q q 0 0 0 rg BT 327.32 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 342.79 48.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 388.58 48.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 441.96 48.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 484.85 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 495.66 48.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 518.72 48.75 Td (8 ) Tj ET Q q 0 0 0 rg BT 526.61 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 538.00 48.75 Td (Notes ) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.57 741.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 118.89 741.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 160.87 741.75 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 212.48 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 224.13 741.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 264.07 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 279.22 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 294.94 741.75 Td (involved ) Tj ET Q q 0 0 0 rg BT 334.59 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 345.66 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 353.23 741.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 368.96 741.75 Td (dispute ) Tj ET Q q 0 0 0 rg BT 402.19 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 413.27 741.75 Td (Brazil ) Tj ET Q q 0 0 0 rg BT 441.83 741.75 Td (arising ) Tj ET Q q 0 0 0 rg BT 473.31 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 496.62 741.75 Td (matters ) Tj ET Q q 0 0 0 rg BT 530.44 741.75 Td (relating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 61.15 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 77.46 729.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 93.77 729.15 Td (deductibility ) Tj ET Q q 0 0 0 rg BT 150.33 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 162.55 729.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 203.37 729.15 Td (amortization ) Tj ET Q q 0 0 0 rg BT 259.92 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 282.07 729.15 Td (respect ) Tj ET Q q 0 0 0 rg BT 315.28 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 326.93 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 343.24 729.15 Td (Brazilian ) Tj ET Q q 0 0 0 rg BT 385.21 729.15 Td (business ) Tj ET Q q 0 0 0 rg BT 424.27 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 436.50 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 453.98 729.15 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 496.46 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 502.32 729.15 Td (W) Tj ET Q q 0 0 0 rg BT 511.39 729.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 539.17 729.15 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (Management. ) Tj ET Q q 0 0 0 rg BT 108.63 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 126.78 716.55 Td (assessments ) Tj ET Q q 0 0 0 rg BT 179.36 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 196.93 716.55 Td (were ) Tj ET Q q 0 0 0 rg BT 219.15 716.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 250.72 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 260.71 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 275.37 716.55 Td (dispute ) Tj ET Q q 0 0 0 rg BT 307.52 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 321.59 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 336.25 716.55 Td (years ) Tj ET Q q 0 0 0 rg BT 360.23 716.55 Td (2007 ) Tj ET Q q 0 0 0 rg BT 383.05 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 400.04 716.55 Td (2008 ) Tj ET Q q 0 0 0 rg BT 422.86 716.55 Td (were ) Tj ET Q q 0 0 0 rg BT 445.09 716.55 Td (withdrawn ) Tj ET Q q 0 0 0 rg BT 491.82 716.55 Td (after ) Tj ET Q q 0 0 0 rg BT 512.88 716.55 Td (we ) Tj ET Q q 0 0 0 rg BT 526.95 716.55 Td (received ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 57.12 703.95 Td (favorable ) Tj ET Q q 0 0 0 rg BT 99.73 703.95 Td (ruling ) Tj ET Q q 0 0 0 rg BT 127.77 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 138.91 703.95 Td (administrative ) Tj ET Q q 0 0 0 rg BT 201.94 703.95 Td (court. ) Tj ET Q q 0 0 0 rg BT 229.10 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 231.85 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 251.14 703.95 Td (assessments ) Tj ET Q q 0 0 0 rg BT 304.85 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 320.06 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 335.85 703.95 Td (years ) Tj ET Q q 0 0 0 rg BT 360.97 703.95 Td (2009 ) Tj ET Q q 0 0 0 rg BT 384.93 703.95 Td (through ) Tj ET Q q 0 0 0 rg BT 420.56 703.95 Td (2010 ) Tj ET Q q 0 0 0 rg BT 444.52 703.95 Td (were ) Tj ET Q q 0 0 0 rg BT 467.89 703.95 Td (recently ) Tj ET Q q 0 0 0 rg BT 504.66 703.95 Td (upheld ) Tj ET Q q 0 0 0 rg BT 536.20 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 549.67 703.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (judgment ) Tj ET Q q 0 0 0 rg BT 92.11 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 103.81 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 119.59 691.35 Td (same ) Tj ET Q q 0 0 0 rg BT 144.11 691.35 Td (level ) Tj ET Q q 0 0 0 rg BT 167.47 691.35 Td (administrative ) Tj ET Q q 0 0 0 rg BT 230.48 691.35 Td (court ) Tj ET Q q 0 0 0 rg BT 255.01 691.35 Td (\(but ) Tj ET Q q 0 0 0 rg BT 274.87 691.35 Td (by ) Tj ET Q q 0 0 0 rg BT 288.32 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 295.93 691.35 Td (dif) Tj ET Q q 0 0 0 rg BT 307.41 691.35 Td (ferent ) Tj ET Q q 0 0 0 rg BT 334.84 691.35 Td (panel\) ) Tj ET Q q 0 0 0 rg BT 364.02 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 382.72 691.35 Td (overruled ) Tj ET Q q 0 0 0 rg BT 425.90 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 441.67 691.35 Td (assessments ) Tj ET Q q 0 0 0 rg BT 495.37 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 510.56 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 526.34 691.35 Td (previous ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 80.92 678.75 Td (W) Tj ET Q q 0 0 0 rg BT 89.99 678.75 Td (e ) Tj ET Q q 0 0 0 rg BT 96.76 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 111.70 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 121.99 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 136.93 678.75 Td (process ) Tj ET Q q 0 0 0 rg BT 170.54 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 181.41 678.75 Td (appealing ) Tj ET Q q 0 0 0 rg BT 224.34 678.75 Td (this ) Tj ET Q q 0 0 0 rg BT 241.63 678.75 Td (result. ) Tj ET Q q 0 0 0 rg BT 269.71 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 271.67 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 290.12 678.75 Td (net ) Tj ET Q q 0 0 0 rg BT 305.06 678.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 338.68 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 349.54 678.75 Td (tax, ) Tj ET Q q 0 0 0 rg BT 367.11 678.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 400.14 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 417.42 678.75 Td (penalty ) Tj ET Q q 0 0 0 rg BT 450.44 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 460.14 678.75 Td (issue ) Tj ET Q q 0 0 0 rg BT 483.26 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 493.55 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 508.49 678.75 Td (years ) Tj ET Q q 0 0 0 rg BT 532.77 678.75 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 76.88 666.15 Td (appeal ) Tj ET Q q 0 0 0 rg BT 106.89 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 116.51 666.15 Td (over ) Tj ET Q q 0 0 0 rg BT 137.77 666.15 Td ($12 ) Tj ET Q q 0 0 0 rg BT 156.13 666.15 Td (million. ) Tj ET Q q 0 0 0 rg BT 191.71 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 194.32 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 196.35 666.15 Td (Additionally) Tj ET Q q 0 0 0 rg BT 248.75 666.15 Td (, ) Tj ET Q q 0 0 0 rg BT 253.98 666.15 Td (new ) Tj ET Q q 0 0 0 rg BT 274.09 666.15 Td (assessments ) Tj ET Q q 0 0 0 rg BT 327.45 666.15 Td (were ) Tj ET Q q 0 0 0 rg BT 350.46 666.15 Td (issued ) Tj ET Q q 0 0 0 rg BT 379.32 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 394.17 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 409.61 666.15 Td (years ) Tj ET Q q 0 0 0 rg BT 434.37 666.15 Td (201) Tj ET Q q 0 0 0 rg BT 449.73 666.15 Td (1 ) Tj ET Q q 0 0 0 rg BT 457.59 666.15 Td (through ) Tj ET Q q 0 0 0 rg BT 492.87 666.15 Td (2014 ) Tj ET Q q 0 0 0 rg BT 516.48 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 534.25 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 549.69 666.15 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.08 653.55 Td (at ) Tj ET Q q 0 0 0 rg BT 92.74 653.55 Td (issue ) Tj ET Q q 0 0 0 rg BT 115.83 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 126.08 653.55 Td (those ) Tj ET Q q 0 0 0 rg BT 150.33 653.55 Td (years ) Tj ET Q q 0 0 0 rg BT 174.56 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 183.65 653.55 Td (over ) Tj ET Q q 0 0 0 rg BT 204.39 653.55 Td ($24 ) Tj ET Q q 0 0 0 rg BT 222.23 653.55 Td (million. ) Tj ET Q q 0 0 0 rg BT 257.27 653.55 Td (It ) Tj ET Q q 0 0 0 rg BT 265.77 653.55 Td (may ) Tj ET Q q 0 0 0 rg BT 285.93 653.55 Td (take ) Tj ET Q q 0 0 0 rg BT 305.51 653.55 Td (another ) Tj ET Q q 0 0 0 rg BT 339.08 653.55 Td (three ) Tj ET Q q 0 0 0 rg BT 362.15 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 372.40 653.55 Td (five ) Tj ET Q q 0 0 0 rg BT 390.81 653.55 Td (years ) Tj ET Q q 0 0 0 rg BT 415.04 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 425.88 653.55 Td (longer ) Tj ET Q q 0 0 0 rg BT 454.78 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 465.04 653.55 Td (achieve ) Tj ET Q q 0 0 0 rg BT 499.18 653.55 Td (final ) Tj ET Q q 0 0 0 rg BT 520.51 653.55 Td (resolution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.80 640.95 Td (this ) Tj ET Q q 0 0 0 rg BT 78.53 640.95 Td (matter ) Tj ET Q q 0 0 0 rg BT 107.90 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 119.20 640.95 Td (it ) Tj ET Q q 0 0 0 rg BT 127.59 640.95 Td (potentially ) Tj ET Q q 0 0 0 rg BT 175.06 640.95 Td (could ) Tj ET Q q 0 0 0 rg BT 200.94 640.95 Td (go ) Tj ET Q q 0 0 0 rg BT 213.99 640.95 Td (through ) Tj ET Q q 0 0 0 rg BT 249.21 640.95 Td (multiple ) Tj ET Q q 0 0 0 rg BT 286.77 640.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 313.81 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 325.11 640.95 Td (appeal. ) Tj ET Q q 0 0 0 rg BT 357.69 640.95 Td (During ) Tj ET Q q 0 0 0 rg BT 390.00 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 408.30 640.95 Td (time, ) Tj ET Q q 0 0 0 rg BT 432.14 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 447.52 640.95 Td (current ) Tj ET Q q 0 0 0 rg BT 479.81 640.95 Td ($36 ) Tj ET Q q 0 0 0 rg BT 498.11 640.95 Td (million ) Tj ET Q q 0 0 0 rg BT 531.00 640.95 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.48 628.35 Td (dispute ) Tj ET Q q 0 0 0 rg BT 93.62 628.35 Td (could ) Tj ET Q q 0 0 0 rg BT 119.76 628.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 156.96 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 167.94 628.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 231.39 628.35 Td ($47 ) Tj ET Q q 0 0 0 rg BT 249.95 628.35 Td (million ) Tj ET Q q 0 0 0 rg BT 283.10 628.35 Td (due ) Tj ET Q q 0 0 0 rg BT 301.07 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 312.05 628.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 356.85 628.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 390.56 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 408.54 628.35 Td (penalty ) Tj ET Q q 0 0 0 rg BT 442.25 628.35 Td (accruals ) Tj ET Q q 0 0 0 rg BT 479.45 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 497.42 628.35 Td (denial ) Tj ET Q q 0 0 0 rg BT 525.89 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 537.45 628.35 Td (future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (year ) Tj ET Q q 0 0 0 rg BT 69.87 615.75 Td (deductions. ) Tj ET Q q 0 0 0 rg BT 120.13 615.75 Td (While ) Tj ET Q q 0 0 0 rg BT 148.09 615.75 Td (there ) Tj ET Q q 0 0 0 rg BT 171.38 615.75 Td (can ) Tj ET Q q 0 0 0 rg BT 188.26 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 200.48 615.75 Td (no ) Tj ET Q q 0 0 0 rg BT 213.28 615.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 256.40 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 267.45 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 282.59 615.75 Td (timing ) Tj ET Q q 0 0 0 rg BT 312.31 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 323.36 615.75 Td (outcome ) Tj ET Q q 0 0 0 rg BT 361.83 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 372.88 615.75 Td (this ) Tj ET Q q 0 0 0 rg BT 390.36 615.75 Td (dispute, ) Tj ET Q q 0 0 0 rg BT 425.62 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 436.67 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 454.72 615.75 Td (we ) Tj ET Q q 0 0 0 rg BT 469.27 615.75 Td (will ) Tj ET Q q 0 0 0 rg BT 487.91 615.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 520.52 615.75 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (favorable ) Tj ET Q q 0 0 0 rg BT 92.18 603.15 Td (judgments ) Tj ET Q q 0 0 0 rg BT 138.96 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 150.17 603.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 199.27 603.15 Td (with ) Tj ET Q q 0 0 0 rg BT 220.97 603.15 Td (this ) Tj ET Q q 0 0 0 rg BT 239.18 603.15 Td (matter) Tj ET Q q 0 0 0 rg BT 265.58 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 271.24 603.15 Td (we ) Tj ET Q q 0 0 0 rg BT 286.52 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 304.71 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 321.74 603.15 Td (local ) Tj ET Q q 0 0 0 rg BT 345.18 603.15 Td (advisors ) Tj ET Q q 0 0 0 rg BT 383.22 603.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 422.41 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 433.61 603.15 Td (believe ) Tj ET Q q 0 0 0 rg BT 466.96 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 485.74 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 502.78 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 518.64 603.15 Td (position ) Tj ET Q q 0 0 0 rg BT 555.51 603.15 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (correct ) Tj ET Q q 0 0 0 rg BT 81.82 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 100.16 590.55 Td (it ) Tj ET Q q 0 0 0 rg BT 109.17 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 119.35 590.55 Td (more ) Tj ET Q q 0 0 0 rg BT 144.10 590.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 171.19 590.55 Td (than ) Tj ET Q q 0 0 0 rg BT 192.44 590.55 Td (not ) Tj ET Q q 0 0 0 rg BT 209.04 590.55 Td (that ) Tj ET Q q 0 0 0 rg BT 227.96 590.55 Td (we ) Tj ET Q q 0 0 0 rg BT 243.38 590.55 Td (will ) Tj ET Q q 0 0 0 rg BT 262.89 590.55 Td (not ) Tj ET Q q 0 0 0 rg BT 279.48 590.55 Td (be ) Tj ET Q q 0 0 0 rg BT 292.57 590.55 Td (required ) Tj ET Q q 0 0 0 rg BT 330.73 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 342.07 590.55 Td (pay ) Tj ET Q q 0 0 0 rg BT 360.41 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 376.41 590.55 Td (taxes ) Tj ET Q q 0 0 0 rg BT 401.16 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 412.51 590.55 Td (question ) Tj ET Q q 0 0 0 rg BT 451.27 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 463.19 590.55 Td (any ) Tj ET Q q 0 0 0 rg BT 481.53 590.55 Td (related ) Tj ET Q q 0 0 0 rg BT 513.27 590.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.35 590.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (penalties.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 552.75 Td (In ) Tj ET Q q 0 0 0 rg BT 96.70 552.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 136.19 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 151.47 552.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 200.00 552.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 225.78 552.75 Td (that ) Tj ET Q q 0 0 0 rg BT 243.98 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 260.43 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 283.29 552.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 325.98 552.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 361.08 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 376.35 552.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 408.55 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 419.17 552.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 446.68 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 464.30 552.75 Td (threatened ) Tj ET Q q 0 0 0 rg BT 510.47 552.75 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 547.34 552.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (governmental ) Tj ET Q q 0 0 0 rg BT 110.75 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 129.44 540.15 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 194.77 540.15 Td (or) Tj ET Q q 0 0 0 rg BT 203.32 540.15 Td (ganization ) Tj ET Q q 0 0 0 rg BT 250.58 540.15 Td (investigations ) Tj ET Q q 0 0 0 rg BT 312.43 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 331.12 540.15 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 388.00 540.15 Td (any ) Tj ET Q q 0 0 0 rg BT 406.68 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 418.95 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 448.13 540.15 Td (could ) Tj ET Q q 0 0 0 rg BT 474.98 540.15 Td (harm ) Tj ET Q q 0 0 0 rg BT 500.08 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 516.43 540.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (returns ) Tj ET Q q 0 0 0 rg BT 80.52 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 91.14 527.55 Td (reputation ) Tj ET Q q 0 0 0 rg BT 135.57 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 146.19 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 160.88 527.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 205.89 527.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 227.00 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 237.62 527.55 Td (result ) Tj ET Q q 0 0 0 rg BT 262.81 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 272.85 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 288.71 527.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 310.99 527.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 353.08 527.55 Td (being ) Tj ET Q q 0 0 0 rg BT 378.28 527.55 Td (liable ) Tj ET Q q 0 0 0 rg BT 403.47 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 413.50 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 428.20 527.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 453.40 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 467.51 527.55 Td (any ) Tj ET Q q 0 0 0 rg BT 484.53 527.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 523.15 527.55 Td (damages. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (There ) Tj ET Q q 0 0 0 rg BT 76.24 514.95 Td (has ) Tj ET Q q 0 0 0 rg BT 92.49 514.95 Td (been ) Tj ET Q q 0 0 0 rg BT 114.56 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 126.73 514.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 168.63 514.95 Td (incidence ) Tj ET Q q 0 0 0 rg BT 211.11 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 222.11 514.95 Td (litigation ) Tj ET Q q 0 0 0 rg BT 262.28 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 279.69 514.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 325.10 514.95 Td (investigations ) Tj ET Q q 0 0 0 rg BT 385.68 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 396.11 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 411.19 514.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 433.85 514.95 Td (management ) Tj ET Q q 0 0 0 rg BT 489.75 514.95 Td (industry ) Tj ET Q q 0 0 0 rg BT 526.43 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 536.85 514.95 Td (recent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (years, ) Tj ET Q q 0 0 0 rg BT 77.05 502.35 Td (including ) Tj ET Q q 0 0 0 rg BT 119.48 502.35 Td (customer ) Tj ET Q q 0 0 0 rg BT 160.74 502.35 Td (claims ) Tj ET Q q 0 0 0 rg BT 190.92 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 202.43 502.35 Td (well ) Tj ET Q q 0 0 0 rg BT 223.28 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 234.79 502.35 Td (class ) Tj ET Q q 0 0 0 rg BT 257.97 502.35 Td (action ) Tj ET Q q 0 0 0 rg BT 286.40 502.35 Td (suits ) Tj ET Q q 0 0 0 rg BT 308.43 502.35 Td (seeking ) Tj ET Q q 0 0 0 rg BT 343.27 502.35 Td (substantial ) Tj ET Q q 0 0 0 rg BT 390.95 502.35 Td (damages. ) Tj ET Q q 0 0 0 rg BT 432.47 502.35 Td (Any ) Tj ET Q q 0 0 0 rg BT 453.32 502.35 Td (litigation ) Tj ET Q q 0 0 0 rg BT 494.01 502.35 Td (can ) Tj ET Q q 0 0 0 rg BT 511.35 502.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 548.51 502.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 90.03 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 107.82 489.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 138.42 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 155.04 489.75 Td (net ) Tj ET Q q 0 0 0 rg BT 170.49 489.75 Td (income.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 85.50 464.55 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 132.48 464.55 Td (May ) Tj ET Q q 0 0 0 rg BT 154.35 464.55 Td (Not ) Tj ET Q q 0 0 0 rg BT 172.72 464.55 Td (Be ) Tj ET Q q 0 0 0 rg BT 186.62 464.55 Td (A) Tj ET Q q 0 0 0 rg BT 192.85 464.55 Td (vailable ) Tj ET Q q 0 0 0 rg BT 229.29 464.55 Td (on ) Tj ET Q q 0 0 0 rg BT 243.01 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 250.88 464.55 Td (Cost ) Tj ET Q q 0 0 0 rg BT 272.77 464.55 Td (Ef) Tj ET Q q 0 0 0 rg BT 283.08 464.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 313.68 464.55 Td (Basis ) Tj ET Q q 0 0 0 rg BT 339.65 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 350.44 464.55 Td (Protect ) Tj ET Q q 0 0 0 rg BT 383.97 464.55 Td (us ) Tj ET Q q 0 0 0 rg BT 396.52 464.55 Td (From ) Tj ET Q q 0 0 0 rg BT 423.65 464.55 Td (Liability) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 439.35 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 439.35 Td (e ) Tj ET Q q 0 0 0 rg BT 101.24 439.35 Td (face ) Tj ET Q q 0 0 0 rg BT 120.72 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 135.55 439.35 Td (inherent ) Tj ET Q q 0 0 0 rg BT 171.96 439.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 189.72 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 200.47 439.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 235.14 439.35 Td (related ) Tj ET Q q 0 0 0 rg BT 265.71 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 275.89 439.35 Td (litigation ) Tj ET Q q 0 0 0 rg BT 315.81 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 338.22 439.35 Td (clients, ) Tj ET Q q 0 0 0 rg BT 370.27 439.35 Td (third-party ) Tj ET Q q 0 0 0 rg BT 417.17 439.35 Td (vendors ) Tj ET Q q 0 0 0 rg BT 452.42 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 463.18 439.35 Td (others ) Tj ET Q q 0 0 0 rg BT 490.84 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 508.01 439.35 Td (actions ) Tj ET Q q 0 0 0 rg BT 539.76 439.35 Td (taken ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (by ) Tj ET Q q 0 0 0 rg BT 63.24 426.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 109.63 426.75 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 151.40 426.75 Td (T) Tj ET Q q 0 0 0 rg BT 157.08 426.75 Td (o ) Tj ET Q q 0 0 0 rg BT 165.57 426.75 Td (help ) Tj ET Q q 0 0 0 rg BT 186.89 426.75 Td (protect ) Tj ET Q q 0 0 0 rg BT 219.28 426.75 Td (against ) Tj ET Q q 0 0 0 rg BT 252.26 426.75 Td (these ) Tj ET Q q 0 0 0 rg BT 277.08 426.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 317.06 426.75 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 362.00 426.75 Td (we ) Tj ET Q q 0 0 0 rg BT 377.48 426.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 418.04 426.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 461.51 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 472.91 426.75 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 514.36 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 532.76 426.75 Td (against ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (risks, ) Tj ET Q q 0 0 0 rg BT 73.50 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 90.78 414.15 Td (we ) Tj ET Q q 0 0 0 rg BT 104.56 414.15 Td (consider ) Tj ET Q q 0 0 0 rg BT 141.67 414.15 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 193.64 414.15 Td (where ) Tj ET Q q 0 0 0 rg BT 220.82 414.15 Td (such ) Tj ET Q q 0 0 0 rg BT 241.61 414.15 Td (insurance ) Tj ET Q q 0 0 0 rg BT 283.37 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 291.91 414.15 Td (available ) Tj ET Q q 0 0 0 rg BT 331.34 414.15 Td (at ) Tj ET Q q 0 0 0 rg BT 340.46 414.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 367.06 414.15 Td (we ) Tj ET Q q 0 0 0 rg BT 380.84 414.15 Td (deem ) Tj ET Q q 0 0 0 rg BT 405.12 414.15 Td (acceptable. ) Tj ET Q q 0 0 0 rg BT 453.47 414.15 Td (There ) Tj ET Q q 0 0 0 rg BT 479.48 414.15 Td (can ) Tj ET Q q 0 0 0 rg BT 495.59 414.15 Td (be ) Tj ET Q q 0 0 0 rg BT 507.04 414.15 Td (no ) Tj ET Q q 0 0 0 rg BT 519.07 414.15 Td (assurance, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (however) Tj ET Q q 0 0 0 rg BT 85.23 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 90.18 401.55 Td (that ) Tj ET Q q 0 0 0 rg BT 108.25 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 115.24 401.55 Td (claim ) Tj ET Q q 0 0 0 rg BT 140.89 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 151.96 401.55 Td (claims ) Tj ET Q q 0 0 0 rg BT 181.69 401.55 Td (will ) Tj ET Q q 0 0 0 rg BT 200.35 401.55 Td (be ) Tj ET Q q 0 0 0 rg BT 212.59 401.55 Td (covered ) Tj ET Q q 0 0 0 rg BT 248.14 401.55 Td (by ) Tj ET Q q 0 0 0 rg BT 260.97 401.55 Td (insurance ) Tj ET Q q 0 0 0 rg BT 303.53 401.55 Td (or) Tj ET Q q 0 0 0 rg BT 311.85 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 316.80 401.55 Td (if ) Tj ET Q q 0 0 0 rg BT 325.54 401.55 Td (covered, ) Tj ET Q q 0 0 0 rg BT 363.72 401.55 Td (will ) Tj ET Q q 0 0 0 rg BT 382.38 401.55 Td (not ) Tj ET Q q 0 0 0 rg BT 398.12 401.55 Td (exceed ) Tj ET Q q 0 0 0 rg BT 429.59 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 444.75 401.55 Td (limits ) Tj ET Q q 0 0 0 rg BT 470.99 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 482.07 401.55 Td (available ) Tj ET Q q 0 0 0 rg BT 522.29 401.55 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (coverage, ) Tj ET Q q 0 0 0 rg BT 93.03 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 111.79 388.95 Td (any ) Tj ET Q q 0 0 0 rg BT 129.96 388.95 Td (insurer ) Tj ET Q q 0 0 0 rg BT 162.13 388.95 Td (will ) Tj ET Q q 0 0 0 rg BT 181.48 388.95 Td (remain ) Tj ET Q q 0 0 0 rg BT 213.65 388.95 Td (solvent ) Tj ET Q q 0 0 0 rg BT 246.99 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 265.16 388.95 Td (will ) Tj ET Q q 0 0 0 rg BT 284.51 388.95 Td (meet ) Tj ET Q q 0 0 0 rg BT 307.93 388.95 Td (its ) Tj ET Q q 0 0 0 rg BT 320.87 388.95 Td (obligations ) Tj ET Q q 0 0 0 rg BT 370.55 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 381.73 388.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 416.82 388.95 Td (us ) Tj ET Q q 0 0 0 rg BT 429.17 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 450.85 388.95 Td (coverage ) Tj ET Q q 0 0 0 rg BT 491.75 388.95 Td (or ) Tj ET Q q 0 0 0 rg BT 503.51 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 522.27 388.95 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (coverage ) Tj ET Q q 0 0 0 rg BT 90.45 376.35 Td (will ) Tj ET Q q 0 0 0 rg BT 109.85 376.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 149.07 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 160.31 376.35 Td (be ) Tj ET Q q 0 0 0 rg BT 173.28 376.35 Td (available ) Tj ET Q q 0 0 0 rg BT 214.24 376.35 Td (with ) Tj ET Q q 0 0 0 rg BT 235.97 376.35 Td (suf) Tj ET Q q 0 0 0 rg BT 248.62 376.35 Td (ficient ) Tj ET Q q 0 0 0 rg BT 278.50 376.35 Td (limits ) Tj ET Q q 0 0 0 rg BT 305.49 376.35 Td (at ) Tj ET Q q 0 0 0 rg BT 316.13 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 323.86 376.35 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 371.81 376.35 Td (cost. ) Tj ET Q q 0 0 0 rg BT 394.42 376.35 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 438.29 376.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 462.36 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 478.24 376.35 Td (impacted ) Tj ET Q q 0 0 0 rg BT 519.79 376.35 Td (by ) Tj ET Q q 0 0 0 rg BT 533.36 376.35 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 95.20 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 112.31 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.09 363.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 144.79 363.75 Td (profile ) Tj ET Q q 0 0 0 rg BT 174.73 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 185.43 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 200.21 363.75 Td (insured, ) Tj ET Q q 0 0 0 rg BT 235.69 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 252.81 363.75 Td (may ) Tj ET Q q 0 0 0 rg BT 272.83 363.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 309.18 363.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 363.62 363.75 Td (over ) Tj ET Q q 0 0 0 rg BT 384.23 363.75 Td (relatively ) Tj ET Q q 0 0 0 rg BT 425.83 363.75 Td (short ) Tj ET Q q 0 0 0 rg BT 448.78 363.75 Td (periods. ) Tj ET Q q 0 0 0 rg BT 484.27 363.75 Td (In ) Tj ET Q q 0 0 0 rg BT 494.96 363.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 533.95 363.75 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (insurance ) Tj ET Q q 0 0 0 rg BT 92.20 351.15 Td (coverage ) Tj ET Q q 0 0 0 rg BT 132.56 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 153.11 351.15 Td (not ) Tj ET Q q 0 0 0 rg BT 169.00 351.15 Td (be ) Tj ET Q q 0 0 0 rg BT 181.38 351.15 Td (available ) Tj ET Q q 0 0 0 rg BT 221.74 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 232.96 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 253.51 351.15 Td (only ) Tj ET Q q 0 0 0 rg BT 274.64 351.15 Td (be ) Tj ET Q q 0 0 0 rg BT 287.02 351.15 Td (available ) Tj ET Q q 0 0 0 rg BT 327.39 351.15 Td (at ) Tj ET Q q 0 0 0 rg BT 337.44 351.15 Td (prohibitive ) Tj ET Q q 0 0 0 rg BT 385.98 351.15 Td (costs. ) Tj ET Q q 0 0 0 rg BT 412.08 351.15 Td (Renewals ) Tj ET Q q 0 0 0 rg BT 455.37 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 466.59 351.15 Td (insurance ) Tj ET Q q 0 0 0 rg BT 509.29 351.15 Td (policies ) Tj ET Q q 0 0 0 rg BT 544.42 351.15 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (expose ) Tj ET Q q 0 0 0 rg BT 81.28 338.55 Td (us ) Tj ET Q q 0 0 0 rg BT 93.24 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 104.04 338.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 148.65 338.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 172.28 338.55 Td (through ) Tj ET Q q 0 0 0 rg BT 207.57 338.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 237.02 338.55 Td (premiums ) Tj ET Q q 0 0 0 rg BT 281.64 338.55 Td (or ) Tj ET Q q 0 0 0 rg BT 293.01 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 308.46 338.55 Td (assumption ) Tj ET Q q 0 0 0 rg BT 358.92 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 370.30 338.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 399.75 338.55 Td (deductibles ) Tj ET Q q 0 0 0 rg BT 450.19 338.55 Td (or ) Tj ET Q q 0 0 0 rg BT 461.56 338.55 Td (co-insurance ) Tj ET Q q 0 0 0 rg BT 517.83 338.55 Td (liability) Tj ET Q q 0 0 0 rg BT 549.81 338.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td ( ) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (29) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 741.90 Td (1B. ) Tj ET Q q 0 0 0 rg BT 97.63 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 100.26 741.90 Td (UNRESOL) Tj ET Q q 0 0 0 rg BT 150.06 741.90 Td (VED ) Tj ET Q q 0 0 0 rg BT 174.85 741.90 Td (ST) Tj ET Q q 0 0 0 rg BT 186.92 741.90 Td (AFF) Tj ET Q q 0 0 0 rg BT 206.94 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 209.56 741.90 Td (COMMENTS.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 717.30 Td (None.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 692.70 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 692.70 Td (2. ) Tj ET Q q 0 0 0 rg BT 90.63 692.70 Td ( ) Tj ET Q q 0 0 0 rg BT 93.25 692.70 Td (PROPER) Tj ET Q q 0 0 0 rg BT 136.05 692.70 Td (TIES.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 668.10 Td (e ) Tj ET Q q 0 0 0 rg BT 102.17 668.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 126.09 668.10 Td (all ) Tj ET Q q 0 0 0 rg BT 139.52 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.20 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.14 668.10 Td (of) Tj ET Q q 0 0 0 rg BT 176.69 668.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 195.37 668.10 Td (space. ) Tj ET Q q 0 0 0 rg BT 224.25 668.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 243.51 668.10 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 300.09 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.19 668.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 349.69 668.10 Td (other ) Tj ET Q q 0 0 0 rg BT 374.20 668.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 416.21 668.10 Td (are ) Tj ET Q q 0 0 0 rg BT 431.97 668.10 Td (located ) Tj ET Q q 0 0 0 rg BT 465.22 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.32 668.10 Td (an ) Tj ET Q q 0 0 0 rg BT 489.17 668.10 Td (of) Tj ET Q q 0 0 0 rg BT 497.73 668.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 516.40 668.10 Td (building ) Tj ET Q q 0 0 0 rg BT 554.34 668.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 655.50 Td (Baltimore, ) Tj ET Q q 0 0 0 rg BT 96.90 655.50 Td (Maryland, ) Tj ET Q q 0 0 0 rg BT 143.14 655.50 Td (in ) Tj ET Q q 0 0 0 rg BT 154.09 655.50 Td (which ) Tj ET Q q 0 0 0 rg BT 182.54 655.50 Td (we ) Tj ET Q q 0 0 0 rg BT 197.57 655.50 Td (currently ) Tj ET Q q 0 0 0 rg BT 238.26 655.50 Td (hold ) Tj ET Q q 0 0 0 rg BT 259.72 655.50 Td (under ) Tj ET Q q 0 0 0 rg BT 286.41 655.50 Td (lease ) Tj ET Q q 0 0 0 rg BT 310.18 655.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 373.62 655.50 Td (372,000 ) Tj ET Q q 0 0 0 rg BT 410.53 655.50 Td (square ) Tj ET Q q 0 0 0 rg BT 440.72 655.50 Td (feet, ) Tj ET Q q 0 0 0 rg BT 461.87 655.50 Td (of ) Tj ET Q q 0 0 0 rg BT 473.41 655.50 Td (which ) Tj ET Q q 0 0 0 rg BT 501.85 655.50 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 642.90 Td (187,000 ) Tj ET Q q 0 0 0 rg BT 86.25 642.90 Td (square ) Tj ET Q q 0 0 0 rg BT 116.28 642.90 Td (feet ) Tj ET Q q 0 0 0 rg BT 134.64 642.90 Td (has ) Tj ET Q q 0 0 0 rg BT 151.26 642.90 Td (been ) Tj ET Q q 0 0 0 rg BT 173.71 642.90 Td (subleased ) Tj ET Q q 0 0 0 rg BT 217.16 642.90 Td (to ) Tj ET Q q 0 0 0 rg BT 227.95 642.90 Td (third ) Tj ET Q q 0 0 0 rg BT 250.40 642.90 Td (parties. ) Tj ET Q q 0 0 0 rg BT 283.64 642.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 617.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 617.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 105.14 617.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 128.87 617.70 Td (managers ) Tj ET Q q 0 0 0 rg BT 172.41 617.70 Td (and ) Tj ET Q q 0 0 0 rg BT 190.89 617.70 Td (other ) Tj ET Q q 0 0 0 rg BT 215.78 617.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 268.67 617.70 Td (are ) Tj ET Q q 0 0 0 rg BT 284.80 617.70 Td (housed ) Tj ET Q q 0 0 0 rg BT 317.86 617.70 Td (in ) Tj ET Q q 0 0 0 rg BT 329.34 617.70 Td (of) Tj ET Q q 0 0 0 rg BT 337.90 617.70 Td (fice ) Tj ET Q q 0 0 0 rg BT 356.95 617.70 Td (buildings ) Tj ET Q q 0 0 0 rg BT 399.35 617.70 Td (in ) Tj ET Q q 0 0 0 rg BT 410.83 617.70 Td (39 ) Tj ET Q q 0 0 0 rg BT 424.65 617.70 Td (cities ) Tj ET Q q 0 0 0 rg BT 450.12 617.70 Td (in ) Tj ET Q q 0 0 0 rg BT 461.60 617.70 Td (17 ) Tj ET Q q 0 0 0 rg BT 475.41 617.70 Td (countries ) Tj ET Q q 0 0 0 rg BT 517.22 617.70 Td (around ) Tj ET Q q 0 0 0 rg BT 549.69 617.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (world. ) Tj ET Q q 0 0 0 rg BT 79.06 605.10 Td (The ) Tj ET Q q 0 0 0 rg BT 98.01 605.10 Td (lar) Tj ET Q q 0 0 0 rg BT 108.89 605.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 128.43 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.80 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.26 605.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 182.95 605.10 Td (include:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 579.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 579.90 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 160.52 579.90 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 219.19 579.90 Td (W) Tj ET Q q 0 0 0 rg BT 228.26 579.90 Td (estern ) Tj ET Q q 0 0 0 rg BT 257.78 579.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 286.82 579.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 347.34 579.90 Td (and ) Tj ET Q q 0 0 0 rg BT 368.21 579.90 Td (our ) Tj ET Q q 0 0 0 rg BT 387.91 579.90 Td (distribution ) Tj ET Q q 0 0 0 rg BT 442.04 579.90 Td (and ) Tj ET Q q 0 0 0 rg BT 462.90 579.90 Td (administrative ) Tj ET Q q 0 0 0 rg BT 528.68 579.90 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 567.30 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 156.29 567.30 Td (currently ) Tj ET Q q 0 0 0 rg BT 197.40 567.30 Td (occupy ) Tj ET Q q 0 0 0 rg BT 230.93 567.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 294.79 567.30 Td (130,000 ) Tj ET Q q 0 0 0 rg BT 332.12 567.30 Td (square ) Tj ET Q q 0 0 0 rg BT 362.73 567.30 Td (feet ) Tj ET Q q 0 0 0 rg BT 381.68 567.30 Td (in ) Tj ET Q q 0 0 0 rg BT 393.06 567.30 Td (an ) Tj ET Q q 0 0 0 rg BT 406.18 567.30 Td (of) Tj ET Q q 0 0 0 rg BT 414.73 567.30 Td (fice ) Tj ET Q q 0 0 0 rg BT 433.68 567.30 Td (building ) Tj ET Q q 0 0 0 rg BT 471.89 567.30 Td (located ) Tj ET Q q 0 0 0 rg BT 505.42 567.30 Td (in ) Tj ET Q q 0 0 0 rg BT 516.79 567.30 Td (New ) Tj ET Q q 0 0 0 rg BT 539.35 567.30 Td (Y) Tj ET Q q 0 0 0 rg BT 545.89 567.30 Td (ork, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 554.70 Td (New ) Tj ET Q q 0 0 0 rg BT 125.35 554.70 Td (Y) Tj ET Q q 0 0 0 rg BT 131.89 554.70 Td (ork ) Tj ET Q q 0 0 0 rg BT 148.26 554.70 Td (in ) Tj ET Q q 0 0 0 rg BT 158.81 554.70 Td (which ) Tj ET Q q 0 0 0 rg BT 186.86 554.70 Td (we ) Tj ET Q q 0 0 0 rg BT 201.48 554.70 Td (hold ) Tj ET Q q 0 0 0 rg BT 222.53 554.70 Td (under ) Tj ET Q q 0 0 0 rg BT 248.82 554.70 Td (lease ) Tj ET Q q 0 0 0 rg BT 272.19 554.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 335.21 554.70 Td (193,000 ) Tj ET Q q 0 0 0 rg BT 371.72 554.70 Td (square ) Tj ET Q q 0 0 0 rg BT 401.51 554.70 Td (feet. ) Tj ET Q q 0 0 0 rg BT 422.08 554.70 Td (The ) Tj ET Q q 0 0 0 rg BT 440.78 554.70 Td (remaining ) Tj ET Q q 0 0 0 rg BT 485.73 554.70 Td (63,000 ) Tj ET Q q 0 0 0 rg BT 516.99 554.70 Td (square ) Tj ET Q q 0 0 0 rg BT 546.78 554.70 Td (feet ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 542.10 Td (has ) Tj ET Q q 0 0 0 rg BT 120.12 542.10 Td (been ) Tj ET Q q 0 0 0 rg BT 142.57 542.10 Td (subleased ) Tj ET Q q 0 0 0 rg BT 186.02 542.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.81 542.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.09 542.10 Td (third ) Tj ET Q q 0 0 0 rg BT 226.55 542.10 Td (party;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 529.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 529.50 Td (W) Tj ET Q q 0 0 0 rg BT 112.57 529.50 Td (estern ) Tj ET Q q 0 0 0 rg BT 139.40 529.50 Td (Asset ) Tj ET Q q 0 0 0 rg BT 165.00 529.50 Td (Management�) Tj ET Q q 0 0 0 rg BT 222.73 529.50 Td (s ) Tj ET Q q 0 0 0 rg BT 229.08 529.50 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 284.98 529.50 Td (is ) Tj ET Q q 0 0 0 rg BT 294.25 529.50 Td (housed ) Tj ET Q q 0 0 0 rg BT 326.26 529.50 Td (in ) Tj ET Q q 0 0 0 rg BT 336.69 529.50 Td (an ) Tj ET Q q 0 0 0 rg BT 348.86 529.50 Td (of) Tj ET Q q 0 0 0 rg BT 357.42 529.50 Td (fice ) Tj ET Q q 0 0 0 rg BT 375.42 529.50 Td (building ) Tj ET Q q 0 0 0 rg BT 412.68 529.50 Td (in ) Tj ET Q q 0 0 0 rg BT 423.11 529.50 Td (Pasadena, ) Tj ET Q q 0 0 0 rg BT 467.07 529.50 Td (California ) Tj ET Q q 0 0 0 rg BT 511.90 529.50 Td (in ) Tj ET Q q 0 0 0 rg BT 522.33 529.50 Td (which ) Tj ET Q q 0 0 0 rg BT 550.25 529.50 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 516.90 Td (occupy ) Tj ET Q q 0 0 0 rg BT 136.34 516.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 199.51 516.90 Td (190,000 ) Tj ET Q q 0 0 0 rg BT 236.15 516.90 Td (square ) Tj ET Q q 0 0 0 rg BT 266.08 516.90 Td (feet ) Tj ET Q q 0 0 0 rg BT 284.33 516.90 Td (and ) Tj ET Q q 0 0 0 rg BT 302.02 516.90 Td (for ) Tj ET Q q 0 0 0 rg BT 316.78 516.90 Td (which ) Tj ET Q q 0 0 0 rg BT 344.96 516.90 Td (we ) Tj ET Q q 0 0 0 rg BT 359.72 516.90 Td (are ) Tj ET Q q 0 0 0 rg BT 375.06 516.90 Td (seeking ) Tj ET Q q 0 0 0 rg BT 409.66 516.90 Td (tenants ) Tj ET Q q 0 0 0 rg BT 441.92 516.90 Td (to ) Tj ET Q q 0 0 0 rg BT 452.61 516.90 Td (sublease ) Tj ET Q q 0 0 0 rg BT 490.70 516.90 Td (9,300 ) Tj ET Q q 0 0 0 rg BT 516.84 516.90 Td (square ) Tj ET Q q 0 0 0 rg BT 546.77 516.90 Td (feet ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 504.30 Td (of ) Tj ET Q q 0 0 0 rg BT 114.87 504.30 Td (the ) Tj ET Q q 0 0 0 rg BT 130.32 504.30 Td (space; ) Tj ET Q q 0 0 0 rg BT 159.19 504.30 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 491.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 491.70 Td (our ) Tj ET Q q 0 0 0 rg BT 120.00 491.70 Td (distribution ) Tj ET Q q 0 0 0 rg BT 170.93 491.70 Td (and ) Tj ET Q q 0 0 0 rg BT 188.60 491.70 Td (administrative ) Tj ET Q q 0 0 0 rg BT 251.18 491.70 Td (services ) Tj ET Q q 0 0 0 rg BT 287.51 491.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 339.60 491.70 Td (occupy ) Tj ET Q q 0 0 0 rg BT 372.43 491.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 435.58 491.70 Td (79,000 ) Tj ET Q q 0 0 0 rg BT 466.97 491.70 Td (square ) Tj ET Q q 0 0 0 rg BT 496.88 491.70 Td (feet ) Tj ET Q q 0 0 0 rg BT 515.12 491.70 Td (in ) Tj ET Q q 0 0 0 rg BT 525.80 491.70 Td (an ) Tj ET Q q 0 0 0 rg BT 538.22 491.70 Td (of) Tj ET Q q 0 0 0 rg BT 546.77 491.70 Td (fice ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 479.10 Td (building ) Tj ET Q q 0 0 0 rg BT 141.57 479.10 Td (located ) Tj ET Q q 0 0 0 rg BT 174.95 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.18 479.10 Td (Stamford, ) Tj ET Q q 0 0 0 rg BT 230.95 479.10 Td (Connecticut ) Tj ET Q q 0 0 0 rg BT 284.75 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.98 479.10 Td (which ) Tj ET Q q 0 0 0 rg BT 324.71 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 340.02 479.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 361.75 479.10 Td (under ) Tj ET Q q 0 0 0 rg BT 388.72 479.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 412.77 479.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 476.48 479.10 Td (137,000 ) Tj ET Q q 0 0 0 rg BT 513.67 479.10 Td (square ) Tj ET Q q 0 0 0 rg BT 544.14 479.10 Td (feet. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 466.50 Td (47,000 ) Tj ET Q q 0 0 0 rg BT 134.86 466.50 Td (square ) Tj ET Q q 0 0 0 rg BT 164.75 466.50 Td (feet ) Tj ET Q q 0 0 0 rg BT 182.98 466.50 Td (has ) Tj ET Q q 0 0 0 rg BT 199.46 466.50 Td (been ) Tj ET Q q 0 0 0 rg BT 221.77 466.50 Td (subleased ) Tj ET Q q 0 0 0 rg BT 265.08 466.50 Td (to ) Tj ET Q q 0 0 0 rg BT 275.74 466.50 Td (a ) Tj ET Q q 0 0 0 rg BT 282.89 466.50 Td (third ) Tj ET Q q 0 0 0 rg BT 305.21 466.50 Td (party) Tj ET Q q 0 0 0 rg BT 326.10 466.50 Td (. ) Tj ET Q q 0 0 0 rg BT 331.21 466.50 Td ( ) Tj ET Q q 0 0 0 rg BT 333.52 466.50 Td (W) Tj ET Q q 0 0 0 rg BT 342.59 466.50 Td (e ) Tj ET Q q 0 0 0 rg BT 349.74 466.50 Td (are ) Tj ET Q q 0 0 0 rg BT 365.04 466.50 Td (seeking ) Tj ET Q q 0 0 0 rg BT 399.61 466.50 Td (to ) Tj ET Q q 0 0 0 rg BT 410.26 466.50 Td (secure ) Tj ET Q q 0 0 0 rg BT 439.56 466.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 484.04 466.50 Td (tenants ) Tj ET Q q 0 0 0 rg BT 516.27 466.50 Td (to ) Tj ET Q q 0 0 0 rg BT 526.93 466.50 Td (sublease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.50 453.90 Td (the ) Tj ET Q q 0 0 0 rg BT 118.95 453.90 Td (remaining ) Tj ET Q q 0 0 0 rg BT 164.15 453.90 Td (1) Tj ET Q q 0 0 0 rg BT 169.01 453.90 Td (1,000 ) Tj ET Q q 0 0 0 rg BT 195.26 453.90 Td (square ) Tj ET Q q 0 0 0 rg BT 225.29 453.90 Td (feet.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 428.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 428.70 Td (See ) Tj ET Q q 0 0 0 rg BT 103.96 428.70 Td (Note�8 ) Tj ET Q q 0 0 0 rg BT 135.55 428.70 Td (of ) Tj ET Q q 0 0 0 rg BT 147.59 428.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 175.39 428.70 Td (to ) Tj ET Q q 0 0 0 rg BT 186.86 428.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 245.57 428.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 287.95 428.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 337.33 428.70 Td (in ) Tj ET Q q 0 0 0 rg BT 348.79 428.70 Td (Item�8 ) Tj ET Q q 0 0 0 rg BT 379.21 428.70 Td (of ) Tj ET Q q 0 0 0 rg BT 391.26 428.70 Td (this ) Tj ET Q q 0 0 0 rg BT 409.73 428.70 Td (Report ) Tj ET Q q 0 0 0 rg BT 441.61 428.70 Td (for ) Tj ET Q q 0 0 0 rg BT 457.15 428.70 Td (a ) Tj ET Q q 0 0 0 rg BT 465.11 428.70 Td (discussion ) Tj ET Q q 0 0 0 rg BT 512.17 428.70 Td (of ) Tj ET Q q 0 0 0 rg BT 524.22 428.70 Td (our ) Tj ET Q q 0 0 0 rg BT 541.51 428.70 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (obligations.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 390.90 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 390.90 Td (3. ) Tj ET Q q 0 0 0 rg BT 90.63 390.90 Td ( ) Tj ET Q q 0 0 0 rg BT 93.25 390.90 Td (LEGAL) Tj ET Q q 0 0 0 rg BT 129.44 390.90 Td ( ) Tj ET Q q 0 0 0 rg BT 132.06 390.90 Td (PROCEEDINGS.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 365.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 365.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.99 365.70 Td (current ) Tj ET Q q 0 0 0 rg BT 137.87 365.70 Td (and ) Tj ET Q q 0 0 0 rg BT 156.19 365.70 Td (former ) Tj ET Q q 0 0 0 rg BT 187.91 365.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 240.65 365.70 Td (have ) Tj ET Q q 0 0 0 rg BT 263.63 365.70 Td (been ) Tj ET Q q 0 0 0 rg BT 286.60 365.70 Td (the ) Tj ET Q q 0 0 0 rg BT 302.59 365.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 335.48 365.70 Td (of ) Tj ET Q q 0 0 0 rg BT 347.39 365.70 Td (customer ) Tj ET Q q 0 0 0 rg BT 389.03 365.70 Td (complaints ) Tj ET Q q 0 0 0 rg BT 438.27 365.70 Td (and ) Tj ET Q q 0 0 0 rg BT 456.58 365.70 Td (have ) Tj ET Q q 0 0 0 rg BT 479.56 365.70 Td (also ) Tj ET Q q 0 0 0 rg BT 499.63 365.70 Td (been ) Tj ET Q q 0 0 0 rg BT 522.61 365.70 Td (named ) Tj ET Q q 0 0 0 rg BT 553.75 365.70 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (defendants ) Tj ET Q q 0 0 0 rg BT 97.62 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.42 353.10 Td (various ) Tj ET Q q 0 0 0 rg BT 141.96 353.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 165.00 353.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 197.37 353.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 228.59 353.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 270.29 353.10 Td (from ) Tj ET Q q 0 0 0 rg BT 293.34 353.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 316.38 353.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 375.28 353.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 417.57 353.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 462.18 353.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.97 353.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 528.68 353.10 Td (banking ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 340.50 Td (activities, ) Tj ET Q q 0 0 0 rg BT 92.10 340.50 Td (including ) Tj ET Q q 0 0 0 rg BT 133.83 340.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 164.46 340.50 Td (class ) Tj ET Q q 0 0 0 rg BT 186.94 340.50 Td (actions, ) Tj ET Q q 0 0 0 rg BT 221.38 340.50 Td (which ) Tj ET Q q 0 0 0 rg BT 249.11 340.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 290.25 340.50 Td (allege ) Tj ET Q q 0 0 0 rg BT 317.39 340.50 Td (violations ) Tj ET Q q 0 0 0 rg BT 360.88 340.50 Td (of ) Tj ET Q q 0 0 0 rg BT 371.69 340.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 413.41 340.50 Td (laws ) Tj ET Q q 0 0 0 rg BT 434.73 340.50 Td (and ) Tj ET Q q 0 0 0 rg BT 451.96 340.50 Td (seek ) Tj ET Q q 0 0 0 rg BT 472.69 340.50 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 523.15 340.50 Td (damages, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 327.90 Td (which ) Tj ET Q q 0 0 0 rg BT 78.36 327.90 Td (could ) Tj ET Q q 0 0 0 rg BT 104.88 327.90 Td (be ) Tj ET Q q 0 0 0 rg BT 117.99 327.90 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 168.73 327.90 Td (In ) Tj ET Q q 0 0 0 rg BT 180.67 327.90 Td (the ) Tj ET Q q 0 0 0 rg BT 196.70 327.90 Td (normal ) Tj ET Q q 0 0 0 rg BT 229.64 327.90 Td (course ) Tj ET Q q 0 0 0 rg BT 260.24 327.90 Td (of ) Tj ET Q q 0 0 0 rg BT 272.19 327.90 Td (our ) Tj ET Q q 0 0 0 rg BT 289.38 327.90 Td (business, ) Tj ET Q q 0 0 0 rg BT 330.79 327.90 Td (our ) Tj ET Q q 0 0 0 rg BT 347.99 327.90 Td (current ) Tj ET Q q 0 0 0 rg BT 380.92 327.90 Td (and ) Tj ET Q q 0 0 0 rg BT 399.27 327.90 Td (former ) Tj ET Q q 0 0 0 rg BT 431.04 327.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 483.82 327.90 Td (have ) Tj ET Q q 0 0 0 rg BT 506.84 327.90 Td (also ) Tj ET Q q 0 0 0 rg BT 526.95 327.90 Td (received ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 315.30 Td (subpoenas ) Tj ET Q q 0 0 0 rg BT 96.06 315.30 Td (and ) Tj ET Q q 0 0 0 rg BT 114.04 315.30 Td (are ) Tj ET Q q 0 0 0 rg BT 129.68 315.30 Td (currently ) Tj ET Q q 0 0 0 rg BT 170.40 315.30 Td (involved ) Tj ET Q q 0 0 0 rg BT 209.97 315.30 Td (in ) Tj ET Q q 0 0 0 rg BT 220.95 315.30 Td (governmental ) Tj ET Q q 0 0 0 rg BT 281.50 315.30 Td (and ) Tj ET Q q 0 0 0 rg BT 299.49 315.30 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 364.11 315.30 Td (agency ) Tj ET Q q 0 0 0 rg BT 396.66 315.30 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 438.85 315.30 Td (investigations ) Tj ET Q q 0 0 0 rg BT 500.01 315.30 Td (and, ) Tj ET Q q 0 0 0 rg BT 520.61 315.30 Td (from ) Tj ET Q q 0 0 0 rg BT 543.84 315.30 Td (time ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 302.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.50 302.70 Td (time, ) Tj ET Q q 0 0 0 rg BT 84.62 302.70 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 140.80 302.70 Td ( ) Tj ET Q q 0 0 0 rg BT 143.43 302.70 Td (While ) Tj ET Q q 0 0 0 rg BT 171.92 302.70 Td ( ) Tj ET Q q 0 0 0 rg BT 174.75 302.70 Td (the ) Tj ET Q q 0 0 0 rg BT 190.40 302.70 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 227.64 302.70 Td (resolution ) Tj ET Q q 0 0 0 rg BT 272.47 302.70 Td (of ) Tj ET Q q 0 0 0 rg BT 284.05 302.70 Td (any ) Tj ET Q q 0 0 0 rg BT 302.04 302.70 Td (threatened ) Tj ET Q q 0 0 0 rg BT 348.59 302.70 Td (or ) Tj ET Q q 0 0 0 rg BT 360.17 302.70 Td (pending ) Tj ET Q q 0 0 0 rg BT 396.83 302.70 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 440.20 302.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 486.18 302.70 Td (investigations ) Tj ET Q q 0 0 0 rg BT 547.34 302.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.62 290.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 107.07 290.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 137.61 290.10 Td (be ) Tj ET Q q 0 0 0 rg BT 150.06 290.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 190.51 290.10 Td (determined, ) Tj ET Q q 0 0 0 rg BT 242.91 290.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.62 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.00 290.10 Td (opinion ) Tj ET Q q 0 0 0 rg BT 303.63 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.92 290.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.46 290.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 390.27 290.10 Td (after ) Tj ET Q q 0 0 0 rg BT 412.05 290.10 Td (consultation ) Tj ET Q q 0 0 0 rg BT 465.93 290.10 Td (with ) Tj ET Q q 0 0 0 rg BT 487.14 290.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 510.09 290.10 Td (counsel, ) Tj ET Q q 0 0 0 rg BT 547.34 290.10 Td (due ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 277.50 Td (in ) Tj ET Q q 0 0 0 rg BT 61.09 277.50 Td (part ) Tj ET Q q 0 0 0 rg BT 80.84 277.50 Td (to ) Tj ET Q q 0 0 0 rg BT 92.43 277.50 Td (the ) Tj ET Q q 0 0 0 rg BT 108.68 277.50 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 161.09 277.50 Td (nature ) Tj ET Q q 0 0 0 rg BT 190.75 277.50 Td (of ) Tj ET Q q 0 0 0 rg BT 202.92 277.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 234.90 277.50 Td (of ) Tj ET Q q 0 0 0 rg BT 247.07 277.50 Td (these ) Tj ET Q q 0 0 0 rg BT 272.07 277.50 Td (matters, ) Tj ET Q q 0 0 0 rg BT 309.03 277.50 Td (we ) Tj ET Q q 0 0 0 rg BT 324.69 277.50 Td (are ) Tj ET Q q 0 0 0 rg BT 340.94 277.50 Td (currently ) Tj ET Q q 0 0 0 rg BT 382.26 277.50 Td (unable ) Tj ET Q q 0 0 0 rg BT 413.67 277.50 Td (to ) Tj ET Q q 0 0 0 rg BT 425.26 277.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 463.67 277.50 Td (the ) Tj ET Q q 0 0 0 rg BT 479.92 277.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 514.84 277.50 Td (or ) Tj ET Q q 0 0 0 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ET Q q 0 0 0 rg BT 463.28 578.70 Td (M&A) Tj ET Q q 0 0 0 rg BT 487.79 578.70 Td ( ) Tj ET Q q 0 0 0 rg BT 490.17 578.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 528.70 578.70 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.22 566.10 Td (emer) Tj ET Q q 0 0 0 rg BT 85.01 566.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 106.15 566.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 138.37 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.00 566.10 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 220.29 566.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 267.67 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.30 566.10 Td (their ) Tj ET Q q 0 0 0 rg BT 307.01 566.10 Td (owners. ) Tj ET Q q 0 0 0 rg BT 342.44 566.10 Td (He ) Tj ET Q q 0 0 0 rg BT 357.15 566.10 Td (began ) Tj ET Q q 0 0 0 rg BT 384.70 566.10 Td (his ) Tj ET Q q 0 0 0 rg BT 399.43 566.10 Td (career ) Tj ET Q q 0 0 0 rg BT 427.53 566.10 Td (as ) Tj ET Q q 0 0 0 rg BT 438.75 566.10 Td (a ) Tj ET Q q 0 0 0 rg BT 445.89 566.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 472.26 566.10 Td (analyst ) Tj ET Q q 0 0 0 rg BT 504.48 566.10 Td (at ) Tj ET Q q 0 0 0 rg BT 514.53 566.10 Td (First ) Tj ET Q q 0 0 0 rg BT 536.26 566.10 Td (Union ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 553.50 Td (National ) Tj ET Q q 0 0 0 rg BT 88.28 553.50 Td (Bank ) Tj ET Q q 0 0 0 rg BT 113.07 553.50 Td (in ) Tj ET Q q 0 0 0 rg BT 123.86 553.50 Td (Charlotte.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 528.30 Td (T) Tj ET Q q 0 0 0 rg BT 91.18 528.30 Td (erence ) Tj ET Q q 0 0 0 rg BT 121.62 528.30 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 161.72 528.30 Td (age ) Tj ET Q q 0 0 0 rg BT 179.34 528.30 Td (44, ) Tj ET Q q 0 0 0 rg BT 195.52 528.30 Td (was ) Tj ET Q q 0 0 0 rg BT 214.90 528.30 Td (appointed ) Tj ET Q q 0 0 0 rg BT 259.35 528.30 Td (Head ) Tj ET Q q 0 0 0 rg BT 284.56 528.30 Td (of ) Tj ET Q q 0 0 0 rg BT 296.36 528.30 Td (Global ) Tj ET Q q 0 0 0 rg BT 327.99 528.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 381.79 528.30 Td (in ) Tj ET Q q 0 0 0 rg BT 393.01 528.30 Td (March ) Tj ET Q q 0 0 0 rg BT 423.46 528.30 Td (2013 ) Tj ET Q q 0 0 0 rg BT 447.52 528.30 Td (and ) Tj ET Q q 0 0 0 rg BT 465.73 528.30 Td (elected ) Tj ET Q q 0 0 0 rg BT 498.50 528.30 Td (Executive ) Tj ET Q q 0 0 0 rg BT 543.32 528.30 Td (V) Tj ET Q q 0 0 0 rg BT 550.27 528.30 Td (ice ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.70 Td (President ) Tj ET Q q 0 0 0 rg BT 91.09 515.70 Td (in ) Tj ET Q q 0 0 0 rg BT 101.22 515.70 Td (April ) Tj ET Q q 0 0 0 rg BT 125.90 515.70 Td (2013.� ) Tj ET Q q 0 0 0 rg BT 154.66 515.70 Td (Since ) Tj ET Q q 0 0 0 rg BT 180.50 515.70 Td (October ) Tj ET Q q 0 0 0 rg BT 216.84 515.70 Td (2012, ) Tj ET Q q 0 0 0 rg BT 242.97 515.70 Td (he ) Tj ET Q q 0 0 0 rg BT 255.40 515.70 Td (had ) Tj ET Q q 0 0 0 rg BT 273.07 515.70 Td (been ) Tj ET Q q 0 0 0 rg BT 295.41 515.70 Td (serving ) Tj ET Q q 0 0 0 rg BT 328.83 515.70 Td (as ) Tj ET Q q 0 0 0 rg BT 340.09 515.70 Td (interim ) Tj ET Q q 0 0 0 rg BT 372.93 515.70 Td (Head ) Tj ET Q q 0 0 0 rg BT 397.60 515.70 Td (of ) Tj ET Q q 0 0 0 rg BT 408.86 515.70 Td (Global ) Tj ET Q q 0 0 0 rg BT 439.95 515.70 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 495.85 515.70 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 543.84 515.70 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 104.94 503.10 Td (International ) Tj ET Q q 0 0 0 rg BT 160.64 503.10 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 216.08 503.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 246.71 503.10 Td (Product ) Tj ET Q q 0 0 0 rg BT 281.44 503.10 Td (Development, ) Tj ET Q q 0 0 0 rg BT 342.69 503.10 Td (Marketing, ) Tj ET Q q 0 0 0 rg BT 391.11 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.88 503.10 Td (Administration ) Tj ET Q q 0 0 0 rg BT 473.52 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.74 503.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 538.87 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 503.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 490.50 Td (division.� ) Tj ET Q q 0 0 0 rg BT 91.30 490.50 Td (Prior ) Tj ET Q q 0 0 0 rg BT 115.01 490.50 Td (to ) Tj ET Q q 0 0 0 rg BT 125.89 490.50 Td (that, ) Tj ET Q q 0 0 0 rg BT 146.97 490.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 159.23 490.50 Td (. ) Tj ET Q q 0 0 0 rg BT 164.56 490.50 Td (Johnson ) Tj ET Q q 0 0 0 rg BT 201.69 490.50 Td (headed ) Tj ET Q q 0 0 0 rg BT 234.14 490.50 Td (International ) Tj ET Q q 0 0 0 rg BT 290.49 490.50 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 343.96 490.50 Td (at ) Tj ET Q q 0 0 0 rg BT 354.25 490.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 378.53 490.50 Td (Mason.� ) Tj ET Q q 0 0 0 rg BT 415.08 490.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 427.33 490.50 Td (. ) Tj ET Q q 0 0 0 rg BT 432.67 490.50 Td (Johnson ) Tj ET Q q 0 0 0 rg BT 469.80 490.50 Td (joined ) Tj ET Q q 0 0 0 rg BT 498.76 490.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 523.04 490.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 554.34 490.50 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.90 Td (December ) Tj ET Q q 0 0 0 rg BT 95.26 477.90 Td (2005 ) Tj ET Q q 0 0 0 rg BT 118.89 477.90 Td (from ) Tj ET Q q 0 0 0 rg BT 141.93 477.90 Td (Citigroup ) Tj ET Q q 0 0 0 rg BT 184.22 477.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 210.18 477.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 267.62 477.90 Td (following ) Tj ET Q q 0 0 0 rg BT 311.08 477.90 Td (its ) Tj ET Q q 0 0 0 rg BT 323.63 477.90 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 372.33 477.90 Td (by ) Tj ET Q q 0 0 0 rg BT 385.45 477.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 409.65 477.90 Td (Mason.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 452.70 Td (John ) Tj ET Q q 0 0 0 rg BT 108.17 452.70 Td (Kenney) Tj ET Q q 0 0 0 rg BT 140.15 452.70 Td (, ) Tj ET Q q 0 0 0 rg BT 145.61 452.70 Td (age ) Tj ET Q q 0 0 0 rg BT 163.01 452.70 Td (52, ) Tj ET Q q 0 0 0 rg BT 178.98 452.70 Td (was ) Tj ET Q q 0 0 0 rg BT 198.14 452.70 Td (appointed ) Tj ET Q q 0 0 0 rg BT 242.39 452.70 Td (Global ) Tj ET Q q 0 0 0 rg BT 273.80 452.70 Td (Head ) Tj ET Q q 0 0 0 rg BT 298.79 452.70 Td (of ) Tj ET Q q 0 0 0 rg BT 309.75 452.70 Td (Af) Tj ET Q q 0 0 0 rg BT 320.64 452.70 Td (filiate ) Tj ET Q q 0 0 0 rg BT 347.96 452.70 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 388.12 452.70 Td (Initiatives ) Tj ET Q q 0 0 0 rg BT 432.95 452.70 Td (in ) Tj ET Q q 0 0 0 rg BT 443.33 452.70 Td (April ) Tj ET Q q 0 0 0 rg BT 468.33 452.70 Td (2015. ) Tj ET Q q 0 0 0 rg BT 494.79 452.70 Td (Mr) Tj ET Q q 0 0 0 rg BT 507.04 452.70 Td (. ) Tj ET Q q 0 0 0 rg BT 512.50 452.70 Td (Kenney ) Tj ET Q q 0 0 0 rg BT 548.00 452.70 Td (is ) Tj ET Q q 0 0 0 rg BT 557.84 452.70 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (member ) Tj ET Q q 0 0 0 rg BT 86.30 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.45 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.67 440.10 Td (board ) Tj ET Q q 0 0 0 rg BT 138.98 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.12 440.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 189.25 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.40 440.10 Td (each ) Tj ET Q q 0 0 0 rg BT 222.03 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.17 440.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 257.15 440.10 Td (Mason�) Tj ET Q q 0 0 0 rg BT 288.65 440.10 Td (s ) Tj ET Q q 0 0 0 rg BT 295.13 440.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 343.61 440.10 Td (af) Tj ET Q q 0 0 0 rg BT 351.58 440.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 382.55 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 400.11 440.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 438.67 440.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 475.48 440.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 513.45 440.10 Td (support ) Tj ET Q q 0 0 0 rg BT 547.34 440.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 427.50 Td (guidance ) Tj ET Q q 0 0 0 rg BT 89.62 427.50 Td (on ) Tj ET Q q 0 0 0 rg BT 102.34 427.50 Td (business ) Tj ET Q q 0 0 0 rg BT 140.15 427.50 Td (development ) Tj ET Q q 0 0 0 rg BT 196.60 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 213.98 427.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 255.86 427.50 Td (issues. ) Tj ET Q q 0 0 0 rg BT 285.79 427.50 Td ( ) Tj ET Q q 0 0 0 rg BT 288.01 427.50 Td (From ) Tj ET Q q 0 0 0 rg BT 312.98 427.50 Td (2002 ) Tj ET Q q 0 0 0 rg BT 336.20 427.50 Td (until ) Tj ET Q q 0 0 0 rg BT 357.68 427.50 Td (2005, ) Tj ET Q q 0 0 0 rg BT 383.52 427.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 395.77 427.50 Td (. ) Tj ET Q q 0 0 0 rg BT 400.62 427.50 Td (Kenney ) Tj ET Q q 0 0 0 rg BT 435.49 427.50 Td (served ) Tj ET Q q 0 0 0 rg BT 465.12 427.50 Td (in ) Tj ET Q q 0 0 0 rg BT 475.51 427.50 Td (a ) Tj ET Q q 0 0 0 rg BT 482.39 427.50 Td (variety ) Tj ET Q q 0 0 0 rg BT 513.76 427.50 Td (of ) Tj ET Q q 0 0 0 rg BT 524.73 427.50 Td (sales ) Tj ET Q q 0 0 0 rg BT 547.36 427.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.90 Td (sales ) Tj ET Q q 0 0 0 rg BT 72.84 414.90 Td (management ) Tj ET Q q 0 0 0 rg BT 129.42 414.90 Td (roles ) Tj ET Q q 0 0 0 rg BT 152.76 414.90 Td (at ) Tj ET Q q 0 0 0 rg BT 163.27 414.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 187.77 414.90 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 221.91 414.90 Td (including ) Tj ET Q q 0 0 0 rg BT 264.50 414.90 Td (as ) Tj ET Q q 0 0 0 rg BT 276.18 414.90 Td (Managing ) Tj ET Q q 0 0 0 rg BT 321.69 414.90 Td (Director) Tj ET Q q 0 0 0 rg BT 356.25 414.90 Td (, ) Tj ET Q q 0 0 0 rg BT 361.80 414.90 Td (Co-National ) Tj ET Q q 0 0 0 rg BT 416.64 414.90 Td (Sales ) Tj ET Q q 0 0 0 rg BT 441.74 414.90 Td (Manager ) Tj ET Q q 0 0 0 rg BT 481.98 414.90 Td (of ) Tj ET Q q 0 0 0 rg BT 493.66 414.90 Td (the ) Tj ET Q q 0 0 0 rg BT 509.42 414.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.92 414.90 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 402.30 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 75.77 402.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 109.60 402.30 Td (Capital ) Tj ET Q q 0 0 0 rg BT 142.28 402.30 Td (Markets ) Tj ET Q q 0 0 0 rg BT 179.04 402.30 Td (Group, ) Tj ET Q q 0 0 0 rg BT 210.85 402.30 Td (the ) Tj ET Q q 0 0 0 rg BT 226.02 402.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 256.36 402.30 Td (markets ) Tj ET Q q 0 0 0 rg BT 291.95 402.30 Td (business ) Tj ET Q q 0 0 0 rg BT 329.89 402.30 Td (sold ) Tj ET Q q 0 0 0 rg BT 349.74 402.30 Td (by ) Tj ET Q q 0 0 0 rg BT 362.59 402.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 386.52 402.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 417.45 402.30 Td (in ) Tj ET Q q 0 0 0 rg BT 427.97 402.30 Td (2005. ) Tj ET Q q 0 0 0 rg BT 453.95 402.30 Td ( ) Tj ET Q q 0 0 0 rg BT 456.30 402.30 Td ( ) Tj ET Q q 0 0 0 rg BT 458.65 402.30 Td (He ) Tj ET Q q 0 0 0 rg BT 473.24 402.30 Td (rejoined ) Tj ET Q q 0 0 0 rg BT 509.99 402.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.92 402.30 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.70 Td (in ) Tj ET Q q 0 0 0 rg BT 60.38 389.70 Td (201) Tj ET Q q 0 0 0 rg BT 75.74 389.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 86.32 389.70 Td (serving ) Tj ET Q q 0 0 0 rg BT 119.94 389.70 Td (in ) Tj ET Q q 0 0 0 rg BT 130.82 389.70 Td (a ) Tj ET Q q 0 0 0 rg BT 138.19 389.70 Td (variety ) Tj ET Q q 0 0 0 rg BT 170.05 389.70 Td (of ) Tj ET Q q 0 0 0 rg BT 181.51 389.70 Td (roles, ) Tj ET Q q 0 0 0 rg BT 207.25 389.70 Td (including ) Tj ET Q q 0 0 0 rg BT 249.63 389.70 Td (as ) Tj ET Q q 0 0 0 rg BT 261.08 389.70 Td (a ) Tj ET Q q 0 0 0 rg BT 268.45 389.70 Td (Managing ) Tj ET Q q 0 0 0 rg BT 313.74 389.70 Td (Director ) Tj ET Q q 0 0 0 rg BT 351.43 389.70 Td (in ) Tj ET Q q 0 0 0 rg BT 362.31 389.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 386.59 389.70 Td (Mason�) Tj ET Q q 0 0 0 rg BT 418.09 389.70 Td (s ) Tj ET Q q 0 0 0 rg BT 424.89 389.70 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 469.58 389.70 Td (Strategy ) Tj ET Q q 0 0 0 rg BT 507.28 389.70 Td (and ) Tj ET Q q 0 0 0 rg BT 525.15 389.70 Td (Business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 108.69 377.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 138.15 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.93 377.10 Td (as ) Tj ET Q q 0 0 0 rg BT 167.30 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.76 377.10 Td (chief ) Tj ET Q q 0 0 0 rg BT 206.37 377.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 249.22 377.10 Td (of) Tj ET Q q 0 0 0 rg BT 257.78 377.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 279.63 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.42 377.10 Td (head ) Tj ET Q q 0 0 0 rg BT 319.87 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.24 377.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 355.44 377.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 386.65 377.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 417.27 377.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 442.65 377.10 Td (Allocation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 351.90 Td (Patricia ) Tj ET Q q 0 0 0 rg BT 119.98 351.90 Td (Lattin, ) Tj ET Q q 0 0 0 rg BT 150.10 351.90 Td (age ) Tj ET Q q 0 0 0 rg BT 167.08 351.90 Td (52, ) Tj ET Q q 0 0 0 rg BT 182.61 351.90 Td (was ) Tj ET Q q 0 0 0 rg BT 201.35 351.90 Td (appointed ) Tj ET Q q 0 0 0 rg BT 245.17 351.90 Td (Chief ) Tj ET Q q 0 0 0 rg BT 270.91 351.90 Td (Human ) Tj ET Q q 0 0 0 rg BT 304.23 351.90 Td (Resources ) Tj ET Q q 0 0 0 rg BT 349.80 351.90 Td (Of) Tj ET Q q 0 0 0 rg BT 360.69 351.90 Td (ficer ) Tj ET Q q 0 0 0 rg BT 382.33 351.90 Td (in ) Tj ET Q q 0 0 0 rg BT 392.91 351.90 Td (January ) Tj ET Q q 0 0 0 rg BT 427.98 351.90 Td (2000. ) Tj ET Q q 0 0 0 rg BT 454.01 351.90 Td ( ) Tj ET Q q 0 0 0 rg BT 456.42 351.90 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 474.88 351.90 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 502.37 351.90 Td (oversees ) Tj ET Q q 0 0 0 rg BT 540.93 351.90 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 339.30 Td (Mason�) Tj ET Q q 0 0 0 rg BT 81.00 339.30 Td (s ) Tj ET Q q 0 0 0 rg BT 88.36 339.30 Td (Human ) Tj ET Q q 0 0 0 rg BT 122.55 339.30 Td (Resources ) Tj ET Q q 0 0 0 rg BT 168.97 339.30 Td (department ) Tj ET Q q 0 0 0 rg BT 219.48 339.30 Td (and ) Tj ET Q q 0 0 0 rg BT 237.91 339.30 Td (leads ) Tj ET Q q 0 0 0 rg BT 262.76 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 278.86 339.30 Td (firm�) Tj ET Q q 0 0 0 rg BT 299.86 339.30 Td (s ) Tj ET Q q 0 0 0 rg BT 307.22 339.30 Td (ef) Tj ET Q q 0 0 0 rg BT 315.19 339.30 Td (forts ) Tj ET Q q 0 0 0 rg BT 337.71 339.30 Td (in ) Tj ET Q q 0 0 0 rg BT 349.15 339.30 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 394.41 339.30 Td (Social ) Tj ET Q q 0 0 0 rg BT 423.93 339.30 Td (Responsibility ) Tj ET Q q 0 0 0 rg BT 487.87 339.30 Td (and ) Tj ET Q q 0 0 0 rg BT 506.31 339.30 Td (Philanthropy) Tj ET Q q 0 0 0 rg BT 559.88 339.30 Td (. ) Tj ET Q q 0 0 0 rg BT 565.13 339.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.70 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 67.14 326.70 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 93.81 326.70 Td (joined ) Tj ET Q q 0 0 0 rg BT 121.65 326.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 144.81 326.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 174.99 326.70 Td (in ) Tj ET Q q 0 0 0 rg BT 184.75 326.70 Td (1997 ) Tj ET Q q 0 0 0 rg BT 207.34 326.70 Td (and ) Tj ET Q q 0 0 0 rg BT 224.09 326.70 Td (has ) Tj ET Q q 0 0 0 rg BT 239.68 326.70 Td (served ) Tj ET Q q 0 0 0 rg BT 268.68 326.70 Td (in ) Tj ET Q q 0 0 0 rg BT 278.44 326.70 Td (a ) Tj ET Q q 0 0 0 rg BT 284.69 326.70 Td (variety ) Tj ET Q q 0 0 0 rg BT 315.43 326.70 Td (of ) Tj ET Q q 0 0 0 rg BT 325.77 326.70 Td (positions ) Tj ET Q q 0 0 0 rg BT 365.29 326.70 Td (in ) Tj ET Q q 0 0 0 rg BT 375.05 326.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 398.21 326.70 Td (Mason�) Tj ET Q q 0 0 0 rg BT 429.71 326.70 Td (s ) Tj ET Q q 0 0 0 rg BT 435.39 326.70 Td (Human ) Tj ET Q q 0 0 0 rg BT 467.90 326.70 Td (Resources ) Tj ET Q q 0 0 0 rg BT 512.64 326.70 Td (department, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (including ) Tj ET Q q 0 0 0 rg BT 91.79 314.10 Td (Head ) Tj ET Q q 0 0 0 rg BT 116.57 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.94 314.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 173.13 314.10 Td (Relations, ) Tj ET Q q 0 0 0 rg BT 218.05 314.10 Td (Director ) Tj ET Q q 0 0 0 rg BT 255.66 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.03 314.10 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 304.64 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.43 314.10 Td (Director ) Tj ET Q q 0 0 0 rg BT 360.04 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.41 314.10 Td (Employment.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 288.90 Td (Thomas ) Tj ET Q q 0 0 0 rg BT 121.58 288.90 Td (C. ) Tj ET Q q 0 0 0 rg BT 133.46 288.90 Td (Merchant, ) Tj ET Q q 0 0 0 rg BT 178.57 288.90 Td (age ) Tj ET Q q 0 0 0 rg BT 195.40 288.90 Td (49, ) Tj ET Q q 0 0 0 rg BT 210.78 288.90 Td (was ) Tj ET Q q 0 0 0 rg BT 229.36 288.90 Td (appointed ) Tj ET Q q 0 0 0 rg BT 273.02 288.90 Td (General ) Tj ET Q q 0 0 0 rg BT 308.50 288.90 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 345.17 288.90 Td (in ) Tj ET Q q 0 0 0 rg BT 355.60 288.90 Td (March ) Tj ET Q q 0 0 0 rg BT 385.25 288.90 Td (2013 ) Tj ET Q q 0 0 0 rg BT 408.51 288.90 Td (and ) Tj ET Q q 0 0 0 rg BT 425.92 288.90 Td (elected ) Tj ET Q q 0 0 0 rg BT 457.90 288.90 Td (Executive ) Tj ET Q q 0 0 0 rg BT 501.97 288.90 Td (V) Tj ET Q q 0 0 0 rg BT 508.93 288.90 Td (ice ) Tj ET Q q 0 0 0 rg BT 523.42 288.90 Td (President ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 276.30 Td (in ) Tj ET Q q 0 0 0 rg BT 59.95 276.30 Td (April ) Tj ET Q q 0 0 0 rg BT 85.04 276.30 Td (2013.� ) Tj ET Q q 0 0 0 rg BT 114.22 276.30 Td (Mr) Tj ET Q q 0 0 0 rg BT 126.48 276.30 Td (. ) Tj ET Q q 0 0 0 rg BT 132.03 276.30 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 175.19 276.30 Td (continues ) Tj ET Q q 0 0 0 rg BT 218.36 276.30 Td (to ) Tj ET Q q 0 0 0 rg BT 229.46 276.30 Td (serve ) Tj ET Q q 0 0 0 rg BT 254.54 276.30 Td (as ) Tj ET Q q 0 0 0 rg BT 266.22 276.30 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 311.13 276.30 Td (Secretary) Tj ET Q q 0 0 0 rg BT 350.09 276.30 Td (, ) Tj ET Q q 0 0 0 rg BT 355.65 276.30 Td (a ) Tj ET Q q 0 0 0 rg BT 363.24 276.30 Td (position ) Tj ET Q q 0 0 0 rg BT 400.00 276.30 Td (he ) Tj ET Q q 0 0 0 rg BT 412.84 276.30 Td (has ) Tj ET Q q 0 0 0 rg BT 429.77 276.30 Td (held ) Tj ET Q q 0 0 0 rg BT 450.78 276.30 Td (since ) Tj ET Q q 0 0 0 rg BT 475.28 276.30 Td (2008. ) Tj ET Q q 0 0 0 rg BT 501.83 276.30 Td (�Mr) Tj ET Q q 0 0 0 rg BT 516.71 276.30 Td (. ) Tj ET Q q 0 0 0 rg BT 522.27 276.30 Td (Merchant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.70 Td (oversees ) Tj ET Q q 0 0 0 rg BT 88.34 263.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 112.60 263.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 149.85 263.70 Td (legal ) Tj ET Q q 0 0 0 rg BT 172.95 263.70 Td (and ) Tj ET Q q 0 0 0 rg BT 190.80 263.70 Td (compliance ) Tj ET Q q 0 0 0 rg BT 241.88 263.70 Td (departments.�Mr) Tj ET Q q 0 0 0 rg BT 310.71 263.70 Td (. ) Tj ET Q q 0 0 0 rg BT 316.02 263.70 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 358.94 263.70 Td (previously ) Tj ET Q q 0 0 0 rg BT 405.96 263.70 Td (served ) Tj ET Q q 0 0 0 rg BT 436.05 263.70 Td (as ) Tj ET Q q 0 0 0 rg BT 447.49 263.70 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 492.16 263.70 Td (General ) Tj ET Q q 0 0 0 rg BT 528.08 263.70 Td (Counsel ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 251.10 Td (Deputy ) Tj ET Q q 0 0 0 rg BT 100.82 251.10 Td (General ) Tj ET Q q 0 0 0 rg BT 136.68 251.10 Td (Counsel.� ) Tj ET Q q 0 0 0 rg BT 178.97 251.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 191.22 251.10 Td (. ) Tj ET Q q 0 0 0 rg BT 196.47 251.10 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 239.33 251.10 Td (joined ) Tj ET Q q 0 0 0 rg BT 268.20 251.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 292.40 251.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 323.61 251.10 Td (as ) Tj ET Q q 0 0 0 rg BT 334.40 251.10 Td (Associate ) Tj ET Q q 0 0 0 rg BT 377.85 251.10 Td (General ) Tj ET Q q 0 0 0 rg BT 413.70 251.10 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 450.75 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.54 251.10 Td (1998.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.90 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 225.90 Td (Peter ) Tj ET Q q 0 0 0 rg BT 109.01 225.90 Td (H. ) Tj ET Q q 0 0 0 rg BT 121.15 225.90 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 163.03 225.90 Td (, ) Tj ET Q q 0 0 0 rg BT 167.59 225.90 Td (age ) Tj ET Q q 0 0 0 rg BT 184.09 225.90 Td (61, ) Tj ET Q q 0 0 0 rg BT 199.15 225.90 Td (was ) Tj ET Q q 0 0 0 rg BT 217.41 225.90 Td (elected ) Tj ET Q q 0 0 0 rg BT 249.07 225.90 Td (Chief ) Tj ET Q q 0 0 0 rg BT 274.33 225.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 315.33 225.90 Td (Of) Tj ET Q q 0 0 0 rg BT 326.22 225.90 Td (ficer ) Tj ET Q q 0 0 0 rg BT 347.39 225.90 Td (and ) Tj ET Q q 0 0 0 rg BT 364.48 225.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 393.83 225.90 Td (Executive ) Tj ET Q q 0 0 0 rg BT 437.60 225.90 Td (V) Tj ET Q q 0 0 0 rg BT 444.55 225.90 Td (ice ) Tj ET Q q 0 0 0 rg BT 458.72 225.90 Td (President ) Tj ET Q q 0 0 0 rg BT 499.73 225.90 Td (of ) Tj ET Q q 0 0 0 rg BT 510.41 225.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.92 225.90 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.30 Td (in ) Tj ET Q q 0 0 0 rg BT 59.88 213.30 Td (January ) Tj ET Q q 0 0 0 rg BT 94.75 213.30 Td (201) Tj ET Q q 0 0 0 rg BT 110.11 213.30 Td (1 ) Tj ET Q q 0 0 0 rg BT 117.57 213.30 Td (when ) Tj ET Q q 0 0 0 rg BT 142.53 213.30 Td (he ) Tj ET Q q 0 0 0 rg BT 154.65 213.30 Td (joined ) Tj ET Q q 0 0 0 rg BT 183.11 213.30 Td (the ) Tj ET Q q 0 0 0 rg BT 198.15 213.30 Td (firm. ) Tj ET Q q 0 0 0 rg BT 221.07 213.30 Td (From ) Tj ET Q q 0 0 0 rg BT 246.04 213.30 Td (July ) Tj ET Q q 0 0 0 rg BT 265.75 213.30 Td (2007 ) Tj ET Q q 0 0 0 rg BT 288.97 213.30 Td (through ) Tj ET Q q 0 0 0 rg BT 323.85 213.30 Td (December ) Tj ET Q q 0 0 0 rg BT 369.20 213.30 Td (2010, ) Tj ET Q q 0 0 0 rg BT 395.04 213.30 Td (Mr) Tj ET Q q 0 0 0 rg BT 407.29 213.30 Td (.�Nachtwey ) Tj ET Q q 0 0 0 rg BT 457.32 213.30 Td (served ) Tj ET Q q 0 0 0 rg BT 486.94 213.30 Td (as ) Tj ET Q q 0 0 0 rg BT 497.90 213.30 Td (Chief ) Tj ET Q q 0 0 0 rg BT 523.44 213.30 Td (Financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.70 Td (Of) Tj ET Q q 0 0 0 rg BT 60.39 200.70 Td (ficer ) Tj ET Q q 0 0 0 rg BT 81.51 200.70 Td (of ) Tj ET Q q 0 0 0 rg BT 92.01 200.70 Td (The ) Tj ET Q q 0 0 0 rg BT 110.22 200.70 Td (Carlyle ) Tj ET Q q 0 0 0 rg BT 143.02 200.70 Td (Group, ) Tj ET Q q 0 0 0 rg BT 174.36 200.70 Td (an ) Tj ET Q q 0 0 0 rg BT 186.16 200.70 Td (alternative ) Tj ET Q q 0 0 0 rg BT 232.36 200.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 280.33 200.70 Td (management ) Tj ET Q q 0 0 0 rg BT 335.86 200.70 Td (firm, ) Tj ET Q q 0 0 0 rg BT 358.46 200.70 Td (where ) Tj ET Q q 0 0 0 rg BT 386.00 200.70 Td (he ) Tj ET Q q 0 0 0 rg BT 397.79 200.70 Td (had ) Tj ET Q q 0 0 0 rg BT 414.84 200.70 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 473.90 200.70 Td (for ) Tj ET Q q 0 0 0 rg BT 488.03 200.70 Td (all ) Tj ET Q q 0 0 0 rg BT 500.42 200.70 Td (of ) Tj ET Q q 0 0 0 rg BT 511.05 200.70 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 200.70 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.25 188.10 Td (a ) Tj ET Q q 0 0 0 rg BT 74.51 188.10 Td (number ) Tj ET Q q 0 0 0 rg BT 109.18 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.52 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.94 188.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 185.77 188.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 227.44 188.10 Td (at ) Tj ET Q q 0 0 0 rg BT 237.61 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.03 188.10 Td (firm. ) Tj ET Q q 0 0 0 rg BT 276.33 188.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 299.93 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.50 188.10 Td (The ) Tj ET Q q 0 0 0 rg BT 329.42 188.10 Td (Carlyle ) Tj ET Q q 0 0 0 rg BT 362.92 188.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 394.97 188.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 407.22 188.10 Td (.�Nachtwey ) Tj ET Q q 0 0 0 rg BT 457.63 188.10 Td (spent ) Tj ET Q q 0 0 0 rg BT 482.39 188.10 Td (more ) Tj ET Q q 0 0 0 rg BT 506.56 188.10 Td (than ) Tj ET Q q 0 0 0 rg BT 527.23 188.10 Td (25�years ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 175.50 Td (at ) Tj ET Q q 0 0 0 rg BT 59.33 175.50 Td (Deloitte ) Tj ET Q q 0 0 0 rg BT 95.40 175.50 Td (& ) Tj ET Q q 0 0 0 rg BT 105.66 175.50 Td (T) Tj ET Q q 0 0 0 rg BT 111.34 175.50 Td (ouche,�LLP) Tj ET Q q 0 0 0 rg BT 159.17 175.50 Td (, ) Tj ET Q q 0 0 0 rg BT 164.04 175.50 Td (an ) Tj ET Q q 0 0 0 rg BT 176.20 175.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 224.52 175.50 Td (firm, ) Tj ET Q q 0 0 0 rg BT 247.48 175.50 Td (most ) Tj ET Q q 0 0 0 rg BT 270.15 175.50 Td (recently ) Tj ET Q q 0 0 0 rg BT 306.21 175.50 Td (as ) Tj ET Q q 0 0 0 rg BT 317.21 175.50 Td (Managing ) Tj ET Q q 0 0 0 rg BT 362.04 175.50 Td (Partner ) Tj ET Q q 0 0 0 rg BT 394.61 175.50 Td (of ) Tj ET Q q 0 0 0 rg BT 405.61 175.50 Td (the ) Tj ET Q q 0 0 0 rg BT 420.69 175.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 469.59 175.50 Td (Management ) Tj ET Q q 0 0 0 rg BT 526.66 175.50 Td (practice.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 150.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 150.30 Td (Ursula ) Tj ET Q q 0 0 0 rg BT 116.00 150.30 Td (Schliessler) Tj ET Q q 0 0 0 rg BT 161.07 150.30 Td (, ) Tj ET Q q 0 0 0 rg BT 166.20 150.30 Td (age ) Tj ET Q q 0 0 0 rg BT 183.27 150.30 Td (58, ) Tj ET Q q 0 0 0 rg BT 198.90 150.30 Td (was ) Tj ET Q q 0 0 0 rg BT 217.73 150.30 Td (appointed ) Tj ET Q q 0 0 0 rg BT 261.64 150.30 Td (Chief ) Tj ET Q q 0 0 0 rg BT 286.92 150.30 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 352.41 150.30 Td (Of) Tj ET Q q 0 0 0 rg BT 363.30 150.30 Td (ficer ) Tj ET Q q 0 0 0 rg BT 385.03 150.30 Td (in ) Tj ET Q q 0 0 0 rg BT 395.70 150.30 Td (March ) Tj ET Q q 0 0 0 rg BT 425.61 150.30 Td (2015 ) Tj ET Q q 0 0 0 rg BT 449.11 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 466.77 150.30 Td (elected ) Tj ET Q q 0 0 0 rg BT 499.00 150.30 Td (Executive ) Tj ET Q q 0 0 0 rg BT 543.31 150.30 Td (V) Tj ET Q q 0 0 0 rg BT 550.26 150.30 Td (ice ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.70 Td (President ) Tj ET Q q 0 0 0 rg BT 91.81 137.70 Td (in ) Tj ET Q q 0 0 0 rg BT 102.50 137.70 Td (April ) Tj ET Q q 0 0 0 rg BT 127.90 137.70 Td (2015. ) Tj ET Q q 0 0 0 rg BT 154.76 137.70 Td ( ) Tj ET Q q 0 0 0 rg BT 158.00 137.70 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 177.28 137.70 Td (Schliessler ) Tj ET Q q 0 0 0 rg BT 226.01 137.70 Td (oversees ) Tj ET Q q 0 0 0 rg BT 265.40 137.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 290.21 137.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 328.01 137.70 Td (technology) Tj ET Q q 0 0 0 rg BT 373.98 137.70 Td (, ) Tj ET Q q 0 0 0 rg BT 379.84 137.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 398.83 137.70 Td (management, ) Tj ET Q q 0 0 0 rg BT 458.33 137.70 Td (internal ) Tj ET Q q 0 0 0 rg BT 493.64 137.70 Td (audit ) Tj ET Q q 0 0 0 rg BT 517.87 137.70 Td (and ) Tj ET Q q 0 0 0 rg BT 536.26 137.70 Td (global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 70.64 125.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 116.27 125.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.33 125.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 170.79 125.10 Td (project ) Tj ET Q q 0 0 0 rg BT 201.83 125.10 Td (management. ) Tj ET Q q 0 0 0 rg BT 260.00 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.89 125.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 284.78 125.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.84 125.10 Td (her ) Tj ET Q q 0 0 0 rg BT 310.14 125.10 Td (appointment ) Tj ET Q q 0 0 0 rg BT 364.53 125.10 Td (as ) Tj ET Q q 0 0 0 rg BT 375.17 125.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 399.97 125.10 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 464.86 125.10 Td (Of) Tj ET Q q 0 0 0 rg BT 475.75 125.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 494.56 125.10 Td (, ) Tj ET Q q 0 0 0 rg BT 499.08 125.10 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 517.02 125.10 Td (Schliessler ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 112.50 Td (served ) Tj ET Q q 0 0 0 rg BT 79.04 112.50 Td (as ) Tj ET Q q 0 0 0 rg BT 89.91 112.50 Td (Head ) Tj ET Q q 0 0 0 rg BT 114.20 112.50 Td (of ) Tj ET Q q 0 0 0 rg BT 125.08 112.50 Td (Global ) Tj ET Q q 0 0 0 rg BT 155.79 112.50 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 208.67 112.50 Td (Business ) Tj ET Q q 0 0 0 rg BT 248.14 112.50 Td (Management ) Tj ET Q q 0 0 0 rg BT 305.09 112.50 Td (for ) Tj ET Q q 0 0 0 rg BT 319.46 112.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 343.17 112.50 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 376.51 112.50 Td (managing ) Tj ET Q q 0 0 0 rg BT 420.05 112.50 Td (day ) Tj ET Q q 0 0 0 rg BT 437.34 112.50 Td (to ) Tj ET Q q 0 0 0 rg BT 447.64 112.50 Td (day ) Tj ET Q q 0 0 0 rg BT 464.93 112.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 510.80 112.50 Td (and ) Tj ET Q q 0 0 0 rg BT 528.09 112.50 Td (aligning ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.90 Td (strategic ) Tj ET Q q 0 0 0 rg BT 88.27 99.90 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 132.89 99.90 Td (to ) Tj ET Q q 0 0 0 rg BT 144.26 99.90 Td (support ) Tj ET Q q 0 0 0 rg BT 178.96 99.90 Td (the ) Tj ET Q q 0 0 0 rg BT 194.99 99.90 Td (growth ) Tj 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Tj ET Q q 0 0 0 rg BT 243.70 87.30 Td (with ) Tj ET Q q 0 0 0 rg BT 265.00 87.30 Td (a ) Tj ET Q q 0 0 0 rg BT 272.28 87.30 Td (brief ) Tj ET Q q 0 0 0 rg BT 294.73 87.30 Td (interruption ) Tj ET Q q 0 0 0 rg BT 346.93 87.30 Td (between ) Tj ET Q q 0 0 0 rg BT 384.53 87.30 Td (2007 ) Tj ET Q q 0 0 0 rg BT 408.16 87.30 Td (and ) Tj ET Q q 0 0 0 rg BT 425.94 87.30 Td (2010.) 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680.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 667.50 Td (March ) Tj ET Q q 0 0 0 rg BT 79.12 667.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 94.47 667.50 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.47 667.50 Td (, ) Tj ET Q q 0 0 0 rg BT 120.31 667.50 Td (there ) Tj ET Q q 0 0 0 rg BT 143.51 667.50 Td (were ) Tj ET Q q 0 0 0 rg BT 166.13 667.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 229.00 667.50 Td (1,300 ) Tj ET Q q 0 0 0 rg BT 254.85 667.50 Td (holders ) Tj ET Q q 0 0 0 rg BT 287.98 667.50 Td (of ) Tj ET Q q 0 0 0 rg BT 298.94 667.50 Td (record ) Tj ET Q q 0 0 0 rg BT 327.97 667.50 Td (of ) Tj ET Q q 0 0 0 rg BT 338.94 667.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 362.73 667.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 393.53 667.50 Td (common ) Tj ET Q q 0 0 0 rg BT 432.50 667.50 Td (stock. ) Tj ET Q q 0 0 0 rg BT 459.51 667.50 Td (Information ) Tj ET Q q 0 0 0 rg BT 511.88 667.50 Td (with ) Tj ET Q q 0 0 0 rg BT 532.77 667.50 Td (respect ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 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0 rg BT 52.50 598.79 Td (Fiscal Year 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 585.62 Td (Cash dividend declared per share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.50 585.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.60 585.62 Td (0.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.50 585.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.60 585.62 Td (0.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 585.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.60 585.62 Td (0.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 585.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 585.62 Td (0.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 571.62 Td (Stock price range:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 557.62 Td (High) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.35 557.62 Td (38.99) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.35 557.62 Td (34.35) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 557.62 Td (35.09) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 557.62 Td (35.83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 543.62 Td (Low) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.35 543.62 Td (30.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.35 543.62 Td (28.10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 543.62 Td (27.62) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 543.62 Td (27.54) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 529.79 Td (Fiscal Year 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 516.62 Td (Cash dividend declared per share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.50 516.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.60 516.62 Td (0.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.50 516.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.60 516.62 Td (0.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 516.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.60 516.62 Td (0.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 516.62 Td ($) Tj ET Q BT 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) Tj ET Q q 0 0 0 rg BT 105.05 446.30 Td (continue ) Tj ET Q q 0 0 0 rg BT 143.29 446.30 Td (paying ) Tj ET Q q 0 0 0 rg BT 173.95 446.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 194.69 446.30 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 240.23 446.30 Td (However) Tj ET Q q 0 0 0 rg BT 278.29 446.30 Td (, ) Tj ET Q q 0 0 0 rg BT 283.00 446.30 Td (the ) Tj ET Q q 0 0 0 rg BT 297.91 446.30 Td (declaration ) Tj ET Q q 0 0 0 rg BT 346.63 446.30 Td (of ) Tj ET Q q 0 0 0 rg BT 357.46 446.30 Td (dividends ) Tj ET Q q 0 0 0 rg BT 400.38 446.30 Td (is ) Tj ET Q q 0 0 0 rg BT 409.47 446.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 441.29 446.30 Td (to ) Tj ET Q q 0 0 0 rg BT 451.54 446.30 Td (the ) Tj ET Q q 0 0 0 rg BT 466.45 446.30 Td (discretion ) Tj ET Q q 0 0 0 rg BT 509.94 446.30 Td (of ) Tj ET Q q 0 0 0 rg BT 520.77 446.30 Td (our ) Tj ET Q q 0 0 0 rg BT 536.85 446.30 Td (Board ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 433.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.33 433.70 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 106.11 433.70 Td (In ) Tj ET Q q 0 0 0 rg BT 117.94 433.70 Td (determining ) Tj ET Q q 0 0 0 rg BT 171.76 433.70 Td (whether ) Tj ET Q q 0 0 0 rg BT 208.66 433.70 Td (to ) Tj ET Q q 0 0 0 rg BT 219.91 433.70 Td (declare ) Tj ET Q q 0 0 0 rg BT 253.31 433.70 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 299.85 433.70 Td (or ) Tj ET Q q 0 0 0 rg BT 311.68 433.70 Td (how ) Tj ET Q q 0 0 0 rg BT 332.84 433.70 Td (much ) Tj ET Q q 0 0 0 rg BT 359.26 433.70 Td (to ) Tj ET Q q 0 0 0 rg BT 370.51 433.70 Td (declare ) Tj ET Q q 0 0 0 rg BT 403.90 433.70 Td (in ) Tj ET Q q 0 0 0 rg BT 415.15 433.70 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 461.69 433.70 Td (our ) Tj ET Q q 0 0 0 rg BT 478.77 433.70 Td (Board ) Tj ET Q q 0 0 0 rg BT 507.52 433.70 Td (will ) Tj ET Q q 0 0 0 rg BT 526.94 433.70 Td (consider ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 421.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 80.85 421.10 Td (it ) Tj ET Q q 0 0 0 rg BT 89.46 421.10 Td (deems ) Tj ET Q q 0 0 0 rg BT 119.06 421.10 Td (relevant, ) Tj ET Q q 0 0 0 rg BT 158.28 421.10 Td (which ) Tj ET Q q 0 0 0 rg BT 186.71 421.10 Td (may ) Tj ET Q q 0 0 0 rg BT 207.57 421.10 Td (include ) Tj ET Q q 0 0 0 rg BT 241.25 421.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.03 421.10 Td (results ) Tj ET Q q 0 0 0 rg BT 288.22 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.74 421.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 346.26 421.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.20 421.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 403.71 421.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 448.77 421.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.55 421.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 505.05 421.10 Td (requirements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 408.50 Td (general ) Tj ET Q q 0 0 0 rg BT 82.57 408.50 Td (business ) Tj ET Q q 0 0 0 rg BT 120.33 408.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 166.25 408.50 Td (and ) Tj ET Q q 0 0 0 rg BT 183.59 408.50 Td (the ) Tj ET Q q 0 0 0 rg BT 198.59 408.50 Td (availability ) Tj ET Q q 0 0 0 rg BT 248.00 408.50 Td (of ) Tj ET Q q 0 0 0 rg BT 258.92 408.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 284.43 408.50 Td (from ) Tj ET Q q 0 0 0 rg BT 307.01 408.50 Td (our ) Tj ET Q q 0 0 0 rg BT 323.18 408.50 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 377.56 408.50 Td (including ) Tj ET Q q 0 0 0 rg BT 419.40 408.50 Td (all ) Tj ET Q q 0 0 0 rg BT 432.07 408.50 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 480.90 408.50 Td (on ) Tj ET Q q 0 0 0 rg BT 493.57 408.50 Td (the ) Tj ET Q q 0 0 0 rg BT 508.58 408.50 Td (ability ) Tj ET Q q 0 0 0 rg BT 537.58 408.50 Td (of ) Tj ET Q q 0 0 0 rg BT 548.50 408.50 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 395.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 101.17 395.90 Td (to ) Tj ET Q q 0 0 0 rg BT 111.43 395.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 145.59 395.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 171.01 395.90 Td (to ) Tj ET Q q 0 0 0 rg BT 181.27 395.90 Td (us. ) Tj ET Q q 0 0 0 rg BT 195.32 395.90 Td (On ) Tj ET Q q 0 0 0 rg BT 209.78 395.90 Td (April ) Tj ET Q q 0 0 0 rg BT 234.04 395.90 Td (25, ) Tj ET Q q 0 0 0 rg BT 249.25 395.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 274.96 395.90 Td (our ) Tj ET Q q 0 0 0 rg BT 291.05 395.90 Td (Board ) Tj ET Q q 0 0 0 rg BT 318.80 395.90 Td (of ) Tj ET Q q 0 0 0 rg BT 329.64 395.90 Td (Directors ) Tj ET Q q 0 0 0 rg BT 370.79 395.90 Td (declared ) Tj ET Q q 0 0 0 rg BT 408.44 395.90 Td (a ) Tj ET Q q 0 0 0 rg BT 415.19 395.90 Td (regular) Tj ET Q q 0 0 0 rg BT 444.50 395.90 Td (, ) Tj ET Q q 0 0 0 rg BT 449.22 395.90 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 489.20 395.90 Td (dividend ) Tj ET Q q 0 0 0 rg BT 528.04 395.90 Td (of ) Tj ET Q q 0 0 0 rg BT 538.88 395.90 Td ($0.28 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 383.30 Td (per ) Tj ET Q q 0 0 0 rg BT 65.27 383.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 92.41 383.30 Td (increasing ) Tj ET Q q 0 0 0 rg BT 137.92 383.30 Td (the ) Tj ET Q q 0 0 0 rg BT 153.11 383.30 Td (regular) Tj ET Q q 0 0 0 rg BT 182.43 383.30 Td (, ) Tj ET Q q 0 0 0 rg BT 187.41 383.30 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 227.67 383.30 Td (dividend ) Tj ET Q q 0 0 0 rg BT 266.78 383.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 284.88 383.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 305.32 383.30 Td (on ) Tj ET Q q 0 0 0 rg BT 318.18 383.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 346.79 383.30 Td (of ) Tj ET Q q 0 0 0 rg BT 357.89 383.30 Td (our ) Tj ET Q q 0 0 0 rg BT 374.25 383.30 Td (common ) Tj ET Q q 0 0 0 rg BT 413.36 383.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 437.89 383.30 Td (during ) Tj ET Q q 0 0 0 rg BT 467.66 383.30 Td (the ) Tj ET Q q 0 0 0 rg BT 482.85 383.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 505.63 383.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 530.73 383.30 Td (quarter) Tj ET Q q 0 0 0 rg BT 559.88 383.30 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 358.70 Td (Pur) Tj ET Q q 0 0 0 rg BT 66.22 358.70 Td (chases ) Tj ET Q q 0 0 0 rg BT 97.43 358.70 Td (of ) Tj ET Q q 0 0 0 rg BT 108.81 358.70 Td (our) Tj ET Q q 0 0 0 rg BT 124.37 358.70 Td ( ) Tj ET Q q 0 0 0 rg BT 126.99 358.70 Td (Common ) Tj ET Q q 0 0 0 rg BT 171.03 358.70 Td (Stock) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.66 334.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.33 334.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.57 334.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 154.16 334.10 Td (out ) Tj ET Q q 0 0 0 rg BT 170.41 334.10 Td (information ) Tj ET Q q 0 0 0 rg BT 222.82 334.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 265.89 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.73 334.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 326.96 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.55 334.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 362.96 334.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 394.38 334.10 Td (common ) Tj ET Q q 0 0 0 rg BT 433.96 334.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 458.96 334.10 Td (during ) Tj ET Q q 0 0 0 rg BT 489.21 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.88 334.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 537.44 334.10 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 321.50 Td (March ) Tj ET Q q 0 0 0 rg BT 79.53 321.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.28 321.50 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.28 321.50 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 242.00 124.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 242.00 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 242.00 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 242.00 14.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 242.00 66.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 242.00 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 242.00 113.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 242.00 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 242.00 123.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 194.00 124.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 194.00 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 194.00 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 194.00 14.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 194.00 66.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 194.00 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 194.00 113.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 194.00 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 194.00 123.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 242 m 174 242 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 242 m 238 242 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 242 m 318 242 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 242 m 435 242 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 242 m 562 242 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 170 m 174 170 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 170 m 238 170 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 157 m 238 157 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 155 m 238 155 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 170 m 318 170 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 157 m 318 157 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 155 m 318 155 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 170 m 435 170 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 157 m 435 157 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 155 m 435 155 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 246.23 Td (Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.80 273.23 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.25 264.23 Td (T) Tj ET Q q 0 0 0 rg BT 188.85 264.23 Td (otal number) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.35 255.23 Td (of shar) Tj ET Q q 0 0 0 rg BT 215.98 255.23 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.75 246.23 Td (pur) Tj ET Q q 0 0 0 rg BT 198.05 246.23 Td (chased ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 223.17 249.86 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 279.60 264.23 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.90 255.23 Td (A) Tj ET Q q 0 0 0 rg BT 266.08 255.23 Td (verage price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.90 246.23 Td (paid per) Tj ET Q q 0 0 0 rg BT 284.43 246.23 Td ( shar) Tj ET Q q 0 0 0 rg BT 301.40 246.23 Td (e ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 306.95 249.86 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.55 291.08 Td (\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.40 282.08 Td (T) Tj ET Q q 0 0 0 rg BT 355.00 282.08 Td (otal number) Tj ET Q q 0 0 0 rg BT 396.86 282.08 Td ( of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.45 273.08 Td (shar) Tj ET Q q 0 0 0 rg BT 363.42 273.08 Td (es pur) Tj ET Q q 0 0 0 rg BT 384.39 273.08 Td (chased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.75 264.08 Td (as part of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 255.08 Td (publicly announced) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.55 246.08 Td (plans or) Tj ET Q q 0 0 0 rg BT 371.19 246.08 Td ( pr) Tj ET Q q 0 0 0 rg BT 381.05 246.08 Td (ograms) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 406.37 249.71 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.10 290.23 Td (\(d\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.25 281.23 Td (Appr) Tj ET Q q 0 0 0 rg BT 466.33 281.23 Td (oximate dollar) Tj ET Q q 0 0 0 rg BT 515.73 281.23 Td ( value that ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.65 273.23 Td (may) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.15 264.23 Td (yet be pur) Tj ET Q q 0 0 0 rg BT 505.67 264.23 Td (chased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.35 255.23 Td (under) Tj ET Q q 0 0 0 rg BT 493.65 255.23 Td ( the plans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.65 246.23 Td (or) Tj ET Q q 0 0 0 rg BT 483.06 246.23 Td ( pr) Tj ET Q q 0 0 0 rg BT 492.91 246.23 Td (ograms) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 518.24 249.86 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 232.57 Td (January�1, 2017 Through) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.50 222.57 Td (January�31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.65 222.67 Td (662,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 222.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 222.67 Td (31.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 222.67 Td (662,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 222.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 222.67 Td (491,432,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 208.57 Td (February�1, 2017 Through) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.50 198.57 Td (February�28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.65 198.67 Td (840,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 198.67 Td (35.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 198.67 Td (840,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 198.67 Td (461,817,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 184.57 Td (March�1, 2017 Through) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.50 174.57 Td (March�31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.10 174.67 Td (1,084,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 174.67 Td (36.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 174.67 Td (1,077,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 174.67 Td (422,534,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 160.57 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.10 160.57 Td (2,587,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 160.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 160.57 Td (34.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 160.57 Td (2,579,796) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 131.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 131.30 Td (Includes ) Tj ET Q q 0 0 0 rg BT 98.76 131.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 122.47 131.30 Td (of ) Tj ET Q q 0 0 0 rg BT 132.01 131.30 Td (vesting ) Tj ET Q q 0 0 0 rg BT 159.03 131.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 193.11 131.30 Td (stock, ) Tj ET Q q 0 0 0 rg BT 215.65 131.30 Td (and ) Tj ET Q q 0 0 0 rg BT 230.38 131.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 254.09 131.30 Td (received ) Tj ET Q q 0 0 0 rg BT 285.34 131.30 Td (on ) Tj ET Q q 0 0 0 rg BT 296.30 131.30 Td (vesting ) Tj ET Q q 0 0 0 rg BT 323.32 131.30 Td (of ) Tj ET Q q 0 0 0 rg BT 332.86 131.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 366.95 131.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 387.35 131.30 Td (units, ) Tj ET Q q 0 0 0 rg BT 408.47 131.30 Td (surrendered ) Tj ET Q q 0 0 0 rg BT 451.06 131.30 Td (to ) Tj ET Q q 0 0 0 rg BT 460.13 131.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 480.06 131.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 505.66 131.30 Td (to ) Tj ET Q q 0 0 0 rg BT 514.74 131.30 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 539.40 131.30 Td (related ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 121.10 Td (income ) Tj ET Q q 0 0 0 rg BT 94.64 121.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 107.15 121.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 150.37 121.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 190.27 121.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.47 121.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 237.95 121.10 Td (via ) Tj ET Q q 0 0 0 rg BT 250.46 121.10 Td (net ) Tj ET Q q 0 0 0 rg BT 262.97 121.10 Td (share ) Tj ET Q q 0 0 0 rg BT 283.03 121.10 Td (transactions.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 110.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 110.90 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 100.80 110.90 Td (exclude ) Tj ET Q q 0 0 0 rg BT 129.35 110.90 Td (fees. ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 100.70 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 100.70 Td (On ) Tj ET Q q 0 0 0 rg BT 80.78 100.70 Td (January ) Tj ET Q q 0 0 0 rg BT 110.10 100.70 Td (30, ) Tj ET Q q 0 0 0 rg BT 123.61 100.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 145.62 100.70 Td (we ) Tj ET Q q 0 0 0 rg BT 158.42 100.70 Td (announced ) Tj ET Q q 0 0 0 rg BT 198.13 100.70 Td (that ) Tj ET Q q 0 0 0 rg BT 213.76 100.70 Td (our ) Tj ET Q q 0 0 0 rg BT 227.98 100.70 Td (Board ) Tj ET Q q 0 0 0 rg BT 251.64 100.70 Td (of ) Tj ET Q q 0 0 0 rg BT 261.61 100.70 Td (Directors ) Tj ET Q q 0 0 0 rg BT 296.13 100.70 Td (approved ) Tj ET Q q 0 0 0 rg BT 330.64 100.70 Td (a ) Tj ET Q q 0 0 0 rg BT 337.30 100.70 Td (share ) Tj ET Q q 0 0 0 rg BT 358.12 100.70 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 397.82 100.70 Td (authorization ) Tj ET Q q 0 0 0 rg BT 445.56 100.70 Td (for ) Tj ET Q q 0 0 0 rg BT 458.36 100.70 Td (up ) Tj ET Q q 0 0 0 rg BT 469.74 100.70 Td (to ) Tj ET Q q 0 0 0 rg BT 479.24 100.70 Td ($1 ) Tj ET Q q 0 0 0 rg BT 490.63 100.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 515.72 100.70 Td (for ) Tj ET Q q 0 0 0 rg BT 528.51 100.70 Td (additional ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 90.50 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 109.74 90.50 Td (of ) Tj ET Q q 0 0 0 rg BT 118.95 90.50 Td (common ) Tj ET Q q 0 0 0 rg BT 150.82 90.50 Td (stock. ) Tj ET Q q 0 0 0 rg BT 173.01 90.50 Td ( ) Tj ET Q q 0 0 0 rg BT 174.99 90.50 Td (There ) Tj ET Q q 0 0 0 rg BT 196.93 90.50 Td (is ) Tj ET Q q 0 0 0 rg BT 204.72 90.50 Td (no ) Tj ET Q q 0 0 0 rg BT 215.35 90.50 Td (expiration ) Tj ET Q q 0 0 0 rg BT 251.94 90.50 Td (attached ) Tj ET Q q 0 0 0 rg BT 282.38 90.50 Td (to ) Tj ET Q q 0 0 0 rg BT 291.11 90.50 Td (this ) Tj ET Q q 0 0 0 rg BT 305.52 90.50 Td (share ) Tj ET Q q 0 0 0 rg BT 325.58 90.50 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 364.52 90.50 Td (authorization.) 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1 rg /GS0 gs 406.00 578.80 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 578.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 578.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 578.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 578.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 554.80 228.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 554.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 554.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 554.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 554.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 554.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 554.80 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 554.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 554.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 554.80 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 554.80 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 530.80 228.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 530.80 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 530.80 49.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 530.80 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 530.80 49.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 530.80 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 530.80 50.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 530.80 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 530.80 49.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 530.80 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 530.80 49.00 -4.00 re 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0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 692.8 m 296 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 692.8 m 349 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 692.8 m 402 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 705.8 m 456 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 692.8 m 456 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 692.8 m 509 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 692.8 m 562 692.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 644.8 m 296 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 644.8 m 349 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 644.8 m 402 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 644.8 m 456 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 644.8 m 509 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 644.8 m 562 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 644.8 m 349 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 644.8 m 402 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 644.8 m 456 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 644.8 m 509 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 644.8 m 562 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 590.8 m 296 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 590.8 m 349 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 590.8 m 349 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 590.8 m 402 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 590.8 m 456 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 590.8 m 509 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 590.8 m 562 590.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 566.8 m 296 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 566.8 m 349 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 566.8 m 402 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 566.8 m 456 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 566.8 m 509 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 566.8 m 562 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 566.8 m 349 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 566.8 m 402 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 566.8 m 456 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 566.8 m 509 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 566.8 m 562 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 542.8 m 296 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 542.8 m 349 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 542.8 m 402 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 542.8 m 456 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 542.8 m 509 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 542.8 m 562 542.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 68 530.8 m 296 530.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 300 530.8 m 349 530.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353 530.8 m 402 530.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406 530.8 m 456 530.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460 530.8 m 509 530.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513 530.8 m 562 530.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 372.79999999999995 m 296 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 372.79999999999995 m 349 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 372.79999999999995 m 402 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 372.79999999999995 m 456 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 372.79999999999995 m 509 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 372.79999999999995 m 562 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 276.79999999999995 m 296 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 276.79999999999995 m 349 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 276.79999999999995 m 402 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 276.79999999999995 m 456 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 276.79999999999995 m 509 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 276.79999999999995 m 562 276.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.55 710.05 Td (Years ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.00 697.03 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.00 697.05 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.50 697.05 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.00 697.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.00 697.05 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 684.88 Td (OPERATING RESULTS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 672.75 Td (Operating Revenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 672.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 672.88 Td (2,886,902) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 672.75 Td (2,660,844) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 672.75 Td (2,819,106) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.75 672.75 Td (2,741,757) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.10 672.75 Td (2,612,650) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 660.75 Td (Operating expenses, excluding impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 660.88 Td (2,429,659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 660.75 Td (2,239,013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 660.75 Td (2,320,887) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.75 660.75 Td (2,310,864) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.10 660.75 Td (2,313,149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 648.75 Td (Impairment of intangible assets and goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 648.88 Td (35,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 648.75 Td (371,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.80 648.75 Td (�) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 648.75 Td (�) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.10 648.75 Td (734,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 636.75 Td (Operating Income \(Loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 636.88 Td (422,243) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 636.75 Td (50,831) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 636.75 Td (498,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 636.75 Td (430,893) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.45 636.75 Td (\(434,499) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.15 636.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 624.05 Td (Non-operating expense, net, including $107,074 debt extinguishment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.50 616.05 Td (loss in July 2014 and $68,975 in May 2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.80 616.03 Td (\(64,694) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 616.03 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.10 616.05 Td (\(68,806) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 616.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.10 616.05 Td (\(136,114) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 616.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.10 616.05 Td (\(13,726) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 616.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.45 616.05 Td (\(73,287) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.15 616.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 603.05 Td (Non-operating income \(expense\) of consolidated investment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.50 595.05 Td (vehicles, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 595.03 Td (13,329) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.10 595.05 Td (\(7,243) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 595.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 595.05 Td (5,888) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.75 595.05 Td (2,474) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.45 595.05 Td (\(2,821) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.15 595.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 582.75 Td (Income \(Loss\) before Income Tax Provision \(Benefit\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 582.88 Td (370,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.10 582.75 Td (\(25,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 582.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 582.75 Td (367,993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 582.75 Td (419,641) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.45 582.75 Td (\(510,607) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.15 582.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 570.75 Td (Income tax provision \(benefit\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 570.88 Td (84,175) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 570.75 Td (7,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 570.75 Td (125,284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 570.75 Td (137,805) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.45 570.75 Td (\(150,859) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.15 570.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 558.75 Td (Net Income \(Loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 558.88 Td (286,703) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.10 558.75 Td (\(32,910) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 558.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 558.75 Td (242,709) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 558.75 Td (281,836) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.45 558.75 Td (\(359,748) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.15 558.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 546.75 Td (Less: Net income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 546.88 Td (59,447) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.10 546.75 Td (\(7,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 546.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 546.75 Td (5,629) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.10 546.75 Td (\(2,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 546.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.45 546.75 Td (\(6,421) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.15 546.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 534.75 Td (Net Income \(Loss\) Attributable to Legg Mason,�Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 534.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 534.88 Td (227,256) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 534.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.10 534.75 Td (\(25,032) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 534.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 534.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 534.75 Td (237,080) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 534.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 534.75 Td (284,784) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 534.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.45 534.75 Td (\(353,327) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.15 534.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 518.03 Td (PER SHARE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 505.05 Td (Net Income \(Loss\) per Share Attributable to Legg Mason,�Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.50 497.05 Td (Shareholders:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 484.75 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 484.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 484.88 Td (2.19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 484.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.10 484.75 Td (\(0.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 484.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 484.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 484.75 Td (2.06) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 484.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 484.75 Td (2.34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 484.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.45 484.75 Td (\(2.65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.15 484.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 472.75 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 472.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 472.88 Td (2.18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 472.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.10 472.75 Td (\(0.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 472.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 472.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 472.75 Td (2.04) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 472.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 472.75 Td (2.33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 472.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.45 472.75 Td (\(2.65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.15 472.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 460.75 Td (W) Tj ET Q q 0 0 0 rg BT 77.41 460.75 Td (eighted-A) Tj ET Q q 0 0 0 rg BT 108.80 460.75 Td (verage Number of Shares Outstanding: ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 235.66 464.38 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 448.75 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 448.88 Td (100,580) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 448.75 Td (107,406) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 448.75 Td (112,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 448.75 Td (121,941) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.10 448.75 Td (133,226) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 436.75 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 436.88 Td (100,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 436.75 Td (107,406) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 436.75 Td (113,246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 436.75 Td (122,383) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.10 436.75 Td (133,226) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 424.75 Td (Dividends Declared) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 424.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 424.88 Td (0.88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 424.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 424.75 Td (0.80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 424.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 424.75 Td (0.64) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 424.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 424.75 Td (0.52) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 424.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.15 424.75 Td (0.44) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 412.88 Td (BALANCE SHEET) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 400.75 Td (Total Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 400.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 400.88 Td (8,290,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 400.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 400.75 Td (7,520,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 400.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 400.75 Td (7,064,834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 400.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.75 400.75 Td (7,103,203) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 400.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.10 400.75 Td (7,264,582) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 388.75 Td (Long-term debt, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 388.88 Td (2,221,867) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 388.75 Td (1,740,985) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 388.75 Td (1,048,946) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.75 388.75 Td (1,031,118) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.10 388.75 Td (1,139,876) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 376.75 Td (Total Stockholders' Equity Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 376.88 Td (3,983,374) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 376.75 Td (4,213,563) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 376.75 Td (4,484,901) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.75 376.75 Td (4,724,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.10 376.75 Td (4,818,351) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 364.88 Td (FINANCIAL RATIOS AND OTHER DATA) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 352.75 Td (Operating Margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 352.88 Td (14.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 352.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 352.75 Td (1.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 352.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 352.75 Td (17.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 352.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 352.75 Td (15.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 352.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.45 352.75 Td (\(16.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.15 352.75 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 340.75 Td (Operating Mar) Tj ET Q q 0 0 0 rg BT 117.67 340.75 Td (gin, as ) Tj ET Q q 0 0 0 rg BT 140.12 340.75 Td (Adjusted ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 171.00 344.38 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 340.88 Td (19.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 340.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 340.75 Td (18.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 340.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 340.75 Td (23.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 340.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 340.75 Td (22.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 340.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.15 340.75 Td (17.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 340.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 334.30 119.53 -7.27 re f /GS0 gs q 0 0 0 rg BT 70.50 328.75 Td (Cash provided by operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 328.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 328.88 Td (539,772) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 328.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 328.75 Td (454,451) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 328.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 328.75 Td (568,118) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 328.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 328.75 Td (437,324) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 328.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.10 328.75 Td (303,332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 316.75 Td (Adjusted EBITDA) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 130.71 320.38 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 316.88 Td (560,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 316.75 Td (561,432) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 316.75 Td (658,262) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 316.75 Td (581,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.10 316.75 Td (499,479) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 304.75 Td (T) Tj ET Q q 0 0 0 rg BT 74.83 304.75 Td (otal debt to total capital ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 152.36 308.38 Td (\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 304.88 Td (36.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 304.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 304.75 Td (29.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 304.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 304.75 Td (19.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 304.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 304.75 Td (18.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 304.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.15 304.75 Td (19.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 304.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 292.75 Td (Assets under management) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 154.48 292.75 Td ( \(in millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 292.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 292.88 Td (728,406) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 292.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 292.75 Td (669,615) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 292.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 292.75 Td (702,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 292.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 292.75 Td (701,774) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 292.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.10 292.75 Td (664,609) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 280.75 Td (Full-time employees) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.50 280.88 Td (3,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 280.75 Td (3,066) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 280.75 Td (2,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.75 280.75 Td (2,843) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.15 280.75 Td (2,975) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 267.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 85.50 267.70 Td (Excludes ) Tj ET Q q 0 0 0 rg BT 116.46 267.70 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 174.96 267.70 Td (unvested ) Tj ET Q q 0 0 0 rg BT 205.03 267.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 236.43 267.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 258.06 267.70 Td (deemed ) Tj ET Q q 0 0 0 rg BT 284.58 267.70 Td (to ) Tj ET Q q 0 0 0 rg BT 292.44 267.70 Td (be ) Tj ET Q q 0 0 0 rg BT 301.63 267.70 Td (participating ) Tj ET Q q 0 0 0 rg BT 343.70 267.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 375.55 267.70 Td (for ) Tj ET Q q 0 0 0 rg BT 386.51 267.70 Td (the ) Tj ET Q q 0 0 0 rg BT 397.93 267.70 Td (years ) Tj ET Q q 0 0 0 rg BT 416.44 267.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 437.18 267.70 Td (March ) Tj ET Q q 0 0 0 rg BT 459.70 267.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 471.34 267.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 490.98 267.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 508.62 267.70 Td (and ) Tj ET Q q 0 0 0 rg BT 521.81 267.70 Td (2015. ) Tj ET Q q 0 0 0 rg BT 541.45 267.70 Td ( ) Tj ET Q q 0 0 0 rg BT 543.08 267.70 Td ( ) Tj ET Q q 0 0 0 rg BT 544.72 267.70 Td (Basic ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 258.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.56 258.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 122.29 258.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 143.79 258.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.06 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.34 258.10 Td (same ) Tj ET Q q 0 0 0 rg BT 184.29 258.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.13 258.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 220.19 258.10 Td (with ) Tj ET Q q 0 0 0 rg BT 235.92 258.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.98 258.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 254.04 258.10 Td (Loss ) Tj ET Q q 0 0 0 rg BT 270.33 258.10 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 310.49 258.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.22 258.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 336.17 258.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 361.46 258.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 375.18 258.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.69 258.10 Td (See ) Tj ET Q q 0 0 0 rg BT 389.75 258.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 406.81 258.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 416.32 258.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.49 258.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 444.66 258.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.39 258.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 496.12 258.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 527.40 258.10 Td (Statements ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 248.50 Td (in ) Tj ET Q q 0 0 0 rg BT 93.72 248.50 Td (Item ) Tj ET Q q 0 0 0 rg BT 110.38 248.50 Td (8. ) Tj ET Q q 0 0 0 rg BT 118.38 248.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 150.15 248.50 Td (Statements ) Tj ET Q q 0 0 0 rg BT 187.26 248.50 Td (and ) Tj ET Q q 0 0 0 rg BT 200.81 248.50 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 246.80 248.50 Td (Data.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 238.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 85.50 238.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 119.73 238.90 Td (Mar) Tj ET Q q 0 0 0 rg BT 132.91 238.90 Td (gin, ) Tj ET Q q 0 0 0 rg BT 147.37 238.90 Td (as ) Tj ET Q q 0 0 0 rg BT 155.78 238.90 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 188.90 238.90 Td (is ) Tj ET Q q 0 0 0 rg BT 196.48 238.90 Td (a ) Tj ET Q q 0 0 0 rg BT 202.27 238.90 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 238.42 238.90 Td ( ) Tj ET Q q 0 0 0 rg BT 240.65 238.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 283.31 238.90 Td (measure ) Tj ET Q q 0 0 0 rg BT 312.20 238.90 Td (we ) Tj ET Q q 0 0 0 rg BT 323.77 238.90 Td (calculate ) Tj ET Q q 0 0 0 rg BT 354.43 238.90 Td (by ) Tj ET Q q 0 0 0 rg BT 364.67 238.90 Td (dividing ) Tj ET Q q 0 0 0 rg BT 393.57 238.90 Td (\(i\)�Operating ) Tj ET Q q 0 0 0 rg BT 437.35 238.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 463.58 238.90 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 488.26 238.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 517.15 238.90 Td (to ) Tj ET Q q 0 0 0 rg BT 525.62 238.90 Td (exclude ) Tj ET Q q 0 0 0 rg BT 552.73 238.90 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 229.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 109.45 229.30 Td (on ) Tj ET Q q 0 0 0 rg BT 119.63 229.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 166.24 229.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 194.18 229.30 Td (of ) Tj ET Q q 0 0 0 rg BT 203.03 229.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 222.09 229.30 Td (or ) Tj ET Q q 0 0 0 rg BT 230.93 229.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 252.23 229.30 Td (on ) Tj ET Q q 0 0 0 rg BT 262.41 229.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 302.80 229.30 Td (made ) Tj ET Q q 0 0 0 rg BT 322.31 229.30 Td (to ) Tj ET Q q 0 0 0 rg BT 330.71 229.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 347.55 229.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 376.37 229.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 422.99 229.30 Td (plans, ) Tj ET Q q 0 0 0 rg BT 444.05 229.30 Td (the ) Tj ET Q q 0 0 0 rg BT 456.00 229.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 479.95 229.30 Td (on ) Tj ET Q q 0 0 0 rg BT 490.13 229.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 536.74 229.30 Td (expense ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 219.70 Td (of ) Tj ET Q q 0 0 0 rg BT 94.63 219.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 113.98 219.70 Td (or ) Tj ET Q q 0 0 0 rg BT 123.11 219.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 144.69 219.70 Td (on ) Tj ET Q q 0 0 0 rg BT 155.15 219.70 Td (seed ) Tj ET Q q 0 0 0 rg BT 171.83 219.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 195.62 219.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 236.30 219.70 Td (by ) Tj ET Q q 0 0 0 rg BT 246.77 219.70 Td (our ) Tj ET Q q 0 0 0 rg BT 259.89 219.70 Td (af) Tj ET Q q 0 0 0 rg BT 265.96 219.70 Td (filiates ) Tj ET Q q 0 0 0 rg BT 290.20 219.70 Td (under ) Tj ET Q q 0 0 0 rg BT 310.88 219.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 338.66 219.70 Td (sharing ) Tj ET Q q 0 0 0 rg BT 364.68 219.70 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 405.57 219.70 Td (amortization ) Tj ET Q q 0 0 0 rg BT 448.46 219.70 Td (related ) Tj ET Q q 0 0 0 rg BT 472.69 219.70 Td (to ) Tj ET Q q 0 0 0 rg BT 481.38 219.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 515.83 219.70 Td (assets, ) Tj ET Q q 0 0 0 rg BT 538.96 219.70 Td (income ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 210.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 105.28 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.94 210.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 156.38 210.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 193.48 210.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 223.70 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.47 210.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 259.24 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.91 210.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 281.01 210.10 Td (value ) Tj ET Q q 0 0 0 rg BT 300.33 210.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 340.55 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.22 210.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 384.99 210.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 430.09 210.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 463.86 210.10 Td (if ) Tj ET Q q 0 0 0 rg BT 470.75 210.10 Td (any) Tj ET Q q 0 0 0 rg BT 481.78 210.10 Td (, ) Tj ET Q q 0 0 0 rg BT 485.78 210.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.33 210.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 538.21 210.10 Td (char) Tj ET Q q 0 0 0 rg BT 551.83 210.10 Td (ges ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 200.50 Td (by ) Tj ET Q q 0 0 0 rg BT 95.04 200.50 Td (\(ii\)�our ) Tj ET Q q 0 0 0 rg BT 119.03 200.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 150.78 200.50 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 182.75 200.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 210.96 200.50 Td (to ) Tj ET Q q 0 0 0 rg BT 218.72 200.50 Td (add ) Tj ET Q q 0 0 0 rg BT 231.82 200.50 Td (back ) Tj ET Q q 0 0 0 rg BT 248.46 200.50 Td (net ) Tj ET Q q 0 0 0 rg BT 259.78 200.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 296.43 200.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 325.53 200.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 339.95 200.50 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 375.26 200.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 392.80 200.50 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 437.45 200.50 Td (of ) Tj ET Q q 0 0 0 rg BT 445.66 200.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 482.31 200.50 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 512.06 200.50 Td (less ) Tj ET Q q 0 0 0 rg BT 525.61 200.50 Td (distribution ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 190.90 Td (and ) Tj ET Q q 0 0 0 rg BT 99.24 190.90 Td (servicing ) Tj ET Q q 0 0 0 rg BT 130.75 190.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 161.81 190.90 Td (which ) Tj ET Q q 0 0 0 rg BT 183.55 190.90 Td (we ) Tj ET Q q 0 0 0 rg BT 195.07 190.90 Td (use ) Tj ET Q q 0 0 0 rg BT 207.92 190.90 Td (as ) Tj ET Q q 0 0 0 rg BT 216.77 190.90 Td (an ) Tj ET Q q 0 0 0 rg BT 226.50 190.90 Td (approximate ) Tj ET Q q 0 0 0 rg BT 268.67 190.90 Td (measure ) Tj ET Q q 0 0 0 rg BT 297.51 190.90 Td (of ) Tj ET Q q 0 0 0 rg BT 306.36 190.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 336.98 190.90 Td (that ) Tj ET Q q 0 0 0 rg BT 351.16 190.90 Td (are ) Tj ET Q q 0 0 0 rg BT 363.12 190.90 Td (passed ) Tj ET Q q 0 0 0 rg BT 386.63 190.90 Td (through ) Tj ET Q q 0 0 0 rg BT 413.70 190.90 Td (to ) Tj ET Q q 0 0 0 rg BT 422.11 190.90 Td (third ) Tj ET Q q 0 0 0 rg BT 439.41 190.90 Td (parties, ) Tj ET Q q 0 0 0 rg BT 464.92 190.90 Td (and ) Tj ET Q q 0 0 0 rg BT 478.66 190.90 Td (less ) Tj ET Q q 0 0 0 rg BT 492.84 190.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 535.45 190.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 550.51 190.90 Td (that ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 181.30 Td (are ) Tj ET Q q 0 0 0 rg BT 97.40 181.30 Td (passed ) Tj ET Q q 0 0 0 rg BT 120.87 181.30 Td (through ) Tj ET Q q 0 0 0 rg BT 147.90 181.30 Td (as ) Tj ET Q q 0 0 0 rg BT 156.70 181.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 203.27 181.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 231.18 181.30 Td (or ) Tj ET Q q 0 0 0 rg BT 239.98 181.30 Td (net ) Tj ET Q q 0 0 0 rg BT 251.89 181.30 Td (income ) Tj ET Q q 0 0 0 rg BT 277.58 181.30 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 297.49 181.30 Td (attributable ) Tj ET Q q 0 0 0 rg BT 336.06 181.30 Td (to ) Tj ET Q q 0 0 0 rg BT 344.42 181.30 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 393.67 181.30 Td (interests, ) Tj ET Q q 0 0 0 rg BT 424.46 181.30 Td (which ) Tj ET Q q 0 0 0 rg BT 446.15 181.30 Td (we ) Tj ET Q q 0 0 0 rg BT 457.62 181.30 Td (refer ) Tj ET Q q 0 0 0 rg BT 474.85 181.30 Td (to ) Tj ET Q q 0 0 0 rg BT 483.21 181.30 Td (as ) Tj ET Q q 0 0 0 rg BT 492.02 181.30 Td ("Operating ) Tj ET Q q 0 0 0 rg BT 529.41 181.30 Td (Revenues, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 171.70 Td (as ) Tj ET Q q 0 0 0 rg BT 94.14 171.70 Td (Adjusted." ) Tj ET Q q 0 0 0 rg BT 130.82 171.70 Td ( ) Tj ET Q q 0 0 0 rg BT 133.35 171.70 Td (See ) Tj ET Q q 0 0 0 rg BT 147.43 171.70 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 193.95 171.70 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 231.88 171.70 Td ( ) Tj ET Q q 0 0 0 rg BT 234.41 171.70 Td (Information ) Tj ET Q q 0 0 0 rg BT 275.15 171.70 Td (in ) Tj ET Q q 0 0 0 rg BT 283.90 171.70 Td (Item�7. ) Tj ET Q q 0 0 0 rg BT 309.09 171.70 Td (Management's ) Tj ET Q q 0 0 0 rg BT 357.94 171.70 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 395.58 171.70 Td (and ) Tj ET Q q 0 0 0 rg BT 409.11 171.70 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 439.64 171.70 Td (of ) Tj ET Q q 0 0 0 rg BT 448.83 171.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 481.13 171.70 Td (Condition ) Tj ET Q q 0 0 0 rg BT 515.66 171.70 Td (and ) Tj ET Q q 0 0 0 rg BT 529.75 171.70 Td (Results ) Tj ET Q q 0 0 0 rg BT 555.83 171.70 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 162.10 Td (Operations.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 152.50 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 85.50 152.50 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 116.32 152.50 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 145.21 152.50 Td ( ) Tj ET Q q 0 0 0 rg BT 147.14 152.50 Td (is ) Tj ET Q q 0 0 0 rg BT 154.41 152.50 Td (a ) Tj ET Q q 0 0 0 rg BT 159.89 152.50 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 196.04 152.50 Td ( ) Tj ET Q q 0 0 0 rg BT 197.97 152.50 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 227.02 152.50 Td (measure ) Tj ET Q q 0 0 0 rg BT 255.60 152.50 Td (we ) Tj ET Q q 0 0 0 rg BT 266.86 152.50 Td (define ) Tj ET Q q 0 0 0 rg BT 288.78 152.50 Td (as ) Tj ET Q q 0 0 0 rg BT 297.38 152.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 313.53 152.50 Td (provided ) Tj ET Q q 0 0 0 rg BT 343.90 152.50 Td (by ) Tj ET Q q 0 0 0 rg BT 353.83 152.50 Td (\(used ) Tj ET Q q 0 0 0 rg BT 373.09 152.50 Td (in\) ) Tj ET Q q 0 0 0 rg BT 383.91 152.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 416.05 152.50 Td (activities ) Tj ET Q q 0 0 0 rg BT 446.87 152.50 Td (plus ) Tj ET Q q 0 0 0 rg BT 462.13 152.50 Td (\(minus\) ) Tj ET Q q 0 0 0 rg BT 488.95 152.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 514.43 152.50 Td (expense, ) Tj ET Q q 0 0 0 rg BT 544.13 152.50 Td (net ) Tj ET Q q 0 0 0 rg BT 555.84 152.50 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 142.90 Td (accretion ) Tj ET Q q 0 0 0 rg BT 116.68 142.90 Td (and ) Tj ET Q q 0 0 0 rg BT 130.09 142.90 Td (amortization ) Tj ET Q q 0 0 0 rg BT 172.39 142.90 Td (of ) Tj ET Q q 0 0 0 rg BT 180.92 142.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 196.56 142.90 Td (discounts ) Tj ET Q q 0 0 0 rg BT 228.64 142.90 Td (and ) Tj ET Q q 0 0 0 rg BT 242.06 142.90 Td (premiums, ) Tj ET Q q 0 0 0 rg BT 277.92 142.90 Td (current ) Tj ET Q q 0 0 0 rg BT 302.44 142.90 Td (income ) Tj ET Q q 0 0 0 rg BT 327.85 142.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 339.49 142.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 367.12 142.90 Td (\(benefit\), ) Tj ET Q q 0 0 0 rg BT 398.53 142.90 Td (the ) Tj ET Q q 0 0 0 rg BT 410.16 142.90 Td (net ) Tj ET Q q 0 0 0 rg BT 421.80 142.90 Td (change ) Tj ET Q q 0 0 0 rg BT 446.32 142.90 Td (in ) Tj ET Q q 0 0 0 rg BT 454.41 142.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 474.94 142.90 Td (and ) Tj ET Q q 0 0 0 rg BT 488.35 142.90 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 521.99 142.90 Td (net ) Tj ET Q q 0 0 0 rg BT 533.63 142.90 Td (\(income\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 133.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 99.12 133.30 Td (attributable ) Tj ET Q q 0 0 0 rg BT 136.73 133.30 Td (to ) Tj ET Q q 0 0 0 rg BT 144.12 133.30 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 192.40 133.30 Td (interests, ) Tj ET Q q 0 0 0 rg BT 222.24 133.30 Td (net ) Tj ET Q q 0 0 0 rg BT 233.18 133.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 251.24 133.30 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 276.86 133.30 Td (on ) Tj ET Q q 0 0 0 rg BT 286.03 133.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 327.64 133.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 363.92 133.30 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 393.30 133.30 Td (and ) Tj ET Q q 0 0 0 rg BT 406.03 133.30 Td (other) Tj ET Q q 0 0 0 rg BT 422.03 133.30 Td (. ) Tj ET Q q 0 0 0 rg BT 425.20 133.30 Td ( ) Tj ET Q q 0 0 0 rg BT 426.29 133.30 Td (W) Tj ET Q q 0 0 0 rg BT 433.20 133.30 Td (e ) Tj ET Q q 0 0 0 rg BT 437.92 133.30 Td (previously ) Tj ET Q q 0 0 0 rg BT 472.87 133.30 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 503.56 133.30 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 533.62 133.30 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 562.51 133.30 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 123.70 Td (that ) Tj ET Q q 0 0 0 rg BT 99.74 123.70 Td (conformed ) Tj ET Q q 0 0 0 rg BT 136.64 123.70 Td (to ) Tj ET Q q 0 0 0 rg BT 145.10 123.70 Td (calculations ) Tj ET Q q 0 0 0 rg BT 185.55 123.70 Td (required ) Tj ET Q q 0 0 0 rg BT 214.45 123.70 Td (by ) Tj ET Q q 0 0 0 rg BT 224.70 123.70 Td (our ) Tj ET Q q 0 0 0 rg BT 237.60 123.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 253.62 123.70 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 289.85 123.70 Td (which ) Tj ET Q q 0 0 0 rg BT 311.65 123.70 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 340.55 123.70 Td (for ) Tj ET Q q 0 0 0 rg BT 352.13 123.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 376.13 123.70 Td (items ) Tj ET Q q 0 0 0 rg BT 395.71 123.70 Td (that ) Tj ET Q q 0 0 0 rg BT 409.95 123.70 Td (required ) Tj ET Q q 0 0 0 rg BT 438.84 123.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 455.30 123.70 Td (settlement ) Tj ET Q q 0 0 0 rg BT 490.43 123.70 Td (that ) Tj ET Q q 0 0 0 rg BT 504.67 123.70 Td (are ) Tj ET Q q 0 0 0 rg BT 516.68 123.70 Td (not ) Tj ET Q q 0 0 0 rg BT 529.14 123.70 Td (part ) Tj ET Q q 0 0 0 rg BT 543.82 123.70 Td (of ) Tj ET Q q 0 0 0 rg BT 552.73 123.70 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 114.10 Td (current ) Tj ET Q q 0 0 0 rg BT 110.30 114.10 Td (definition. ) Tj ET Q q 0 0 0 rg BT 145.55 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.70 114.10 Td (See ) Tj ET Q q 0 0 0 rg BT 161.39 114.10 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 207.53 114.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 245.46 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.61 114.10 Td (Information ) Tj ET Q q 0 0 0 rg BT 287.96 114.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.33 114.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 313.14 114.10 Td (7. ) Tj ET Q q 0 0 0 rg BT 321.29 114.10 Td (Management's ) Tj ET Q q 0 0 0 rg BT 369.75 114.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 407.01 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.23 114.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 450.38 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.19 114.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 491.10 114.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 525.25 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.95 114.10 Td (Results ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 104.50 Td (of ) Tj ET Q q 0 0 0 rg BT 94.16 104.50 Td (Operations.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 92.90 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 85.50 92.90 Td (Calculated ) Tj ET Q q 0 0 0 rg BT 121.88 92.90 Td (based ) Tj ET Q q 0 0 0 rg BT 142.26 92.90 Td (on ) Tj ET Q q 0 0 0 rg BT 152.43 92.90 Td (total ) Tj ET Q q 0 0 0 rg BT 168.82 92.90 Td (gross ) Tj ET Q q 0 0 0 rg BT 187.89 92.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 203.83 92.90 Td (as ) Tj ET Q q 0 0 0 rg BT 212.67 92.90 Td (a ) Tj ET Q q 0 0 0 rg BT 218.39 92.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 255.20 92.90 Td (of ) Tj ET Q q 0 0 0 rg BT 264.03 92.90 Td (total ) Tj ET Q q 0 0 0 rg BT 280.42 92.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 303.91 92.90 Td (\(total ) Tj ET Q q 0 0 0 rg BT 322.97 92.90 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 367.02 92.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 389.18 92.90 Td (attributable ) Tj ET Q q 0 0 0 rg BT 427.79 92.90 Td (to ) Tj ET Q q 0 0 0 rg BT 436.18 92.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 454.79 92.90 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 480.74 92.90 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 495.12 92.90 Td (plus ) Tj ET Q q 0 0 0 rg BT 510.63 92.90 Td (total ) Tj ET Q q 0 0 0 rg BT 527.02 92.90 Td (gross ) Tj ET Q q 0 0 0 rg BT 546.08 92.90 Td (debt\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 83.30 Td (as ) Tj ET Q q 0 0 0 rg BT 94.16 83.30 Td (of ) Tj ET Q q 0 0 0 rg BT 102.83 83.30 Td (March�31.) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (34) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (ITEM 7.��MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0 0 rg BT 250.21 741.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 275.00 741.90 Td (ANAL) Tj ET Q q 0 0 0 rg BT 303.79 741.90 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 343.95 741.90 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 405.51 741.90 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 472.02 741.90 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 531.44 741.90 Td (TS OF) Tj ET Q q 0 0 0 rg BT 561.10 741.90 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (OPERA) Tj ET Q q 0 0 0 rg BT 85.47 729.30 Td (TIONS.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (EXECUTIVE OVER) Tj ET Q q 0 0 0 rg BT 144.52 704.10 Td (VIEW) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 75.85 678.90 Td (Mason,�Inc., ) Tj ET Q q 0 0 0 rg BT 133.11 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 142.54 678.90 Td (holding ) Tj ET Q q 0 0 0 rg BT 179.40 678.90 Td (company) Tj ET Q q 0 0 0 rg BT 217.21 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 224.61 678.90 Td (together ) Tj ET Q q 0 0 0 rg BT 263.78 678.90 Td (with ) Tj ET Q q 0 0 0 rg BT 287.22 678.90 Td (its ) Tj ET Q q 0 0 0 rg BT 301.92 678.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 356.27 678.90 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 408.07 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 415.46 678.90 Td ("Legg ) Tj ET Q q 0 0 0 rg BT 446.10 678.90 Td (Mason"\), ) Tj ET Q q 0 0 0 rg BT 489.86 678.90 Td (is ) Tj ET Q q 0 0 0 rg BT 501.64 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 511.07 678.90 Td (global ) Tj ET Q q 0 0 0 rg BT 542.09 678.90 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (management ) Tj ET Q q 0 0 0 rg BT 105.26 666.30 Td (firm. ) Tj ET Q q 0 0 0 rg BT 128.08 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 129.73 666.30 Td (Acting ) Tj ET Q q 0 0 0 rg BT 160.43 666.30 Td (through ) Tj ET Q q 0 0 0 rg BT 195.21 666.30 Td (our ) Tj ET Q q 0 0 0 rg BT 211.33 666.30 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 265.65 666.30 Td (we ) Tj ET Q q 0 0 0 rg BT 280.01 666.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 314.20 666.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 362.40 666.30 Td (management ) Tj ET Q q 0 0 0 rg BT 418.16 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 435.44 666.30 Td (related ) Tj ET Q q 0 0 0 rg BT 466.12 666.30 Td (services ) Tj ET Q q 0 0 0 rg BT 502.06 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 512.34 666.30 Td (institutional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 66.40 653.70 Td (individual ) Tj ET Q q 0 0 0 rg BT 110.71 653.70 Td (clients, ) Tj ET Q q 0 0 0 rg BT 142.49 653.70 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 228.79 653.70 Td (mutual ) Tj ET Q q 0 0 0 rg BT 259.69 653.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 284.76 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 301.66 653.70 Td (other ) Tj ET Q q 0 0 0 rg BT 324.97 653.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 372.78 653.70 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 411.55 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 413.16 653.70 Td (W) Tj ET Q q 0 0 0 rg BT 422.23 653.70 Td (e ) Tj ET Q q 0 0 0 rg BT 428.63 653.70 Td (of) Tj ET Q q 0 0 0 rg BT 437.18 653.70 Td (fer ) Tj ET Q q 0 0 0 rg BT 450.57 653.70 Td (these ) Tj ET Q q 0 0 0 rg BT 473.89 653.70 Td (products ) Tj ET Q q 0 0 0 rg BT 511.78 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 528.68 653.70 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 83.69 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.96 641.10 Td (through ) Tj ET Q q 0 0 0 rg BT 135.74 641.10 Td (various ) Tj ET Q q 0 0 0 rg BT 168.77 641.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.61 641.10 Td (intermediaries. ) Tj ET Q q 0 0 0 rg BT 272.41 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.37 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 283.44 641.10 Td (e ) Tj ET Q q 0 0 0 rg BT 290.22 641.10 Td (have ) Tj ET Q q 0 0 0 rg BT 312.15 641.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 358.01 641.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 405.61 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.89 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.84 641.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 451.62 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.90 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.84 641.10 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 506.37 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.65 641.10 Td (also ) Tj ET Q q 0 0 0 rg BT 542.68 641.10 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 628.50 Td (fices ) Tj ET Q q 0 0 0 rg BT 82.15 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 93.64 628.50 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 139.02 628.50 Td (Bahamas, ) Tj ET Q q 0 0 0 rg BT 184.40 628.50 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 216.95 628.50 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 255.33 628.50 Td (Chile, ) Tj ET Q q 0 0 0 rg BT 284.97 628.50 Td (China, ) Tj ET Q q 0 0 0 rg BT 316.94 628.50 Td (Dubai, ) Tj ET Q q 0 0 0 rg BT 349.50 628.50 Td (France, ) Tj ET Q q 0 0 0 rg BT 384.96 628.50 Td (Germany) Tj ET Q q 0 0 0 rg BT 423.34 628.50 Td (, ) Tj ET Q q 0 0 0 rg BT 430.24 628.50 Td (Italy) Tj ET Q q 0 0 0 rg BT 448.80 628.50 Td (, ) Tj ET Q q 0 0 0 rg BT 455.69 628.50 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 486.49 628.50 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 535.96 628.50 Td (Spain, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (Switzerland ) Tj ET Q q 0 0 0 rg BT 102.40 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 120.11 615.90 Td (T) Tj ET Q q 0 0 0 rg BT 125.79 615.90 Td (aiwan. ) Tj ET Q q 0 0 0 rg BT 156.23 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 158.37 615.90 Td (All ) Tj ET Q q 0 0 0 rg BT 174.54 615.90 Td (references ) Tj ET Q q 0 0 0 rg BT 220.41 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 231.33 615.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 256.81 615.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 283.19 615.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 306.93 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 318.43 615.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 344.80 615.90 Td (refer ) Tj ET Q q 0 0 0 rg BT 367.35 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 378.27 615.90 Td (our ) Tj ET Q q 0 0 0 rg BT 395.01 615.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 420.50 615.90 Td (year ) Tj ET Q q 0 0 0 rg BT 441.31 615.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 469.13 615.90 Td (March�31 ) Tj ET Q q 0 0 0 rg BT 512.41 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 523.90 615.90 Td (that ) Tj ET Q q 0 0 0 rg BT 542.39 615.90 Td (year) Tj ET Q q 0 0 0 rg BT 559.88 615.90 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 603.30 Td (erms ) Tj ET Q q 0 0 0 rg BT 78.22 603.30 Td (such ) Tj ET Q q 0 0 0 rg BT 100.09 603.30 Td (as ) Tj ET Q q 0 0 0 rg BT 111.46 603.30 Td ("we," ) Tj ET Q q 0 0 0 rg BT 137.53 603.30 Td ("us," ) Tj ET Q q 0 0 0 rg BT 160.69 603.30 Td ("our) Tj ET Q q 0 0 0 rg BT 178.55 603.30 Td (," ) Tj ET Q q 0 0 0 rg BT 188.08 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 205.87 603.30 Td ("Company" ) Tj ET Q q 0 0 0 rg BT 257.90 603.30 Td (refer ) Tj ET Q q 0 0 0 rg BT 280.33 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 291.13 603.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 315.33 603.30 Td (Mason.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.99 578.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 111.79 578.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 152.26 578.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 194.49 578.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 226.82 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.72 578.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 287.95 578.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 327.27 578.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 347.33 578.10 Td (from ) Tj ET Q q 0 0 0 rg BT 370.90 578.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 408.45 578.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 448.34 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.65 578.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 495.77 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.08 578.10 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 66.82 565.50 Td (service ) Tj ET Q q 0 0 0 rg BT 98.71 565.50 Td (fees. ) Tj ET Q q 0 0 0 rg BT 120.39 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 122.55 565.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 171.37 565.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 209.68 565.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 228.75 565.50 Td (are ) Tj ET Q q 0 0 0 rg BT 243.72 565.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 284.94 565.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 329.65 565.50 Td (as ) Tj ET Q q 0 0 0 rg BT 340.56 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 347.38 565.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 395.00 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 405.90 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 420.89 565.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 447.54 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 458.45 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 473.43 565.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 521.67 565.50 Td (portfolios ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (that ) Tj ET Q q 0 0 0 rg BT 68.22 552.90 Td (we ) Tj ET Q q 0 0 0 rg BT 83.44 552.90 Td (manage. ) Tj ET Q q 0 0 0 rg BT 121.70 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 124.67 552.90 Td (In ) Tj ET Q q 0 0 0 rg BT 136.40 552.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 176.41 552.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 232.44 552.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 252.32 552.90 Td (may ) Tj ET Q q 0 0 0 rg BT 273.38 552.90 Td (be ) Tj ET Q q 0 0 0 rg BT 286.27 552.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 317.22 552.90 Td (under ) Tj ET Q q 0 0 0 rg BT 344.11 552.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 375.65 552.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 424.70 552.90 Td (advisory ) Tj ET Q q 0 0 0 rg BT 463.84 552.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 504.72 552.90 Td (for ) Tj ET Q q 0 0 0 rg BT 519.94 552.90 Td (exceeding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.91 540.30 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 162.00 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 175.11 540.30 Td (hurdle ) Tj ET Q q 0 0 0 rg BT 206.30 540.30 Td (rates. ) Tj ET Q q 0 0 0 rg BT 233.11 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 237.15 540.30 Td (The ) Tj ET Q q 0 0 0 rg BT 257.84 540.30 Td (lar) Tj ET Q q 0 0 0 rg BT 268.72 540.30 Td (gest ) Tj ET Q q 0 0 0 rg BT 290.00 540.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 324.69 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 337.80 540.30 Td (our ) Tj ET Q q 0 0 0 rg BT 356.16 540.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 413.57 540.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 434.84 540.30 Td (is ) Tj ET Q q 0 0 0 rg BT 446.20 540.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 478.54 540.30 Td (based ) Tj ET Q q 0 0 0 rg BT 506.81 540.30 Td (on ) Tj ET Q q 0 0 0 rg BT 521.67 540.30 Td (12-month ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.29 527.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 138.94 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 157.42 527.70 Td (end ) Tj ET Q q 0 0 0 rg BT 175.32 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 186.22 527.70 Td (dif) Tj ET Q q 0 0 0 rg BT 197.70 527.70 Td (fering ) Tj ET Q q 0 0 0 rg BT 225.51 527.70 Td (quarters ) Tj ET Q q 0 0 0 rg BT 262.06 527.70 Td (during ) Tj ET Q q 0 0 0 rg BT 292.22 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 307.78 527.70 Td (year) Tj ET Q q 0 0 0 rg BT 325.43 527.70 Td (, ) Tj ET Q q 0 0 0 rg BT 330.79 527.70 Td (with ) Tj ET Q q 0 0 0 rg BT 352.20 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 359.60 527.70 Td (portion ) Tj ET Q q 0 0 0 rg BT 392.67 527.70 Td (based ) Tj ET Q q 0 0 0 rg BT 419.31 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 432.55 527.70 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 473.19 527.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 528.97 527.70 Td (periods. ) Tj ET Q q 0 0 0 rg BT 565.13 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 567.76 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 570.38 527.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 515.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.48 515.10 Td (also ) Tj ET Q q 0 0 0 rg BT 84.64 515.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 104.95 515.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 160.25 515.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 179.40 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 192.15 515.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 238.71 515.10 Td (products ) Tj ET Q q 0 0 0 rg BT 277.11 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 295.11 515.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 315.43 515.10 Td (at ) Tj ET Q q 0 0 0 rg BT 325.26 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.33 515.10 Td (end ) Tj ET Q q 0 0 0 rg BT 357.74 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.73 515.10 Td (varying ) Tj ET Q q 0 0 0 rg BT 403.06 515.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 451.38 515.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 484.54 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 495.53 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 505.95 515.10 Td (multiple-year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (intervals. ) Tj ET Q q 0 0 0 rg BT 91.99 502.50 Td ( ) Tj ET Q q 0 0 0 rg BT 95.70 502.50 Td (Per ) Tj ET Q q 0 0 0 rg BT 113.41 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 129.95 502.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 156.99 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 169.44 502.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 201.72 502.50 Td (recent ) Tj ET Q q 0 0 0 rg BT 231.08 502.50 Td (acquisitions, ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 287.57 509.78 277.56 -9.55 re f /GS0 gs q 0 0 0 rg BT 287.57 502.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 344.33 502.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 364.95 502.50 Td (earned ) Tj ET Q q 0 0 0 rg BT 396.64 502.50 Td (on ) Tj ET Q q 0 0 0 rg BT 410.85 502.50 Td (pre-close ) Tj ET Q q 0 0 0 rg BT 453.04 502.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 481.25 502.50 Td (under ) Tj ET Q q 0 0 0 rg BT 508.86 502.50 Td (management ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 497.18 515.62 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 489.90 Td (\("AUM"\) ) Tj ET Q q 0 0 0 rg BT 92.37 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 103.92 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 119.55 489.90 Td (acquired ) Tj ET Q q 0 0 0 rg BT 158.50 489.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 191.63 489.90 Td (are ) Tj ET Q q 0 0 0 rg BT 207.25 489.90 Td (fully ) Tj ET Q q 0 0 0 rg BT 229.89 489.90 Td (passed ) Tj ET Q q 0 0 0 rg BT 260.69 489.90 Td (through ) Tj ET Q q 0 0 0 rg BT 296.15 489.90 Td (as ) Tj ET Q q 0 0 0 rg BT 307.70 489.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 368.83 489.90 Td (expense, ) Tj ET Q q 0 0 0 rg BT 408.07 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 426.04 489.90 Td (therefore ) Tj ET Q q 0 0 0 rg BT 466.73 489.90 Td (have ) Tj ET Q q 0 0 0 rg BT 489.35 489.90 Td (no ) Tj ET Q q 0 0 0 rg BT 502.66 489.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 534.03 489.90 Td (on ) Tj ET Q q 0 0 0 rg BT 547.34 489.90 Td (Net ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 484.58 215.27 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 477.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 84.74 477.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 114.50 477.30 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 169.00 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 180.93 477.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 206.26 477.30 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 241.23 477.30 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 261.02 477.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.77 477.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 319.29 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 338.20 477.30 Td (service ) Tj ET Q q 0 0 0 rg BT 371.70 477.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 392.36 477.30 Td (are ) Tj ET Q q 0 0 0 rg BT 408.93 477.30 Td (received ) Tj ET Q q 0 0 0 rg BT 448.25 477.30 Td (for ) Tj ET Q q 0 0 0 rg BT 464.25 477.30 Td (distributing ) Tj ET Q q 0 0 0 rg BT 516.43 477.30 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (products ) Tj ET Q q 0 0 0 rg BT 89.35 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 108.20 464.70 Td (services, ) Tj ET Q q 0 0 0 rg BT 148.34 464.70 Td (for ) Tj ET Q q 0 0 0 rg BT 164.27 464.70 Td (providing ) Tj ET Q q 0 0 0 rg BT 208.80 464.70 Td (other ) Tj ET Q q 0 0 0 rg BT 234.06 464.70 Td (support ) Tj ET Q q 0 0 0 rg BT 269.26 464.70 Td (services ) Tj ET Q q 0 0 0 rg BT 306.77 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 318.62 464.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 368.39 464.70 Td (portfolios, ) Tj ET Q q 0 0 0 rg BT 415.54 464.70 Td (or ) Tj ET Q q 0 0 0 rg BT 427.98 464.70 Td (for ) Tj ET Q q 0 0 0 rg BT 443.91 464.70 Td (providing ) Tj ET Q q 0 0 0 rg BT 488.44 464.70 Td (non-discretionary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 89.05 452.10 Td (services ) Tj ET Q q 0 0 0 rg BT 126.26 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 141.89 452.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 169.78 452.10 Td (under ) Tj ET Q q 0 0 0 rg BT 197.07 452.10 Td (advisement ) Tj ET Q q 0 0 0 rg BT 248.28 452.10 Td (\("AUA"\), ) Tj ET Q q 0 0 0 rg BT 292.61 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.16 452.10 Td (are ) Tj ET Q q 0 0 0 rg BT 327.37 452.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 369.82 452.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 415.77 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 427.90 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 435.95 452.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 484.81 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.95 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.16 452.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 541.05 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 552.61 452.10 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.18 439.50 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 135.53 439.50 Td (or ) Tj ET Q q 0 0 0 rg BT 145.88 439.50 Td (as ) Tj ET Q q 0 0 0 rg BT 156.23 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 162.50 439.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 209.57 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 219.92 439.50 Td (new ) Tj ET Q q 0 0 0 rg BT 239.01 439.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.11 439.50 Td (added ) Tj ET Q q 0 0 0 rg BT 291.79 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 301.56 439.50 Td (an ) Tj ET Q q 0 0 0 rg BT 313.07 439.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 360.76 439.50 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 401.73 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 403.33 439.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 421.27 439.50 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 462.81 439.50 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 504.93 439.50 Td (are ) Tj ET Q q 0 0 0 rg BT 519.35 439.50 Td (dependent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.75 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 87.82 426.90 Td (level ) Tj ET Q q 0 0 0 rg BT 110.48 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 121.47 426.90 Td (our ) Tj ET Q q 0 0 0 rg BT 137.22 426.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 163.97 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 180.88 426.90 Td (AUA) Tj ET Q q 0 0 0 rg BT 203.05 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 205.29 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 222.70 426.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 237.77 426.90 Td (rates, ) Tj ET Q q 0 0 0 rg BT 262.46 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 279.87 426.90 Td (thus ) Tj ET Q q 0 0 0 rg BT 299.62 426.90 Td (are ) Tj ET Q q 0 0 0 rg BT 314.68 426.90 Td (af) Tj ET Q q 0 0 0 rg BT 322.65 426.90 Td (fected ) Tj ET Q q 0 0 0 rg BT 350.55 426.90 Td (by ) Tj ET Q q 0 0 0 rg BT 363.29 426.90 Td (factors ) Tj ET Q q 0 0 0 rg BT 394.11 426.90 Td (such ) Tj ET Q q 0 0 0 rg BT 415.60 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 426.60 426.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 468.50 426.90 Td (market ) Tj ET Q q 0 0 0 rg BT 499.90 426.90 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 548.52 426.90 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (ability ) Tj ET Q q 0 0 0 rg BT 79.13 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 90.10 414.30 Td (attract ) Tj ET Q q 0 0 0 rg BT 119.13 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 137.09 414.30 Td (maintain ) Tj ET Q q 0 0 0 rg BT 176.01 414.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 203.31 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 221.27 414.30 Td (key ) Tj ET Q q 0 0 0 rg BT 239.23 414.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 288.11 414.30 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 334.35 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 352.31 414.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 401.19 414.30 Td (performance. ) Tj ET Q q 0 0 0 rg BT 459.67 414.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 478.18 414.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 505.48 414.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 542.10 414.30 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (period ) Tj ET Q q 0 0 0 rg BT 78.50 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 88.85 401.70 Td (period ) Tj ET Q q 0 0 0 rg BT 117.85 401.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 159.10 401.70 Td (due ) Tj ET Q q 0 0 0 rg BT 176.44 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 186.79 401.70 Td (inflows ) Tj ET Q q 0 0 0 rg BT 220.46 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 237.80 401.70 Td (outflows ) Tj ET Q q 0 0 0 rg BT 276.73 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 287.66 401.70 Td (client ) Tj ET Q q 0 0 0 rg BT 313.16 401.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 339.83 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 357.17 401.70 Td (market ) Tj ET Q q 0 0 0 rg BT 388.50 401.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 443.73 401.70 Td (as ) Tj ET Q q 0 0 0 rg BT 454.65 401.70 Td (well ) Tj ET Q q 0 0 0 rg BT 474.91 401.70 Td (as ) Tj ET Q q 0 0 0 rg BT 485.83 401.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 521.83 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 532.18 401.70 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 90.92 389.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 115.14 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.91 389.10 Td (Client ) Tj ET Q q 0 0 0 rg BT 144.35 389.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 185.20 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.15 389.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 231.31 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.83 389.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 279.74 389.10 Td (their ) Tj ET Q q 0 0 0 rg BT 300.76 389.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 327.03 389.10 Td (under ) Tj ET Q q 0 0 0 rg BT 352.71 389.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.48 389.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 426.53 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.46 389.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 484.31 389.10 Td (by ) Tj ET Q q 0 0 0 rg BT 496.59 389.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 535.10 389.10 Td (clients ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.84 376.50 Td (utilize ) Tj ET Q q 0 0 0 rg BT 90.26 376.50 Td (our ) Tj ET Q q 0 0 0 rg BT 107.43 376.50 Td (services, ) Tj ET Q q 0 0 0 rg BT 147.04 376.50 Td (may ) Tj ET Q q 0 0 0 rg BT 168.30 376.50 Td (be ) Tj ET Q q 0 0 0 rg BT 181.38 376.50 Td (based ) Tj ET Q q 0 0 0 rg BT 208.46 376.50 Td (on ) Tj ET Q q 0 0 0 rg BT 222.14 376.50 Td (one ) Tj ET Q q 0 0 0 rg BT 240.47 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 252.39 376.50 Td (more ) Tj ET Q q 0 0 0 rg BT 277.14 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 289.06 376.50 Td (a ) Tj ET Q q 0 0 0 rg BT 296.89 376.50 Td (number ) Tj ET Q q 0 0 0 rg BT 332.14 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 344.06 376.50 Td (factors. ) Tj ET Q q 0 0 0 rg BT 378.43 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 381.38 376.50 Td (These ) Tj ET Q q 0 0 0 rg BT 409.62 376.50 Td (factors ) Tj ET Q q 0 0 0 rg BT 441.36 376.50 Td (include ) Tj ET Q q 0 0 0 rg BT 475.44 376.50 Td (our ) Tj ET Q q 0 0 0 rg BT 492.61 376.50 Td (reputation ) Tj ET Q q 0 0 0 rg BT 538.36 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 549.70 376.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 105.26 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 119.93 363.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 167.84 363.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 222.73 363.90 Td (\(both ) Tj ET Q q 0 0 0 rg BT 246.73 363.90 Td (absolute ) Tj ET Q q 0 0 0 rg BT 283.56 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 300.56 363.90 Td (relative ) Tj ET Q q 0 0 0 rg BT 333.88 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 343.88 363.90 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 396.45 363.90 Td (or ) Tj ET Q q 0 0 0 rg BT 407.03 363.90 Td (competitive ) Tj ET Q q 0 0 0 rg BT 458.44 363.90 Td (products\) ) Tj ET Q q 0 0 0 rg BT 499.93 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 510.52 363.90 Td (our ) Tj ET Q q 0 0 0 rg BT 526.35 363.90 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.45 351.30 Td (services, ) Tj ET Q q 0 0 0 rg BT 106.68 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 122.30 351.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 141.99 351.30 Td (we ) Tj ET Q q 0 0 0 rg BT 157.02 351.30 Td (char) Tj ET Q q 0 0 0 rg BT 174.90 351.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 187.60 351.30 Td (for ) Tj ET Q q 0 0 0 rg BT 202.63 351.30 Td (our ) Tj ET Q q 0 0 0 rg BT 219.41 351.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 268.28 351.30 Td (services, ) Tj ET Q q 0 0 0 rg BT 307.51 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 323.12 351.30 Td (client ) Tj ET Q q 0 0 0 rg BT 349.23 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 360.77 351.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 400.30 351.30 Td (client's ) Tj ET Q q 0 0 0 rg BT 432.39 351.30 Td (situation, ) Tj ET Q q 0 0 0 rg BT 473.97 351.30 Td (including ) Tj ET Q q 0 0 0 rg BT 516.42 351.30 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 97.69 338.70 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 136.28 338.70 Td (needs, ) Tj ET Q q 0 0 0 rg BT 165.81 338.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 214.89 338.70 Td (horizon ) Tj ET Q q 0 0 0 rg BT 249.96 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 268.12 338.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 302.61 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 314.36 338.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 341.85 338.70 Td (managed, ) Tj ET Q q 0 0 0 rg BT 385.37 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 402.37 338.70 Td (relationships ) Tj ET Q q 0 0 0 rg BT 459.03 338.70 Td (with ) Tj ET Q q 0 0 0 rg BT 480.69 338.70 Td (distributors ) Tj ET Q q 0 0 0 rg BT 531.53 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 549.69 338.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (external ) Tj ET Q q 0 0 0 rg BT 85.94 326.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 129.38 326.10 Td (environment, ) Tj ET Q q 0 0 0 rg BT 187.70 326.10 Td (including ) Tj ET Q q 0 0 0 rg BT 229.99 326.10 Td (market ) Tj ET Q q 0 0 0 rg BT 261.77 326.10 Td (conditions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (The ) Tj ET Q q 0 0 0 rg BT 69.33 300.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 89.73 300.90 Td (that ) Tj ET Q q 0 0 0 rg BT 108.98 300.90 Td (we ) Tj ET Q q 0 0 0 rg BT 124.72 300.90 Td (char) Tj ET Q q 0 0 0 rg BT 142.60 300.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 156.01 300.90 Td (for ) Tj ET Q q 0 0 0 rg BT 171.75 300.90 Td (our ) Tj ET Q q 0 0 0 rg BT 189.25 300.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 238.83 300.90 Td (services ) Tj ET Q q 0 0 0 rg BT 276.15 300.90 Td (vary ) Tj ET Q q 0 0 0 rg BT 298.31 300.90 Td (based ) Tj ET Q q 0 0 0 rg BT 325.71 300.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 350.21 300.90 Td (factors ) Tj ET Q q 0 0 0 rg BT 382.28 300.90 Td (such ) Tj ET Q q 0 0 0 rg BT 405.03 300.90 Td (as ) Tj ET Q q 0 0 0 rg BT 417.28 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 433.61 300.90 Td (type ) Tj ET Q q 0 0 0 rg BT 455.19 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 467.43 300.90 Td (underlying ) Tj ET Q q 0 0 0 rg BT 516.43 300.90 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (product, ) Tj ET Q q 0 0 0 rg BT 88.15 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 104.94 288.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 140.38 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 152.21 288.30 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 183.29 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 200.08 288.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 224.44 288.30 Td (management ) Tj ET Q q 0 0 0 rg BT 282.04 288.30 Td (af) Tj ET Q q 0 0 0 rg BT 290.01 288.30 Td (filiate ) Tj ET Q q 0 0 0 rg BT 318.45 288.30 Td (that ) Tj ET Q q 0 0 0 rg BT 338.15 288.30 Td (provides ) Tj ET Q q 0 0 0 rg BT 378.26 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 395.04 288.30 Td (services, ) Tj ET Q q 0 0 0 rg BT 435.44 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 454.56 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 471.34 288.30 Td (type ) Tj ET Q q 0 0 0 rg BT 493.37 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 506.07 288.30 Td (services ) Tj ET Q q 0 0 0 rg BT 543.84 288.30 Td (\(and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.25 275.70 Td (objectives\) ) Tj ET Q q 0 0 0 rg BT 146.98 275.70 Td (that ) Tj ET Q q 0 0 0 rg BT 165.40 275.70 Td (are ) Tj ET Q q 0 0 0 rg BT 180.88 275.70 Td (provided. ) Tj ET Q q 0 0 0 rg BT 223.50 275.70 Td ( ) Tj ET Q q 0 0 0 rg BT 226.17 275.70 Td (In ) Tj ET Q q 0 0 0 rg BT 237.58 275.70 Td (general, ) Tj ET Q q 0 0 0 rg BT 273.77 275.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 293.35 275.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 323.99 275.70 Td (for ) Tj ET Q q 0 0 0 rg BT 338.90 275.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 361.98 275.70 Td (management ) Tj ET Q q 0 0 0 rg BT 418.30 275.70 Td (services ) Tj ET Q q 0 0 0 rg BT 454.79 275.70 Td (are ) Tj ET Q q 0 0 0 rg BT 470.27 275.70 Td (highest ) Tj ET Q q 0 0 0 rg BT 503.27 275.70 Td (for ) Tj ET Q q 0 0 0 rg BT 518.18 275.70 Td (alternative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 78.81 263.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 118.32 263.10 Td (by ) Tj ET Q q 0 0 0 rg BT 131.00 263.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 159.43 263.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 188.74 263.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 212.50 263.10 Td (income ) Tj ET Q q 0 0 0 rg BT 245.59 263.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 272.27 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.61 263.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 327.38 263.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 356.69 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.39 263.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 410.20 263.10 Td (, ) Tj ET Q q 0 0 0 rg BT 415.01 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 431.19 263.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 470.69 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.03 263.10 Td (average ) Tj ET Q q 0 0 0 rg BT 522.85 263.10 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 85.25 250.50 Td (yields ) Tj ET Q q 0 0 0 rg BT 112.86 250.50 Td (will ) Tj ET Q q 0 0 0 rg BT 131.71 250.50 Td (be ) Tj ET Q q 0 0 0 rg BT 144.15 250.50 Td (af) Tj ET Q q 0 0 0 rg BT 152.11 250.50 Td (fected ) Tj ET Q q 0 0 0 rg BT 180.28 250.50 Td (by ) Tj ET Q q 0 0 0 rg BT 193.31 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 208.66 250.50 Td (composition ) Tj ET Q q 0 0 0 rg BT 263.10 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 274.36 250.50 Td (our ) Tj ET Q q 0 0 0 rg BT 290.33 250.50 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 319.98 250.50 Td (with ) Tj ET Q q 0 0 0 rg BT 341.17 250.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 377.51 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 388.20 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 403.55 250.50 Td (relative ) Tj ET Q q 0 0 0 rg BT 437.55 250.50 Td (level ) Tj ET Q q 0 0 0 rg BT 460.48 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 471.75 250.50 Td (alternative ) Tj ET Q q 0 0 0 rg BT 518.58 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 536.26 250.50 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.92 237.90 Td (typically ) Tj ET Q q 0 0 0 rg BT 114.57 237.90 Td (more ) Tj ET Q q 0 0 0 rg BT 138.07 237.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 192.48 237.90 Td (impacting ) Tj ET Q q 0 0 0 rg BT 236.38 237.90 Td (our ) Tj ET Q q 0 0 0 rg BT 252.30 237.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 291.53 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 308.61 237.90 Td (average ) Tj ET Q q 0 0 0 rg BT 343.17 237.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 384.74 237.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 419.88 237.90 Td (yields. ) Tj ET Q q 0 0 0 rg BT 449.51 237.90 Td ( ) Tj ET Q q 0 0 0 rg BT 451.00 237.90 Td (A) Tj ET Q q 0 0 0 rg BT 457.80 237.90 Td (verage ) Tj ET Q q 0 0 0 rg BT 487.70 237.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 529.27 237.90 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (yields ) Tj ET Q q 0 0 0 rg BT 76.78 225.30 Td (are ) Tj ET Q q 0 0 0 rg BT 91.80 225.30 Td (calculated ) Tj ET Q q 0 0 0 rg BT 136.55 225.30 Td (as ) Tj ET Q q 0 0 0 rg BT 147.50 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 162.52 225.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 183.96 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 194.91 225.30 Td (annualized ) Tj ET Q q 0 0 0 rg BT 242.58 225.30 Td (total ) Tj ET Q q 0 0 0 rg BT 263.44 225.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 305.30 225.30 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 343.35 225.30 Td (less ) Tj ET Q q 0 0 0 rg BT 361.30 225.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 416.54 225.30 Td (fees, ) Tj ET Q q 0 0 0 rg BT 438.27 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 448.64 225.30 Td (average ) Tj ET Q q 0 0 0 rg BT 482.99 225.30 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 512.32 225.30 Td ( ) Tj ET Q q 0 0 0 rg BT 514.51 225.30 Td (In ) Tj ET Q q 0 0 0 rg BT 525.46 225.30 Td (addition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 60.42 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 76.00 212.70 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 114.33 212.70 Td (course ) Tj ET Q q 0 0 0 rg BT 144.49 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 155.99 212.70 Td (our ) Tj ET Q q 0 0 0 rg BT 172.74 212.70 Td (business, ) Tj ET Q q 0 0 0 rg BT 213.71 212.70 Td (we ) Tj ET Q q 0 0 0 rg BT 228.71 212.70 Td (may ) Tj ET Q q 0 0 0 rg BT 249.54 212.70 Td (reduce ) Tj ET Q q 0 0 0 rg BT 280.27 212.70 Td (or ) Tj ET Q q 0 0 0 rg BT 291.77 212.70 Td (waive ) Tj ET Q q 0 0 0 rg BT 319.60 212.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 368.43 212.70 Td (management ) Tj ET Q q 0 0 0 rg BT 424.83 212.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 444.49 212.70 Td (or ) Tj ET Q q 0 0 0 rg BT 455.99 212.70 Td (total ) Tj ET Q q 0 0 0 rg BT 477.41 212.70 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 520.69 212.70 Td (on ) Tj ET Q q 0 0 0 rg BT 533.95 212.70 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (products ) Tj ET Q q 0 0 0 rg BT 88.63 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 100.34 200.10 Td (services ) Tj ET Q q 0 0 0 rg BT 137.12 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 152.33 200.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 195.53 200.10 Td (time ) Tj ET Q q 0 0 0 rg BT 217.16 200.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 251.03 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.17 200.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 284.97 200.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 307.18 200.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 350.68 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 362.39 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 377.60 200.10 Td (other ) Tj ET Q q 0 0 0 rg BT 402.14 200.10 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 439.22 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.35 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.48 200.10 Td (help ) Tj ET Q q 0 0 0 rg BT 489.52 200.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 516.39 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 528.10 200.10 Td (increase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 90.85 187.50 Td (assets. ) Tj ET Q q 0 0 0 rg BT 121.43 187.50 Td ( ) Tj ET Q q 0 0 0 rg BT 124.89 187.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 144.67 187.50 Td (industry ) Tj ET Q q 0 0 0 rg BT 182.55 187.50 Td (continues ) Tj ET Q q 0 0 0 rg BT 226.25 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 237.87 187.50 Td (be ) Tj ET Q q 0 0 0 rg BT 251.24 187.50 Td (impacted ) Tj ET Q q 0 0 0 rg BT 293.18 187.50 Td (by ) Tj ET Q q 0 0 0 rg BT 307.13 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 323.41 187.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 365.93 187.50 Td (low ) Tj ET Q q 0 0 0 rg BT 385.14 187.50 Td (growth ) Tj ET Q q 0 0 0 rg BT 418.34 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 436.96 187.50 Td (low ) Tj ET Q q 0 0 0 rg BT 456.16 187.50 Td (return ) Tj ET Q q 0 0 0 rg BT 484.69 187.50 Td (environment, ) Tj ET Q q 0 0 0 rg BT 543.84 187.50 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (continued ) Tj ET Q q 0 0 0 rg BT 92.59 174.90 Td (migration ) Tj ET Q q 0 0 0 rg BT 135.11 174.90 Td (from ) Tj ET Q q 0 0 0 rg BT 157.21 174.90 Td (active ) Tj ET Q q 0 0 0 rg BT 183.96 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 193.82 174.90 Td (passive ) Tj ET Q q 0 0 0 rg BT 226.42 174.90 Td (strategies ) Tj ET Q q 0 0 0 rg BT 267.76 174.90 Td (\(which ) Tj ET Q q 0 0 0 rg BT 298.61 174.90 Td (tend ) Tj ET Q q 0 0 0 rg BT 318.37 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 328.23 174.90 Td (have ) Tj ET Q q 0 0 0 rg BT 349.74 174.90 Td (lower ) Tj ET Q q 0 0 0 rg BT 375.33 174.90 Td (fees\), ) Tj ET Q q 0 0 0 rg BT 400.05 174.90 Td (which, ) Tj ET Q q 0 0 0 rg BT 430.02 174.90 Td (together ) Tj ET Q q 0 0 0 rg BT 466.11 174.90 Td (with ) Tj ET Q q 0 0 0 rg BT 486.47 174.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 531.30 174.90 Td (reform, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (continue ) Tj ET Q q 0 0 0 rg BT 88.28 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 99.07 162.30 Td (put ) Tj ET Q q 0 0 0 rg BT 115.12 162.30 Td (pressure ) Tj ET Q q 0 0 0 rg BT 152.73 162.30 Td (on ) Tj ET Q q 0 0 0 rg BT 165.85 162.30 Td (fees. ) Tj ET Q q 0 0 0 rg BT 188.01 162.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 137.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.84 137.10 Td (have ) Tj ET Q q 0 0 0 rg BT 90.27 137.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 127.11 137.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 161.63 137.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 221.80 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.58 137.10 Td (place ) Tj ET Q q 0 0 0 rg BT 259.34 137.10 Td (with ) Tj ET Q q 0 0 0 rg BT 281.62 137.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 313.79 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.15 137.10 Td (our ) Tj ET Q q 0 0 0 rg BT 343.76 137.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 367.78 137.10 Td (management ) Tj ET Q q 0 0 0 rg BT 425.04 137.10 Td (af) Tj ET Q q 0 0 0 rg BT 433.01 137.10 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 467.82 137.10 Td (under ) Tj ET Q q 0 0 0 rg BT 495.33 137.10 Td (which ) Tj ET Q q 0 0 0 rg BT 524.61 137.10 Td (specified ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (percentages ) Tj ET Q q 0 0 0 rg BT 101.66 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 113.01 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 128.45 124.50 Td (af) Tj ET Q q 0 0 0 rg BT 136.42 124.50 Td (filiates' ) Tj ET Q q 0 0 0 rg BT 169.49 124.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 209.41 124.50 Td (are ) Tj ET Q q 0 0 0 rg BT 224.84 124.50 Td (required ) Tj ET Q q 0 0 0 rg BT 262.43 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 273.20 124.50 Td (be ) Tj ET Q q 0 0 0 rg BT 285.72 124.50 Td (distributed ) Tj ET Q q 0 0 0 rg BT 333.24 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 344.01 124.50 Td (us ) Tj ET Q q 0 0 0 rg BT 355.96 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 373.72 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 389.16 124.50 Td (balance ) Tj ET Q q 0 0 0 rg BT 423.83 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 435.18 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 450.61 124.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 490.54 124.50 Td (is ) Tj ET Q q 0 0 0 rg BT 500.15 124.50 Td (retained ) Tj ET Q q 0 0 0 rg BT 536.57 124.50 Td (by ) Tj ET Q q 0 0 0 rg BT 549.67 124.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (af) Tj ET Q q 0 0 0 rg BT 57.47 111.90 Td (filiates ) Tj ET Q q 0 0 0 rg BT 89.46 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 101.04 111.90 Td (pay ) Tj ET Q q 0 0 0 rg BT 119.62 111.90 Td (their ) Tj ET Q q 0 0 0 rg BT 142.28 111.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 185.35 111.90 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 229.30 111.90 Td (including ) Tj ET Q q 0 0 0 rg BT 272.38 111.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 334.11 111.90 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 378.06 111.90 Td (but ) Tj ET Q q 0 0 0 rg BT 394.90 111.90 Td (excluding ) Tj ET Q q 0 0 0 rg BT 439.72 111.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 471.70 111.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 513.02 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 531.60 111.90 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 76.14 99.30 Td ( ) Tj ET Q q 0 0 0 rg BT 78.57 99.30 Td (Under ) Tj ET Q q 0 0 0 rg BT 107.25 99.30 Td (these ) Tj ET Q q 0 0 0 rg BT 131.26 99.30 Td (revenue-sharing ) Tj ET Q q 0 0 0 rg BT 201.33 99.30 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 262.95 99.30 Td (our ) Tj ET Q q 0 0 0 rg BT 279.38 99.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 302.23 99.30 Td (management ) Tj ET Q q 0 0 0 rg BT 358.31 99.30 Td (af) Tj ET Q q 0 0 0 rg BT 366.27 99.30 Td (filiates ) Tj ET Q q 0 0 0 rg BT 397.28 99.30 Td (retain ) Tj ET Q q 0 0 0 rg BT 423.62 99.30 Td (dif) Tj ET Q q 0 0 0 rg BT 435.10 99.30 Td (ferent ) Tj ET Q q 0 0 0 rg BT 462.02 99.30 Td (percentages ) Tj ET Q q 0 0 0 rg BT 514.00 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 525.19 99.30 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.83 86.70 Td (cover ) Tj ET Q q 0 0 0 rg BT 87.30 86.70 Td (their ) Tj ET Q q 0 0 0 rg BT 109.71 86.70 Td (costs. ) Tj ET Q q 0 0 0 rg BT 136.49 86.70 Td ( ) Tj ET Q q 0 0 0 rg BT 139.65 86.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 166.72 86.70 Td (af) Tj ET Q q 0 0 0 rg BT 174.69 86.70 Td (filiates ) Tj ET Q q 0 0 0 rg BT 206.42 86.70 Td (operate ) Tj ET Q q 0 0 0 rg BT 240.48 86.70 Td (under ) Tj ET Q q 0 0 0 rg BT 267.54 86.70 Td (budgetary ) Tj ET Q q 0 0 0 rg BT 312.69 86.70 Td (processes. ) Tj ET Q q 0 0 0 rg BT 358.71 86.70 Td ( ) Tj ET Q q 0 0 0 rg BT 361.17 86.70 Td (As ) Tj ET Q q 0 0 0 rg BT 376.00 86.70 Td (such, ) Tj ET Q q 0 0 0 rg BT 401.03 86.70 Td (our ) Tj ET Q q 0 0 0 rg BT 418.19 86.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 436.51 86.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 471.16 86.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 500.45 86.70 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 554.35 86.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.59 74.10 Td (Mason,�Inc., ) Tj ET Q q 0 0 0 rg BT 128.60 74.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 170.77 74.10 Td (mar) Tj ET Q q 0 0 0 rg BT 186.91 74.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 202.85 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.52 74.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 281.36 74.10 Td (as ) Tj ET Q q 0 0 0 rg BT 292.63 74.10 Td (a ) Tj ET Q q 0 0 0 rg BT 299.81 74.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 347.79 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.06 74.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 401.23 74.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 441.06 74.10 Td (are ) Tj ET Q q 0 0 0 rg BT 456.40 74.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 497.40 74.10 Td (based ) Tj ET Q q 0 0 0 rg BT 523.83 74.10 Td (on ) Tj ET Q q 0 0 0 rg BT 536.85 74.10 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (af) Tj ET Q q 0 0 0 rg BT 57.47 61.50 Td (filiates ) Tj ET Q q 0 0 0 rg BT 88.85 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 106.82 61.50 Td (products ) Tj ET Q q 0 0 0 rg BT 145.80 61.50 Td (generate ) Tj ET Q q 0 0 0 rg BT 184.16 61.50 Td (our ) Tj ET Q q 0 0 0 rg BT 200.35 61.50 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 230.29 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 248.26 61.50 Td (a ) Tj ET Q q 0 0 0 rg BT 255.73 61.50 Td (change ) Tj ET Q q 0 0 0 rg BT 288.28 61.50 Td (in ) Tj ET Q q 0 0 0 rg BT 298.64 61.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 325.95 61.50 Td (at ) Tj ET Q q 0 0 0 rg BT 336.34 61.50 Td (one ) Tj ET Q q 0 0 0 rg BT 354.31 61.50 Td (af) Tj ET Q q 0 0 0 rg BT 362.28 61.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 389.58 61.50 Td (or ) Tj ET Q q 0 0 0 rg BT 401.13 61.50 Td (with ) Tj ET Q q 0 0 0 rg BT 422.61 61.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 455.16 61.50 Td (to ) Tj ET Q q 0 0 0 rg BT 466.13 61.50 Td (one ) Tj ET Q q 0 0 0 rg BT 484.11 61.50 Td (product ) Tj ET Q q 0 0 0 rg BT 518.99 61.50 Td (or ) Tj ET Q q 0 0 0 rg BT 530.55 61.50 Td (class ) Tj ET Q q 0 0 0 rg BT 553.77 61.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.90 Td (products ) Tj ET Q q 0 0 0 rg BT 88.92 48.90 Td (can ) Tj ET Q q 0 0 0 rg BT 106.75 48.90 Td (have ) Tj ET Q q 0 0 0 rg BT 129.84 48.90 Td (a ) Tj ET Q q 0 0 0 rg BT 137.76 48.90 Td (dif) Tj ET Q q 0 0 0 rg BT 149.23 48.90 Td (ferent ) Tj ET Q q 0 0 0 rg BT 176.97 48.90 Td (ef) Tj ET Q q 0 0 0 rg BT 184.94 48.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 203.94 48.90 Td (on ) Tj ET Q q 0 0 0 rg BT 217.70 48.90 Td (our ) Tj ET Q q 0 0 0 rg BT 234.96 48.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 275.53 48.90 Td (and ) Tj ET Q q 0 0 0 rg BT 293.95 48.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 332.79 48.90 Td (than ) Tj ET Q q 0 0 0 rg BT 354.13 48.90 Td (an ) Tj ET Q q 0 0 0 rg BT 367.30 48.90 Td (equal ) Tj ET Q q 0 0 0 rg BT 393.30 48.90 Td (change ) Tj ET Q q 0 0 0 rg BT 426.29 48.90 Td (at ) Tj ET Q q 0 0 0 rg BT 437.13 48.90 Td (another ) Tj ET Q q 0 0 0 rg BT 471.87 48.90 Td (af) Tj ET Q q 0 0 0 rg BT 479.84 48.90 Td (filiate ) Tj ET Q q 0 0 0 rg BT 507.59 48.90 Td (or ) Tj ET Q q 0 0 0 rg BT 519.60 48.90 Td (in ) Tj ET Q q 0 0 0 rg BT 531.03 48.90 Td (another ) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (35) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (product ) Tj ET Q q 0 0 0 rg BT 82.91 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 92.98 741.75 Td (class ) Tj ET Q q 0 0 0 rg BT 114.73 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 124.81 741.75 Td (products. ) Tj ET Q q 0 0 0 rg BT 164.92 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 166.25 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 176.33 741.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 214.70 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 236.44 741.75 Td (time ) Tj ET Q q 0 0 0 rg BT 256.44 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 265.94 741.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 288.56 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 302.13 741.75 Td (may ) Tj ET Q q 0 0 0 rg BT 321.54 741.75 Td (agree ) Tj ET Q q 0 0 0 rg BT 345.60 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 355.10 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 390.25 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 399.75 741.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 434.31 741.75 Td (sharing ) Tj ET Q q 0 0 0 rg BT 466.55 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.05 741.75 Td (other ) Tj ET Q q 0 0 0 rg BT 505.95 741.75 Td (arrangements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 70.79 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 87.41 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 110.45 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 166.72 729.15 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 212.79 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 241.08 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 261.78 729.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 292.98 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 309.60 729.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 370.55 729.15 Td (expenses ) Tj ET Q q 0 0 0 rg BT 411.08 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 428.86 729.15 Td (profitability) Tj ET Q q 0 0 0 rg BT 478.34 729.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 67.84 703.95 Td (most ) Tj ET Q q 0 0 0 rg BT 90.27 703.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 136.61 703.95 Td (component ) Tj ET Q q 0 0 0 rg BT 185.28 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 196.04 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 212.05 703.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 230.98 703.95 Td (structure ) Tj ET Q q 0 0 0 rg BT 269.73 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 278.75 703.95 Td (employee ) Tj ET Q q 0 0 0 rg BT 321.58 703.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 381.91 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 399.09 703.95 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 436.96 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 447.72 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 475.40 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 482.07 703.95 Td (majority ) Tj ET Q q 0 0 0 rg BT 519.66 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 528.68 703.95 Td (variable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.24 691.35 Td (nature ) Tj ET Q q 0 0 0 rg BT 89.06 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 106.79 691.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 144.36 691.35 Td (incentive ) Tj ET Q q 0 0 0 rg BT 185.42 691.35 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 248.94 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 256.18 691.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 289.09 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 300.41 691.35 Td (which ) Tj ET Q q 0 0 0 rg BT 328.65 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 338.23 691.35 Td (based ) Tj ET Q q 0 0 0 rg BT 364.71 691.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 388.29 691.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 424.09 691.35 Td (levels, ) Tj ET Q q 0 0 0 rg BT 453.79 691.35 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 533.93 691.35 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.74 678.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 128.15 678.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 155.23 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 165.39 678.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 201.21 678.75 Td (share-based ) Tj ET Q q 0 0 0 rg BT 253.36 678.75 Td (af) Tj ET Q q 0 0 0 rg BT 261.32 678.75 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 295.11 678.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 350.75 678.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 370.24 678.75 Td (passed ) Tj ET Q q 0 0 0 rg BT 400.82 678.75 Td (through ) Tj ET Q q 0 0 0 rg BT 436.08 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 447.41 678.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 508.32 678.75 Td (expense, ) Tj ET Q q 0 0 0 rg BT 547.35 678.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 67.12 666.15 Td (overall ) Tj ET Q q 0 0 0 rg BT 99.89 666.15 Td (profitability) Tj ET Q q 0 0 0 rg BT 149.37 666.15 Td (. ) Tj ET Q q 0 0 0 rg BT 155.62 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 158.98 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 178.93 666.15 Td (next ) Tj ET Q q 0 0 0 rg BT 200.63 666.15 Td (lar) Tj ET Q q 0 0 0 rg BT 211.51 666.15 Td (gest ) Tj ET Q q 0 0 0 rg BT 232.05 666.15 Td (component ) Tj ET Q q 0 0 0 rg BT 282.33 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 294.69 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 312.31 666.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 332.85 666.15 Td (structure ) Tj ET Q q 0 0 0 rg BT 373.21 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 383.83 666.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 435.88 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 454.66 666.15 Td (servicing ) Tj ET Q q 0 0 0 rg BT 496.77 666.15 Td (expense, ) Tj ET Q q 0 0 0 rg BT 536.84 666.15 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (consists ) Tj ET Q q 0 0 0 rg BT 85.97 653.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 128.26 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 140.22 653.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 160.33 653.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 181.62 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 193.01 653.55 Td (third-party ) Tj ET Q q 0 0 0 rg BT 241.12 653.55 Td (distributors ) Tj ET Q q 0 0 0 rg BT 292.17 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 307.63 653.55 Td (selling ) Tj ET Q q 0 0 0 rg BT 338.84 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 356.05 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 379.68 653.55 Td (management ) Tj ET Q q 0 0 0 rg BT 436.53 653.55 Td (products ) Tj ET Q q 0 0 0 rg BT 475.91 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 494.28 653.55 Td (services ) Tj ET Q q 0 0 0 rg BT 531.31 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 549.69 653.55 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (lar) Tj ET Q q 0 0 0 rg BT 60.39 640.95 Td (gely ) Tj ET Q q 0 0 0 rg BT 81.18 640.95 Td (variable ) Tj ET Q q 0 0 0 rg BT 117.70 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 128.58 640.95 Td (nature. ) Tj ET Q q 0 0 0 rg BT 160.15 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 162.87 640.95 Td (Certain ) Tj ET Q q 0 0 0 rg BT 196.49 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 220.77 640.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 263.14 640.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 286.85 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 302.38 640.95 Td (typically ) Tj ET Q q 0 0 0 rg BT 341.83 640.95 Td (consistent ) Tj ET Q q 0 0 0 rg BT 386.54 640.95 Td (from ) Tj ET Q q 0 0 0 rg BT 409.67 640.95 Td (period ) Tj ET Q q 0 0 0 rg BT 439.20 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 450.08 640.95 Td (period, ) Tj ET Q q 0 0 0 rg BT 482.25 640.95 Td (such ) Tj ET Q q 0 0 0 rg BT 504.21 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 515.67 640.95 Td (occupancy) Tj ET Q q 0 0 0 rg BT 559.88 640.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 104.27 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 122.31 628.35 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 180.89 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 198.93 628.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 223.39 628.35 Td (contract ) Tj ET Q q 0 0 0 rg BT 260.08 628.35 Td (commitments ) Tj ET Q q 0 0 0 rg BT 320.12 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 335.25 628.35 Td (market ) Tj ET Q q 0 0 0 rg BT 367.28 628.35 Td (data, ) Tj ET Q q 0 0 0 rg BT 390.28 628.35 Td (communication ) Tj ET Q q 0 0 0 rg BT 458.48 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 476.52 628.35 Td (technology ) Tj ET Q q 0 0 0 rg BT 526.06 628.35 Td (services, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.43 615.75 Td (usually ) Tj ET Q q 0 0 0 rg BT 100.53 615.75 Td (do ) Tj ET Q q 0 0 0 rg BT 113.81 615.75 Td (not ) Tj ET Q q 0 0 0 rg BT 129.99 615.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 163.08 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 184.52 615.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 220.52 615.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 247.78 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 259.30 615.75 Td (business ) Tj ET Q q 0 0 0 rg BT 297.66 615.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 331.92 615.75 Td (or) Tj ET Q q 0 0 0 rg BT 340.25 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 345.64 615.75 Td (conversely) Tj ET Q q 0 0 0 rg BT 390.45 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 395.84 615.75 Td (usually ) Tj ET Q q 0 0 0 rg BT 428.94 615.75 Td (do ) Tj ET Q q 0 0 0 rg BT 442.22 615.75 Td (not ) Tj ET Q q 0 0 0 rg BT 458.40 615.75 Td (rise ) Tj ET Q q 0 0 0 rg BT 476.34 615.75 Td (proportionately ) Tj ET Q q 0 0 0 rg BT 543.84 615.75 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 91.77 603.15 Td (business ) Tj ET Q q 0 0 0 rg BT 129.98 603.15 Td (activity) Tj ET Q q 0 0 0 rg BT 160.79 603.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.68 577.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.26 577.95 Td (position ) Tj ET Q q 0 0 0 rg BT 141.94 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 158.95 577.95 Td (results ) Tj ET Q q 0 0 0 rg BT 188.22 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 198.81 577.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 244.40 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 259.06 577.95 Td (materially ) Tj ET Q q 0 0 0 rg BT 303.48 577.95 Td (af) Tj ET Q q 0 0 0 rg BT 311.45 577.95 Td (fected ) Tj ET Q q 0 0 0 rg BT 338.94 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 351.29 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 365.96 577.95 Td (overall ) Tj ET Q q 0 0 0 rg BT 396.97 577.95 Td (trends ) Tj ET Q q 0 0 0 rg BT 424.47 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 441.48 577.95 Td (conditions ) Tj ET Q q 0 0 0 rg BT 487.08 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 497.68 577.95 Td (global ) Tj ET Q q 0 0 0 rg BT 525.77 577.95 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (markets. ) Tj ET Q q 0 0 0 rg BT 88.69 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 92.01 565.35 Td (Results ) Tj ET Q q 0 0 0 rg BT 126.26 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 138.33 565.35 Td (any ) Tj ET Q q 0 0 0 rg BT 156.82 565.35 Td (individual ) Tj ET Q q 0 0 0 rg BT 202.72 565.35 Td (period ) Tj ET Q q 0 0 0 rg BT 232.87 565.35 Td (should ) Tj ET Q q 0 0 0 rg BT 264.20 565.35 Td (not ) Tj ET Q q 0 0 0 rg BT 280.94 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 294.18 565.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 342.98 565.35 Td (representative ) Tj ET Q q 0 0 0 rg BT 405.19 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 417.27 565.35 Td (future ) Tj ET Q q 0 0 0 rg BT 445.66 565.35 Td (results. ) Tj ET Q q 0 0 0 rg BT 479.03 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 482.35 565.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 502.01 565.35 Td (profitability ) Tj ET Q q 0 0 0 rg BT 555.49 565.35 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 88.89 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 99.70 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 107.01 552.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 138.80 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 150.19 552.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 184.03 552.75 Td (including ) Tj ET Q q 0 0 0 rg BT 226.34 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 241.81 552.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 275.95 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 293.76 552.75 Td (composition ) Tj ET Q q 0 0 0 rg BT 348.32 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 359.71 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 375.76 552.75 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 405.54 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 423.34 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 438.81 552.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 479.37 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 497.18 552.75 Td (general ) Tj ET Q q 0 0 0 rg BT 530.72 552.75 Td (level ) Tj ET Q q 0 0 0 rg BT 553.77 552.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 91.41 540.15 Td (prices, ) Tj ET Q q 0 0 0 rg BT 121.36 540.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 154.52 540.15 Td (rates, ) Tj ET Q q 0 0 0 rg BT 179.23 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 196.64 540.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 232.72 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 243.14 540.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 282.12 540.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 324.02 540.15 Td (rates, ) Tj ET Q q 0 0 0 rg BT 348.72 540.15 Td (among ) Tj ET Q q 0 0 0 rg BT 379.56 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 403.39 540.15 Td (things. ) Tj ET Q q 0 0 0 rg BT 433.94 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 436.20 540.15 Td (Periods ) Tj ET Q q 0 0 0 rg BT 469.95 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 480.96 540.15 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 533.35 540.15 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (conditions ) Tj ET Q q 0 0 0 rg BT 95.83 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 111.24 527.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 137.74 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 148.49 527.55 Td (have ) Tj ET Q q 0 0 0 rg BT 170.90 527.55 Td (an ) Tj ET Q q 0 0 0 rg BT 183.39 527.55 Td (adverse ) Tj ET Q q 0 0 0 rg BT 218.04 527.55 Td (ef) Tj ET Q q 0 0 0 rg BT 226.01 527.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 244.33 527.55 Td (on ) Tj ET Q q 0 0 0 rg BT 257.42 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 274.00 527.55 Td (profitability) Tj ET Q q 0 0 0 rg BT 323.48 527.55 Td (. ) Tj ET Q q 0 0 0 rg BT 328.69 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 331.27 527.55 Td (In ) Tj ET Q q 0 0 0 rg BT 342.60 527.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 382.23 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 397.64 527.55 Td (diversification ) Tj ET Q q 0 0 0 rg BT 460.88 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 472.21 527.55 Td (services ) Tj ET Q q 0 0 0 rg BT 508.61 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 526.36 527.55 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 514.95 Td (fered, ) Tj ET Q q 0 0 0 rg BT 85.20 514.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 134.24 514.95 Td (performance, ) Tj ET Q q 0 0 0 rg BT 192.87 514.95 Td (access ) Tj ET Q q 0 0 0 rg BT 222.64 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 233.77 514.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 285.14 514.95 Td (channels, ) Tj ET Q q 0 0 0 rg BT 327.46 514.95 Td (reputation ) Tj ET Q q 0 0 0 rg BT 372.99 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 384.11 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 399.90 514.95 Td (market, ) Tj ET Q q 0 0 0 rg BT 434.63 514.95 Td (attraction ) Tj ET Q q 0 0 0 rg BT 477.24 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 495.36 514.95 Td (retention ) Tj ET Q q 0 0 0 rg BT 535.63 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 547.34 514.95 Td (key ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 96.38 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 113.53 502.35 Td (client ) Tj ET Q q 0 0 0 rg BT 138.83 502.35 Td (relations ) Tj ET Q q 0 0 0 rg BT 176.97 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 191.77 502.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 238.08 502.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 268.63 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 278.77 502.35 Td (determining ) Tj ET Q q 0 0 0 rg BT 331.49 502.35 Td (whether ) Tj ET Q q 0 0 0 rg BT 367.29 502.35 Td (we ) Tj ET Q q 0 0 0 rg BT 381.52 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 396.32 502.35 Td (successful ) Tj ET Q q 0 0 0 rg BT 441.45 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 451.60 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 466.41 502.35 Td (attraction ) Tj ET Q q 0 0 0 rg BT 508.04 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 525.18 502.35 Td (retention ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.80 489.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 93.39 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 95.94 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.49 489.75 Td (In ) Tj ET Q q 0 0 0 rg BT 109.79 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 125.18 489.75 Td (last ) Tj ET Q q 0 0 0 rg BT 142.31 489.75 Td (few ) Tj ET Q q 0 0 0 rg BT 160.60 489.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 187.94 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.32 489.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 240.29 489.75 Td (has ) Tj ET Q q 0 0 0 rg BT 256.84 489.75 Td (seen ) Tj ET Q q 0 0 0 rg BT 278.05 489.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 303.94 489.75 Td (into ) Tj ET Q q 0 0 0 rg BT 322.83 489.75 Td (products ) Tj ET Q q 0 0 0 rg BT 361.54 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 376.34 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 404.55 489.75 Td (we ) Tj ET Q q 0 0 0 rg BT 419.35 489.75 Td (do ) Tj ET Q q 0 0 0 rg BT 432.40 489.75 Td (not ) Tj ET Q q 0 0 0 rg BT 448.37 489.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 488.82 489.75 Td (garner ) Tj ET Q q 0 0 0 rg BT 518.19 489.75 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (market ) Tj ET Q q 0 0 0 rg BT 80.54 477.15 Td (share, ) Tj ET Q q 0 0 0 rg BT 107.22 477.15 Td (including, ) Tj ET Q q 0 0 0 rg BT 151.40 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 161.46 477.15 Td (particular) Tj ET Q q 0 0 0 rg BT 201.26 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 205.78 477.15 Td (passive ) Tj ET Q q 0 0 0 rg BT 238.58 477.15 Td (products, ) Tj ET Q q 0 0 0 rg BT 279.26 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 296.31 477.15 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 358.28 477.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 383.50 477.15 Td (out ) Tj ET Q q 0 0 0 rg BT 398.81 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 409.45 477.15 Td (products ) Tj ET Q q 0 0 0 rg BT 447.50 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 457.56 477.15 Td (which ) Tj ET Q q 0 0 0 rg BT 485.12 477.15 Td (we ) Tj ET Q q 0 0 0 rg BT 499.25 477.15 Td (do ) Tj ET Q q 0 0 0 rg BT 511.64 477.15 Td (have ) Tj ET Q q 0 0 0 rg BT 533.36 477.15 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (share. ) Tj ET Q q 0 0 0 rg BT 76.90 464.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.11 439.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.13 439.35 Td (services ) Tj ET Q q 0 0 0 rg BT 146.24 439.35 Td (business ) Tj ET Q q 0 0 0 rg BT 185.11 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 196.57 439.35 Td (which ) Tj ET Q q 0 0 0 rg BT 225.52 439.35 Td (we ) Tj ET Q q 0 0 0 rg BT 241.05 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 257.15 439.35 Td (engaged ) Tj ET Q q 0 0 0 rg BT 295.42 439.35 Td (is ) Tj ET Q q 0 0 0 rg BT 305.71 439.35 Td (extremely ) Tj ET Q q 0 0 0 rg BT 350.98 439.35 Td (competitive. ) Tj ET Q q 0 0 0 rg BT 406.46 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 409.75 439.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 429.37 439.35 Td (competition ) Tj ET Q q 0 0 0 rg BT 482.82 439.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 521.10 439.35 Td (numerous ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (global, ) Tj ET Q q 0 0 0 rg BT 81.30 426.75 Td (national, ) Tj ET Q q 0 0 0 rg BT 120.67 426.75 Td (regional ) Tj ET Q q 0 0 0 rg BT 158.00 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 176.09 426.75 Td (local ) Tj ET Q q 0 0 0 rg BT 199.42 426.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 222.76 426.75 Td (management ) Tj ET Q q 0 0 0 rg BT 279.33 426.75 Td (firms, ) Tj ET Q q 0 0 0 rg BT 307.05 426.75 Td (commercial ) Tj ET Q q 0 0 0 rg BT 359.53 426.75 Td (banks, ) Tj ET Q q 0 0 0 rg BT 389.58 426.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 432.74 426.75 Td (companies, ) Tj ET Q q 0 0 0 rg BT 483.19 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 501.28 426.75 Td (other ) Tj ET Q q 0 0 0 rg BT 525.78 426.75 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (services ) Tj ET Q q 0 0 0 rg BT 85.91 414.15 Td (companies. ) Tj ET Q q 0 0 0 rg BT 136.04 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 138.44 414.15 Td (The ) Tj ET Q q 0 0 0 rg BT 157.36 414.15 Td (industry ) Tj ET Q q 0 0 0 rg BT 194.37 414.15 Td (has ) Tj ET Q q 0 0 0 rg BT 210.97 414.15 Td (been ) Tj ET Q q 0 0 0 rg BT 233.38 414.15 Td (impacted ) Tj ET Q q 0 0 0 rg BT 274.46 414.15 Td (by ) Tj ET Q q 0 0 0 rg BT 287.55 414.15 Td (continued ) Tj ET Q q 0 0 0 rg BT 331.55 414.15 Td (economic ) Tj ET Q q 0 0 0 rg BT 374.97 414.15 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 421.51 414.15 Td (, ) Tj ET Q q 0 0 0 rg BT 426.73 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 442.16 414.15 Td (constant ) Tj ET Q q 0 0 0 rg BT 479.74 414.15 Td (introduction ) Tj ET Q q 0 0 0 rg BT 533.66 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 545.01 414.15 Td (new ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (products ) Tj ET Q q 0 0 0 rg BT 90.29 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 110.07 401.55 Td (services, ) Tj ET Q q 0 0 0 rg BT 151.14 401.55 Td (technological ) Tj ET Q q 0 0 0 rg BT 212.33 401.55 Td (changes, ) Tj ET Q q 0 0 0 rg BT 253.40 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 273.18 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 290.64 401.55 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 351.84 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 365.21 401.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.57 401.55 Td (services ) Tj ET Q q 0 0 0 rg BT 445.01 401.55 Td (firms ) Tj ET Q q 0 0 0 rg BT 471.80 401.55 Td (through ) Tj ET Q q 0 0 0 rg BT 509.09 401.55 Td (mer) Tj ET Q q 0 0 0 rg BT 525.22 401.55 Td (gers ) Tj ET Q q 0 0 0 rg BT 547.34 401.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 104.59 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 106.72 388.95 Td (The ) Tj ET Q q 0 0 0 rg BT 125.35 388.95 Td (industry ) Tj ET Q q 0 0 0 rg BT 162.07 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 172.54 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 200.50 388.95 Td (we ) Tj ET Q q 0 0 0 rg BT 215.04 388.95 Td (operate ) Tj ET Q q 0 0 0 rg BT 248.24 388.95 Td (is ) Tj ET Q q 0 0 0 rg BT 257.54 388.95 Td (also ) Tj ET Q q 0 0 0 rg BT 276.76 388.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 308.80 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 319.27 388.95 Td (extensive ) Tj ET Q q 0 0 0 rg BT 361.23 388.95 Td (regulation ) Tj ET Q q 0 0 0 rg BT 406.10 388.95 Td (under ) Tj ET Q q 0 0 0 rg BT 432.31 388.95 Td (federal, ) Tj ET Q q 0 0 0 rg BT 466.37 388.95 Td (state, ) Tj ET Q q 0 0 0 rg BT 490.54 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 508.00 388.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 540.63 388.95 Td (laws. ) Tj ET Q q 0 0 0 rg BT 565.12 388.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (Like ) Tj ET Q q 0 0 0 rg BT 70.95 376.35 Td (most ) Tj ET Q q 0 0 0 rg BT 93.58 376.35 Td (firms, ) Tj ET Q q 0 0 0 rg BT 120.57 376.35 Td (we ) Tj ET Q q 0 0 0 rg BT 135.02 376.35 Td (have ) Tj ET Q q 0 0 0 rg BT 157.05 376.35 Td (been ) Tj ET Q q 0 0 0 rg BT 179.08 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 196.45 376.35 Td (will ) Tj ET Q q 0 0 0 rg BT 214.99 376.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 253.35 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 263.73 376.35 Td (be ) Tj ET Q q 0 0 0 rg BT 275.85 376.35 Td (impacted ) Tj ET Q q 0 0 0 rg BT 316.54 376.35 Td (by ) Tj ET Q q 0 0 0 rg BT 329.25 376.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 374.60 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 391.97 376.35 Td (legislative ) Tj ET Q q 0 0 0 rg BT 437.33 376.35 Td (changes. ) Tj ET Q q 0 0 0 rg BT 475.98 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 478.19 376.35 Td (Responding ) Tj ET Q q 0 0 0 rg BT 530.56 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 540.94 376.35 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 86.24 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 104.32 363.75 Td (keeping ) Tj ET Q q 0 0 0 rg BT 140.48 363.75 Td (abreast ) Tj ET Q q 0 0 0 rg BT 173.14 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.81 363.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 230.88 363.75 Td (developments, ) Tj ET Q q 0 0 0 rg BT 294.75 363.75 Td (has ) Tj ET Q q 0 0 0 rg BT 311.67 363.75 Td (required, ) Tj ET Q q 0 0 0 rg BT 352.20 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 370.28 363.75 Td (will ) Tj ET Q q 0 0 0 rg BT 389.54 363.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 428.62 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 439.71 363.75 Td (require, ) Tj ET Q q 0 0 0 rg BT 474.99 363.75 Td (us ) Tj ET Q q 0 0 0 rg BT 487.24 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 498.33 363.75 Td (incur ) Tj ET Q q 0 0 0 rg BT 522.83 363.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 546.75 363.75 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.62 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 97.16 351.15 Td (profitability) Tj ET Q q 0 0 0 rg BT 146.64 351.15 Td (. ) Tj ET Q q 0 0 0 rg BT 151.81 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 154.35 351.15 Td (For ) Tj ET Q q 0 0 0 rg BT 171.49 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 178.69 351.15 Td (further ) Tj ET Q q 0 0 0 rg BT 209.81 351.15 Td (discussion ) Tj ET Q q 0 0 0 rg BT 256.11 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.40 351.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 298.51 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 316.80 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 337.43 351.15 Td (af) Tj ET Q q 0 0 0 rg BT 345.39 351.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 363.67 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 380.22 351.15 Td (results ) Tj ET Q q 0 0 0 rg BT 410.18 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 421.47 351.15 Td (operations, ) Tj ET Q q 0 0 0 rg BT 470.38 351.15 Td (refer ) Tj ET Q q 0 0 0 rg BT 492.73 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 503.45 351.15 Td (Item ) Tj ET Q q 0 0 0 rg BT 525.24 351.15 Td (1A. ) Tj ET Q q 0 0 0 rg BT 543.24 351.15 Td (Risk ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Factors ) Tj ET Q q 0 0 0 rg BT 83.04 338.55 Td (included ) Tj ET Q q 0 0 0 rg BT 121.82 338.55 Td (herein.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.09 313.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 105.92 313.35 Td (priorities ) Tj ET Q q 0 0 0 rg BT 146.09 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 161.16 313.35 Td (focused ) Tj ET Q q 0 0 0 rg BT 196.08 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 208.84 313.35 Td (four ) Tj ET Q q 0 0 0 rg BT 228.59 313.35 Td (primary ) Tj ET Q q 0 0 0 rg BT 264.09 313.35 Td (areas ) Tj ET Q q 0 0 0 rg BT 287.91 313.35 Td (listed ) Tj ET Q q 0 0 0 rg BT 312.92 313.35 Td (below) Tj ET Q q 0 0 0 rg BT 337.90 313.35 Td (.� ) Tj ET Q q 0 0 0 rg BT 345.41 313.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 402.49 313.35 Td (keeps ) Tj ET Q q 0 0 0 rg BT 428.65 313.35 Td (these ) Tj ET Q q 0 0 0 rg BT 452.49 313.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 490.32 313.35 Td (priorities ) Tj ET Q q 0 0 0 rg BT 530.49 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 540.91 313.35 Td (mind ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (when ) Tj ET Q q 0 0 0 rg BT 74.33 300.75 Td (it ) Tj ET Q q 0 0 0 rg BT 82.25 300.75 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 123.40 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 139.48 300.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 181.22 300.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 236.35 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 253.60 300.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 292.42 300.75 Td (condition.� ) Tj ET Q q 0 0 0 rg BT 339.42 300.75 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 385.84 300.75 Td (with ) Tj ET Q q 0 0 0 rg BT 406.59 300.75 Td (this ) Tj ET Q q 0 0 0 rg BT 423.85 300.75 Td (approach, ) Tj ET Q q 0 0 0 rg BT 467.04 300.75 Td (we ) Tj ET Q q 0 0 0 rg BT 481.37 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 503.28 300.75 Td (also ) Tj ET Q q 0 0 0 rg BT 522.28 300.75 Td (presented ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 59.85 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 74.87 288.15 Td (table ) Tj ET Q q 0 0 0 rg BT 97.46 288.15 Td (below ) Tj ET Q q 0 0 0 rg BT 125.31 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 140.32 288.15 Td (most ) Tj ET Q q 0 0 0 rg BT 162.93 288.15 Td (important ) Tj ET Q q 0 0 0 rg BT 205.94 288.15 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 249.54 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 262.22 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 290.07 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 345.90 288.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 385.98 288.15 Td (focuses ) Tj ET Q q 0 0 0 rg BT 419.66 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 430.01 288.15 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 475.93 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 492.12 288.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 547.35 288.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 275.55 Td (condition.) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (36) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 725.50 12.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.00 725.50 98.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.00 725.50 5.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.00 725.50 12.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.00 725.50 385.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 699.50 12.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.00 699.50 98.00 -26.00 re f /GS0 gs 0.8 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/F1 10.50 Tf ET q 0 0 0 rg BT 64.50 715.72 Td (Products) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.00 715.89 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 715.72 Td (Create an innovative portfolio of investment products and promote revenue growth by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 705.22 Td (developing new products and leveraging the capabilities of our affiliates) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.00 689.89 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 689.72 Td (Identify and execute strategic acquisitions to increase product offerings, strengthen our) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 679.22 Td (affiliates, and fill gaps in products and services) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.00 659.89 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 659.72 Td (Performance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.00 659.89 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 659.72 Td (Deliver compelling and consistent performance against both relevant benchmarks and the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 649.22 Td (products and services of our competitors) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.00 629.89 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 629.72 Td (Distribution) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.00 629.89 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 629.72 Td (Continue to maintain and enhance our top tier distribution function with the capability to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 619.22 Td (offer solutions to relevant investment challenges and grow market share worldwide) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.00 599.89 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 599.72 Td (Productivity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.00 599.89 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 599.72 Td (Operate ) Tj ET Q q 0 0 0 rg BT 215.35 599.72 Td (with ) Tj ET Q q 0 0 0 rg BT 236.65 599.72 Td (a ) Tj ET Q q 0 0 0 rg BT 243.93 599.72 Td (high ) Tj ET Q q 0 0 0 rg BT 265.23 599.72 Td (level ) Tj ET Q q 0 0 0 rg BT 288.26 599.72 Td (of ) Tj ET Q q 0 0 0 rg BT 299.63 599.72 Td (ef) Tj ET Q q 0 0 0 rg BT 307.69 599.72 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 356.87 599.72 Td (and ) Tj ET Q q 0 0 0 rg BT 374.65 599.72 Td (improve ) Tj ET Q q 0 0 0 rg BT 412.27 599.72 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 449.31 599.72 Td (ef) Tj ET Q q 0 0 0 rg BT 457.38 599.72 Td (ficiency) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.00 583.89 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 583.72 Td (Manage ) Tj ET Q q 0 0 0 rg BT 215.94 583.72 Td (expenses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.00 567.89 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 567.72 Td (Align economic relationships with affiliate management teams, including retained) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 557.22 Td (affiliate management equity and the implementation of affiliate management equity plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.50 546.72 Td (agreements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.20 Td (The ) Tj ET Q q 0 0 0 rg BT 68.78 515.20 Td (strategic ) Tj ET Q q 0 0 0 rg BT 107.31 515.20 Td (priorities ) Tj ET Q q 0 0 0 rg BT 148.18 515.20 Td (discussed ) Tj ET Q q 0 0 0 rg BT 191.39 515.20 Td (above ) Tj ET Q q 0 0 0 rg BT 219.42 515.20 Td (are ) Tj ET Q q 0 0 0 rg BT 235.20 515.20 Td (designed ) Tj ET Q q 0 0 0 rg BT 275.48 515.20 Td (to ) Tj ET Q q 0 0 0 rg BT 286.61 515.20 Td (drive ) Tj ET Q q 0 0 0 rg BT 311.14 515.20 Td (improvements ) Tj ET Q q 0 0 0 rg BT 374.18 515.20 Td (in ) Tj ET Q q 0 0 0 rg BT 385.30 515.20 Td (our ) Tj ET Q q 0 0 0 rg BT 402.26 515.20 Td (net ) Tj ET Q q 0 0 0 rg BT 418.05 515.20 Td (flows, ) Tj ET Q q 0 0 0 rg BT 446.96 515.20 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 488.12 515.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 509.74 515.20 Td (flows, ) Tj ET Q q 0 0 0 rg BT 538.00 515.20 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.43 502.60 Td (other ) Tj ET Q q 0 0 0 rg BT 89.77 502.60 Td (key ) Tj ET Q q 0 0 0 rg BT 106.69 502.60 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 141.99 502.60 Td (including ) Tj ET Q q 0 0 0 rg BT 183.42 502.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 224.83 502.60 Td (mar) Tj ET Q q 0 0 0 rg BT 240.97 502.60 Td (gin.� ) Tj ET Q q 0 0 0 rg BT 261.40 502.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 294.07 502.60 Td (of ) Tj ET Q q 0 0 0 rg BT 304.59 502.60 Td (these ) Tj ET Q q 0 0 0 rg BT 327.93 502.60 Td (key ) Tj ET Q q 0 0 0 rg BT 344.85 502.60 Td (metrics ) Tj ET Q q 0 0 0 rg BT 377.52 502.60 Td (are ) Tj ET Q q 0 0 0 rg BT 392.11 502.60 Td (discussed ) Tj ET Q q 0 0 0 rg BT 434.12 502.60 Td (in ) Tj ET Q q 0 0 0 rg BT 444.05 502.60 Td (our ) Tj ET Q q 0 0 0 rg BT 459.81 502.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 489.57 502.60 Td (results ) Tj ET Q q 0 0 0 rg BT 518.75 502.60 Td (discussion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 490.00 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 490.00 Td (follow) Tj ET Q q 0 0 0 rg BT 87.02 490.00 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.80 Td (In ) Tj ET Q q 0 0 0 rg BT 60.87 464.80 Td (connection ) Tj ET Q q 0 0 0 rg BT 109.56 464.80 Td (with ) Tj ET Q q 0 0 0 rg BT 130.86 464.80 Td (these ) Tj ET Q q 0 0 0 rg BT 155.06 464.80 Td (strategic ) Tj ET Q q 0 0 0 rg BT 193.25 464.80 Td (priorities:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 439.60 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 439.60 Td (On ) Tj ET Q q 0 0 0 rg BT 99.69 439.60 Td (April ) Tj ET Q q 0 0 0 rg BT 123.60 439.60 Td (13, ) Tj ET Q q 0 0 0 rg BT 138.47 439.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 163.85 439.60 Td (we ) Tj ET Q q 0 0 0 rg BT 177.83 439.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 215.73 439.60 Td (a ) Tj ET Q q 0 0 0 rg BT 222.13 439.60 Td (majority ) Tj ET Q q 0 0 0 rg BT 259.46 439.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 287.45 439.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 320.10 439.60 Td (in ) Tj ET Q q 0 0 0 rg BT 330.01 439.60 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 363.25 439.60 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 402.03 439.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 423.61 439.60 Td (\("Clarion ) Tj ET Q q 0 0 0 rg BT 464.63 439.60 Td (Partners"\), ) Tj ET Q q 0 0 0 rg BT 511.19 439.60 Td (a ) Tj ET Q q 0 0 0 rg BT 517.60 439.60 Td (diversified ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 427.00 Td (real ) Tj ET Q q 0 0 0 rg BT 102.91 427.00 Td (estate ) Tj ET Q q 0 0 0 rg BT 128.49 427.00 Td (firm ) Tj ET Q q 0 0 0 rg BT 148.24 427.00 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 209.38 427.00 Td (in ) Tj ET Q q 0 0 0 rg BT 219.22 427.00 Td (New ) Tj ET Q q 0 0 0 rg BT 240.48 427.00 Td (Y) Tj ET Q q 0 0 0 rg BT 247.01 427.00 Td (ork. ) Tj ET Q q 0 0 0 rg BT 265.31 427.00 Td ( ) Tj ET Q q 0 0 0 rg BT 266.98 427.00 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 300.15 427.00 Td (Partners ) Tj ET Q q 0 0 0 rg BT 336.24 427.00 Td (managed ) Tj ET Q q 0 0 0 rg BT 375.81 427.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 438.13 427.00 Td ($42 ) Tj ET Q q 0 0 0 rg BT 455.56 427.00 Td (billion ) Tj ET Q q 0 0 0 rg BT 484.66 427.00 Td (in ) Tj ET Q q 0 0 0 rg BT 494.13 427.00 Td (AUM ) Tj ET Q q 0 0 0 rg BT 520.31 427.00 Td (at ) Tj ET Q q 0 0 0 rg BT 529.56 427.00 Td (closing, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 414.40 Td (across ) Tj ET Q q 0 0 0 rg BT 113.21 414.40 Td (the ) Tj ET Q q 0 0 0 rg BT 127.52 414.40 Td (real ) Tj ET Q q 0 0 0 rg BT 144.73 414.40 Td (estate ) Tj ET Q q 0 0 0 rg BT 170.10 414.40 Td (risk/return ) Tj ET Q q 0 0 0 rg BT 215.32 414.40 Td (spectrum. ) Tj ET Q q 0 0 0 rg BT 257.91 414.40 Td ( ) Tj ET Q q 0 0 0 rg BT 259.38 414.40 Td (During ) Tj ET Q q 0 0 0 rg BT 290.60 414.40 Td (the ) Tj ET Q q 0 0 0 rg BT 304.90 414.40 Td (years ) Tj ET Q q 0 0 0 rg BT 328.53 414.40 Td (ended ) Tj ET Q q 0 0 0 rg BT 355.08 414.40 Td (March ) Tj ET Q q 0 0 0 rg BT 383.96 414.40 Td (31, ) Tj ET Q q 0 0 0 rg BT 398.55 414.40 Td (2017 ) Tj ET Q q 0 0 0 rg BT 421.03 414.40 Td (and ) Tj ET Q q 0 0 0 rg BT 437.66 414.40 Td (2016, ) Tj ET Q q 0 0 0 rg BT 462.76 414.40 Td (we ) Tj ET Q q 0 0 0 rg BT 476.48 414.40 Td (incurred ) Tj ET Q q 0 0 0 rg BT 512.94 414.40 Td (acquisition-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 401.80 Td (related ) Tj ET Q q 0 0 0 rg BT 117.10 401.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 141.13 401.80 Td (of ) Tj ET Q q 0 0 0 rg BT 152.91 401.80 Td ($25.9 ) Tj ET Q q 0 0 0 rg BT 179.57 401.80 Td (million ) Tj ET Q q 0 0 0 rg BT 212.94 401.80 Td (and ) Tj ET Q q 0 0 0 rg BT 231.14 401.80 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 252.54 401.80 Td (million, ) Tj ET Q q 0 0 0 rg BT 288.54 401.80 Td (respectively) Tj ET Q q 0 0 0 rg BT 338.59 401.80 Td (, ) Tj ET Q q 0 0 0 rg BT 344.25 401.80 Td (in ) Tj ET Q q 0 0 0 rg BT 355.45 401.80 Td (connection ) Tj ET Q q 0 0 0 rg BT 404.55 401.80 Td (with ) Tj ET Q q 0 0 0 rg BT 426.25 401.80 Td (this ) Tj ET Q q 0 0 0 rg BT 444.45 401.80 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 496.18 401.80 Td (including ) Tj ET Q q 0 0 0 rg BT 538.88 401.80 Td ($15.2 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 389.20 Td (million ) Tj ET Q q 0 0 0 rg BT 119.06 389.20 Td (in ) Tj ET Q q 0 0 0 rg BT 130.44 389.20 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 156.40 389.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 180.62 389.20 Td (related ) Tj ET Q q 0 0 0 rg BT 212.40 389.20 Td (to ) Tj ET Q q 0 0 0 rg BT 223.78 389.20 Td (the ) Tj ET Q q 0 0 0 rg BT 239.83 389.20 Td (implementation ) Tj ET Q q 0 0 0 rg BT 308.95 389.20 Td (of ) Tj ET Q q 0 0 0 rg BT 320.92 389.20 Td (an ) Tj ET Q q 0 0 0 rg BT 334.05 389.20 Td (af) Tj ET Q q 0 0 0 rg BT 342.02 389.20 Td (filiate ) Tj ET Q q 0 0 0 rg BT 369.72 389.20 Td (management ) Tj ET Q q 0 0 0 rg BT 426.58 389.20 Td (equity ) Tj ET Q q 0 0 0 rg BT 456.05 389.20 Td (plan ) Tj ET Q q 0 0 0 rg BT 477.34 389.20 Td (for ) Tj ET Q q 0 0 0 rg BT 492.81 389.20 Td (the ) Tj ET Q q 0 0 0 rg BT 508.85 389.20 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 376.60 Td (team ) Tj ET Q q 0 0 0 rg BT 108.90 376.60 Td (of ) Tj ET Q q 0 0 0 rg BT 120.64 376.60 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 155.12 376.60 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 195.15 376.60 Td ( ) Tj ET Q q 0 0 0 rg BT 198.14 376.60 Td (See ) Tj ET Q q 0 0 0 rg BT 216.29 376.60 Td (Note ) Tj ET Q q 0 0 0 rg BT 239.70 376.60 Td (1) Tj ET Q q 0 0 0 rg BT 244.56 376.60 Td (1 ) Tj ET Q q 0 0 0 rg BT 252.80 376.60 Td (of ) Tj ET Q q 0 0 0 rg BT 264.54 376.60 Td (Notes ) Tj ET Q q 0 0 0 rg BT 292.03 376.60 Td (to ) Tj ET Q q 0 0 0 rg BT 303.18 376.60 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 361.59 376.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 403.66 376.60 Td (Statements ) Tj ET Q q 0 0 0 rg BT 452.73 376.60 Td (for ) Tj ET Q q 0 0 0 rg BT 467.96 376.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 512.94 376.60 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 364.00 Td (regarding ) Tj ET Q q 0 0 0 rg BT 128.36 364.00 Td (the ) Tj ET Q q 0 0 0 rg BT 143.81 364.00 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 177.93 364.00 Td (Partners ) Tj ET Q q 0 0 0 rg BT 214.96 364.00 Td (management ) Tj ET Q q 0 0 0 rg BT 271.23 364.00 Td (equity ) Tj ET Q q 0 0 0 rg BT 300.10 364.00 Td (plan. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 338.80 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 338.80 Td (On ) Tj ET Q q 0 0 0 rg BT 101.08 338.80 Td (May ) Tj ET Q q 0 0 0 rg BT 123.08 338.80 Td (2, ) Tj ET Q q 0 0 0 rg BT 133.70 338.80 Td (2016, ) Tj ET Q q 0 0 0 rg BT 160.07 338.80 Td (we ) Tj ET Q q 0 0 0 rg BT 175.06 338.80 Td (acquired ) Tj ET Q q 0 0 0 rg BT 213.96 338.80 Td (a ) Tj ET Q q 0 0 0 rg BT 221.37 338.80 Td (majority ) Tj ET Q q 0 0 0 rg BT 259.69 338.80 Td (equity ) Tj ET Q q 0 0 0 rg BT 288.69 338.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 322.34 338.80 Td (in ) Tj ET Q q 0 0 0 rg BT 333.26 338.80 Td (EnT) Tj ET Q q 0 0 0 rg BT 350.96 338.80 Td (rust ) Tj ET Q q 0 0 0 rg BT 369.46 338.80 Td (Capital ) Tj ET Q q 0 0 0 rg BT 402.54 338.80 Td (\("EnT) Tj ET Q q 0 0 0 rg BT 428.03 338.80 Td (rust"\) ) Tj ET Q q 0 0 0 rg BT 454.31 338.80 Td (and ) Tj ET Q q 0 0 0 rg BT 472.22 338.80 Td (combined ) Tj ET Q q 0 0 0 rg BT 516.37 338.80 Td (it ) Tj ET Q q 0 0 0 rg BT 524.96 338.80 Td (with ) Tj ET Q q 0 0 0 rg BT 546.18 338.80 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 326.20 Td (Permal ) Tj ET Q q 0 0 0 rg BT 119.52 326.20 Td (Group, ) Tj ET Q q 0 0 0 rg BT 153.25 326.20 Td (Limited ) Tj ET Q q 0 0 0 rg BT 190.77 326.20 Td (\("Permal"\), ) Tj ET Q q 0 0 0 rg BT 242.97 326.20 Td (our ) Tj ET Q q 0 0 0 rg BT 261.25 326.20 Td (existing ) Tj ET Q q 0 0 0 rg BT 298.77 326.20 Td (hedge ) Tj ET Q q 0 0 0 rg BT 328.12 326.20 Td (fund ) Tj ET Q q 0 0 0 rg BT 351.64 326.20 Td (platform ) Tj ET Q q 0 0 0 rg BT 392.07 326.20 Td (to ) Tj ET Q q 0 0 0 rg BT 404.51 326.20 Td (form ) Tj ET Q q 0 0 0 rg BT 429.20 326.20 Td (EnT) Tj ET Q q 0 0 0 rg BT 446.91 326.20 Td (rustPermal. ) Tj ET Q q 0 0 0 rg BT 499.30 326.20 Td ( ) Tj ET Q q 0 0 0 rg BT 503.57 326.20 Td (EnT) Tj ET Q q 0 0 0 rg BT 521.28 326.20 Td (rust ) Tj ET Q q 0 0 0 rg BT 541.31 326.20 Td (is ) Tj ET Q q 0 0 0 rg BT 552.59 326.20 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 313.60 Td (independent ) Tj ET Q q 0 0 0 rg BT 138.87 313.60 Td (hedge ) Tj ET Q q 0 0 0 rg BT 166.00 313.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 187.30 313.60 Td (investor ) Tj ET Q q 0 0 0 rg BT 223.18 313.60 Td (and ) Tj ET Q q 0 0 0 rg BT 240.40 313.60 Td (alternative ) Tj ET Q q 0 0 0 rg BT 286.76 313.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 309.23 313.60 Td (manager ) Tj ET Q q 0 0 0 rg BT 347.43 313.60 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 408.95 313.60 Td (in ) Tj ET Q q 0 0 0 rg BT 419.17 313.60 Td (New ) Tj ET Q q 0 0 0 rg BT 440.75 313.60 Td (Y) Tj ET Q q 0 0 0 rg BT 447.28 313.60 Td (ork ) Tj ET Q q 0 0 0 rg BT 463.33 313.60 Td (with ) Tj ET Q q 0 0 0 rg BT 484.05 313.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 546.75 313.60 Td ($10 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 301.00 Td (billion ) Tj ET Q q 0 0 0 rg BT 115.52 301.00 Td (in ) Tj ET Q q 0 0 0 rg BT 125.72 301.00 Td (AUM ) Tj ET Q q 0 0 0 rg BT 152.83 301.00 Td (at ) Tj ET Q q 0 0 0 rg BT 163.01 301.00 Td (closing. ) Tj ET Q q 0 0 0 rg BT 198.57 301.00 Td ( ) Tj ET Q q 0 0 0 rg BT 201.18 301.00 Td (During ) Tj ET Q q 0 0 0 rg BT 233.53 301.00 Td (the ) Tj ET Q q 0 0 0 rg BT 248.96 301.00 Td (years ) Tj ET Q q 0 0 0 rg BT 273.72 301.00 Td (ended ) Tj ET Q q 0 0 0 rg BT 301.40 301.00 Td (March ) Tj ET Q q 0 0 0 rg BT 331.40 301.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 347.13 301.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 370.74 301.00 Td (and ) Tj ET Q q 0 0 0 rg BT 388.50 301.00 Td (2016, ) Tj ET Q q 0 0 0 rg BT 414.73 301.00 Td (we ) Tj ET Q q 0 0 0 rg BT 429.58 301.00 Td (incurred ) Tj ET Q q 0 0 0 rg BT 467.17 301.00 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 541.50 301.00 Td (costs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 288.40 Td (of ) Tj ET Q q 0 0 0 rg BT 97.69 288.40 Td ($41.8 ) Tj ET Q q 0 0 0 rg BT 124.75 288.40 Td (million ) Tj ET Q q 0 0 0 rg BT 158.53 288.40 Td (and ) Tj ET Q q 0 0 0 rg BT 177.14 288.40 Td ($43.3 ) Tj ET Q q 0 0 0 rg BT 204.20 288.40 Td (million, ) Tj ET Q q 0 0 0 rg BT 240.61 288.40 Td (respectively) Tj ET Q q 0 0 0 rg BT 290.65 288.40 Td (, ) Tj ET Q q 0 0 0 rg BT 296.72 288.40 Td (and ) Tj ET Q q 0 0 0 rg BT 315.32 288.40 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 396.90 288.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 421.34 288.40 Td (of ) Tj ET Q q 0 0 0 rg BT 433.53 288.40 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 455.35 288.40 Td (million ) Tj ET Q q 0 0 0 rg BT 489.13 288.40 Td (and ) Tj ET Q q 0 0 0 rg BT 507.73 288.40 Td ($3.5 ) Tj ET Q q 0 0 0 rg BT 529.54 288.40 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 275.80 Td (respectively) Tj ET Q q 0 0 0 rg BT 135.55 275.80 Td (, ) Tj ET Q q 0 0 0 rg BT 139.77 275.80 Td (in ) Tj ET Q q 0 0 0 rg BT 149.53 275.80 Td (connection ) Tj ET Q q 0 0 0 rg BT 197.19 275.80 Td (with ) Tj ET Q q 0 0 0 rg BT 217.45 275.80 Td (this ) Tj ET Q q 0 0 0 rg BT 234.22 275.80 Td (combination. ) Tj ET Q q 0 0 0 rg BT 290.93 275.80 Td ( ) Tj ET Q q 0 0 0 rg BT 292.41 275.80 Td (W) Tj ET Q q 0 0 0 rg BT 301.48 275.80 Td (e ) Tj ET Q q 0 0 0 rg BT 307.73 275.80 Td (expect ) Tj ET Q q 0 0 0 rg BT 336.73 275.80 Td (to ) Tj ET Q q 0 0 0 rg BT 346.49 275.80 Td (achieve ) Tj ET Q q 0 0 0 rg BT 380.15 275.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 442.39 275.80 Td ($35 ) Tj ET Q q 0 0 0 rg BT 459.73 275.80 Td (million ) Tj ET Q q 0 0 0 rg BT 491.67 275.80 Td (in ) Tj ET Q q 0 0 0 rg BT 501.43 275.80 Td (annual ) Tj ET Q q 0 0 0 rg BT 531.01 275.80 Td (savings ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 263.20 Td (in ) Tj ET Q q 0 0 0 rg BT 96.29 263.20 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 121.66 263.20 Td (2018 ) Tj ET Q q 0 0 0 rg BT 145.28 263.20 Td (from ) Tj ET Q q 0 0 0 rg BT 168.32 263.20 Td (the ) Tj ET Q q 0 0 0 rg BT 183.77 263.20 Td (pre-transaction ) Tj ET Q q 0 0 0 rg BT 249.37 263.20 Td (cost ) Tj ET Q q 0 0 0 rg BT 268.91 263.20 Td (structures ) Tj ET Q q 0 0 0 rg BT 312.35 263.20 Td (of ) Tj ET Q q 0 0 0 rg BT 323.73 263.20 Td (the ) Tj ET Q q 0 0 0 rg BT 339.18 263.20 Td (two ) Tj ET Q q 0 0 0 rg BT 357.55 263.20 Td (businesses.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 238.60 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 238.60 Td (On ) Tj ET Q q 0 0 0 rg BT 100.63 238.60 Td (August ) Tj ET Q q 0 0 0 rg BT 133.91 238.60 Td (17, ) Tj ET Q q 0 0 0 rg BT 149.98 238.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 176.55 238.60 Td (we ) Tj ET Q q 0 0 0 rg BT 191.74 238.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 230.83 238.60 Td (an ) Tj ET Q q 0 0 0 rg BT 243.68 238.60 Td (82% ) Tj ET Q q 0 0 0 rg BT 265.87 238.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 295.06 238.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 328.91 238.60 Td (in ) Tj ET Q q 0 0 0 rg BT 340.02 238.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 382.04 238.60 Td (Guard ) Tj ET Q q 0 0 0 rg BT 411.23 238.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 434.00 238.60 Td (\("Financial ) Tj ET Q q 0 0 0 rg BT 483.80 238.60 Td (Guard"\), ) Tj ET Q q 0 0 0 rg BT 523.40 238.60 Td (an ) Tj ET Q q 0 0 0 rg BT 536.25 238.60 Td (online ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 226.00 Td (registered ) Tj ET Q q 0 0 0 rg BT 131.56 226.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 182.30 226.00 Td (adviser ) Tj ET Q q 0 0 0 rg BT 217.29 226.00 Td (and ) Tj ET Q q 0 0 0 rg BT 237.11 226.00 Td (innovative ) Tj ET Q q 0 0 0 rg BT 286.10 226.00 Td (technology-enabled ) Tj ET Q q 0 0 0 rg BT 373.57 226.00 Td (wealth ) Tj ET Q q 0 0 0 rg BT 406.22 226.00 Td (management ) Tj ET Q q 0 0 0 rg BT 464.53 226.00 Td (and ) Tj ET Q q 0 0 0 rg BT 484.36 226.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 535.10 226.00 Td (advice ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 213.40 Td (platform.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 188.20 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 188.20 Td (During ) Tj ET Q q 0 0 0 rg BT 117.54 188.20 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 142.57 188.20 Td (2017, ) Tj ET Q q 0 0 0 rg BT 168.49 188.20 Td (we ) Tj ET Q q 0 0 0 rg BT 183.03 188.20 Td (sold ) Tj ET Q q 0 0 0 rg BT 202.82 188.20 Td (our ) Tj ET Q q 0 0 0 rg BT 219.11 188.20 Td (ownership ) Tj ET Q q 0 0 0 rg BT 265.15 188.20 Td (interests ) Tj ET Q q 0 0 0 rg BT 302.44 188.20 Td (in ) Tj ET Q q 0 0 0 rg BT 312.90 188.20 Td (two ) Tj ET Q q 0 0 0 rg BT 330.94 188.20 Td (small, ) Tj ET Q q 0 0 0 rg BT 358.61 188.20 Td (non-strategic ) Tj ET Q q 0 0 0 rg BT 415.71 188.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 464.09 188.20 Td (managers ) Tj ET Q q 0 0 0 rg BT 506.61 188.20 Td (and ) Tj ET Q q 0 0 0 rg BT 524.06 188.20 Td (our ) Tj ET Q q 0 0 0 rg BT 540.35 188.20 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 175.60 Td (of ) Tj ET Q q 0 0 0 rg BT 96.45 175.60 Td (a ) Tj ET Q q 0 0 0 rg BT 103.32 175.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 124.78 175.60 Td (venture ) Tj ET Q q 0 0 0 rg BT 158.47 175.60 Td (for ) Tj ET Q q 0 0 0 rg BT 172.92 175.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 215.94 175.60 Td (net ) Tj ET Q q 0 0 0 rg BT 230.97 175.60 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 270.49 175.60 Td (of ) Tj ET Q q 0 0 0 rg BT 281.45 175.60 Td ($19.5 ) Tj ET Q q 0 0 0 rg BT 307.28 175.60 Td (million. ) Tj ET Q q 0 0 0 rg BT 342.45 175.60 Td ( ) Tj ET Q q 0 0 0 rg BT 344.50 175.60 Td (These ) Tj ET Q q 0 0 0 rg BT 371.78 175.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 394.39 175.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 429.84 175.60 Td (in ) Tj ET Q q 0 0 0 rg BT 440.22 175.60 Td (the ) Tj ET Q q 0 0 0 rg BT 455.25 175.60 Td (disposition ) Tj ET Q q 0 0 0 rg BT 503.55 175.60 Td (of ) Tj ET Q q 0 0 0 rg BT 514.50 175.60 Td ($4.8 ) Tj ET Q q 0 0 0 rg BT 535.09 175.60 Td (billion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 163.00 Td (of ) Tj ET Q q 0 0 0 rg BT 96.29 163.00 Td (AUM ) Tj ET Q q 0 0 0 rg BT 123.42 163.00 Td (and ) Tj ET Q q 0 0 0 rg BT 141.21 163.00 Td (did ) Tj ET Q q 0 0 0 rg BT 157.25 163.00 Td (not ) Tj ET Q q 0 0 0 rg BT 173.29 163.00 Td (have ) Tj ET Q q 0 0 0 rg BT 195.74 163.00 Td (a ) Tj ET Q q 0 0 0 rg BT 203.02 163.00 Td (material ) Tj ET Q q 0 0 0 rg BT 240.05 163.00 Td (impact ) Tj ET Q q 0 0 0 rg BT 271.24 163.00 Td (on ) Tj ET Q q 0 0 0 rg BT 284.37 163.00 Td (our ) Tj ET Q q 0 0 0 rg BT 300.99 163.00 Td (results ) Tj ET Q q 0 0 0 rg BT 331.03 163.00 Td (of ) Tj ET Q q 0 0 0 rg BT 342.40 163.00 Td (operations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 137.80 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 137.80 Td (During ) Tj ET Q q 0 0 0 rg BT 117.79 137.80 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 143.07 137.80 Td (2017, ) Tj ET Q q 0 0 0 rg BT 169.23 137.80 Td (we ) Tj ET Q q 0 0 0 rg BT 184.02 137.80 Td (launched ) Tj ET Q q 0 0 0 rg BT 224.46 137.80 Td (several ) Tj ET Q q 0 0 0 rg BT 256.73 137.80 Td (exchange-traded ) Tj ET Q q 0 0 0 rg BT 328.65 137.80 Td (fund ) Tj ET Q q 0 0 0 rg BT 350.43 137.80 Td (\("ETF"\) ) Tj ET Q q 0 0 0 rg BT 387.21 137.80 Td (products. ) Tj ET Q q 0 0 0 rg BT 428.53 137.80 Td ( ) Tj ET Q q 0 0 0 rg BT 430.89 137.80 Td (W) Tj ET Q q 0 0 0 rg BT 439.96 137.80 Td (e ) Tj ET Q q 0 0 0 rg BT 447.16 137.80 Td (expect ) Tj ET Q q 0 0 0 rg BT 477.10 137.80 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 502.40 137.80 Td (to ) Tj ET Q q 0 0 0 rg BT 513.10 137.80 Td (be ) Tj ET Q q 0 0 0 rg BT 525.55 137.80 Td (a ) Tj ET Q q 0 0 0 rg BT 532.76 137.80 Td (growth ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 125.20 Td (opportunity) Tj ET Q q 0 0 0 rg BT 133.82 125.20 Td (, ) Tj ET Q q 0 0 0 rg BT 139.15 125.20 Td (as ) Tj ET Q q 0 0 0 rg BT 150.61 125.20 Td (investor ) Tj ET Q q 0 0 0 rg BT 187.16 125.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 220.77 125.20 Td (has ) Tj ET Q q 0 0 0 rg BT 237.48 125.20 Td (tended ) Tj ET Q q 0 0 0 rg BT 268.19 125.20 Td (to ) Tj ET Q q 0 0 0 rg BT 279.06 125.20 Td (trend ) Tj ET Q q 0 0 0 rg BT 303.35 125.20 Td (away ) Tj ET Q q 0 0 0 rg BT 328.22 125.20 Td (from ) Tj ET Q q 0 0 0 rg BT 351.34 125.20 Td (traditional ) Tj ET Q q 0 0 0 rg BT 397.21 125.20 Td (mutual ) Tj ET Q q 0 0 0 rg BT 429.08 125.20 Td (funds, ) Tj ET Q q 0 0 0 rg BT 457.76 125.20 Td (and ) Tj ET Q q 0 0 0 rg BT 475.63 125.20 Td (intend ) Tj ET Q q 0 0 0 rg BT 504.59 125.20 Td (to ) Tj ET Q q 0 0 0 rg BT 515.47 125.20 Td (continue ) Tj ET Q q 0 0 0 rg BT 554.33 125.20 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 112.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 110.87 112.60 Td (on ) Tj ET Q q 0 0 0 rg BT 123.99 112.60 Td (increasing ) Tj ET Q q 0 0 0 rg BT 169.77 112.60 Td (our ) Tj ET Q q 0 0 0 rg BT 186.39 112.60 Td (ETF ) Tj ET Q q 0 0 0 rg BT 207.68 112.60 Td (product ) Tj ET Q q 0 0 0 rg BT 242.38 112.60 Td (of) Tj ET Q q 0 0 0 rg BT 250.94 112.60 Td (ferings ) Tj ET Q q 0 0 0 rg BT 282.72 112.60 Td (during ) Tj ET Q q 0 0 0 rg BT 312.76 112.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 338.13 112.60 Td (2018.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 87.40 Td (See ) Tj ET Q q 0 0 0 rg BT 103.41 87.40 Td (Note ) Tj ET Q q 0 0 0 rg BT 126.56 87.40 Td (2 ) Tj ET Q q 0 0 0 rg BT 134.55 87.40 Td (of ) Tj ET Q q 0 0 0 rg BT 146.05 87.40 Td (Notes ) Tj ET Q q 0 0 0 rg BT 173.29 87.40 Td (to ) Tj ET Q q 0 0 0 rg BT 184.20 87.40 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 242.36 87.40 Td (Financial ) Tj ET Q q 0 0 0 rg BT 284.17 87.40 Td (Statements ) Tj ET Q q 0 0 0 rg BT 333.00 87.40 Td (for ) Tj ET Q q 0 0 0 rg BT 347.98 87.40 Td (additional ) Tj ET Q q 0 0 0 rg BT 392.72 87.40 Td (information ) Tj ET Q q 0 0 0 rg BT 445.04 87.40 Td (regarding ) Tj ET Q q 0 0 0 rg BT 488.01 87.40 Td (these ) Tj ET Q q 0 0 0 rg BT 512.33 87.40 Td (acquisitions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 74.80 Td (and ) Tj ET Q q 0 0 0 rg BT 103.29 74.80 Td (dispositions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 62.20 Td ( ) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (37) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.35 741.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 100.93 741.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 154.36 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 165.21 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 189.47 741.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 223.37 741.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 242.09 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 257.02 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.54 741.75 Td (year ) Tj ET Q q 0 0 0 rg BT 293.29 741.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 321.05 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 351.15 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 366.96 741.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 393.27 741.75 Td (was ) Tj ET Q q 0 0 0 rg BT 412.29 741.75 Td ($227.3 ) Tj ET Q q 0 0 0 rg BT 443.85 741.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 479.50 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 490.94 741.75 Td ($2.18 ) Tj ET Q q 0 0 0 rg BT 517.25 741.75 Td (per ) Tj ET Q q 0 0 0 rg BT 533.35 741.75 Td (diluted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (share, ) Tj ET Q q 0 0 0 rg BT 77.25 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 88.96 729.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 133.32 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 144.45 729.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 162.58 729.15 Td (Loss ) Tj ET Q q 0 0 0 rg BT 184.73 729.15 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 238.43 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 249.57 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 274.11 729.15 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 308.28 729.15 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 327.28 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 338.99 729.15 Td ($25.0 ) Tj ET Q q 0 0 0 rg BT 365.58 729.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 401.51 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 413.22 729.15 Td ($0.25 ) Tj ET Q q 0 0 0 rg BT 439.81 729.15 Td (per ) Tj ET Q q 0 0 0 rg BT 456.19 729.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 488.32 729.15 Td (share ) Tj ET Q q 0 0 0 rg BT 513.44 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 528.64 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 544.44 729.15 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 76.42 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 105.67 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.64 716.55 Td (2016.� ) Tj ET Q q 0 0 0 rg BT 148.74 716.55 Td (In ) Tj ET Q q 0 0 0 rg BT 159.33 716.55 Td (addition ) Tj ET Q q 0 0 0 rg BT 195.59 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 205.61 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 220.28 716.55 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 293.85 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 310.86 716.55 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 390.85 716.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 413.69 716.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 455.79 716.55 Td (above, ) Tj ET Q q 0 0 0 rg BT 485.33 716.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 502.34 716.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 535.67 716.55 Td (\(Loss\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 102.35 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 112.62 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 136.30 703.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 169.62 703.95 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 187.76 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 202.11 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 217.04 703.95 Td (years ) Tj ET Q q 0 0 0 rg BT 241.31 703.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 268.48 703.95 Td (March ) Tj ET Q q 0 0 0 rg BT 298.00 703.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 313.23 703.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 336.34 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 353.60 703.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 379.34 703.95 Td (included ) Tj ET Q q 0 0 0 rg BT 417.60 703.95 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 449.44 703.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 499.95 703.95 Td (char) Tj ET Q q 0 0 0 rg BT 517.83 703.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 533.94 703.95 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.34 691.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 105.01 691.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 132.18 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 143.60 691.35 Td ($35 ) Tj ET Q q 0 0 0 rg BT 162.02 691.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 197.66 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 209.08 691.35 Td ($0.26 ) Tj ET Q q 0 0 0 rg BT 235.38 691.35 Td (per ) Tj ET Q q 0 0 0 rg BT 251.46 691.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 283.30 691.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 310.75 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 328.58 691.35 Td ($371.0 ) Tj ET Q q 0 0 0 rg BT 360.13 691.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 395.77 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 407.19 691.35 Td ($2.76 ) Tj ET Q q 0 0 0 rg BT 433.49 691.35 Td (per ) Tj ET Q q 0 0 0 rg BT 449.57 691.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 481.41 691.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 508.86 691.35 Td (respectively; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 81.42 678.75 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 121.50 678.75 Td (char) Tj ET Q q 0 0 0 rg BT 139.38 678.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 155.56 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 166.49 678.75 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 187.05 678.75 Td (million ) Tj ET Q q 0 0 0 rg BT 219.58 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 236.92 678.75 Td ($21.4 ) Tj ET Q q 0 0 0 rg BT 262.73 678.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 297.88 678.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 347.92 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 352.73 678.75 Td (related ) Tj ET Q q 0 0 0 rg BT 383.48 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 393.83 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.84 678.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 432.60 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 443.53 678.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 471.96 678.75 Td (units ) Tj ET Q q 0 0 0 rg BT 494.57 678.75 Td (under ) Tj ET Q q 0 0 0 rg BT 520.66 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 535.67 678.75 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 66.19 666.15 Td (Associates ) Tj ET Q q 0 0 0 rg BT 113.07 666.15 Td (\("Royce"\) ) Tj ET Q q 0 0 0 rg BT 157.42 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 213.04 666.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 241.25 666.15 Td (plan; ) Tj ET Q q 0 0 0 rg BT 264.21 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 281.34 666.15 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 313.04 666.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 359.33 666.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 417.86 666.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 443.73 666.15 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 495.86 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 506.57 666.15 Td ($39.5 ) Tj ET Q q 0 0 0 rg BT 532.16 666.15 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 653.55 Td ($33.4 ) Tj ET Q q 0 0 0 rg BT 93.54 653.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 129.12 653.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 179.17 653.55 Td (. ) Tj ET Q q 0 0 0 rg BT 184.42 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 186.85 653.55 Td (These ) Tj ET Q q 0 0 0 rg BT 214.55 653.55 Td (items ) Tj ET Q q 0 0 0 rg BT 239.93 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 255.37 653.55 Td (more ) Tj ET Q q 0 0 0 rg BT 279.57 653.55 Td (fully ) Tj ET Q q 0 0 0 rg BT 302.03 653.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 344.90 653.55 Td (below) Tj ET Q q 0 0 0 rg BT 369.88 653.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (A) Tj ET Q q 0 0 0 rg BT 56.30 628.35 Td (verage ) Tj ET Q q 0 0 0 rg BT 86.05 628.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 112.83 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 130.26 628.35 Td (total ) Tj ET Q q 0 0 0 rg BT 151.19 628.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 190.78 628.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 232.69 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 245.47 628.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 308.39 628.35 Td (5% ) Tj ET Q q 0 0 0 rg BT 324.65 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 342.09 628.35 Td (8%, ) Tj ET Q q 0 0 0 rg BT 360.98 628.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 411.02 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 415.92 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 426.36 628.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 451.37 628.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 474.64 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 485.66 628.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 529.33 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 539.77 628.35 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 75.97 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 87.56 615.75 Td (further ) Tj ET Q q 0 0 0 rg BT 118.97 615.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 162.06 615.75 Td (below) Tj ET Q q 0 0 0 rg BT 187.04 615.75 Td (. ) Tj ET Q q 0 0 0 rg BT 192.51 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 195.15 615.75 Td (T) Tj ET Q q 0 0 0 rg BT 200.83 615.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 218.79 615.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 246.14 615.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 288.63 615.75 Td (during ) Tj ET Q q 0 0 0 rg BT 318.89 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 334.56 615.75 Td (year ) Tj ET Q q 0 0 0 rg BT 355.47 615.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 383.39 615.75 Td (March ) Tj ET Q q 0 0 0 rg BT 413.64 615.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 429.60 615.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 456.07 615.75 Td (due ) Tj ET Q q 0 0 0 rg BT 474.08 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 485.09 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 500.76 615.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 553.77 615.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 84.22 603.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 121.84 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 140.22 603.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 157.93 603.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 176.90 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 195.28 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 211.33 603.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 243.12 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 255.09 603.15 Td (positive ) Tj ET Q q 0 0 0 rg BT 291.56 603.15 Td (market ) Tj ET Q q 0 0 0 rg BT 323.93 603.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 380.20 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 398.58 603.15 Td (other) Tj ET Q q 0 0 0 rg BT 419.74 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 425.58 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 454.46 603.15 Td (were ) Tj ET Q q 0 0 0 rg BT 478.08 603.15 Td (of) Tj ET Q q 0 0 0 rg BT 486.64 603.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 505.02 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 516.41 603.15 Td (part ) Tj ET Q q 0 0 0 rg BT 535.95 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 549.67 603.15 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (client ) Tj ET Q q 0 0 0 rg BT 75.45 590.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 114.82 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 125.62 590.55 Td (both ) Tj ET Q q 0 0 0 rg BT 146.91 590.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 185.12 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 202.91 590.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 246.36 590.55 Td (AUM. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.64 565.35 Td (following ) Tj ET Q q 0 0 0 rg BT 114.29 565.35 Td (discussion ) Tj ET Q q 0 0 0 rg BT 161.86 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 180.84 565.35 Td (analysis ) Tj ET Q q 0 0 0 rg BT 218.49 565.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 258.46 565.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 304.27 565.35 Td (information ) Tj ET Q q 0 0 0 rg BT 357.66 565.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 401.71 565.35 Td (our ) Tj ET Q q 0 0 0 rg BT 419.52 565.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 460.07 565.35 Td (condition ) Tj ET Q q 0 0 0 rg BT 503.55 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 522.53 565.35 Td (results ) Tj ET Q q 0 0 0 rg BT 553.76 565.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (operations.) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (38) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (BUSINESS ENVIRONMENT) Tj ET Q q 0 0 0 rg BT 183.80 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 185.85 741.90 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 245.27 741.90 Td (TS OF) Tj ET Q q 0 0 0 rg BT 274.93 741.90 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 313.53 741.90 Td (TIONS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (During ) Tj ET Q q 0 0 0 rg BT 82.25 716.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 108.00 716.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 132.01 716.70 Td (all ) Tj ET Q q 0 0 0 rg BT 145.51 716.70 Td (three ) Tj ET Q q 0 0 0 rg BT 169.50 716.70 Td (major ) Tj ET Q q 0 0 0 rg BT 197.00 716.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 218.68 716.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 247.93 716.70 Td (indices ) Tj ET Q q 0 0 0 rg BT 280.68 716.70 Td (improved ) Tj ET Q q 0 0 0 rg BT 323.93 716.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 379.43 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 397.60 716.70 Td (reached ) Tj ET Q q 0 0 0 rg BT 433.24 716.70 Td (historic ) Tj ET Q q 0 0 0 rg BT 467.75 716.70 Td (highs ) Tj ET Q q 0 0 0 rg BT 493.51 716.70 Td (during ) Tj ET Q q 0 0 0 rg BT 523.93 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 539.76 716.70 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.99 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 73.15 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.69 704.10 Td (Uncertainty ) Tj ET Q q 0 0 0 rg BT 129.79 704.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 173.56 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.93 704.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 212.14 704.10 Td (presidential ) Tj ET Q q 0 0 0 rg BT 264.66 704.10 Td (election ) Tj ET Q q 0 0 0 rg BT 301.43 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.13 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.49 704.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 367.45 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.74 704.10 Td (an ) Tj ET Q q 0 0 0 rg BT 393.18 704.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 431.12 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 442.82 704.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 477.26 704.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 500.62 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 514.66 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.03 704.10 Td (Federal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 84.76 691.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 119.44 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 129.04 691.50 Td (volatility ) Tj ET Q q 0 0 0 rg BT 168.40 691.50 Td (during ) Tj ET Q q 0 0 0 rg BT 197.25 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 211.52 691.50 Td (first ) Tj ET Q q 0 0 0 rg BT 229.87 691.50 Td (half ) Tj ET Q q 0 0 0 rg BT 247.64 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 257.82 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 272.09 691.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 296.27 691.50 Td (year) Tj ET Q q 0 0 0 rg BT 313.76 691.50 Td (. ) Tj ET Q q 0 0 0 rg BT 317.82 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 319.16 691.50 Td (While ) Tj ET Q q 0 0 0 rg BT 346.25 691.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 373.94 691.50 Td (markets ) Tj ET Q q 0 0 0 rg BT 408.62 691.50 Td (rallied ) Tj ET Q q 0 0 0 rg BT 436.88 691.50 Td (following ) Tj ET Q q 0 0 0 rg BT 479.15 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 493.42 691.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 513.53 691.50 Td (presidential ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (election, ) Tj ET Q q 0 0 0 rg BT 88.76 678.90 Td (economic ) Tj ET Q q 0 0 0 rg BT 132.97 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 151.53 678.90 Td (political ) Tj ET Q q 0 0 0 rg BT 189.34 678.90 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 239.97 678.90 Td (has ) Tj ET Q q 0 0 0 rg BT 257.36 678.90 Td (continued ) Tj ET Q q 0 0 0 rg BT 302.17 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 313.73 678.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 345.70 678.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 375.35 678.90 Td (markets. ) Tj ET Q q 0 0 0 rg BT 414.61 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 418.01 678.90 Td (In ) Tj ET Q q 0 0 0 rg BT 430.15 678.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 470.59 678.90 Td (economic ) Tj ET Q q 0 0 0 rg BT 514.80 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 533.36 678.90 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 99.64 666.30 Td (were ) Tj ET Q q 0 0 0 rg BT 122.95 666.30 Td (impacted ) Tj ET Q q 0 0 0 rg BT 164.35 666.30 Td (by ) Tj ET Q q 0 0 0 rg BT 177.75 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 193.49 666.30 Td (shifting ) Tj ET Q q 0 0 0 rg BT 228.49 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 240.14 666.30 Td (political ) Tj ET Q q 0 0 0 rg BT 277.46 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 295.53 666.30 Td (military ) Tj ET Q q 0 0 0 rg BT 331.69 666.30 Td (paradigms ) Tj ET Q q 0 0 0 rg BT 378.34 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 389.41 666.30 Td (both ) Tj ET Q q 0 0 0 rg BT 410.99 666.30 Td (Europe ) Tj ET Q q 0 0 0 rg BT 444.22 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 461.65 666.30 Td (Asia. ) Tj ET Q q 0 0 0 rg BT 486.43 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 489.34 666.30 Td (In ) Tj ET Q q 0 0 0 rg BT 501.00 666.30 Td (June ) Tj ET Q q 0 0 0 rg BT 523.15 666.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 549.69 666.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 72.23 653.70 Td (held ) Tj ET Q q 0 0 0 rg BT 92.62 653.70 Td (a ) Tj ET Q q 0 0 0 rg BT 99.59 653.70 Td (referendum ) Tj ET Q q 0 0 0 rg BT 150.29 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 160.77 653.70 Td (which ) Tj ET Q q 0 0 0 rg BT 188.75 653.70 Td (voters ) Tj ET Q q 0 0 0 rg BT 216.72 653.70 Td (approved ) Tj ET Q q 0 0 0 rg BT 258.10 653.70 Td (an ) Tj ET Q q 0 0 0 rg BT 270.32 653.70 Td (exit ) Tj ET Q q 0 0 0 rg BT 288.38 653.70 Td (from ) Tj ET Q q 0 0 0 rg BT 311.11 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 326.25 653.70 Td (European ) Tj ET Q q 0 0 0 rg BT 368.79 653.70 Td (Union, ) Tj ET Q q 0 0 0 rg BT 399.98 653.70 Td (commonly ) Tj ET Q q 0 0 0 rg BT 447.20 653.70 Td (referred ) Tj ET Q q 0 0 0 rg BT 482.74 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 493.22 653.70 Td (as ) Tj ET Q q 0 0 0 rg BT 504.27 653.70 Td ("Brexit." ) Tj ET Q q 0 0 0 rg BT 544.03 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 546.18 653.70 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (announcement ) Tj ET Q q 0 0 0 rg BT 112.74 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.50 641.10 Td (Brexit ) Tj ET Q q 0 0 0 rg BT 151.77 641.10 Td (had ) Tj ET Q q 0 0 0 rg BT 168.94 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 175.62 641.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 220.78 641.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 251.37 641.10 Td (on ) Tj ET Q q 0 0 0 rg BT 263.89 641.10 Td (domestic ) Tj ET Q q 0 0 0 rg BT 303.81 641.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 339.06 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.25 641.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 371.38 641.10 Td (but ) Tj ET Q q 0 0 0 rg BT 386.81 641.10 Td (has ) Tj ET Q q 0 0 0 rg BT 402.82 641.10 Td (created ) Tj ET Q q 0 0 0 rg BT 435.14 641.10 Td (some ) Tj ET Q q 0 0 0 rg BT 459.32 641.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 499.25 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.44 641.10 Td (international ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 628.50 Td (currency ) Tj ET Q q 0 0 0 rg BT 106.64 628.50 Td (markets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.48 603.30 Td (industry ) Tj ET Q q 0 0 0 rg BT 105.54 603.30 Td (continues ) Tj ET Q q 0 0 0 rg BT 148.43 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 159.24 603.30 Td (be ) Tj ET Q q 0 0 0 rg BT 171.80 603.30 Td (impacted ) Tj ET Q q 0 0 0 rg BT 212.93 603.30 Td (by ) Tj ET Q q 0 0 0 rg BT 226.07 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 241.54 603.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 283.25 603.30 Td (low ) Tj ET Q q 0 0 0 rg BT 301.65 603.30 Td (growth ) Tj ET Q q 0 0 0 rg BT 334.04 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 351.85 603.30 Td (low ) Tj ET Q q 0 0 0 rg BT 370.24 603.30 Td (return ) Tj ET Q q 0 0 0 rg BT 397.96 603.30 Td (environment, ) Tj ET Q q 0 0 0 rg BT 456.30 603.30 Td (with ) Tj ET Q q 0 0 0 rg BT 477.62 603.30 Td (continued ) Tj ET Q q 0 0 0 rg BT 521.67 603.30 Td (migration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (from ) Tj ET Q q 0 0 0 rg BT 71.73 590.70 Td (active ) Tj ET Q q 0 0 0 rg BT 98.62 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 108.61 590.70 Td (passive ) Tj ET Q q 0 0 0 rg BT 141.34 590.70 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 185.44 590.70 Td (which, ) Tj ET Q q 0 0 0 rg BT 215.54 590.70 Td (together ) Tj ET Q q 0 0 0 rg BT 251.77 590.70 Td (with ) Tj ET Q q 0 0 0 rg BT 272.25 590.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 317.22 590.70 Td (reform, ) Tj ET Q q 0 0 0 rg BT 350.24 590.70 Td (continues ) Tj ET Q q 0 0 0 rg BT 392.30 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 402.29 590.70 Td (put ) Tj ET Q q 0 0 0 rg BT 417.53 590.70 Td (pressure ) Tj ET Q q 0 0 0 rg BT 454.33 590.70 Td (on ) Tj ET Q q 0 0 0 rg BT 466.65 590.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 485.38 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 502.36 590.70 Td (is ) Tj ET Q q 0 0 0 rg BT 511.18 590.70 Td (contributing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.80 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.77 578.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 133.48 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.36 578.10 Td (products ) Tj ET Q q 0 0 0 rg BT 182.66 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.95 578.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 242.32 578.10 Td (on ) Tj ET Q q 0 0 0 rg BT 254.96 578.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 305.51 578.10 Td (platforms. ) Tj ET Q q 0 0 0 rg BT 350.51 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.65 578.10 Td (For ) Tj ET Q q 0 0 0 rg BT 369.37 578.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 409.70 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.00 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.96 578.10 Td (December ) Tj ET Q q 0 0 0 rg BT 480.24 578.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 503.38 578.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 532.69 578.10 Td (, ) Tj ET Q q 0 0 0 rg BT 537.45 578.10 Td (active ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 71.13 565.50 Td (mutual ) Tj ET Q q 0 0 0 rg BT 103.25 565.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 129.54 565.50 Td (experienced ) Tj ET Q q 0 0 0 rg BT 183.21 565.50 Td ($157 ) Tj ET Q q 0 0 0 rg BT 207.16 565.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 237.54 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 248.66 565.50 Td (outflows. ) Tj ET Q q 0 0 0 rg BT 290.99 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 293.30 565.50 Td (Although ) Tj ET Q q 0 0 0 rg BT 335.92 565.50 Td (active ) Tj ET Q q 0 0 0 rg BT 363.94 565.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 385.57 565.50 Td (mutual ) Tj ET Q q 0 0 0 rg BT 417.69 565.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 439.89 565.50 Td (outflows ) Tj ET Q q 0 0 0 rg BT 479.60 565.50 Td (subsided ) Tj ET Q q 0 0 0 rg BT 519.31 565.50 Td (during ) Tj ET Q q 0 0 0 rg BT 549.68 565.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (March ) Tj ET Q q 0 0 0 rg BT 79.17 552.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 102.44 552.90 Td (quarter) Tj ET Q q 0 0 0 rg BT 131.75 552.90 Td (, ) Tj ET Q q 0 0 0 rg BT 136.65 552.90 Td (it ) Tj ET Q q 0 0 0 rg BT 144.75 552.90 Td (is ) Tj ET Q q 0 0 0 rg BT 154.02 552.90 Td (likely ) Tj ET Q q 0 0 0 rg BT 180.20 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 195.30 552.90 Td (trend ) Tj ET Q q 0 0 0 rg BT 219.14 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 230.16 552.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 252.84 552.90 Td (flows ) Tj ET Q q 0 0 0 rg BT 278.44 552.90 Td (into ) Tj ET Q q 0 0 0 rg BT 297.04 552.90 Td (passive ) Tj ET Q q 0 0 0 rg BT 330.23 552.90 Td (products ) Tj ET Q q 0 0 0 rg BT 368.65 552.90 Td (will ) Tj ET Q q 0 0 0 rg BT 387.26 552.90 Td (continue. ) Tj ET Q q 0 0 0 rg BT 428.31 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 430.41 552.90 Td (These ) Tj ET Q q 0 0 0 rg BT 457.75 552.90 Td (factors ) Tj ET Q q 0 0 0 rg BT 488.59 552.90 Td (continue ) Tj ET Q q 0 0 0 rg BT 527.02 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 537.45 552.90 Td (create ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.45 540.30 Td (flow ) Tj ET Q q 0 0 0 rg BT 118.32 540.30 Td (pressure ) Tj ET Q q 0 0 0 rg BT 155.93 540.30 Td (for ) Tj ET Q q 0 0 0 rg BT 170.80 540.30 Td (active ) Tj ET Q q 0 0 0 rg BT 198.49 540.30 Td (managers ) Tj ET Q q 0 0 0 rg BT 241.35 540.30 Td (like ) Tj ET Q q 0 0 0 rg BT 259.72 540.30 Td (ourselves. ) Tj ET Q q 0 0 0 rg BT 304.63 540.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (All ) Tj ET Q q 0 0 0 rg BT 65.33 515.10 Td (three ) Tj ET Q q 0 0 0 rg BT 88.73 515.10 Td (major ) Tj ET Q q 0 0 0 rg BT 115.63 515.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 136.72 515.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 165.37 515.10 Td (market ) Tj ET Q q 0 0 0 rg BT 196.94 515.10 Td (indices ) Tj ET Q q 0 0 0 rg BT 229.09 515.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 271.15 515.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 326.05 515.10 Td (during ) Tj ET Q q 0 0 0 rg BT 355.88 515.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 381.03 515.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 407.07 515.10 Td (after ) Tj ET Q q 0 0 0 rg BT 428.71 515.10 Td (decreasing ) Tj ET Q q 0 0 0 rg BT 476.02 515.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 509.94 515.10 Td (during ) Tj ET Q q 0 0 0 rg BT 539.76 515.10 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 75.75 502.50 Td (while ) Tj ET Q q 0 0 0 rg BT 101.70 502.50 Td (bond ) Tj ET Q q 0 0 0 rg BT 125.33 502.50 Td (indices ) Tj ET Q q 0 0 0 rg BT 157.70 502.50 Td (were ) Tj ET Q q 0 0 0 rg BT 180.72 502.50 Td (mixed, ) Tj ET Q q 0 0 0 rg BT 212.22 502.50 Td (as ) Tj ET Q q 0 0 0 rg BT 223.59 502.50 Td (illustrated ) Tj ET Q q 0 0 0 rg BT 268.21 502.50 Td (in ) Tj ET Q q 0 0 0 rg BT 279.00 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 294.45 502.50 Td (table ) Tj ET Q q 0 0 0 rg BT 317.48 502.50 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 467.00 353.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 467.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 467.00 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 467.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 467.00 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 467.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 467.00 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 439.00 353.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 439.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 439.00 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 439.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 439.00 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 439.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 439.00 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 411.00 353.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 411.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 411.00 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 411.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 411.00 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 411.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 411.00 49.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 467 m 403 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 467 m 407 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 467 m 456 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 467 m 460 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 467 m 509 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 467 m 513 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 467 m 562 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 453 m 403 453 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 453 m 456 453 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 453 m 509 453 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 467 m 562 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 453 m 562 453 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 453 m 509 453 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 453 m 562 453 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 383 m 403 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 383 m 456 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 383 m 509 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 383 m 562 383 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 471.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.90 482.22 Td (% Change for the year ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.25 471.72 Td (March 31:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 457.22 Td (Indices) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 82.82 461.98 Td (\(1\) ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.50 457.39 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.50 457.22 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.50 457.22 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 443.22 Td (Dow Jones Industrial ) Tj ET Q q 0 0 0 rg BT 143.79 443.22 Td (A) Tj ET Q q 0 0 0 rg BT 150.59 443.22 Td (verage) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 178.57 447.98 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.10 443.39 Td (16.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 445.00 443.39 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.60 443.22 Td (\(0.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.25 443.22 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 443.22 Td (8.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 443.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 429.22 Td (S&P) Tj ET Q q 0 0 0 rg BT 71.96 429.22 Td ( 500) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 90.33 433.98 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.10 429.39 Td (14.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 445.00 429.39 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.60 429.22 Td (\(0.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.25 429.22 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 429.22 Td (10.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 429.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 415.22 Td (NASDAQ Composite Index) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 170.92 419.98 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.10 415.39 Td (21.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 445.00 415.39 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.60 415.22 Td (\(0.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.25 415.22 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 415.22 Td (16.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 415.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 401.22 Td (Barclays Capital U.S. Aggregate Bond Index) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.35 401.39 Td (0.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 445.00 401.39 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.10 401.22 Td (2.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.75 401.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 401.22 Td (5.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 401.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 387.22 Td (Barclays Capital Global Aggregate Bond Index) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.85 387.39 Td (\(1.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 387.39 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.10 387.22 Td (4.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.75 387.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.60 387.22 Td (\(3.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 387.22 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 373.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 373.90 Td (Indices are trademarks of Dow Jones & Company) Tj ET Q q 0 0 0 rg BT 226.71 373.90 Td (, McGraw-Hill Companies, Inc., NASDAQ Stock Market, Inc., and Barclays Capital, respectively) Tj ET Q q 0 0 0 rg BT 540.12 373.90 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 364.30 Td (which are not af) Tj ET Q q 0 0 0 rg BT 119.11 364.30 Td (filiated with Legg Mason.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 354.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 354.70 Td (Excludes the impact of the reinvestment of dividends and stock splits.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 332.50 Td (In ) Tj ET Q q 0 0 0 rg BT 61.56 332.50 Td (December ) Tj ET Q q 0 0 0 rg BT 108.02 332.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 134.97 332.50 Td (the ) Tj ET Q q 0 0 0 rg BT 151.11 332.50 Td (Federal ) Tj ET Q q 0 0 0 rg BT 185.92 332.50 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 223.05 332.50 Td (Board ) Tj ET Q q 0 0 0 rg BT 252.03 332.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 294.99 332.50 Td (the ) Tj ET Q q 0 0 0 rg BT 311.14 332.50 Td (tar) Tj ET Q q 0 0 0 rg BT 322.03 332.50 Td (get ) Tj ET Q q 0 0 0 rg BT 338.17 332.50 Td (federal ) Tj ET Q q 0 0 0 rg BT 370.63 332.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 397.28 332.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 416.34 332.50 Td (for ) Tj ET Q q 0 0 0 rg BT 431.90 332.50 Td (the ) Tj ET Q q 0 0 0 rg BT 448.05 332.50 Td (first ) Tj ET Q q 0 0 0 rg BT 468.28 332.50 Td (time ) Tj ET Q q 0 0 0 rg BT 490.26 332.50 Td (since ) Tj ET Q q 0 0 0 rg BT 515.15 332.50 Td (2006, ) Tj ET Q q 0 0 0 rg BT 542.10 332.50 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 319.90 Td (0.25% ) Tj ET Q q 0 0 0 rg BT 78.75 319.90 Td (to ) Tj ET Q q 0 0 0 rg BT 89.04 319.90 Td (0.50%. ) Tj ET Q q 0 0 0 rg BT 120.91 319.90 Td ( ) Tj ET Q q 0 0 0 rg BT 122.88 319.90 Td (The ) Tj ET Q q 0 0 0 rg BT 141.33 319.90 Td (Federal ) Tj ET Q q 0 0 0 rg BT 174.94 319.90 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 210.88 319.90 Td (Board ) Tj ET Q q 0 0 0 rg BT 238.66 319.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 280.43 319.90 Td (the ) Tj ET Q q 0 0 0 rg BT 295.38 319.90 Td (tar) Tj ET Q q 0 0 0 rg BT 306.27 319.90 Td (get ) Tj ET Q q 0 0 0 rg BT 321.22 319.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 346.68 319.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 364.54 319.90 Td (again ) Tj ET Q q 0 0 0 rg BT 389.40 319.90 Td (in ) Tj ET Q q 0 0 0 rg BT 399.69 319.90 Td (December ) Tj ET Q q 0 0 0 rg BT 444.96 319.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 470.70 319.90 Td (from ) Tj ET Q q 0 0 0 rg BT 493.24 319.90 Td (0.50% ) Tj ET Q q 0 0 0 rg BT 522.48 319.90 Td (to ) Tj ET Q q 0 0 0 rg BT 532.78 319.90 Td (0.75%, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 307.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.33 307.30 Td (in ) Tj ET Q q 0 0 0 rg BT 78.16 307.30 Td (March ) Tj ET Q q 0 0 0 rg BT 108.23 307.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 131.90 307.30 Td (from ) Tj ET Q q 0 0 0 rg BT 154.97 307.30 Td (0.75% ) Tj ET Q q 0 0 0 rg BT 184.76 307.30 Td (to ) Tj ET Q q 0 0 0 rg BT 195.59 307.30 Td (1.00%. ) Tj ET Q q 0 0 0 rg BT 228.01 307.30 Td ( ) Tj ET Q q 0 0 0 rg BT 230.48 307.30 Td (While ) Tj ET Q q 0 0 0 rg BT 258.80 307.30 Td (the ) Tj ET Q q 0 0 0 rg BT 274.30 307.30 Td (economic ) Tj ET Q q 0 0 0 rg BT 317.78 307.30 Td (outlook ) Tj ET Q q 0 0 0 rg BT 352.53 307.30 Td (for ) Tj ET Q q 0 0 0 rg BT 367.44 307.30 Td (the ) Tj ET Q q 0 0 0 rg BT 382.93 307.30 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 404.27 307.30 Td (has ) Tj ET Q q 0 0 0 rg BT 420.94 307.30 Td (remained ) Tj ET Q q 0 0 0 rg BT 462.67 307.30 Td (positive ) Tj ET Q q 0 0 0 rg BT 498.58 307.30 Td (in ) Tj ET Q q 0 0 0 rg BT 509.41 307.30 Td (recent ) Tj ET Q q 0 0 0 rg BT 537.73 307.30 Td (years, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 294.70 Td (it ) Tj ET Q q 0 0 0 rg BT 56.74 294.70 Td (has ) Tj ET Q q 0 0 0 rg BT 72.13 294.70 Td (been ) Tj ET Q q 0 0 0 rg BT 93.36 294.70 Td (impacted ) Tj ET Q q 0 0 0 rg BT 133.24 294.70 Td (by ) Tj ET Q q 0 0 0 rg BT 145.14 294.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 186.19 294.70 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 232.74 294.70 Td (. ) Tj ET Q q 0 0 0 rg BT 236.76 294.70 Td ( ) Tj ET Q q 0 0 0 rg BT 238.06 294.70 Td (The ) Tj ET Q q 0 0 0 rg BT 255.79 294.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 293.92 294.70 Td (environment ) Tj ET Q q 0 0 0 rg BT 348.39 294.70 Td (in ) Tj ET Q q 0 0 0 rg BT 357.96 294.70 Td (which ) Tj ET Q q 0 0 0 rg BT 385.02 294.70 Td (we ) Tj ET Q q 0 0 0 rg BT 398.66 294.70 Td (operate ) Tj ET Q q 0 0 0 rg BT 430.96 294.70 Td (continues ) Tj ET Q q 0 0 0 rg BT 472.60 294.70 Td (to ) Tj ET Q q 0 0 0 rg BT 482.17 294.70 Td (reflect ) Tj ET Q q 0 0 0 rg BT 510.38 294.70 Td (a ) Tj ET Q q 0 0 0 rg BT 516.45 294.70 Td (heightened ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 282.10 Td (level ) Tj ET Q q 0 0 0 rg BT 72.53 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.90 282.10 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 129.70 282.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.48 282.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 191.52 282.10 Td (pressure ) Tj ET Q q 0 0 0 rg BT 229.13 282.10 Td (on ) Tj ET Q q 0 0 0 rg BT 242.25 282.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.87 282.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 281.03 282.10 Td (as ) Tj ET Q q 0 0 0 rg BT 292.40 282.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 339.35 282.10 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 384.85 282.10 Td (as ) Tj ET Q q 0 0 0 rg BT 396.22 282.10 Td (we ) Tj ET Q q 0 0 0 rg BT 411.09 282.10 Td (move ) Tj ET Q q 0 0 0 rg BT 437.05 282.10 Td (into ) Tj ET Q q 0 0 0 rg BT 456.01 282.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 481.37 282.10 Td (2018.) 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j 3 M 313 705.65 m 317 705.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 705.65 m 374 705.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 705.65 m 378 705.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 705.65 m 435 705.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 705.65 m 502 705.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 705.65 m 506 705.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 705.65 m 563 705.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 667.65 m 252 667.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 667.65 m 313 667.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 667.65 m 374 667.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 667.65 m 435 667.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 667.65 m 502 667.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 667.65 m 563 667.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 667.65 m 252 667.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 570.65 m 313 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 570.65 m 374 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 570.65 m 435 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 556.65 m 313 556.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 556.65 m 374 556.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 556.65 m 435 556.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 570.65 m 502 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 556.65 m 502 556.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 570.65 m 563 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 556.65 m 563 556.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 444.65 m 313 444.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 444.65 m 374 444.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 444.65 m 435 444.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 430.65 m 313 430.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 430.65 m 374 430.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 430.65 m 435 430.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 444.65 m 502 444.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 444.65 m 563 444.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 416.65 m 313 416.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 416.65 m 374 416.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 416.65 m 435 416.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 430.65 m 502 430.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 416.65 m 502 416.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 430.65 m 563 430.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 416.65 m 563 416.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 337.65 m 313 337.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 337.65 m 374 337.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 337.65 m 435 337.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 337.65 m 502 337.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 337.65 m 563 337.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 323.65 m 313 323.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 323.65 m 374 323.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 323.65 m 435 323.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 337.65 m 502 337.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 323.65 m 502 323.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 337.65 m 563 337.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 323.65 m 563 323.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 323.65 m 563 323.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 294.65 m 313 294.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 294.65 m 374 294.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 294.65 m 435 294.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 294.65 m 502 294.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 294.65 m 563 294.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 256.65 m 313 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 256.65 m 374 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 256.65 m 435 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 256.65 m 502 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 256.65 m 563 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 232.64999999999998 m 313 232.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 232.64999999999998 m 374 232.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 256.65 m 435 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 232.64999999999998 m 435 232.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 232.64999999999998 m 502 232.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 232.64999999999998 m 563 232.64999999999998 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.25 708.87 Td (Percentage of Operating Revenues) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.00 708.87 Td (Period to Period Change) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 547.95 713.63 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.55 694.92 Td (Y) Tj ET Q q 0 0 0 rg BT 325.08 694.92 Td (ears Ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.40 684.42 Td (March�31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.50 694.94 Td (2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.15 684.44 Td (Compar) Tj ET Q q 0 0 0 rg BT 483.29 684.44 Td (ed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 694.92 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.10 684.42 Td (Compared) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 273.50 670.09 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.50 669.92 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.50 669.92 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.80 670.09 Td (to 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.10 669.92 Td (to 2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 658.04 Td (Operating ) Tj ET Q q 0 0 0 rg BT 101.21 658.04 Td (Revenues) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 644.87 Td (Investment advisory fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 630.87 Td (Separate accounts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.60 631.04 Td (32.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 302.00 631.04 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.85 630.87 Td (31.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.75 630.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.35 630.87 Td (29.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 630.87 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 480.50 631.04 Td (12) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.00 631.04 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 630.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 630.87 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 616.87 Td (Funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.60 617.04 Td (51.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.85 616.87 Td (53.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.35 616.87 Td (54.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.75 617.04 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 616.87 Td (\(9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 616.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 602.87 Td (Performance fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 603.04 Td (3.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.10 602.87 Td (1.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 602.87 Td (3.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 603.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 602.87 Td (\(50) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 602.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 588.87 Td (Distribution and service fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.60 589.04 Td (12.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.85 588.87 Td (14.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.35 588.87 Td (12.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 482.25 589.04 Td (\(4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.00 589.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 588.87 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 574.87 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 575.04 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.10 574.87 Td (0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 574.87 Td (0.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 575.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 574.87 Td (\(61) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 574.87 Td 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BT 553.75 533.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 519.87 Td (Distribution and servicing) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.60 520.04 Td (17.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.85 519.87 Td (20.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.35 519.87 Td (21.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 482.25 520.04 Td (\(9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.00 520.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 519.87 Td (\(8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 519.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 505.87 Td (Communications and technology) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 506.04 Td (7.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.10 505.87 Td (7.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 505.87 Td (6.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.75 506.04 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 505.87 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 491.87 Td (Occupancy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 492.04 Td (3.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.10 491.87 Td (4.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 491.87 Td (3.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 482.25 492.04 Td (\(7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.00 492.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 491.87 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 477.87 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 478.04 Td (0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.10 477.87 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 477.87 Td (0.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 478.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 477.87 Td (92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 463.42 Td (Impairment of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 463.44 Td (1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.85 463.42 Td (13.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 463.42 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 477.00 463.44 Td (\(91) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.00 463.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.15 463.42 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 448.87 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 449.04 Td (6.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.10 448.87 Td (6.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 448.87 Td (7.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 480.50 449.04 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 448.87 Td (\(18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 448.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 434.87 Td (Total Operating Expenses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.60 435.04 Td (85.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.85 434.87 Td (98.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.35 434.87 Td (82.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 482.25 435.04 Td (\(6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.00 435.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 434.87 Td (12) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 421.04 Td (Operating Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.60 421.04 Td (14.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.10 420.87 Td (2.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.35 420.87 Td (17.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 421.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 420.87 Td (\(90) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 420.87 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 407.04 Td (Non-Operating Income \(Expense\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 393.87 Td (Interest income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 394.04 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.10 393.87 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 393.87 Td (0.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 394.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 393.87 Td (\(25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 393.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 379.87 Td (Interest expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.35 380.04 Td (\(3.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 302.00 380.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.60 379.87 Td (\(1.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.25 379.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.10 379.87 Td (\(2.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 379.87 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 380.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 379.87 Td (\(17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 379.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 365.87 Td (Other income \(expense\), net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 366.04 Td (1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.60 365.87 Td (\(1.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.25 365.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.10 365.87 Td (\(3.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 365.87 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 366.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 365.87 Td (\(70) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 365.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 351.87 Td (Non-operating income \(expense\) of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 341.37 Td (consolidated investment vehicles, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 342.44 Td (0.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.60 342.42 Td (\(0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.25 342.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 342.42 Td (0.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 342.44 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.15 342.42 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 327.87 Td (Total non-operating income \(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.35 328.04 Td (\(1.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 302.00 328.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.60 327.87 Td (\(2.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.25 327.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.10 327.87 Td (\(4.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 327.87 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 477.00 328.04 Td (\(32) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.00 328.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 327.87 Td (\(42) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 327.87 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 313.44 Td (Income \(Loss\) before Income Tax Provision) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.60 313.44 Td (12.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.60 313.42 Td (\(0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.25 313.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.35 313.42 Td (13.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 313.44 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.15 313.42 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 298.87 Td (Income tax provision) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 299.04 Td (2.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.10 298.87 Td (0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 298.87 Td (4.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 299.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.15 298.87 Td (n/m) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 285.04 Td (Net Income \(Loss\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 285.04 Td (9.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.60 284.87 Td (\(1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.25 284.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 284.87 Td (8.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 285.04 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.15 284.87 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 270.87 Td (Less: Net income \(loss\) attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 260.37 Td (noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 261.44 Td (2.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.60 261.42 Td (\(0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.25 261.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 261.42 Td (0.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 261.44 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.15 261.42 Td (n/m) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 247.04 Td (Net Income \(Loss\) Attributable to Legg) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 57.00 236.54 Td (Mason, Inc.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 237.44 Td (7.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 302.00 237.44 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.60 237.42 Td (\(0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.25 237.42 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.60 237.42 Td (8.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 237.42 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.95 237.44 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.15 237.42 Td (n/m) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 223.55 Td (n/m - not meaningful) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 213.95 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 213.95 Td (Calculated based on the change in actual amounts between fiscal years as a percentage of the prior year amount.) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (40) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (ASSETS ) Tj ET Q q 0 0 0 rg BT 91.23 741.90 Td (UNDER ) Tj ET Q q 0 0 0 rg BT 131.19 741.90 Td (MANAGEMENT) Tj ET Q q 0 0 0 rg BT 210.34 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 212.38 741.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 237.18 741.90 Td (ASSETS ) Tj ET Q q 0 0 0 rg BT 278.91 741.90 Td (UNDER ) Tj ET Q q 0 0 0 rg BT 318.29 741.90 Td (ADVISEMENT) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (Assets ) Tj ET Q q 0 0 0 rg BT 80.12 716.70 Td (Under) Tj ET Q q 0 0 0 rg BT 108.52 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 111.14 716.70 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.88 704.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 95.00 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 104.63 704.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 146.33 704.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 186.85 704.10 Td (across ) Tj ET Q q 0 0 0 rg BT 215.72 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.17 704.10 Td (following ) Tj ET Q q 0 0 0 rg BT 274.63 704.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 297.67 704.10 Td (classes:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 678.6 m 61 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 61 678.6 m 182 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 678.6 m 199 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199 678.6 m 359 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 678.6 m 380 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 678.6 m 449 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 678.6 m 465 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 678.6 m 562 678.6 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 683.39 Td (Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 188.50 683.39 Td (Fixed Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 382.50 683.39 Td (Alternative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.50 683.39 Td (Liquidity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 662.37 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 662.37 Td (Large Cap Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 663.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 662.37 Td (U.S. Intermediate Investment Grade) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.00 663.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.50 663.82 Td (Real Estate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.00 663.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.50 663.82 Td (U.S. Managed Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 646.37 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 646.37 Td (Large Cap Value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 647.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 646.37 Td (U.S. Credit Aggregate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.00 647.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.50 647.82 Td (Hedge Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.00 647.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.50 647.82 Td (U.S. Municipal Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 631.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 630.37 Td (Equity Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 631.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 630.37 Td (Global Opportunistic Fixed Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.00 631.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.50 630.37 Td (Listed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 615.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 614.37 Td (International Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 615.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 614.37 Td (Global Government) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.50 615.82 Td (Infrastructure) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 599.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 598.37 Td (Small Cap Core) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 599.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 598.37 Td (U.S. Municipal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 583.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 582.37 Td (Large Cap Core) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 583.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 582.37 Td (U.S. Long Duration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 567.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 566.37 Td (Sector Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 567.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 566.37 Td (Global Fixed Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 551.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 550.37 Td (Small Cap Value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 551.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 550.37 Td (U.S. Limited Duration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 535.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 534.37 Td (Mid Cap Value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 535.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 534.37 Td (High Yield) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 519.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 518.37 Td (Global Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 519.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 518.37 Td (Emerging Markets Debt) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 503.82 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 502.37 Td (Emerging Markets Equity) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 472.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 472.90 Td (components ) Tj ET Q q 0 0 0 rg BT 121.82 472.90 Td (of ) Tj ET Q q 0 0 0 rg BT 133.19 472.90 Td (the ) Tj ET Q q 0 0 0 rg BT 148.64 472.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 185.09 472.90 Td (in ) Tj ET Q q 0 0 0 rg BT 195.88 472.90 Td (our ) Tj ET Q q 0 0 0 rg BT 211.92 472.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 239.05 472.90 Td (\(in ) Tj ET Q q 0 0 0 rg BT 253.34 472.90 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 290.96 472.90 Td (for ) Tj ET Q q 0 0 0 rg BT 305.83 472.90 Td (the ) Tj ET Q q 0 0 0 rg BT 321.29 472.90 Td (years ) Tj ET Q q 0 0 0 rg BT 346.07 472.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 373.76 472.90 Td (March ) Tj ET Q q 0 0 0 rg BT 403.79 472.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 419.54 472.90 Td (were ) Tj ET Q q 0 0 0 rg BT 442.57 472.90 Td (as ) Tj ET Q q 0 0 0 rg BT 453.94 472.90 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 448.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 448.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 448.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 448.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 448.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 448.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 448.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 420.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 420.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 420.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 420.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 420.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 420.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 420.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 392.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 392.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 392.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 392.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 392.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 392.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 392.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 364.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 364.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 364.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 364.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 364.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 364.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 364.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 336.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 336.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 336.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 336.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 336.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 336.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 336.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 308.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 308.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 308.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 308.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 308.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 308.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 308.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 279.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 279.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 279.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 279.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 279.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 279.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 279.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 250.40 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 250.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 250.40 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 250.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 250.40 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 250.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 250.40 47.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 448.4 m 410 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 448.4 m 460 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 448.4 m 511 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 448.4 m 562 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 448.4 m 511 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 448.4 m 562 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 364.4 m 410 364.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 364.4 m 460 364.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 364.4 m 511 364.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 364.4 m 562 364.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 364.4 m 511 364.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 364.4 m 562 364.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 322.4 m 410 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 322.4 m 460 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 322.4 m 511 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 322.4 m 562 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 322.4 m 511 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 322.4 m 562 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 250.39999999999998 m 410 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 250.39999999999998 m 460 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 250.39999999999998 m 511 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 250.39999999999998 m 562 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 236.39999999999998 m 410 236.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 236.39999999999998 m 460 236.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 236.39999999999998 m 511 236.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 236.39999999999998 m 562 236.39999999999998 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 452.62 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.00 452.79 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.50 452.62 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 452.62 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 438.62 Td (Beginning of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.50 438.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.35 438.79 Td (669.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 438.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.35 438.62 Td (702.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.50 438.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 438.62 Td (701.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 424.62 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 417.90 183.44 -9.55 re f /GS0 gs q 0 0 0 rg BT 76.50 410.62 Td (Investment funds, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 259.94 422.66 7.96 -9.55 re f /GS0 gs BT /F1 6.82 Tf ET q 0 0 0 rg BT 259.94 415.38 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.50 410.79 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.50 410.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 410.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.50 396.62 Td (Subscriptions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.60 396.79 Td (64.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.60 396.62 Td (50.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 396.62 Td (72.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.50 382.62 Td (Redemptions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 382.79 Td (\(65.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 382.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 382.62 Td (\(62.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 382.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 382.62 Td (\(61.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 382.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 368.62 Td (Long-term separate account flows, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.35 368.79 Td (\(0.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 368.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.85 368.62 Td (0.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 368.62 Td (5.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 354.62 Td (Total long-term flows) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.35 354.79 Td (\(1.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 354.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 354.62 Td (\(11.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 354.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 354.62 Td (16.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 340.62 Td (Liquidity fund flows, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 340.79 Td (\(27.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 340.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 340.62 Td (\(15.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 340.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 340.62 Td (\(21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 340.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 326.62 Td (Liquidity separate account flows, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.85 326.79 Td (0.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.85 326.62 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 326.62 Td (\(0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 326.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 312.62 Td (Total liquidity flows) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 312.79 Td (\(27.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 312.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 312.62 Td (\(14.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 312.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 312.62 Td (\(22.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 312.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 298.62 Td (Total net client cash flows) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 298.79 Td (\(28.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 298.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 298.62 Td (\(26.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 298.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 298.62 Td (\(5.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 298.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 284.17 Td (Market performance and other ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 189.11 288.93 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.60 284.19 Td (42.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 284.17 Td (\(15.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 284.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 284.17 Td (20.1) Tj ET Q BT /F1 10.50 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 276.90 115.74 -9.55 re f /GS0 gs q 0 0 0 rg BT 58.50 269.62 Td (Impact of foreign exchange) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.35 269.79 Td (\(1.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 269.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.85 269.62 Td (1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 269.62 Td (\(18.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 269.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 255.17 Td (Acquisitions \(dispositions\), net ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 192.09 259.93 Td (\(3\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.60 255.19 Td (46.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.85 255.17 Td (6.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 255.17 Td (5.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 240.62 Td (End of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.50 240.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.35 240.79 Td (728.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 240.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.35 240.62 Td (669.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.50 240.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 240.62 Td (702.7) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 227.30 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 58.83 230.92 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 227.30 Td (Subscriptions ) Tj ET Q q 0 0 0 rg BT 113.06 227.30 Td (and ) Tj ET Q q 0 0 0 rg BT 126.61 227.30 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 168.16 227.30 Td (reflect ) Tj ET Q q 0 0 0 rg BT 190.58 227.30 Td (the ) Tj ET Q q 0 0 0 rg BT 202.36 227.30 Td (gross ) Tj ET Q q 0 0 0 rg BT 221.25 227.30 Td (activity ) Tj ET Q q 0 0 0 rg BT 247.24 227.30 Td (in ) Tj ET Q q 0 0 0 rg BT 255.46 227.30 Td (the ) Tj ET Q q 0 0 0 rg BT 267.23 227.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 287.01 227.30 Td (and ) Tj ET Q q 0 0 0 rg BT 300.56 227.30 Td (include ) Tj ET Q q 0 0 0 rg BT 326.11 227.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 346.77 227.30 Td (transferred ) Tj ET Q q 0 0 0 rg BT 383.42 227.30 Td (between ) Tj ET Q q 0 0 0 rg BT 412.07 227.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 431.85 227.30 Td (and ) Tj ET Q q 0 0 0 rg BT 445.40 227.30 Td (between ) Tj ET Q q 0 0 0 rg BT 474.05 227.30 Td (share ) Tj ET Q q 0 0 0 rg BT 492.93 227.30 Td (classes. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 217.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 217.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 88.32 217.70 Td (is ) Tj ET Q q 0 0 0 rg BT 96.26 217.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 128.63 217.70 Td (the ) Tj ET Q q 0 0 0 rg BT 141.01 217.70 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 192.04 217.70 Td (of ) Tj ET Q q 0 0 0 rg BT 201.31 217.70 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 217.91 217.70 Td (billion, ) Tj ET Q q 0 0 0 rg BT 243.41 217.70 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 260.01 217.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 283.51 217.70 Td (and ) Tj ET Q q 0 0 0 rg BT 297.66 217.70 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 318.27 217.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 341.76 217.70 Td (of ) Tj ET Q q 0 0 0 rg BT 351.03 217.70 Td (client ) Tj ET Q q 0 0 0 rg BT 371.40 217.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 392.67 217.70 Td (from ) Tj ET Q q 0 0 0 rg BT 410.25 217.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 431.52 217.70 Td (to ) Tj ET Q q 0 0 0 rg BT 439.78 217.70 Td (AUA) Tj ET Q q 0 0 0 rg BT 456.67 217.70 Td ( ) Tj ET Q q 0 0 0 rg BT 459.27 217.70 Td (for ) Tj ET Q q 0 0 0 rg BT 471.21 217.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 491.13 217.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 511.74 217.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 530.34 217.70 Td (and ) Tj ET Q q 0 0 0 rg BT 544.50 217.70 Td (2015, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 208.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 105.63 208.10 Td (, ) Tj ET Q q 0 0 0 rg BT 109.63 208.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.18 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.95 208.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 178.27 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.94 208.10 Td (dividends.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 198.50 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 198.50 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.82 198.50 Td ($41.5 ) Tj ET Q q 0 0 0 rg BT 117.03 198.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 140.14 198.50 Td (and ) Tj ET Q q 0 0 0 rg BT 153.91 198.50 Td ($9.6 ) Tj ET Q q 0 0 0 rg BT 170.12 198.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 193.23 198.50 Td (related ) Tj ET Q q 0 0 0 rg BT 217.21 198.50 Td (to ) Tj ET Q q 0 0 0 rg BT 225.64 198.50 Td (the ) Tj ET Q q 0 0 0 rg BT 237.63 198.50 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 278.07 198.50 Td (of ) Tj ET Q q 0 0 0 rg BT 286.95 198.50 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 313.16 198.50 Td (Partners ) Tj ET Q q 0 0 0 rg BT 341.59 198.50 Td (and ) Tj ET Q q 0 0 0 rg BT 355.36 198.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 368.85 198.50 Td (rust, ) Tj ET Q q 0 0 0 rg BT 385.07 198.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 423.19 198.50 Td (, ) Tj ET Q q 0 0 0 rg BT 427.41 198.50 Td (of) Tj ET Q q 0 0 0 rg BT 433.93 198.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 447.70 198.50 Td (in ) Tj ET Q q 0 0 0 rg BT 456.13 198.50 Td (part ) Tj ET Q q 0 0 0 rg BT 470.79 198.50 Td (by ) Tj ET Q q 0 0 0 rg BT 481.00 198.50 Td ($4.8 ) Tj ET Q q 0 0 0 rg BT 497.22 198.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 520.33 198.50 Td (related ) Tj ET Q q 0 0 0 rg BT 544.30 198.50 Td (to ) Tj ET Q q 0 0 0 rg BT 552.74 198.50 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 188.90 Td (disposition ) Tj ET Q q 0 0 0 rg BT 104.47 188.90 Td (of ) Tj ET Q q 0 0 0 rg BT 112.99 188.90 Td (two ) Tj ET Q q 0 0 0 rg BT 126.84 188.90 Td (small ) Tj ET Q q 0 0 0 rg BT 146.03 188.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 182.99 188.90 Td (managers ) Tj ET Q q 0 0 0 rg BT 215.50 188.90 Td (and ) Tj ET Q q 0 0 0 rg BT 228.90 188.90 Td (our ) Tj ET Q q 0 0 0 rg BT 241.42 188.90 Td (share ) Tj ET Q q 0 0 0 rg BT 260.16 188.90 Td (of ) Tj ET Q q 0 0 0 rg BT 268.67 188.90 Td (a ) Tj ET Q q 0 0 0 rg BT 274.08 188.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 290.60 188.90 Td (venture ) Tj ET Q q 0 0 0 rg BT 316.44 188.90 Td (during ) Tj ET Q q 0 0 0 rg BT 339.19 188.90 Td (the ) Tj ET Q q 0 0 0 rg BT 350.81 188.90 Td (year ) Tj ET Q q 0 0 0 rg BT 366.43 188.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 387.39 188.90 Td (March ) Tj ET Q q 0 0 0 rg BT 410.12 188.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 421.98 188.90 Td (2017; ) Tj ET Q q 0 0 0 rg BT 442.05 188.90 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 457.91 188.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 480.65 188.90 Td (and ) Tj ET Q q 0 0 0 rg BT 494.06 188.90 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 509.91 188.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 532.66 188.90 Td (related ) Tj ET Q q 0 0 0 rg BT 556.28 188.90 Td (to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 179.30 Td (the ) Tj ET Q q 0 0 0 rg BT 79.04 179.30 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 119.03 179.30 Td (of ) Tj ET Q q 0 0 0 rg BT 127.47 179.30 Td (RARE ) Tj ET Q q 0 0 0 rg BT 150.57 179.30 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 195.88 179.30 Td (and ) Tj ET Q q 0 0 0 rg BT 209.20 179.30 Td (PK ) Tj ET Q q 0 0 0 rg BT 221.19 179.30 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 263.63 179.30 Td (LLP) Tj ET Q q 0 0 0 rg BT 277.55 179.30 Td ( ) Tj ET Q q 0 0 0 rg BT 279.32 179.30 Td (\("PK ) Tj ET Q q 0 0 0 rg BT 297.25 179.30 Td (Investments"\), ) Tj ET Q q 0 0 0 rg BT 345.61 179.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 383.74 179.30 Td (, ) Tj ET Q q 0 0 0 rg BT 387.51 179.30 Td (during ) Tj ET Q q 0 0 0 rg BT 410.17 179.30 Td (the ) Tj ET Q q 0 0 0 rg BT 421.71 179.30 Td (year ) Tj ET Q q 0 0 0 rg BT 437.25 179.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 458.12 179.30 Td (March ) Tj ET Q q 0 0 0 rg BT 480.77 179.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.54 179.30 Td (2016; ) Tj ET Q q 0 0 0 rg BT 512.53 179.30 Td (and ) Tj ET Q q 0 0 0 rg BT 525.85 179.30 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 541.62 179.30 Td (billion ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 169.70 Td (and ) Tj ET Q q 0 0 0 rg BT 81.25 169.70 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 97.44 169.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 120.53 169.70 Td (related ) Tj ET Q q 0 0 0 rg BT 144.48 169.70 Td (to ) Tj ET Q q 0 0 0 rg BT 152.90 169.70 Td (the ) Tj ET Q q 0 0 0 rg BT 164.87 169.70 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 205.29 169.70 Td (of ) Tj ET Q q 0 0 0 rg BT 214.14 169.70 Td (Martin ) Tj ET Q q 0 0 0 rg BT 238.11 169.70 Td (Currie ) Tj ET Q q 0 0 0 rg BT 260.75 169.70 Td (and ) Tj ET Q q 0 0 0 rg BT 274.49 169.70 Td (QS ) Tj ET Q q 0 0 0 rg BT 286.91 169.70 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 320.44 169.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 358.57 169.70 Td (, ) Tj ET Q q 0 0 0 rg BT 362.76 169.70 Td (of) Tj ET Q q 0 0 0 rg BT 369.28 169.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 383.03 169.70 Td (in ) Tj ET Q q 0 0 0 rg BT 391.45 169.70 Td (part ) Tj ET Q q 0 0 0 rg BT 406.08 169.70 Td (by ) Tj ET Q q 0 0 0 rg BT 416.27 169.70 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 432.47 169.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 455.55 169.70 Td (related ) Tj ET Q q 0 0 0 rg BT 479.51 169.70 Td (to ) Tj ET Q q 0 0 0 rg BT 487.93 169.70 Td (the ) Tj ET Q q 0 0 0 rg BT 499.90 169.70 Td (disposition ) Tj ET Q q 0 0 0 rg BT 537.21 169.70 Td (of ) Tj ET Q q 0 0 0 rg BT 546.07 169.70 Td (Legg ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 160.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 91.28 160.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 128.82 160.10 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 157.05 160.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.45 160.10 Td (T) Tj ET Q q 0 0 0 rg BT 175.06 160.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 189.06 160.10 Td (\("LMIC"\), ) Tj ET Q q 0 0 0 rg BT 224.92 160.10 Td (for ) Tj ET Q q 0 0 0 rg BT 236.25 160.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.02 160.10 Td (year ) Tj ET Q q 0 0 0 rg BT 263.79 160.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 284.89 160.10 Td (March ) Tj ET Q q 0 0 0 rg BT 307.77 160.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.77 160.10 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 134.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 77.01 134.90 Td (at ) Tj ET Q q 0 0 0 rg BT 87.60 134.90 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 133.77 134.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 157.78 134.90 Td (was ) Tj ET Q q 0 0 0 rg BT 177.12 134.90 Td ($728.4�billion, ) Tj ET Q q 0 0 0 rg BT 241.67 134.90 Td (an ) Tj ET Q q 0 0 0 rg BT 254.60 134.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 292.00 134.90 Td (of ) Tj ET Q q 0 0 0 rg BT 303.76 134.90 Td ($58.8�billion, ) Tj ET Q q 0 0 0 rg BT 363.06 134.90 Td (or ) Tj ET Q q 0 0 0 rg BT 374.82 134.90 Td (9%, ) Tj ET Q q 0 0 0 rg BT 394.45 134.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 438.86 134.90 Td (to ) Tj ET Q q 0 0 0 rg BT 450.04 134.90 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 496.20 134.90 Td (2016.� ) Tj ET Q q 0 0 0 rg BT 525.25 134.90 Td (T) Tj ET Q q 0 0 0 rg BT 530.93 134.90 Td (otal ) Tj ET Q q 0 0 0 rg BT 549.68 134.90 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 122.30 Td (client ) Tj ET Q q 0 0 0 rg BT 75.45 122.30 Td (outflows ) Tj ET Q q 0 0 0 rg BT 114.83 122.30 Td (were ) Tj ET Q q 0 0 0 rg BT 137.86 122.30 Td ($28.9 ) Tj ET Q q 0 0 0 rg BT 164.11 122.30 Td (billion, ) Tj ET Q q 0 0 0 rg BT 196.78 122.30 Td (consisting ) Tj ET Q q 0 0 0 rg BT 242.00 122.30 Td (of ) Tj ET Q q 0 0 0 rg BT 253.37 122.30 Td (net ) Tj ET Q q 0 0 0 rg BT 268.83 122.30 Td (client ) Tj ET Q q 0 0 0 rg BT 294.78 122.30 Td (outflows ) Tj ET Q q 0 0 0 rg BT 334.16 122.30 Td (from ) Tj ET Q q 0 0 0 rg BT 357.19 122.30 Td (the ) Tj ET Q q 0 0 0 rg BT 372.65 122.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 410.86 122.30 Td (and ) Tj ET Q q 0 0 0 rg BT 428.65 122.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 472.69 122.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 495.72 122.30 Td (classes ) Tj ET Q q 0 0 0 rg BT 527.51 122.30 Td (of ) Tj ET Q q 0 0 0 rg BT 538.88 122.30 Td ($27.3 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 109.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 79.64 109.70 Td (and ) Tj ET Q q 0 0 0 rg BT 97.52 109.70 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 118.62 109.70 Td (billion, ) Tj ET Q q 0 0 0 rg BT 151.39 109.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 201.43 109.70 Td (. ) Tj ET Q q 0 0 0 rg BT 206.78 109.70 Td ( ) Tj ET Q q 0 0 0 rg BT 209.50 109.70 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 257.12 109.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 280.26 109.70 Td (net ) Tj ET Q q 0 0 0 rg BT 295.81 109.70 Td (outflows ) Tj ET Q q 0 0 0 rg BT 335.28 109.70 Td (were ) Tj ET Q q 0 0 0 rg BT 358.40 109.70 Td (comprised ) Tj ET Q q 0 0 0 rg BT 404.86 109.70 Td (of ) Tj ET Q q 0 0 0 rg BT 416.33 109.70 Td (alternative ) Tj ET Q q 0 0 0 rg BT 463.36 109.70 Td (and ) Tj ET Q q 0 0 0 rg BT 481.24 109.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 510.21 109.70 Td (net ) Tj ET Q q 0 0 0 rg BT 525.76 109.70 Td (outflows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 97.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.50 97.10 Td ($7.2 ) Tj ET Q q 0 0 0 rg BT 83.13 97.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 113.81 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.23 97.10 Td ($5.2 ) Tj ET Q q 0 0 0 rg BT 153.86 97.10 Td (billion, ) Tj ET Q q 0 0 0 rg BT 187.16 97.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 237.20 97.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.08 97.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 281.33 97.10 Td (of) Tj ET Q q 0 0 0 rg BT 289.89 97.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 308.30 97.10 Td (by ) Tj ET Q q 0 0 0 rg BT 322.06 97.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 346.89 97.10 Td (income ) Tj ET Q q 0 0 0 rg BT 381.05 97.10 Td (net ) Tj ET Q q 0 0 0 rg BT 397.13 97.10 Td (inflows ) Tj ET Q q 0 0 0 rg BT 431.89 97.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.89 97.10 Td ($10.8 ) Tj ET Q q 0 0 0 rg BT 470.77 97.10 Td (billion. ) Tj ET Q q 0 0 0 rg BT 504.08 97.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.33 97.10 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 554.34 97.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 84.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 75.04 84.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 101.47 84.50 Td (we ) Tj ET Q q 0 0 0 rg BT 116.52 84.50 Td (now ) Tj ET Q q 0 0 0 rg BT 137.40 84.50 Td (present ) Tj ET Q q 0 0 0 rg BT 170.53 84.50 Td (alternative ) Tj ET Q q 0 0 0 rg BT 217.64 84.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 244.94 84.50 Td (as ) Tj ET Q q 0 0 0 rg BT 256.49 84.50 Td (a ) Tj ET Q q 0 0 0 rg BT 263.96 84.50 Td (separate ) Tj ET Q q 0 0 0 rg BT 301.15 84.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 324.37 84.50 Td (class ) Tj ET Q q 0 0 0 rg BT 347.58 84.50 Td (of ) Tj ET Q q 0 0 0 rg BT 359.13 84.50 Td (our ) Tj ET Q q 0 0 0 rg BT 375.31 84.50 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 405.04 84.50 Td (The ) Tj ET Q q 0 0 0 rg BT 424.17 84.50 Td (alternative ) Tj ET Q q 0 0 0 rg BT 471.28 84.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 494.50 84.50 Td (class ) Tj ET Q q 0 0 0 rg BT 517.71 84.50 Td (consists ) Tj ET Q q 0 0 0 rg BT 553.77 84.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 71.90 Td (all ) Tj ET Q q 0 0 0 rg BT 62.52 71.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 90.27 71.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 131.42 71.90 Td (by ) Tj ET Q q 0 0 0 rg BT 145.16 71.90 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 179.90 71.90 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 220.18 71.90 Td (EnT) Tj ET Q q 0 0 0 rg BT 237.89 71.90 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 289.26 71.90 Td (RARE ) Tj ET Q q 0 0 0 rg BT 320.51 71.90 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 383.51 71.90 Td (and ) Tj ET Q q 0 0 0 rg BT 401.92 71.90 Td (Glouston ) Tj ET Q q 0 0 0 rg BT 443.67 71.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 477.24 71.90 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 517.52 71.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 541.18 71.90 Td (to ) Tj ET Q q 0 0 0 rg BT 552.59 71.90 Td (its ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 59.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 68.33 59.30 Td (on ) Tj ET Q q 0 0 0 rg BT 81.33 59.30 Td (March ) Tj ET Q q 0 0 0 rg BT 111.24 59.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 126.86 59.30 Td (2017. ) Tj ET Q q 0 0 0 rg BT 152.99 59.30 Td ( ) Tj ET Q q 0 0 0 rg BT 154.94 59.30 Td (All ) Tj ET Q q 0 0 0 rg BT 170.86 59.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 193.77 59.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 227.19 59.30 Td (have ) Tj ET Q q 0 0 0 rg BT 249.51 59.30 Td (been ) Tj ET Q q 0 0 0 rg BT 271.83 59.30 Td (revised ) Tj ET Q q 0 0 0 rg BT 304.66 59.30 Td (to ) Tj ET Q q 0 0 0 rg BT 315.32 59.30 Td (present ) Tj ET Q q 0 0 0 rg BT 348.15 59.30 Td (the ) Tj ET Q q 0 0 0 rg BT 363.48 59.30 Td (alternative ) Tj ET Q q 0 0 0 rg BT 410.29 59.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 433.20 59.30 Td (class. ) Tj ET Q q 0 0 0 rg BT 458.74 59.30 Td ( ) Tj ET Q q 0 0 0 rg BT 460.69 59.30 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 510.43 59.30 Td (net ) Tj ET Q q 0 0 0 rg BT 525.76 59.30 Td (outflows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 46.70 Td (were ) Tj ET Q q 0 0 0 rg BT 72.81 46.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 114.79 46.70 Td (in ) Tj ET Q q 0 0 0 rg BT 125.87 46.70 Td (products ) Tj ET Q q 0 0 0 rg BT 164.94 46.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 205.75 46.70 Td (by ) Tj ET Q q 0 0 0 rg BT 219.16 46.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 236.87 46.70 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 285.27 46.70 Td (and ) Tj ET Q q 0 0 0 rg BT 303.34 46.70 Td (RARE ) Tj ET Q q 0 0 0 rg BT 334.26 46.70 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 396.93 46.70 Td ( ) Tj ET Q q 0 0 0 rg BT 399.84 46.70 Td ( ) Tj ET Q q 0 0 0 rg BT 402.75 46.70 Td (Equity ) Tj ET Q q 0 0 0 rg BT 433.66 46.70 Td (net ) Tj ET Q q 0 0 0 rg BT 449.39 46.70 Td (outflows ) Tj ET Q q 0 0 0 rg BT 489.05 46.70 Td (were ) Tj ET Q q 0 0 0 rg BT 512.36 46.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 554.35 46.70 Td (in ) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (41) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (products ) Tj ET Q q 0 0 0 rg BT 88.34 741.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 128.92 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 142.11 741.75 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 174.24 741.75 Td (QS ) Tj ET Q q 0 0 0 rg BT 190.34 741.75 Td (Investors ) Tj ET Q q 0 0 0 rg BT 231.52 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 249.36 741.75 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 303.36 741.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 334.62 741.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 383.96 741.75 Td (Management, ) Tj ET Q q 0 0 0 rg BT 444.08 741.75 Td (LLC ) Tj ET Q q 0 0 0 rg BT 466.60 741.75 Td (\("Brandywine"\), ) Tj ET Q q 0 0 0 rg BT 538.79 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 547.35 741.75 Td (fset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.24 729.15 Td (part ) Tj ET Q q 0 0 0 rg BT 79.13 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 92.20 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 121.01 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 136.41 729.15 Td (inflows ) Tj ET Q q 0 0 0 rg BT 170.48 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 180.63 729.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 211.77 729.15 Td (Currie. ) Tj ET Q q 0 0 0 rg BT 243.79 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 246.36 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 248.93 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 251.50 729.15 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 277.99 729.15 Td (income ) Tj ET Q q 0 0 0 rg BT 311.46 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 326.86 729.15 Td (inflows ) Tj ET Q q 0 0 0 rg BT 360.93 729.15 Td (were ) Tj ET Q q 0 0 0 rg BT 383.90 729.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 425.54 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 436.28 729.15 Td (products ) Tj ET Q q 0 0 0 rg BT 475.01 729.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 515.48 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 528.36 729.15 Td (W) Tj ET Q q 0 0 0 rg BT 537.43 729.15 Td (estern ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 75.42 716.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 132.83 716.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 176.25 716.55 Td (\("W) Tj ET Q q 0 0 0 rg BT 193.10 716.55 Td (estern ) Tj ET Q q 0 0 0 rg BT 220.19 716.55 Td (Asset"\), ) Tj ET Q q 0 0 0 rg BT 256.53 716.55 Td (of) Tj ET Q q 0 0 0 rg BT 265.08 716.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 282.83 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 293.59 716.55 Td (part ) Tj ET Q q 0 0 0 rg BT 312.51 716.55 Td (by ) Tj ET Q q 0 0 0 rg BT 325.60 716.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 349.76 716.55 Td (income ) Tj ET Q q 0 0 0 rg BT 383.26 716.55 Td (net ) Tj ET Q q 0 0 0 rg BT 398.68 716.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 438.02 716.55 Td (at ) Tj ET Q q 0 0 0 rg BT 448.19 716.55 Td (Brandywine. ) Tj ET Q q 0 0 0 rg BT 504.72 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 507.13 716.55 Td (W) Tj ET Q q 0 0 0 rg BT 516.20 716.55 Td (e ) Tj ET Q q 0 0 0 rg BT 523.45 716.55 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (earn ) Tj ET Q q 0 0 0 rg BT 69.87 703.95 Td (higher ) Tj ET Q q 0 0 0 rg BT 99.00 703.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 118.21 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 135.67 703.95 Td (profits ) Tj ET Q q 0 0 0 rg BT 165.39 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 178.19 703.95 Td (alternative ) Tj ET Q q 0 0 0 rg BT 224.80 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 242.27 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 270.31 703.95 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 299.74 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 317.20 703.95 Td (outflows ) Tj ET Q q 0 0 0 rg BT 356.26 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 366.73 703.95 Td (those ) Tj ET Q q 0 0 0 rg BT 391.20 703.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 413.91 703.95 Td (classes ) Tj ET Q q 0 0 0 rg BT 445.37 703.95 Td (will ) Tj ET Q q 0 0 0 rg BT 464.01 703.95 Td (more ) Tj ET Q q 0 0 0 rg BT 487.89 703.95 Td (negatively ) Tj ET Q q 0 0 0 rg BT 533.93 703.95 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 65.97 691.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 105.76 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 123.39 691.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 141.03 691.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 174.99 691.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 203.75 691.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 256.96 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 267.60 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 291.65 691.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 325.33 691.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 343.83 691.35 Td (than ) Tj ET Q q 0 0 0 rg BT 364.39 691.35 Td (would ) Tj ET Q q 0 0 0 rg BT 393.11 691.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 432.33 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 442.98 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 458.28 691.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 482.33 691.35 Td (income ) Tj ET Q q 0 0 0 rg BT 515.71 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 526.93 691.35 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.69 678.75 Td (classes. ) Tj ET Q q 0 0 0 rg BT 107.25 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 110.03 678.75 Td (Market ) Tj ET Q q 0 0 0 rg BT 143.13 678.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 198.96 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 216.90 678.75 Td (other ) Tj ET Q q 0 0 0 rg BT 241.25 678.75 Td (was ) Tj ET Q q 0 0 0 rg BT 260.36 678.75 Td ($42.7 ) Tj ET Q q 0 0 0 rg BT 286.77 678.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 316.97 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 334.90 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.51 678.75 Td (negative ) Tj ET Q q 0 0 0 rg BT 388.86 678.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 420.21 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 431.74 678.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 464.84 678.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 504.34 678.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 546.76 678.75 Td (rate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 101.23 666.15 Td (was ) Tj ET Q q 0 0 0 rg BT 119.72 666.15 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 140.25 666.15 Td (billion. ) Tj ET Q q 0 0 0 rg BT 172.45 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 174.13 666.15 Td (Acquisitions ) Tj ET Q q 0 0 0 rg BT 229.37 666.15 Td (\(dispositions\), ) Tj ET Q q 0 0 0 rg BT 291.32 666.15 Td (net, ) Tj ET Q q 0 0 0 rg BT 308.93 666.15 Td (totaled ) Tj ET Q q 0 0 0 rg BT 339.66 666.15 Td ($46.3 ) Tj ET Q q 0 0 0 rg BT 365.44 666.15 Td (billion, ) Tj ET Q q 0 0 0 rg BT 397.64 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 414.96 666.15 Td (included ) Tj ET Q q 0 0 0 rg BT 453.27 666.15 Td ($41.5 ) Tj ET Q q 0 0 0 rg BT 479.05 666.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 508.63 666.15 Td (related ) Tj ET Q q 0 0 0 rg BT 539.35 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 666.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 98.57 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 110.31 653.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 144.80 653.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 182.20 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 192.71 653.55 Td (April ) Tj ET Q q 0 0 0 rg BT 217.86 653.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 241.86 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 260.01 653.55 Td ($9.6 ) Tj ET Q q 0 0 0 rg BT 281.38 653.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 311.80 653.55 Td (related ) Tj ET Q q 0 0 0 rg BT 343.35 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 354.52 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 370.34 653.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 419.41 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 431.15 653.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 448.86 653.55 Td (rust ) Tj ET Q q 0 0 0 rg BT 467.60 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 478.77 653.55 Td (May ) Tj ET Q q 0 0 0 rg BT 501.01 653.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 527.63 653.55 Td (of) Tj ET Q q 0 0 0 rg BT 536.18 653.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 554.34 653.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (part ) Tj ET Q q 0 0 0 rg BT 68.45 640.95 Td (by ) Tj ET Q q 0 0 0 rg BT 81.57 640.95 Td ($4.8 ) Tj ET Q q 0 0 0 rg BT 102.57 640.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 132.62 640.95 Td (related ) Tj ET Q q 0 0 0 rg BT 163.81 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 174.60 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 190.05 640.95 Td (disposition ) Tj ET Q q 0 0 0 rg BT 238.77 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 250.14 640.95 Td (two ) Tj ET Q q 0 0 0 rg BT 268.52 640.95 Td (small ) Tj ET Q q 0 0 0 rg BT 293.89 640.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 342.60 640.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 385.45 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 403.24 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 419.86 640.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 452.82 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 464.19 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 471.47 640.95 Td (joint ) Tj ET Q q 0 0 0 rg BT 493.35 640.95 Td (venture.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 77.41 615.75 Td (at ) Tj ET Q q 0 0 0 rg BT 88.39 615.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 134.96 615.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 161.99 615.75 Td (was ) Tj ET Q q 0 0 0 rg BT 181.72 615.75 Td ($669.6�billion, ) Tj ET Q q 0 0 0 rg BT 246.68 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 254.74 615.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 294.29 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.44 615.75 Td ($33.1�billion, ) Tj ET Q q 0 0 0 rg BT 366.14 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 378.29 615.75 Td (5%, ) Tj ET Q q 0 0 0 rg BT 398.32 615.75 Td (from ) Tj ET Q q 0 0 0 rg BT 422.14 615.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 468.70 615.75 Td (2015.� ) Tj ET Q q 0 0 0 rg BT 498.11 615.75 Td (T) Tj ET Q q 0 0 0 rg BT 503.79 615.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 522.94 615.75 Td (net ) Tj ET Q q 0 0 0 rg BT 539.18 615.75 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 88.65 603.15 Td (were ) Tj ET Q q 0 0 0 rg BT 111.45 603.15 Td ($26.1 ) Tj ET Q q 0 0 0 rg BT 137.48 603.15 Td (billion, ) Tj ET Q q 0 0 0 rg BT 169.92 603.15 Td (consisting ) Tj ET Q q 0 0 0 rg BT 214.90 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 226.05 603.15 Td (net ) Tj ET Q q 0 0 0 rg BT 241.28 603.15 Td (client ) Tj ET Q q 0 0 0 rg BT 267.00 603.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 306.15 603.15 Td (from ) Tj ET Q q 0 0 0 rg BT 328.96 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 344.19 603.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 382.18 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 399.74 603.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 443.54 603.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 466.35 603.15 Td (classes ) Tj ET Q q 0 0 0 rg BT 497.91 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 509.06 603.15 Td ($14.9 ) Tj ET Q q 0 0 0 rg BT 535.08 603.15 Td (billion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 66.98 590.55 Td ($1) Tj ET Q q 0 0 0 rg BT 77.09 590.55 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 92.53 590.55 Td (billion, ) Tj ET Q q 0 0 0 rg BT 124.89 590.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 174.94 590.55 Td (. ) Tj ET Q q 0 0 0 rg BT 179.88 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 182.19 590.55 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 229.41 590.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 252.14 590.55 Td (net ) Tj ET Q q 0 0 0 rg BT 267.28 590.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 306.35 590.55 Td (were ) Tj ET Q q 0 0 0 rg BT 329.07 590.55 Td (comprised ) Tj ET Q q 0 0 0 rg BT 375.12 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 386.18 590.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 414.75 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 432.22 590.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 478.85 590.55 Td (net ) Tj ET Q q 0 0 0 rg BT 493.99 590.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 533.06 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 544.12 590.55 Td ($9.7 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 79.24 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 96.72 577.95 Td ($1.9 ) Tj ET Q q 0 0 0 rg BT 117.42 577.95 Td (billion, ) Tj ET Q q 0 0 0 rg BT 149.78 577.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 199.83 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 204.77 577.95 Td (of) Tj ET Q q 0 0 0 rg BT 213.33 577.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 230.81 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 243.63 577.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 267.52 577.95 Td (income ) Tj ET Q q 0 0 0 rg BT 300.75 577.95 Td (net ) Tj ET Q q 0 0 0 rg BT 315.90 577.95 Td (inflows ) Tj ET Q q 0 0 0 rg BT 349.72 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 360.78 577.95 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 381.48 577.95 Td (billion. ) Tj ET Q q 0 0 0 rg BT 413.84 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 416.16 577.95 Td (Equity ) Tj ET Q q 0 0 0 rg BT 446.48 577.95 Td (net ) Tj ET Q q 0 0 0 rg BT 461.63 577.95 Td (outflows ) Tj ET Q q 0 0 0 rg BT 500.70 577.95 Td (were ) Tj ET Q q 0 0 0 rg BT 523.42 577.95 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 59.49 565.35 Td (products ) Tj ET Q q 0 0 0 rg BT 97.48 565.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 137.21 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 149.53 565.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 178.19 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 195.17 565.35 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 250.94 565.35 Td (of) Tj ET Q q 0 0 0 rg BT 259.50 565.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 276.49 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 286.48 565.35 Td (part ) Tj ET Q q 0 0 0 rg BT 304.63 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 316.96 565.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 345.03 565.35 Td (net ) Tj ET Q q 0 0 0 rg BT 359.69 565.35 Td (inflows ) Tj ET Q q 0 0 0 rg BT 393.01 565.35 Td (at ) Tj ET Q q 0 0 0 rg BT 402.42 565.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 417.67 565.35 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 460.61 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 462.04 565.35 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 511.10 565.35 Td (net ) Tj ET Q q 0 0 0 rg BT 525.75 565.35 Td (outflows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (were ) Tj ET Q q 0 0 0 rg BT 72.66 552.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 114.49 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 125.42 552.75 Td (products ) Tj ET Q q 0 0 0 rg BT 164.34 552.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 205.00 552.75 Td (by ) Tj ET Q q 0 0 0 rg BT 218.26 552.75 Td (legacy ) Tj ET Q q 0 0 0 rg BT 248.42 552.75 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 283.55 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 286.31 552.75 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 312.99 552.75 Td (income ) Tj ET Q q 0 0 0 rg BT 346.65 552.75 Td (net ) Tj ET Q q 0 0 0 rg BT 362.24 552.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 396.50 552.75 Td (were ) Tj ET Q q 0 0 0 rg BT 419.66 552.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 461.49 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 472.42 552.75 Td (products ) Tj ET Q q 0 0 0 rg BT 511.34 552.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 552.00 552.75 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (Brandywine, ) Tj ET Q q 0 0 0 rg BT 105.38 540.15 Td (of) Tj ET Q q 0 0 0 rg BT 113.94 540.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 131.03 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 141.13 540.15 Td (part ) Tj ET Q q 0 0 0 rg BT 159.38 540.15 Td (by ) Tj ET Q q 0 0 0 rg BT 171.82 540.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 195.32 540.15 Td (income ) Tj ET Q q 0 0 0 rg BT 228.16 540.15 Td (net ) Tj ET Q q 0 0 0 rg BT 242.92 540.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 281.60 540.15 Td (at ) Tj ET Q q 0 0 0 rg BT 290.97 540.15 Td (W) Tj ET Q q 0 0 0 rg BT 300.04 540.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 326.62 540.15 Td (Asset. ) Tj ET Q q 0 0 0 rg BT 354.51 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 356.44 540.15 Td (Market ) Tj ET Q q 0 0 0 rg BT 388.69 540.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 443.68 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 460.77 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 484.27 540.15 Td (was ) Tj ET Q q 0 0 0 rg BT 502.54 540.15 Td ($\(15.3\) ) Tj ET Q q 0 0 0 rg BT 535.09 540.15 Td (billion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 66.40 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 80.98 527.55 Td (positive ) Tj ET Q q 0 0 0 rg BT 115.97 527.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 146.28 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 156.77 527.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 188.84 527.55 Td (currency ) Tj ET Q q 0 0 0 rg BT 227.31 527.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 268.69 527.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 286.17 527.55 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 337.49 527.55 Td (was ) Tj ET Q q 0 0 0 rg BT 355.56 527.55 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 375.68 527.55 Td (billion. ) Tj ET Q q 0 0 0 rg BT 407.47 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 408.83 527.55 Td (Acquisitions ) Tj ET Q q 0 0 0 rg BT 463.66 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 474.15 527.55 Td ($6.9 ) Tj ET Q q 0 0 0 rg BT 494.26 527.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 523.43 527.55 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (relate ) Tj ET Q q 0 0 0 rg BT 75.44 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 86.23 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 101.68 514.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 150.39 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 161.76 514.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 192.39 514.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 252.15 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 262.94 514.95 Td (October ) Tj ET Q q 0 0 0 rg BT 299.38 514.95 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.75 489.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 117.75 489.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 156.84 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 174.92 489.75 Td (administrative ) Tj ET Q q 0 0 0 rg BT 237.92 489.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 278.74 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 294.48 489.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 336.47 489.75 Td (terminable ) Tj ET Q q 0 0 0 rg BT 384.29 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 394.79 489.75 Td (will ) Tj ET Q q 0 0 0 rg BT 414.05 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 425.72 489.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 449.65 489.75 Td (relatively ) Tj ET Q q 0 0 0 rg BT 492.22 489.75 Td (short ) Tj ET Q q 0 0 0 rg BT 516.15 489.75 Td (notice, ) Tj ET Q q 0 0 0 rg BT 547.35 489.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 90.22 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 101.19 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 116.82 477.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 148.79 477.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 174.92 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 193.47 477.15 Td (we ) Tj ET Q q 0 0 0 rg BT 208.52 477.15 Td (manage ) Tj ET Q q 0 0 0 rg BT 243.97 477.15 Td (may ) Tj ET Q q 0 0 0 rg BT 264.85 477.15 Td (redeem ) Tj ET Q q 0 0 0 rg BT 298.55 477.15 Td (their ) Tj ET Q q 0 0 0 rg BT 320.60 477.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 373.56 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 384.54 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 400.17 477.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 426.30 477.15 Td (at ) Tj ET Q q 0 0 0 rg BT 436.68 477.15 Td (any ) Tj ET Q q 0 0 0 rg BT 454.65 477.15 Td (time ) Tj ET Q q 0 0 0 rg BT 476.11 477.15 Td (without ) Tj ET Q q 0 0 0 rg BT 511.00 477.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 534.22 477.15 Td (notice.� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 103.32 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 121.55 464.55 Td (individual ) Tj ET Q q 0 0 0 rg BT 167.19 464.55 Td (clients ) Tj ET Q q 0 0 0 rg BT 197.67 464.55 Td (can ) Tj ET Q q 0 0 0 rg BT 215.31 464.55 Td (terminate ) Tj ET Q q 0 0 0 rg BT 258.03 464.55 Td (their ) Tj ET Q q 0 0 0 rg BT 280.34 464.55 Td (relationships ) Tj ET Q q 0 0 0 rg BT 337.07 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 358.81 464.55 Td (us, ) Tj ET Q q 0 0 0 rg BT 373.84 464.55 Td (reduce ) Tj ET Q q 0 0 0 rg BT 404.88 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 420.78 464.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 464.65 464.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 499.22 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 511.03 464.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 538.60 464.55 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (management, ) Tj ET Q q 0 0 0 rg BT 107.67 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 118.32 451.95 Td (shift ) Tj ET Q q 0 0 0 rg BT 138.89 451.95 Td (their ) Tj ET Q q 0 0 0 rg BT 160.04 451.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 185.28 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 195.35 451.95 Td (other ) Tj ET Q q 0 0 0 rg BT 218.83 451.95 Td (types ) Tj ET Q q 0 0 0 rg BT 242.89 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 253.54 451.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 292.18 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 312.75 451.95 Td (dif) Tj ET Q q 0 0 0 rg BT 324.23 451.95 Td (ferent ) Tj ET Q q 0 0 0 rg BT 350.61 451.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 368.25 451.95 Td (structures ) Tj ET Q q 0 0 0 rg BT 410.98 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 425.12 451.95 Td (any ) Tj ET Q q 0 0 0 rg BT 442.19 451.95 Td (number ) Tj ET Q q 0 0 0 rg BT 476.17 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 486.82 451.95 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 522.83 451.95 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 99.44 439.35 Td (performance, ) Tj ET Q q 0 0 0 rg BT 158.97 439.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 196.65 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 208.68 439.35 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 255.11 439.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.87 439.35 Td (rates, ) Tj ET Q q 0 0 0 rg BT 316.18 439.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 353.86 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 365.88 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 383.74 439.35 Td (reputation ) Tj ET Q q 0 0 0 rg BT 430.17 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 442.19 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 458.88 439.35 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 516.67 439.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.35 439.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (management ) Tj ET Q q 0 0 0 rg BT 107.12 426.75 Td (or ) Tj ET Q q 0 0 0 rg BT 119.85 426.75 Td (control ) Tj ET Q q 0 0 0 rg BT 153.56 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 166.29 426.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 197.68 426.75 Td (or ) Tj ET Q q 0 0 0 rg BT 210.40 426.75 Td (third-party ) Tj ET Q q 0 0 0 rg BT 259.28 426.75 Td (distributors ) Tj ET Q q 0 0 0 rg BT 311.09 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 333.74 426.75 Td (whom ) Tj ET Q q 0 0 0 rg BT 363.96 426.75 Td (we ) Tj ET Q q 0 0 0 rg BT 380.19 426.75 Td (have ) Tj ET Q q 0 0 0 rg BT 403.98 426.75 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 464.25 426.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 484.56 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 497.29 426.75 Td (key ) Tj ET Q q 0 0 0 rg BT 516.43 426.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (management ) Tj ET Q q 0 0 0 rg BT 105.77 414.15 Td (personnel ) Tj ET Q q 0 0 0 rg BT 149.22 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 160.59 414.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 199.94 414.15 Td (market ) Tj ET Q q 0 0 0 rg BT 231.72 414.15 Td (performance.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 395.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.05 395.55 Td (by ) Tj ET Q q 0 0 0 rg BT 88.19 395.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 113.57 395.55 Td (Class) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 382.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.63 382.95 Td (by ) Tj ET Q q 0 0 0 rg BT 89.75 382.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 112.79 382.95 Td (class ) Tj ET Q q 0 0 0 rg BT 135.83 382.95 Td (\(in ) Tj ET Q q 0 0 0 rg BT 150.11 382.95 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 187.74 382.95 Td (for ) Tj ET Q q 0 0 0 rg BT 202.61 382.95 Td (the ) Tj ET Q q 0 0 0 rg BT 218.06 382.95 Td (years ) Tj ET Q q 0 0 0 rg BT 242.84 382.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 270.54 382.95 Td (March ) Tj ET Q q 0 0 0 rg BT 300.57 382.95 Td (31 ) Tj ET Q q 0 0 0 rg BT 313.69 382.95 Td (was ) Tj ET Q q 0 0 0 rg BT 332.65 382.95 Td (as ) Tj ET Q q 0 0 0 rg BT 344.02 382.95 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 321.45 116.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 321.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 321.45 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 321.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 321.45 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 321.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 321.45 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 321.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 321.45 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 321.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 321.45 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 321.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 321.45 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 321.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 321.45 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 321.45 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 321.45 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 291.45 116.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 291.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 291.45 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 291.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 291.45 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 291.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 291.45 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 291.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 291.45 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 291.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 291.45 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 291.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 291.45 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 291.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 291.45 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 291.45 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 291.45 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 261.45 116.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 261.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 261.45 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 261.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 261.45 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 261.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 261.45 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 261.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 261.45 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 261.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 261.45 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 261.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 261.45 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 261.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 261.45 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 261.45 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 261.45 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 357.45000000000005 m 498 357.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 357.45000000000005 m 506 357.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 357.45000000000005 m 563 357.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 321.45000000000005 m 166 321.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 321.45000000000005 m 213 321.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 321.45000000000005 m 261 321.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 321.45000000000005 m 307 321.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 321.45000000000005 m 348 321.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 321.45000000000005 m 393 321.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 321.45000000000005 m 435 321.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 321.45000000000005 m 498 321.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 321.45000000000005 m 563 321.45000000000005 l s 0 0 0 RG /GS0 gs 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j 3 M 217 231.45000000000005 m 261 231.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 231.45000000000005 m 307 231.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 231.45000000000005 m 348 231.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 231.45000000000005 m 393 231.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 231.45000000000005 m 435 231.45000000000005 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.75 362.22 Td (% Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 180.50 326.24 Td (2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.55 336.74 Td (% of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.00 326.24 Td (T) Tj ET Q q 0 0 0 rg BT 233.04 326.24 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.00 326.22 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.90 336.72 Td (% of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.25 326.22 Td (T) Tj ET Q q 0 0 0 rg BT 323.93 326.22 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.50 326.22 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.40 336.72 Td (% of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.75 326.22 Td (T) Tj ET Q q 0 0 0 rg BT 410.43 326.22 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.50 347.24 Td (2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.15 336.74 Td (Compared) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.80 326.24 Td (to 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 347.22 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.10 336.72 Td (Compared) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.10 326.22 Td (to 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 311.22 Td ( Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 172.50 311.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 311.24 Td (179.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 311.24 Td (25) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 311.24 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.50 311.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 311.22 Td (162.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 311.22 Td (24) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 311.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 311.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 311.22 Td (186.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 311.22 Td (26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 311.22 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.50 311.24 Td (11) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 487.00 311.24 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 311.22 Td (\(13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 311.22 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 296.22 Td (Fixed Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 296.24 Td (394.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 296.24 Td (54) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 296.22 Td (372.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 296.22 Td (56) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 296.22 Td (370.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 296.22 Td (53) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 481.75 296.24 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 296.22 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 281.22 Td (Alternative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 190.60 281.24 Td (67.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 244.75 281.24 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.60 281.22 Td (22.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.50 281.22 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.60 281.22 Td (19.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.50 281.22 Td (3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.95 281.24 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 281.22 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 266.22 Td (Total long-term assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 266.24 Td (642.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 266.24 Td (88) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 266.22 Td (557.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 266.22 Td (83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 266.22 Td (575.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 266.22 Td (82) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.50 266.24 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 266.22 Td (\(3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 266.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 251.22 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 190.60 251.24 Td (86.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 251.24 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 251.22 Td (112.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 251.22 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 251.22 Td (127.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 251.22 Td (18) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 473.00 251.24 Td (\(23) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 487.00 251.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 251.22 Td (\(12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 251.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 236.22 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 172.50 236.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 236.24 Td (728.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 234.25 236.24 Td (100) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 236.24 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.50 236.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 236.22 Td (669.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.00 236.22 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 236.22 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 236.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 236.22 Td (702.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 236.22 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 236.22 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 481.75 236.24 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 236.22 Td (\(5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 236.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 224.48 Td (n/m ) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 61.24 224.48 Td (- ) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 65.02 224.48 Td (not ) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 74.95 224.48 Td (meaningful) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 207.35 Td (A) Tj ET Q q 0 0 0 rg BT 56.30 207.35 Td (verage ) Tj ET Q q 0 0 0 rg BT 86.33 207.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 113.46 207.35 Td (by ) Tj ET Q q 0 0 0 rg BT 126.58 207.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 149.62 207.35 Td (class ) Tj ET Q q 0 0 0 rg BT 172.65 207.35 Td (\(in ) Tj ET Q q 0 0 0 rg BT 186.94 207.35 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 224.57 207.35 Td (for ) Tj ET Q q 0 0 0 rg BT 239.44 207.35 Td (the ) Tj ET Q q 0 0 0 rg BT 254.89 207.35 Td (years ) Tj ET Q q 0 0 0 rg BT 279.67 207.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 307.37 207.35 Td (March ) Tj ET Q q 0 0 0 rg BT 337.40 207.35 Td (31 ) Tj ET Q q 0 0 0 rg BT 350.52 207.35 Td (was ) Tj ET Q q 0 0 0 rg BT 369.48 207.35 Td (as ) Tj ET Q q 0 0 0 rg BT 380.85 207.35 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 145.85 116.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 145.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 145.85 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 145.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 145.85 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 145.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 145.85 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 145.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 145.85 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 145.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 145.85 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 145.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 145.85 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 145.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 145.85 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 145.85 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 145.85 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 117.85 116.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 117.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 117.85 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 117.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 117.85 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 117.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 117.85 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 117.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 117.85 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 117.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 117.85 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 117.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 117.85 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 117.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 117.85 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 117.85 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 117.85 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 89.85 116.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 89.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 89.85 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 89.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 89.85 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.00 89.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 89.85 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 89.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 89.85 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 89.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 89.85 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 89.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 89.85 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 89.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 89.85 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 89.85 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 89.85 57.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 181.85000000000002 m 498 181.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 181.85000000000002 m 506 181.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 181.85000000000002 m 563 181.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 145.85000000000002 m 166 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 145.85000000000002 m 213 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 145.85000000000002 m 261 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 145.85000000000002 m 307 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 145.85000000000002 m 348 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 145.85000000000002 m 393 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 145.85000000000002 m 435 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 145.85000000000002 m 498 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 145.85000000000002 m 563 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 145.85000000000002 m 307 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 145.85000000000002 m 348 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 145.85000000000002 m 393 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 145.85000000000002 m 435 145.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 103.85000000000002 m 166 103.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 103.85000000000002 m 213 103.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 103.85000000000002 m 261 103.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 103.85000000000002 m 307 103.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 103.85000000000002 m 348 103.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 103.85000000000002 m 393 103.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 103.85000000000002 m 435 103.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 75.85000000000002 m 166 75.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 75.85000000000002 m 213 75.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 75.85000000000002 m 261 75.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 75.85000000000002 m 307 75.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 75.85000000000002 m 348 75.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 75.85000000000002 m 393 75.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 75.85000000000002 m 435 75.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 61.85000000000002 m 166 61.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 61.85000000000002 m 213 61.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 61.85000000000002 m 261 61.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 61.85000000000002 m 307 61.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 61.85000000000002 m 348 61.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 61.85000000000002 m 393 61.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 61.85000000000002 m 435 61.85000000000002 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.75 186.62 Td (% Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 180.50 150.64 Td (2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.55 161.14 Td (% of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.00 150.64 Td (T) Tj ET Q q 0 0 0 rg BT 233.04 150.64 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.00 150.62 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.90 161.12 Td (% of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.25 150.62 Td (T) Tj ET Q q 0 0 0 rg BT 323.93 150.62 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.50 150.62 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.40 161.12 Td (% of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.75 150.62 Td (T) Tj ET Q q 0 0 0 rg BT 410.43 150.62 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.50 171.64 Td (2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.15 161.14 Td (Compared) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.80 150.64 Td (to 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 171.62 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.10 161.12 Td (Compared) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.10 150.62 Td (to 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 136.07 Td ( Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 172.50 136.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 136.24 Td (167.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 136.24 Td (23) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 136.24 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.50 136.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 136.07 Td (173.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 136.07 Td (25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 136.07 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 136.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 136.07 Td (181.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 136.07 Td (26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 136.07 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.75 136.24 Td (\(3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 136.24 Td 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BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 487.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 487.42 Td (\(62.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 487.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 472.87 Td (Separate account flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 472.87 Td (2.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.35 472.87 Td (\(1.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 472.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 472.87 Td (\(0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 472.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.85 472.87 Td (0.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 472.87 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 472.87 Td (1.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 458.87 Td (Liquidity fund flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.50 458.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.50 458.87 Td (�) Tj ET 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Tf ET q 0 0 0 rg BT 506.00 444.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 444.87 Td (\(26.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 444.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 429.42 Td (Market performance and other) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 179.48 434.18 Td ( \(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.10 429.42 Td (\(14.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 429.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.85 429.42 Td (0.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 429.42 Td (\(1.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 429.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 429.42 Td (\(15.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 429.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 429.42 Td (0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 429.42 Td (\(15.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 429.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 414.87 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.35 414.87 Td (\(0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 414.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.85 414.87 Td (1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 414.87 Td (0.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.85 414.87 Td (1.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.35 414.87 Td (\(0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 414.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 414.87 Td (1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 399.42 Td (Acquisitions) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 104.59 404.18 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 399.42 Td (0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.50 399.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 399.42 Td (6.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.85 399.42 Td (6.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 399.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 399.42 Td (6.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 384.87 Td (March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.35 384.87 Td (162.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.35 384.87 Td (372.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.60 384.87 Td (22.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.35 384.87 Td (557.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.35 384.87 Td (112.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 384.87 Td (669.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 370.87 Td (Investment funds, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.50 370.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.50 370.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.50 370.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 370.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 370.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 356.87 Td (Subscriptions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.60 356.87 Td (27.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.60 356.87 Td (30.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 356.87 Td (6.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.60 356.87 Td (64.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 356.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 356.87 Td (64.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 342.87 Td (Redemptions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.10 342.87 Td (\(27.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 342.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.10 342.87 Td (\(28.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 342.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 342.87 Td (\(9.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 342.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 342.87 Td (\(65.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 342.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 342.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 342.87 Td (\(65.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 342.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 328.87 Td (Separate account flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.35 328.87 Td (\(5.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 328.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.85 328.87 Td (8.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 328.87 Td (\(3.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 328.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.35 328.87 Td (\(0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 328.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 328.87 Td (0.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 328.87 Td (0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 314.87 Td (Liquidity fund flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.50 314.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.50 314.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.50 314.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.50 314.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.10 314.87 Td (\(27.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 314.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 314.87 Td (\(27.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 314.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 300.87 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.35 300.87 Td (\(5.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 300.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.60 300.87 Td (10.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 300.87 Td (\(7.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 300.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.35 300.87 Td (\(1.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 300.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.10 300.87 Td (\(27.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 300.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 300.87 Td (\(28.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 300.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 285.42 Td (Market performance and other ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 182.11 290.18 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.60 285.42 Td (25.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.60 285.42 Td (12.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 285.42 Td (3.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.60 285.42 Td (41.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 285.42 Td (1.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 285.42 Td (42.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 270.87 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.35 270.87 Td (\(0.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 270.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.35 270.87 Td (\(0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 270.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 270.87 Td (\(0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 270.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.35 270.87 Td (\(1.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 270.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 270.87 Td (0.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 270.87 Td (\(1.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 270.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 256.42 Td (Acquisitions \(dispositions\), net ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 185.09 261.18 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.35 256.42 Td (\(2.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 256.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.35 256.42 Td (\(0.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 256.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.60 256.42 Td (48.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.60 256.42 Td (46.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.35 256.42 Td (\(0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 256.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 256.42 Td (46.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 242.04 Td (March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 253.50 242.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 270.35 242.04 Td (179.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 304.50 242.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 321.35 242.04 Td (394.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.50 242.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 384.60 242.04 Td (67.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 413.50 242.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.35 242.04 Td (642.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 464.50 242.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 487.60 242.04 Td (86.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.50 242.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 242.04 Td (728.4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 228.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 228.55 Td ( ) Tj ET Q q 0 0 0 rg BT 62.83 228.55 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 228.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 88.32 228.55 Td (is ) Tj ET Q q 0 0 0 rg BT 96.26 228.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 128.63 228.55 Td (the ) Tj ET Q q 0 0 0 rg BT 141.01 228.55 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 192.04 228.55 Td (of ) Tj ET Q q 0 0 0 rg BT 201.31 228.55 Td (client ) Tj ET Q q 0 0 0 rg BT 221.68 228.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 242.95 228.55 Td (from ) Tj ET Q q 0 0 0 rg BT 260.53 228.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 281.80 228.55 Td (to ) Tj ET Q q 0 0 0 rg BT 290.05 228.55 Td (AUA) Tj ET Q q 0 0 0 rg BT 306.95 228.55 Td ( ) Tj ET Q q 0 0 0 rg BT 309.55 228.55 Td (for ) Tj ET Q q 0 0 0 rg BT 321.48 228.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 341.41 228.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 362.02 228.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 380.62 228.55 Td (and ) Tj ET Q q 0 0 0 rg BT 394.78 228.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 413.38 228.55 Td (of ) Tj ET Q q 0 0 0 rg BT 422.65 228.55 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 439.25 228.55 Td (billion, ) Tj ET Q q 0 0 0 rg BT 464.75 228.55 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 481.35 228.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 504.85 228.55 Td (and ) Tj ET Q q 0 0 0 rg BT 519.00 228.55 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 539.61 228.55 Td (billion, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 218.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 105.63 218.95 Td (, ) Tj ET Q q 0 0 0 rg BT 109.63 218.95 Td (and ) Tj ET Q q 0 0 0 rg BT 123.18 218.95 Td (the ) Tj ET Q q 0 0 0 rg BT 134.95 218.95 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 178.27 218.95 Td (of ) Tj ET Q q 0 0 0 rg BT 186.94 218.95 Td (dividends.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 209.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 209.35 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.82 209.35 Td ($41.5 ) Tj ET Q q 0 0 0 rg BT 117.03 209.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 140.14 209.35 Td (and ) Tj ET Q q 0 0 0 rg BT 153.91 209.35 Td ($9.6 ) Tj ET Q q 0 0 0 rg BT 170.12 209.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 193.23 209.35 Td (related ) Tj ET Q q 0 0 0 rg BT 217.21 209.35 Td (to ) Tj ET Q q 0 0 0 rg BT 225.64 209.35 Td (the ) Tj ET Q q 0 0 0 rg BT 237.63 209.35 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 278.07 209.35 Td (of ) Tj ET Q q 0 0 0 rg BT 286.95 209.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 313.16 209.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 341.59 209.35 Td (and ) Tj ET Q q 0 0 0 rg BT 355.36 209.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 368.85 209.35 Td (rust, ) Tj ET Q q 0 0 0 rg BT 385.07 209.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 423.19 209.35 Td (, ) Tj ET Q q 0 0 0 rg BT 427.41 209.35 Td (of) Tj ET Q q 0 0 0 rg BT 433.93 209.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 447.70 209.35 Td (in ) Tj ET Q q 0 0 0 rg BT 456.13 209.35 Td (part ) Tj ET Q q 0 0 0 rg BT 470.79 209.35 Td (by ) Tj ET Q q 0 0 0 rg BT 481.00 209.35 Td ($4.8 ) Tj ET Q q 0 0 0 rg BT 497.22 209.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 520.33 209.35 Td (related ) Tj ET Q q 0 0 0 rg BT 544.30 209.35 Td (to ) Tj ET Q q 0 0 0 rg BT 552.74 209.35 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 199.75 Td (disposition ) Tj ET Q q 0 0 0 rg BT 104.55 199.75 Td (of ) Tj ET Q q 0 0 0 rg BT 113.14 199.75 Td (two ) Tj ET Q q 0 0 0 rg BT 127.07 199.75 Td (small ) Tj ET Q q 0 0 0 rg BT 146.33 199.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 183.36 199.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 215.94 199.75 Td (and ) Tj ET Q q 0 0 0 rg BT 229.42 199.75 Td (our ) Tj ET Q q 0 0 0 rg BT 242.02 199.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 267.05 199.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.65 199.75 Td (a ) Tj ET Q q 0 0 0 rg BT 281.13 199.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 297.72 199.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 323.64 199.75 Td (during ) Tj ET Q q 0 0 0 rg BT 346.46 199.75 Td (the ) Tj ET Q q 0 0 0 rg BT 358.16 199.75 Td (year ) Tj ET Q q 0 0 0 rg BT 373.85 199.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 394.88 199.75 Td (March ) Tj ET Q q 0 0 0 rg BT 417.69 199.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 429.62 199.75 Td (2017; ) Tj ET Q q 0 0 0 rg BT 449.77 199.75 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 465.70 199.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 488.52 199.75 Td (and ) Tj ET Q q 0 0 0 rg BT 502.00 199.75 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 517.93 199.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 540.75 199.75 Td (related ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 190.15 Td (to ) Tj ET Q q 0 0 0 rg BT 75.44 190.15 Td (the ) Tj ET Q q 0 0 0 rg BT 86.92 190.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 126.86 190.15 Td (of ) Tj ET Q q 0 0 0 rg BT 135.23 190.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 158.28 190.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 203.53 190.15 Td (and ) Tj ET Q q 0 0 0 rg BT 216.79 190.15 Td (PK ) Tj ET Q q 0 0 0 rg BT 228.73 190.15 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 271.11 190.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 309.24 190.15 Td (, ) Tj ET Q q 0 0 0 rg BT 312.95 190.15 Td (during ) Tj ET Q q 0 0 0 rg BT 335.55 190.15 Td (the ) Tj ET Q q 0 0 0 rg BT 347.04 190.15 Td (year ) Tj ET Q q 0 0 0 rg BT 362.52 190.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 383.33 190.15 Td (March ) Tj ET Q q 0 0 0 rg BT 405.93 190.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 417.64 190.15 Td (2016; ) Tj ET Q q 0 0 0 rg BT 437.58 190.15 Td (and ) Tj ET Q q 0 0 0 rg BT 450.84 190.15 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 466.56 190.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 489.16 190.15 Td (and ) Tj ET Q q 0 0 0 rg BT 502.42 190.15 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 518.14 190.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 540.74 190.15 Td (related ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 180.55 Td (to ) Tj ET Q q 0 0 0 rg BT 75.44 180.55 Td (the ) Tj ET Q q 0 0 0 rg BT 86.93 180.55 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 126.87 180.55 Td (of ) Tj ET Q q 0 0 0 rg BT 135.25 180.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 158.74 180.55 Td (Currie ) Tj ET Q q 0 0 0 rg BT 180.90 180.55 Td (and ) Tj ET Q q 0 0 0 rg BT 194.17 180.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 206.11 180.55 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 239.16 180.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 277.28 180.55 Td (, ) Tj ET Q q 0 0 0 rg BT 281.00 180.55 Td (of) Tj ET Q q 0 0 0 rg BT 287.52 180.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 300.79 180.55 Td (in ) Tj ET Q q 0 0 0 rg BT 308.73 180.55 Td (part ) Tj ET Q q 0 0 0 rg BT 322.89 180.55 Td (by ) Tj ET Q q 0 0 0 rg BT 332.60 180.55 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 348.32 180.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 370.93 180.55 Td (related ) Tj ET Q q 0 0 0 rg BT 394.41 180.55 Td (to ) Tj ET Q q 0 0 0 rg BT 402.35 180.55 Td (the ) Tj ET Q q 0 0 0 rg BT 413.84 180.55 Td (disposition ) Tj ET Q q 0 0 0 rg BT 450.68 180.55 Td (of ) Tj ET Q q 0 0 0 rg BT 459.06 180.55 Td (LMIC, ) Tj ET Q q 0 0 0 rg BT 482.78 180.55 Td (for ) Tj ET Q q 0 0 0 rg BT 493.82 180.55 Td (the ) Tj ET Q q 0 0 0 rg BT 505.31 180.55 Td (year ) Tj ET Q q 0 0 0 rg BT 520.80 180.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 541.62 180.55 Td (March ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 170.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 79.50 170.95 Td (2015.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 145.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.05 145.75 Td (by ) Tj ET Q q 0 0 0 rg BT 88.58 145.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 143.73 145.75 Td (Channel) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 133.15 Td (Broadly) Tj ET Q q 0 0 0 rg BT 82.65 133.15 Td (, ) Tj ET Q q 0 0 0 rg BT 86.95 133.15 Td (we ) Tj ET Q q 0 0 0 rg BT 100.87 133.15 Td (have ) Tj ET Q q 0 0 0 rg BT 122.37 133.15 Td (two ) Tj ET Q q 0 0 0 rg BT 139.79 133.15 Td (principal ) Tj ET Q q 0 0 0 rg BT 178.79 133.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 228.89 133.15 Td (channels, ) Tj ET Q q 0 0 0 rg BT 269.93 133.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 300.18 133.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 352.61 133.15 Td (and ) Tj ET Q q 0 0 0 rg BT 369.08 133.15 Td (Af) Tj ET Q q 0 0 0 rg BT 379.97 133.15 Td (filiate/Other) Tj ET Q q 0 0 0 rg BT 430.86 133.15 Td (, ) Tj ET Q q 0 0 0 rg BT 435.16 133.15 Td (through ) Tj ET Q q 0 0 0 rg BT 469.50 133.15 Td (which ) Tj ET Q q 0 0 0 rg BT 496.84 133.15 Td (we ) Tj ET Q q 0 0 0 rg BT 510.76 133.15 Td (sell ) Tj ET Q q 0 0 0 rg BT 527.02 133.15 Td (a ) Tj ET Q q 0 0 0 rg BT 533.36 133.15 Td (variety ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 120.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.89 120.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 109.62 120.55 Td (products ) Tj ET Q q 0 0 0 rg BT 148.43 120.55 Td (and ) Tj ET Q q 0 0 0 rg BT 166.24 120.55 Td (services. ) Tj ET Q q 0 0 0 rg BT 205.33 120.55 Td ( ) Tj ET Q q 0 0 0 rg BT 207.98 120.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 239.20 120.55 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 295.23 120.55 Td (which ) Tj ET Q q 0 0 0 rg BT 323.54 120.55 Td (consists ) Tj ET Q q 0 0 0 rg BT 359.44 120.55 Td (of ) Tj ET Q q 0 0 0 rg BT 370.84 120.55 Td (our ) Tj ET Q q 0 0 0 rg BT 387.48 120.55 Td (centralized ) Tj ET Q q 0 0 0 rg BT 436.18 120.55 Td (global ) Tj ET Q q 0 0 0 rg BT 465.08 120.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 516.14 120.55 Td (operations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 107.95 Td (principally ) Tj ET Q q 0 0 0 rg BT 98.45 107.95 Td (sells ) Tj ET Q q 0 0 0 rg BT 120.59 107.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 142.73 107.95 Td (and ) Tj ET Q q 0 0 0 rg BT 161.35 107.95 Td (international ) Tj ET Q q 0 0 0 rg BT 217.88 107.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 250.51 107.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 277.31 107.95 Td (and ) Tj ET Q q 0 0 0 rg BT 295.94 107.95 Td (other ) Tj ET Q q 0 0 0 rg BT 320.98 107.95 Td (commingled ) Tj ET Q q 0 0 0 rg BT 376.94 107.95 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 417.43 107.95 Td (retail ) Tj ET Q q 0 0 0 rg BT 442.47 107.95 Td (separately ) Tj ET Q q 0 0 0 rg BT 488.49 107.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 529.86 107.95 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 95.35 Td (programs, ) Tj ET Q q 0 0 0 rg BT 93.64 95.35 Td (and ) Tj ET Q q 0 0 0 rg BT 110.65 95.35 Td (sub-advisory ) Tj ET Q q 0 0 0 rg BT 166.75 95.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 205.34 95.35 Td (for ) Tj ET Q q 0 0 0 rg BT 219.43 95.35 Td (insurance ) Tj ET Q q 0 0 0 rg BT 261.52 95.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 308.28 95.35 Td (and ) Tj ET Q q 0 0 0 rg BT 325.29 95.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 356.31 95.35 Td (clients. ) Tj ET Q q 0 0 0 rg BT 388.20 95.35 Td ( ) Tj ET Q q 0 0 0 rg BT 389.64 95.35 Td (Af) Tj ET Q q 0 0 0 rg BT 400.53 95.35 Td (filiate/Other ) Tj ET Q q 0 0 0 rg BT 453.70 95.35 Td (consists ) Tj ET Q q 0 0 0 rg BT 488.81 95.35 Td (of ) Tj ET Q q 0 0 0 rg BT 499.41 95.35 Td (the ) Tj ET Q q 0 0 0 rg BT 514.09 95.35 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 82.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 96.18 82.75 Td (within ) Tj ET Q q 0 0 0 rg BT 125.97 82.75 Td (our ) Tj ET Q q 0 0 0 rg BT 142.91 82.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 166.26 82.75 Td (managers, ) Tj ET Q q 0 0 0 rg BT 212.07 82.75 Td (which ) Tj ET Q q 0 0 0 rg BT 240.67 82.75 Td (principally ) Tj ET Q q 0 0 0 rg BT 289.11 82.75 Td (sell ) Tj ET Q q 0 0 0 rg BT 306.63 82.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 359.75 82.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 397.09 82.75 Td (account ) Tj ET Q q 0 0 0 rg BT 432.68 82.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 491.90 82.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 530.43 82.75 Td (\(money ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 70.15 Td (market\) ) Tj ET Q q 0 0 0 rg BT 84.77 70.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 113.36 70.15 Td (real ) Tj ET Q q 0 0 0 rg BT 131.72 70.15 Td (estate ) Tj ET Q q 0 0 0 rg BT 158.25 70.15 Td (and ) Tj ET Q q 0 0 0 rg BT 176.03 70.15 Td (other ) Tj ET Q q 0 0 0 rg BT 200.23 70.15 Td (privately ) Tj ET Q q 0 0 0 rg BT 240.18 70.15 Td (placed ) Tj ET Q q 0 0 0 rg BT 270.20 70.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 318.90 70.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 347.49 70.15 Td (and ) Tj ET Q q 0 0 0 rg BT 365.27 70.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 432.04 70.15 Td (funds.) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (43) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 741.75 Td (component ) Tj ET Q q 0 0 0 rg BT 118.73 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 155.67 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 166.97 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 183.40 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 211.03 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 224.65 741.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 276.20 741.75 Td (channel ) Tj ET Q q 0 0 0 rg BT 311.97 741.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 326.76 741.75 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 364.89 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 380.26 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 396.21 741.75 Td (years ) Tj ET Q q 0 0 0 rg BT 421.49 741.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 449.69 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 480.21 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.46 741.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 523.21 741.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 547.34 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 75.75 729.15 Td (were ) Tj ET Q q 0 0 0 rg BT 98.78 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 110.15 729.15 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 693.65 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 693.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 693.65 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 693.65 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 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0.9333333333333333 1 rg /GS0 gs 49.00 393.65 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 393.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 393.65 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 393.65 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 393.65 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 393.65 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 393.65 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 693.65 m 312 693.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 693.65 m 389 693.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 693.65 m 474 693.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 693.65 m 562 693.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 693.65 m 389 693.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 693.65 m 474 693.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 648.65 m 312 648.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 648.65 m 389 648.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 648.65 m 474 648.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 648.65 m 562 648.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 648.65 m 389 648.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 648.65 m 474 648.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 588.65 m 312 588.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 588.65 m 389 588.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 588.65 m 474 588.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 588.65 m 562 588.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 588.65 m 389 588.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 588.65 m 474 588.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 588.65 m 562 588.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 543.65 m 312 543.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 543.65 m 389 543.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 543.65 m 474 543.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 543.65 m 562 543.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 543.65 m 389 543.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 543.65 m 474 543.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 483.65 m 312 483.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 483.65 m 312 483.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 483.65 m 389 483.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 483.65 m 474 483.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 483.65 m 562 483.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 438.65 m 312 438.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 438.65 m 389 438.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 438.65 m 474 438.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 438.65 m 562 438.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 438.65 m 389 438.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 438.65 m 474 438.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 378.65 m 312 378.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 378.65 m 312 378.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 363.65 m 312 363.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 378.65 m 389 378.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 363.65 m 389 363.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 378.65 m 474 378.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 363.65 m 474 363.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 378.65 m 562 378.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 363.65 m 562 363.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.70 708.87 Td (Global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.60 698.37 Td (Distribution) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 373.35 703.13 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.85 698.42 Td (Affiliate/Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.75 698.42 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 683.42 Td (March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.50 683.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.35 683.42 Td (247.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.50 683.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 683.42 Td (454.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.50 683.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 683.42 Td (701.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 668.42 Td (Net client cash flows, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 668.42 Td (16.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 668.42 Td (\(0.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 668.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 668.42 Td (15.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 653.42 Td (Liquidity fund flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 653.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 653.42 Td (\(21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 653.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 653.42 Td (\(21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 653.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 638.42 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 638.42 Td (16.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 638.42 Td (\(22.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 638.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 638.42 Td (\(5.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 638.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 623.42 Td (Market performance and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 623.42 Td (11.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 623.42 Td (8.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 623.42 Td (20.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 608.42 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 608.42 Td (\(5.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 608.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 608.42 Td (\(12.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 608.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 608.42 Td (\(18.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 608.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 593.42 Td (Acquisitions \(dispositions\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 593.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 593.42 Td (5.0) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 476.50 598.85 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 593.42 Td (5.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 578.42 Td (March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.35 578.42 Td (270.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 578.42 Td (432.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 578.42 Td (702.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 563.42 Td (Net client cash flows, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 563.42 Td (\(3.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 563.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 563.42 Td (\(7.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 563.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 563.42 Td (\(11.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 563.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 548.42 Td (Liquidity fund flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 548.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 548.42 Td (\(15.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 548.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 548.42 Td (\(15.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 548.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 533.42 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 533.42 Td (\(3.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 533.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 533.42 Td (\(22.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 533.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 533.42 Td (\(26.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 533.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 518.42 Td (Market performance and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.10 518.42 Td (\(13.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 518.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 518.42 Td (\(2.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 518.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 518.42 Td (\(15.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 518.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 503.42 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 503.42 Td (1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 503.42 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 503.42 Td (1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 488.42 Td (Acquisitions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 488.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 488.42 Td (6.9) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 476.50 493.85 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 488.42 Td (6.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 473.42 Td (March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.35 473.42 Td (254.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 473.42 Td (415.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 473.42 Td (669.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 458.42 Td (Net client cash flows, excluding liquidity funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 458.42 Td (8.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 458.42 Td (\(10.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 458.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 458.42 Td (\(1.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 458.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 443.42 Td (Liquidity fund flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 443.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 443.42 Td (\(27.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 443.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 443.42 Td (\(27.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 443.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 428.42 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 428.42 Td (8.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 428.42 Td (\(37.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 428.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 428.42 Td (\(28.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 428.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 413.42 Td (Market performance and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 413.42 Td (22.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 413.42 Td (20.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 413.42 Td (42.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 398.42 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 398.42 Td (\(0.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 398.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 398.42 Td (\(0.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 398.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 398.42 Td (\(1.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 398.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 383.42 Td (Acquisitions \(dispositions\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 383.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 383.42 Td (46.3) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 476.50 388.85 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 383.42 Td (46.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 368.44 Td (March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 318.50 368.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 361.35 368.44 Td (285.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.50 368.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.35 368.44 Td (442.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.50 368.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 368.44 Td (728.4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 354.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 354.55 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 354.55 Td (Excludes ) Tj ET Q q 0 0 0 rg BT 98.60 354.55 Td ($15.9 ) Tj ET Q q 0 0 0 rg BT 118.38 354.55 Td (billion, ) Tj ET Q q 0 0 0 rg BT 143.05 354.55 Td ($10.3 ) Tj ET Q q 0 0 0 rg BT 162.83 354.55 Td (billion, ) Tj ET Q q 0 0 0 rg BT 187.50 354.55 Td (and ) Tj ET Q q 0 0 0 rg BT 200.83 354.55 Td ($8.2 ) Tj ET Q q 0 0 0 rg BT 216.60 354.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 239.27 354.55 Td (of ) Tj ET Q q 0 0 0 rg BT 247.32 354.55 Td (AUA) Tj ET Q q 0 0 0 rg BT 264.21 354.55 Td ( ) Tj ET Q q 0 0 0 rg BT 265.99 354.55 Td (as ) Tj ET Q q 0 0 0 rg BT 274.43 354.55 Td (of ) Tj ET Q q 0 0 0 rg BT 282.88 354.55 Td (March ) Tj ET Q q 0 0 0 rg BT 305.53 354.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 317.31 354.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 337.09 354.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 356.87 354.55 Td (and ) Tj ET Q q 0 0 0 rg BT 370.20 354.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 389.98 354.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 428.11 354.55 Td (. ) Tj ET Q q 0 0 0 rg BT 431.88 354.55 Td ( ) Tj ET Q q 0 0 0 rg BT 433.66 354.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 446.99 354.55 Td (client ) Tj ET Q q 0 0 0 rg BT 466.54 354.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 482.53 354.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 502.09 354.55 Td (for ) Tj ET Q q 0 0 0 rg BT 513.19 354.55 Td (the ) Tj ET Q q 0 0 0 rg BT 524.75 354.55 Td (years ) Tj ET Q q 0 0 0 rg BT 543.40 354.55 Td (ended ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 344.95 Td (March ) Tj ET Q q 0 0 0 rg BT 90.38 344.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 102.38 344.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 122.38 344.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 142.38 344.95 Td (and ) Tj ET Q q 0 0 0 rg BT 155.93 344.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 175.93 344.95 Td (excludes ) Tj ET Q q 0 0 0 rg BT 205.92 344.95 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 221.92 344.95 Td (billion, ) Tj ET Q q 0 0 0 rg BT 246.81 344.95 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 262.81 344.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 285.70 344.95 Td (and ) Tj ET Q q 0 0 0 rg BT 299.25 344.95 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 315.25 344.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 338.14 344.95 Td (of ) Tj ET Q q 0 0 0 rg BT 346.36 344.95 Td (AUA) Tj ET Q q 0 0 0 rg BT 363.25 344.95 Td ( ) Tj ET Q q 0 0 0 rg BT 365.25 344.95 Td (net ) Tj ET Q q 0 0 0 rg BT 377.03 344.95 Td (inflows.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 335.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 335.35 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 335.35 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.82 335.35 Td ($41.5 ) Tj ET Q q 0 0 0 rg BT 117.03 335.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 140.14 335.35 Td (and ) Tj ET Q q 0 0 0 rg BT 153.91 335.35 Td ($9.6 ) Tj ET Q q 0 0 0 rg BT 170.12 335.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 193.23 335.35 Td (related ) Tj ET Q q 0 0 0 rg BT 217.21 335.35 Td (to ) Tj ET Q q 0 0 0 rg BT 225.64 335.35 Td (the ) Tj ET Q q 0 0 0 rg BT 237.63 335.35 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 278.07 335.35 Td (of ) Tj ET Q q 0 0 0 rg BT 286.95 335.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 313.16 335.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 341.59 335.35 Td (and ) Tj ET Q q 0 0 0 rg BT 355.36 335.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 368.85 335.35 Td (rust, ) Tj ET Q q 0 0 0 rg BT 385.07 335.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 423.19 335.35 Td (, ) Tj ET Q q 0 0 0 rg BT 427.41 335.35 Td (of) Tj ET Q q 0 0 0 rg BT 433.93 335.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 447.70 335.35 Td (in ) Tj ET Q q 0 0 0 rg BT 456.13 335.35 Td (part ) Tj ET Q q 0 0 0 rg BT 470.79 335.35 Td (by ) Tj ET Q q 0 0 0 rg BT 481.00 335.35 Td ($4.8 ) Tj ET Q q 0 0 0 rg BT 497.22 335.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 520.33 335.35 Td (related ) Tj ET Q q 0 0 0 rg BT 544.30 335.35 Td (to ) Tj ET Q q 0 0 0 rg BT 552.74 335.35 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 325.75 Td (disposition ) Tj ET Q q 0 0 0 rg BT 104.47 325.75 Td (of ) Tj ET Q q 0 0 0 rg BT 112.99 325.75 Td (two ) Tj ET Q q 0 0 0 rg BT 126.84 325.75 Td (small ) Tj ET Q q 0 0 0 rg BT 146.03 325.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 182.99 325.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 215.50 325.75 Td (and ) Tj ET Q q 0 0 0 rg BT 228.90 325.75 Td (our ) Tj ET Q q 0 0 0 rg BT 241.42 325.75 Td (share ) Tj ET Q q 0 0 0 rg BT 260.16 325.75 Td (of ) Tj ET Q q 0 0 0 rg BT 268.67 325.75 Td (a ) Tj ET Q q 0 0 0 rg BT 274.08 325.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 290.60 325.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 316.44 325.75 Td (during ) Tj ET Q q 0 0 0 rg BT 339.19 325.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.81 325.75 Td (year ) Tj ET Q q 0 0 0 rg BT 366.43 325.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 387.39 325.75 Td (March ) Tj ET Q q 0 0 0 rg BT 410.12 325.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 421.98 325.75 Td (2017; ) Tj ET Q q 0 0 0 rg BT 442.05 325.75 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 457.91 325.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 480.65 325.75 Td (and ) Tj ET Q q 0 0 0 rg BT 494.06 325.75 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 509.91 325.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 532.66 325.75 Td (related ) Tj ET Q q 0 0 0 rg BT 556.28 325.75 Td (to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 316.15 Td (the ) Tj ET Q q 0 0 0 rg BT 79.35 316.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 119.64 316.15 Td (of ) Tj ET Q q 0 0 0 rg BT 128.38 316.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 151.79 316.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 197.39 316.15 Td (and ) Tj ET Q q 0 0 0 rg BT 211.02 316.15 Td (PK ) Tj ET Q q 0 0 0 rg BT 223.32 316.15 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 266.05 316.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 304.18 316.15 Td (, ) Tj ET Q q 0 0 0 rg BT 308.26 316.15 Td (during ) Tj ET Q q 0 0 0 rg BT 331.22 316.15 Td (the ) Tj ET Q q 0 0 0 rg BT 343.07 316.15 Td (year ) Tj ET Q q 0 0 0 rg BT 358.91 316.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 380.08 316.15 Td (March ) Tj ET Q q 0 0 0 rg BT 403.04 316.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 415.11 316.15 Td (2016; ) Tj ET Q q 0 0 0 rg BT 435.41 316.15 Td (and ) Tj ET Q q 0 0 0 rg BT 449.03 316.15 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 465.11 316.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 488.07 316.15 Td (and ) Tj ET Q q 0 0 0 rg BT 501.70 316.15 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 517.77 316.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 540.73 316.15 Td (related ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 306.55 Td (to ) Tj ET Q q 0 0 0 rg BT 75.44 306.55 Td (the ) Tj ET Q q 0 0 0 rg BT 86.93 306.55 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 126.87 306.55 Td (of ) Tj ET Q q 0 0 0 rg BT 135.25 306.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 158.74 306.55 Td (Currie ) Tj ET Q q 0 0 0 rg BT 180.90 306.55 Td (and ) Tj ET Q q 0 0 0 rg BT 194.17 306.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 206.11 306.55 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 239.16 306.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 277.28 306.55 Td (, ) Tj ET Q q 0 0 0 rg BT 281.00 306.55 Td (of) Tj ET Q q 0 0 0 rg BT 287.52 306.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 300.79 306.55 Td (in ) Tj ET Q q 0 0 0 rg BT 308.73 306.55 Td (part ) Tj ET Q q 0 0 0 rg BT 322.89 306.55 Td (by ) Tj ET Q q 0 0 0 rg BT 332.60 306.55 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 348.32 306.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 370.93 306.55 Td (related ) Tj ET Q q 0 0 0 rg BT 394.41 306.55 Td (to ) Tj ET Q q 0 0 0 rg BT 402.35 306.55 Td (the ) Tj ET Q q 0 0 0 rg BT 413.84 306.55 Td (disposition ) Tj ET Q q 0 0 0 rg BT 450.68 306.55 Td (of ) Tj ET Q q 0 0 0 rg BT 459.06 306.55 Td (LMIC, ) Tj ET Q q 0 0 0 rg BT 482.78 306.55 Td (for ) Tj ET Q q 0 0 0 rg BT 493.82 306.55 Td (the ) Tj ET Q q 0 0 0 rg BT 505.31 306.55 Td (year ) Tj ET Q q 0 0 0 rg BT 520.80 306.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 541.62 306.55 Td (March ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 296.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 79.50 296.95 Td (2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 275.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.67 275.35 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 131.54 275.35 Td (Y) Tj ET Q q 0 0 0 rg BT 137.09 275.35 Td (ield) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 262.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 100.66 262.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 143.15 262.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 179.22 262.75 Td (yield, ) Tj ET Q q 0 0 0 rg BT 205.67 262.75 Td (less ) Tj ET Q q 0 0 0 rg BT 224.26 262.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 280.15 262.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 302.52 262.75 Td (across ) Tj ET Q q 0 0 0 rg BT 331.60 262.75 Td (all ) Tj ET Q q 0 0 0 rg BT 344.93 262.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 368.18 262.75 Td (classes ) Tj ET Q q 0 0 0 rg BT 400.18 262.75 Td (and ) Tj ET Q q 0 0 0 rg BT 418.17 262.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 469.43 262.75 Td (channels ) Tj ET Q q 0 0 0 rg BT 509.01 262.75 Td (was ) Tj ET Q q 0 0 0 rg BT 528.17 262.75 Td (39 ) Tj ET Q q 0 0 0 rg BT 541.51 262.75 Td (basis ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.15 Td (points, ) Tj ET Q q 0 0 0 rg BT 81.23 250.15 Td (38 ) Tj ET Q q 0 0 0 rg BT 95.17 250.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 119.61 250.15 Td (points ) Tj ET Q q 0 0 0 rg BT 148.72 250.15 Td (and ) Tj ET Q q 0 0 0 rg BT 167.32 250.15 Td (39 ) Tj ET Q q 0 0 0 rg BT 181.25 250.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 205.69 250.15 Td (points ) Tj ET Q q 0 0 0 rg BT 234.80 250.15 Td (for ) Tj ET Q q 0 0 0 rg BT 250.48 250.15 Td (the ) Tj ET Q q 0 0 0 rg BT 266.75 250.15 Td (years ) Tj ET Q q 0 0 0 rg BT 292.34 250.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 320.85 250.15 Td (March ) Tj ET Q q 0 0 0 rg BT 351.69 250.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 368.25 250.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 395.32 250.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 422.38 250.15 Td (and ) Tj ET Q q 0 0 0 rg BT 440.98 250.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 468.04 250.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 518.08 250.15 Td (. ) Tj ET Q q 0 0 0 rg BT 524.15 250.15 Td ( ) Tj ET Q q 0 0 0 rg BT 527.58 250.15 Td (Fees ) Tj ET Q q 0 0 0 rg BT 550.27 250.15 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.55 Td (managing ) Tj ET Q q 0 0 0 rg BT 94.35 237.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 142.10 237.55 Td (and ) Tj ET Q q 0 0 0 rg BT 160.70 237.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 190.39 237.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 218.33 237.55 Td (are ) Tj ET Q q 0 0 0 rg BT 234.59 237.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 277.09 237.55 Td (higher) Tj ET Q q 0 0 0 rg BT 303.50 237.55 Td (, ) Tj ET Q q 0 0 0 rg BT 309.56 237.55 Td (with ) Tj ET Q q 0 0 0 rg BT 331.67 237.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 379.42 237.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 407.36 237.55 Td (averaging ) Tj ET Q q 0 0 0 rg BT 452.20 237.55 Td (73 ) Tj ET Q q 0 0 0 rg BT 466.14 237.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 490.58 237.55 Td (points, ) Tj ET Q q 0 0 0 rg BT 522.32 237.55 Td (105 ) Tj ET Q q 0 0 0 rg BT 541.51 237.55 Td (basis ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 224.95 Td (points ) Tj ET Q q 0 0 0 rg BT 77.85 224.95 Td (and ) Tj ET Q q 0 0 0 rg BT 95.69 224.95 Td (140 ) Tj ET Q q 0 0 0 rg BT 114.12 224.95 Td (basis ) Tj ET Q q 0 0 0 rg BT 137.80 224.95 Td (points ) Tj ET Q q 0 0 0 rg BT 166.16 224.95 Td (for ) Tj ET Q q 0 0 0 rg BT 181.08 224.95 Td (the ) Tj ET Q q 0 0 0 rg BT 196.59 224.95 Td (years ) Tj ET Q q 0 0 0 rg BT 221.42 224.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 249.17 224.95 Td (March ) Tj ET Q q 0 0 0 rg BT 279.26 224.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 295.06 224.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 321.37 224.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 347.67 224.95 Td (and ) Tj ET Q q 0 0 0 rg BT 365.51 224.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 391.82 224.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 441.87 224.95 Td (, ) Tj ET Q q 0 0 0 rg BT 447.17 224.95 Td (and ) Tj ET Q q 0 0 0 rg BT 465.01 224.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 493.94 224.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 521.12 224.95 Td (averaging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.35 Td (67 ) Tj ET Q q 0 0 0 rg BT 62.55 212.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 86.09 212.35 Td (points, ) Tj ET Q q 0 0 0 rg BT 116.94 212.35 Td (70 ) Tj ET Q q 0 0 0 rg BT 129.98 212.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 153.53 212.35 Td (points ) Tj ET Q q 0 0 0 rg BT 181.75 212.35 Td (and ) Tj ET Q q 0 0 0 rg BT 199.46 212.35 Td (73 ) Tj ET Q q 0 0 0 rg BT 212.51 212.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 236.05 212.35 Td (points ) Tj ET Q q 0 0 0 rg BT 264.27 212.35 Td (for ) Tj ET Q q 0 0 0 rg BT 279.06 212.35 Td (the ) Tj ET Q q 0 0 0 rg BT 294.44 212.35 Td (years ) Tj ET Q q 0 0 0 rg BT 319.14 212.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 346.76 212.35 Td (March ) Tj ET Q q 0 0 0 rg BT 376.71 212.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 392.38 212.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 418.55 212.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 444.72 212.35 Td (and ) Tj ET Q q 0 0 0 rg BT 462.43 212.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 488.60 212.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 538.65 212.35 Td (. ) Tj ET Q q 0 0 0 rg BT 543.82 212.35 Td ( ) Tj ET Q q 0 0 0 rg BT 546.18 212.35 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.75 Td (average ) Tj ET Q q 0 0 0 rg BT 85.32 199.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 101.33 199.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 120.25 199.75 Td (for ) Tj ET Q q 0 0 0 rg BT 135.68 199.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 180.27 199.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 227.76 199.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 255.44 199.75 Td (declined ) Tj ET Q q 0 0 0 rg BT 294.20 199.75 Td (over ) Tj ET Q q 0 0 0 rg BT 316.04 199.75 Td (the ) Tj ET Q q 0 0 0 rg BT 332.05 199.75 Td (last ) Tj ET Q q 0 0 0 rg BT 349.82 199.75 Td (year ) Tj ET Q q 0 0 0 rg BT 371.07 199.75 Td (due ) Tj ET Q q 0 0 0 rg BT 389.42 199.75 Td (to ) Tj ET Q q 0 0 0 rg BT 400.77 199.75 Td (the ) Tj ET Q q 0 0 0 rg BT 416.78 199.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 470.13 199.75 Td (of ) Tj ET Q q 0 0 0 rg BT 482.06 199.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 516.74 199.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 554.34 199.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.15 Td (April ) Tj ET Q q 0 0 0 rg BT 74.16 187.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 100.29 187.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 117.99 187.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 136.24 187.15 Td (in ) Tj ET Q q 0 0 0 rg BT 146.91 187.15 Td (May ) Tj ET Q q 0 0 0 rg BT 168.65 187.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 194.78 187.15 Td (and ) Tj ET Q q 0 0 0 rg BT 212.44 187.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 242.94 187.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 302.57 187.15 Td (in ) Tj ET Q q 0 0 0 rg BT 313.24 187.15 Td (October ) Tj ET Q q 0 0 0 rg BT 349.55 187.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 375.68 187.15 Td (whose ) Tj ET Q q 0 0 0 rg BT 405.00 187.15 Td (products ) Tj ET Q q 0 0 0 rg BT 443.66 187.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 482.90 187.15 Td (earn ) Tj ET Q q 0 0 0 rg BT 503.47 187.15 Td (lower ) Tj ET Q q 0 0 0 rg BT 529.88 187.15 Td (average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 69.05 174.55 Td (than ) Tj ET Q q 0 0 0 rg BT 89.78 174.55 Td (our ) Tj ET Q q 0 0 0 rg BT 106.43 174.55 Td (legacy ) Tj ET Q q 0 0 0 rg BT 136.48 174.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 183.43 174.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 206.50 174.55 Td (products, ) Tj ET Q q 0 0 0 rg BT 247.93 174.55 Td (while ) Tj ET Q q 0 0 0 rg BT 273.91 174.55 Td (the ) Tj ET Q q 0 0 0 rg BT 289.39 174.55 Td (average ) Tj ET Q q 0 0 0 rg BT 324.68 174.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 340.14 174.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 358.53 174.55 Td (for ) Tj ET Q q 0 0 0 rg BT 373.42 174.55 Td (managing ) Tj ET Q q 0 0 0 rg BT 417.48 174.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 446.37 174.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 473.52 174.55 Td (has ) Tj ET Q q 0 0 0 rg BT 490.16 174.55 Td (declined ) Tj ET Q q 0 0 0 rg BT 528.38 174.55 Td (over ) Tj ET Q q 0 0 0 rg BT 549.69 174.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 161.95 Td (last ) Tj ET Q q 0 0 0 rg BT 66.77 161.95 Td (four ) Tj ET Q q 0 0 0 rg BT 86.95 161.95 Td (years ) Tj ET Q q 0 0 0 rg BT 111.78 161.95 Td (due ) Tj ET Q q 0 0 0 rg BT 129.63 161.95 Td (to ) Tj ET Q q 0 0 0 rg BT 140.48 161.95 Td (a ) Tj ET Q q 0 0 0 rg BT 147.83 161.95 Td (shift ) Tj ET Q q 0 0 0 rg BT 169.18 161.95 Td (in ) Tj ET Q q 0 0 0 rg BT 180.03 161.95 Td (the ) Tj ET Q q 0 0 0 rg BT 195.55 161.95 Td (mix ) Tj ET Q q 0 0 0 rg BT 214.57 161.95 Td (of ) Tj ET Q q 0 0 0 rg BT 226.00 161.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 254.93 161.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 282.11 161.95 Td (from ) Tj ET Q q 0 0 0 rg BT 305.21 161.95 Td (higher ) Tj ET Q q 0 0 0 rg BT 334.72 161.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 350.22 161.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 379.15 161.95 Td (products ) Tj ET Q q 0 0 0 rg BT 418.00 161.95 Td (to ) Tj ET Q q 0 0 0 rg BT 428.85 161.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 455.44 161.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 470.95 161.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 499.88 161.95 Td (products. ) Tj ET Q q 0 0 0 rg BT 541.35 161.95 Td ( ) Tj ET Q q 0 0 0 rg BT 543.84 161.95 Td (This ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.35 Td (compares ) Tj ET Q q 0 0 0 rg BT 91.96 149.35 Td (to ) Tj ET Q q 0 0 0 rg BT 102.36 149.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 121.49 149.35 Td (for ) Tj ET Q q 0 0 0 rg BT 135.96 149.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 159.77 149.35 Td (income ) Tj ET Q q 0 0 0 rg BT 192.90 149.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 222.25 149.35 Td (which ) Tj ET Q q 0 0 0 rg BT 250.14 149.35 Td (averaged ) Tj ET Q q 0 0 0 rg BT 290.26 149.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 353.14 149.35 Td (27 ) Tj ET Q q 0 0 0 rg BT 365.87 149.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 389.10 149.35 Td (points, ) Tj ET Q q 0 0 0 rg BT 419.62 149.35 Td (29 ) Tj ET Q q 0 0 0 rg BT 432.35 149.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 455.58 149.35 Td (points ) Tj ET Q q 0 0 0 rg BT 483.48 149.35 Td (and ) Tj ET Q q 0 0 0 rg BT 500.87 149.35 Td (28 ) Tj ET Q q 0 0 0 rg BT 513.60 149.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 536.83 149.35 Td (points ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.75 Td (for ) Tj ET Q q 0 0 0 rg BT 64.77 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 80.63 136.75 Td (years ) Tj ET Q q 0 0 0 rg BT 105.82 136.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.92 136.75 Td (March ) Tj ET Q q 0 0 0 rg BT 164.36 136.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.51 136.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 207.17 136.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 231.20 136.75 Td (and ) Tj ET Q q 0 0 0 rg BT 249.39 136.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 276.05 136.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 326.10 136.75 Td (, ) Tj ET Q q 0 0 0 rg BT 331.75 136.75 Td (and ) Tj ET Q q 0 0 0 rg BT 349.94 136.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 388.56 136.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 418.72 136.75 Td (which ) Tj ET Q q 0 0 0 rg BT 447.41 136.75 Td (averaged ) Tj ET Q q 0 0 0 rg BT 488.33 136.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 552.01 136.75 Td (12 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 72.59 124.15 Td (points, ) Tj ET Q q 0 0 0 rg BT 102.97 124.15 Td (9 ) Tj ET Q q 0 0 0 rg BT 110.31 124.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 133.40 124.15 Td (points ) Tj ET Q q 0 0 0 rg BT 161.16 124.15 Td (and ) Tj ET Q q 0 0 0 rg BT 178.41 124.15 Td (7 ) Tj ET Q q 0 0 0 rg BT 185.75 124.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 208.83 124.15 Td (points ) Tj ET Q q 0 0 0 rg BT 236.59 124.15 Td (for ) Tj ET Q q 0 0 0 rg BT 250.92 124.15 Td (the ) Tj ET Q q 0 0 0 rg BT 265.84 124.15 Td (years ) Tj ET Q q 0 0 0 rg BT 290.08 124.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 317.24 124.15 Td (March ) Tj ET Q q 0 0 0 rg BT 346.73 124.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 361.95 124.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 387.66 124.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 410.75 124.15 Td (and ) Tj ET Q q 0 0 0 rg BT 428.00 124.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 453.71 124.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 503.76 124.15 Td (.��) Tj ET Q q 0 0 0 rg BT 511.44 124.15 Td (The ) Tj ET Q q 0 0 0 rg BT 529.85 124.15 Td (average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 65.44 111.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 84.29 111.55 Td (for ) Tj ET Q q 0 0 0 rg BT 99.65 111.55 Td (managing ) Tj ET Q q 0 0 0 rg BT 144.17 111.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 182.88 111.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 210.49 111.55 Td (for ) Tj ET Q q 0 0 0 rg BT 225.85 111.55 Td (each ) Tj ET Q q 0 0 0 rg BT 248.20 111.55 Td (of ) Tj ET Q q 0 0 0 rg BT 260.06 111.55 Td (the ) Tj ET Q q 0 0 0 rg BT 276.01 111.55 Td (years ) Tj ET Q q 0 0 0 rg BT 301.28 111.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 329.47 111.55 Td (March ) Tj ET Q q 0 0 0 rg BT 359.99 111.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.23 111.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 402.98 111.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 427.09 111.55 Td (and ) Tj ET Q q 0 0 0 rg BT 445.37 111.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 472.11 111.55 Td (reflects ) Tj ET Q q 0 0 0 rg BT 506.13 111.55 Td (the ) Tj ET Q q 0 0 0 rg BT 522.07 111.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 553.76 111.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 98.95 Td (current ) Tj ET Q q 0 0 0 rg BT 82.20 98.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 121.32 98.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 137.11 98.95 Td (waivers ) Tj ET Q q 0 0 0 rg BT 172.73 98.95 Td (due ) Tj ET Q q 0 0 0 rg BT 190.86 98.95 Td (to ) Tj ET Q q 0 0 0 rg BT 201.99 98.95 Td (the ) Tj ET Q q 0 0 0 rg BT 217.78 98.95 Td (low ) Tj ET Q q 0 0 0 rg BT 236.50 98.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 270.37 98.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 289.07 98.95 Td (environment. ) Tj ET Q q 0 0 0 rg BT 347.73 98.95 Td ( ) Tj ET Q q 0 0 0 rg BT 350.49 98.95 Td (The ) Tj ET Q q 0 0 0 rg BT 369.78 98.95 Td (average ) Tj ET Q q 0 0 0 rg BT 405.38 98.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 421.17 98.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 439.87 98.95 Td (for ) Tj ET Q q 0 0 0 rg BT 455.08 98.95 Td (managing ) Tj ET Q q 0 0 0 rg BT 499.45 98.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 538.00 98.95 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.35 Td (has ) Tj ET Q q 0 0 0 rg BT 65.95 86.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 108.05 86.35 Td (over ) Tj ET Q q 0 0 0 rg BT 129.16 86.35 Td (the ) Tj ET Q q 0 0 0 rg BT 144.44 86.35 Td (last ) Tj ET Q q 0 0 0 rg BT 161.47 86.35 Td (year ) Tj ET Q q 0 0 0 rg BT 181.99 86.35 Td (due ) Tj ET Q q 0 0 0 rg BT 199.61 86.35 Td (to ) Tj ET Q q 0 0 0 rg BT 210.23 86.35 Td (a ) Tj ET Q q 0 0 0 rg BT 217.34 86.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 259.45 86.35 Td (in ) Tj ET Q q 0 0 0 rg BT 270.07 86.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 285.34 86.35 Td (waivers. ) Tj ET Q q 0 0 0 rg BT 323.07 86.35 Td ( ) Tj ET Q q 0 0 0 rg BT 324.98 86.35 Td (As ) Tj ET Q q 0 0 0 rg BT 339.11 86.35 Td (a ) Tj ET Q q 0 0 0 rg BT 346.22 86.35 Td (result ) Tj ET Q q 0 0 0 rg BT 372.00 86.35 Td (of ) Tj ET Q q 0 0 0 rg BT 383.20 86.35 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 436.98 86.35 Td (and ) Tj ET Q q 0 0 0 rg BT 454.59 86.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 487.95 86.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 506.14 86.35 Td (increases, ) Tj ET Q q 0 0 0 rg BT 549.70 86.35 Td (fee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.75 Td (waivers ) Tj ET Q q 0 0 0 rg BT 84.51 73.75 Td (for ) Tj ET Q q 0 0 0 rg BT 99.11 73.75 Td (competitive ) Tj ET Q q 0 0 0 rg BT 151.04 73.75 Td (and ) Tj ET Q q 0 0 0 rg BT 168.56 73.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 214.07 73.75 Td (reasons ) Tj ET Q q 0 0 0 rg BT 247.92 73.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 291.66 73.75 Td (to ) Tj ET Q q 0 0 0 rg BT 302.19 73.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 365.20 73.75 Td ($22 ) Tj ET Q q 0 0 0 rg BT 383.30 73.75 Td (million ) Tj ET Q q 0 0 0 rg BT 416.00 73.75 Td (for ) Tj ET Q q 0 0 0 rg BT 430.60 73.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.79 73.75 Td (year ) Tj ET Q q 0 0 0 rg BT 466.21 73.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 493.64 73.75 Td (March ) Tj ET Q q 0 0 0 rg BT 523.41 73.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.89 73.75 Td (2017, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.15 Td (as ) Tj ET Q q 0 0 0 rg BT 60.31 61.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 103.78 61.15 Td (to ) Tj ET Q q 0 0 0 rg BT 114.01 61.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 176.73 61.15 Td ($70 ) Tj ET Q q 0 0 0 rg BT 194.55 61.15 Td (million ) Tj ET Q q 0 0 0 rg BT 226.95 61.15 Td (for ) Tj ET Q q 0 0 0 rg BT 241.26 61.15 Td (the ) Tj ET Q q 0 0 0 rg BT 256.16 61.15 Td (year ) Tj ET Q q 0 0 0 rg BT 276.29 61.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 303.43 61.15 Td (March ) Tj ET Q q 0 0 0 rg BT 332.90 61.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 348.09 61.15 Td (2016. ) Tj ET Q q 0 0 0 rg BT 373.79 61.15 Td ( ) Tj ET Q q 0 0 0 rg BT 375.71 61.15 Td (W) Tj ET Q q 0 0 0 rg BT 384.78 61.15 Td (e ) Tj ET Q q 0 0 0 rg BT 391.50 61.15 Td (do ) Tj ET Q q 0 0 0 rg BT 404.07 61.15 Td (not ) Tj ET Q q 0 0 0 rg BT 419.56 61.15 Td (expect ) Tj ET Q q 0 0 0 rg BT 449.02 61.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 463.91 61.15 Td (waivers ) Tj ET Q q 0 0 0 rg BT 498.63 61.15 Td (for ) Tj ET Q q 0 0 0 rg BT 512.94 61.15 Td (competitive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.55 Td (and ) Tj ET Q q 0 0 0 rg BT 66.67 48.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 111.84 48.55 Td (reasons ) Tj ET Q q 0 0 0 rg BT 145.34 48.55 Td (to ) Tj ET Q q 0 0 0 rg BT 155.52 48.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 193.69 48.55 Td (in ) Tj ET Q q 0 0 0 rg BT 203.87 48.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 228.63 48.55 Td (2018. ) Tj ET Q q 0 0 0 rg BT 254.27 48.55 Td ( ) Tj ET Q q 0 0 0 rg BT 256.28 48.55 Td (Equity ) Tj ET Q q 0 0 0 rg BT 286.29 48.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 312.80 48.55 Td (are ) Tj ET Q q 0 0 0 rg BT 327.64 48.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 368.72 48.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 408.64 48.55 Td (by ) Tj ET Q q 0 0 0 rg BT 421.15 48.55 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 477.10 48.55 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 508.57 48.55 Td (Brandywine, ) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (QS ) Tj ET Q q 0 0 0 rg BT 68.45 741.75 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 115.10 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 135.79 741.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 169.90 741.75 Td (Currie; ) Tj ET Q q 0 0 0 rg BT 205.18 741.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 255.02 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 285.05 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 303.39 741.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 346.82 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 362.86 741.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 399.88 741.75 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 442.45 741.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 460.15 741.75 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 513.80 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 534.50 741.75 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Infrastructure; ) Tj ET Q q 0 0 0 rg BT 111.01 729.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 134.04 729.15 Td (income ) Tj ET Q q 0 0 0 rg BT 166.40 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 192.35 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 206.62 729.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 247.15 729.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 286.51 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 298.36 729.15 Td (W) Tj ET Q q 0 0 0 rg BT 307.43 729.15 Td (estern ) Tj ET Q q 0 0 0 rg BT 333.63 729.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 358.42 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 375.03 729.15 Td (Brandywine; ) Tj ET Q q 0 0 0 rg BT 430.73 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 447.34 729.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 484.39 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 510.34 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 524.61 729.15 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (by ) Tj ET Q q 0 0 0 rg BT 62.24 716.55 Td (W) Tj ET Q q 0 0 0 rg BT 71.31 716.55 Td (estern ) Tj ET Q q 0 0 0 rg BT 98.26 716.55 Td (Asset. ) Tj ET Q q 0 0 0 rg BT 126.63 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 129.04 716.55 Td (Fee ) Tj ET Q q 0 0 0 rg BT 146.61 716.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 168.84 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 183.50 716.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 210.41 716.55 Td (distributed ) Tj ET Q q 0 0 0 rg BT 257.73 716.55 Td (through ) Tj ET Q q 0 0 0 rg BT 292.81 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 316.79 716.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 347.79 716.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 378.78 716.55 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 434.57 716.55 Td (which ) Tj ET Q q 0 0 0 rg BT 462.64 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 477.87 716.55 Td (predominately ) Tj ET Q q 0 0 0 rg BT 540.93 716.55 Td (retail ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 59.98 703.95 Td (nature, ) Tj ET Q q 0 0 0 rg BT 91.15 703.95 Td (averaged ) Tj ET Q q 0 0 0 rg BT 131.34 703.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 194.30 703.95 Td (45 ) Tj ET Q q 0 0 0 rg BT 207.11 703.95 Td (basis ) Tj ET Q q 0 0 0 rg BT 230.42 703.95 Td (points ) Tj ET Q q 0 0 0 rg BT 258.40 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 272.95 703.95 Td (each ) Tj ET Q q 0 0 0 rg BT 294.49 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 305.55 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 320.68 703.95 Td (years ) Tj ET Q q 0 0 0 rg BT 345.15 703.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 372.52 703.95 Td (March ) Tj ET Q q 0 0 0 rg BT 402.24 703.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 417.67 703.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 440.98 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 458.45 703.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 484.38 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 501.85 703.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (50 ) Tj ET Q q 0 0 0 rg BT 62.42 691.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 85.85 691.35 Td (points ) Tj ET Q q 0 0 0 rg BT 113.94 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 128.60 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 143.86 691.35 Td (year ) Tj ET Q q 0 0 0 rg BT 164.35 691.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 191.84 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 221.67 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 237.21 691.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 263.26 691.35 Td (while ) Tj ET Q q 0 0 0 rg BT 289.01 691.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 304.25 691.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 326.50 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 341.16 691.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 368.08 691.35 Td (distributed ) Tj ET Q q 0 0 0 rg BT 415.42 691.35 Td (through ) Tj ET Q q 0 0 0 rg BT 450.50 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 465.22 691.35 Td (Af) Tj ET Q q 0 0 0 rg BT 476.11 691.35 Td (filiate/Other ) Tj ET Q q 0 0 0 rg BT 529.85 691.35 Td (channel ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (averaged ) Tj ET Q q 0 0 0 rg BT 90.01 678.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 153.29 678.75 Td (35 ) Tj ET Q q 0 0 0 rg BT 166.41 678.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 190.04 678.75 Td (points ) Tj ET Q q 0 0 0 rg BT 218.33 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 233.20 678.75 Td (each ) Tj ET Q q 0 0 0 rg BT 255.06 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 266.43 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 281.88 678.75 Td (years ) Tj ET Q q 0 0 0 rg BT 306.66 678.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 334.36 678.75 Td (March ) Tj ET Q q 0 0 0 rg BT 364.39 678.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.14 678.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 406.39 678.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 432.64 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 450.43 678.75 Td (2015.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.96 653.55 Td (Performance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Overall ) Tj ET Q q 0 0 0 rg BT 83.47 628.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 132.03 628.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 187.56 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 198.79 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 214.72 628.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 241.71 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 256.43 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 271.75 628.35 Td (years ) Tj ET Q q 0 0 0 rg BT 296.38 628.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 323.94 628.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 369.57 628.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 395.68 628.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 419.17 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 436.81 628.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 462.92 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 481.73 628.35 Td (mixed ) Tj ET Q q 0 0 0 rg BT 510.46 628.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.34 628.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 85.94 615.75 Td (benchmarks.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Y) Tj ET Q q 0 0 0 rg BT 54.38 590.55 Td (ear ) Tj ET Q q 0 0 0 rg BT 71.00 590.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 98.69 590.55 Td (Mar) Tj ET Q q 0 0 0 rg BT 116.39 590.55 Td (ch ) Tj ET Q q 0 0 0 rg BT 128.92 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 144.67 590.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (For ) Tj ET Q q 0 0 0 rg BT 67.34 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 83.42 577.95 Td (year ) Tj ET Q q 0 0 0 rg BT 104.75 577.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.07 577.95 Td (March ) Tj ET Q q 0 0 0 rg BT 163.73 577.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.11 577.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 206.99 577.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 228.92 577.95 Td (indices ) Tj ET Q q 0 0 0 rg BT 261.91 577.95 Td (produced ) Tj ET Q q 0 0 0 rg BT 304.24 577.95 Td (positive ) Tj ET Q q 0 0 0 rg BT 340.74 577.95 Td (returns. ) Tj ET Q q 0 0 0 rg BT 375.78 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 378.80 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 398.38 577.95 Td (best ) Tj ET Q q 0 0 0 rg BT 418.54 577.95 Td (performing ) Tj ET Q q 0 0 0 rg BT 469.03 577.95 Td (was ) Tj ET Q q 0 0 0 rg BT 488.62 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 504.70 577.95 Td (Russell ) Tj ET Q q 0 0 0 rg BT 538.88 577.95 Td (2000, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 77.31 565.35 Td (returned ) Tj ET Q q 0 0 0 rg BT 114.44 565.35 Td (26.2%. ) Tj ET Q q 0 0 0 rg BT 146.33 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 148.33 565.35 Td (These ) Tj ET Q q 0 0 0 rg BT 175.55 565.35 Td (returns ) Tj ET Q q 0 0 0 rg BT 206.85 565.35 Td (were ) Tj ET Q q 0 0 0 rg BT 229.40 565.35 Td (achieved ) Tj ET Q q 0 0 0 rg BT 268.86 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 279.18 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 285.99 565.35 Td (volatile ) Tj ET Q q 0 0 0 rg BT 319.63 565.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 362.59 565.35 Td (environment ) Tj ET Q q 0 0 0 rg BT 417.81 565.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 451.44 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 464.09 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 479.07 565.35 Td (decision ) Tj ET Q q 0 0 0 rg BT 516.21 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 527.11 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 542.08 565.35 Td (U.K. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 552.75 Td (leave ) Tj ET Q q 0 0 0 rg BT 85.07 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 100.52 552.75 Td (European ) Tj ET Q q 0 0 0 rg BT 143.38 552.75 Td (Union ) Tj ET Q q 0 0 0 rg BT 172.25 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.04 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 205.49 552.75 Td (newly ) Tj ET Q q 0 0 0 rg BT 233.78 552.75 Td (elected ) Tj ET Q q 0 0 0 rg BT 266.13 552.75 Td (administration ) Tj ET Q q 0 0 0 rg BT 329.41 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 340.21 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 355.66 552.75 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (In ) Tj ET Q q 0 0 0 rg BT 61.03 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 76.65 527.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 101.01 527.55 Td (income ) Tj ET Q q 0 0 0 rg BT 134.70 527.55 Td (markets, ) Tj ET Q q 0 0 0 rg BT 173.35 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 188.97 527.55 Td (Federal ) Tj ET Q q 0 0 0 rg BT 223.24 527.55 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 259.85 527.55 Td (raised ) Tj ET Q q 0 0 0 rg BT 287.70 527.55 Td (its ) Tj ET Q q 0 0 0 rg BT 300.41 527.55 Td (tar) Tj ET Q q 0 0 0 rg BT 311.30 527.55 Td (get ) Tj ET Q q 0 0 0 rg BT 326.91 527.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 345.43 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 358.72 527.55 Td (0.25% ) Tj ET Q q 0 0 0 rg BT 388.63 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 399.58 527.55 Td (both ) Tj ET Q q 0 0 0 rg BT 421.04 527.55 Td (December ) Tj ET Q q 0 0 0 rg BT 466.96 527.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 490.75 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 508.70 527.55 Td (March ) Tj ET Q q 0 0 0 rg BT 538.89 527.55 Td (2017, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (continuing ) Tj ET Q q 0 0 0 rg BT 95.93 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 110.27 514.95 Td (Federal ) Tj ET Q q 0 0 0 rg BT 143.27 514.95 Td (Reserve's ) Tj ET Q q 0 0 0 rg BT 184.58 514.95 Td (steps ) Tj ET Q q 0 0 0 rg BT 207.10 514.95 Td (toward ) Tj ET Q q 0 0 0 rg BT 237.77 514.95 Td (monetary ) Tj ET Q q 0 0 0 rg BT 278.94 514.95 Td (policy ) Tj ET Q q 0 0 0 rg BT 306.70 514.95 Td (normalization. ) Tj ET Q q 0 0 0 rg BT 369.16 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 370.67 514.95 Td (Expectations ) Tj ET Q q 0 0 0 rg BT 426.42 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 436.69 514.95 Td (future ) Tj ET Q q 0 0 0 rg BT 463.27 514.95 Td (Federal ) Tj ET Q q 0 0 0 rg BT 496.27 514.95 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 531.61 514.95 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.64 502.35 Td (increases ) Tj ET Q q 0 0 0 rg BT 108.53 502.35 Td (remained ) Tj ET Q q 0 0 0 rg BT 150.00 502.35 Td (unchanged. ) Tj ET Q q 0 0 0 rg BT 200.51 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 202.75 502.35 Td (This ) Tj ET Q q 0 0 0 rg BT 223.82 502.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 259.47 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 270.04 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 285.28 502.35 Td (yield ) Tj ET Q q 0 0 0 rg BT 308.68 502.35 Td (curve ) Tj ET Q q 0 0 0 rg BT 334.41 502.35 Td (continuing ) Tj ET Q q 0 0 0 rg BT 381.73 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 392.30 502.35 Td (flatten ) Tj ET Q q 0 0 0 rg BT 421.53 502.35 Td (over ) Tj ET Q q 0 0 0 rg BT 442.59 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 457.83 502.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 482.98 502.35 Td (year ) Tj ET Q q 0 0 0 rg BT 503.45 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 514.61 502.35 Td (many ) Tj ET Q q 0 0 0 rg BT 540.34 502.35 Td (long-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 74.86 489.75 Td (yields ) Tj ET Q q 0 0 0 rg BT 102.57 489.75 Td (declined.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.49 464.55 Td (lowest ) Tj ET Q q 0 0 0 rg BT 98.57 464.55 Td (performing ) Tj ET Q q 0 0 0 rg BT 148.47 464.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 172.70 464.55 Td (income ) Tj ET Q q 0 0 0 rg BT 206.27 464.55 Td (sector ) Tj ET Q q 0 0 0 rg BT 234.01 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 248.92 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 264.41 464.55 Td (year ) Tj ET Q q 0 0 0 rg BT 285.14 464.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 312.87 464.55 Td (March ) Tj ET Q q 0 0 0 rg BT 342.94 464.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 358.73 464.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 385.02 464.55 Td (was ) Tj ET Q q 0 0 0 rg BT 404.01 464.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 425.35 464.55 Td (Government ) Tj ET Q q 0 0 0 rg BT 480.50 464.55 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 510.87 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 522.28 464.55 Td (measured ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (by ) Tj ET Q q 0 0 0 rg BT 62.27 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 77.37 451.95 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 116.37 451.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 137.31 451.95 Td (Government ) Tj ET Q q 0 0 0 rg BT 192.07 451.95 Td (Index, ) Tj ET Q q 0 0 0 rg BT 220.87 451.95 Td (which ) Tj ET Q q 0 0 0 rg BT 248.80 451.95 Td (declined ) Tj ET Q q 0 0 0 rg BT 286.63 451.95 Td (1.3%.� ) Tj ET Q q 0 0 0 rg BT 315.86 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 334.45 451.95 Td (best ) Tj ET Q q 0 0 0 rg BT 353.63 451.95 Td (performing ) Tj ET Q q 0 0 0 rg BT 403.14 451.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 426.98 451.95 Td (income ) Tj ET Q q 0 0 0 rg BT 460.16 451.95 Td (sector ) Tj ET Q q 0 0 0 rg BT 487.50 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 502.01 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 517.10 451.95 Td (year ) Tj ET Q q 0 0 0 rg BT 537.44 451.95 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (March ) Tj ET Q q 0 0 0 rg BT 79.53 439.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.28 439.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 121.53 439.35 Td (was ) Tj ET Q q 0 0 0 rg BT 140.48 439.35 Td (high ) Tj ET Q q 0 0 0 rg BT 161.78 439.35 Td (yield ) Tj ET Q q 0 0 0 rg BT 185.40 439.35 Td (bonds ) Tj ET Q q 0 0 0 rg BT 213.11 439.35 Td (as ) Tj ET Q q 0 0 0 rg BT 224.48 439.35 Td (measured ) Tj ET Q q 0 0 0 rg BT 267.34 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 280.46 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 295.92 439.35 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 335.28 439.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 356.58 439.35 Td (High ) Tj ET Q q 0 0 0 rg BT 379.81 439.35 Td (Y) Tj ET Q q 0 0 0 rg BT 386.81 439.35 Td (ield ) Tj ET Q q 0 0 0 rg BT 405.19 439.35 Td (Index, ) Tj ET Q q 0 0 0 rg BT 434.34 439.35 Td (which ) Tj ET Q q 0 0 0 rg BT 462.63 439.35 Td (returned ) Tj ET Q q 0 0 0 rg BT 500.24 439.35 Td (16.4%.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Y) Tj ET Q q 0 0 0 rg BT 54.38 414.15 Td (ear ) Tj ET Q q 0 0 0 rg BT 71.00 414.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 98.69 414.15 Td (Mar) Tj ET Q q 0 0 0 rg BT 116.39 414.15 Td (ch ) Tj ET Q q 0 0 0 rg BT 128.92 414.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 144.67 414.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.90 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.54 401.55 Td (year ) Tj ET Q q 0 0 0 rg BT 103.42 401.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.31 401.55 Td (March ) Tj ET Q q 0 0 0 rg BT 161.53 401.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.46 401.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 203.90 401.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 225.39 401.55 Td (indices ) Tj ET Q q 0 0 0 rg BT 257.94 401.55 Td (produced ) Tj ET Q q 0 0 0 rg BT 299.83 401.55 Td (mixed ) Tj ET Q q 0 0 0 rg BT 328.89 401.55 Td (returns. ) Tj ET Q q 0 0 0 rg BT 363.48 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 366.09 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 385.23 401.55 Td (best ) Tj ET Q q 0 0 0 rg BT 404.96 401.55 Td (performing ) Tj ET Q q 0 0 0 rg BT 455.01 401.55 Td (index ) Tj ET Q q 0 0 0 rg BT 481.15 401.55 Td (was ) Tj ET Q q 0 0 0 rg BT 500.29 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 515.93 401.55 Td (Dow ) Tj ET Q q 0 0 0 rg BT 539.16 401.55 Td (Jones ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (Industrial ) Tj ET Q q 0 0 0 rg BT 92.91 388.95 Td (A) Tj ET Q q 0 0 0 rg BT 99.72 388.95 Td (verage, ) Tj ET Q q 0 0 0 rg BT 134.39 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 164.12 388.95 Td (returned ) Tj ET Q q 0 0 0 rg BT 203.17 388.95 Td (2.1%. ) Tj ET Q q 0 0 0 rg BT 231.74 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 235.51 388.95 Td (These ) Tj ET Q q 0 0 0 rg BT 264.66 388.95 Td (returns ) Tj ET Q q 0 0 0 rg BT 297.88 388.95 Td (were ) Tj ET Q q 0 0 0 rg BT 322.35 388.95 Td (achieved ) Tj ET Q q 0 0 0 rg BT 363.73 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 375.97 388.95 Td (an ) Tj ET Q q 0 0 0 rg BT 389.95 388.95 Td (economic ) Tj ET Q q 0 0 0 rg BT 434.84 388.95 Td (environment ) Tj ET Q q 0 0 0 rg BT 491.98 388.95 Td (characterized ) Tj ET Q q 0 0 0 rg BT 552.00 388.95 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 100.23 376.35 Td (declines ) Tj ET Q q 0 0 0 rg BT 137.55 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 148.64 376.35 Td (oil ) Tj ET Q q 0 0 0 rg BT 162.64 376.35 Td (prices, ) Tj ET Q q 0 0 0 rg BT 193.25 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 200.83 376.35 Td (strong ) Tj ET Q q 0 0 0 rg BT 230.00 376.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 251.59 376.35 Td (dollar) Tj ET Q q 0 0 0 rg BT 275.67 376.35 Td (, ) Tj ET Q q 0 0 0 rg BT 281.21 376.35 Td (along ) Tj ET Q q 0 0 0 rg BT 307.46 376.35 Td (with ) Tj ET Q q 0 0 0 rg BT 329.04 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 336.62 376.35 Td (slow-to-recover ) Tj ET Q q 0 0 0 rg BT 406.01 376.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 427.60 376.35 Td (economy) Tj ET Q q 0 0 0 rg BT 465.41 376.35 Td (, ) Tj ET Q q 0 0 0 rg BT 470.95 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 489.03 376.35 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 525.78 376.35 Td (currency ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (devaluation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (In ) Tj ET Q q 0 0 0 rg BT 61.00 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 76.59 338.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 100.92 338.55 Td (income ) Tj ET Q q 0 0 0 rg BT 134.58 338.55 Td (markets, ) Tj ET Q q 0 0 0 rg BT 173.20 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 184.13 338.55 Td (December ) Tj ET Q q 0 0 0 rg BT 230.02 338.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 256.41 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 271.99 338.55 Td (Federal ) Tj ET Q q 0 0 0 rg BT 306.23 338.55 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 342.81 338.55 Td (raised ) Tj ET Q q 0 0 0 rg BT 370.64 338.55 Td (its ) Tj ET Q q 0 0 0 rg BT 383.32 338.55 Td (tar) Tj ET Q q 0 0 0 rg BT 394.20 338.55 Td (get ) Tj ET Q q 0 0 0 rg BT 409.79 338.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 428.28 338.55 Td (0.25%, ) Tj ET Q q 0 0 0 rg BT 460.78 338.55 Td (representing ) Tj ET Q q 0 0 0 rg BT 515.44 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 531.02 338.55 Td (Federal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (Reserve's ) Tj ET Q q 0 0 0 rg BT 92.64 325.95 Td (first ) Tj ET Q q 0 0 0 rg BT 112.89 325.95 Td (step ) Tj ET Q q 0 0 0 rg BT 133.15 325.95 Td (toward ) Tj ET Q q 0 0 0 rg BT 165.65 325.95 Td (monetary ) Tj ET Q q 0 0 0 rg BT 208.64 325.95 Td (policy ) Tj ET Q q 0 0 0 rg BT 238.23 325.95 Td (normalization, ) Tj ET Q q 0 0 0 rg BT 302.51 325.95 Td (however) Tj ET Q q 0 0 0 rg BT 338.24 325.95 Td (, ) Tj ET Q q 0 0 0 rg BT 344.21 325.95 Td (expectations ) Tj ET Q q 0 0 0 rg BT 400.03 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 412.12 325.95 Td (future ) Tj ET Q q 0 0 0 rg BT 440.53 325.95 Td (Federal ) Tj ET Q q 0 0 0 rg BT 475.36 325.95 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 512.52 325.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 546.77 325.95 Td (rate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (increases ) Tj ET Q q 0 0 0 rg BT 90.64 313.35 Td (lessened ) Tj ET Q q 0 0 0 rg BT 128.87 313.35 Td (as ) Tj ET Q q 0 0 0 rg BT 140.27 313.35 Td (forecasts ) Tj ET Q q 0 0 0 rg BT 180.24 313.35 Td (pointed ) Tj ET Q q 0 0 0 rg BT 214.40 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 225.22 313.35 Td (fewer ) Tj ET Q q 0 0 0 rg BT 251.78 313.35 Td (future ) Tj ET Q q 0 0 0 rg BT 279.50 313.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 297.90 313.35 Td (increases. ) Tj ET Q q 0 0 0 rg BT 341.66 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 344.12 313.35 Td (This ) Tj ET Q q 0 0 0 rg BT 365.45 313.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 401.35 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 412.17 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 427.66 313.35 Td (yield ) Tj ET Q q 0 0 0 rg BT 451.31 313.35 Td (curve ) Tj ET Q q 0 0 0 rg BT 477.28 313.35 Td (continuing ) Tj ET Q q 0 0 0 rg BT 524.85 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 535.68 313.35 Td (flatten ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (over ) Tj ET Q q 0 0 0 rg BT 70.78 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 86.24 300.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 111.60 300.75 Td (year ) Tj ET Q q 0 0 0 rg BT 132.29 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 143.66 300.75 Td (many ) Tj ET Q q 0 0 0 rg BT 169.62 300.75 Td (long-dated ) Tj ET Q q 0 0 0 rg BT 217.15 300.75 Td (yields ) Tj ET Q q 0 0 0 rg BT 244.85 300.75 Td (declined.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.63 275.55 Td (lowest ) Tj ET Q q 0 0 0 rg BT 98.85 275.55 Td (performing ) Tj ET Q q 0 0 0 rg BT 148.89 275.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 173.27 275.55 Td (income ) Tj ET Q q 0 0 0 rg BT 206.98 275.55 Td (sector ) Tj ET Q q 0 0 0 rg BT 234.86 275.55 Td (for ) Tj ET Q q 0 0 0 rg BT 249.90 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 265.54 275.55 Td (year ) Tj ET Q q 0 0 0 rg BT 286.41 275.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 314.29 275.55 Td (March ) Tj ET Q q 0 0 0 rg BT 344.49 275.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 360.42 275.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 386.85 275.55 Td (was ) Tj ET Q q 0 0 0 rg BT 405.99 275.55 Td (high ) Tj ET Q q 0 0 0 rg BT 427.46 275.55 Td (yield ) Tj ET Q q 0 0 0 rg BT 451.26 275.55 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 481.78 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 493.33 275.55 Td (measured ) Tj ET Q q 0 0 0 rg BT 536.37 275.55 Td (by ) Tj ET Q q 0 0 0 rg BT 549.67 275.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 88.79 262.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 110.01 262.95 Td (High ) Tj ET Q q 0 0 0 rg BT 133.18 262.95 Td (Y) Tj ET Q q 0 0 0 rg BT 140.18 262.95 Td (ield ) Tj ET Q q 0 0 0 rg BT 158.48 262.95 Td (Index, ) Tj ET Q q 0 0 0 rg BT 187.56 262.95 Td (which ) Tj ET Q q 0 0 0 rg BT 215.77 262.95 Td (declined ) Tj ET Q q 0 0 0 rg BT 253.89 262.95 Td (3.7%.� ) Tj ET Q q 0 0 0 rg BT 283.37 262.95 Td (The ) Tj ET Q q 0 0 0 rg BT 302.25 262.95 Td (best ) Tj ET Q q 0 0 0 rg BT 321.71 262.95 Td (performing ) Tj ET Q q 0 0 0 rg BT 371.49 262.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 395.62 262.95 Td (income ) Tj ET Q q 0 0 0 rg BT 429.07 262.95 Td (sector ) Tj ET Q q 0 0 0 rg BT 456.70 262.95 Td (for ) Tj ET Q q 0 0 0 rg BT 471.49 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 486.87 262.95 Td (year ) Tj ET Q q 0 0 0 rg BT 507.48 262.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.10 262.95 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.25 250.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 91.50 250.35 Td (was ) Tj ET Q q 0 0 0 rg BT 110.46 250.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 131.75 250.35 Td (Government ) Tj ET Q q 0 0 0 rg BT 186.86 250.35 Td (bonds ) Tj ET Q q 0 0 0 rg BT 214.58 250.35 Td (as ) Tj ET Q q 0 0 0 rg BT 225.95 250.35 Td (measured ) Tj ET Q q 0 0 0 rg BT 268.80 250.35 Td (by ) Tj ET Q q 0 0 0 rg BT 281.93 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 297.38 250.35 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 336.74 250.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 358.04 250.35 Td (Government ) Tj ET Q q 0 0 0 rg BT 413.15 250.35 Td (Index, ) Tj ET Q q 0 0 0 rg BT 442.31 250.35 Td (which ) Tj ET Q q 0 0 0 rg BT 470.60 250.35 Td (returned ) Tj ET Q q 0 0 0 rg BT 508.20 250.35 Td (2.4%.) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (Y) Tj ET Q q 0 0 0 rg BT 54.38 225.15 Td (ear ) Tj ET Q q 0 0 0 rg BT 71.00 225.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 98.69 225.15 Td (Mar) Tj ET Q q 0 0 0 rg BT 116.39 225.15 Td (ch ) Tj ET Q q 0 0 0 rg BT 128.92 225.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 144.67 225.15 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.83 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.41 212.55 Td (year ) Tj ET Q q 0 0 0 rg BT 103.22 212.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.04 212.55 Td (March ) Tj ET Q q 0 0 0 rg BT 161.19 212.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.06 212.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 203.43 212.55 Td (most ) Tj ET Q q 0 0 0 rg BT 226.59 212.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 248.01 212.55 Td (indices ) Tj ET Q q 0 0 0 rg BT 280.50 212.55 Td (produced ) Tj ET Q q 0 0 0 rg BT 322.31 212.55 Td (positive ) Tj ET Q q 0 0 0 rg BT 358.31 212.55 Td (returns. ) Tj ET Q q 0 0 0 rg BT 392.84 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 395.39 212.55 Td (The ) Tj ET Q q 0 0 0 rg BT 414.46 212.55 Td (best ) Tj ET Q q 0 0 0 rg BT 434.12 212.55 Td (performing ) Tj ET Q q 0 0 0 rg BT 484.10 212.55 Td (was ) Tj ET Q q 0 0 0 rg BT 503.17 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 518.75 212.55 Td (NASDAQ ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (Composite, ) Tj ET Q q 0 0 0 rg BT 99.36 199.95 Td (which ) Tj ET Q q 0 0 0 rg BT 126.75 199.95 Td (returned ) Tj ET Q q 0 0 0 rg BT 163.46 199.95 Td (16.7%. ) Tj ET Q q 0 0 0 rg BT 194.94 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 196.54 199.95 Td (These ) Tj ET Q q 0 0 0 rg BT 223.35 199.95 Td (returns ) Tj ET Q q 0 0 0 rg BT 254.24 199.95 Td (were ) Tj ET Q q 0 0 0 rg BT 276.37 199.95 Td (achieved ) Tj ET Q q 0 0 0 rg BT 315.41 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 325.31 199.95 Td (an ) Tj ET Q q 0 0 0 rg BT 336.95 199.95 Td (economic ) Tj ET Q q 0 0 0 rg BT 379.49 199.95 Td (environment ) Tj ET Q q 0 0 0 rg BT 434.29 199.95 Td (characterized ) Tj ET Q q 0 0 0 rg BT 491.98 199.95 Td (by ) Tj ET Q q 0 0 0 rg BT 504.21 199.95 Td (uneven ) Tj ET Q q 0 0 0 rg BT 536.26 199.95 Td (global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 81.87 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 99.66 187.35 Td (heightened ) Tj ET Q q 0 0 0 rg BT 148.35 187.35 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 194.15 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 204.94 187.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 248.38 187.35 Td (news ) Tj ET Q q 0 0 0 rg BT 272.58 187.35 Td (such ) Tj ET Q q 0 0 0 rg BT 294.46 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 305.83 187.35 Td (declining ) Tj ET Q q 0 0 0 rg BT 347.53 187.35 Td (oil ) Tj ET Q q 0 0 0 rg BT 361.24 187.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 388.93 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 406.72 187.35 Td (unrest ) Tj ET Q q 0 0 0 rg BT 435.01 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 445.80 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 461.25 187.35 Td (Middle ) Tj ET Q q 0 0 0 rg BT 494.21 187.35 Td (East.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.60 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 75.77 162.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 99.70 162.15 Td (income ) Tj ET Q q 0 0 0 rg BT 132.95 162.15 Td (markets, ) Tj ET Q q 0 0 0 rg BT 171.17 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 186.35 162.15 Td (Federal ) Tj ET Q q 0 0 0 rg BT 220.18 162.15 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 256.35 162.15 Td (kept ) Tj ET Q q 0 0 0 rg BT 276.78 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 291.95 162.15 Td (tar) Tj ET Q q 0 0 0 rg BT 302.84 162.15 Td (get ) Tj ET Q q 0 0 0 rg BT 318.02 162.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 336.10 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 353.61 162.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 391.54 162.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 409.63 162.15 Td (steady ) Tj ET Q q 0 0 0 rg BT 438.80 162.15 Td (while ) Tj ET Q q 0 0 0 rg BT 464.48 162.15 Td (signaling ) Tj ET Q q 0 0 0 rg BT 505.33 162.15 Td (an ) Tj ET Q q 0 0 0 rg BT 517.59 162.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 554.33 162.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.03 149.55 Td (Federal ) Tj ET Q q 0 0 0 rg BT 99.21 149.55 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 135.73 149.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 161.76 149.55 Td (tar) Tj ET Q q 0 0 0 rg BT 172.64 149.55 Td (get ) Tj ET Q q 0 0 0 rg BT 188.17 149.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 206.60 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 217.47 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 233.00 149.55 Td (near ) Tj ET Q q 0 0 0 rg BT 253.76 149.55 Td (term. ) Tj ET Q q 0 0 0 rg BT 278.33 149.55 Td (Overall, ) Tj ET Q q 0 0 0 rg BT 315.14 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 330.66 149.55 Td (yield ) Tj ET Q q 0 0 0 rg BT 354.36 149.55 Td (curve ) Tj ET Q q 0 0 0 rg BT 380.37 149.55 Td (flattened ) Tj ET Q q 0 0 0 rg BT 419.80 149.55 Td (over ) Tj ET Q q 0 0 0 rg BT 441.16 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 456.68 149.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 482.12 149.55 Td (year ) Tj ET Q q 0 0 0 rg BT 502.89 149.55 Td (as ) Tj ET Q q 0 0 0 rg BT 514.33 149.55 Td (many ) Tj ET Q q 0 0 0 rg BT 540.36 149.55 Td (long-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (dated ) Tj ET Q q 0 0 0 rg BT 74.86 136.95 Td (yields ) Tj ET Q q 0 0 0 rg BT 102.57 136.95 Td (declined.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.63 111.75 Td (lowest ) Tj ET Q q 0 0 0 rg BT 98.85 111.75 Td (performing ) Tj ET Q q 0 0 0 rg BT 148.89 111.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 173.27 111.75 Td (income ) Tj ET Q q 0 0 0 rg BT 206.98 111.75 Td (sector ) Tj ET Q q 0 0 0 rg BT 234.86 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 249.90 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 265.54 111.75 Td (year ) Tj ET Q q 0 0 0 rg BT 286.41 111.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 314.29 111.75 Td (March ) Tj ET Q q 0 0 0 rg BT 344.49 111.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 360.42 111.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 386.85 111.75 Td (was ) Tj ET Q q 0 0 0 rg BT 405.99 111.75 Td (high ) Tj ET Q q 0 0 0 rg BT 427.46 111.75 Td (yield ) Tj ET Q q 0 0 0 rg BT 451.26 111.75 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 481.78 111.75 Td (as ) Tj ET Q q 0 0 0 rg BT 493.33 111.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 536.37 111.75 Td (by ) Tj ET Q q 0 0 0 rg BT 549.67 111.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 88.82 99.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 110.07 99.15 Td (High ) Tj ET Q q 0 0 0 rg BT 133.27 99.15 Td (Y) Tj ET Q q 0 0 0 rg BT 140.28 99.15 Td (ield ) Tj ET Q q 0 0 0 rg BT 158.60 99.15 Td (Index, ) Tj ET Q q 0 0 0 rg BT 187.72 99.15 Td (which ) Tj ET Q q 0 0 0 rg BT 215.96 99.15 Td (returned ) Tj ET Q q 0 0 0 rg BT 253.53 99.15 Td (2.0%.� ) Tj ET Q q 0 0 0 rg BT 283.05 99.15 Td (The ) Tj ET Q q 0 0 0 rg BT 301.95 99.15 Td (best ) Tj ET Q q 0 0 0 rg BT 321.45 99.15 Td (performing ) Tj ET Q q 0 0 0 rg BT 371.27 99.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 395.43 99.15 Td (income ) Tj ET Q q 0 0 0 rg BT 428.91 99.15 Td (sector ) Tj ET Q q 0 0 0 rg BT 456.57 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 471.39 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 486.80 99.15 Td (year ) Tj ET Q q 0 0 0 rg BT 507.46 99.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.11 99.15 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.25 86.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 91.50 86.55 Td (was ) Tj ET Q q 0 0 0 rg BT 110.46 86.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 152.72 86.55 Td (bonds ) Tj ET Q q 0 0 0 rg BT 180.43 86.55 Td (as ) Tj ET Q q 0 0 0 rg BT 191.81 86.55 Td (measured ) Tj ET Q q 0 0 0 rg BT 234.66 86.55 Td (by ) Tj ET Q q 0 0 0 rg BT 247.79 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 263.24 86.55 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 302.60 86.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 323.90 86.55 Td (Credit ) Tj ET Q q 0 0 0 rg BT 352.77 86.55 Td (Index, ) Tj ET Q q 0 0 0 rg BT 381.93 86.55 Td (which ) Tj ET Q q 0 0 0 rg BT 410.21 86.55 Td (returned ) Tj ET Q q 0 0 0 rg BT 447.82 86.55 Td (6.7%.) 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re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 582.65 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 582.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 582.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 582.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 582.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 582.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 582.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 556.65 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 556.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 556.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 556.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 556.65 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 556.65 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 556.65 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 556.65 31.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 703.65 m 174 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 703.65 m 178 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 703.65 m 210 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 703.65 m 214 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 703.65 m 246 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 703.65 m 250 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 703.65 m 282 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 703.65 m 317 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 703.65 m 321 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 703.65 m 352 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 703.65 m 356 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 703.65 m 387 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 703.65 m 391 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 703.65 m 422 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 703.65 m 457 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 703.65 m 461 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 703.65 m 492 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 703.65 m 496 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 703.65 m 527 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 703.65 m 531 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 703.65 m 562 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 689.65 m 138 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 689.65 m 174 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 689.65 m 210 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 689.65 m 246 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 689.65 m 282 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 689.65 m 317 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 689.65 m 352 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 689.65 m 387 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 689.65 m 422 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 689.65 m 457 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 689.65 m 492 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 689.65 m 527 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 689.65 m 562 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 689.65 m 138 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 689.65 m 174 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 689.65 m 210 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 689.65 m 246 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 689.65 m 282 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 689.65 m 317 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 689.65 m 352 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 689.65 m 387 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 689.65 m 422 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 689.65 m 457 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 689.65 m 492 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 689.65 m 527 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 689.65 m 562 689.65 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.20 707.88 Td (As of March 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.25 707.90 Td (As of March 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.25 707.90 Td (As of March 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.85 693.88 Td (1-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.85 693.88 Td (3-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.85 693.88 Td (5-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.85 693.88 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.05 693.90 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.05 693.90 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.05 693.90 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.05 693.90 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.05 693.90 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.05 693.90 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.05 693.90 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.05 693.90 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 680.90 Td (Total \(includes liquidity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 680.88 Td (79) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 680.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 680.88 Td (71) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 680.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 680.88 Td (80) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 680.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 680.88 Td (88) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 680.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 680.90 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 680.90 Td (66) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 680.90 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 680.90 Td (82) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 680.90 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 680.90 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 680.90 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 680.90 Td (88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 680.90 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 667.88 Td (Equity:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 654.90 Td (Large cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 654.88 Td (70) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 654.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 654.88 Td (27) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 654.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 654.88 Td (62) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 654.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 654.88 Td (95) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 654.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 654.90 Td (44) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 654.90 Td (23) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 654.90 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 654.90 Td (68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 654.90 Td (24) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 654.90 Td (65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 654.90 Td (74) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 654.90 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 641.90 Td (Small ) Tj ET Q q 0 0 0 rg BT 85.67 641.90 Td (cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 641.88 Td (35) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 641.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 641.88 Td (19) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 641.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 641.88 Td (19) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 641.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 641.88 Td (51) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 641.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 641.90 Td (70) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 641.90 Td (19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 641.90 Td (30) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 641.90 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 641.90 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 641.90 Td (11) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 641.90 Td (26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 641.90 Td (42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 628.90 Td (Total equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 620.90 Td (\(includes other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 612.90 Td (equity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 612.88 Td (58) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 612.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 612.88 Td (33) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 612.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 612.88 Td (61) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 612.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 612.88 Td (88) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 612.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 612.90 Td (53) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 612.90 Td (31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 612.90 Td (76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 612.90 Td (68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 612.90 Td (28) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 612.90 Td (58) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 612.90 Td (65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 612.90 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 612.90 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 599.88 Td (Fixed income:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 586.90 Td (U.S. taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 586.88 Td (94) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 586.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 586.88 Td (86) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 586.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 586.88 Td (87) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 586.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 586.88 Td (84) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 586.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 586.90 Td (31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 586.90 Td (78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 586.90 Td (87) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 586.90 Td (79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 586.90 Td (72) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 586.90 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 586.90 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 586.90 Td (88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 573.90 Td (U.S. tax-exempt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 153.50 573.88 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 573.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.50 573.88 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 573.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.50 573.88 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 573.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.50 573.88 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 573.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.80 573.90 Td (0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.80 573.90 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 560.90 Td (Global taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 560.88 Td (75) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 560.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 560.88 Td (69) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 560.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 560.88 Td (75) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 560.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 560.88 Td (88) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 560.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 560.90 Td (11) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 560.90 Td (75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 560.90 Td (85) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 560.90 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 560.90 Td (76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 560.90 Td (89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 560.90 Td (88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 560.90 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 547.90 Td (Total fixed income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 547.88 Td (89) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 547.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 547.88 Td (82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 547.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 547.88 Td (84) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 547.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 547.88 Td (86) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 547.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 547.90 Td (29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 547.90 Td (72) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 547.90 Td (87) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 547.90 Td (82) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 547.90 Td (75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 547.90 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 547.90 Td (91) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 547.90 Td (87) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 547.90 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 534.88 Td (Alternative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 534.88 Td (45) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 534.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 534.88 Td (84) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 534.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 534.88 Td (88) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 534.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 534.88 Td (65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 534.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 534.90 Td (20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 534.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 534.90 Td (42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 534.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 534.90 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 534.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 534.90 Td (96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 534.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 534.90 Td (78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 534.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 534.90 Td (81) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 534.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 534.90 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 534.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 534.90 Td (96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 534.90 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 506.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.33 506.55 Td (following ) Tj ET Q q 0 0 0 rg BT 113.66 506.55 Td (table ) Tj ET Q q 0 0 0 rg BT 137.56 506.55 Td (presents ) Tj ET Q q 0 0 0 rg BT 175.47 506.55 Td (a ) Tj ET Q q 0 0 0 rg BT 183.63 506.55 Td (summary ) Tj ET Q q 0 0 0 rg BT 226.21 506.55 Td (of ) Tj ET Q q 0 0 0 rg BT 238.46 506.55 Td (the ) Tj ET Q q 0 0 0 rg BT 254.79 506.55 Td (percentages ) Tj ET Q q 0 0 0 rg BT 307.84 506.55 Td (of ) Tj ET Q q 0 0 0 rg BT 320.09 506.55 Td (our ) Tj ET Q q 0 0 0 rg BT 337.59 506.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 359.76 506.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 392.42 506.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 415.17 506.55 Td (assets) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 439.67 511.31 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.63 506.55 Td ( ) Tj ET Q q 0 0 0 rg BT 451.13 506.55 Td (that ) Tj ET Q q 0 0 0 rg BT 470.37 506.55 Td (outpaced ) Tj ET Q q 0 0 0 rg BT 511.77 506.55 Td (their ) Tj ET Q q 0 0 0 rg BT 534.52 506.55 Td (Lipper ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 493.95 Td (category ) Tj ET Q q 0 0 0 rg BT 88.27 493.95 Td (averages ) Tj ET Q q 0 0 0 rg BT 127.62 493.95 Td (as ) Tj ET Q q 0 0 0 rg BT 138.99 493.95 Td (of ) Tj ET Q q 0 0 0 rg BT 150.37 493.95 Td (March ) Tj ET Q q 0 0 0 rg BT 180.39 493.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 196.14 493.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 222.39 493.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 246.02 493.95 Td (and ) Tj ET Q q 0 0 0 rg BT 263.81 493.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 290.06 493.95 Td (for ) Tj ET Q q 0 0 0 rg BT 304.92 493.95 Td (the ) Tj ET Q q 0 0 0 rg BT 320.38 493.95 Td (trailing ) Tj ET Q q 0 0 0 rg BT 353.33 493.95 Td (1-year) Tj ET Q q 0 0 0 rg BT 379.72 493.95 Td (, ) Tj ET Q q 0 0 0 rg BT 384.97 493.95 Td (3-year) Tj ET Q q 0 0 0 rg BT 411.37 493.95 Td (, ) Tj ET Q q 0 0 0 rg BT 416.62 493.95 Td (5-year) Tj ET Q q 0 0 0 rg BT 443.01 493.95 Td (, ) Tj ET Q q 0 0 0 rg BT 448.26 493.95 Td (and ) Tj ET Q q 0 0 0 rg BT 466.05 493.95 Td (10-year ) Tj ET Q q 0 0 0 rg BT 500.74 493.95 Td (periods:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 468.45 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 468.45 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 468.45 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 468.45 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 468.45 32.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 468.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 468.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 468.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 468.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 468.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 468.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 468.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 468.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 468.45 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 441.45 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 441.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 441.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 441.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 441.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 441.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 441.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 441.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 441.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 441.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 441.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 441.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 441.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 441.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 415.45 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 415.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 415.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 415.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 415.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 415.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 415.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 415.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 415.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 415.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 415.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 415.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 415.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 415.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 373.45 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 373.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 373.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 373.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 373.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 373.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 373.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 373.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 373.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 373.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 373.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 373.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 373.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 373.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 347.45 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 347.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 347.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 347.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 347.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 347.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 347.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 347.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 347.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 347.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 347.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 347.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 347.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 347.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 321.45 89.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 321.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 321.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 321.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 321.45 32.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 321.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 321.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 321.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 321.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 321.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 321.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 321.45 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.00 321.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.00 321.45 31.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 468.45 m 174 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 468.45 m 178 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 468.45 m 210 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 468.45 m 214 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 468.45 m 246 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 468.45 m 250 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 468.45 m 282 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 468.45 m 317 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 468.45 m 321 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 468.45 m 352 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 468.45 m 356 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 468.45 m 387 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 468.45 m 391 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 468.45 m 422 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 468.45 m 457 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 468.45 m 461 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 468.45 m 492 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 468.45 m 496 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 468.45 m 527 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 468.45 m 531 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 468.45 m 562 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 454.45 m 138 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 454.45 m 174 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 454.45 m 210 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 454.45 m 246 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 454.45 m 282 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 454.45 m 317 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 454.45 m 352 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 454.45 m 387 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 454.45 m 422 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 454.45 m 457 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 454.45 m 492 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 454.45 m 527 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 454.45 m 562 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 454.45 m 138 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 454.45 m 174 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 454.45 m 210 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 454.45 m 246 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 454.45 m 282 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 454.45 m 317 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 454.45 m 352 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 454.45 m 387 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 454.45 m 422 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 454.45 m 457 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 454.45 m 492 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 454.45 m 527 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 454.45 m 562 454.45 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.20 472.68 Td (As of March 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.25 472.70 Td (As of March 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.25 472.70 Td (As of March 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.85 458.68 Td (1-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.85 458.68 Td (3-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.85 458.68 Td (5-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.85 458.68 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.05 458.70 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.05 458.70 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.05 458.70 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.05 458.70 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.05 458.70 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.05 458.70 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.05 458.70 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.05 458.70 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 445.70 Td (Total \(excludes liquidity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 445.68 Td (65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 445.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 445.68 Td (63) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 445.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 445.68 Td (70) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 445.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 445.68 Td (78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 445.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 445.70 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 445.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 445.70 Td (61) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 445.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 445.70 Td (72) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 445.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 445.70 Td (65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 445.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 445.70 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 445.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 445.70 Td (65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 445.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 445.70 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 445.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 445.70 Td (70) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 445.70 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 432.68 Td (Equity:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 419.70 Td (Large cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 419.68 Td (60) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 419.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 419.68 Td (62) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 419.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 419.68 Td (81) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 419.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 419.68 Td (82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 419.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 419.70 Td (47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 419.70 Td (69) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 419.70 Td (89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 419.70 Td (52) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 419.70 Td (46) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 419.70 Td (82) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 419.70 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 419.70 Td (69) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 419.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 406.70 Td (Small ) Tj ET Q q 0 0 0 rg BT 85.67 406.70 Td (cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 406.68 Td (67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 406.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 406.68 Td (21) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 406.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 406.68 Td (26) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 406.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 406.68 Td (60) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 406.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 406.70 Td (36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 406.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 406.70 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 406.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 406.70 Td (20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 406.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 406.70 Td (60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 406.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 406.70 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 406.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 406.70 Td (19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 406.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 406.70 Td (21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 406.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 406.70 Td (59) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 406.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 393.70 Td (Total equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 385.70 Td (\(includes other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 377.70 Td (equity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 377.68 Td (57) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 377.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 377.68 Td (49) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 377.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 377.68 Td (64) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 377.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 377.68 Td (75) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 377.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 377.70 Td (45) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 377.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 377.70 Td (52) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 377.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 377.70 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 377.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 377.70 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 377.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 377.70 Td (38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 377.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 377.70 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 377.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 377.70 Td (53) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 377.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 377.70 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 377.70 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 364.68 Td (Fixed income:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 351.70 Td (U.S. taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 351.68 Td (92) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 351.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 351.68 Td (86) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 351.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 351.68 Td (85) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 351.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 351.68 Td (84) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 351.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 351.70 Td (76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 351.70 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 351.70 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 351.70 Td (81) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 351.70 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 351.70 Td (87) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 351.70 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 351.70 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 351.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 338.70 Td (U.S. tax-exempt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 338.68 Td (43) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 338.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 338.68 Td (60) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 338.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 338.68 Td (59) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 338.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 338.68 Td (87) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 338.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 338.70 Td (11) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 338.70 Td (51) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 338.70 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 338.70 Td (88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 338.70 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 338.70 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 338.70 Td (60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 338.70 Td (88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 338.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 325.70 Td (Global taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 325.68 Td (50) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 325.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 325.68 Td (78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 325.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 325.68 Td (82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 325.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 325.68 Td (61) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 325.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 325.70 Td (30) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 325.70 Td (75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 325.70 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 325.70 Td (50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 325.70 Td (79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 325.70 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 325.70 Td (81) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 325.70 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 325.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 312.70 Td (Total fixed income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 312.68 Td (75) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 312.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 312.68 Td (79) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 312.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 312.68 Td (78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 312.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 312.68 Td (82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 312.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 312.70 Td (51) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 312.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 312.70 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 312.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 312.70 Td (78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 312.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 312.70 Td (81) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 312.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 312.70 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 312.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 312.70 Td (78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 312.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 312.70 Td (77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 312.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 312.70 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 312.70 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 299.68 Td (Alternative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 299.68 Td (98) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 299.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.50 299.68 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 299.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.50 299.68 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 299.68 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.80 299.68 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 299.70 Td (0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 299.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 299.70 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 299.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.80 299.70 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 299.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.70 299.70 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 299.70 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 299.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.80 299.70 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 299.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.80 299.70 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 299.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.70 299.70 Td (n/a) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 286.35 Td (n/a ) Tj ET Q q 0 0 0 rg BT 61.27 286.35 Td (- ) Tj ET Q q 0 0 0 rg BT 65.94 286.35 Td (not ) Tj ET Q q 0 0 0 rg BT 78.16 286.35 Td (applicable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 265.95 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 265.95 Td (For ) Tj ET Q q 0 0 0 rg BT 81.61 265.95 Td (purposes ) Tj ET Q q 0 0 0 rg BT 114.14 265.95 Td (of ) Tj ET Q q 0 0 0 rg BT 123.53 265.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.14 265.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 208.39 265.95 Td (comparisons, ) Tj ET Q q 0 0 0 rg BT 255.79 265.95 Td (strategies ) Tj ET Q q 0 0 0 rg BT 290.19 265.95 Td (are ) Tj ET Q q 0 0 0 rg BT 302.88 265.95 Td (an ) Tj ET Q q 0 0 0 rg BT 313.21 265.95 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 355.64 265.95 Td (of ) Tj ET Q q 0 0 0 rg BT 365.02 265.95 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 400.38 265.95 Td (\(separate ) Tj ET Q q 0 0 0 rg BT 433.36 265.95 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 467.53 265.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 507.14 265.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 530.46 265.95 Td (and ) Tj ET Q q 0 0 0 rg BT 545.04 265.95 Td (other ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 255.75 Td (products\) ) Tj ET Q q 0 0 0 rg BT 101.55 255.75 Td (into ) Tj ET Q q 0 0 0 rg BT 116.71 255.75 Td (a ) Tj ET Q q 0 0 0 rg BT 122.43 255.75 Td (single ) Tj ET Q q 0 0 0 rg BT 144.67 255.75 Td (group ) Tj ET Q q 0 0 0 rg BT 166.45 255.75 Td (that ) Tj ET Q q 0 0 0 rg BT 181.14 255.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 217.54 255.75 Td (a ) Tj ET Q q 0 0 0 rg BT 223.25 255.75 Td (particular ) Tj ET Q q 0 0 0 rg BT 257.76 255.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 297.00 255.75 Td (objective. ) Tj ET Q q 0 0 0 rg BT 332.23 255.75 Td ( ) Tj ET Q q 0 0 0 rg BT 334.17 255.75 Td ( ) Tj ET Q q 0 0 0 rg BT 336.11 255.75 Td (In ) Tj ET Q q 0 0 0 rg BT 345.13 255.75 Td (the ) Tj ET Q q 0 0 0 rg BT 357.46 255.75 Td (case ) Tj ET Q q 0 0 0 rg BT 374.03 255.75 Td (of ) Tj ET Q q 0 0 0 rg BT 383.05 255.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 412.84 255.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 446.64 255.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.97 255.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 498.21 255.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 543.10 255.75 Td (of ) Tj ET Q q 0 0 0 rg BT 552.13 255.75 Td (the ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 245.55 Td (account ) Tj ET Q q 0 0 0 rg BT 96.37 245.55 Td (is ) Tj ET Q q 0 0 0 rg BT 104.48 245.55 Td (based ) Tj ET Q q 0 0 0 rg BT 126.27 245.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 145.71 245.55 Td (the ) Tj ET Q q 0 0 0 rg BT 158.53 245.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 203.92 245.55 Td (of ) Tj ET Q q 0 0 0 rg BT 213.43 245.55 Td (the ) Tj ET Q q 0 0 0 rg BT 226.26 245.55 Td (strategy ) Tj ET Q q 0 0 0 rg BT 255.60 245.55 Td (to ) Tj ET Q q 0 0 0 rg BT 264.65 245.55 Td (which ) Tj ET Q q 0 0 0 rg BT 287.87 245.55 Td (the ) Tj ET Q q 0 0 0 rg BT 300.69 245.55 Td (account ) Tj ET Q q 0 0 0 rg BT 329.56 245.55 Td (has ) Tj ET Q q 0 0 0 rg BT 343.33 245.55 Td (been ) Tj ET Q q 0 0 0 rg BT 361.81 245.55 Td (assigned. ) Tj ET Q q 0 0 0 rg BT 395.65 245.55 Td ( ) Tj ET Q q 0 0 0 rg BT 398.09 245.55 Td (Each ) Tj ET Q q 0 0 0 rg BT 417.52 245.55 Td (of ) Tj ET Q q 0 0 0 rg BT 427.03 245.55 Td (our ) Tj ET Q q 0 0 0 rg BT 440.80 245.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 459.77 245.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 494.77 245.55 Td (has ) Tj ET Q q 0 0 0 rg BT 508.54 245.55 Td (its ) Tj ET Q q 0 0 0 rg BT 519.01 245.55 Td (own ) Tj ET Q q 0 0 0 rg BT 536.09 245.55 Td (specific ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 235.35 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 104.61 235.35 Td (for ) Tj ET Q q 0 0 0 rg BT 116.69 235.35 Td (including ) Tj ET Q q 0 0 0 rg BT 150.97 235.35 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 186.20 235.35 Td (in ) Tj ET Q q 0 0 0 rg BT 194.98 235.35 Td (their ) Tj ET Q q 0 0 0 rg BT 212.73 235.35 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 249.13 235.35 Td (For ) Tj ET Q q 0 0 0 rg BT 263.11 235.35 Td (those ) Tj ET Q q 0 0 0 rg BT 283.23 235.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 317.97 235.35 Td (which ) Tj ET Q q 0 0 0 rg BT 340.91 235.35 Td (manage ) Tj ET Q q 0 0 0 rg BT 369.52 235.35 Td (both ) Tj ET Q q 0 0 0 rg BT 386.80 235.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 416.81 235.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 448.72 235.35 Td (and ) Tj ET Q q 0 0 0 rg BT 463.17 235.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 502.64 235.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 523.70 235.35 Td (in ) Tj ET Q q 0 0 0 rg BT 532.49 235.35 Td (the ) Tj ET Q q 0 0 0 rg BT 545.04 235.35 Td (same ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 225.15 Td (strategy) Tj ET Q q 0 0 0 rg BT 93.86 225.15 Td (, ) Tj ET Q q 0 0 0 rg BT 98.11 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 110.62 225.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 155.69 225.15 Td (comparison ) Tj ET Q q 0 0 0 rg BT 197.47 225.15 Td (for ) Tj ET Q q 0 0 0 rg BT 209.51 225.15 Td (all ) Tj ET Q q 0 0 0 rg BT 220.13 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 229.33 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 241.84 225.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 263.80 225.15 Td (is ) Tj ET Q q 0 0 0 rg BT 271.59 225.15 Td (based ) Tj ET Q q 0 0 0 rg BT 293.07 225.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 312.20 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 324.71 225.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 369.78 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 378.98 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 391.49 225.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 421.46 225.15 Td (account.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 204.75 Td (As ) Tj ET Q q 0 0 0 rg BT 78.77 204.75 Td (of ) Tj ET Q q 0 0 0 rg BT 87.67 204.75 Td (March ) Tj ET Q q 0 0 0 rg BT 111.67 204.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 124.11 204.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 145.06 204.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 163.88 204.75 Td (and ) Tj ET Q q 0 0 0 rg BT 177.97 204.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 198.91 204.75 Td (88%, ) Tj ET Q q 0 0 0 rg BT 218.44 204.75 Td (91% ) Tj ET Q q 0 0 0 rg BT 235.83 204.75 Td (and ) Tj ET Q q 0 0 0 rg BT 249.93 204.75 Td (90% ) Tj ET Q q 0 0 0 rg BT 267.33 204.75 Td (of ) Tj ET Q q 0 0 0 rg BT 276.23 204.75 Td (total ) Tj ET Q q 0 0 0 rg BT 292.75 204.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 314.41 204.75 Td (is ) Tj ET Q q 0 0 0 rg BT 321.89 204.75 Td (included ) Tj ET Q q 0 0 0 rg BT 352.98 204.75 Td (in ) Tj ET Q q 0 0 0 rg BT 361.41 204.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 389.74 204.75 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 413.52 204.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 454.03 204.75 Td (, ) Tj ET Q q 0 0 0 rg BT 457.98 204.75 Td (although ) Tj ET Q q 0 0 0 rg BT 489.54 204.75 Td (not ) Tj ET Q q 0 0 0 rg BT 502.22 204.75 Td (all ) Tj ET Q q 0 0 0 rg BT 512.54 204.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 546.46 204.75 Td (have ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 194.55 Td (3-year) Tj ET Q q 0 0 0 rg BT 88.87 194.55 Td (, ) Tj ET Q q 0 0 0 rg BT 94.22 194.55 Td (5-year) Tj ET Q q 0 0 0 rg BT 115.58 194.55 Td (, ) Tj ET Q q 0 0 0 rg BT 120.93 194.55 Td (and ) Tj ET Q q 0 0 0 rg BT 136.43 194.55 Td (10-year ) Tj ET Q q 0 0 0 rg BT 165.61 194.55 Td (histories.� ) Tj ET Q q 0 0 0 rg BT 201.66 194.55 Td (T) Tj ET Q q 0 0 0 rg BT 206.25 194.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 222.23 194.55 Td (strategy ) Tj ET Q q 0 0 0 rg BT 251.65 194.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 274.71 194.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 306.26 194.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 338.29 194.55 Td (assets. ) Tj ET Q q 0 0 0 rg BT 363.47 194.55 Td ( ) Tj ET Q q 0 0 0 rg BT 366.70 194.55 Td (Certain ) Tj ET Q q 0 0 0 rg BT 394.94 194.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 418.00 194.55 Td (are ) Tj ET Q q 0 0 0 rg BT 431.60 194.55 Td (not ) Tj ET Q q 0 0 0 rg BT 445.68 194.55 Td (included ) Tj ET Q q 0 0 0 rg BT 478.18 194.55 Td (in ) Tj ET Q q 0 0 0 rg BT 488.01 194.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 519.56 194.55 Td (performance ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 184.35 Td (comparisons. ) Tj ET Q q 0 0 0 rg BT 114.61 184.35 Td (These ) Tj ET Q q 0 0 0 rg BT 137.07 184.35 Td (include: ) Tj ET Q q 0 0 0 rg BT 166.63 184.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 198.54 184.35 Td (that ) Tj ET Q q 0 0 0 rg BT 213.46 184.35 Td (are ) Tj ET Q q 0 0 0 rg BT 226.01 184.35 Td (not ) Tj ET Q q 0 0 0 rg BT 239.04 184.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 271.89 184.35 Td (in ) Tj ET Q q 0 0 0 rg BT 280.68 184.35 Td (accordance ) Tj ET Q q 0 0 0 rg BT 321.07 184.35 Td (with ) Tj ET Q q 0 0 0 rg BT 338.35 184.35 Td (the ) Tj ET Q q 0 0 0 rg BT 350.91 184.35 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 388.02 184.35 Td (outlined ) Tj ET Q q 0 0 0 rg BT 418.05 184.35 Td (above; ) Tj ET Q q 0 0 0 rg BT 442.88 184.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 474.79 184.35 Td (in ) Tj ET Q q 0 0 0 rg BT 483.57 184.35 Td (strategies ) Tj ET Q q 0 0 0 rg BT 517.84 184.35 Td (not ) Tj ET Q q 0 0 0 rg BT 530.88 184.35 Td (marketed ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 174.15 Td (to ) Tj ET Q q 0 0 0 rg BT 76.24 174.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 108.10 174.15 Td (clients; ) Tj ET Q q 0 0 0 rg BT 134.78 174.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 166.65 174.15 Td (that ) Tj ET Q q 0 0 0 rg BT 181.52 174.15 Td (have ) Tj ET Q q 0 0 0 rg BT 199.69 174.15 Td (not ) Tj ET Q q 0 0 0 rg BT 212.67 174.15 Td (yet ) Tj ET Q q 0 0 0 rg BT 225.18 174.15 Td (been ) Tj ET Q q 0 0 0 rg BT 243.35 174.15 Td (assigned ) Tj ET Q q 0 0 0 rg BT 274.75 174.15 Td (to ) Tj ET Q q 0 0 0 rg BT 283.49 174.15 Td (a ) Tj ET Q q 0 0 0 rg BT 289.39 174.15 Td (strategy; ) Tj ET Q q 0 0 0 rg BT 320.78 174.15 Td (and ) Tj ET Q q 0 0 0 rg BT 335.18 174.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 360.43 174.15 Td (smaller ) Tj ET Q q 0 0 0 rg BT 387.57 174.15 Td (products ) Tj ET Q q 0 0 0 rg BT 418.97 174.15 Td (at ) Tj ET Q q 0 0 0 rg BT 427.23 174.15 Td (some ) Tj ET Q q 0 0 0 rg BT 447.30 174.15 Td (of ) Tj ET Q q 0 0 0 rg BT 456.51 174.15 Td (our ) Tj ET Q q 0 0 0 rg BT 469.96 174.15 Td (af) Tj ET Q q 0 0 0 rg BT 476.41 174.15 Td (filiates.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 153.75 Td (Past ) Tj ET Q q 0 0 0 rg BT 83.74 153.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 128.75 153.75 Td (is ) Tj ET Q q 0 0 0 rg BT 136.49 153.75 Td (not ) Tj ET Q q 0 0 0 rg BT 149.42 153.75 Td (indicative ) Tj ET Q q 0 0 0 rg BT 185.00 153.75 Td (of ) Tj ET Q q 0 0 0 rg BT 194.15 153.75 Td (future ) Tj ET Q q 0 0 0 rg BT 216.52 153.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 242.90 153.75 Td ( ) Tj ET Q q 0 0 0 rg BT 244.97 153.75 Td (For ) Tj ET Q q 0 0 0 rg BT 258.39 153.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 280.29 153.75 Td (included ) Tj ET Q q 0 0 0 rg BT 311.63 153.75 Td (in ) Tj ET Q q 0 0 0 rg BT 320.31 153.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 362.99 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 377.33 153.75 Td (retail ) Tj ET Q q 0 0 0 rg BT 396.86 153.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 426.77 153.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 458.58 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 472.92 153.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 512.29 153.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 533.25 153.75 Td (included ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 143.55 Td (in ) Tj ET Q q 0 0 0 rg BT 76.56 143.55 Td (the ) Tj ET Q q 0 0 0 rg BT 89.40 143.55 Td (same ) Tj ET Q q 0 0 0 rg BT 109.31 143.55 Td (strategy ) Tj ET Q q 0 0 0 rg BT 138.67 143.55 Td (as ) Tj ET Q q 0 0 0 rg BT 148.21 143.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 178.50 143.55 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 212.81 143.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 258.21 143.55 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 303.63 143.55 Td (are ) Tj ET Q q 0 0 0 rg BT 316.45 143.55 Td (based ) Tj ET Q q 0 0 0 rg BT 338.26 143.55 Td (on ) Tj ET Q q 0 0 0 rg BT 349.21 143.55 Td (gross-of-fee ) Tj ET Q q 0 0 0 rg BT 392.72 143.55 Td (performance. ) Tj ET Q q 0 0 0 rg BT 440.24 143.55 Td (For ) Tj ET Q q 0 0 0 rg BT 454.50 143.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 494.26 143.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 515.59 143.55 Td (which ) Tj ET Q q 0 0 0 rg BT 538.82 143.55 Td (are ) Tj ET Q q 0 0 0 rg BT 551.65 143.55 Td (not ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 133.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 99.89 133.35 Td (in ) Tj ET Q q 0 0 0 rg BT 108.21 133.35 Td (a ) Tj ET Q q 0 0 0 rg BT 113.69 133.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 143.24 133.35 Td (account ) Tj ET Q q 0 0 0 rg BT 171.37 133.35 Td (format, ) Tj ET Q q 0 0 0 rg BT 197.86 133.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 242.52 133.35 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 287.19 133.35 Td (are ) Tj ET Q q 0 0 0 rg BT 299.27 133.35 Td (based ) Tj ET Q q 0 0 0 rg BT 320.33 133.35 Td (on ) Tj ET Q q 0 0 0 rg BT 330.54 133.35 Td (net-of-fee ) Tj ET Q q 0 0 0 rg BT 365.75 133.35 Td (performance. ) Tj ET Q q 0 0 0 rg BT 412.53 133.35 Td ( ) Tj ET Q q 0 0 0 rg BT 414.23 133.35 Td (Funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 469.77 133.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 490.36 133.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 523.69 133.35 Td (do ) Tj ET Q q 0 0 0 rg BT 533.90 133.35 Td (not ) Tj ET Q q 0 0 0 rg BT 546.47 133.35 Td (have ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 123.15 Td (specified ) Tj ET Q q 0 0 0 rg BT 100.00 123.15 Td (benchmarks. ) Tj ET Q q 0 0 0 rg BT 145.01 123.15 Td ( ) Tj ET Q q 0 0 0 rg BT 146.83 123.15 Td (For ) Tj ET Q q 0 0 0 rg BT 160.45 123.15 Td (purposes ) Tj ET Q q 0 0 0 rg BT 192.49 123.15 Td (of ) Tj ET Q q 0 0 0 rg BT 201.39 123.15 Td (this ) Tj ET Q q 0 0 0 rg BT 215.48 123.15 Td (comparison, ) Tj ET Q q 0 0 0 rg BT 259.08 123.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 303.85 123.15 Td (of ) Tj ET Q q 0 0 0 rg BT 312.74 123.15 Td (those ) Tj ET Q q 0 0 0 rg BT 332.50 123.15 Td (products ) Tj ET Q q 0 0 0 rg BT 363.59 123.15 Td (is ) Tj ET Q q 0 0 0 rg BT 371.08 123.15 Td (net ) Tj ET Q q 0 0 0 rg BT 383.28 123.15 Td (of ) Tj ET Q q 0 0 0 rg BT 392.18 123.15 Td (fees, ) Tj ET Q q 0 0 0 rg BT 409.81 123.15 Td (and ) Tj ET Q q 0 0 0 rg BT 423.90 123.15 Td (is ) Tj ET Q q 0 0 0 rg BT 431.38 123.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 466.71 123.15 Td (to ) Tj ET Q q 0 0 0 rg BT 475.14 123.15 Td (the ) Tj ET Q q 0 0 0 rg BT 487.34 123.15 Td (relevant ) Tj ET Q q 0 0 0 rg BT 516.53 123.15 Td (HFRX ) Tj ET Q q 0 0 0 rg BT 541.02 123.15 Td (Index. ) Tj ET Q q 0 0 0 rg BT 564.63 123.15 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 112.95 Td (These ) Tj ET Q q 0 0 0 rg BT 90.54 112.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 136.23 112.95 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 181.94 112.95 Td (do ) Tj ET Q q 0 0 0 rg BT 193.19 112.95 Td (not ) Tj ET Q q 0 0 0 rg BT 206.80 112.95 Td (reflect ) Tj ET Q q 0 0 0 rg BT 231.25 112.95 Td (the ) Tj ET Q q 0 0 0 rg BT 244.38 112.95 Td (actual ) Tj ET Q q 0 0 0 rg BT 267.42 112.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 313.11 112.95 Td (of ) Tj ET Q q 0 0 0 rg BT 322.93 112.95 Td (any ) Tj ET Q q 0 0 0 rg BT 337.95 112.95 Td (specific ) Tj ET Q q 0 0 0 rg BT 367.13 112.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 397.72 112.95 Td (account ) Tj ET Q q 0 0 0 rg BT 426.89 112.95 Td (or ) Tj ET Q q 0 0 0 rg BT 436.72 112.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 476.77 112.95 Td (fund; ) Tj ET Q q 0 0 0 rg BT 497.45 112.95 Td (individual ) Tj ET Q q 0 0 0 rg BT 534.67 112.95 Td (separate ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 102.75 Td (account ) Tj ET Q q 0 0 0 rg BT 96.06 102.75 Td (and ) Tj ET Q q 0 0 0 rg BT 110.45 102.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 149.88 102.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 167.59 102.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 212.66 102.75 Td (may ) Tj ET Q q 0 0 0 rg BT 229.42 102.75 Td (dif) Tj ET Q q 0 0 0 rg BT 238.70 102.75 Td (fer) Tj ET Q q 0 0 0 rg BT 247.67 102.75 Td (.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 82.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 82.35 Td (Source: ) Tj ET Q q 0 0 0 rg BT 95.61 82.35 Td (Lipper�Inc. ) Tj ET Q q 0 0 0 rg BT 135.52 82.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 166.00 82.35 Td (open-end, ) Tj ET Q q 0 0 0 rg BT 201.89 82.35 Td (closed-end, ) Tj ET Q q 0 0 0 rg BT 242.99 82.35 Td (and ) Tj ET Q q 0 0 0 rg BT 257.41 82.35 Td (variable ) Tj ET Q q 0 0 0 rg BT 286.93 82.35 Td (annuity ) Tj ET Q q 0 0 0 rg BT 314.57 82.35 Td (funds. ) Tj ET Q q 0 0 0 rg BT 337.73 82.35 Td ( ) Tj ET Q q 0 0 0 rg BT 339.40 82.35 Td (As ) Tj ET Q q 0 0 0 rg BT 351.00 82.35 Td (of ) Tj ET Q q 0 0 0 rg BT 360.22 82.35 Td (March ) Tj ET Q q 0 0 0 rg BT 384.56 82.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 397.33 82.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 418.60 82.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 437.75 82.35 Td (and ) Tj ET Q q 0 0 0 rg BT 452.17 82.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 473.44 82.35 Td (the ) Tj ET Q q 0 0 0 rg BT 485.97 82.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 503.23 82.35 Td (long-term ) Tj ET Q q 0 0 0 rg BT 538.90 82.35 Td (mutual ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 72.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 85.74 72.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 108.23 72.15 Td (represented ) Tj ET Q q 0 0 0 rg BT 150.05 72.15 Td (in ) Tj ET Q q 0 0 0 rg BT 159.32 72.15 Td (the ) Tj ET Q q 0 0 0 rg BT 172.36 72.15 Td (data ) Tj ET Q q 0 0 0 rg BT 189.18 72.15 Td (accounted ) Tj ET Q q 0 0 0 rg BT 226.29 72.15 Td (for ) Tj ET Q q 0 0 0 rg BT 238.85 72.15 Td (18%, ) Tj ET Q q 0 0 0 rg BT 259.22 72.15 Td (19% ) Tj ET Q q 0 0 0 rg BT 277.45 72.15 Td (and ) Tj ET Q q 0 0 0 rg BT 292.38 72.15 Td (21%, ) Tj ET Q q 0 0 0 rg BT 312.74 72.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 353.26 72.15 Td (, ) Tj ET Q q 0 0 0 rg BT 358.04 72.15 Td (of ) Tj ET Q q 0 0 0 rg BT 367.78 72.15 Td (our ) Tj ET Q q 0 0 0 rg BT 381.76 72.15 Td (total ) Tj ET Q q 0 0 0 rg BT 398.94 72.15 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 423.56 72.15 Td ( ) Tj ET Q q 0 0 0 rg BT 426.02 72.15 Td (The ) Tj ET Q q 0 0 0 rg BT 441.90 72.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 487.50 72.15 Td (of ) Tj ET Q q 0 0 0 rg BT 497.23 72.15 Td (our ) Tj ET Q q 0 0 0 rg BT 511.22 72.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 528.99 72.15 Td (long-term ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 61.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 93.23 61.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 110.94 61.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 132.90 61.95 Td (is ) Tj ET Q q 0 0 0 rg BT 140.69 61.95 Td (included ) Tj ET Q q 0 0 0 rg BT 172.09 61.95 Td (in ) Tj ET Q q 0 0 0 rg BT 180.82 61.95 Td (the ) Tj ET Q q 0 0 0 rg BT 193.33 61.95 Td (strategies.) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.88 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 112.76 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 136.22 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 173.68 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 181.40 741.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 223.53 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 235.33 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 251.21 741.75 Td (absolute ) Tj ET Q q 0 0 0 rg BT 289.26 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 307.47 741.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 342.00 741.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 398.11 741.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 442.56 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 453.78 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 469.66 741.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 515.86 741.75 Td (benchmark ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 70.25 729.15 Td (representative ) Tj ET Q q 0 0 0 rg BT 131.05 729.15 Td (sample ) Tj ET Q q 0 0 0 rg BT 162.72 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 173.39 729.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 198.64 729.15 Td (within ) Tj ET Q q 0 0 0 rg BT 227.40 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 242.89 729.15 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 271.94 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 286.69 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 297.36 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 352.92 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 370.01 729.15 Td (other ) Tj ET Q q 0 0 0 rg BT 393.50 729.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 412.33 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 423.00 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 433.66 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 448.41 729.15 Td (end ) Tj ET Q q 0 0 0 rg BT 465.50 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 476.16 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 490.91 729.15 Td (period ) Tj ET Q q 0 0 0 rg BT 519.66 729.15 Td (presented, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 63.51 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 78.10 716.55 Td (1-year) Tj ET Q q 0 0 0 rg BT 104.49 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 108.88 716.55 Td (3-year) Tj ET Q q 0 0 0 rg BT 135.28 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 139.66 716.55 Td (5-year) Tj ET Q q 0 0 0 rg BT 166.06 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 170.45 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 187.37 716.55 Td (10-year ) Tj ET Q q 0 0 0 rg BT 221.20 716.55 Td (periods, ) Tj ET Q q 0 0 0 rg BT 256.50 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 273.42 716.55 Td (from ) Tj ET Q q 0 0 0 rg BT 295.60 716.55 Td (each ) Tj ET Q q 0 0 0 rg BT 316.59 716.55 Td (fund's ) Tj ET Q q 0 0 0 rg BT 343.58 716.55 Td (inception. ) Tj ET Q q 0 0 0 rg BT 387.04 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 388.68 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 406.77 716.55 Td (table ) Tj ET Q q 0 0 0 rg BT 428.94 716.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 465.70 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 472.12 716.55 Td (representative ) Tj ET Q q 0 0 0 rg BT 532.77 716.55 Td (sample ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.50 703.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 86.08 703.95 Td (from ) Tj ET Q q 0 0 0 rg BT 108.74 703.95 Td (each ) Tj ET Q q 0 0 0 rg BT 130.22 703.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 176.79 703.95 Td (subclass ) Tj ET Q q 0 0 0 rg BT 214.04 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 225.04 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 241.28 703.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 289.61 703.95 Td (strategies ) Tj ET Q q 0 0 0 rg BT 331.51 703.95 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 352.71 703.95 Td (lar) Tj ET Q q 0 0 0 rg BT 363.60 703.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 375.76 703.95 Td (cap ) Tj ET Q q 0 0 0 rg BT 392.58 703.95 Td (equity) Tj ET Q q 0 0 0 rg BT 418.14 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 423.02 703.95 Td (small ) Tj ET Q q 0 0 0 rg BT 448.02 703.95 Td (cap ) Tj ET Q q 0 0 0 rg BT 464.84 703.95 Td (equity) Tj ET Q q 0 0 0 rg BT 490.40 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 495.28 703.95 Td (etc.\). ) Tj ET Q q 0 0 0 rg BT 518.51 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 520.60 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 539.17 703.95 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (within ) Tj ET Q q 0 0 0 rg BT 79.28 691.35 Td (this ) Tj ET Q q 0 0 0 rg BT 97.39 691.35 Td (group ) Tj ET Q q 0 0 0 rg BT 124.83 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 140.59 691.35 Td (representative ) Tj ET Q q 0 0 0 rg BT 202.41 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 214.10 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 229.87 691.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 285.86 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 297.55 691.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 344.82 691.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 393.83 691.35 Td (strategies ) Tj ET Q q 0 0 0 rg BT 436.43 691.35 Td (we ) Tj ET Q q 0 0 0 rg BT 451.62 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 460.17 691.35 Td (fer) Tj ET Q q 0 0 0 rg BT 471.41 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 476.97 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 495.66 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 507.35 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 519.04 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 549.38 691.35 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 74.84 678.75 Td (constituted ) Tj ET Q q 0 0 0 rg BT 122.64 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 134.27 678.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 176.79 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 187.26 678.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 249.62 678.75 Td ($426 ) Tj ET Q q 0 0 0 rg BT 272.34 678.75 Td (billion, ) Tj ET Q q 0 0 0 rg BT 304.10 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 314.57 678.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 376.93 678.75 Td (58% ) Tj ET Q q 0 0 0 rg BT 397.90 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 408.36 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 424.08 678.75 Td (total ) Tj ET Q q 0 0 0 rg BT 444.08 678.75 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 472.92 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 474.52 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 492.56 678.75 Td (most ) Tj ET Q q 0 0 0 rg BT 514.70 678.75 Td (meaningful ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (exclusion ) Tj ET Q q 0 0 0 rg BT 92.63 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 104.26 666.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 130.49 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 146.19 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 163.08 666.15 Td (alternative ) Tj ET Q q 0 0 0 rg BT 210.27 666.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 232.41 666.15 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 277.57 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 306.12 666.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 348.08 666.15 Td (involve ) Tj ET Q q 0 0 0 rg BT 382.47 666.15 Td (privately ) Tj ET Q q 0 0 0 rg BT 422.67 666.15 Td (placed ) Tj ET Q q 0 0 0 rg BT 452.96 666.15 Td (hedge ) Tj ET Q q 0 0 0 rg BT 480.92 666.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 507.14 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 525.19 666.15 Td (privately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (placed ) Tj ET Q q 0 0 0 rg BT 79.38 653.55 Td (real ) Tj ET Q q 0 0 0 rg BT 97.60 653.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 123.99 653.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 152.43 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 170.07 653.55 Td (represent ) Tj ET Q q 0 0 0 rg BT 211.03 653.55 Td (only ) Tj ET Q q 0 0 0 rg BT 232.18 653.55 Td (5% ) Tj ET Q q 0 0 0 rg BT 248.66 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 259.89 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 276.37 653.55 Td (total ) Tj ET Q q 0 0 0 rg BT 296.97 653.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 323.96 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 335.19 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 346.42 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 376.30 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 391.91 653.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 418.02 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 432.74 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 460.89 653.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 509.45 653.55 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 58.47 640.95 Td (not ) Tj ET Q q 0 0 0 rg BT 73.85 640.95 Td (made ) Tj ET Q q 0 0 0 rg BT 98.55 640.95 Td (publicly ) Tj ET Q q 0 0 0 rg BT 134.92 640.95 Td (available. ) Tj ET Q q 0 0 0 rg BT 177.41 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 179.37 640.95 Td (Presenting ) Tj ET Q q 0 0 0 rg BT 225.66 640.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 273.70 640.95 Td (returns ) Tj ET Q q 0 0 0 rg BT 304.82 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 315.53 640.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 340.82 640.95 Td (provides ) Tj ET Q q 0 0 0 rg BT 378.95 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 385.57 640.95 Td (relevant ) Tj ET Q q 0 0 0 rg BT 421.35 640.95 Td (representation ) Tj ET Q q 0 0 0 rg BT 482.78 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 493.49 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 509.45 640.95 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (while ) Tj ET Q q 0 0 0 rg BT 75.94 628.35 Td (avoiding ) Tj ET Q q 0 0 0 rg BT 115.80 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 131.73 628.35 Td (many ) Tj ET Q q 0 0 0 rg BT 158.17 628.35 Td (complexities ) Tj ET Q q 0 0 0 rg BT 214.94 628.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 250.12 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 261.40 628.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 293.08 628.35 Td (such ) Tj ET Q q 0 0 0 rg BT 315.44 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 327.29 628.35 Td (multiple ) Tj ET Q q 0 0 0 rg BT 365.40 628.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 381.33 628.35 Td (structures, ) Tj ET Q q 0 0 0 rg BT 427.89 628.35 Td (bundled ) Tj ET Q q 0 0 0 rg BT 464.83 628.35 Td (pricing, ) Tj ET Q q 0 0 0 rg BT 500.31 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 518.58 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 542.10 628.35 Td (level ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (break ) Tj ET Q q 0 0 0 rg BT 75.44 615.75 Td (points, ) Tj ET Q q 0 0 0 rg BT 106.36 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 124.73 615.75 Td (would ) Tj ET Q q 0 0 0 rg BT 153.61 615.75 Td (arise ) Tj ET Q q 0 0 0 rg BT 176.06 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 186.85 615.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 227.96 615.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 283.64 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 298.51 615.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 340.79 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 352.16 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 376.36 615.75 Td (product ) Tj ET Q q 0 0 0 rg BT 411.06 615.75 Td (aggregations.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 532.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 532.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 532.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 532.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 532.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 532.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 532.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 532.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 506.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 506.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 506.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 506.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 506.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 506.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 506.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 506.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 480.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 480.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 480.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 480.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 480.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 480.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 480.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 480.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 454.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 454.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 454.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 454.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 454.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 454.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 454.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 454.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 428.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 428.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 428.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 428.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 428.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 428.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 428.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 428.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 402.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 402.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 402.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 402.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 402.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 402.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 402.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 402.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 376.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 376.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 376.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 376.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 376.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 376.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 376.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 376.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 350.65 175.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 350.65 57.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 350.65 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 350.65 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 350.65 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 350.65 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 350.65 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 350.65 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 303.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 303.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 303.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 303.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 303.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 303.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 303.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 303.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 277.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 277.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 277.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 277.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 277.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 277.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 277.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 277.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 251.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 251.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 251.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 251.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 251.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 251.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 251.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 251.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 225.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 225.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 225.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 225.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 225.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 225.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 225.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 225.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 199.65 175.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 199.65 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 199.65 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 199.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 199.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 199.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 199.65 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 199.65 45.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 579.65 m 382 579.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 579.65 m 427 579.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 579.65 m 472 579.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 579.65 m 517 579.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 579.65 m 562 579.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 558.65 m 224 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 558.65 m 281 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 558.65 m 337 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 558.65 m 382 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 558.65 m 427 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 558.65 m 472 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 558.65 m 517 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 558.65 m 562 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 558.65 m 281 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 558.65 m 337 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 558.65 m 382 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 558.65 m 427 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 558.65 m 472 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 558.65 m 517 558.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 558.65 m 562 558.65 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.90 583.90 Td (Annualized Absolute/Relative Total Return vs. Benchmark) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 562.90 Td (Fund Name/) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 91.27 562.90 Td (Index) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 109.04 566.53 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.30 562.90 Td (Inception Date) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.05 570.90 Td (Performance ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.50 562.90 Td (T) Tj ET Q q 0 0 0 rg BT 301.83 562.90 Td (ype) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 313.38 566.53 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.75 562.90 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.75 562.90 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.75 562.90 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.75 562.90 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.85 562.90 Td (Inception) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 549.88 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 536.88 Td (Large Cap) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 523.90 Td (ClearBridge Aggressive Growth Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.75 523.90 Td (10/24/1983) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 523.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 523.90 Td (17.76%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 523.90 Td (5.80%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 523.90 Td (13.46%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 523.90 Td (7.83%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 523.90 Td (12.03%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 510.90 Td (Russell 3000 Growth) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 510.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 510.90 Td (1.49%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 510.90 Td (\(5.10\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 510.90 Td (0.24%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 510.90 Td (\(1.21\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 510.90 Td (1.97%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 497.90 Td (ClearBridge Large Cap Growth Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.75 497.90 Td (8/29/1997) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 497.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 497.90 Td (14.99%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.65 497.90 Td (11.68%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 497.90 Td (15.09%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 497.90 Td (9.07%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 497.90 Td (8.27%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 484.90 Td (Russell 1000 Growth) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 484.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 484.90 Td (\(0.77\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 484.90 Td (0.41%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 484.90 Td (1.77%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 484.90 Td (\(0.06\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 484.90 Td (1.88%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 471.90 Td (ClearBridge Appreciation Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.75 471.90 Td (3/10/1970) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 471.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 471.90 Td (12.91%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 471.90 Td (8.54%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 471.90 Td (11.69%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 471.90 Td (7.55%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 471.90 Td (10.32%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 458.90 Td (S&P 500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 458.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 458.90 Td (\(4.26\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 458.90 Td (\(1.83\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 458.90 Td (\(1.61\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 458.90 Td (0.04%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 458.90 Td (\(0.17\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 445.90 Td (ClearBridge Dividend Strategy) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.90 445.90 Td (11/6/1992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 445.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 445.90 Td (14.13%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 445.90 Td (8.33%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 445.90 Td (11.22%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 445.90 Td (6.46%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 445.90 Td (8.62%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 432.90 Td (S&P 500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 432.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 432.90 Td (\(3.04\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 432.90 Td (\(2.04\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 432.90 Td (\(2.08\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 432.90 Td (\(1.05\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 432.90 Td (\(0.78\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 419.90 Td (ClearBridge Value Trust) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.75 419.90 Td (4/16/1982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 419.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 419.90 Td (18.00%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 419.90 Td (6.68%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 419.90 Td (11.76%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 419.90 Td (2.01%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 419.90 Td (11.67%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 406.90 Td (S&P 500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 406.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 406.90 Td (0.83%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 406.90 Td (\(3.69\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 406.90 Td (\(1.54\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 406.90 Td (\(5.50\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 406.90 Td (\(0.15\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 393.90 Td (ClearBridge All Cap Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.90 393.90 Td (11/12/1981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 393.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 393.90 Td (26.41%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 393.90 Td (7.66%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 393.90 Td (11.30%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 393.90 Td (5.20%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 393.90 Td (10.20%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 380.90 Td (Russell 3000 Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 380.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 380.90 Td (6.44%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 380.90 Td (\(0.92\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 380.90 Td (\(1.78\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 380.90 Td (\(0.74\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 380.90 Td (\(1.66\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 367.90 Td (ClearBridge Large Cap Value Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.75 367.90 Td (12/31/1988) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 367.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 367.90 Td (16.03%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 367.90 Td (7.90%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 367.90 Td (12.14%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 367.90 Td (6.47%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 367.90 Td (9.60%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 354.90 Td (Russell 1000 Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 354.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 354.90 Td (\(3.19\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 354.90 Td (\(0.77\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 354.90 Td (\(0.99\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 354.90 Td (0.54%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 354.90 Td (\(0.76\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 341.90 Td (Legg Mason Brandywine Diversified Large Cap) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 333.90 Td (Value Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.75 333.90 Td (9/7/2010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 333.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 333.90 Td (18.76%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 333.90 Td (8.00%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 333.90 Td (11.88%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.10 333.90 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 333.90 Td (13.70%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 320.90 Td (Russell 1000 Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 320.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 320.90 Td (\(0.46\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 320.90 Td (\(0.67\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 320.90 Td (\(1.25\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.10 320.90 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 320.90 Td (0.14%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 307.88 Td (Small Cap) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 294.90 Td (Royce Total Return Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.75 294.90 Td (12/15/1993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 294.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 294.90 Td (22.35%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 294.90 Td (6.37%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.65 294.90 Td (11.05%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 294.90 Td (6.76%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 294.90 Td (10.91%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 281.90 Td (Russell 2000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 281.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 281.90 Td (\(3.87\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 281.90 Td (\(0.85\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 281.90 Td (\(1.30\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 281.90 Td (\(0.36\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 281.90 Td (1.96%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 268.90 Td (ClearBridge Small Cap Growth) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.75 268.90 Td (7/1/1998) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 268.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 268.90 Td (22.39%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 268.90 Td (3.24%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 268.90 Td (9.87%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 268.90 Td (8.00%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 268.90 Td (9.91%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 255.90 Td (Russell 2000 Growth) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 255.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 255.90 Td (\(0.64\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 255.90 Td (\(3.48\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 255.90 Td (\(2.23\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 255.90 Td (\(0.06\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 255.90 Td (3.34%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 242.90 Td (Royce Pennsylvania Mutual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.75 242.90 Td (6/30/1967) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 242.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 242.90 Td (20.92%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 242.90 Td (4.03%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 242.90 Td (9.33%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 242.90 Td (6.25%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 242.90 Td (11.65%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 229.90 Td (Russell 2000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 229.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 229.90 Td (\(5.30\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 229.90 Td (\(3.19\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 229.90 Td (\(3.02\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 229.90 Td (\(0.87\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 229.90 Td (0.01%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 216.90 Td (Royce Premier Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.75 216.90 Td (12/31/1991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 216.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 216.90 Td (27.39%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 216.90 Td (5.30%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 216.90 Td (8.66%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 216.90 Td (7.99%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.65 216.90 Td (11.71%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 203.90 Td (Russell 2000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 203.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.65 203.90 Td (1.17%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 203.90 Td (\(1.92\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 203.90 Td (\(3.69\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 203.90 Td (0.87%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 203.90 Td (2.02%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 190.90 Td (Royce Special Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.75 190.90 Td (5/1/1998) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.05 190.90 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.65 190.90 Td (24.77%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.65 190.90 Td (5.57%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.65 190.90 Td (9.46%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 190.90 Td (8.13%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 190.90 Td (9.38%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 177.90 Td (Russell 2000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 177.90 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 177.90 Td (\(1.45\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 177.90 Td (\(1.65\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 177.90 Td (\(2.89\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 177.90 Td (1.01%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.65 177.90 Td (1.88%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 164.55 Td (n/a - not applicable) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (47) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 688.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 688.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 688.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 688.50 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0.9333333333333333 1 rg /GS0 gs 49.00 506.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 506.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 506.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 506.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 506.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 506.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 506.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 506.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 480.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 480.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 480.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 480.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 480.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 480.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 480.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 480.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 454.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 454.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 454.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 454.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 454.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 454.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 454.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 454.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 415.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 415.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 415.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 415.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 415.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 415.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 415.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 415.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 376.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 376.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 376.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 376.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 376.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 376.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 376.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 376.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 350.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 350.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 350.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 350.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 350.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 350.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 350.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 350.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 324.50 200.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 324.50 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 324.50 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 324.50 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 324.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 324.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 324.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 324.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 290.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 290.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 290.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 290.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 290.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 290.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 290.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 290.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 264.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 264.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 264.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 264.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 264.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 264.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 264.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 264.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 238.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 238.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 238.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 238.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 238.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 238.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 238.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 238.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 212.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 212.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 212.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 212.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 212.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 212.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 212.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 212.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 186.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 186.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 186.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 186.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 186.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 186.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 186.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 186.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 160.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 160.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 160.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 160.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 160.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 160.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 160.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 160.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 121.50 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 121.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 121.50 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 121.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 121.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 121.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 121.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 121.50 44.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 735.5 m 386 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 735.5 m 430 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 735.5 m 474 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 735.5 m 518 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 735.5 m 562 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 714.5 m 249 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 714.5 m 296 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 714.5 m 343 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 735.5 m 386 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 714.5 m 386 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 735.5 m 430 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 714.5 m 430 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 735.5 m 474 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 714.5 m 474 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 735.5 m 518 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 714.5 m 518 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 735.5 m 562 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 714.5 m 562 714.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.90 739.75 Td (Annualized Absolute/Relative Total Return vs. Benchmark) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 718.75 Td (Fund Name/) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 91.27 718.75 Td (Index) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 109.04 722.38 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.85 726.75 Td (Inception) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.40 718.75 Td (Date) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.55 726.75 Td (Performance ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.00 718.75 Td (T) Tj ET Q q 0 0 0 rg BT 312.33 718.75 Td (ype) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 323.88 722.38 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.75 718.75 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 718.75 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.25 718.75 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 718.75 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.35 718.75 Td (Inception) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 705.73 Td (Fixed Income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 692.73 Td (U.S. Taxable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 679.75 Td (Western Asset Core Plus Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 679.75 Td (7/8/1998) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 679.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 679.75 Td (4.06%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 679.75 Td (4.26%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 679.75 Td (4.11%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 679.75 Td (5.58%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 679.75 Td (6.18%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 666.75 Td (Barclays US Aggregate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 666.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 666.75 Td (3.62%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 666.75 Td (1.58%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 666.75 Td (1.77%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 666.75 Td (1.31%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 666.75 Td (1.21%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 653.75 Td (Western Asset Core Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 653.75 Td (9/4/1990) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 653.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 653.75 Td (2.48%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 653.75 Td (3.78%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 653.75 Td (3.46%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 653.75 Td (4.86%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 653.75 Td (6.86%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 640.75 Td (Barclays US Aggregate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 640.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 640.75 Td (2.04%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 640.75 Td (1.10%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 640.75 Td (1.12%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 640.75 Td (0.59%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 640.75 Td (0.73%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 627.75 Td (Western Asset Total Return Unconstrained) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 627.75 Td (7/6/2006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 627.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 627.75 Td (7.68%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 627.75 Td (2.80%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 627.75 Td (3.19%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 627.75 Td (4.36%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 627.75 Td (4.68%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 614.75 Td (Barclays US Aggregate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 614.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 614.75 Td (7.24%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 614.75 Td (0.12%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 614.75 Td (0.85%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 614.75 Td (0.09%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 614.75 Td (0.18%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 601.75 Td (Western Asset Short Term Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.05 601.75 Td (11/11/1991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 601.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 601.75 Td (2.15%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 601.75 Td (1.08%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 601.75 Td (1.24%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 601.75 Td (1.55%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 601.75 Td (3.53%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 588.75 Td (Citi Treasury Government/Credit 1-3 YR) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 588.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 588.75 Td (1.42%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 588.75 Td (0.15%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 588.75 Td (0.32%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 588.75 Td (\(0.79\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 588.75 Td (\(0.61\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 575.75 Td (Western Asset Intermediate Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 575.75 Td (7/1/1994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 575.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 575.75 Td (1.97%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 575.75 Td (2.78%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 575.75 Td (2.78%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 575.75 Td (4.51%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 575.75 Td (5.72%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 562.75 Td (Barclays Intermediate Government/Credit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 562.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 562.75 Td (1.55%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 562.75 Td (0.77%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 562.75 Td (0.90%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 562.75 Td (0.75%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 562.75 Td (0.63%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 549.75 Td (Western Asset Corporate Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.90 549.75 Td (11/6/1992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 549.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 549.75 Td (6.96%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 549.75 Td (4.53%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 549.75 Td (5.24%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 549.75 Td (5.06%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 549.75 Td (6.49%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 536.75 Td (Barclays US Credit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 536.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 536.75 Td (4.00%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 536.75 Td (1.01%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 536.75 Td (1.54%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 536.75 Td (\(0.23\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 536.75 Td (0.17%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 523.75 Td (Western Asset Inflation Index Plus Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 523.75 Td (3/1/2001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 523.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 523.75 Td (0.49%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 523.75 Td (0.71%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 523.75 Td (0.21%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 523.75 Td (3.55%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 523.75 Td (4.85%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 510.75 Td (Barclays US TIPS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 510.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 510.75 Td (\(0.99\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 510.75 Td (\(1.32\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 510.75 Td (\(0.76\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 510.75 Td (\(0.69\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 510.75 Td (\(0.38\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 497.75 Td (Western Asset Mortgage Defined Opportunity Fund Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 497.75 Td (2/24/2010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 497.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.65 497.75 Td (12.47%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 497.75 Td (8.72%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.15 497.75 Td (14.01%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 497.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.15 497.75 Td (14.29%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 484.75 Td (BOFAML Floating Rate Home Loan Index) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 484.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 484.75 Td (9.39%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 484.75 Td (6.64%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 484.75 Td (8.93%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 484.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 484.75 Td (9.28%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 471.75 Td (Western Asset High Yield Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 471.75 Td (9/28/2001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 471.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.65 471.75 Td (18.17%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 471.75 Td (2.36%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 471.75 Td (5.59%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 471.75 Td (5.94%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 471.75 Td (7.25%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 458.75 Td (Barclays US Corp High Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 458.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 458.75 Td (1.78%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 458.75 Td (\(2.20\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 458.75 Td (\(1.23\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 458.75 Td (\(1.52\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 458.75 Td (\(1.40\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 445.75 Td (Western Asset Adjustable Rate Income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 445.75 Td (6/22/1992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 445.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 445.75 Td (3.24%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 445.75 Td (1.33%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 445.75 Td (1.76%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 445.75 Td (1.32%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 445.75 Td (2.72%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 432.75 Td (Citi T-Bill 6-Month) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 432.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 432.75 Td (2.78%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 432.75 Td (1.10%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 432.75 Td (1.58%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 432.75 Td (0.55%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 432.75 Td (\(0.01\)%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 419.73 Td (U.S. Tax-Exempt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 406.75 Td (Western Asset Managed Municipals Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 406.75 Td (3/4/1981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 406.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 406.75 Td (\(0.05\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 406.75 Td (3.60%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 406.75 Td (3.30%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 406.75 Td (4.74%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 406.75 Td (7.61%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 393.75 Td (Barclays Municipal Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 393.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 393.75 Td (\(0.20\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 393.75 Td (0.05%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 393.75 Td (0.06%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 393.75 Td (0.41%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 393.75 Td (0.46%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 380.73 Td (Global Taxable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 367.75 Td (Legg Mason Western Asset Macro Opportunities Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.90 367.75 Td (11/30/2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 367.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 367.75 Td (9.44%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 367.75 Td (4.72%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.60 367.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 367.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 367.75 Td (5.91%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 354.75 Td (3-Month LIBOR) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 354.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 354.75 Td (8.59%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 354.75 Td (4.22%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.60 354.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 354.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 354.75 Td (5.44%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 341.75 Td (Legg Mason Brandywine Global Opportunities Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.90 341.75 Td (11/1/2006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 341.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 341.75 Td (2.23%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 341.75 Td (1.10%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 341.75 Td (2.58%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 341.75 Td (5.56%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 341.75 Td (5.43%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 328.75 Td (Citi World Government Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 328.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 328.75 Td (5.88%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 328.75 Td (2.30%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 328.75 Td (3.16%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 328.75 Td (2.53%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 328.75 Td (2.57%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 315.75 Td (Legg Mason Brandywine Absolute Return Opportunities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 307.75 Td (Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.90 307.75 Td (2/28/2011) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 307.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 307.75 Td (4.84%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 307.75 Td (1.84%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 307.75 Td (3.03%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 307.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 307.75 Td (3.29%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 294.75 Td (Citi 3-Month T-Bill) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 294.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 294.75 Td (4.50%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 294.75 Td (1.69%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 294.75 Td (2.92%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 294.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 294.75 Td (3.18%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 281.75 Td (Legg Mason Brandywine Global Fixed Income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.75 281.75 Td (10/31/2003) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 281.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 281.75 Td (\(0.07\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 281.75 Td (\(0.61\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 281.75 Td (0.52%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 281.75 Td (3.81%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 281.75 Td (4.07%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 268.75 Td (Citi World Government Bond) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 268.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 268.75 Td (3.58%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 268.75 Td (0.59%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 268.75 Td (1.10%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 268.75 Td (0.78%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 268.75 Td (0.64%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 255.75 Td (Legg Mason Western Asset Global Multi Strategy Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 255.75 Td (8/31/2002) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 255.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.65 255.75 Td (10.87%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 255.75 Td (2.95%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 255.75 Td (2.74%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 255.75 Td (4.23%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 255.75 Td (6.34%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 242.75 Td (50% Bar. Global Agg./ 25% Bar. HY 2%/25% JPM EMBI +) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 242.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 242.75 Td (6.09%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 242.75 Td (0.51%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 242.75 Td (\(0.43\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 242.75 Td (\(1.10\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 242.75 Td (\(0.65\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 229.75 Td (Western Asset Global High Yield Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 229.75 Td (2/22/1995) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 229.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.65 229.75 Td (17.56%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 229.75 Td (2.10%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 229.75 Td (5.15%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 229.75 Td (5.23%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 229.75 Td (7.13%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 216.75 Td (Barclays Global High Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 216.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 216.75 Td (4.31%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 216.75 Td (\(1.56\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 216.75 Td (\(1.38\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 216.75 Td (\(2.18\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 216.75 Td (\(1.92\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 203.75 Td (Legg Mason Western Asset Australian Bond Trust) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 203.75 Td (6/30/1983) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 203.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 203.75 Td (2.59%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 203.75 Td (5.10%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 203.75 Td (5.74%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 203.75 Td (6.63%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 203.75 Td (6.20%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 190.75 Td (UBS Australian Composite Bond Index) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 190.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 190.75 Td (0.50%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 190.75 Td (0.12%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 190.75 Td (0.69%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 190.75 Td (0.48%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 190.75 Td (0.37%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 177.75 Td (Legg Mason Western Asset Global Core Plus Bond Fund) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.75 177.75 Td (12/31/2010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 177.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 177.75 Td (0.67%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 177.75 Td (3.44%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 177.75 Td (4.12%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 177.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 177.75 Td (4.18%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 164.75 Td (Barclays Global Aggregate Index) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 164.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.00 164.75 Td (\(0.42\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 164.75 Td (\(0.17\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 164.75 Td (0.69%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 164.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 164.75 Td (0.38%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 151.75 Td (Western Asset Emerging Markets Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.75 151.75 Td (10/17/1996) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 151.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.65 151.75 Td (11.11%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 151.75 Td (3.55%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 151.75 Td (2.97%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 151.75 Td (5.85%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 151.75 Td (9.40%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 138.75 Td (JPM EMBI Global) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 138.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 138.75 Td (2.29%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 138.75 Td (\(2.18\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 138.75 Td (\(2.28\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.50 138.75 Td (\(1.06\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 138.75 Td (0.38%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 125.73 Td (Liquidity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 112.75 Td (Western Asset Institutional Liquid Reserves Ltd.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.75 112.75 Td (12/31/1989) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.55 112.75 Td (Absolute) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 112.75 Td (0.64%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 112.75 Td (0.31%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 112.75 Td (0.24%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 112.75 Td (0.93%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 112.75 Td (3.20%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 99.75 Td (Citi 3-Month T-Bill) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.65 99.75 Td (Relative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.65 99.75 Td (0.30%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.15 99.75 Td (0.16%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.15 99.75 Td (0.13%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.15 99.75 Td (0.32%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 99.75 Td (0.29%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 86.40 Td (n/a ) Tj ET Q q 0 0 0 rg BT 61.27 86.40 Td (- ) Tj ET Q q 0 0 0 rg BT 65.94 86.40 Td (not ) Tj ET Q q 0 0 0 rg BT 78.16 86.40 Td (applicable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 76.80 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 76.80 Td (Listed ) Tj ET Q q 0 0 0 rg BT 89.50 76.80 Td (in ) Tj ET Q q 0 0 0 rg BT 97.72 76.80 Td (order ) Tj ET Q q 0 0 0 rg BT 116.60 76.80 Td (of ) Tj ET Q q 0 0 0 rg BT 125.26 76.80 Td (size ) Tj ET Q q 0 0 0 rg BT 139.70 76.80 Td (based ) Tj ET Q q 0 0 0 rg BT 159.91 76.80 Td (on ) Tj ET Q q 0 0 0 rg BT 169.47 76.80 Td (AUM ) Tj ET Q q 0 0 0 rg BT 190.14 76.80 Td (of ) Tj ET Q q 0 0 0 rg BT 198.80 76.80 Td (fund ) Tj ET Q q 0 0 0 rg BT 215.47 76.80 Td (within ) Tj ET Q q 0 0 0 rg BT 237.91 76.80 Td (each ) Tj ET Q q 0 0 0 rg BT 254.57 76.80 Td (subcategory) Tj ET Q q 0 0 0 rg BT 292.70 76.80 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 67.20 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 67.20 Td (Absolute ) Tj ET Q q 0 0 0 rg BT 97.81 67.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 139.65 67.20 Td (is ) Tj ET Q q 0 0 0 rg BT 146.41 67.20 Td (the ) Tj ET Q q 0 0 0 rg BT 157.61 67.20 Td (actual ) Tj ET Q q 0 0 0 rg BT 178.13 67.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 219.97 67.20 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 235.83 67.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 249.24 67.20 Td (of ) Tj ET Q q 0 0 0 rg BT 257.33 67.20 Td (return\) ) Tj ET Q q 0 0 0 rg BT 280.51 67.20 Td (of ) Tj ET Q q 0 0 0 rg BT 288.60 67.20 Td (the ) Tj ET Q q 0 0 0 rg BT 299.80 67.20 Td (fund. ) Tj ET Q q 0 0 0 rg BT 317.88 67.20 Td ( ) Tj ET Q q 0 0 0 rg BT 319.31 67.20 Td (Relative ) Tj ET Q q 0 0 0 rg BT 347.39 67.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 389.23 67.20 Td (is ) Tj ET Q q 0 0 0 rg BT 395.99 67.20 Td (the ) Tj ET Q q 0 0 0 rg BT 407.18 67.20 Td (dif) Tj ET Q q 0 0 0 rg BT 415.92 67.20 Td (ference ) Tj ET Q q 0 0 0 rg BT 440.88 67.20 Td (\(or ) Tj ET Q q 0 0 0 rg BT 451.63 67.20 Td (variance\) ) Tj ET Q q 0 0 0 rg BT 482.81 67.20 Td (between ) Tj ET Q q 0 0 0 rg BT 510.88 67.20 Td (the ) Tj ET Q q 0 0 0 rg BT 522.08 67.20 Td (performance ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 57.60 Td (of ) Tj ET Q q 0 0 0 rg BT 76.16 57.60 Td (the ) Tj ET Q q 0 0 0 rg BT 87.94 57.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 104.60 57.60 Td (and ) Tj ET Q q 0 0 0 rg BT 118.15 57.60 Td (its ) Tj ET Q q 0 0 0 rg BT 127.71 57.60 Td (stated ) Tj ET Q q 0 0 0 rg BT 148.37 57.60 Td (benchmark.) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (48) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Assets Under) Tj ET Q q 0 0 0 rg BT 108.52 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 110.56 741.90 Td (Advisement) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (As ) Tj ET Q q 0 0 0 rg BT 63.46 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 74.49 729.30 Td (March ) Tj ET Q q 0 0 0 rg BT 104.18 729.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.60 729.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 145.51 729.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 168.80 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 186.25 729.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 211.66 729.30 Td (AUA) Tj ET Q q 0 0 0 rg BT 233.83 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 236.11 729.30 Td (was ) Tj ET Q q 0 0 0 rg BT 254.73 729.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 317.67 729.30 Td ($43 ) Tj ET Q q 0 0 0 rg BT 335.71 729.30 Td (billion, ) Tj ET Q q 0 0 0 rg BT 368.04 729.30 Td ($39 ) Tj ET Q q 0 0 0 rg BT 386.08 729.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 415.79 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 433.23 729.30 Td ($35 ) Tj ET Q q 0 0 0 rg BT 451.27 729.30 Td (billion, ) Tj ET Q q 0 0 0 rg BT 483.60 729.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 533.65 729.30 Td (. ) Tj ET Q q 0 0 0 rg BT 538.56 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 540.35 729.30 Td (AUA) Tj ET Q q 0 0 0 rg BT 562.52 729.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (as ) Tj ET Q q 0 0 0 rg BT 60.34 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 71.18 716.70 Td (March ) Tj ET Q q 0 0 0 rg BT 100.68 716.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 115.90 716.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 138.99 716.70 Td (was ) Tj ET Q q 0 0 0 rg BT 157.42 716.70 Td (comprised ) Tj ET Q q 0 0 0 rg BT 203.25 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 214.09 716.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 276.84 716.70 Td ($18 ) Tj ET Q q 0 0 0 rg BT 294.68 716.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 324.19 716.70 Td (related ) Tj ET Q q 0 0 0 rg BT 354.85 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 365.11 716.70 Td (QS ) Tj ET Q q 0 0 0 rg BT 380.63 716.70 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 423.84 716.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 486.59 716.70 Td ($12 ) Tj ET Q q 0 0 0 rg BT 504.43 716.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 533.94 716.70 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.98 704.10 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 116.23 704.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 179.18 704.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 197.24 704.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 226.97 704.10 Td (related ) Tj ET Q q 0 0 0 rg BT 257.84 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.15 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 277.22 704.10 Td (estern ) Tj ET Q q 0 0 0 rg BT 304.09 704.10 Td (Asset, ) Tj ET Q q 0 0 0 rg BT 332.36 704.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 395.32 704.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 408.13 704.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 437.85 704.10 Td (related ) Tj ET Q q 0 0 0 rg BT 468.73 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.20 704.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 496.91 704.10 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 547.34 704.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 112.88 691.50 Td ($1 ) Tj ET Q q 0 0 0 rg BT 126.12 691.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 156.27 691.50 Td (related ) Tj ET Q q 0 0 0 rg BT 187.57 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 198.48 691.50 Td (Brandywine. ) Tj ET Q q 0 0 0 rg BT 255.16 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 257.29 691.50 Td (AUA) Tj ET Q q 0 0 0 rg BT 279.46 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 282.19 691.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 297.75 691.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 320.31 691.50 Td (vary ) Tj ET Q q 0 0 0 rg BT 341.70 691.50 Td (with ) Tj ET Q q 0 0 0 rg BT 363.10 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 378.66 691.50 Td (level ) Tj ET Q q 0 0 0 rg BT 401.81 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 413.29 691.50 Td (non-discretionary ) Tj ET Q q 0 0 0 rg BT 490.08 691.50 Td (service ) Tj ET Q q 0 0 0 rg BT 522.55 691.50 Td (provided. ) Tj ET Q q 0 0 0 rg BT 565.13 691.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.48 678.90 Td (average ) Tj ET Q q 0 0 0 rg BT 103.76 678.90 Td (annualized ) Tj ET Q q 0 0 0 rg BT 151.88 678.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 167.35 678.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 185.73 678.90 Td (related ) Tj ET Q q 0 0 0 rg BT 216.94 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 227.17 678.90 Td (AUA) Tj ET Q q 0 0 0 rg BT 249.33 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 251.98 678.90 Td (was ) Tj ET Q q 0 0 0 rg BT 270.96 678.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 334.25 678.90 Td (15 ) Tj ET Q q 0 0 0 rg BT 347.40 678.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 371.04 678.90 Td (points ) Tj ET Q q 0 0 0 rg BT 399.36 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 417.17 678.90 Td (10 ) Tj ET Q q 0 0 0 rg BT 430.31 678.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 453.96 678.90 Td (points ) Tj ET Q q 0 0 0 rg BT 482.27 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 497.16 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 512.64 678.90 Td (years ) Tj ET Q q 0 0 0 rg BT 537.44 678.90 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (March ) Tj ET Q q 0 0 0 rg BT 79.18 666.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 94.57 666.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 117.84 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 135.28 666.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 161.17 666.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 211.22 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 216.12 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 233.55 666.30 Td (was ) Tj ET Q q 0 0 0 rg BT 252.15 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 262.59 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 277.69 666.30 Td (low ) Tj ET Q q 0 0 0 rg BT 295.71 666.30 Td (single ) Tj ET Q q 0 0 0 rg BT 323.06 666.30 Td (digit ) Tj ET Q q 0 0 0 rg BT 344.59 666.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 367.86 666.30 Td (points ) Tj ET Q q 0 0 0 rg BT 395.80 666.30 Td (for ) Tj ET Q q 0 0 0 rg BT 410.32 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 425.42 666.30 Td (year ) Tj ET Q q 0 0 0 rg BT 445.76 666.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 473.10 666.30 Td (March ) Tj ET Q q 0 0 0 rg BT 502.77 666.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 518.17 666.30 Td (2015. ) Tj ET Q q 0 0 0 rg BT 544.07 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 546.17 666.30 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 86.57 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 97.41 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 112.91 653.70 Td (average ) Tj ET Q q 0 0 0 rg BT 148.22 653.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 163.71 653.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 182.12 653.70 Td (from ) Tj ET Q q 0 0 0 rg BT 205.20 653.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 230.61 653.70 Td (2015 ) Tj ET Q q 0 0 0 rg BT 254.28 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 265.12 653.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 290.53 653.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 316.83 653.70 Td (was ) Tj ET Q q 0 0 0 rg BT 335.83 653.70 Td (due ) Tj ET Q q 0 0 0 rg BT 353.67 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 364.51 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 380.01 653.70 Td (redemption ) Tj ET Q q 0 0 0 rg BT 430.50 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 441.92 653.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 505.24 653.70 Td ($80 ) Tj ET Q q 0 0 0 rg BT 523.66 653.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 553.75 653.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (very ) Tj ET Q q 0 0 0 rg BT 70.78 641.10 Td (low ) Tj ET Q q 0 0 0 rg BT 89.16 641.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 104.02 641.10 Td (AUA) Tj ET Q q 0 0 0 rg BT 126.19 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.82 641.10 Td (by ) Tj ET Q q 0 0 0 rg BT 141.94 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.23 641.10 Td (single ) Tj ET Q q 0 0 0 rg BT 176.93 641.10 Td (client ) Tj ET Q q 0 0 0 rg BT 202.88 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.67 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.13 641.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 261.48 641.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 289.18 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 319.21 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 334.96 641.10 Td (2015. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (RESUL) Tj ET Q q 0 0 0 rg BT 83.55 615.90 Td (TS OF) Tj ET Q q 0 0 0 rg BT 113.21 615.90 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 151.81 615.90 Td (TIONS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (In ) Tj ET Q q 0 0 0 rg BT 60.01 590.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 108.98 590.70 Td (with ) Tj ET Q q 0 0 0 rg BT 129.40 590.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.90 590.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 215.72 590.70 Td (standards ) Tj ET Q q 0 0 0 rg BT 257.14 590.70 Td (on ) Tj ET Q q 0 0 0 rg BT 269.40 590.70 Td (consolidation, ) Tj ET Q q 0 0 0 rg BT 330.36 590.70 Td (we ) Tj ET Q q 0 0 0 rg BT 344.37 590.70 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 393.95 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 410.87 590.70 Td (separately ) Tj ET Q q 0 0 0 rg BT 455.19 590.70 Td (identify ) Tj ET Q q 0 0 0 rg BT 489.61 590.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 519.93 590.70 Td (sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.37 578.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 139.96 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.55 578.10 Td (The ) Tj ET Q q 0 0 0 rg BT 161.67 578.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 221.05 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.59 578.10 Td (these ) Tj ET Q q 0 0 0 rg BT 256.96 578.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 305.84 578.10 Td (products ) Tj ET Q q 0 0 0 rg BT 344.80 578.10 Td (has ) Tj ET Q q 0 0 0 rg BT 361.59 578.10 Td (no ) Tj ET Q q 0 0 0 rg BT 374.89 578.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 406.26 578.10 Td (on ) Tj ET Q q 0 0 0 rg BT 419.55 578.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 437.51 578.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 471.79 578.10 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 500.80 578.10 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 554.34 578.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.79 565.50 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 126.37 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 144.25 565.50 Td (does ) Tj ET Q q 0 0 0 rg BT 166.21 565.50 Td (not ) Tj ET Q q 0 0 0 rg BT 182.34 565.50 Td (have ) Tj ET Q q 0 0 0 rg BT 204.88 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 212.25 565.50 Td (material ) Tj ET Q q 0 0 0 rg BT 249.36 565.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 280.65 565.50 Td (on ) Tj ET Q q 0 0 0 rg BT 293.87 565.50 Td (our ) Tj ET Q q 0 0 0 rg BT 310.58 565.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 366.37 565.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 408.73 565.50 Td (results. ) Tj ET Q q 0 0 0 rg BT 441.49 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 444.01 565.50 Td (W) Tj ET Q q 0 0 0 rg BT 453.08 565.50 Td (e ) Tj ET Q q 0 0 0 rg BT 460.45 565.50 Td (also ) Tj ET Q q 0 0 0 rg BT 480.08 565.50 Td (hold ) Tj ET Q q 0 0 0 rg BT 501.46 565.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.34 565.50 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (other ) Tj ET Q q 0 0 0 rg BT 73.44 552.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 128.89 552.90 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 173.84 552.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 222.28 552.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 247.99 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 265.52 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 280.72 552.90 Td (change ) Tj ET Q q 0 0 0 rg BT 312.82 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 323.36 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 338.55 552.90 Td (value ) Tj ET Q q 0 0 0 rg BT 363.66 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 374.78 552.90 Td (these ) Tj ET Q q 0 0 0 rg BT 398.72 552.90 Td (investments, ) Tj ET Q q 0 0 0 rg BT 453.88 552.90 Td (which ) Tj ET Q q 0 0 0 rg BT 481.92 552.90 Td (is ) Tj ET Q q 0 0 0 rg BT 491.29 552.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 530.38 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 540.92 552.90 Td (Non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.86 540.30 Td (income ) Tj ET Q q 0 0 0 rg BT 125.47 540.30 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 171.60 540.30 Td (is ) Tj ET Q q 0 0 0 rg BT 181.31 540.30 Td (reflected ) Tj ET Q q 0 0 0 rg BT 220.74 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 231.61 540.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 249.47 540.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 283.66 540.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 312.60 540.30 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 366.04 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 376.91 540.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 401.19 540.30 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 435.10 540.30 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 453.83 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 456.54 540.30 Td (See ) Tj ET Q q 0 0 0 rg BT 474.40 540.30 Td (Notes�1, ) Tj ET Q q 0 0 0 rg BT 512.10 540.30 Td (3, ) Tj ET Q q 0 0 0 rg BT 522.68 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 540.54 540.30 Td (17 ) Tj ET Q q 0 0 0 rg BT 553.75 540.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 76.52 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 87.20 527.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 145.13 527.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 186.72 527.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 235.32 527.70 Td (for ) Tj ET Q q 0 0 0 rg BT 250.08 527.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 294.59 527.70 Td (information ) Tj ET Q q 0 0 0 rg BT 346.68 527.70 Td (regarding ) Tj ET Q q 0 0 0 rg BT 389.43 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 404.77 527.70 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 463.87 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 475.13 527.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 523.73 527.70 Td (products.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 98.21 502.50 Td (Revenues) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.12 489.90 Td (components ) Tj ET Q q 0 0 0 rg BT 121.15 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 132.02 489.90 Td (T) Tj ET Q q 0 0 0 rg BT 137.70 489.90 Td (otal ) Tj ET Q q 0 0 0 rg BT 155.74 489.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 200.01 489.90 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 243.13 489.90 Td (\(in ) Tj ET Q q 0 0 0 rg BT 257.08 489.90 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 299.92 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 317.37 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 332.49 489.90 Td (dollar ) Tj ET Q q 0 0 0 rg BT 359.27 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 376.72 489.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 424.48 489.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 460.59 489.90 Td (between ) Tj ET Q q 0 0 0 rg BT 497.86 489.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 531.06 489.90 Td (were ) Tj ET Q q 0 0 0 rg BT 553.75 489.90 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 425.80 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 425.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 425.80 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 425.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 425.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 425.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 425.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 425.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 425.80 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 425.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 425.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 425.80 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 425.80 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 395.80 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 395.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 395.80 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 395.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 395.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 395.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 395.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 395.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 395.80 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 395.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 395.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 395.80 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 395.80 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 365.80 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 365.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 365.80 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 365.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 365.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 365.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 365.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 365.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 365.80 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 365.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 365.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 365.80 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 365.80 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 335.80 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 335.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 335.80 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 335.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 335.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 335.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 335.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 335.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 335.80 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 335.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 335.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 335.80 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 335.80 52.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 440.8 m 236 440.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 440.8 m 240 440.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 440.8 m 287 440.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 440.8 m 291 440.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 440.8 m 338 440.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 440.8 m 394 440.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 440.8 m 454 440.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 440.8 m 510 440.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 440.8 m 562 440.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 425.8 m 181 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 425.8 m 236 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 425.8 m 287 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 425.8 m 338 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 425.8 m 394 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 425.8 m 454 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 425.8 m 510 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 425.8 m 562 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 335.8 m 181 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 335.8 m 236 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 335.8 m 287 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 335.8 m 338 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 335.8 m 394 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 335.8 m 510 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 320.8 m 181 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 320.8 m 236 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 335.8 m 287 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 320.8 m 287 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 335.8 m 338 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 320.8 m 338 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 335.8 m 394 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 320.8 m 394 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 335.8 m 510 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 320.8 m 510 320.8 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.65 445.57 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.15 456.09 Td (2017 Compared to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.00 445.59 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.40 456.07 Td (2016 Compared to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.00 445.57 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 199.50 430.59 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.50 430.57 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.50 430.57 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.35 430.59 Td ($ Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.70 430.59 Td (% Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 430.57 Td ($ Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.75 430.57 Td (% Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 415.57 Td (Investment advisory fees:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 400.57 Td (Separate accounts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 187.50 400.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 208.35 400.59 Td (925.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.50 400.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.35 400.57 Td (826.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 400.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.35 400.57 Td (824.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 344.50 400.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 400.59 Td (99.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.50 400.59 Td (12) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 400.59 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 400.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 400.57 Td (1.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 400.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 400.57 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 385.57 Td (Funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 200.50 385.59 Td (1,482.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 385.57 Td (1,409.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.50 385.57 Td (1,544.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 385.59 Td (73.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.75 385.59 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.85 385.57 Td (\(135.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 385.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.00 385.57 Td (\(9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 385.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 370.57 Td (Performance fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 208.35 370.59 Td (108.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.60 370.57 Td (42.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.60 370.57 Td (83.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 370.59 Td (66.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.95 370.59 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.10 370.57 Td (\(41.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 370.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 370.57 Td (\(50) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 370.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 355.57 Td (Distribution and service fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 208.35 355.59 Td (366.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.35 355.57 Td (381.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.35 355.57 Td (361.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.10 355.59 Td (\(14.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.00 355.59 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.25 355.59 Td (\(4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 355.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.60 355.57 Td (20.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 355.57 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 340.57 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 218.85 340.59 Td (4.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.85 340.57 Td (2.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.85 340.57 Td (5.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.85 340.59 Td (2.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.95 340.59 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.35 340.57 Td (\(3.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 340.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 340.57 Td (\(61) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 340.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 325.57 Td (Total Operating Revenues) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 187.50 325.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 200.50 325.59 Td (2,886.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.50 325.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 325.57 Td (2,660.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 325.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.50 325.57 Td (2,819.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 344.50 325.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.35 325.59 Td (226.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.75 325.59 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 325.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.85 325.57 Td (\(158.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 325.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.00 325.57 Td (\(6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 325.57 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 311.70 Td (n/m ) Tj ET Q q 0 0 0 rg BT 63.95 311.70 Td (- ) Tj ET Q q 0 0 0 rg BT 68.61 311.70 Td (not ) Tj ET Q q 0 0 0 rg BT 80.83 311.70 Td (meaningful) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 286.50 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 286.50 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.51 286.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 118.07 286.50 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 161.47 286.50 Td (for ) Tj ET Q q 0 0 0 rg BT 176.30 286.50 Td (the ) Tj ET Q q 0 0 0 rg BT 191.71 286.50 Td (year ) Tj ET Q q 0 0 0 rg BT 212.35 286.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 240.00 286.50 Td (March ) Tj ET Q q 0 0 0 rg BT 269.99 286.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 285.69 286.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 311.90 286.50 Td (were ) Tj ET Q q 0 0 0 rg BT 334.88 286.50 Td ($2.89 ) Tj ET Q q 0 0 0 rg BT 361.09 286.50 Td (billion, ) Tj ET Q q 0 0 0 rg BT 393.71 286.50 Td (an ) Tj ET Q q 0 0 0 rg BT 406.20 286.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 443.17 286.50 Td (of ) Tj ET Q q 0 0 0 rg BT 454.50 286.50 Td (8% ) Tj ET Q q 0 0 0 rg BT 471.08 286.50 Td (from ) Tj ET Q q 0 0 0 rg BT 494.07 286.50 Td ($2.66 ) Tj ET Q q 0 0 0 rg BT 520.27 286.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 550.27 286.50 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 273.90 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 273.90 Td (year ) Tj ET Q q 0 0 0 rg BT 84.07 273.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 110.98 273.90 Td (March ) Tj ET Q q 0 0 0 rg BT 140.22 273.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 155.18 273.90 Td (2016. ) Tj ET Q q 0 0 0 rg BT 180.64 273.90 Td ( ) Tj ET Q q 0 0 0 rg BT 182.35 273.90 Td (The ) Tj ET Q q 0 0 0 rg BT 200.51 273.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 236.74 273.90 Td (was ) Tj ET Q q 0 0 0 rg BT 254.91 273.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 295.82 273.90 Td (due ) Tj ET Q q 0 0 0 rg BT 312.81 273.90 Td (to ) Tj ET Q q 0 0 0 rg BT 322.82 273.90 Td (incremental ) Tj ET Q q 0 0 0 rg BT 374.21 273.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 413.37 273.90 Td (related ) Tj ET Q q 0 0 0 rg BT 443.77 273.90 Td (to ) Tj ET Q q 0 0 0 rg BT 453.77 273.90 Td (the ) Tj ET Q q 0 0 0 rg BT 468.44 273.90 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 520.44 273.90 Td (of ) Tj ET Q q 0 0 0 rg BT 531.02 273.90 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 261.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 86.79 261.30 Td (and ) Tj ET Q q 0 0 0 rg BT 104.83 261.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 122.54 261.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 141.17 261.30 Td (and ) Tj ET Q q 0 0 0 rg BT 159.21 261.30 Td (the ) Tj ET Q q 0 0 0 rg BT 174.92 261.30 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 216.30 261.30 Td (of ) Tj ET Q q 0 0 0 rg BT 227.93 261.30 Td (a ) Tj ET Q q 0 0 0 rg BT 235.47 261.30 Td (full ) Tj ET Q q 0 0 0 rg BT 252.94 261.30 Td (year ) Tj ET Q q 0 0 0 rg BT 273.89 261.30 Td (of ) Tj ET Q q 0 0 0 rg BT 285.51 261.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 325.71 261.30 Td (of ) Tj ET Q q 0 0 0 rg BT 337.34 261.30 Td (RARE ) Tj ET Q q 0 0 0 rg BT 368.22 261.30 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 430.87 261.30 Td (which ) Tj ET Q q 0 0 0 rg BT 459.41 261.30 Td (was ) Tj ET Q q 0 0 0 rg BT 478.62 261.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 517.65 261.30 Td (in ) Tj ET Q q 0 0 0 rg BT 528.70 261.30 Td (October ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 248.70 Td (2015. ) Tj ET Q q 0 0 0 rg BT 75.84 248.70 Td ( ) Tj ET Q q 0 0 0 rg BT 78.35 248.70 Td (T) Tj ET Q q 0 0 0 rg BT 84.03 248.70 Td (otal ) Tj ET Q q 0 0 0 rg BT 102.49 248.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 144.86 248.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 184.89 248.70 Td (for ) Tj ET Q q 0 0 0 rg BT 199.84 248.70 Td (the ) Tj ET Q q 0 0 0 rg BT 215.38 248.70 Td (year ) Tj ET Q q 0 0 0 rg BT 236.16 248.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 263.95 248.70 Td (March ) Tj ET Q q 0 0 0 rg BT 294.06 248.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 309.90 248.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 336.24 248.70 Td (included ) Tj ET Q q 0 0 0 rg BT 375.11 248.70 Td ($60.8 ) Tj ET Q q 0 0 0 rg BT 401.44 248.70 Td (million ) Tj ET Q q 0 0 0 rg BT 434.49 248.70 Td (of ) Tj ET Q q 0 0 0 rg BT 445.95 248.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 501.71 248.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 521.33 248.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 552.02 248.70 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 84.06 236.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 121.54 236.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.35 236.10 Td (are ) Tj ET Q q 0 0 0 rg BT 156.24 236.10 Td (passed ) Tj ET Q q 0 0 0 rg BT 187.30 236.10 Td (through ) Tj ET Q q 0 0 0 rg BT 223.04 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.27 236.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 282.24 236.10 Td (as ) Tj ET Q q 0 0 0 rg BT 294.06 236.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 358.07 236.10 Td (per ) Tj ET Q q 0 0 0 rg BT 374.55 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.44 236.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 416.84 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.66 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.55 236.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 493.70 236.10 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 543.12 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.19 236.10 Td (Our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 223.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.70 223.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 125.48 223.50 Td (yield, ) Tj ET Q q 0 0 0 rg BT 150.64 223.50 Td (excluding ) Tj ET Q q 0 0 0 rg BT 193.60 223.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 248.19 223.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 269.27 223.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 310.46 223.50 Td (to ) Tj ET Q q 0 0 0 rg BT 320.17 223.50 Td (39 ) Tj ET Q q 0 0 0 rg BT 332.22 223.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 354.77 223.50 Td (points ) Tj ET Q q 0 0 0 rg BT 381.99 223.50 Td (in ) Tj ET Q q 0 0 0 rg BT 391.70 223.50 Td (the ) Tj ET Q q 0 0 0 rg BT 406.08 223.50 Td (year ) Tj ET Q q 0 0 0 rg BT 425.69 223.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 452.31 223.50 Td (March ) Tj ET Q q 0 0 0 rg BT 481.26 223.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 495.93 223.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 521.10 223.50 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 210.90 Td (to ) Tj ET Q q 0 0 0 rg BT 60.90 210.90 Td (38 ) Tj ET Q q 0 0 0 rg BT 74.64 210.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 98.87 210.90 Td (points ) Tj ET Q q 0 0 0 rg BT 127.78 210.90 Td (in ) Tj ET Q q 0 0 0 rg BT 139.18 210.90 Td (the ) Tj ET Q q 0 0 0 rg BT 155.25 210.90 Td (year ) Tj ET Q q 0 0 0 rg BT 176.55 210.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 204.86 210.90 Td (March ) Tj ET Q q 0 0 0 rg BT 235.50 210.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 251.86 210.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 278.72 210.90 Td (as ) Tj ET Q q 0 0 0 rg BT 290.70 210.90 Td (average ) Tj ET Q q 0 0 0 rg BT 326.57 210.90 Td (long-term ) Tj ET Q q 0 0 0 rg BT 370.50 210.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 398.24 210.90 Td (comprised ) Tj ET Q q 0 0 0 rg BT 445.21 210.90 Td (a ) Tj ET Q q 0 0 0 rg BT 453.11 210.90 Td (higher ) Tj ET Q q 0 0 0 rg BT 483.17 210.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 531.87 210.90 Td (of ) Tj ET Q q 0 0 0 rg BT 543.86 210.90 Td (total ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 198.30 Td (average ) Tj ET Q q 0 0 0 rg BT 84.19 198.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 111.31 198.30 Td (for ) Tj ET Q q 0 0 0 rg BT 126.18 198.30 Td (the ) Tj ET Q q 0 0 0 rg BT 141.63 198.30 Td (year ) Tj ET Q q 0 0 0 rg BT 162.33 198.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 190.02 198.30 Td (March ) Tj ET Q q 0 0 0 rg BT 220.05 198.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 235.80 198.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 262.05 198.30 Td (as ) Tj ET Q q 0 0 0 rg BT 273.42 198.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 317.45 198.30 Td (to ) Tj ET Q q 0 0 0 rg BT 328.24 198.30 Td (the ) Tj ET Q q 0 0 0 rg BT 343.69 198.30 Td (year ) Tj ET Q q 0 0 0 rg BT 364.38 198.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 392.08 198.30 Td (March ) Tj ET Q q 0 0 0 rg BT 422.11 198.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 437.86 198.30 Td (2016.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 173.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.68 173.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 118.42 173.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 162.00 173.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.99 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.58 173.10 Td (year ) Tj ET Q q 0 0 0 rg BT 213.40 173.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 241.23 173.10 Td (March ) Tj ET Q q 0 0 0 rg BT 271.38 173.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.26 173.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 313.64 173.10 Td (were ) Tj ET Q q 0 0 0 rg BT 336.80 173.10 Td ($2.66 ) Tj ET Q q 0 0 0 rg BT 363.18 173.10 Td (billion, ) Tj ET Q q 0 0 0 rg BT 395.98 173.10 Td (a ) Tj ET Q q 0 0 0 rg BT 403.39 173.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 442.28 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.78 173.10 Td (6% ) Tj ET Q q 0 0 0 rg BT 470.53 173.10 Td (from ) Tj ET Q q 0 0 0 rg BT 493.70 173.10 Td ($2.82 ) Tj ET Q q 0 0 0 rg BT 520.08 173.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 550.25 173.10 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 160.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.38 160.50 Td (year ) Tj ET Q q 0 0 0 rg BT 86.50 160.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 114.62 160.50 Td (March ) Tj ET Q q 0 0 0 rg BT 145.08 160.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 161.26 160.50 Td (2015. ) Tj ET Q q 0 0 0 rg BT 187.93 160.50 Td ( ) Tj ET Q q 0 0 0 rg BT 190.76 160.50 Td (The ) Tj ET Q q 0 0 0 rg BT 210.14 160.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 249.33 160.50 Td (was ) Tj ET Q q 0 0 0 rg BT 268.71 160.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 310.84 160.50 Td (due ) Tj ET Q q 0 0 0 rg BT 329.05 160.50 Td (to ) Tj ET Q q 0 0 0 rg BT 340.27 160.50 Td (a ) Tj ET Q q 0 0 0 rg BT 347.98 160.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 387.17 160.50 Td (in ) Tj ET Q q 0 0 0 rg BT 398.39 160.50 Td (our ) Tj ET Q q 0 0 0 rg BT 415.44 160.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 458.14 160.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 494.42 160.50 Td (yield, ) Tj ET Q q 0 0 0 rg BT 521.09 160.50 Td (excluding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 147.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.33 147.90 Td (fees, ) Tj ET Q q 0 0 0 rg BT 127.64 147.90 Td (from ) Tj ET Q q 0 0 0 rg BT 150.83 147.90 Td (39 ) Tj ET Q q 0 0 0 rg BT 164.11 147.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 187.89 147.90 Td (points ) Tj ET Q q 0 0 0 rg BT 216.34 147.90 Td (to ) Tj ET Q q 0 0 0 rg BT 227.29 147.90 Td (38 ) Tj ET Q q 0 0 0 rg BT 240.57 147.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 264.35 147.90 Td (points, ) Tj ET Q q 0 0 0 rg BT 295.43 147.90 Td (a ) Tj ET Q q 0 0 0 rg BT 302.87 147.90 Td (3% ) Tj ET Q q 0 0 0 rg BT 319.65 147.90 Td (decrease ) Tj ET Q q 0 0 0 rg BT 358.56 147.90 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 147.90 Td (average ) Tj ET Q q 0 0 0 rg BT 404.32 147.90 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 434.23 147.90 Td (and ) Tj ET Q q 0 0 0 rg BT 452.17 147.90 Td (a ) Tj ET Q q 0 0 0 rg BT 459.61 147.90 Td (decrease ) Tj ET Q q 0 0 0 rg BT 498.52 147.90 Td (in ) Tj ET Q q 0 0 0 rg BT 509.47 147.90 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 135.30 Td (fees. ) Tj ET Q q 0 0 0 rg BT 71.23 135.30 Td ( ) Tj ET Q q 0 0 0 rg BT 72.95 135.30 Td (Although ) Tj ET Q q 0 0 0 rg BT 114.82 135.30 Td (average ) Tj ET Q q 0 0 0 rg BT 149.66 135.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 192.79 135.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 219.49 135.30 Td (comprised ) Tj ET Q q 0 0 0 rg BT 265.43 135.30 Td (a ) Tj ET Q q 0 0 0 rg BT 272.30 135.30 Td (higher ) Tj ET Q q 0 0 0 rg BT 301.33 135.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 349.00 135.30 Td (of ) Tj ET Q q 0 0 0 rg BT 359.95 135.30 Td (our ) Tj ET Q q 0 0 0 rg BT 376.15 135.30 Td (total ) Tj ET Q q 0 0 0 rg BT 397.01 135.30 Td (average ) Tj ET Q q 0 0 0 rg BT 431.37 135.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 458.07 135.30 Td (for ) Tj ET Q q 0 0 0 rg BT 472.52 135.30 Td (the ) Tj ET Q q 0 0 0 rg BT 487.55 135.30 Td (year ) Tj ET Q q 0 0 0 rg BT 507.82 135.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.10 135.30 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 122.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 64.72 122.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 90.45 122.70 Td (as ) Tj ET Q q 0 0 0 rg BT 101.29 122.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 144.79 122.70 Td (to ) Tj ET Q q 0 0 0 rg BT 155.05 122.70 Td (the ) Tj ET Q q 0 0 0 rg BT 169.98 122.70 Td (year ) Tj ET Q q 0 0 0 rg BT 190.14 122.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 217.31 122.70 Td (March ) Tj ET Q q 0 0 0 rg BT 246.82 122.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 262.04 122.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 287.76 122.70 Td (our ) Tj ET Q q 0 0 0 rg BT 303.86 122.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 345.61 122.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 380.93 122.70 Td (yield, ) Tj ET Q q 0 0 0 rg BT 406.65 122.70 Td (excluding ) Tj ET Q q 0 0 0 rg BT 450.16 122.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 505.31 122.70 Td (fees, ) Tj ET Q q 0 0 0 rg BT 526.93 122.70 Td (declined ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (due ) Tj ET Q q 0 0 0 rg BT 66.93 110.10 Td (to ) Tj ET Q q 0 0 0 rg BT 77.38 110.10 Td (a ) Tj ET Q q 0 0 0 rg BT 84.31 110.10 Td (less ) Tj ET Q q 0 0 0 rg BT 102.34 110.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 144.25 110.10 Td (product ) Tj ET Q q 0 0 0 rg BT 178.60 110.10 Td (mix, ) Tj ET Q q 0 0 0 rg BT 199.83 110.10 Td (with ) Tj ET Q q 0 0 0 rg BT 220.78 110.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 246.96 110.10 Td (yielding ) Tj ET Q q 0 0 0 rg BT 283.65 110.10 Td (products ) Tj ET Q q 0 0 0 rg BT 322.08 110.10 Td (comprising ) Tj ET Q q 0 0 0 rg BT 371.60 110.10 Td (a ) Tj ET Q q 0 0 0 rg BT 378.53 110.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 407.63 110.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 455.37 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.40 110.10 Td (our ) Tj ET Q q 0 0 0 rg BT 482.67 110.10 Td (total ) Tj ET Q q 0 0 0 rg BT 503.60 110.10 Td (average ) Tj ET Q q 0 0 0 rg BT 538.01 110.10 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 97.50 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 97.50 Td (the ) Tj ET Q q 0 0 0 rg BT 79.82 97.50 Td (year ) Tj ET Q q 0 0 0 rg BT 100.51 97.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.21 97.50 Td (March ) Tj ET Q q 0 0 0 rg BT 158.24 97.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.99 97.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 200.24 97.50 Td (as ) Tj ET Q q 0 0 0 rg BT 211.61 97.50 Td (compared ) Tj ET Q q 0 0 0 rg BT 255.63 97.50 Td (to ) Tj ET Q q 0 0 0 rg BT 266.43 97.50 Td (the ) Tj ET Q q 0 0 0 rg BT 281.88 97.50 Td (year ) Tj ET Q q 0 0 0 rg BT 302.57 97.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 330.27 97.50 Td (March ) Tj ET Q q 0 0 0 rg BT 360.30 97.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.05 97.50 Td (2015.) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (49) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.57 741.90 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.11 741.90 Td (Fees ) Tj ET Q q 0 0 0 rg BT 163.15 741.90 Td (from ) Tj ET Q q 0 0 0 rg BT 186.77 741.90 Td (Separate ) Tj ET Q q 0 0 0 rg BT 226.92 741.90 Td (Accounts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (For ) Tj ET Q q 0 0 0 rg BT 67.25 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 83.24 729.30 Td (year ) Tj ET Q q 0 0 0 rg BT 104.47 729.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.70 729.30 Td (March ) Tj ET Q q 0 0 0 rg BT 163.27 729.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.56 729.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 206.34 729.30 Td (Investment ) Tj ET Q q 0 0 0 rg BT 256.16 729.30 Td (advisory ) Tj ET Q q 0 0 0 rg BT 295.48 729.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 315.55 729.30 Td (from ) Tj ET Q q 0 0 0 rg BT 339.12 729.30 Td (separate ) Tj ET Q q 0 0 0 rg BT 376.68 729.30 Td (accounts ) Tj ET Q q 0 0 0 rg BT 416.58 729.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 459.38 729.30 Td ($99.1 ) Tj ET Q q 0 0 0 rg BT 486.17 729.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 522.29 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 533.62 729.30 Td ($925.2 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 84.36 716.70 Td (as ) Tj ET Q q 0 0 0 rg BT 95.01 716.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 138.30 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 148.37 716.70 Td ($826.1 ) Tj ET Q q 0 0 0 rg BT 179.14 716.70 Td (million ) Tj ET Q q 0 0 0 rg BT 211.38 716.70 Td (for ) Tj ET Q q 0 0 0 rg BT 225.52 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 240.24 716.70 Td (year ) Tj ET Q q 0 0 0 rg BT 260.21 716.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 287.18 716.70 Td (March ) Tj ET Q q 0 0 0 rg BT 316.48 716.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 331.51 716.70 Td (2016. ) Tj ET Q q 0 0 0 rg BT 357.03 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 358.93 716.70 Td (Of ) Tj ET Q q 0 0 0 rg BT 371.91 716.70 Td (this ) Tj ET Q q 0 0 0 rg BT 388.98 716.70 Td (increase, ) Tj ET Q q 0 0 0 rg BT 427.89 716.70 Td ($60.2 ) Tj ET Q q 0 0 0 rg BT 453.42 716.70 Td (million ) Tj ET Q q 0 0 0 rg BT 485.65 716.70 Td (was ) Tj ET Q q 0 0 0 rg BT 503.88 716.70 Td (due ) Tj ET Q q 0 0 0 rg BT 520.94 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 531.01 716.70 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 87.17 704.10 Td (after ) Tj ET Q q 0 0 0 rg BT 109.67 704.10 Td (it ) Tj ET Q q 0 0 0 rg BT 118.76 704.10 Td (was ) Tj ET Q q 0 0 0 rg BT 138.36 704.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 177.77 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.48 704.10 Td (April ) Tj ET Q q 0 0 0 rg BT 213.91 704.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 240.79 704.10 Td ($35.0 ) Tj ET Q q 0 0 0 rg BT 267.68 704.10 Td (million ) Tj ET Q q 0 0 0 rg BT 301.28 704.10 Td (was ) Tj ET Q q 0 0 0 rg BT 320.88 704.10 Td (due ) Tj ET Q q 0 0 0 rg BT 339.30 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.73 704.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 368.44 704.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 387.45 704.10 Td (after ) Tj ET Q q 0 0 0 rg BT 409.95 704.10 Td (it ) Tj ET Q q 0 0 0 rg BT 419.05 704.10 Td (was ) Tj ET Q q 0 0 0 rg BT 438.64 704.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 478.05 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.48 704.10 Td (May ) Tj ET Q q 0 0 0 rg BT 511.99 704.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 538.88 704.10 Td ($14.8 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (million ) Tj ET Q q 0 0 0 rg BT 82.59 691.50 Td (was ) Tj ET Q q 0 0 0 rg BT 101.67 691.50 Td (due ) Tj ET Q q 0 0 0 rg BT 119.59 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 130.51 691.50 Td (higher ) Tj ET Q q 0 0 0 rg BT 160.09 691.50 Td (average ) Tj ET Q q 0 0 0 rg BT 195.48 691.50 Td (fixed ) Tj ET Q q 0 0 0 rg BT 219.81 691.50 Td (income ) Tj ET Q q 0 0 0 rg BT 253.47 691.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 280.72 691.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 321.37 691.50 Td (by ) Tj ET Q q 0 0 0 rg BT 334.43 691.50 Td (W) Tj ET Q q 0 0 0 rg BT 343.50 691.50 Td (estern ) Tj ET Q q 0 0 0 rg BT 370.71 691.50 Td (Asset ) Tj ET Q q 0 0 0 rg BT 396.80 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 414.72 691.50 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 468.79 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 486.71 691.50 Td ($12.9 ) Tj ET Q q 0 0 0 rg BT 513.08 691.50 Td (million ) Tj ET Q q 0 0 0 rg BT 546.17 691.50 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (due ) Tj ET Q q 0 0 0 rg BT 67.53 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 78.57 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 86.11 678.90 Td (full ) Tj ET Q q 0 0 0 rg BT 103.56 678.90 Td (year ) Tj ET Q q 0 0 0 rg BT 124.50 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 136.12 678.90 Td (results ) Tj ET Q q 0 0 0 rg BT 166.41 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 178.03 678.90 Td (RARE ) Tj ET Q q 0 0 0 rg BT 208.90 678.90 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 271.54 678.90 Td (which ) Tj ET Q q 0 0 0 rg BT 300.07 678.90 Td (was ) Tj ET Q q 0 0 0 rg BT 319.27 678.90 Td (acquired ) Tj ET Q q 0 0 0 rg BT 358.29 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 369.33 678.90 Td (October ) Tj ET Q q 0 0 0 rg BT 406.02 678.90 Td (2015. ) Tj ET Q q 0 0 0 rg BT 432.52 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 435.19 678.90 Td (These ) Tj ET Q q 0 0 0 rg BT 463.13 678.90 Td (increases ) Tj ET Q q 0 0 0 rg BT 504.48 678.90 Td (were ) Tj ET Q q 0 0 0 rg BT 527.76 678.90 Td (of) Tj ET Q q 0 0 0 rg BT 536.31 678.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 554.35 678.90 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (part ) Tj ET Q q 0 0 0 rg BT 69.28 666.30 Td (by ) Tj ET Q q 0 0 0 rg BT 83.24 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 91.36 666.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 130.96 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 143.17 666.30 Td ($15.2 ) Tj ET Q q 0 0 0 rg BT 170.25 666.30 Td (million ) Tj ET Q q 0 0 0 rg BT 204.05 666.30 Td (due ) Tj ET Q q 0 0 0 rg BT 222.67 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 234.29 666.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 261.66 666.30 Td (average ) Tj ET Q q 0 0 0 rg BT 297.76 666.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 327.46 666.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 355.42 666.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 396.78 666.30 Td (by ) Tj ET Q q 0 0 0 rg BT 410.74 666.30 Td (Martin ) Tj ET Q q 0 0 0 rg BT 442.78 666.30 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 475.69 666.30 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 530.47 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 549.09 666.30 Td (QS ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (Investors ) Tj ET Q q 0 0 0 rg BT 90.62 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 108.40 653.70 Td (a ) Tj ET Q q 0 0 0 rg BT 115.69 653.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 154.45 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 165.82 653.70 Td ($1) Tj ET Q q 0 0 0 rg BT 175.93 653.70 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 191.68 653.70 Td (million ) Tj ET Q q 0 0 0 rg BT 224.65 653.70 Td (due ) Tj ET Q q 0 0 0 rg BT 242.43 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 253.22 653.70 Td (lower ) Tj ET Q q 0 0 0 rg BT 279.76 653.70 Td (average ) Tj ET Q q 0 0 0 rg BT 315.02 653.70 Td (alternative ) Tj ET Q q 0 0 0 rg BT 361.96 653.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 389.08 653.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 429.60 653.70 Td (by ) Tj ET Q q 0 0 0 rg BT 442.73 653.70 Td (legacy ) Tj ET Q q 0 0 0 rg BT 472.75 653.70 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 507.74 653.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (For ) Tj ET Q q 0 0 0 rg BT 67.56 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 83.86 628.50 Td (year ) Tj ET Q q 0 0 0 rg BT 105.40 628.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.94 628.50 Td (March ) Tj ET Q q 0 0 0 rg BT 164.81 628.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.41 628.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 208.51 628.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 258.63 628.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 298.27 628.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 318.64 628.50 Td (from ) Tj ET Q q 0 0 0 rg BT 342.52 628.50 Td (separate ) Tj ET Q q 0 0 0 rg BT 380.39 628.50 Td (accounts ) Tj ET Q q 0 0 0 rg BT 420.60 628.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 463.71 628.50 Td ($1.9 ) Tj ET Q q 0 0 0 rg BT 485.56 628.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 521.99 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 533.63 628.50 Td ($826.1 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 85.23 615.90 Td (as ) Tj ET Q q 0 0 0 rg BT 96.74 615.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 140.90 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 151.83 615.90 Td ($824.2 ) Tj ET Q q 0 0 0 rg BT 183.47 615.90 Td (million ) Tj ET Q q 0 0 0 rg BT 216.57 615.90 Td (for ) Tj ET Q q 0 0 0 rg BT 231.58 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 247.17 615.90 Td (year ) Tj ET Q q 0 0 0 rg BT 268.01 615.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 295.84 615.90 Td (March ) Tj ET Q q 0 0 0 rg BT 326.01 615.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 341.90 615.90 Td (2015. ) Tj ET Q q 0 0 0 rg BT 368.29 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 371.06 615.90 Td (Of ) Tj ET Q q 0 0 0 rg BT 384.90 615.90 Td (this ) Tj ET Q q 0 0 0 rg BT 402.84 615.90 Td (increase, ) Tj ET Q q 0 0 0 rg BT 442.62 615.90 Td ($1) Tj ET Q q 0 0 0 rg BT 452.73 615.90 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 468.62 615.90 Td (million ) Tj ET Q q 0 0 0 rg BT 501.72 615.90 Td (was ) Tj ET Q q 0 0 0 rg BT 520.81 615.90 Td (due ) Tj ET Q q 0 0 0 rg BT 538.74 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 615.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 91.02 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 102.78 603.30 Td (RARE ) Tj ET Q q 0 0 0 rg BT 133.81 603.30 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 193.96 603.30 Td (after ) Tj ET Q q 0 0 0 rg BT 216.21 603.30 Td (it ) Tj ET Q q 0 0 0 rg BT 225.06 603.30 Td (was ) Tj ET Q q 0 0 0 rg BT 244.41 603.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 283.58 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 294.76 603.30 Td (October ) Tj ET Q q 0 0 0 rg BT 331.60 603.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 358.24 603.30 Td ($8.7 ) Tj ET Q q 0 0 0 rg BT 379.64 603.30 Td (million ) Tj ET Q q 0 0 0 rg BT 412.99 603.30 Td (was ) Tj ET Q q 0 0 0 rg BT 432.34 603.30 Td (due ) Tj ET Q q 0 0 0 rg BT 450.52 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 461.71 603.30 Td (a ) Tj ET Q q 0 0 0 rg BT 469.39 603.30 Td (full ) Tj ET Q q 0 0 0 rg BT 486.99 603.30 Td (year ) Tj ET Q q 0 0 0 rg BT 508.07 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 519.84 603.30 Td (results ) Tj ET Q q 0 0 0 rg BT 550.27 603.30 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (Martin ) Tj ET Q q 0 0 0 rg BT 81.03 590.70 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 113.44 590.70 Td (which ) Tj ET Q q 0 0 0 rg BT 142.05 590.70 Td (was ) Tj ET Q q 0 0 0 rg BT 161.34 590.70 Td (acquired ) Tj ET Q q 0 0 0 rg BT 200.44 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 211.56 590.70 Td (October ) Tj ET Q q 0 0 0 rg BT 248.33 590.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 274.91 590.70 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 296.24 590.70 Td (million ) Tj ET Q q 0 0 0 rg BT 329.53 590.70 Td (was ) Tj ET Q q 0 0 0 rg BT 348.82 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 364.60 590.70 Td (result ) Tj ET Q q 0 0 0 rg BT 390.89 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 402.59 590.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 432.37 590.70 Td (average ) Tj ET Q q 0 0 0 rg BT 467.96 590.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 497.16 590.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 524.61 590.70 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.14 578.10 Td (Brandywine, ) Tj ET Q q 0 0 0 rg BT 118.23 578.10 Td ($6.9 ) Tj ET Q q 0 0 0 rg BT 138.75 578.10 Td (million ) Tj ET Q q 0 0 0 rg BT 171.23 578.10 Td (was ) Tj ET Q q 0 0 0 rg BT 189.70 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.68 578.10 Td (result ) Tj ET Q q 0 0 0 rg BT 230.15 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.04 578.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 270.00 578.10 Td (average ) Tj ET Q q 0 0 0 rg BT 304.79 578.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 328.50 578.10 Td (income ) Tj ET Q q 0 0 0 rg BT 361.55 578.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 388.20 578.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 428.24 578.10 Td (by ) Tj ET Q q 0 0 0 rg BT 440.88 578.10 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 494.35 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.65 578.10 Td ($3.1 ) Tj ET Q q 0 0 0 rg BT 532.17 578.10 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (was ) Tj ET Q q 0 0 0 rg BT 68.34 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 83.69 565.50 Td (result ) Tj ET Q q 0 0 0 rg BT 109.53 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 120.79 565.50 Td (higher ) Tj ET Q q 0 0 0 rg BT 150.13 565.50 Td (average ) Tj ET Q q 0 0 0 rg BT 185.29 565.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 212.30 565.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 252.71 565.50 Td (by ) Tj ET Q q 0 0 0 rg BT 265.73 565.50 Td (legacy ) Tj ET Q q 0 0 0 rg BT 295.64 565.50 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 330.52 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 332.86 565.50 Td (These ) Tj ET Q q 0 0 0 rg BT 360.44 565.50 Td (increases ) Tj ET Q q 0 0 0 rg BT 401.44 565.50 Td (were ) Tj ET Q q 0 0 0 rg BT 424.35 565.50 Td (substantially ) Tj ET Q q 0 0 0 rg BT 479.95 565.50 Td (of) Tj ET Q q 0 0 0 rg BT 488.51 565.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 506.18 565.50 Td (by ) Tj ET Q q 0 0 0 rg BT 519.20 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 526.37 565.50 Td (decrease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 61.39 552.90 Td ($27.7 ) Tj ET Q q 0 0 0 rg BT 88.16 552.90 Td (million ) Tj ET Q q 0 0 0 rg BT 121.65 552.90 Td (due ) Tj ET Q q 0 0 0 rg BT 139.96 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 151.27 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 167.24 552.90 Td (sale ) Tj ET Q q 0 0 0 rg BT 186.72 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 198.61 552.90 Td (LMIC ) Tj ET Q q 0 0 0 rg BT 228.01 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 239.32 552.90 Td (November ) Tj ET Q q 0 0 0 rg BT 286.78 552.90 Td (2014 ) Tj ET Q q 0 0 0 rg BT 310.93 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 329.24 552.90 Td (a ) Tj ET Q q 0 0 0 rg BT 337.05 552.90 Td (decrease ) Tj ET Q q 0 0 0 rg BT 376.33 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 388.22 552.90 Td ($6.9 ) Tj ET Q q 0 0 0 rg BT 409.74 552.90 Td (million ) Tj ET Q q 0 0 0 rg BT 443.23 552.90 Td (due ) Tj ET Q q 0 0 0 rg BT 461.53 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 472.85 552.90 Td (lower ) Tj ET Q q 0 0 0 rg BT 499.90 552.90 Td (averaged ) Tj ET Q q 0 0 0 rg BT 540.94 552.90 Td (fixed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (income ) Tj ET Q q 0 0 0 rg BT 83.03 540.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 110.15 540.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 150.68 540.30 Td (by ) Tj ET Q q 0 0 0 rg BT 163.61 540.30 Td (W) Tj ET Q q 0 0 0 rg BT 172.68 540.30 Td (estern ) Tj ET Q q 0 0 0 rg BT 199.80 540.30 Td (Asset.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.57 515.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.11 515.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 163.15 515.10 Td (from ) Tj ET Q q 0 0 0 rg BT 186.77 515.10 Td (Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (For ) Tj ET Q q 0 0 0 rg BT 66.79 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 82.32 502.50 Td (year ) Tj ET Q q 0 0 0 rg BT 103.10 502.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.87 502.50 Td (March ) Tj ET Q q 0 0 0 rg BT 160.98 502.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.81 502.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 203.14 502.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 252.50 502.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 291.37 502.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 310.98 502.50 Td (from ) Tj ET Q q 0 0 0 rg BT 334.09 502.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 360.13 502.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 402.48 502.50 Td ($73.0 ) Tj ET Q q 0 0 0 rg BT 428.81 502.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 464.47 502.50 Td (or ) Tj ET Q q 0 0 0 rg BT 475.92 502.50 Td (5%, ) Tj ET Q q 0 0 0 rg BT 495.25 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 506.12 502.50 Td ($1.48 ) Tj ET Q q 0 0 0 rg BT 532.45 502.50 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (as ) Tj ET Q q 0 0 0 rg BT 60.51 489.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 104.18 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 114.61 489.90 Td ($1.41 ) Tj ET Q q 0 0 0 rg BT 140.51 489.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 170.19 489.90 Td (for ) Tj ET Q q 0 0 0 rg BT 184.70 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 199.80 489.90 Td (year ) Tj ET Q q 0 0 0 rg BT 220.14 489.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 247.47 489.90 Td (March ) Tj ET Q q 0 0 0 rg BT 277.15 489.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 292.54 489.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 318.43 489.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 359.77 489.90 Td (due ) Tj ET Q q 0 0 0 rg BT 377.20 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 387.64 489.90 Td (increases ) Tj ET Q q 0 0 0 rg BT 428.38 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 439.40 489.90 Td ($125.3 ) Tj ET Q q 0 0 0 rg BT 470.54 489.90 Td (million ) Tj ET Q q 0 0 0 rg BT 503.14 489.90 Td (due ) Tj ET Q q 0 0 0 rg BT 520.57 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 531.01 489.90 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 86.50 477.30 Td (after ) Tj ET Q q 0 0 0 rg BT 108.32 477.30 Td (it ) Tj ET Q q 0 0 0 rg BT 116.74 477.30 Td (was ) Tj ET Q q 0 0 0 rg BT 135.66 477.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 174.40 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 184.58 477.30 Td (April ) Tj ET Q q 0 0 0 rg BT 209.34 477.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 235.55 477.30 Td ($63.6 ) Tj ET Q q 0 0 0 rg BT 261.77 477.30 Td (million ) Tj ET Q q 0 0 0 rg BT 294.69 477.30 Td (due ) Tj ET Q q 0 0 0 rg BT 312.44 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 323.20 477.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 340.91 477.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 359.25 477.30 Td (after ) Tj ET Q q 0 0 0 rg BT 381.07 477.30 Td (it ) Tj ET Q q 0 0 0 rg BT 389.49 477.30 Td (was ) Tj ET Q q 0 0 0 rg BT 408.41 477.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 447.15 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 457.91 477.30 Td (May ) Tj ET Q q 0 0 0 rg BT 479.74 477.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 505.96 477.30 Td ($22.0 ) Tj ET Q q 0 0 0 rg BT 532.17 477.30 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (due ) Tj ET Q q 0 0 0 rg BT 66.67 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 76.85 464.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 105.69 464.70 Td (average ) Tj ET Q q 0 0 0 rg BT 140.34 464.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 168.59 464.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 195.10 464.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 235.01 464.70 Td (by ) Tj ET Q q 0 0 0 rg BT 247.52 464.70 Td (Martin ) Tj ET Q q 0 0 0 rg BT 278.11 464.70 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 309.58 464.70 Td ($13.7 ) Tj ET Q q 0 0 0 rg BT 335.21 464.70 Td (million ) Tj ET Q q 0 0 0 rg BT 367.56 464.70 Td (due ) Tj ET Q q 0 0 0 rg BT 384.73 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 394.91 464.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 413.83 464.70 Td (from ) Tj ET Q q 0 0 0 rg BT 436.25 464.70 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 473.85 464.70 Td (assets, ) Tj ET Q q 0 0 0 rg BT 502.98 464.70 Td (lar) Tj ET Q q 0 0 0 rg BT 513.87 464.70 Td (gely ) Tj ET Q q 0 0 0 rg BT 533.96 464.70 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.66 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 68.31 452.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 110.96 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.12 452.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 137.92 452.10 Td (waivers ) Tj ET Q q 0 0 0 rg BT 173.57 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 187.06 452.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 225.64 452.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 251.97 452.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 292.86 452.10 Td (by ) Tj ET Q q 0 0 0 rg BT 306.13 452.10 Td (W) Tj ET Q q 0 0 0 rg BT 315.20 452.10 Td (estern ) Tj ET Q q 0 0 0 rg BT 342.61 452.10 Td (Asset, ) Tj ET Q q 0 0 0 rg BT 371.56 452.10 Td ($9.7 ) Tj ET Q q 0 0 0 rg BT 392.92 452.10 Td (million ) Tj ET Q q 0 0 0 rg BT 426.25 452.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 468.32 452.10 Td (due ) Tj ET Q q 0 0 0 rg BT 486.47 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.63 452.10 Td (including ) Tj ET Q q 0 0 0 rg BT 540.29 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 547.94 452.10 Td (full ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (year ) Tj ET Q q 0 0 0 rg BT 69.91 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 80.99 439.50 Td (results ) Tj ET Q q 0 0 0 rg BT 110.75 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 113.09 439.50 Td (for ) Tj ET Q q 0 0 0 rg BT 127.67 439.50 Td (RARE ) Tj ET Q q 0 0 0 rg BT 158.01 439.50 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 220.11 439.50 Td (which ) Tj ET Q q 0 0 0 rg BT 248.11 439.50 Td (was ) Tj ET Q q 0 0 0 rg BT 266.78 439.50 Td (acquired ) Tj ET Q q 0 0 0 rg BT 305.27 439.50 Td (in ) Tj ET Q q 0 0 0 rg BT 315.78 439.50 Td (October ) Tj ET Q q 0 0 0 rg BT 351.93 439.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 377.90 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 395.40 439.50 Td ($6.0 ) Tj ET Q q 0 0 0 rg BT 416.11 439.50 Td (million ) Tj ET Q q 0 0 0 rg BT 448.79 439.50 Td (due ) Tj ET Q q 0 0 0 rg BT 466.29 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 476.80 439.50 Td (higher ) Tj ET Q q 0 0 0 rg BT 505.96 439.50 Td (average ) Tj ET Q q 0 0 0 rg BT 540.94 439.50 Td (fixed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (income ) Tj ET Q q 0 0 0 rg BT 83.27 426.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 110.64 426.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 151.40 426.90 Td (by ) Tj ET Q q 0 0 0 rg BT 164.56 426.90 Td (W) Tj ET Q q 0 0 0 rg BT 173.63 426.90 Td (estern ) Tj ET Q q 0 0 0 rg BT 200.94 426.90 Td (Asset. ) Tj ET Q q 0 0 0 rg BT 229.76 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 232.42 426.90 Td (These ) Tj ET Q q 0 0 0 rg BT 260.36 426.90 Td (increases ) Tj ET Q q 0 0 0 rg BT 301.71 426.90 Td (were ) Tj ET Q q 0 0 0 rg BT 324.97 426.90 Td (of) Tj ET Q q 0 0 0 rg BT 333.53 426.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 351.56 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 362.59 426.90 Td (part ) Tj ET Q q 0 0 0 rg BT 381.78 426.90 Td (by ) Tj ET Q q 0 0 0 rg BT 395.15 426.90 Td (decreases ) Tj ET Q q 0 0 0 rg BT 438.24 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 449.85 426.90 Td ($84.7 ) Tj ET Q q 0 0 0 rg BT 476.34 426.90 Td (million ) Tj ET Q q 0 0 0 rg BT 509.54 426.90 Td (due ) Tj ET Q q 0 0 0 rg BT 527.57 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 538.60 426.90 Td (lower ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (average ) Tj ET Q q 0 0 0 rg BT 84.70 414.30 Td (alternative ) Tj ET Q q 0 0 0 rg BT 131.58 414.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 158.64 414.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 199.10 414.30 Td (by ) Tj ET Q q 0 0 0 rg BT 212.16 414.30 Td (legacy ) Tj ET Q q 0 0 0 rg BT 242.13 414.30 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 277.06 414.30 Td ($73.5 ) Tj ET Q q 0 0 0 rg BT 303.25 414.30 Td (million ) Tj ET Q q 0 0 0 rg BT 336.15 414.30 Td (due ) Tj ET Q q 0 0 0 rg BT 353.87 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 364.60 414.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 391.07 414.30 Td (average ) Tj ET Q q 0 0 0 rg BT 426.28 414.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 455.08 414.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 482.15 414.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 522.61 414.30 Td (by ) Tj ET Q q 0 0 0 rg BT 535.67 414.30 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 401.70 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 123.85 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 141.64 401.70 Td ($1) Tj ET Q q 0 0 0 rg BT 151.75 401.70 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 167.50 401.70 Td (million ) Tj ET Q q 0 0 0 rg BT 200.46 401.70 Td (due ) Tj ET Q q 0 0 0 rg BT 218.25 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 229.04 401.70 Td (lower ) Tj ET Q q 0 0 0 rg BT 255.57 401.70 Td (average ) Tj ET Q q 0 0 0 rg BT 290.84 401.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 315.04 401.70 Td (income ) Tj ET Q q 0 0 0 rg BT 348.57 401.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 375.69 401.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 416.21 401.70 Td (by ) Tj ET Q q 0 0 0 rg BT 429.34 401.70 Td (Brandywine. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (For ) Tj ET Q q 0 0 0 rg BT 66.42 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 81.59 376.50 Td (year ) Tj ET Q q 0 0 0 rg BT 101.99 376.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.40 376.50 Td (March ) Tj ET Q q 0 0 0 rg BT 159.14 376.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.60 376.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 200.56 376.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 249.56 376.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 288.05 376.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 307.29 376.50 Td (from ) Tj ET Q q 0 0 0 rg BT 330.04 376.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 355.71 376.50 Td (decreased ) Tj ET Q q 0 0 0 rg BT 399.43 376.50 Td ($135.5 ) Tj ET Q q 0 0 0 rg BT 430.65 376.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 465.94 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 477.03 376.50 Td (9%, ) Tj ET Q q 0 0 0 rg BT 495.98 376.50 Td (to ) Tj ET Q q 0 0 0 rg BT 506.49 376.50 Td ($1.41 ) Tj ET Q q 0 0 0 rg BT 532.45 376.50 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 60.56 363.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 104.27 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 114.75 363.90 Td ($1.54 ) Tj ET Q q 0 0 0 rg BT 140.69 363.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 170.42 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 184.97 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 200.11 363.90 Td (year ) Tj ET Q q 0 0 0 rg BT 220.49 363.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 247.88 363.90 Td (March ) Tj ET Q q 0 0 0 rg BT 277.60 363.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 293.03 363.90 Td (2015. ) Tj ET Q q 0 0 0 rg BT 318.97 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 321.28 363.90 Td (Of ) Tj ET Q q 0 0 0 rg BT 334.67 363.90 Td (this ) Tj ET Q q 0 0 0 rg BT 352.16 363.90 Td (decrease, ) Tj ET Q q 0 0 0 rg BT 393.23 363.90 Td ($104.9 ) Tj ET Q q 0 0 0 rg BT 424.42 363.90 Td (million ) Tj ET Q q 0 0 0 rg BT 457.07 363.90 Td (was ) Tj ET Q q 0 0 0 rg BT 475.71 363.90 Td (due ) Tj ET Q q 0 0 0 rg BT 493.19 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 503.67 363.90 Td (lower ) Tj ET Q q 0 0 0 rg BT 529.89 363.90 Td (average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.32 351.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 103.40 351.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 142.88 351.30 Td (by ) Tj ET Q q 0 0 0 rg BT 154.95 351.30 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 185.98 351.30 Td ($43.9 ) Tj ET Q q 0 0 0 rg BT 211.18 351.30 Td (million ) Tj ET Q q 0 0 0 rg BT 243.10 351.30 Td (was ) Tj ET Q q 0 0 0 rg BT 261.01 351.30 Td (due ) Tj ET Q q 0 0 0 rg BT 277.74 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 287.49 351.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 312.98 351.30 Td (average ) Tj ET Q q 0 0 0 rg BT 347.19 351.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 373.27 351.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 412.74 351.30 Td (by ) Tj ET Q q 0 0 0 rg BT 424.82 351.30 Td (legacy ) Tj ET Q q 0 0 0 rg BT 453.80 351.30 Td (Permal ) Tj ET Q q 0 0 0 rg BT 485.12 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 501.86 351.30 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td ($28 ) Tj ET Q q 0 0 0 rg BT 67.65 338.70 Td (million ) Tj ET Q q 0 0 0 rg BT 100.40 338.70 Td (was ) Tj ET Q q 0 0 0 rg BT 119.13 338.70 Td (related ) Tj ET Q q 0 0 0 rg BT 150.10 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 160.67 338.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 200.39 338.70 Td (which, ) Tj ET Q q 0 0 0 rg BT 231.08 338.70 Td (due ) Tj ET Q q 0 0 0 rg BT 248.65 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 259.22 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 266.29 338.70 Td (change ) Tj ET Q q 0 0 0 rg BT 298.42 338.70 Td (in ) Tj ET Q q 0 0 0 rg BT 309.00 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 324.23 338.70 Td (distributor ) Tj ET Q q 0 0 0 rg BT 370.38 338.70 Td (for ) Tj ET Q q 0 0 0 rg BT 385.03 338.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 416.00 338.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 441.74 338.70 Td (in ) Tj ET Q q 0 0 0 rg BT 452.31 338.70 Td (May ) Tj ET Q q 0 0 0 rg BT 473.96 338.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 499.99 338.70 Td (were ) Tj ET Q q 0 0 0 rg BT 522.80 338.70 Td (no ) Tj ET Q q 0 0 0 rg BT 535.70 338.70 Td (longer ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (included ) Tj ET Q q 0 0 0 rg BT 88.00 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.50 326.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 137.01 326.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 152.16 326.10 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 190.36 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.70 326.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 235.86 326.10 Td (related ) Tj ET Q q 0 0 0 rg BT 266.76 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.27 326.10 Td (these ) Tj ET Q q 0 0 0 rg BT 301.19 326.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 326.86 326.10 Td (were ) Tj ET Q q 0 0 0 rg BT 349.60 326.10 Td (included ) Tj ET Q q 0 0 0 rg BT 388.10 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.61 326.10 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 451.70 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.20 326.10 Td (service ) Tj ET Q q 0 0 0 rg BT 501.27 326.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 520.52 326.10 Td (beginning ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 59.82 313.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 84.72 313.50 Td (2016. ) Tj ET Q q 0 0 0 rg BT 110.50 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 313.50 Td (These ) Tj ET Q q 0 0 0 rg BT 139.73 313.50 Td (decreases ) Tj ET Q q 0 0 0 rg BT 182.11 313.50 Td (were ) Tj ET Q q 0 0 0 rg BT 204.66 313.50 Td (of) Tj ET Q q 0 0 0 rg BT 213.22 313.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 230.54 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 240.86 313.50 Td (part ) Tj ET Q q 0 0 0 rg BT 259.34 313.50 Td (by ) Tj ET Q q 0 0 0 rg BT 272.00 313.50 Td (an ) Tj ET Q q 0 0 0 rg BT 284.06 313.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 320.61 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 331.51 313.50 Td ($28.8 ) Tj ET Q q 0 0 0 rg BT 357.29 313.50 Td (million ) Tj ET Q q 0 0 0 rg BT 389.79 313.50 Td (due ) Tj ET Q q 0 0 0 rg BT 407.10 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 417.43 313.50 Td (higher ) Tj ET Q q 0 0 0 rg BT 446.41 313.50 Td (average ) Tj ET Q q 0 0 0 rg BT 481.20 313.50 Td (fixed ) Tj ET Q q 0 0 0 rg BT 504.93 313.50 Td (income ) Tj ET Q q 0 0 0 rg BT 537.99 313.50 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 89.96 300.90 Td (by ) Tj ET Q q 0 0 0 rg BT 102.83 300.90 Td (W) Tj ET Q q 0 0 0 rg BT 111.90 300.90 Td (estern ) Tj ET Q q 0 0 0 rg BT 138.97 300.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 164.86 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 182.58 300.90 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 236.46 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 254.18 300.90 Td (a ) Tj ET Q q 0 0 0 rg BT 261.40 300.90 Td (net ) Tj ET Q q 0 0 0 rg BT 276.78 300.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 313.74 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 325.04 300.90 Td ($18.3 ) Tj ET Q q 0 0 0 rg BT 351.23 300.90 Td (million ) Tj ET Q q 0 0 0 rg BT 384.12 300.90 Td (in ) Tj ET Q q 0 0 0 rg BT 394.85 300.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 414.31 300.90 Td (from ) Tj ET Q q 0 0 0 rg BT 437.28 300.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 475.43 300.90 Td (assets, ) Tj ET Q q 0 0 0 rg BT 505.11 300.90 Td (lar) Tj ET Q q 0 0 0 rg BT 515.99 300.90 Td (gely ) Tj ET Q q 0 0 0 rg BT 536.63 300.90 Td (due ) Tj ET Q q 0 0 0 rg BT 554.35 300.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (a ) Tj ET Q q 0 0 0 rg BT 56.79 288.30 Td (reduction ) Tj ET Q q 0 0 0 rg BT 99.06 288.30 Td (in ) Tj ET Q q 0 0 0 rg BT 109.86 288.30 Td (fee ) Tj ET Q q 0 0 0 rg BT 125.30 288.30 Td (waivers ) Tj ET Q q 0 0 0 rg BT 160.58 288.30 Td (on ) Tj ET Q q 0 0 0 rg BT 173.70 288.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 211.92 288.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 237.87 288.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 278.40 288.30 Td (by ) Tj ET Q q 0 0 0 rg BT 291.33 288.30 Td (W) Tj ET Q q 0 0 0 rg BT 300.40 288.30 Td (estern ) Tj ET Q q 0 0 0 rg BT 327.52 288.30 Td (Asset.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.57 263.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.11 263.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 199.31 263.10 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (Of ) Tj ET Q q 0 0 0 rg BT 62.60 250.50 Td (our ) Tj ET Q q 0 0 0 rg BT 78.61 250.50 Td (total ) Tj ET Q q 0 0 0 rg BT 98.85 250.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 125.37 250.50 Td (as ) Tj ET Q q 0 0 0 rg BT 136.13 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 146.90 250.50 Td (March ) Tj ET Q q 0 0 0 rg BT 176.32 250.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 191.46 250.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 217.10 250.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 242.75 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 259.92 250.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 285.57 250.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 348.23 250.50 Td (1) Tj ET Q q 0 0 0 rg BT 353.09 250.50 Td (1%, ) Tj ET Q q 0 0 0 rg BT 371.73 250.50 Td (7%, ) Tj ET Q q 0 0 0 rg BT 390.37 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 407.55 250.50 Td (7% ) Tj ET Q q 0 0 0 rg BT 423.56 250.50 Td (was ) Tj ET Q q 0 0 0 rg BT 441.91 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 452.10 250.50 Td (accounts ) Tj ET Q q 0 0 0 rg BT 490.85 250.50 Td (that ) Tj ET Q q 0 0 0 rg BT 508.61 250.50 Td (were ) Tj ET Q q 0 0 0 rg BT 531.03 250.50 Td (eligible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 59.51 237.90 Td (earn ) Tj ET Q q 0 0 0 rg BT 79.41 237.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 134.30 237.90 Td (fees. ) Tj ET Q q 0 0 0 rg BT 155.67 237.90 Td ( ) Tj ET Q q 0 0 0 rg BT 157.51 237.90 Td (For ) Tj ET Q q 0 0 0 rg BT 173.94 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 188.60 237.90 Td (year ) Tj ET Q q 0 0 0 rg BT 208.51 237.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 235.42 237.90 Td (March ) Tj ET Q q 0 0 0 rg BT 264.67 237.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 279.63 237.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 305.09 237.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 353.59 237.90 Td (advisory ) Tj ET Q q 0 0 0 rg BT 391.59 237.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 446.48 237.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 465.22 237.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 506.71 237.90 Td ($66.3 ) Tj ET Q q 0 0 0 rg BT 532.17 237.90 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 61.36 225.30 Td ($108.3 ) Tj ET Q q 0 0 0 rg BT 93.93 225.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 130.58 225.30 Td (as ) Tj ET Q q 0 0 0 rg BT 143.02 225.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 188.10 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 199.96 225.30 Td ($42.0 ) Tj ET Q q 0 0 0 rg BT 227.28 225.30 Td (million ) Tj ET Q q 0 0 0 rg BT 261.31 225.30 Td (for ) Tj ET Q q 0 0 0 rg BT 277.24 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 293.76 225.30 Td (year ) Tj ET Q q 0 0 0 rg BT 315.52 225.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 344.29 225.30 Td (March ) Tj ET Q q 0 0 0 rg BT 375.38 225.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 392.20 225.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 419.51 225.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 462.28 225.30 Td (due ) Tj ET Q q 0 0 0 rg BT 481.13 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 492.99 225.30 Td ($60.8 ) Tj ET Q q 0 0 0 rg BT 520.31 225.30 Td (million ) Tj ET Q q 0 0 0 rg BT 554.33 225.30 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.97 212.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 124.30 212.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 154.70 212.70 Td (by ) Tj ET Q q 0 0 0 rg BT 167.63 212.70 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 201.55 212.70 Td (Partners ) Tj ET Q q 0 0 0 rg BT 238.38 212.70 Td (on ) Tj ET Q q 0 0 0 rg BT 251.30 212.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 278.23 212.70 Td (invested ) Tj ET Q q 0 0 0 rg BT 315.64 212.70 Td (with ) Tj ET Q q 0 0 0 rg BT 336.73 212.70 Td (them ) Tj ET Q q 0 0 0 rg BT 360.15 212.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 382.99 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 393.58 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 408.83 212.70 Td (closing ) Tj ET Q q 0 0 0 rg BT 441.59 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 451.64 212.70 Td (April ) Tj ET Q q 0 0 0 rg BT 476.23 212.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 502.28 212.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 521.61 212.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 552.01 212.70 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 200.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 85.98 200.10 Td (which ) Tj ET Q q 0 0 0 rg BT 114.67 200.10 Td (was ) Tj ET Q q 0 0 0 rg BT 134.02 200.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 173.19 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.38 200.10 Td (May ) Tj ET Q q 0 0 0 rg BT 206.65 200.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 233.29 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.48 200.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 281.32 200.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 301.25 200.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 332.25 200.10 Td (on ) Tj ET Q q 0 0 0 rg BT 345.77 200.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 373.29 200.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 414.22 200.10 Td (by ) Tj ET Q q 0 0 0 rg BT 427.74 200.10 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 482.08 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.05 200.10 Td (W) Tj ET Q q 0 0 0 rg BT 509.12 200.10 Td (estern ) Tj ET Q q 0 0 0 rg BT 536.54 200.10 Td (Asset, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 187.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 76.39 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 87.73 187.50 Td (part ) Tj ET Q q 0 0 0 rg BT 107.23 187.50 Td (by ) Tj ET Q q 0 0 0 rg BT 120.90 187.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 147.98 187.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 168.06 187.50 Td (earned ) Tj ET Q q 0 0 0 rg BT 199.21 187.50 Td (on ) Tj ET Q q 0 0 0 rg BT 212.88 187.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 240.55 187.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 281.62 187.50 Td (by ) Tj ET Q q 0 0 0 rg BT 295.29 187.50 Td (legacy ) Tj ET Q q 0 0 0 rg BT 325.87 187.50 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 361.41 187.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 364.58 194.78 200.54 -9.55 re f /GS0 gs q 0 0 0 rg BT 364.58 187.50 Td (Performance ) Tj ET Q q 0 0 0 rg BT 421.39 187.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 441.47 187.50 Td (earned ) Tj ET Q q 0 0 0 rg BT 472.62 187.50 Td (on ) Tj ET Q q 0 0 0 rg BT 486.29 187.50 Td (pre-close ) Tj ET Q q 0 0 0 rg BT 527.24 187.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 554.92 187.50 Td (at ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 182.18 189.93 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 174.90 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 83.76 174.90 Td (Partners ) Tj ET Q q 0 0 0 rg BT 120.93 174.90 Td (\(which ) Tj ET Q q 0 0 0 rg BT 152.85 174.90 Td (accounts ) Tj ET Q q 0 0 0 rg BT 192.35 174.90 Td (for ) Tj ET Q q 0 0 0 rg BT 207.36 174.90 Td (approxi) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.43 174.90 Td (mately ) Tj ET Q q 0 0 0 rg BT 270.77 174.90 Td (35% ) Tj ET Q q 0 0 0 rg BT 292.78 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 304.29 174.90 Td (our ) Tj ET Q q 0 0 0 rg BT 321.05 174.90 Td (performanc) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 369.44 182.18 195.70 -9.55 re f /GS0 gs q 0 0 0 rg BT 369.44 174.90 Td (e ) Tj ET Q q 0 0 0 rg BT 376.87 174.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 392.45 174.90 Td (eligible ) Tj ET Q q 0 0 0 rg BT 426.09 174.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 453.36 174.90 Td (as ) Tj ET Q q 0 0 0 rg BT 464.87 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 476.38 174.90 Td (March ) Tj ET Q q 0 0 0 rg BT 506.55 174.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 522.44 174.90 Td (2017\) ) Tj ET Q q 0 0 0 rg BT 549.70 174.90 Td (are ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 169.58 515.63 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 162.30 Td (fully ) Tj ET Q q 0 0 0 rg BT 71.82 162.30 Td (passed ) Tj ET Q q 0 0 0 rg BT 102.30 162.30 Td (through ) Tj ET Q q 0 0 0 rg BT 137.45 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 148.10 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 163.41 162.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 197.39 162.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 234.29 162.30 Td (management ) Tj ET Q q 0 0 0 rg BT 290.42 162.30 Td (team, ) Tj ET Q q 0 0 0 rg BT 315.93 162.30 Td (per ) Tj ET Q q 0 0 0 rg BT 331.83 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 347.14 162.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 372.95 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 384.19 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 399.50 162.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 448.06 162.30 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 496.90 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 514.54 162.30 Td (recorded ) Tj ET Q q 0 0 0 rg BT 553.75 162.30 Td (as ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 156.98 515.63 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 149.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 111.22 149.70 Td (expense, ) Tj ET Q q 0 0 0 rg BT 151.06 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 169.62 149.70 Td (therefore ) Tj ET Q q 0 0 0 rg BT 210.91 149.70 Td (have ) Tj ET Q q 0 0 0 rg BT 234.13 149.70 Td (no ) Tj ET Q q 0 0 0 rg BT 248.03 149.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 280.00 149.70 Td (on ) Tj ET Q q 0 0 0 rg BT 293.90 149.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 312.46 149.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 347.35 149.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 376.83 149.70 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 430.97 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 442.53 149.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 467.51 149.70 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 502.12 149.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 521.55 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 524.70 149.70 Td (The ) Tj ET Q q 0 0 0 rg BT 544.43 149.70 Td (pass ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 144.38 515.62 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 137.10 Td (through ) Tj ET Q q 0 0 0 rg BT 84.49 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.56 137.10 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 129.38 137.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 166.12 137.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 221.50 137.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 240.73 137.10 Td (only ) Tj ET Q q 0 0 0 rg BT 261.72 137.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 293.79 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.28 137.10 Td (historic ) Tj ET Q q 0 0 0 rg BT 337.59 137.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 364.42 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.91 137.10 Td (place ) Tj ET Q q 0 0 0 rg BT 399.39 137.10 Td (as ) Tj ET Q q 0 0 0 rg BT 410.46 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.53 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.69 137.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 469.35 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.42 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.57 137.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 546.60 137.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.76 137.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.83 137.10 Td (e ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 131.78 402.38 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 124.50 Td (expect ) Tj ET Q q 0 0 0 rg BT 79.52 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 94.98 124.50 Td (pass ) Tj ET Q q 0 0 0 rg BT 115.69 124.50 Td (through ) Tj ET Q q 0 0 0 rg BT 150.98 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 162.35 124.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 218.02 124.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 237.55 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 248.34 124.50 Td (phase ) Tj ET Q q 0 0 0 rg BT 274.88 124.50 Td (out ) Tj ET Q q 0 0 0 rg BT 290.92 124.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 354.19 124.50 Td (five ) Tj ET Q q 0 0 0 rg BT 373.14 124.50 Td (years ) Tj ET Q q 0 0 0 rg BT 397.92 124.50 Td (post-closing.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (For ) Tj ET Q q 0 0 0 rg BT 67.42 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 83.58 99.30 Td (year ) Tj ET Q q 0 0 0 rg BT 104.98 99.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.39 99.30 Td (March ) Tj ET Q q 0 0 0 rg BT 164.13 99.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.59 99.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 207.55 99.30 Td (Investment ) Tj ET Q q 0 0 0 rg BT 257.54 99.30 Td (advisory ) Tj ET Q q 0 0 0 rg BT 297.03 99.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 353.42 99.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 373.65 99.30 Td (decreased ) Tj ET Q q 0 0 0 rg BT 418.37 99.30 Td ($41.5 ) Tj ET Q q 0 0 0 rg BT 445.33 99.30 Td (million ) Tj ET Q q 0 0 0 rg BT 479.00 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 490.51 99.30 Td ($42.0 ) Tj ET Q q 0 0 0 rg BT 517.46 99.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.76 99.30 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 94.17 86.70 Td (to ) Tj ET Q q 0 0 0 rg BT 105.61 86.70 Td ($83.5 ) Tj ET Q q 0 0 0 rg BT 132.51 86.70 Td (million ) Tj ET Q q 0 0 0 rg BT 166.12 86.70 Td (for ) Tj ET Q q 0 0 0 rg BT 181.63 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 197.73 86.70 Td (year ) Tj ET Q q 0 0 0 rg BT 219.07 86.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 247.42 86.70 Td (March ) Tj ET Q q 0 0 0 rg BT 278.09 86.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 294.49 86.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 321.39 86.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 363.73 86.70 Td (due ) Tj ET Q q 0 0 0 rg BT 382.17 86.70 Td (to ) Tj ET Q q 0 0 0 rg BT 393.61 86.70 Td (lower ) Tj ET Q q 0 0 0 rg BT 420.79 86.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 440.96 86.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 472.21 86.70 Td (on ) Tj ET Q q 0 0 0 rg BT 485.99 86.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 513.76 86.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 554.93 86.70 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (legacy ) Tj ET Q q 0 0 0 rg BT 79.52 74.10 Td (Permal ) Tj ET Q q 0 0 0 rg BT 111.89 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.68 74.10 Td (Brandywine. ) Tj ET Q endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (50) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 104.65 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 123.61 741.90 Td (Service ) Tj ET Q q 0 0 0 rg BT 157.72 741.90 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (For ) Tj ET Q q 0 0 0 rg BT 67.44 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 83.62 729.30 Td (year ) Tj ET Q q 0 0 0 rg BT 105.03 729.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.46 729.30 Td (March ) Tj ET Q q 0 0 0 rg BT 164.21 729.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.69 729.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 207.66 729.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 261.77 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 280.28 729.30 Td (service ) Tj ET Q q 0 0 0 rg BT 313.36 729.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 333.62 729.30 Td (decreased ) Tj ET Q q 0 0 0 rg BT 378.35 729.30 Td ($14.8 ) Tj ET Q q 0 0 0 rg BT 405.33 729.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 441.64 729.30 Td (or ) Tj ET Q q 0 0 0 rg BT 453.74 729.30 Td (4%, ) Tj ET Q q 0 0 0 rg BT 473.71 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 485.23 729.30 Td ($366.7 ) Tj ET Q q 0 0 0 rg BT 517.45 729.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.77 729.30 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 93.97 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 105.21 716.70 Td ($381.5 ) Tj ET Q q 0 0 0 rg BT 137.16 716.70 Td (million ) Tj ET Q q 0 0 0 rg BT 170.57 716.70 Td (for ) Tj ET Q q 0 0 0 rg BT 185.89 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 201.80 716.70 Td (year ) Tj ET Q q 0 0 0 rg BT 222.94 716.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 251.08 716.70 Td (March ) Tj ET Q q 0 0 0 rg BT 281.56 716.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 297.76 716.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 324.46 716.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 366.61 716.70 Td (due ) Tj ET Q q 0 0 0 rg BT 384.85 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 396.09 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 403.82 716.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 443.03 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 454.86 716.70 Td ($21.6 ) Tj ET Q q 0 0 0 rg BT 481.56 716.70 Td (million ) Tj ET Q q 0 0 0 rg BT 514.97 716.70 Td (related ) Tj ET Q q 0 0 0 rg BT 546.61 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 557.85 716.70 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 82.20 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.75 704.10 Td (average ) Tj ET Q q 0 0 0 rg BT 127.78 704.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 159.33 704.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 180.43 704.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 207.32 704.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 239.45 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.00 704.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 300.81 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.35 704.10 Td (service ) Tj ET Q q 0 0 0 rg BT 350.47 704.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 372.39 704.10 Td (of) Tj ET Q q 0 0 0 rg BT 380.94 704.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 398.49 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.04 704.10 Td (part ) Tj ET Q q 0 0 0 rg BT 427.75 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 440.64 704.10 Td (an ) Tj ET Q q 0 0 0 rg BT 452.93 704.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 489.71 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.84 704.10 Td ($9.4 ) Tj ET Q q 0 0 0 rg BT 521.60 704.10 Td (million ) Tj ET Q q 0 0 0 rg BT 554.33 704.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (advisement ) Tj ET Q q 0 0 0 rg BT 99.95 691.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 119.48 691.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 165.25 691.50 Td (with ) Tj ET Q q 0 0 0 rg BT 186.54 691.50 Td (our ) Tj ET Q q 0 0 0 rg BT 202.59 691.50 Td (AUA. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (For ) Tj ET Q q 0 0 0 rg BT 67.53 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 83.80 666.30 Td (year ) Tj ET Q q 0 0 0 rg BT 105.31 666.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.82 666.30 Td (March ) Tj ET Q q 0 0 0 rg BT 164.67 666.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.23 666.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 208.30 666.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 262.49 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 281.09 666.30 Td (service ) Tj ET Q q 0 0 0 rg BT 314.27 666.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 334.61 666.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 377.70 666.30 Td ($20.3 ) Tj ET Q q 0 0 0 rg BT 404.77 666.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 441.17 666.30 Td (or ) Tj ET Q q 0 0 0 rg BT 453.36 666.30 Td (6%, ) Tj ET Q q 0 0 0 rg BT 473.42 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 485.03 666.30 Td ($381.5 ) Tj ET Q q 0 0 0 rg BT 517.35 666.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.75 666.30 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 92.83 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 102.92 653.70 Td ($361.2 ) Tj ET Q q 0 0 0 rg BT 133.73 653.70 Td (million ) Tj ET Q q 0 0 0 rg BT 166.00 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 180.17 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 194.93 653.70 Td (year ) Tj ET Q q 0 0 0 rg BT 214.93 653.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 241.93 653.70 Td (March ) Tj ET Q q 0 0 0 rg BT 271.26 653.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 286.32 653.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 311.87 653.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 352.88 653.70 Td (as ) Tj ET Q q 0 0 0 rg BT 363.55 653.70 Td (a ) Tj ET Q q 0 0 0 rg BT 370.14 653.70 Td (result ) Tj ET Q q 0 0 0 rg BT 395.40 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 406.08 653.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 468.66 653.70 Td ($29 ) Tj ET Q q 0 0 0 rg BT 486.34 653.70 Td (million ) Tj ET Q q 0 0 0 rg BT 518.61 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 529.28 653.70 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 78.25 641.10 Td (was ) Tj ET Q q 0 0 0 rg BT 97.67 641.10 Td (included ) Tj ET Q q 0 0 0 rg BT 136.91 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 148.17 641.10 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 202.01 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.26 641.10 Td (service ) Tj ET Q q 0 0 0 rg BT 253.08 641.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 273.07 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.32 641.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 310.15 641.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 336.86 641.10 Td (due ) Tj ET Q q 0 0 0 rg BT 355.11 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 366.37 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.12 641.10 Td (change ) Tj ET Q q 0 0 0 rg BT 406.94 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.19 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.11 641.10 Td (distributor ) Tj ET Q q 0 0 0 rg BT 480.95 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 496.28 641.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 527.93 641.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 554.35 641.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (May ) Tj ET Q q 0 0 0 rg BT 71.16 628.50 Td (2015. ) Tj ET Q q 0 0 0 rg BT 97.20 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 99.61 628.50 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 142.84 628.50 Td (related ) Tj ET Q q 0 0 0 rg BT 173.82 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 184.40 628.50 Td (these ) Tj ET Q q 0 0 0 rg BT 208.38 628.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 234.13 628.50 Td (were ) Tj ET Q q 0 0 0 rg BT 256.94 628.50 Td (previously ) Tj ET Q q 0 0 0 rg BT 303.68 628.50 Td (included ) Tj ET Q q 0 0 0 rg BT 342.25 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 352.83 628.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 401.90 628.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 440.47 628.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 459.79 628.50 Td (from ) Tj ET Q q 0 0 0 rg BT 482.61 628.50 Td (funds. ) Tj ET Q q 0 0 0 rg BT 510.98 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 512.86 628.50 Td (An ) Tj ET Q q 0 0 0 rg BT 528.11 628.50 Td (increase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 60.89 615.90 Td ($1) Tj ET Q q 0 0 0 rg BT 71.00 615.90 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 86.76 615.90 Td (million ) Tj ET Q q 0 0 0 rg BT 119.74 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 130.55 615.90 Td (advisement ) Tj ET Q q 0 0 0 rg BT 181.01 615.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 200.56 615.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 246.35 615.90 Td (with ) Tj ET Q q 0 0 0 rg BT 267.66 615.90 Td (our ) Tj ET Q q 0 0 0 rg BT 283.71 615.90 Td (AUA) Tj ET Q q 0 0 0 rg BT 305.88 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 308.52 615.90 Td (also ) Tj ET Q q 0 0 0 rg BT 328.08 615.90 Td (contributed ) Tj ET Q q 0 0 0 rg BT 378.54 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 389.34 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 404.81 615.90 Td (increase. ) Tj ET Q q 0 0 0 rg BT 444.47 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 446.92 615.90 Td (These ) Tj ET Q q 0 0 0 rg BT 474.63 615.90 Td (increases ) Tj ET Q q 0 0 0 rg BT 515.75 615.90 Td (were ) Tj ET Q q 0 0 0 rg BT 538.80 615.90 Td (of) Tj ET Q q 0 0 0 rg BT 547.35 615.90 Td (fset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 603.30 Td (part ) Tj ET Q q 0 0 0 rg BT 79.24 603.30 Td (by ) Tj ET Q q 0 0 0 rg BT 92.37 603.30 Td (a ) Tj ET Q q 0 0 0 rg BT 99.65 603.30 Td (decline ) Tj ET Q q 0 0 0 rg BT 132.59 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 143.39 603.30 Td (average ) Tj ET Q q 0 0 0 rg BT 178.65 603.30 Td (mutual ) Tj ET Q q 0 0 0 rg BT 210.44 603.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 231.73 603.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 258.86 603.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 291.23 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 302.02 603.30 Td (distribution ) Tj ET Q q 0 0 0 rg BT 353.06 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 370.85 603.30 Td (service ) Tj ET Q q 0 0 0 rg BT 403.21 603.30 Td (fees.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 98.21 578.10 Td (Expenses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.18 565.50 Td (components ) Tj ET Q q 0 0 0 rg BT 121.29 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 132.22 565.50 Td (T) Tj ET Q q 0 0 0 rg BT 137.90 565.50 Td (otal ) Tj ET Q q 0 0 0 rg BT 156.01 565.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 200.35 565.50 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 242.37 565.50 Td (\(in ) Tj ET Q q 0 0 0 rg BT 256.40 565.50 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 299.30 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 316.82 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 332.01 565.50 Td (dollar ) Tj ET Q q 0 0 0 rg BT 358.86 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 376.38 565.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 424.21 565.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 460.39 565.50 Td (between ) Tj ET Q q 0 0 0 rg BT 497.73 565.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 531.00 565.50 Td (were ) Tj ET Q q 0 0 0 rg BT 553.76 565.50 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 480.40 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 480.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 480.40 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 480.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 480.40 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 480.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 480.40 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 480.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 480.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 480.40 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 480.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 480.40 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 480.40 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 450.40 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 450.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 450.40 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 450.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 450.40 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 450.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 450.40 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 450.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 450.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 450.40 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 450.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 450.40 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 450.40 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 420.40 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 420.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 420.40 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 420.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 420.40 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 420.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 420.40 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 420.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 420.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 420.40 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 420.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 420.40 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 420.40 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 390.40 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 390.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 390.40 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 390.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 390.40 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 390.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 390.40 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 390.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 390.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 390.40 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 390.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 390.40 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 390.40 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 359.40 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 359.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 359.40 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 359.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 359.40 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 359.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 359.40 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 359.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 359.40 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 359.40 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 359.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 359.40 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 359.40 40.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 516.4 m 263 516.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 516.4 m 267 516.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 516.4 m 315 516.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 516.4 m 319 516.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 516.4 m 368 516.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 516.4 m 424 516.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 516.4 m 468 516.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 516.4 m 523 516.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 516.4 m 563 516.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 480.4 m 211 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 480.4 m 263 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 480.4 m 315 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 480.4 m 368 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 480.4 m 424 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 480.4 m 468 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 480.4 m 523 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 480.4 m 563 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 480.4 m 263 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 480.4 m 523 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 480.4 m 563 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 450.4 m 211 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 450.4 m 263 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 450.4 m 315 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 450.4 m 368 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 450.4 m 424 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 450.4 m 523 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 344.4 m 211 344.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 344.4 m 263 344.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 344.4 m 315 344.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 344.4 m 368 344.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 344.4 m 424 344.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 344.4 m 523 344.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 329.4 m 211 329.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 329.4 m 263 329.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 344.4 m 315 344.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 329.4 m 315 329.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 344.4 m 368 344.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 329.4 m 368 329.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 329.4 m 424 329.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 329.4 m 523 329.4 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.65 521.17 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.15 531.69 Td (2017 Compared to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.00 521.19 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.90 531.67 Td (2016 Compared to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 521.17 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 228.00 485.19 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.00 485.17 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.50 485.17 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.85 495.69 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.95 485.19 Td ( Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.25 495.69 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.25 485.19 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.35 495.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.65 485.17 Td ( Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.10 495.67 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.45 485.17 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 470.17 Td (Compensation and benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 217.50 470.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.50 470.19 Td (1,374.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.50 470.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.50 470.17 Td (1,172.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.50 470.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.50 470.17 Td (1,208.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.50 470.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.35 470.19 Td (201.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.50 470.19 Td (17) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 470.19 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.50 470.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.10 470.17 Td (\(35.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 470.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 470.17 Td (\(3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 470.17 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 455.17 Td (Transition-related compensation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 240.60 455.19 Td (27.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.60 455.17 Td (32.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.60 455.17 Td (24.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.35 455.19 Td (\(4.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 455.19 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 455.19 Td (\(15) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 455.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.85 455.17 Td (7.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 455.17 Td (31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 440.17 Td ( Total Compensation and Benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.50 440.19 Td (1,401.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.50 440.17 Td (1,204.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.50 440.17 Td (1,232.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.35 440.19 Td (196.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.50 440.19 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.10 440.17 Td (\(28.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 440.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 440.17 Td (\(2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 440.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 425.17 Td (Distribution and servicing) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 235.35 425.19 Td (499.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.35 425.17 Td (545.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 425.17 Td (594.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.10 425.19 Td (\(46.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 425.19 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.25 425.19 Td (\(9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 425.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.10 425.17 Td (\(49.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 425.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 425.17 Td (\(8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 425.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 410.17 Td (Communications and technology) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 235.35 410.19 Td (208.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.35 410.17 Td (197.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 410.17 Td (182.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 410.19 Td (11.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.75 410.19 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.60 410.17 Td (15.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 410.17 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 395.17 Td (Occupancy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 235.35 395.19 Td (113.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.35 395.17 Td (122.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 395.17 Td (109.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.35 395.19 Td (\(8.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 395.19 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.25 395.19 Td (\(7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 395.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.60 395.17 Td (12.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 395.17 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 380.17 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 240.60 380.19 Td (26.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.85 380.17 Td (5.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.85 380.17 Td (2.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 380.19 Td (21.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.95 380.19 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.85 380.17 Td (2.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 380.17 Td (92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 364.17 Td (Impairment charges) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 240.60 364.19 Td (35.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.35 364.17 Td (371.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.50 364.17 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.85 364.19 Td (\(336.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 364.19 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 364.19 Td (\(91) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 364.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.35 364.17 Td (371.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.15 364.17 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 349.17 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 235.35 349.19 Td (180.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.35 349.17 Td (163.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 349.17 Td (198.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 349.19 Td (17.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.50 349.19 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.10 349.17 Td (\(35.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 349.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 349.17 Td (\(18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 349.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 334.17 Td (Total Operating Expenses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 217.50 334.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.50 334.19 Td (2,464.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.50 334.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.50 334.17 Td (2,610.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.50 334.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.50 334.17 Td (2,320.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.50 334.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.85 334.19 Td (\(145.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 334.19 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.25 334.19 Td (\(6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 334.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.50 334.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.35 334.17 Td (289.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 334.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 320.30 Td (n/m ) Tj ET Q q 0 0 0 rg BT 63.95 320.30 Td (- ) Tj ET Q q 0 0 0 rg BT 68.61 320.30 Td (not ) Tj ET Q q 0 0 0 rg BT 80.83 320.30 Td (meaningful) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 298.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 72.87 298.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 116.81 298.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 158.41 298.10 Td (for ) Tj ET Q q 0 0 0 rg BT 172.60 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.38 298.10 Td (year ) Tj ET Q q 0 0 0 rg BT 207.39 298.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 234.41 298.10 Td (March ) Tj ET Q q 0 0 0 rg BT 263.76 298.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 278.83 298.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 304.40 298.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 347.74 298.10 Td ($145.3 ) Tj ET Q q 0 0 0 rg BT 378.56 298.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 413.47 298.10 Td (or ) Tj ET Q q 0 0 0 rg BT 424.16 298.10 Td (6%, ) Tj ET Q q 0 0 0 rg BT 442.73 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.84 298.10 Td ($2.46 ) Tj ET Q q 0 0 0 rg BT 478.41 298.10 Td (billion, ) Tj ET Q q 0 0 0 rg BT 510.41 298.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.10 298.10 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 285.50 Td (to ) Tj ET Q q 0 0 0 rg BT 61.27 285.50 Td ($2.61 ) Tj ET Q q 0 0 0 rg BT 88.49 285.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 119.51 285.50 Td (for ) Tj ET Q q 0 0 0 rg BT 135.36 285.50 Td (the ) Tj ET Q q 0 0 0 rg BT 151.79 285.50 Td (year ) Tj ET Q q 0 0 0 rg BT 173.46 285.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 202.13 285.50 Td (March ) Tj ET Q q 0 0 0 rg BT 233.13 285.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 249.86 285.50 Td (2016. ) Tj ET Q q 0 0 0 rg BT 277.08 285.50 Td ( ) Tj ET Q q 0 0 0 rg BT 280.42 285.50 Td (The ) Tj ET Q q 0 0 0 rg BT 300.35 285.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 340.09 285.50 Td (was ) Tj ET Q q 0 0 0 rg BT 360.02 285.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 402.69 285.50 Td (due ) Tj ET Q q 0 0 0 rg BT 421.45 285.50 Td (to ) Tj ET Q q 0 0 0 rg BT 433.22 285.50 Td (a ) Tj ET Q q 0 0 0 rg BT 441.48 285.50 Td (reduction ) Tj ET Q q 0 0 0 rg BT 484.73 285.50 Td (in ) Tj ET Q q 0 0 0 rg BT 496.50 285.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 542.09 285.50 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 272.90 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.71 272.90 Td (char) Tj ET Q q 0 0 0 rg BT 118.59 272.90 Td (ges ) Tj ET Q q 0 0 0 rg BT 135.39 272.90 Td (of ) Tj ET Q q 0 0 0 rg BT 146.94 272.90 Td ($336 ) Tj ET Q q 0 0 0 rg BT 170.74 272.90 Td (million ) Tj ET Q q 0 0 0 rg BT 203.88 272.90 Td (during ) Tj ET Q q 0 0 0 rg BT 234.10 272.90 Td (the ) Tj ET Q q 0 0 0 rg BT 249.73 272.90 Td (year ) Tj ET Q q 0 0 0 rg BT 270.60 272.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 298.48 272.90 Td (March ) Tj ET Q q 0 0 0 rg BT 328.68 272.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 344.61 272.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 371.04 272.90 Td (of) Tj ET Q q 0 0 0 rg BT 379.60 272.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 397.56 272.90 Td (in ) Tj ET Q q 0 0 0 rg BT 408.53 272.90 Td (part ) Tj ET Q q 0 0 0 rg BT 427.66 272.90 Td (by ) Tj ET Q q 0 0 0 rg BT 440.96 272.90 Td (an ) Tj ET Q q 0 0 0 rg BT 453.68 272.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 490.87 272.90 Td (in ) Tj ET Q q 0 0 0 rg BT 501.84 272.90 Td (Compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 260.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.61 260.30 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 106.42 260.30 Td (as ) Tj ET Q q 0 0 0 rg BT 118.12 260.30 Td (further ) Tj ET Q q 0 0 0 rg BT 149.63 260.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 192.83 260.30 Td (below) Tj ET Q q 0 0 0 rg BT 217.81 260.30 Td (. ) Tj ET Q q 0 0 0 rg BT 223.38 260.30 Td ( ) Tj ET Q q 0 0 0 rg BT 226.12 260.30 Td (T) Tj ET Q q 0 0 0 rg BT 231.80 260.30 Td (otal ) Tj ET Q q 0 0 0 rg BT 250.49 260.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 295.43 260.30 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 338.03 260.30 Td (for ) Tj ET Q q 0 0 0 rg BT 353.22 260.30 Td (the ) Tj ET Q q 0 0 0 rg BT 369.00 260.30 Td (year ) Tj ET Q q 0 0 0 rg BT 390.02 260.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 418.04 260.30 Td (March ) Tj ET Q q 0 0 0 rg BT 448.39 260.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 464.46 260.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 491.03 260.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 533.63 260.30 Td ($289.1 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 247.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 84.27 247.70 Td (or ) Tj ET Q q 0 0 0 rg BT 94.83 247.70 Td (12%, ) Tj ET Q q 0 0 0 rg BT 118.52 247.70 Td (to ) Tj ET Q q 0 0 0 rg BT 128.50 247.70 Td ($2.61 ) Tj ET Q q 0 0 0 rg BT 153.94 247.70 Td (billion, ) Tj ET Q q 0 0 0 rg BT 185.79 247.70 Td (as ) Tj ET Q q 0 0 0 rg BT 196.35 247.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 239.56 247.70 Td (to ) Tj ET Q q 0 0 0 rg BT 249.54 247.70 Td ($2.32 ) Tj ET Q q 0 0 0 rg BT 274.98 247.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 304.21 247.70 Td (for ) Tj ET Q q 0 0 0 rg BT 318.27 247.70 Td (the ) Tj ET Q q 0 0 0 rg BT 332.91 247.70 Td (year ) Tj ET Q q 0 0 0 rg BT 352.79 247.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 379.67 247.70 Td (March ) Tj ET Q q 0 0 0 rg BT 408.89 247.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 423.83 247.70 Td (2015. ) Tj ET Q q 0 0 0 rg BT 449.26 247.70 Td ( ) Tj ET Q q 0 0 0 rg BT 450.94 247.70 Td (The ) Tj ET Q q 0 0 0 rg BT 469.08 247.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 505.29 247.70 Td (was ) Tj ET Q q 0 0 0 rg BT 523.43 247.70 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (due ) Tj ET Q q 0 0 0 rg BT 68.29 235.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.09 235.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 125.71 235.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 149.75 235.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 201.79 235.10 Td (char) Tj ET Q q 0 0 0 rg BT 219.66 235.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 237.29 235.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.67 235.10 Td ($371 ) Tj ET Q q 0 0 0 rg BT 274.30 235.10 Td (million ) Tj ET Q q 0 0 0 rg BT 308.26 235.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 348.62 235.10 Td (during ) Tj ET Q q 0 0 0 rg BT 379.66 235.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.12 235.10 Td (year ) Tj ET Q q 0 0 0 rg BT 417.82 235.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 446.52 235.10 Td (March ) Tj ET Q q 0 0 0 rg BT 477.55 235.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.31 235.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 521.56 235.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.94 235.10 Td (further ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 222.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 92.37 222.50 Td (below) Tj ET Q q 0 0 0 rg BT 117.35 222.50 Td (. ) Tj ET Q q 0 0 0 rg BT 122.60 222.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 197.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 94.23 197.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 134.88 197.30 Td (for ) Tj ET Q q 0 0 0 rg BT 149.87 197.30 Td (the ) Tj ET Q q 0 0 0 rg BT 165.45 197.30 Td (years ) Tj ET Q q 0 0 0 rg BT 190.35 197.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 218.17 197.30 Td (March ) Tj ET Q q 0 0 0 rg BT 248.32 197.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 264.19 197.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 290.56 197.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 316.93 197.30 Td (and ) Tj ET Q q 0 0 0 rg BT 334.84 197.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 361.21 197.30 Td (incurred ) Tj ET Q q 0 0 0 rg BT 398.94 197.30 Td (at ) Tj ET Q q 0 0 0 rg BT 409.26 197.30 Td (the ) Tj ET Q q 0 0 0 rg BT 424.84 197.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 473.66 197.30 Td (management ) Tj ET Q q 0 0 0 rg BT 530.06 197.30 Td (af) Tj ET Q q 0 0 0 rg BT 538.02 197.30 Td (filiate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 184.70 Td (level ) Tj ET Q q 0 0 0 rg BT 73.47 184.70 Td (comprised ) Tj ET Q q 0 0 0 rg BT 120.78 184.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 185.00 184.70 Td (70% ) Tj ET Q q 0 0 0 rg BT 207.81 184.70 Td (of ) Tj ET Q q 0 0 0 rg BT 220.13 184.70 Td (total ) Tj ET Q q 0 0 0 rg BT 242.36 184.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 285.58 184.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 327.05 184.70 Td (in ) Tj ET Q q 0 0 0 rg BT 338.79 184.70 Td (each ) Tj ET Q q 0 0 0 rg BT 361.59 184.70 Td (year) Tj ET Q q 0 0 0 rg BT 379.24 184.70 Td (, ) Tj ET Q q 0 0 0 rg BT 385.43 184.70 Td (excluding ) Tj ET Q q 0 0 0 rg BT 430.41 184.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 482.38 184.70 Td (char) Tj ET Q q 0 0 0 rg BT 500.26 184.70 Td (ges, ) Tj ET Q q 0 0 0 rg BT 520.45 184.70 Td (which ) Tj ET Q q 0 0 0 rg BT 549.68 184.70 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 85.50 172.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.03 172.10 Td (be ) Tj ET Q q 0 0 0 rg BT 110.29 172.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 153.29 172.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 197.17 172.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.28 172.10 Td (The ) Tj ET Q q 0 0 0 rg BT 219.96 172.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 265.89 172.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 308.90 172.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 350.16 172.10 Td (\(other ) Tj ET Q q 0 0 0 rg BT 378.58 172.10 Td (than ) Tj ET Q q 0 0 0 rg BT 400.01 172.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 451.77 172.10 Td (char) Tj ET Q q 0 0 0 rg BT 469.65 172.10 Td (ges\) ) Tj ET Q q 0 0 0 rg BT 490.50 172.10 Td (are ) Tj ET Q q 0 0 0 rg BT 506.67 172.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 553.77 172.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 159.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 91.77 159.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 118.02 159.50 Td (including ) Tj ET Q q 0 0 0 rg BT 160.31 159.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 183.93 159.50 Td (of ) Tj ET Q q 0 0 0 rg BT 195.30 159.50 Td (our ) Tj ET Q q 0 0 0 rg BT 211.93 159.50 Td (global ) Tj ET Q q 0 0 0 rg BT 240.80 159.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 291.84 159.50 Td (operations.) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (51) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 114.56 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 133.52 741.90 Td (Benefits) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.33 729.30 Td (components ) Tj ET Q q 0 0 0 rg BT 121.58 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 132.65 729.30 Td (T) Tj ET Q q 0 0 0 rg BT 138.33 729.30 Td (otal ) Tj ET Q q 0 0 0 rg BT 156.58 729.30 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 219.75 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 237.42 729.30 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 274.92 729.30 Td (\(in ) Tj ET Q q 0 0 0 rg BT 289.09 729.30 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 332.14 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 349.80 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 365.14 729.30 Td (dollar ) Tj ET Q q 0 0 0 rg BT 392.14 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 409.80 729.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 457.78 729.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 494.10 729.30 Td (between ) Tj ET Q q 0 0 0 rg BT 531.59 729.30 Td (periods) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 656.20 174.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 656.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 656.20 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 656.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 656.20 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 656.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 656.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 656.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 656.20 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 656.20 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 656.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 656.20 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 656.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 616.20 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 616.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 616.20 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 616.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 616.20 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 616.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 616.20 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 616.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 616.20 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 616.20 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 616.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 616.20 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 616.20 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 586.20 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 586.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 586.20 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 586.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 586.20 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 586.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 586.20 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 586.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 586.20 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 586.20 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 586.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 586.20 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 586.20 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 535.20 174.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 535.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 535.20 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 535.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 535.20 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 535.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 535.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 535.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 535.20 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 535.20 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 535.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 535.20 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 535.20 45.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 680.2 m 272 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 680.2 m 276 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 680.2 m 320 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 680.2 m 324 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 680.2 m 369 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 680.2 m 422 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 680.2 m 469 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 680.2 m 517 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 680.2 m 562 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 656.2 m 224 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 656.2 m 272 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 656.2 m 320 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 680.2 m 369 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 656.2 m 369 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 656.2 m 422 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 656.2 m 469 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 656.2 m 517 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 656.2 m 562 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 656.2 m 272 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 656.2 m 320 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 656.2 m 369 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 656.2 m 469 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 535.2 m 224 535.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 535.2 m 272 535.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 535.2 m 320 535.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 535.2 m 369 535.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 535.2 m 422 535.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 535.2 m 517 535.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 521.2 m 224 521.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 535.2 m 272 535.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 521.2 m 272 521.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 535.2 m 320 535.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 521.2 m 320 521.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 535.2 m 369 535.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 521.2 m 369 521.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 521.2 m 422 521.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 521.2 m 517 521.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.65 684.97 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.15 695.49 Td (2017 Compared to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.00 684.99 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.90 695.47 Td (2016 Compared to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 684.97 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.00 660.99 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.00 660.97 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.50 660.97 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.35 670.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.45 660.09 Td ( Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.75 670.59 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.75 660.09 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.85 670.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.45 659.92 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.60 670.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.95 659.92 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 646.42 Td (Salaries and incentives) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 230.50 646.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 236.50 646.59 Td (1,024.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.50 646.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.35 646.42 Td (915.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.50 646.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.35 646.42 Td (976.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.50 646.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.35 646.59 Td (109.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.50 646.59 Td (12) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.00 646.59 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.50 646.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.10 646.42 Td (\(61.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.00 646.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.50 646.42 Td (\(6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 646.42 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 631.47 Td (Benefits and payroll taxes \(including) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 620.97 Td (deferred compensation\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 244.35 620.99 Td (245.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.35 620.97 Td (232.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.35 620.97 Td (214.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.60 620.99 Td (12.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 452.75 620.99 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.60 620.97 Td (17.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.00 620.97 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 605.97 Td (Transition and severance costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.60 605.99 Td (36.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.60 605.97 Td (36.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.60 605.97 Td (31.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 404.85 605.99 Td (0.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.50 605.99 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.85 605.97 Td (4.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 605.97 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 590.97 Td (Management equity plan charges) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.60 590.99 Td (19.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.60 590.97 Td (21.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 590.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.35 590.99 Td (\(1.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.00 590.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.95 590.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.50 590.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 590.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 575.97 Td (Performance fee pass through) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.60 575.99 Td (60.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 575.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 575.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.60 575.99 Td (60.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.95 575.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.50 575.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 575.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 560.97 Td (Gains \(losses\) on deferred) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 550.47 Td (compensation and seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 539.97 Td (investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.60 539.99 Td (14.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.35 539.97 Td (\(1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.00 539.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.85 539.97 Td (9.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.60 539.99 Td (15.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.95 539.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.10 539.97 Td (\(10.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.00 539.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.15 539.97 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 525.42 Td (Total Compensation and Benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 230.50 525.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 236.50 525.59 Td (1,401.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.50 525.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.50 525.42 Td (1,204.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.50 525.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.50 525.42 Td (1,232.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.50 525.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.35 525.59 Td (196.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.50 525.59 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.50 525.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.10 525.42 Td (\(28.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.00 525.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.50 525.42 Td (\(2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 525.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (n/m ) Tj ET Q q 0 0 0 rg BT 63.95 512.10 Td (- ) Tj ET Q q 0 0 0 rg BT 68.61 512.10 Td (not ) Tj ET Q q 0 0 0 rg BT 80.83 512.10 Td (meaningful) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 489.90 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.33 489.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 136.40 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 153.97 489.90 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 191.37 489.90 Td (for ) Tj ET Q q 0 0 0 rg BT 206.02 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 221.26 489.90 Td (year ) Tj ET Q q 0 0 0 rg BT 241.73 489.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 269.21 489.90 Td (March ) Tj ET Q q 0 0 0 rg BT 299.02 489.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 314.56 489.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 340.59 489.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 382.64 489.90 Td (16% ) Tj ET Q q 0 0 0 rg BT 404.29 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 414.87 489.90 Td ($1.40 ) Tj ET Q q 0 0 0 rg BT 440.90 489.90 Td (billion, ) Tj ET Q q 0 0 0 rg BT 473.35 489.90 Td (as ) Tj ET Q q 0 0 0 rg BT 484.50 489.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 528.31 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 538.88 489.90 Td ($1.20 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 78.65 477.30 Td (for ) Tj ET Q q 0 0 0 rg BT 92.62 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 107.18 477.30 Td (year ) Tj ET Q q 0 0 0 rg BT 126.98 477.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 153.78 477.30 Td (March ) Tj ET Q q 0 0 0 rg BT 182.91 477.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 197.76 477.30 Td (2016; ) Tj ET Q q 0 0 0 rg BT 223.41 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 240.30 477.30 Td (for ) Tj ET Q q 0 0 0 rg BT 254.27 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 268.83 477.30 Td (year ) Tj ET Q q 0 0 0 rg BT 288.63 477.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 315.43 477.30 Td (March ) Tj ET Q q 0 0 0 rg BT 344.56 477.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 359.41 477.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 384.77 477.30 Td (decreased ) Tj ET Q q 0 0 0 rg BT 427.88 477.30 Td (2% ) Tj ET Q q 0 0 0 rg BT 443.61 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 453.50 477.30 Td ($1.20 ) Tj ET Q q 0 0 0 rg BT 478.86 477.30 Td (billion, ) Tj ET Q q 0 0 0 rg BT 510.63 477.30 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 477.30 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 464.70 Td ($1.23 ) Tj ET Q q 0 0 0 rg BT 86.54 464.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 116.59 464.70 Td (for ) Tj ET Q q 0 0 0 rg BT 131.46 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 146.91 464.70 Td (year ) Tj ET Q q 0 0 0 rg BT 167.60 464.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 195.30 464.70 Td (March ) Tj ET Q q 0 0 0 rg BT 225.33 464.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 241.08 464.70 Td (2015:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 439.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 439.50 Td (Salaries ) Tj ET Q q 0 0 0 rg BT 120.32 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 137.05 439.50 Td (incentives ) Tj ET Q q 0 0 0 rg BT 181.20 439.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 222.42 439.50 Td ($109.1 ) Tj ET Q q 0 0 0 rg BT 252.87 439.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 287.41 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 297.16 439.50 Td ($1,024.9 ) Tj ET Q q 0 0 0 rg BT 335.48 439.50 Td (million ) Tj ET Q q 0 0 0 rg BT 367.40 439.50 Td (for ) Tj ET Q q 0 0 0 rg BT 381.22 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 395.62 439.50 Td (year ) Tj ET Q q 0 0 0 rg BT 415.27 439.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 441.91 439.50 Td (March ) Tj ET Q q 0 0 0 rg BT 470.89 439.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 485.60 439.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 510.80 439.50 Td (as ) Tj ET Q q 0 0 0 rg BT 521.12 439.50 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 96.83 426.90 Td ($915.8 ) Tj ET Q q 0 0 0 rg BT 128.86 426.90 Td (million ) Tj ET Q q 0 0 0 rg BT 162.36 426.90 Td (for ) Tj ET Q q 0 0 0 rg BT 177.76 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 193.75 426.90 Td (year ) Tj ET Q q 0 0 0 rg BT 214.98 426.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 243.21 426.90 Td (March ) Tj ET Q q 0 0 0 rg BT 273.77 426.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 290.06 426.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 316.84 426.90 Td (driven ) Tj ET Q q 0 0 0 rg BT 346.83 426.90 Td (by ) Tj ET Q q 0 0 0 rg BT 360.49 426.90 Td (a ) Tj ET Q q 0 0 0 rg BT 368.31 426.90 Td ($92.1 ) Tj ET Q q 0 0 0 rg BT 395.09 426.90 Td (million ) Tj ET Q q 0 0 0 rg BT 428.59 426.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 466.14 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 477.47 426.90 Td (net ) Tj ET Q q 0 0 0 rg BT 493.46 426.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 554.94 426.90 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 414.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 133.87 414.30 Td (af) Tj ET Q q 0 0 0 rg BT 141.84 414.30 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 175.33 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 177.62 414.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 218.98 414.30 Td (due ) Tj ET Q q 0 0 0 rg BT 236.43 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 246.89 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 262.01 414.30 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 314.46 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 325.50 414.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 359.29 414.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 395.98 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 405.94 414.30 Td (April ) Tj ET Q q 0 0 0 rg BT 430.39 414.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 453.68 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 471.13 414.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 488.84 414.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 506.88 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 517.34 414.30 Td (May ) Tj ET Q q 0 0 0 rg BT 538.88 414.30 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 401.70 Td (of) Tj ET Q q 0 0 0 rg BT 94.06 401.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 111.92 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 122.78 401.70 Td (part ) Tj ET Q q 0 0 0 rg BT 141.80 401.70 Td (by ) Tj ET Q q 0 0 0 rg BT 155.00 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 170.52 401.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 201.79 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 213.24 401.70 Td (a ) Tj ET Q q 0 0 0 rg BT 220.59 401.70 Td (reduction ) Tj ET Q q 0 0 0 rg BT 262.94 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 273.81 401.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 316.16 401.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 352.08 401.70 Td (at ) Tj ET Q q 0 0 0 rg BT 362.36 401.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 398.28 401.70 Td (share-based ) Tj ET Q q 0 0 0 rg BT 450.54 401.70 Td (af) Tj ET Q q 0 0 0 rg BT 458.51 401.70 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 492.40 401.70 Td (which ) Tj ET Q q 0 0 0 rg BT 520.76 401.70 Td (creates ) Tj ET Q q 0 0 0 rg BT 552.60 401.70 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 389.10 Td (of) Tj ET Q q 0 0 0 rg BT 94.06 389.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 128.18 389.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 166.94 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.73 389.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 238.68 389.10 Td (per ) Tj ET Q q 0 0 0 rg BT 254.71 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.16 389.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 315.93 389.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 351.79 389.10 Td (share ) Tj ET Q q 0 0 0 rg BT 376.57 389.10 Td (arrangements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 363.90 Td (Salaries ) Tj ET Q q 0 0 0 rg BT 120.99 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 138.39 363.90 Td (incentives ) Tj ET Q q 0 0 0 rg BT 183.21 363.90 Td (decreased ) Tj ET Q q 0 0 0 rg BT 226.84 363.90 Td ($61.1 ) Tj ET Q q 0 0 0 rg BT 252.71 363.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 287.92 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 298.33 363.90 Td ($915.8 ) Tj ET Q q 0 0 0 rg BT 329.45 363.90 Td (million ) Tj ET Q q 0 0 0 rg BT 362.04 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 376.52 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 391.60 363.90 Td (year ) Tj ET Q q 0 0 0 rg BT 411.91 363.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 439.23 363.90 Td (March ) Tj ET Q q 0 0 0 rg BT 468.88 363.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 484.25 363.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 510.12 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 363.90 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 95.27 351.30 Td ($976.9 ) Tj ET Q q 0 0 0 rg BT 125.75 351.30 Td (million ) Tj ET Q q 0 0 0 rg BT 157.69 351.30 Td (for ) Tj ET Q q 0 0 0 rg BT 171.53 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 185.96 351.30 Td (year ) Tj ET Q q 0 0 0 rg BT 205.63 351.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.30 351.30 Td (March ) Tj ET Q q 0 0 0 rg BT 261.31 351.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 276.04 351.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 301.27 351.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 341.94 351.30 Td (due ) Tj ET Q q 0 0 0 rg BT 358.70 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 368.47 351.30 Td (a ) Tj ET Q q 0 0 0 rg BT 374.74 351.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 412.47 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 422.82 351.30 Td ($58.6 ) Tj ET Q q 0 0 0 rg BT 448.05 351.30 Td (million ) Tj ET Q q 0 0 0 rg BT 479.99 351.30 Td (in ) Tj ET Q q 0 0 0 rg BT 489.76 351.30 Td (net ) Tj ET Q q 0 0 0 rg BT 504.19 351.30 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 338.70 Td (at ) Tj ET Q q 0 0 0 rg BT 96.35 338.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 145.70 338.70 Td (af) Tj ET Q q 0 0 0 rg BT 153.67 338.70 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 188.14 338.70 Td (which ) Tj ET Q q 0 0 0 rg BT 217.08 338.70 Td (was ) Tj ET Q q 0 0 0 rg BT 236.68 338.70 Td (substantially ) Tj ET Q q 0 0 0 rg BT 293.04 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 309.14 338.70 Td (result ) Tj ET Q q 0 0 0 rg BT 335.74 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 347.76 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 355.69 338.70 Td (reduction ) Tj ET Q q 0 0 0 rg BT 398.62 338.70 Td (in ) Tj ET Q q 0 0 0 rg BT 410.06 338.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 452.99 338.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 489.49 338.70 Td (at ) Tj ET Q q 0 0 0 rg BT 500.34 338.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 536.84 338.70 Td (share-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 326.10 Td (based ) Tj ET Q q 0 0 0 rg BT 111.02 326.10 Td (af) Tj ET Q q 0 0 0 rg BT 118.99 326.10 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 151.80 326.10 Td (which ) Tj ET Q q 0 0 0 rg BT 179.08 326.10 Td (creates ) Tj ET Q q 0 0 0 rg BT 209.83 326.10 Td (an ) Tj ET Q q 0 0 0 rg BT 221.36 326.10 Td (of) Tj ET Q q 0 0 0 rg BT 229.92 326.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 263.03 326.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 300.78 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.56 326.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 370.49 326.10 Td (per ) Tj ET Q q 0 0 0 rg BT 385.51 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.95 326.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 444.71 326.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 479.56 326.10 Td (share ) Tj ET Q q 0 0 0 rg BT 503.32 326.10 Td (arrangements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 313.50 Td (and ) Tj ET Q q 0 0 0 rg BT 103.29 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 118.74 313.50 Td (sale ) Tj ET Q q 0 0 0 rg BT 137.69 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 149.06 313.50 Td (LMIC ) Tj ET Q q 0 0 0 rg BT 177.94 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 188.73 313.50 Td (November ) Tj ET Q q 0 0 0 rg BT 235.67 313.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 261.92 313.50 Td (of) Tj ET Q q 0 0 0 rg BT 270.48 313.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 288.27 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 299.06 313.50 Td (part ) Tj ET Q q 0 0 0 rg BT 318.01 313.50 Td (by ) Tj ET Q q 0 0 0 rg BT 331.13 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 346.59 313.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 395.29 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 406.66 313.50 Td (Martin ) Tj ET Q q 0 0 0 rg BT 437.86 313.50 Td (Currie ) Tj ET Q q 0 0 0 rg BT 467.31 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 478.11 313.50 Td (October ) Tj ET Q q 0 0 0 rg BT 514.55 313.50 Td (2014.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 288.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 288.30 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 122.13 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 138.92 288.30 Td (payroll ) Tj ET Q q 0 0 0 rg BT 170.30 288.30 Td (taxes ) Tj ET Q q 0 0 0 rg BT 193.51 288.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 234.79 288.30 Td ($12.9 ) Tj ET Q q 0 0 0 rg BT 260.04 288.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 294.64 288.30 Td (to ) Tj ET Q q 0 0 0 rg BT 304.44 288.30 Td ($245.5 ) Tj ET Q q 0 0 0 rg BT 334.95 288.30 Td (million ) Tj ET Q q 0 0 0 rg BT 366.92 288.30 Td (for ) Tj ET Q q 0 0 0 rg BT 380.80 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 395.26 288.30 Td (year ) Tj ET Q q 0 0 0 rg BT 414.97 288.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 441.67 288.30 Td (March ) Tj ET Q q 0 0 0 rg BT 470.71 288.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 485.47 288.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 510.73 288.30 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 288.30 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 96.16 275.70 Td ($232.6 ) Tj ET Q q 0 0 0 rg BT 127.54 275.70 Td (million ) Tj ET Q q 0 0 0 rg BT 160.37 275.70 Td (for ) Tj ET Q q 0 0 0 rg BT 175.11 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 190.44 275.70 Td (year ) Tj ET Q q 0 0 0 rg BT 211.00 275.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 238.57 275.70 Td (March ) Tj ET Q q 0 0 0 rg BT 268.47 275.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 284.09 275.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 310.22 275.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 351.79 275.70 Td (due ) Tj ET Q q 0 0 0 rg BT 369.44 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 380.11 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 395.43 275.70 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 448.09 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 459.34 275.70 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 493.33 275.70 Td (Partners ) Tj ET Q q 0 0 0 rg BT 530.24 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 540.35 275.70 Td (April ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 263.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 109.13 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.91 263.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 144.62 263.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 163.00 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.79 263.10 Td (May ) Tj ET Q q 0 0 0 rg BT 195.66 263.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 221.91 263.10 Td (of) Tj ET Q q 0 0 0 rg BT 230.47 263.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 248.25 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.05 263.10 Td (part ) Tj ET Q q 0 0 0 rg BT 278.00 263.10 Td (by ) Tj ET Q q 0 0 0 rg BT 291.12 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 298.41 263.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 337.17 263.10 Td (at ) Tj ET Q q 0 0 0 rg BT 347.37 263.10 Td (legacy ) Tj ET Q q 0 0 0 rg BT 377.39 263.10 Td (Permal.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 237.90 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 122.13 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 138.92 237.90 Td (payroll ) Tj ET Q q 0 0 0 rg BT 170.30 237.90 Td (taxes ) Tj ET Q q 0 0 0 rg BT 193.51 237.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 234.79 237.90 Td ($17.9 ) Tj ET Q q 0 0 0 rg BT 260.04 237.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 294.64 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 304.44 237.90 Td ($232.6 ) Tj ET Q q 0 0 0 rg BT 334.95 237.90 Td (million ) Tj ET Q q 0 0 0 rg BT 366.92 237.90 Td (for ) Tj ET Q q 0 0 0 rg BT 380.80 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 395.26 237.90 Td (year ) Tj ET Q q 0 0 0 rg BT 414.97 237.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 441.67 237.90 Td (March ) Tj ET Q q 0 0 0 rg BT 470.71 237.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 485.47 237.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 510.73 237.90 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 237.90 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 96.54 225.30 Td ($214.7 ) Tj ET Q q 0 0 0 rg BT 128.28 225.30 Td (million ) Tj ET Q q 0 0 0 rg BT 161.49 225.30 Td (for ) Tj ET Q q 0 0 0 rg BT 176.61 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 192.31 225.30 Td (year ) Tj ET Q q 0 0 0 rg BT 213.25 225.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 241.19 225.30 Td (March ) Tj ET Q q 0 0 0 rg BT 271.46 225.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.46 225.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 313.96 225.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 355.90 225.30 Td (as ) Tj ET Q q 0 0 0 rg BT 367.52 225.30 Td (a ) Tj ET Q q 0 0 0 rg BT 375.05 225.30 Td (result ) Tj ET Q q 0 0 0 rg BT 401.25 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 412.87 225.30 Td (an ) Tj ET Q q 0 0 0 rg BT 425.65 225.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 462.91 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 473.95 225.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 497.82 225.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 543.85 225.30 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 212.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 116.69 212.70 Td (employee ) Tj ET Q q 0 0 0 rg BT 160.13 212.70 Td (benefit ) Tj ET Q q 0 0 0 rg BT 191.91 212.70 Td (plans.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 187.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 187.50 Td (T) Tj ET Q q 0 0 0 rg BT 91.54 187.50 Td (ransition ) Tj ET Q q 0 0 0 rg BT 131.90 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 150.67 187.50 Td (severance ) Tj ET Q q 0 0 0 rg BT 195.66 187.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 220.27 187.50 Td (remained ) Tj ET Q q 0 0 0 rg BT 262.94 187.50 Td (relatively ) Tj ET Q q 0 0 0 rg BT 306.19 187.50 Td (flat ) Tj ET Q q 0 0 0 rg BT 323.79 187.50 Td (at ) Tj ET Q q 0 0 0 rg BT 334.98 187.50 Td ($36.3 ) Tj ET Q q 0 0 0 rg BT 362.21 187.50 Td (million ) Tj ET Q q 0 0 0 rg BT 396.15 187.50 Td (for ) Tj ET Q q 0 0 0 rg BT 412.00 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 428.44 187.50 Td (year ) Tj ET Q q 0 0 0 rg BT 450.11 187.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 478.79 187.50 Td (March ) Tj ET Q q 0 0 0 rg BT 509.80 187.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 526.53 187.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 553.77 187.50 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 174.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 129.76 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 140.80 174.90 Td ($36.2 ) Tj ET Q q 0 0 0 rg BT 167.29 174.90 Td (million ) Tj ET Q q 0 0 0 rg BT 200.49 174.90 Td (for ) Tj ET Q q 0 0 0 rg BT 215.60 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 231.29 174.90 Td (year ) Tj ET Q q 0 0 0 rg BT 252.23 174.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 280.17 174.90 Td (March ) Tj ET Q q 0 0 0 rg BT 310.44 174.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 326.43 174.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 352.92 174.90 Td (with ) Tj ET Q q 0 0 0 rg BT 374.45 174.90 Td ($27.3 ) Tj ET Q q 0 0 0 rg BT 400.94 174.90 Td (million ) Tj ET Q q 0 0 0 rg BT 434.15 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 452.17 174.90 Td ($32.2 ) Tj ET Q q 0 0 0 rg BT 478.67 174.90 Td (million ) Tj ET Q q 0 0 0 rg BT 511.87 174.90 Td (as ) Tj ET Q q 0 0 0 rg BT 523.48 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 535.10 174.90 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 162.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 100.12 162.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 122.62 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 139.28 162.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 164.41 162.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 214.46 162.30 Td (, ) Tj ET Q q 0 0 0 rg BT 218.58 162.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 263.23 162.30 Td (with ) Tj ET Q q 0 0 0 rg BT 283.40 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 297.72 162.30 Td (previously ) Tj ET Q q 0 0 0 rg BT 343.55 162.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 385.30 162.30 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 440.45 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 450.70 162.30 Td (Permal ) Tj ET Q q 0 0 0 rg BT 481.94 162.30 Td (for ) Tj ET Q q 0 0 0 rg BT 495.68 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 510.01 162.30 Td (combination ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 149.70 Td (with ) Tj ET Q q 0 0 0 rg BT 105.52 149.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 123.23 149.70 Td (rust. ) Tj ET Q q 0 0 0 rg BT 142.95 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 144.20 149.70 Td (The ) Tj ET Q q 0 0 0 rg BT 161.87 149.70 Td (remaining ) Tj ET Q q 0 0 0 rg BT 205.79 149.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 242.72 149.70 Td (in ) Tj ET Q q 0 0 0 rg BT 252.24 149.70 Td (each ) Tj ET Q q 0 0 0 rg BT 272.82 149.70 Td (period ) Tj ET Q q 0 0 0 rg BT 300.99 149.70 Td (were ) Tj ET Q q 0 0 0 rg BT 322.74 149.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 363.17 149.70 Td (comprised ) Tj ET Q q 0 0 0 rg BT 408.25 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 418.35 149.70 Td (severance ) Tj ET Q q 0 0 0 rg BT 461.08 149.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 483.43 149.70 Td (related ) Tj ET Q q 0 0 0 rg BT 513.35 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 522.86 149.70 Td (corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.29 137.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 154.33 137.10 Td (personnel.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 111.90 Td (T) Tj ET Q q 0 0 0 rg BT 91.54 111.90 Td (ransition ) Tj ET Q q 0 0 0 rg BT 131.96 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 150.80 111.90 Td (severance ) Tj ET Q q 0 0 0 rg BT 195.86 111.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 220.53 111.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 263.85 111.90 Td ($4.4 ) Tj ET Q q 0 0 0 rg BT 285.90 111.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 322.53 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 334.37 111.90 Td ($36.2 ) Tj ET Q q 0 0 0 rg BT 361.67 111.90 Td (million ) Tj ET Q q 0 0 0 rg BT 395.68 111.90 Td (for ) Tj ET Q q 0 0 0 rg BT 411.60 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 428.10 111.90 Td (year ) Tj ET Q q 0 0 0 rg BT 449.84 111.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 478.59 111.90 Td (March ) Tj ET Q q 0 0 0 rg BT 509.66 111.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 526.46 111.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 553.76 111.90 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 99.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 129.67 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 140.62 99.30 Td ($31.8 ) Tj ET Q q 0 0 0 rg BT 167.02 99.30 Td (million ) Tj ET Q q 0 0 0 rg BT 200.14 99.30 Td (for ) Tj ET Q q 0 0 0 rg BT 215.16 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 230.76 99.30 Td (year ) Tj ET Q q 0 0 0 rg BT 251.61 99.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 279.46 99.30 Td (March ) Tj ET Q q 0 0 0 rg BT 309.64 99.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 325.54 99.30 Td (2015. ) Tj ET Q q 0 0 0 rg BT 351.94 99.30 Td ( ) Tj ET Q q 0 0 0 rg BT 354.52 99.30 Td (T) Tj ET Q q 0 0 0 rg BT 360.56 99.30 Td (ransition ) Tj ET Q q 0 0 0 rg BT 400.09 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 418.02 99.30 Td (severance ) Tj ET Q q 0 0 0 rg BT 462.19 99.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 485.97 99.30 Td (for ) Tj ET Q q 0 0 0 rg BT 500.99 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 516.59 99.30 Td (year ) Tj ET Q q 0 0 0 rg BT 537.44 99.30 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 86.70 Td (March ) Tj ET Q q 0 0 0 rg BT 116.77 86.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 133.76 86.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 161.24 86.70 Td (were ) Tj ET Q q 0 0 0 rg BT 185.51 86.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 228.45 86.70 Td (comprised ) Tj ET Q q 0 0 0 rg BT 276.05 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 288.66 86.70 Td ($32.2 ) Tj ET Q q 0 0 0 rg BT 316.15 86.70 Td (million ) Tj ET Q q 0 0 0 rg BT 350.35 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 362.96 86.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 387.82 86.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 434.83 86.70 Td (with ) Tj ET Q q 0 0 0 rg BT 457.37 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 474.06 86.70 Td (previously ) Tj ET Q q 0 0 0 rg BT 522.25 86.70 Td (discussed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 74.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 142.86 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.31 74.10 Td (Permal ) Tj ET Q q 0 0 0 rg BT 188.76 74.10 Td (for ) Tj ET Q q 0 0 0 rg BT 204.71 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.25 74.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 277.44 74.10 Td (with ) Tj ET Q q 0 0 0 rg BT 299.82 74.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 317.53 74.10 Td (rust. ) Tj ET Q q 0 0 0 rg BT 339.61 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.32 74.10 Td (For ) Tj ET Q q 0 0 0 rg BT 361.61 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.15 74.10 Td (year ) Tj ET Q q 0 0 0 rg BT 399.92 74.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 428.70 74.10 Td (March ) Tj ET Q q 0 0 0 rg BT 459.81 74.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 476.64 74.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 503.97 74.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 547.35 74.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 61.50 Td (severance ) Tj ET Q q 0 0 0 rg BT 129.08 61.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 152.28 61.50 Td (were ) Tj ET Q q 0 0 0 rg BT 174.88 61.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 216.15 61.50 Td (comprised ) Tj ET Q q 0 0 0 rg BT 262.08 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 273.02 61.50 Td ($24.6 ) Tj ET Q q 0 0 0 rg BT 298.84 61.50 Td (million ) Tj ET Q q 0 0 0 rg BT 331.38 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 342.32 61.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 365.52 61.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 410.86 61.50 Td (with ) Tj ET Q q 0 0 0 rg BT 431.73 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 446.75 61.50 Td (integration ) Tj ET Q q 0 0 0 rg BT 494.43 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 505.38 61.50 Td (Batterymarch ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 48.90 Td (and ) Tj ET Q q 0 0 0 rg BT 103.29 48.90 Td (LMGAA) Tj ET Q q 0 0 0 rg BT 141.21 48.90 Td ( ) Tj ET Q q 0 0 0 rg BT 143.83 48.90 Td (into ) Tj ET Q q 0 0 0 rg BT 162.79 48.90 Td (QS ) Tj ET Q q 0 0 0 rg BT 178.84 48.90 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 222.58 48.90 Td (and ) Tj ET Q q 0 0 0 rg BT 240.37 48.90 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 261.37 48.90 Td (million ) Tj ET Q q 0 0 0 rg BT 294.33 48.90 Td (related ) Tj ET Q q 0 0 0 rg BT 325.52 48.90 Td (to ) Tj ET Q q 0 0 0 rg BT 336.31 48.90 Td (the ) Tj ET Q q 0 0 0 rg BT 351.76 48.90 Td (sale ) Tj ET Q q 0 0 0 rg BT 370.71 48.90 Td (of ) Tj ET Q q 0 0 0 rg BT 382.09 48.90 Td (LMIC.) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (52) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 729.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 729.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 143.04 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 172.01 729.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 192.82 729.15 Td (char) Tj ET Q q 0 0 0 rg BT 210.69 729.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 227.42 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 242.39 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 257.94 729.15 Td (year ) Tj ET Q q 0 0 0 rg BT 278.73 729.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 306.53 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 336.66 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 352.51 729.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 378.86 729.15 Td (were ) Tj ET Q q 0 0 0 rg BT 401.99 729.15 Td (comprised ) Tj ET Q q 0 0 0 rg BT 448.46 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 459.93 729.15 Td ($15.2 ) Tj ET Q q 0 0 0 rg BT 486.28 729.15 Td (million ) Tj ET Q q 0 0 0 rg BT 519.34 729.15 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 716.55 Td (with ) Tj ET Q q 0 0 0 rg BT 106.59 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 121.84 716.55 Td (implementation ) Tj ET Q q 0 0 0 rg BT 190.17 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 201.34 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 208.42 716.55 Td (management ) Tj ET Q q 0 0 0 rg BT 264.49 716.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 293.15 716.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 313.66 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 328.32 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 343.57 716.55 Td (management ) Tj ET Q q 0 0 0 rg BT 399.64 716.55 Td (team ) Tj ET Q q 0 0 0 rg BT 422.47 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 433.64 716.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 467.55 716.55 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 507.01 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 518.18 716.55 Td (previously ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 703.95 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 130.63 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 148.05 703.95 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 168.68 703.95 Td (million ) Tj ET Q q 0 0 0 rg BT 201.27 703.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 246.68 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 267.60 703.95 Td (an ) Tj ET Q q 0 0 0 rg BT 279.77 703.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 324.01 703.95 Td (grant ) Tj ET Q q 0 0 0 rg BT 347.84 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 358.85 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 387.35 703.95 Td (units ) Tj ET Q q 0 0 0 rg BT 410.02 703.95 Td (under ) Tj ET Q q 0 0 0 rg BT 436.19 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 451.27 703.95 Td (Royce ) Tj ET Q q 0 0 0 rg BT 480.35 703.95 Td (management ) Tj ET Q q 0 0 0 rg BT 536.25 703.95 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 691.35 Td (plan.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 666.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 143.15 666.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 172.23 666.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 193.15 666.15 Td (char) Tj ET Q q 0 0 0 rg BT 211.03 666.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 227.86 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 242.94 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 258.60 666.15 Td (year ) Tj ET Q q 0 0 0 rg BT 279.51 666.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 307.42 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 337.66 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 353.62 666.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 380.08 666.15 Td (represent ) Tj ET Q q 0 0 0 rg BT 421.39 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 437.06 666.15 Td (char) Tj ET Q q 0 0 0 rg BT 454.94 666.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 467.68 666.15 Td (arising ) Tj ET Q q 0 0 0 rg BT 499.10 666.15 Td (from ) Tj ET Q q 0 0 0 rg BT 522.35 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 538.01 666.15 Td (initial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 653.55 Td (grant ) Tj ET Q q 0 0 0 rg BT 109.70 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 121.07 653.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 149.94 653.55 Td (units ) Tj ET Q q 0 0 0 rg BT 172.99 653.55 Td (under ) Tj ET Q q 0 0 0 rg BT 199.52 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 214.97 653.55 Td (Royce ) Tj ET Q q 0 0 0 rg BT 244.42 653.55 Td (management ) Tj ET Q q 0 0 0 rg BT 300.69 653.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.56 653.55 Td (plan. ) Tj ET Q q 0 0 0 rg BT 352.89 653.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 628.35 Td (See ) Tj ET Q q 0 0 0 rg BT 102.77 628.35 Td (Note ) Tj ET Q q 0 0 0 rg BT 125.29 628.35 Td (1) Tj ET Q q 0 0 0 rg BT 130.15 628.35 Td (1 ) Tj ET Q q 0 0 0 rg BT 137.50 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 148.36 628.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 174.96 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 185.24 628.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 242.76 628.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 283.94 628.35 Td (Statement ) Tj ET Q q 0 0 0 rg BT 328.04 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 342.39 628.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 386.49 628.35 Td (information ) Tj ET Q q 0 0 0 rg BT 438.17 628.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 480.51 628.35 Td (management ) Tj ET Q q 0 0 0 rg BT 536.26 628.35 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 615.75 Td (plans.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 590.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 590.55 Td (Performance ) Tj ET Q q 0 0 0 rg BT 141.32 590.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 156.31 590.55 Td (pass ) Tj ET Q q 0 0 0 rg BT 176.57 590.55 Td (through ) Tj ET Q q 0 0 0 rg BT 211.42 590.55 Td (represents ) Tj ET Q q 0 0 0 rg BT 256.16 590.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 289.83 590.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 326.42 590.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 381.65 590.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 400.73 590.55 Td (that ) Tj ET Q q 0 0 0 rg BT 418.65 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 433.65 590.55 Td (fully ) Tj ET Q q 0 0 0 rg BT 455.66 590.55 Td (passed ) Tj ET Q q 0 0 0 rg BT 485.83 590.55 Td (through ) Tj ET Q q 0 0 0 rg BT 520.67 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 531.02 590.55 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 577.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 122.53 577.95 Td (employees ) Tj ET Q q 0 0 0 rg BT 170.06 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 181.43 577.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 242.38 577.95 Td (expense, ) Tj ET Q q 0 0 0 rg BT 281.45 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 292.82 577.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 335.69 577.95 Td (above.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (For ) Tj ET Q q 0 0 0 rg BT 67.03 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.80 552.75 Td (year ) Tj ET Q q 0 0 0 rg BT 103.80 552.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.82 552.75 Td (March ) Tj ET Q q 0 0 0 rg BT 162.16 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.23 552.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 204.79 552.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 266.05 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 277.74 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 285.34 552.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 333.75 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 345.44 552.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 388.03 552.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 428.28 552.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 470.87 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 481.98 552.75 Td (48.6% ) Tj ET Q q 0 0 0 rg BT 512.04 552.75 Td (from ) Tj ET Q q 0 0 0 rg BT 535.39 552.75 Td (45.3% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 63.71 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 78.51 540.15 Td (year ) Tj ET Q q 0 0 0 rg BT 98.55 540.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 125.59 540.15 Td (March ) Tj ET Q q 0 0 0 rg BT 154.96 540.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 170.05 540.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 195.65 540.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 236.69 540.15 Td (due ) Tj ET Q q 0 0 0 rg BT 253.82 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 263.95 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 278.75 540.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 309.29 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 320.01 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 334.81 540.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 382.85 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 393.57 540.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 427.03 540.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 463.41 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 473.11 540.15 Td (April ) Tj ET Q q 0 0 0 rg BT 497.24 540.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 522.84 540.15 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.99 527.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 96.23 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 107.64 527.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 163.36 527.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 182.93 527.55 Td (earned ) Tj ET Q q 0 0 0 rg BT 213.57 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 226.73 527.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 260.89 527.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 297.97 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 316.38 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 331.86 527.55 Td (passed ) Tj ET Q q 0 0 0 rg BT 362.52 527.55 Td (through ) Tj ET Q q 0 0 0 rg BT 397.85 527.55 Td (fully ) Tj ET Q q 0 0 0 rg BT 420.34 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 431.75 527.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 492.74 527.55 Td (expense, ) Tj ET Q q 0 0 0 rg BT 531.85 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 549.67 527.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.67 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 92.01 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 107.43 514.95 Td (char) Tj ET Q q 0 0 0 rg BT 125.31 514.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 141.90 514.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 187.64 514.95 Td (with ) Tj ET Q q 0 0 0 rg BT 208.90 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 224.32 514.95 Td (implementation ) Tj ET Q q 0 0 0 rg BT 292.82 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 304.16 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 319.58 514.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 353.67 514.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 390.67 514.95 Td (management ) Tj ET Q q 0 0 0 rg BT 446.90 514.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 475.74 514.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 496.41 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 514.17 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 529.59 514.95 Td (grant ) Tj ET Q q 0 0 0 rg BT 553.76 514.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 94.67 502.35 Td (units ) Tj ET Q q 0 0 0 rg BT 118.27 502.35 Td (under ) Tj ET Q q 0 0 0 rg BT 145.35 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 161.35 502.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 191.35 502.35 Td (management ) Tj ET Q q 0 0 0 rg BT 248.18 502.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 277.60 502.35 Td (plan, ) Tj ET Q q 0 0 0 rg BT 301.48 502.35 Td (of) Tj ET Q q 0 0 0 rg BT 310.03 502.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 328.37 502.35 Td (by ) Tj ET Q q 0 0 0 rg BT 342.05 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 358.05 502.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 389.80 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 401.72 502.35 Td (decreased ) Tj ET Q q 0 0 0 rg BT 446.29 502.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 486.78 502.35 Td (at ) Tj ET Q q 0 0 0 rg BT 497.53 502.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 529.27 502.35 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (share-based ) Tj ET Q q 0 0 0 rg BT 102.09 489.75 Td (af) Tj ET Q q 0 0 0 rg BT 110.06 489.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 141.67 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 160.45 489.75 Td (retain ) Tj ET Q q 0 0 0 rg BT 187.39 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 195.09 489.75 Td (relatively ) Tj ET Q q 0 0 0 rg BT 237.77 489.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 267.63 489.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 316.13 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 327.91 489.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 368.26 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 380.05 489.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 441.40 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 459.60 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 475.46 489.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 507.07 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.85 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 534.71 489.75 Td (char) Tj ET Q q 0 0 0 rg BT 552.59 489.75 Td (ge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 95.28 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 116.57 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 132.02 477.15 Td (initial ) Tj ET Q q 0 0 0 rg BT 159.14 477.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 188.59 477.15 Td (management ) Tj ET Q q 0 0 0 rg BT 244.86 477.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 273.73 477.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 294.44 477.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 318.64 477.15 Td (during ) Tj ET Q q 0 0 0 rg BT 348.68 477.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 374.04 477.15 Td (2016. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (For ) Tj ET Q q 0 0 0 rg BT 67.03 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 82.80 451.95 Td (year ) Tj ET Q q 0 0 0 rg BT 103.80 451.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.82 451.95 Td (March ) Tj ET Q q 0 0 0 rg BT 162.16 451.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.23 451.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 204.79 451.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 266.05 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 277.74 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 285.34 451.95 Td (percentage ) Tj ET Q q 0 0 0 rg BT 333.75 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 345.44 451.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 388.03 451.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 428.28 451.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 470.87 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 481.98 451.95 Td (45.3% ) Tj ET Q q 0 0 0 rg BT 512.04 451.95 Td (from ) Tj ET Q q 0 0 0 rg BT 535.39 451.95 Td (43.7% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 64.78 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 80.64 439.35 Td (year ) Tj ET Q q 0 0 0 rg BT 101.74 439.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.85 439.35 Td (March ) Tj ET Q q 0 0 0 rg BT 160.28 439.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.44 439.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 203.10 439.35 Td (due ) Tj ET Q q 0 0 0 rg BT 221.29 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 232.50 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 248.36 439.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 279.97 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 291.75 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 307.61 439.35 Td (char) Tj ET Q q 0 0 0 rg BT 325.49 439.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 338.43 439.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 384.61 439.35 Td (with ) Tj ET Q q 0 0 0 rg BT 406.32 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 422.18 439.35 Td (initial ) Tj ET Q q 0 0 0 rg BT 449.71 439.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 479.57 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 536.25 439.35 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 69.65 426.75 Td (grant, ) Tj ET Q q 0 0 0 rg BT 95.93 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.00 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.91 426.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 143.56 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 154.38 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 169.28 426.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 217.43 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 228.26 426.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 258.91 426.75 Td (Currie ) Tj ET Q q 0 0 0 rg BT 287.81 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 298.05 426.75 Td (October ) Tj ET Q q 0 0 0 rg BT 333.95 426.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 359.65 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 376.88 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.78 426.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 422.43 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 433.26 426.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 462.16 426.75 Td (transition ) Tj ET Q q 0 0 0 rg BT 503.89 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 521.13 426.75 Td (severance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 73.01 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 83.68 414.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 108.93 414.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 135.06 414.15 Td (of) Tj ET Q q 0 0 0 rg BT 143.62 414.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 161.29 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 171.96 414.15 Td (part ) Tj ET Q q 0 0 0 rg BT 190.79 414.15 Td (by ) Tj ET Q q 0 0 0 rg BT 203.80 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 219.14 414.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 250.22 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 261.47 414.15 Td (decreased ) Tj ET Q q 0 0 0 rg BT 305.37 414.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 345.19 414.15 Td (at ) Tj ET Q q 0 0 0 rg BT 355.27 414.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 386.34 414.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 422.08 414.15 Td (share-based ) Tj ET Q q 0 0 0 rg BT 474.15 414.15 Td (af) Tj ET Q q 0 0 0 rg BT 482.11 414.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 513.20 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 531.45 414.15 Td (retain ) Tj ET Q q 0 0 0 rg BT 557.86 414.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (relatively ) Tj ET Q q 0 0 0 rg BT 91.77 401.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 121.22 401.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 169.32 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 180.69 401.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 220.63 401.55 Td (as ) Tj ET Q q 0 0 0 rg BT 232.00 401.55 Td (compensation.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 104.65 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 123.61 376.35 Td (Servicing) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.99 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.73 363.75 Td (year ) Tj ET Q q 0 0 0 rg BT 103.70 363.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.68 363.75 Td (March ) Tj ET Q q 0 0 0 rg BT 161.99 363.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.02 363.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 204.55 363.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 258.21 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 276.27 363.75 Td (servicing ) Tj ET Q q 0 0 0 rg BT 317.67 363.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 358.48 363.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 402.77 363.75 Td (9% ) Tj ET Q q 0 0 0 rg BT 419.67 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 430.75 363.75 Td ($499.1 ) Tj ET Q q 0 0 0 rg BT 462.53 363.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 498.40 363.75 Td (as ) Tj ET Q q 0 0 0 rg BT 510.05 363.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.35 363.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td ($545.7 ) Tj ET Q q 0 0 0 rg BT 81.15 351.15 Td (million ) Tj ET Q q 0 0 0 rg BT 114.27 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 129.29 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 144.89 351.15 Td (year ) Tj ET Q q 0 0 0 rg BT 165.74 351.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 193.59 351.15 Td (March ) Tj ET Q q 0 0 0 rg BT 223.77 351.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.67 351.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 266.07 351.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 307.92 351.15 Td (due ) Tj ET Q q 0 0 0 rg BT 325.86 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 336.81 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 352.41 351.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 383.76 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 395.29 351.15 Td (lower ) Tj ET Q q 0 0 0 rg BT 421.97 351.15 Td (average ) Tj ET Q q 0 0 0 rg BT 456.78 351.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 484.06 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 495.00 351.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 526.34 351.15 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 338.55 Td (which ) Tj ET Q q 0 0 0 rg BT 92.65 338.55 Td (we ) Tj ET Q q 0 0 0 rg BT 107.52 338.55 Td (pay ) Tj ET Q q 0 0 0 rg BT 125.31 338.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 144.84 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 155.63 338.55 Td (third-party ) Tj ET Q q 0 0 0 rg BT 203.16 338.55 Td (distributors. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (For ) Tj ET Q q 0 0 0 rg BT 66.99 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 82.73 313.35 Td (year ) Tj ET Q q 0 0 0 rg BT 103.70 313.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.68 313.35 Td (March ) Tj ET Q q 0 0 0 rg BT 161.99 313.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.02 313.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 204.55 313.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 258.21 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 276.27 313.35 Td (servicing ) Tj ET Q q 0 0 0 rg BT 317.67 313.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 358.48 313.35 Td (decreased ) Tj ET Q q 0 0 0 rg BT 402.77 313.35 Td (8% ) Tj ET Q q 0 0 0 rg BT 419.67 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 430.75 313.35 Td ($545.7 ) Tj ET Q q 0 0 0 rg BT 462.53 313.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 498.40 313.35 Td (as ) Tj ET Q q 0 0 0 rg BT 510.05 313.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.35 313.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td ($594.8 ) Tj ET Q q 0 0 0 rg BT 81.15 300.75 Td (million ) Tj ET Q q 0 0 0 rg BT 114.27 300.75 Td (for ) Tj ET Q q 0 0 0 rg BT 129.29 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.89 300.75 Td (year ) Tj ET Q q 0 0 0 rg BT 165.74 300.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 193.59 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 223.77 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.67 300.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 266.07 300.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 307.92 300.75 Td (due ) Tj ET Q q 0 0 0 rg BT 325.86 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 336.81 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 352.41 300.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 383.76 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 395.29 300.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 421.97 300.75 Td (average ) Tj ET Q q 0 0 0 rg BT 456.78 300.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 484.06 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 495.00 300.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 526.34 300.75 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 92.65 288.15 Td (we ) Tj ET Q q 0 0 0 rg BT 107.52 288.15 Td (pay ) Tj ET Q q 0 0 0 rg BT 125.31 288.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 144.84 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 155.63 288.15 Td (third-party ) Tj ET Q q 0 0 0 rg BT 203.16 288.15 Td (distributors. ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (Communications ) Tj ET Q q 0 0 0 rg BT 126.23 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 145.20 262.95 Td (T) Tj ET Q q 0 0 0 rg BT 150.65 262.95 Td (echnology) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (For ) Tj ET Q q 0 0 0 rg BT 66.27 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 81.28 250.35 Td (year ) Tj ET Q q 0 0 0 rg BT 101.53 250.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.79 250.35 Td (March ) Tj ET Q q 0 0 0 rg BT 158.38 250.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.69 250.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 199.50 250.35 Td (Communications ) Tj ET Q q 0 0 0 rg BT 273.43 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 290.77 250.35 Td (technology ) Tj ET Q q 0 0 0 rg BT 339.61 250.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 375.62 250.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 417.44 250.35 Td (6% ) Tj ET Q q 0 0 0 rg BT 433.62 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 443.98 250.35 Td ($208.9 ) Tj ET Q q 0 0 0 rg BT 475.04 250.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 510.18 250.35 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 250.35 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.91 237.75 Td ($197.9 ) Tj ET Q q 0 0 0 rg BT 93.02 237.75 Td (million ) Tj ET Q q 0 0 0 rg BT 126.60 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 142.08 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 158.15 237.75 Td (year ) Tj ET Q q 0 0 0 rg BT 179.46 237.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 207.77 237.75 Td (March ) Tj ET Q q 0 0 0 rg BT 238.42 237.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 254.78 237.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 281.65 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 293.63 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 301.54 237.75 Td (result ) Tj ET Q q 0 0 0 rg BT 328.10 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 340.09 237.75 Td (an ) Tj ET Q q 0 0 0 rg BT 353.24 237.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 390.88 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 402.28 237.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 426.52 237.75 Td (related ) Tj ET Q q 0 0 0 rg BT 458.33 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 469.74 237.75 Td (data ) Tj ET Q q 0 0 0 rg BT 490.46 237.75 Td (management ) Tj ET Q q 0 0 0 rg BT 547.35 237.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (technology ) Tj ET Q q 0 0 0 rg BT 97.94 225.15 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 152.79 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 169.74 225.15 Td (consulting, ) Tj ET Q q 0 0 0 rg BT 217.90 225.15 Td (due ) Tj ET Q q 0 0 0 rg BT 234.85 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 244.80 225.15 Td (part ) Tj ET Q q 0 0 0 rg BT 262.92 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 272.87 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 287.49 225.15 Td (addition ) Tj ET Q q 0 0 0 rg BT 323.69 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 334.22 225.15 Td (expenses ) Tj ET Q q 0 0 0 rg BT 373.92 225.15 Td (related ) Tj ET Q q 0 0 0 rg BT 404.27 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 414.22 225.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 447.51 225.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 483.70 225.15 Td (after ) Tj ET Q q 0 0 0 rg BT 504.72 225.15 Td (its ) Tj ET Q q 0 0 0 rg BT 516.43 225.15 Td (acquisition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 59.71 212.55 Td (April ) Tj ET Q q 0 0 0 rg BT 84.50 212.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 108.13 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 125.91 212.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 143.62 212.55 Td (rust ) Tj ET Q q 0 0 0 rg BT 162.00 212.55 Td (after ) Tj ET Q q 0 0 0 rg BT 183.85 212.55 Td (its ) Tj ET Q q 0 0 0 rg BT 196.40 212.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 245.10 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 255.90 212.55 Td (May ) Tj ET Q q 0 0 0 rg BT 277.77 212.55 Td (2016.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (For ) Tj ET Q q 0 0 0 rg BT 66.27 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 81.28 187.35 Td (year ) Tj ET Q q 0 0 0 rg BT 101.53 187.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.79 187.35 Td (March ) Tj ET Q q 0 0 0 rg BT 158.38 187.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.69 187.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 199.50 187.35 Td (Communications ) Tj ET Q q 0 0 0 rg BT 273.43 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 290.77 187.35 Td (technology ) Tj ET Q q 0 0 0 rg BT 339.61 187.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 375.62 187.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 417.44 187.35 Td (8% ) Tj ET Q q 0 0 0 rg BT 433.62 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 443.98 187.35 Td ($197.9 ) Tj ET Q q 0 0 0 rg BT 475.04 187.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 510.18 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 187.35 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.01 174.75 Td ($182.4 ) Tj ET Q q 0 0 0 rg BT 91.22 174.75 Td (million ) Tj ET Q q 0 0 0 rg BT 123.89 174.75 Td (for ) Tj ET Q q 0 0 0 rg BT 138.47 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 153.64 174.75 Td (year ) Tj ET Q q 0 0 0 rg BT 174.05 174.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 201.46 174.75 Td (March ) Tj ET Q q 0 0 0 rg BT 231.20 174.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 246.66 174.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 272.62 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 283.71 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 290.71 174.75 Td (result ) Tj ET Q q 0 0 0 rg BT 316.37 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 327.46 174.75 Td (an ) Tj ET Q q 0 0 0 rg BT 339.71 174.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 376.44 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 386.94 174.75 Td (technology ) Tj ET Q q 0 0 0 rg BT 435.94 174.75 Td (consulting ) Tj ET Q q 0 0 0 rg BT 482.02 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 499.52 174.75 Td (license ) Tj ET Q q 0 0 0 rg BT 531.01 174.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 550.26 174.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (software ) Tj ET Q q 0 0 0 rg BT 88.28 162.15 Td (product ) Tj ET Q q 0 0 0 rg BT 122.98 162.15 Td (implementations ) Tj ET Q q 0 0 0 rg BT 195.59 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 206.38 162.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 231.75 162.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 258.00 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 275.78 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 291.24 162.15 Td (addition ) Tj ET Q q 0 0 0 rg BT 328.28 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 339.65 162.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 370.85 162.15 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 402.93 162.15 Td (which ) Tj ET Q q 0 0 0 rg BT 431.21 162.15 Td (was ) Tj ET Q q 0 0 0 rg BT 450.17 162.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 488.94 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 499.73 162.15 Td (October ) Tj ET Q q 0 0 0 rg BT 536.17 162.15 Td (2014.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Occupancy) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (For ) Tj ET Q q 0 0 0 rg BT 66.32 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 81.39 124.35 Td (year ) Tj ET Q q 0 0 0 rg BT 101.69 124.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.00 124.35 Td (March ) Tj ET Q q 0 0 0 rg BT 158.64 124.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.00 124.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 199.87 124.35 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 249.33 124.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 285.38 124.35 Td (decreased ) Tj ET Q q 0 0 0 rg BT 329.01 124.35 Td (7% ) Tj ET Q q 0 0 0 rg BT 345.24 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 355.64 124.35 Td ($1) Tj ET Q q 0 0 0 rg BT 365.75 124.35 Td (13.7 ) Tj ET Q q 0 0 0 rg BT 386.37 124.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 421.57 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 432.55 124.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 476.18 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 486.59 124.35 Td ($122.6 ) Tj ET Q q 0 0 0 rg BT 517.70 124.35 Td (million ) Tj ET Q q 0 0 0 rg BT 550.27 124.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.58 111.75 Td (year ) Tj ET Q q 0 0 0 rg BT 86.90 111.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 115.23 111.75 Td (March ) Tj ET Q q 0 0 0 rg BT 145.89 111.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 162.27 111.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 189.15 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 192.40 111.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 210.82 111.75 Td (real ) Tj ET Q q 0 0 0 rg BT 229.81 111.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 256.97 111.75 Td (related ) Tj ET Q q 0 0 0 rg BT 288.78 111.75 Td (char) Tj ET Q q 0 0 0 rg BT 306.66 111.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 323.91 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 335.91 111.75 Td ($12.3 ) Tj ET Q q 0 0 0 rg BT 362.79 111.75 Td (million ) Tj ET Q q 0 0 0 rg BT 396.39 111.75 Td (were ) Tj ET Q q 0 0 0 rg BT 420.04 111.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 469.35 111.75 Td (during ) Tj ET Q q 0 0 0 rg BT 500.02 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 516.10 111.75 Td (year ) Tj ET Q q 0 0 0 rg BT 537.42 111.75 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (March ) Tj ET Q q 0 0 0 rg BT 79.79 99.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.81 99.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 122.32 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 133.38 99.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 182.33 99.15 Td (with ) Tj ET Q q 0 0 0 rg BT 203.89 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 219.61 99.15 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 276.15 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 287.78 99.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 320.42 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 335.55 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 351.27 99.15 Td (combination ) Tj ET Q q 0 0 0 rg BT 406.65 99.15 Td (with ) Tj ET Q q 0 0 0 rg BT 428.20 99.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 445.91 99.15 Td (rust, ) Tj ET Q q 0 0 0 rg BT 467.18 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 485.23 99.15 Td (were ) Tj ET Q q 0 0 0 rg BT 508.52 99.15 Td (of) Tj ET Q q 0 0 0 rg BT 517.07 99.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 535.12 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 546.18 99.15 Td (part ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (by ) Tj ET Q q 0 0 0 rg BT 63.09 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 70.83 86.55 Td ($2.7 ) Tj ET Q q 0 0 0 rg BT 92.29 86.55 Td (million ) Tj ET Q q 0 0 0 rg BT 125.72 86.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 168.46 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 179.71 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 187.46 86.55 Td (previously ) Tj ET Q q 0 0 0 rg BT 234.87 86.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 271.21 86.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 295.28 86.55 Td (reserve, ) Tj ET Q q 0 0 0 rg BT 331.31 86.55 Td (while ) Tj ET Q q 0 0 0 rg BT 357.72 86.55 Td (real ) Tj ET Q q 0 0 0 rg BT 376.54 86.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 403.53 86.55 Td (related ) Tj ET Q q 0 0 0 rg BT 435.18 86.55 Td (char) Tj ET Q q 0 0 0 rg BT 453.06 86.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 470.14 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 481.98 86.55 Td ($17.7 ) Tj ET Q q 0 0 0 rg BT 508.69 86.55 Td (million ) Tj ET Q q 0 0 0 rg BT 542.11 86.55 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 98.19 73.95 Td (during ) Tj ET Q q 0 0 0 rg BT 128.24 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 143.70 73.95 Td (year ) Tj ET Q q 0 0 0 rg BT 164.40 73.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 192.10 73.95 Td (March ) Tj ET Q q 0 0 0 rg BT 222.14 73.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 237.90 73.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 264.15 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 274.96 73.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 323.65 73.95 Td (with ) Tj ET Q q 0 0 0 rg BT 344.96 73.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 380.82 73.95 Td (space ) Tj ET Q q 0 0 0 rg BT 406.77 73.95 Td (requirements ) Tj ET Q q 0 0 0 rg BT 464.21 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 482.01 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 497.47 73.95 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 553.75 73.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 81.87 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 96.74 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 112.19 61.35 Td (combination ) Tj ET Q q 0 0 0 rg BT 167.31 61.35 Td (with ) Tj ET Q q 0 0 0 rg BT 188.60 61.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 206.31 61.35 Td (rust.) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (53) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.91 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.56 741.75 Td (year ) Tj ET Q q 0 0 0 rg BT 103.45 741.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.35 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 161.58 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.53 741.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 203.97 741.75 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 254.02 741.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 290.67 741.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 333.13 741.75 Td (12% ) Tj ET Q q 0 0 0 rg BT 355.20 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 366.19 741.75 Td ($122.6 ) Tj ET Q q 0 0 0 rg BT 397.89 741.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 433.68 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 445.25 741.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 489.47 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 500.46 741.75 Td ($109.7 ) Tj ET Q q 0 0 0 rg BT 532.16 741.75 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.56 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 80.21 729.15 Td (year ) Tj ET Q q 0 0 0 rg BT 101.10 729.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.00 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 159.22 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.17 729.15 Td (2015. ) Tj ET Q q 0 0 0 rg BT 201.61 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 204.44 729.15 Td (Real ) Tj ET Q q 0 0 0 rg BT 226.50 729.15 Td (estate ) Tj ET Q q 0 0 0 rg BT 253.22 729.15 Td (related ) Tj ET Q q 0 0 0 rg BT 284.61 729.15 Td (char) Tj ET Q q 0 0 0 rg BT 302.49 729.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 319.30 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 330.87 729.15 Td ($17.7 ) Tj ET Q q 0 0 0 rg BT 357.32 729.15 Td (million ) Tj ET Q q 0 0 0 rg BT 390.48 729.15 Td (were ) Tj ET Q q 0 0 0 rg BT 413.70 729.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 462.58 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 473.57 729.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 499.13 729.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 522.95 729.15 Td (related ) Tj ET Q q 0 0 0 rg BT 554.33 729.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (reduced ) Tj ET Q q 0 0 0 rg BT 86.33 716.55 Td (space ) Tj ET Q q 0 0 0 rg BT 113.26 716.55 Td (requirements ) Tj ET Q q 0 0 0 rg BT 171.67 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 190.44 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 206.87 716.55 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 264.13 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 276.48 716.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 309.82 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 325.67 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 342.10 716.55 Td (combination ) Tj ET Q q 0 0 0 rg BT 398.20 716.55 Td (with ) Tj ET Q q 0 0 0 rg BT 420.47 716.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 438.18 716.55 Td (rust, ) Tj ET Q q 0 0 0 rg BT 460.16 716.55 Td (while ) Tj ET Q q 0 0 0 rg BT 487.10 716.55 Td (real ) Tj ET Q q 0 0 0 rg BT 506.44 716.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 533.94 716.55 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (char) Tj ET Q q 0 0 0 rg BT 67.38 703.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 83.53 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 94.43 703.95 Td ($8.2 ) Tj ET Q q 0 0 0 rg BT 114.96 703.95 Td (million ) Tj ET Q q 0 0 0 rg BT 147.45 703.95 Td (were ) Tj ET Q q 0 0 0 rg BT 170.01 703.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 218.22 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 228.54 703.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 253.44 703.95 Td (2015 ) Tj ET Q q 0 0 0 rg BT 276.59 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 286.91 703.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 335.14 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 355.96 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 370.94 703.95 Td (integration ) Tj ET Q q 0 0 0 rg BT 418.58 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 429.49 703.95 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 488.78 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 506.10 703.95 Td (LMGAA) Tj ET Q q 0 0 0 rg BT 544.02 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 546.17 703.95 Td (into ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 65.55 691.35 Td (Investors.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (Amortization ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (For ) Tj ET Q q 0 0 0 rg BT 65.98 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 80.71 653.55 Td (year ) Tj ET Q q 0 0 0 rg BT 100.68 653.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.65 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 156.95 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.97 653.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 197.08 653.55 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 254.96 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 265.61 653.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 309.50 653.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 335.90 653.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 377.44 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 387.50 653.55 Td ($26.2 ) Tj ET Q q 0 0 0 rg BT 413.03 653.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 447.89 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 458.53 653.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 501.83 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 511.89 653.55 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 532.17 653.55 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 79.40 640.95 Td (year ) Tj ET Q q 0 0 0 rg BT 99.89 640.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.37 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 157.19 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.74 640.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 198.78 640.95 Td (due ) Tj ET Q q 0 0 0 rg BT 216.35 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 226.94 640.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 271.34 640.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 326.83 640.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 363.06 640.95 Td (related ) Tj ET Q q 0 0 0 rg BT 394.04 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 404.62 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 419.87 640.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 472.45 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 483.61 640.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 517.52 640.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 554.35 640.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (April ) Tj ET Q q 0 0 0 rg BT 74.29 628.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 100.54 628.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 118.25 628.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 136.62 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 147.42 628.35 Td (May ) Tj ET Q q 0 0 0 rg BT 169.29 628.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 195.54 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 213.32 628.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 243.95 628.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 303.71 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 314.51 628.35 Td (October ) Tj ET Q q 0 0 0 rg BT 350.95 628.35 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (For ) Tj ET Q q 0 0 0 rg BT 66.26 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 81.27 603.15 Td (year ) Tj ET Q q 0 0 0 rg BT 101.52 603.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.76 603.15 Td (March ) Tj ET Q q 0 0 0 rg BT 158.35 603.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.65 603.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 198.97 603.15 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 257.14 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 268.06 603.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 312.23 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 338.91 603.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 380.73 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 391.07 603.15 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 411.63 603.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 446.77 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 457.69 603.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 501.26 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 511.61 603.15 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 532.16 603.15 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 64.91 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 80.90 590.55 Td (year ) Tj ET Q q 0 0 0 rg BT 102.14 590.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.37 590.55 Td (March ) Tj ET Q q 0 0 0 rg BT 160.94 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.24 590.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 204.03 590.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 246.27 590.55 Td (due ) Tj ET Q q 0 0 0 rg BT 264.59 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 275.93 590.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 321.08 590.55 Td (amortization ) Tj ET Q q 0 0 0 rg BT 377.32 590.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 414.30 590.55 Td (related ) Tj ET Q q 0 0 0 rg BT 446.03 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 457.36 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 473.36 590.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 522.60 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 534.51 590.55 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 109.26 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 120.05 577.95 Td (October ) Tj ET Q q 0 0 0 rg BT 156.50 577.95 Td (2015.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 103.47 552.75 Td (Charges) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 100.47 540.15 Td (char) Tj ET Q q 0 0 0 rg BT 118.35 540.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 134.33 540.15 Td (were ) Tj ET Q q 0 0 0 rg BT 156.71 540.15 Td ($35.0 ) Tj ET Q q 0 0 0 rg BT 182.32 540.15 Td (million ) Tj ET Q q 0 0 0 rg BT 214.65 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 228.87 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 243.69 540.15 Td (year ) Tj ET Q q 0 0 0 rg BT 263.74 540.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 290.79 540.15 Td (March ) Tj ET Q q 0 0 0 rg BT 320.18 540.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 335.29 540.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 360.90 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 371.63 540.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 415.01 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 425.16 540.15 Td ($371.0 ) Tj ET Q q 0 0 0 rg BT 456.02 540.15 Td (million ) Tj ET Q q 0 0 0 rg BT 488.35 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 502.57 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 517.39 540.15 Td (year ) Tj ET Q q 0 0 0 rg BT 537.44 540.15 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (March ) Tj ET Q q 0 0 0 rg BT 80.03 527.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 96.28 527.55 Td (2016. ) Tj ET Q q 0 0 0 rg BT 123.02 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 125.92 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 145.37 527.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 196.90 527.55 Td (char) Tj ET Q q 0 0 0 rg BT 214.78 527.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 231.90 527.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 281.08 527.55 Td (during ) Tj ET Q q 0 0 0 rg BT 311.62 527.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 337.48 527.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 364.23 527.55 Td (were ) Tj ET Q q 0 0 0 rg BT 387.75 527.55 Td (comprised ) Tj ET Q q 0 0 0 rg BT 434.62 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 446.49 527.55 Td ($18.0 ) Tj ET Q q 0 0 0 rg BT 473.23 527.55 Td (million ) Tj ET Q q 0 0 0 rg BT 506.69 527.55 Td (related ) Tj ET Q q 0 0 0 rg BT 538.38 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 527.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 79.56 514.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 138.76 514.95 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 190.38 514.95 Td (management ) Tj ET Q q 0 0 0 rg BT 246.08 514.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 286.04 514.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 308.51 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 325.73 514.95 Td ($17.0 ) Tj ET Q q 0 0 0 rg BT 351.41 514.95 Td (million ) Tj ET Q q 0 0 0 rg BT 383.81 514.95 Td (related ) Tj ET Q q 0 0 0 rg BT 414.43 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 424.65 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 439.54 514.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 471.34 514.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 494.39 514.95 Td (name ) Tj ET Q q 0 0 0 rg BT 519.18 514.95 Td (asset. ) Tj ET Q q 0 0 0 rg BT 544.28 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 546.19 514.95 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.92 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 112.67 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 128.51 502.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 159.52 502.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 219.67 502.35 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 272.24 502.35 Td (management ) Tj ET Q q 0 0 0 rg BT 328.89 502.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 369.80 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 393.22 502.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 429.47 502.35 Td (from ) Tj ET Q q 0 0 0 rg BT 452.89 502.35 Td (client ) Tj ET Q q 0 0 0 rg BT 479.23 502.35 Td (attrition, ) Tj ET Q q 0 0 0 rg BT 518.11 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 533.94 502.35 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 82.06 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 92.48 489.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 134.66 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 152.07 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 158.97 489.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 200.87 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 211.29 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.36 489.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 268.84 489.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 313.66 489.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 341.57 489.75 Td (life ) Tj ET Q q 0 0 0 rg BT 357.80 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 368.80 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 383.87 489.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 424.01 489.75 Td (from ) Tj ET Q q 0 0 0 rg BT 446.67 489.75 Td (1) Tj ET Q q 0 0 0 rg BT 451.53 489.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 459.03 489.75 Td (years ) Tj ET Q q 0 0 0 rg BT 483.43 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 493.84 489.75 Td (eight ) Tj ET Q q 0 0 0 rg BT 517.08 489.75 Td (years. ) Tj ET Q q 0 0 0 rg BT 544.11 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 546.19 489.75 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.71 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 112.27 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 127.90 477.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 160.46 477.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 184.25 477.15 Td (name ) Tj ET Q q 0 0 0 rg BT 209.80 477.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 245.84 477.15 Td (from ) Tj ET Q q 0 0 0 rg BT 269.06 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 276.53 477.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 315.47 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 326.45 477.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 366.57 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 384.54 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 392.01 477.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 434.47 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 445.45 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 461.08 477.15 Td (royalty ) Tj ET Q q 0 0 0 rg BT 493.63 477.15 Td (rate, ) Tj ET Q q 0 0 0 rg BT 514.80 477.15 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 557.84 477.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (decline ) Tj ET Q q 0 0 0 rg BT 82.44 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 93.23 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 108.69 464.55 Td (value ) Tj ET Q q 0 0 0 rg BT 134.05 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 145.42 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 160.88 464.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 197.89 464.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 230.26 464.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 253.87 464.55 Td (name ) Tj ET Q q 0 0 0 rg BT 279.24 464.55 Td (due ) Tj ET Q q 0 0 0 rg BT 297.02 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 307.81 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 323.27 464.55 Td (combination ) Tj ET Q q 0 0 0 rg BT 378.38 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 399.68 464.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 417.39 464.55 Td (rust. ) Tj ET Q q 0 0 0 rg BT 438.39 464.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (The ) Tj ET Q q 0 0 0 rg BT 67.78 439.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 118.14 439.35 Td (char) Tj ET Q q 0 0 0 rg BT 136.02 439.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 151.98 439.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 199.99 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 210.11 439.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 234.81 439.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 260.39 439.35 Td (were ) Tj ET Q q 0 0 0 rg BT 282.75 439.35 Td (comprised ) Tj ET Q q 0 0 0 rg BT 328.45 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 339.15 439.35 Td ($364.0 ) Tj ET Q q 0 0 0 rg BT 369.98 439.35 Td (million ) Tj ET Q q 0 0 0 rg BT 402.28 439.35 Td (related ) Tj ET Q q 0 0 0 rg BT 432.80 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 442.92 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 457.71 439.35 Td (legacy ) Tj ET Q q 0 0 0 rg BT 487.06 439.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 518.76 439.35 Td (indefinite-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (life ) Tj ET Q q 0 0 0 rg BT 66.16 426.75 Td (fund-of-hedge ) Tj ET Q q 0 0 0 rg BT 128.88 426.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 154.88 426.75 Td (management ) Tj ET Q q 0 0 0 rg BT 211.19 426.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 251.76 426.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 274.84 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 292.66 426.75 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 313.70 426.75 Td (million ) Tj ET Q q 0 0 0 rg BT 346.71 426.75 Td (related ) Tj ET Q q 0 0 0 rg BT 377.94 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 388.77 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 404.26 426.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 436.67 426.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 460.32 426.75 Td (name ) Tj ET Q q 0 0 0 rg BT 485.73 426.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 511.43 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 529.26 426.75 Td (resulted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (from ) Tj ET Q q 0 0 0 rg BT 72.54 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 79.82 414.15 Td (number ) Tj ET Q q 0 0 0 rg BT 114.52 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 125.89 414.15 Td (then ) Tj ET Q q 0 0 0 rg BT 146.60 414.15 Td (current ) Tj ET Q q 0 0 0 rg BT 178.95 414.15 Td (trends ) Tj ET Q q 0 0 0 rg BT 207.24 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 225.02 414.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 256.22 414.15 Td (which ) Tj ET Q q 0 0 0 rg BT 284.50 414.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 320.37 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 331.16 414.15 Td (decreased ) Tj ET Q q 0 0 0 rg BT 375.17 414.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 396.45 414.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 418.33 414.15 Td (projections. ) Tj ET Q q 0 0 0 rg BT 470.23 414.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (See ) Tj ET Q q 0 0 0 rg BT 67.43 388.95 Td (Critical ) Tj ET Q q 0 0 0 rg BT 101.08 388.95 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 152.83 388.95 Td (Policies ) Tj ET Q q 0 0 0 rg BT 188.85 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 206.78 388.95 Td (Note ) Tj ET Q q 0 0 0 rg BT 229.96 388.95 Td (5 ) Tj ET Q q 0 0 0 rg BT 237.97 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 249.49 388.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 276.75 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 287.69 388.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 345.87 388.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 387.71 388.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 436.55 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 451.56 388.95 Td (further ) Tj ET Q q 0 0 0 rg BT 482.90 388.95 Td (discussion ) Tj ET Q q 0 0 0 rg BT 529.42 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 540.93 388.95 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.53 376.35 Td (char) Tj ET Q q 0 0 0 rg BT 118.41 376.35 Td (ges.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (See ) Tj ET Q q 0 0 0 rg BT 67.43 351.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.60 351.15 Td (18 ) Tj ET Q q 0 0 0 rg BT 103.87 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 115.38 351.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 142.65 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 153.58 351.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 211.76 351.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 253.60 351.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 302.44 351.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 345.44 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 361.04 351.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 404.61 351.15 Td ($34 ) Tj ET Q q 0 0 0 rg BT 423.13 351.15 Td (million ) Tj ET Q q 0 0 0 rg BT 456.23 351.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 507.40 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 518.91 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 534.51 351.15 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 109.72 338.55 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 162.36 338.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 185.86 338.55 Td (management ) Tj ET Q q 0 0 0 rg BT 242.59 338.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 283.57 338.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 307.07 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 325.31 338.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 349.38 338.55 Td (name ) Tj ET Q q 0 0 0 rg BT 375.20 338.55 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 436.01 338.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 481.09 338.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 504.59 338.55 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 554.33 338.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (March ) Tj ET Q q 0 0 0 rg BT 79.53 325.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.28 325.95 Td (2017. ) Tj ET Q q 0 0 0 rg BT 121.53 325.95 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (For ) Tj ET Q q 0 0 0 rg BT 67.31 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 83.37 288.15 Td (year ) Tj ET Q q 0 0 0 rg BT 104.67 288.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.96 288.15 Td (March ) Tj ET Q q 0 0 0 rg BT 163.60 288.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.95 288.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 206.80 288.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 233.94 288.15 Td (expenses ) Tj ET Q q 0 0 0 rg BT 275.07 288.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 317.94 288.15 Td ($17.1 ) Tj ET Q q 0 0 0 rg BT 344.79 288.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 380.98 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 392.96 288.15 Td (10%, ) Tj ET Q q 0 0 0 rg BT 418.05 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 429.45 288.15 Td ($180.1 ) Tj ET Q q 0 0 0 rg BT 461.55 288.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 497.74 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 509.72 288.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.34 288.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td ($163.0 ) Tj ET Q q 0 0 0 rg BT 80.48 275.55 Td (million ) Tj ET Q q 0 0 0 rg BT 112.92 275.55 Td (for ) Tj ET Q q 0 0 0 rg BT 127.26 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 142.19 275.55 Td (year ) Tj ET Q q 0 0 0 rg BT 162.36 275.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 189.54 275.55 Td (March ) Tj ET Q q 0 0 0 rg BT 219.04 275.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 234.27 275.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 260.00 275.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 301.17 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 312.02 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 318.78 275.55 Td (result ) Tj ET Q q 0 0 0 rg BT 344.21 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 355.06 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 361.83 275.55 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 382.30 275.55 Td (million ) Tj ET Q q 0 0 0 rg BT 414.74 275.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 451.24 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 461.51 275.55 Td (travel ) Tj ET Q q 0 0 0 rg BT 487.51 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 504.77 275.55 Td (entertainment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 89.89 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 107.54 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 114.69 262.95 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 135.55 262.95 Td (million ) Tj ET Q q 0 0 0 rg BT 168.37 262.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 205.25 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 215.91 262.95 Td (insurance ) Tj ET Q q 0 0 0 rg BT 258.63 262.95 Td (costs, ) Tj ET Q q 0 0 0 rg BT 284.74 262.95 Td (lar) Tj ET Q q 0 0 0 rg BT 295.62 262.95 Td (gely ) Tj ET Q q 0 0 0 rg BT 316.19 262.95 Td (due ) Tj ET Q q 0 0 0 rg BT 333.84 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 344.49 262.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 367.98 262.95 Td (incurred ) Tj ET Q q 0 0 0 rg BT 405.45 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 416.10 262.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 464.66 262.95 Td (with ) Tj ET Q q 0 0 0 rg BT 485.81 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 501.13 262.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 553.78 262.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 83.12 250.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 119.66 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 136.94 250.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 154.65 250.35 Td (rust, ) Tj ET Q q 0 0 0 rg BT 175.15 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 192.44 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 199.23 250.35 Td ($6.3 ) Tj ET Q q 0 0 0 rg BT 219.73 250.35 Td (million ) Tj ET Q q 0 0 0 rg BT 252.19 250.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 288.71 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 299.01 250.35 Td (professional ) Tj ET Q q 0 0 0 rg BT 352.46 250.35 Td (fees. ) Tj ET Q q 0 0 0 rg BT 374.11 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 376.09 250.35 Td (These ) Tj ET Q q 0 0 0 rg BT 403.28 250.35 Td (increases ) Tj ET Q q 0 0 0 rg BT 443.89 250.35 Td (were ) Tj ET Q q 0 0 0 rg BT 466.42 250.35 Td (of) Tj ET Q q 0 0 0 rg BT 474.97 250.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 492.26 250.35 Td (by ) Tj ET Q q 0 0 0 rg BT 504.89 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 511.68 250.35 Td ($6.1 ) Tj ET Q q 0 0 0 rg BT 532.18 250.35 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 87.02 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 98.31 237.75 Td (credits ) Tj ET Q q 0 0 0 rg BT 129.42 237.75 Td (related ) Tj ET Q q 0 0 0 rg BT 161.11 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 172.40 237.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 190.09 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 215.96 237.75 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 269.24 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 280.53 237.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 319.79 237.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 367.24 237.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 426.93 237.75 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 471.76 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 493.55 237.75 Td ($39.5 ) Tj ET Q q 0 0 0 rg BT 520.30 237.75 Td (million ) Tj ET Q q 0 0 0 rg BT 553.76 237.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (such ) Tj ET Q q 0 0 0 rg BT 73.32 225.15 Td (credits ) Tj ET Q q 0 0 0 rg BT 105.87 225.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 156.50 225.15 Td (during ) Tj ET Q q 0 0 0 rg BT 188.48 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 205.88 225.15 Td (year ) Tj ET Q q 0 0 0 rg BT 228.52 225.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 258.16 225.15 Td (March ) Tj ET Q q 0 0 0 rg BT 290.13 225.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 307.82 225.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 336.02 225.15 Td (related ) Tj ET Q q 0 0 0 rg BT 369.15 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 381.89 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 399.28 225.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 454.02 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 467.33 225.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 500.48 225.15 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 534.50 225.15 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 111.40 212.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 126.95 212.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 167.58 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 184.88 212.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 226.08 212.55 Td (Guard, ) Tj ET Q q 0 0 0 rg BT 257.08 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 274.38 212.55 Td ($33.4 ) Tj ET Q q 0 0 0 rg BT 300.14 212.55 Td (million ) Tj ET Q q 0 0 0 rg BT 332.61 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 343.49 212.55 Td (such ) Tj ET Q q 0 0 0 rg BT 364.87 212.55 Td (credits ) Tj ET Q q 0 0 0 rg BT 395.00 212.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 443.19 212.55 Td (during ) Tj ET Q q 0 0 0 rg BT 472.73 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 487.70 212.55 Td (year ) Tj ET Q q 0 0 0 rg BT 507.90 212.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.10 212.55 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.25 199.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 91.50 199.95 Td (related ) Tj ET Q q 0 0 0 rg BT 122.69 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 133.48 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 148.93 199.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 201.72 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 213.09 199.95 Td (Martin ) Tj ET Q q 0 0 0 rg BT 244.30 199.95 Td (Currie ) Tj ET Q q 0 0 0 rg BT 273.75 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 291.53 199.95 Td (Fauchier) Tj ET Q q 0 0 0 rg BT 327.69 199.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (For ) Tj ET Q q 0 0 0 rg BT 67.22 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 83.19 174.75 Td (year ) Tj ET Q q 0 0 0 rg BT 104.39 174.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.59 174.75 Td (March ) Tj ET Q q 0 0 0 rg BT 163.13 174.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.39 174.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 206.15 174.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 233.20 174.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 274.24 174.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 318.76 174.75 Td ($35.6 ) Tj ET Q q 0 0 0 rg BT 345.52 174.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 381.62 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 393.50 174.75 Td (18%, ) Tj ET Q q 0 0 0 rg BT 418.51 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 429.81 174.75 Td ($163.0 ) Tj ET Q q 0 0 0 rg BT 461.82 174.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 497.92 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 509.80 174.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.33 174.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td ($198.6 ) Tj ET Q q 0 0 0 rg BT 80.99 162.15 Td (million ) Tj ET Q q 0 0 0 rg BT 113.94 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 128.80 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 144.24 162.15 Td (year ) Tj ET Q q 0 0 0 rg BT 164.93 162.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 192.61 162.15 Td (March ) Tj ET Q q 0 0 0 rg BT 222.63 162.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 238.37 162.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 264.61 162.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 306.30 162.15 Td (due ) Tj ET Q q 0 0 0 rg BT 324.07 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 334.86 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 342.13 162.15 Td ($33.4 ) Tj ET Q q 0 0 0 rg BT 368.37 162.15 Td (million ) Tj ET Q q 0 0 0 rg BT 401.32 162.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 427.84 162.15 Td (related ) Tj ET Q q 0 0 0 rg BT 459.02 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 469.80 162.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 486.99 162.15 Td (value ) Tj ET Q q 0 0 0 rg BT 512.34 162.15 Td (adjustments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 59.53 149.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 97.52 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 112.21 149.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 158.39 149.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 216.81 149.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 257.75 149.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 302.76 149.55 Td (with ) Tj ET Q q 0 0 0 rg BT 323.29 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 337.98 149.55 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 390.00 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 400.60 149.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 431.04 149.55 Td (Currie ) Tj ET Q q 0 0 0 rg BT 459.72 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 476.74 149.55 Td (Fauchier ) Tj ET Q q 0 0 0 rg BT 515.34 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 532.35 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 538.87 149.55 Td ($14.6 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (million ) Tj ET Q q 0 0 0 rg BT 82.31 136.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 120.92 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 131.57 136.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 167.86 136.95 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 237.40 136.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 257.96 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 268.60 136.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 299.64 136.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 331.28 136.95 Td (funds. ) Tj ET Q q 0 0 0 rg BT 359.71 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 362.00 136.95 Td (These ) Tj ET Q q 0 0 0 rg BT 389.55 136.95 Td (decreases ) Tj ET Q q 0 0 0 rg BT 432.25 136.95 Td (were ) Tj ET Q q 0 0 0 rg BT 455.13 136.95 Td (partially ) Tj ET Q q 0 0 0 rg BT 492.59 136.95 Td (of) Tj ET Q q 0 0 0 rg BT 501.15 136.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 518.78 136.95 Td (by ) Tj ET Q q 0 0 0 rg BT 531.76 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 538.89 136.95 Td ($13.6 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (million ) Tj ET Q q 0 0 0 rg BT 82.46 124.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 119.48 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 130.27 124.35 Td (professional ) Tj ET Q q 0 0 0 rg BT 184.22 124.35 Td (fees, ) Tj ET Q q 0 0 0 rg BT 206.37 124.35 Td (due ) Tj ET Q q 0 0 0 rg BT 224.16 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 234.95 124.35 Td (part ) Tj ET Q q 0 0 0 rg BT 253.90 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 264.69 124.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 288.32 124.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 334.10 124.35 Td (with ) Tj ET Q q 0 0 0 rg BT 355.39 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 370.84 124.35 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 423.63 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 435.00 124.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 469.12 124.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 506.16 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 523.94 124.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 541.65 124.35 Td (rust.) Tj ET Q endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (54) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 120.38 741.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 156.25 741.90 Td (\(Expense\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.77 729.30 Td (components ) Tj ET Q q 0 0 0 rg BT 122.47 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 133.95 729.30 Td (T) Tj ET Q q 0 0 0 rg BT 139.63 729.30 Td (otal ) Tj ET Q q 0 0 0 rg BT 158.32 729.30 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 224.84 729.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 259.27 729.30 Td (\(Expense\) ) Tj ET Q q 0 0 0 rg BT 304.79 729.30 Td (\(in ) Tj ET Q q 0 0 0 rg BT 319.40 729.30 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 362.90 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 381.01 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 396.78 729.30 Td (dollar ) Tj ET Q q 0 0 0 rg BT 424.22 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 442.33 729.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 490.75 729.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 527.52 729.30 Td (between ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 83.04 716.70 Td (were ) Tj ET Q q 0 0 0 rg BT 106.06 716.70 Td (as ) Tj ET Q q 0 0 0 rg BT 117.43 716.70 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 654.20 194.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 654.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 654.20 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 654.20 4.00 -15.00 re f /GS0 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0.9333333333333333 1 rg /GS0 gs 291.00 624.20 39.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 624.20 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 624.20 39.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 624.20 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 624.20 47.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 624.20 49.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 624.20 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 624.20 43.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.00 624.20 43.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 562.20 194.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 562.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 562.20 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 562.20 4.00 -15.00 re f /GS0 gs 0.8 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0 d 0 J 0 j 3 M 334 680.2 m 373 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 680.2 m 424 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 680.2 m 473 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 680.2 m 520 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 680.2 m 563 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 654.2 m 244 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 654.2 m 287 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 654.2 m 330 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 680.2 m 373 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 654.2 m 373 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 654.2 m 424 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 654.2 m 473 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 654.2 m 520 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 654.2 m 563 654.2 l s 0 0 0 RG 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547.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 562.2 m 373 562.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 547.2 m 373 547.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 547.2 m 424 547.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 547.2 m 520 547.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.65 684.97 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.15 695.49 Td (2017 Compared to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.00 684.99 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.40 695.47 Td (2016 Compared to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.00 684.97 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.50 658.99 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.50 658.97 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.50 658.97 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.35 669.49 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 382.75 658.99 Td (Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.75 669.49 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.75 658.99 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.35 669.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.95 658.97 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.60 669.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.95 658.97 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 643.97 Td (Interest income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.50 643.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 269.85 643.99 Td (6.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 643.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.85 643.97 Td (5.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.50 643.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.85 643.97 Td (7.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.50 643.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.85 643.99 Td (1.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.50 643.99 Td (21) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.00 643.99 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 643.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.35 643.97 Td (\(1.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 643.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 643.97 Td (\(25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 643.97 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 628.97 Td (Interest expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 255.85 628.99 Td (\(113.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.00 628.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.10 628.97 Td (\(48.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 628.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.10 628.97 Td (\(58.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.00 628.97 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.10 628.99 Td (\(64.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 628.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.95 628.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.85 628.97 Td (9.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 628.97 Td (\(17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 628.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 613.97 Td (Other income \(expense\), net, including) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 603.47 Td ($107.1 million debt extinguishment loss) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 592.97 Td (in fiscal 2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 264.60 592.99 Td (41.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.10 592.97 Td (\(26.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 592.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.10 592.97 Td (\(85.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.00 592.97 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 592.99 Td (67.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.95 592.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.60 592.97 Td (59.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 592.97 Td (\(70) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 592.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 577.47 Td (Non-operating income \(expense\) of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 566.97 Td (consolidated investment vehicles, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 264.60 566.99 Td (13.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.35 566.97 Td (\(7.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 566.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.85 566.97 Td (5.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 566.99 Td (20.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.95 566.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 566.97 Td (\(13.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 566.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.15 566.97 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 551.97 Td (Total Non-Operating Income \(Expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.50 551.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.10 551.99 Td (\(51.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.00 551.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 551.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.10 551.97 Td (\(76.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 551.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.50 551.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.85 551.97 Td (\(130.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.00 551.97 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.50 551.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 551.99 Td (24.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.00 551.99 Td (\(32) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.00 551.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 551.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.60 551.97 Td (54.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 551.97 Td (\(42) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 551.97 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (n/m ) Tj ET Q q 0 0 0 rg BT 63.95 538.10 Td (- ) Tj ET Q q 0 0 0 rg BT 68.61 538.10 Td (not ) Tj ET Q q 0 0 0 rg BT 80.83 538.10 Td (meaningful) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 512.90 Td (Interest ) Tj ET Q q 0 0 0 rg BT 85.38 512.90 Td (Expense) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 500.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.06 500.30 Td (the ) Tj ET Q q 0 0 0 rg BT 80.86 500.30 Td (year ) Tj ET Q q 0 0 0 rg BT 100.90 500.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.95 500.30 Td (March ) Tj ET Q q 0 0 0 rg BT 157.33 500.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.43 500.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 198.03 500.30 Td (Interest ) Tj ET Q q 0 0 0 rg BT 231.49 500.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 267.28 500.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 308.90 500.30 Td ($64.8 ) Tj ET Q q 0 0 0 rg BT 334.50 500.30 Td (million ) Tj ET Q q 0 0 0 rg BT 366.81 500.30 Td (to ) Tj ET Q q 0 0 0 rg BT 376.95 500.30 Td ($1) Tj ET Q q 0 0 0 rg BT 387.06 500.30 Td (13.2 ) Tj ET Q q 0 0 0 rg BT 407.41 500.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 442.34 500.30 Td (as ) Tj ET Q q 0 0 0 rg BT 453.07 500.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 496.44 500.30 Td (to ) Tj ET Q q 0 0 0 rg BT 506.58 500.30 Td ($48.4 ) Tj ET Q q 0 0 0 rg BT 532.18 500.30 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 487.70 Td (for ) Tj ET Q q 0 0 0 rg BT 64.25 487.70 Td (the ) Tj ET Q q 0 0 0 rg BT 79.58 487.70 Td (year ) Tj ET Q q 0 0 0 rg BT 100.15 487.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.73 487.70 Td (March ) Tj ET Q q 0 0 0 rg BT 157.64 487.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.27 487.70 Td (2016. ) Tj ET Q q 0 0 0 rg BT 199.40 487.70 Td ( ) Tj ET Q q 0 0 0 rg BT 201.72 487.70 Td (The ) Tj ET Q q 0 0 0 rg BT 220.55 487.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 257.45 487.70 Td (was ) Tj ET Q q 0 0 0 rg BT 276.28 487.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 317.86 487.70 Td (due ) Tj ET Q q 0 0 0 rg BT 335.52 487.70 Td (to ) Tj ET Q q 0 0 0 rg BT 346.20 487.70 Td (the ) Tj ET Q q 0 0 0 rg BT 361.53 487.70 Td (issuance ) Tj ET Q q 0 0 0 rg BT 399.60 487.70 Td (of ) Tj ET Q q 0 0 0 rg BT 410.86 487.70 Td ($450 ) Tj ET Q q 0 0 0 rg BT 434.36 487.70 Td (million ) Tj ET Q q 0 0 0 rg BT 467.20 487.70 Td (of ) Tj ET Q q 0 0 0 rg BT 478.45 487.70 Td (4.75% ) Tj ET Q q 0 0 0 rg BT 508.08 487.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 538.00 487.70 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 475.10 Td (due ) Tj ET Q q 0 0 0 rg BT 66.93 475.10 Td (2026 ) Tj ET Q q 0 0 0 rg BT 90.21 475.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 108.81 475.10 Td ("2026 ) Tj ET Q q 0 0 0 rg BT 136.37 475.10 Td (Notes"\) ) Tj ET Q q 0 0 0 rg BT 170.92 475.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.36 475.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 211.63 475.10 Td (million ) Tj ET Q q 0 0 0 rg BT 244.24 475.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.26 475.10 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 289.91 475.10 Td (Junior ) Tj ET Q q 0 0 0 rg BT 318.43 475.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 376.70 475.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 403.47 475.10 Td (due ) Tj ET Q q 0 0 0 rg BT 420.90 475.10 Td (2056 ) Tj ET Q q 0 0 0 rg BT 444.18 475.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 462.78 475.10 Td ("6.3754% ) Tj ET Q q 0 0 0 rg BT 506.96 475.10 Td (2056 ) Tj ET Q q 0 0 0 rg BT 530.23 475.10 Td (Notes"\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 462.50 Td (in ) Tj ET Q q 0 0 0 rg BT 60.16 462.50 Td (March ) Tj ET Q q 0 0 0 rg BT 90.06 462.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 116.17 462.50 Td (the ) Tj ET Q q 0 0 0 rg BT 131.49 462.50 Td (net ) Tj ET Q q 0 0 0 rg BT 146.81 462.50 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 186.62 462.50 Td (of ) Tj ET Q q 0 0 0 rg BT 197.86 462.50 Td (which ) Tj ET Q q 0 0 0 rg BT 226.01 462.50 Td (were ) Tj ET Q q 0 0 0 rg BT 248.90 462.50 Td (used ) Tj ET Q q 0 0 0 rg BT 270.64 462.50 Td (to ) Tj ET Q q 0 0 0 rg BT 281.30 462.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 303.04 462.50 Td (the ) Tj ET Q q 0 0 0 rg BT 318.36 462.50 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 371.01 462.50 Td (of ) Tj ET Q q 0 0 0 rg BT 382.25 462.50 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 416.24 462.50 Td (Partners ) Tj ET Q q 0 0 0 rg BT 453.14 462.50 Td (in ) Tj ET Q q 0 0 0 rg BT 463.25 462.50 Td (April ) Tj ET Q q 0 0 0 rg BT 487.90 462.50 Td (2016 ) Tj ET Q q 0 0 0 rg BT 511.40 462.50 Td (and ) Tj ET Q q 0 0 0 rg BT 529.05 462.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 546.76 462.50 Td (rust ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 449.90 Td (in ) Tj ET Q q 0 0 0 rg BT 59.99 449.90 Td (May ) Tj ET Q q 0 0 0 rg BT 81.56 449.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 104.88 449.90 Td (and ) Tj ET Q q 0 0 0 rg BT 122.37 449.90 Td (to ) Tj ET Q q 0 0 0 rg BT 132.86 449.90 Td (replenish ) Tj ET Q q 0 0 0 rg BT 173.67 449.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 194.65 449.90 Td (used ) Tj ET Q q 0 0 0 rg BT 216.22 449.90 Td (to ) Tj ET Q q 0 0 0 rg BT 226.71 449.90 Td (acquire ) Tj ET Q q 0 0 0 rg BT 259.93 449.90 Td (RARE ) Tj ET Q q 0 0 0 rg BT 290.25 449.90 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 349.71 449.90 Td (in ) Tj ET Q q 0 0 0 rg BT 360.20 449.90 Td (October ) Tj ET Q q 0 0 0 rg BT 396.34 449.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 422.29 449.90 Td (and ) Tj ET Q q 0 0 0 rg BT 439.78 449.90 Td ($500 ) Tj ET Q q 0 0 0 rg BT 463.10 449.90 Td (million ) Tj ET Q q 0 0 0 rg BT 495.76 449.90 Td (of ) Tj ET Q q 0 0 0 rg BT 506.83 449.90 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 536.27 449.90 Td (Junior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 437.30 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 108.94 437.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 136.88 437.30 Td (due ) Tj ET Q q 0 0 0 rg BT 155.49 437.30 Td (2056 ) Tj ET Q q 0 0 0 rg BT 179.93 437.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 199.70 437.30 Td ("5.45% ) Tj ET Q q 0 0 0 rg BT 234.56 437.30 Td (2056 ) Tj ET Q q 0 0 0 rg BT 259.00 437.30 Td (Notes"\) ) Tj ET Q q 0 0 0 rg BT 294.73 437.30 Td (in ) Tj ET Q q 0 0 0 rg BT 305.58 437.30 Td (August ) Tj ET Q q 0 0 0 rg BT 339.36 437.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 366.43 437.30 Td (the ) Tj ET Q q 0 0 0 rg BT 382.70 437.30 Td (net ) Tj ET Q q 0 0 0 rg BT 398.98 437.30 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 439.74 437.30 Td (of ) Tj ET Q q 0 0 0 rg BT 451.93 437.30 Td (which ) Tj ET Q q 0 0 0 rg BT 481.04 437.30 Td (were ) Tj ET Q q 0 0 0 rg BT 504.88 437.30 Td (used ) Tj ET Q q 0 0 0 rg BT 527.58 437.30 Td (to ) Tj ET Q q 0 0 0 rg BT 539.19 437.30 Td (repay ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 424.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 101.12 424.70 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 151.58 424.70 Td (under ) Tj ET Q q 0 0 0 rg BT 178.11 424.70 Td (our ) Tj ET Q q 0 0 0 rg BT 194.73 424.70 Td (revolving ) Tj ET Q q 0 0 0 rg BT 237.60 424.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 264.13 424.70 Td (facility) Tj ET Q q 0 0 0 rg BT 293.18 424.70 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 399.50 Td (For ) Tj ET Q q 0 0 0 rg BT 66.60 399.50 Td (the ) Tj ET Q q 0 0 0 rg BT 81.94 399.50 Td (year ) Tj ET Q q 0 0 0 rg BT 102.52 399.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.11 399.50 Td (March ) Tj ET Q q 0 0 0 rg BT 160.03 399.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.67 399.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 201.80 399.50 Td (Interest ) Tj ET Q q 0 0 0 rg BT 235.80 399.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 272.14 399.50 Td (decreased ) Tj ET Q q 0 0 0 rg BT 316.04 399.50 Td (17% ) Tj ET Q q 0 0 0 rg BT 337.80 399.50 Td (to ) Tj ET Q q 0 0 0 rg BT 348.48 399.50 Td ($48.4 ) Tj ET Q q 0 0 0 rg BT 374.62 399.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 410.09 399.50 Td (as ) Tj ET Q q 0 0 0 rg BT 421.35 399.50 Td (compared ) Tj ET Q q 0 0 0 rg BT 465.26 399.50 Td (to ) Tj ET Q q 0 0 0 rg BT 475.94 399.50 Td ($58.3 ) Tj ET Q q 0 0 0 rg BT 502.08 399.50 Td (million ) Tj ET Q q 0 0 0 rg BT 534.93 399.50 Td (for ) Tj ET Q q 0 0 0 rg BT 549.69 399.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 386.90 Td (year ) Tj ET Q q 0 0 0 rg BT 70.03 386.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 97.56 386.90 Td (March ) Tj ET Q q 0 0 0 rg BT 127.43 386.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.01 386.90 Td (2015. ) Tj ET Q q 0 0 0 rg BT 169.10 386.90 Td ( ) Tj ET Q q 0 0 0 rg BT 171.38 386.90 Td (The ) Tj ET Q q 0 0 0 rg BT 190.17 386.90 Td (decrease ) Tj ET Q q 0 0 0 rg BT 228.76 386.90 Td (of ) Tj ET Q q 0 0 0 rg BT 239.97 386.90 Td ($9.9 ) Tj ET Q q 0 0 0 rg BT 260.81 386.90 Td (million ) Tj ET Q q 0 0 0 rg BT 293.61 386.90 Td (was ) Tj ET Q q 0 0 0 rg BT 312.40 386.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 353.93 386.90 Td (due ) Tj ET Q q 0 0 0 rg BT 371.55 386.90 Td (to ) Tj ET Q q 0 0 0 rg BT 382.18 386.90 Td (a ) Tj ET Q q 0 0 0 rg BT 389.30 386.90 Td (decrease ) Tj ET Q q 0 0 0 rg BT 427.90 386.90 Td (in ) Tj ET Q q 0 0 0 rg BT 438.53 386.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 471.90 386.90 Td (accruals ) Tj ET Q q 0 0 0 rg BT 508.75 386.90 Td (for ) Tj ET Q q 0 0 0 rg BT 523.45 386.90 Td (uncertain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 374.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.92 374.30 Td (positions, ) Tj ET Q q 0 0 0 rg BT 108.06 374.30 Td (of) Tj ET Q q 0 0 0 rg BT 116.61 374.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 134.36 374.30 Td (in ) Tj ET Q q 0 0 0 rg BT 145.12 374.30 Td (part ) Tj ET Q q 0 0 0 rg BT 164.04 374.30 Td (by ) Tj ET Q q 0 0 0 rg BT 177.13 374.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 210.62 374.30 Td (accretion ) Tj ET Q q 0 0 0 rg BT 251.68 374.30 Td (on ) Tj ET Q q 0 0 0 rg BT 264.77 374.30 Td (contingent ) Tj ET Q q 0 0 0 rg BT 311.69 374.30 Td (consideration ) Tj ET Q q 0 0 0 rg BT 370.84 374.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 412.51 374.30 Td (related ) Tj ET Q q 0 0 0 rg BT 443.67 374.30 Td (to ) Tj ET Q q 0 0 0 rg BT 454.42 374.30 Td (the ) Tj ET Q q 0 0 0 rg BT 469.84 374.30 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 522.59 374.30 Td (of ) Tj ET Q q 0 0 0 rg BT 533.93 374.30 Td (Martin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 361.70 Td (Currie ) Tj ET Q q 0 0 0 rg BT 78.95 361.70 Td (and ) Tj ET Q q 0 0 0 rg BT 96.74 361.70 Td (RARE ) Tj ET Q q 0 0 0 rg BT 127.36 361.70 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 189.75 361.70 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 336.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 77.21 336.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 112.50 336.50 Td (\(Expense\), ) Tj ET Q q 0 0 0 rg BT 161.50 336.50 Td (Net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 323.90 Td (For ) Tj ET Q q 0 0 0 rg BT 66.59 323.90 Td (the ) Tj ET Q q 0 0 0 rg BT 81.93 323.90 Td (year ) Tj ET Q q 0 0 0 rg BT 102.51 323.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.09 323.90 Td (March ) Tj ET Q q 0 0 0 rg BT 160.00 323.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.63 323.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 201.77 323.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 228.18 323.90 Td (income ) Tj ET Q q 0 0 0 rg BT 261.60 323.90 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 307.54 323.90 Td (net, ) Tj ET Q q 0 0 0 rg BT 325.50 323.90 Td (totaled ) Tj ET Q q 0 0 0 rg BT 356.58 323.90 Td (income ) Tj ET Q q 0 0 0 rg BT 390.00 323.90 Td (of ) Tj ET Q q 0 0 0 rg BT 401.25 323.90 Td ($41.7 ) Tj ET Q q 0 0 0 rg BT 427.39 323.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 462.86 323.90 Td (as ) Tj ET Q q 0 0 0 rg BT 474.11 323.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 518.02 323.90 Td (to ) Tj ET Q q 0 0 0 rg BT 528.69 323.90 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 311.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.10 311.30 Td ($26.0 ) Tj ET Q q 0 0 0 rg BT 87.58 311.30 Td (million ) Tj ET Q q 0 0 0 rg BT 120.77 311.30 Td (in ) Tj ET Q q 0 0 0 rg BT 131.79 311.30 Td (for ) Tj ET Q q 0 0 0 rg BT 146.88 311.30 Td (the ) Tj ET Q q 0 0 0 rg BT 162.57 311.30 Td (year ) Tj ET Q q 0 0 0 rg BT 183.49 311.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 211.41 311.30 Td (March ) Tj ET Q q 0 0 0 rg BT 241.67 311.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 257.65 311.30 Td (2016. ) Tj ET Q q 0 0 0 rg BT 284.12 311.30 Td ( ) Tj ET Q q 0 0 0 rg BT 286.77 311.30 Td (The ) Tj ET Q q 0 0 0 rg BT 305.95 311.30 Td (change ) Tj ET Q q 0 0 0 rg BT 338.53 311.30 Td (was ) Tj ET Q q 0 0 0 rg BT 357.72 311.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 399.64 311.30 Td (due ) Tj ET Q q 0 0 0 rg BT 417.66 311.30 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.68 311.30 Td (a ) Tj ET Q q 0 0 0 rg BT 435.83 311.30 Td ($34.6 ) Tj ET Q q 0 0 0 rg BT 461.05 311.30 Td (million ) Tj ET Q q 0 0 0 rg BT 492.66 311.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 528.13 311.30 Td (from ) Tj ET Q q 0 0 0 rg BT 550.29 311.30 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.70 Td (market ) Tj ET Q q 0 0 0 rg BT 79.09 298.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 102.02 298.70 Td (on ) Tj ET Q q 0 0 0 rg BT 113.85 298.70 Td (corporate ) Tj ET Q q 0 0 0 rg BT 153.43 298.70 Td (investments, ) Tj ET Q q 0 0 0 rg BT 205.53 298.70 Td (which ) Tj ET Q q 0 0 0 rg BT 231.79 298.70 Td (are ) Tj ET Q q 0 0 0 rg BT 245.83 298.70 Td (not ) Tj ET Q q 0 0 0 rg BT 260.43 298.70 Td (of) Tj ET Q q 0 0 0 rg BT 268.58 298.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 284.85 298.70 Td (by ) Tj ET Q q 0 0 0 rg BT 296.67 298.70 Td (a ) Tj ET Q q 0 0 0 rg BT 302.94 298.70 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 361.97 298.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 396.55 298.70 Td (in ) Tj ET Q q 0 0 0 rg BT 406.16 298.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 463.52 298.70 Td (expense, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.06 298.70 Td (a ) Tj ET Q q 0 0 0 rg BT 506.63 298.70 Td ($15.6 ) Tj ET Q q 0 0 0 rg BT 532.18 298.70 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 86.44 286.10 Td (from ) Tj ET Q q 0 0 0 rg BT 109.40 286.10 Td (net ) Tj ET Q q 0 0 0 rg BT 124.77 286.10 Td (market ) Tj ET Q q 0 0 0 rg BT 156.47 286.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 181.18 286.10 Td (on ) Tj ET Q q 0 0 0 rg BT 194.23 286.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 215.44 286.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 245.97 286.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 298.68 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.38 286.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 343.43 286.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 380.97 286.10 Td (for ) Tj ET Q q 0 0 0 rg BT 395.76 286.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 433.28 286.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 494.15 286.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 521.48 286.10 Td (which ) Tj ET Q q 0 0 0 rg BT 549.69 286.10 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 273.50 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 273.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 75.99 273.50 Td (by ) Tj ET Q q 0 0 0 rg BT 89.26 273.50 Td (a ) Tj ET Q q 0 0 0 rg BT 96.68 273.50 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 159.52 273.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 196.68 273.50 Td (in ) Tj ET Q q 0 0 0 rg BT 207.62 273.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 268.71 273.50 Td (expense, ) Tj ET Q q 0 0 0 rg BT 307.92 273.50 Td (gains ) Tj ET Q q 0 0 0 rg BT 332.85 273.50 Td (totaling ) Tj ET Q q 0 0 0 rg BT 367.70 273.50 Td ($8.7 ) Tj ET Q q 0 0 0 rg BT 388.85 273.50 Td (million ) Tj ET Q q 0 0 0 rg BT 421.95 273.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 467.87 273.50 Td (with ) Tj ET Q q 0 0 0 rg BT 489.31 273.50 Td (the ) Tj ET Q q 0 0 0 rg BT 504.90 273.50 Td (disposition ) Tj ET Q q 0 0 0 rg BT 553.77 273.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 260.90 Td (two ) Tj ET Q q 0 0 0 rg BT 68.39 260.90 Td (small ) Tj ET Q q 0 0 0 rg BT 94.28 260.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 143.50 260.90 Td (managers ) Tj ET Q q 0 0 0 rg BT 186.87 260.90 Td (and ) Tj ET Q q 0 0 0 rg BT 205.17 260.90 Td (our ) Tj ET Q q 0 0 0 rg BT 222.31 260.90 Td (share ) Tj ET Q q 0 0 0 rg BT 247.60 260.90 Td (of ) Tj ET Q q 0 0 0 rg BT 259.49 260.90 Td (a ) Tj ET Q q 0 0 0 rg BT 267.29 260.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 289.68 260.90 Td (venture ) Tj ET Q q 0 0 0 rg BT 324.31 260.90 Td (during ) Tj ET Q q 0 0 0 rg BT 354.86 260.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 380.74 260.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 407.51 260.90 Td (and ) Tj ET Q q 0 0 0 rg BT 425.81 260.90 Td (a ) Tj ET Q q 0 0 0 rg BT 433.61 260.90 Td ($7.9 ) Tj ET Q q 0 0 0 rg BT 455.12 260.90 Td (million ) Tj ET Q q 0 0 0 rg BT 488.60 260.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 526.13 260.90 Td (from ) Tj ET Q q 0 0 0 rg BT 549.69 260.90 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 248.30 Td (market ) Tj ET Q q 0 0 0 rg BT 80.08 248.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 103.67 248.30 Td (on ) Tj ET Q q 0 0 0 rg BT 115.59 248.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 167.18 248.30 Td (of ) Tj ET Q q 0 0 0 rg BT 177.35 248.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 231.84 248.30 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 275.85 248.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 323.35 248.30 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 359.17 248.30 Td (that ) Tj ET Q q 0 0 0 rg BT 376.34 248.30 Td (are ) Tj ET Q q 0 0 0 rg BT 390.59 248.30 Td (not ) Tj ET Q q 0 0 0 rg BT 405.43 248.30 Td (designated ) Tj ET Q q 0 0 0 rg BT 451.75 248.30 Td (as ) Tj ET Q q 0 0 0 rg BT 461.92 248.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 516.42 248.30 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 235.70 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 87.10 235.70 Td (\("CIVs"\), ) Tj ET Q q 0 0 0 rg BT 130.66 235.70 Td (which ) Tj ET Q q 0 0 0 rg BT 159.52 235.70 Td (have ) Tj ET Q q 0 0 0 rg BT 182.54 235.70 Td (no ) Tj ET Q q 0 0 0 rg BT 196.23 235.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 228.01 235.70 Td (on ) Tj ET Q q 0 0 0 rg BT 241.70 235.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 260.06 235.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 294.75 235.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 324.07 235.70 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 378.00 235.70 Td (to ) Tj ET Q q 0 0 0 rg BT 389.37 235.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 414.14 235.70 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 448.55 235.70 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 470.40 235.70 Td (as ) Tj ET Q q 0 0 0 rg BT 482.35 235.70 Td (the ) Tj ET Q q 0 0 0 rg BT 498.37 235.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 526.66 235.70 Td (are ) Tj ET Q q 0 0 0 rg BT 542.67 235.70 Td (fully ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 223.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 99.94 223.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.73 223.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 175.19 223.10 Td (interests.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 197.90 Td (For ) Tj ET Q q 0 0 0 rg BT 66.56 197.90 Td (the ) Tj ET Q q 0 0 0 rg BT 81.87 197.90 Td (year ) Tj ET Q q 0 0 0 rg BT 102.41 197.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.96 197.90 Td (March ) Tj ET Q q 0 0 0 rg BT 159.84 197.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.44 197.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 201.54 197.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 227.93 197.90 Td (expense, ) Tj ET Q q 0 0 0 rg BT 266.85 197.90 Td (net, ) Tj ET Q q 0 0 0 rg BT 284.78 197.90 Td (decreased ) Tj ET Q q 0 0 0 rg BT 328.64 197.90 Td ($59.3 ) Tj ET Q q 0 0 0 rg BT 354.74 197.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 390.18 197.90 Td (to ) Tj ET Q q 0 0 0 rg BT 400.83 197.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 437.12 197.90 Td (of ) Tj ET Q q 0 0 0 rg BT 448.34 197.90 Td ($26.0 ) Tj ET Q q 0 0 0 rg BT 474.44 197.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 509.88 197.90 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 197.90 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 185.30 Td (to ) Tj ET Q q 0 0 0 rg BT 59.81 185.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 95.76 185.30 Td (of ) Tj ET Q q 0 0 0 rg BT 106.65 185.30 Td ($85.3 ) Tj ET Q q 0 0 0 rg BT 132.41 185.30 Td (million ) Tj ET Q q 0 0 0 rg BT 164.89 185.30 Td (for ) Tj ET Q q 0 0 0 rg BT 179.27 185.30 Td (the ) Tj ET Q q 0 0 0 rg BT 194.24 185.30 Td (year ) Tj ET Q q 0 0 0 rg BT 214.45 185.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 241.66 185.30 Td (March ) Tj ET Q q 0 0 0 rg BT 271.20 185.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 286.47 185.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 312.23 185.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 353.44 185.30 Td (due ) Tj ET Q q 0 0 0 rg BT 370.74 185.30 Td (to ) Tj ET Q q 0 0 0 rg BT 381.05 185.30 Td (a ) Tj ET Q q 0 0 0 rg BT 387.85 185.30 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 418.86 185.30 Td (million ) Tj ET Q q 0 0 0 rg BT 451.34 185.30 Td (char) Tj ET Q q 0 0 0 rg BT 469.22 185.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 481.27 185.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 529.46 185.30 Td (in ) Tj ET Q q 0 0 0 rg BT 539.77 185.30 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 172.70 Td (2015 ) Tj ET Q q 0 0 0 rg BT 72.76 172.70 Td (related ) Tj ET Q q 0 0 0 rg BT 103.59 172.70 Td (to ) Tj ET Q q 0 0 0 rg BT 114.02 172.70 Td (the ) Tj ET Q q 0 0 0 rg BT 129.11 172.70 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 179.19 172.70 Td (of ) Tj ET Q q 0 0 0 rg BT 190.20 172.70 Td (our ) Tj ET Q q 0 0 0 rg BT 206.46 172.70 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 230.59 172.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 260.27 172.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 287.03 172.70 Td (in ) Tj ET Q q 0 0 0 rg BT 297.46 172.70 Td (July ) Tj ET Q q 0 0 0 rg BT 317.23 172.70 Td (2014. ) Tj ET Q q 0 0 0 rg BT 343.12 172.70 Td ( ) Tj ET Q q 0 0 0 rg BT 345.22 172.70 Td (This ) Tj ET Q q 0 0 0 rg BT 366.15 172.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 404.55 172.70 Td (was ) Tj ET Q q 0 0 0 rg BT 423.15 172.70 Td (of) Tj ET Q q 0 0 0 rg BT 431.70 172.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 449.13 172.70 Td (in ) Tj ET Q q 0 0 0 rg BT 459.56 172.70 Td (part ) Tj ET Q q 0 0 0 rg BT 478.15 172.70 Td (by ) Tj ET Q q 0 0 0 rg BT 490.91 172.70 Td (net ) Tj ET Q q 0 0 0 rg BT 506.00 172.70 Td (market ) Tj ET Q q 0 0 0 rg BT 537.42 172.70 Td (losses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.55 160.10 Td ($27.0 ) Tj ET Q q 0 0 0 rg BT 86.47 160.10 Td (million ) Tj ET Q q 0 0 0 rg BT 119.11 160.10 Td (on ) Tj ET Q q 0 0 0 rg BT 131.91 160.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 173.86 160.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 228.95 160.10 Td (which ) Tj ET Q q 0 0 0 rg BT 256.91 160.10 Td (are ) Tj ET Q q 0 0 0 rg BT 272.03 160.10 Td (not ) Tj ET Q q 0 0 0 rg BT 287.74 160.10 Td (of) Tj ET Q q 0 0 0 rg BT 296.30 160.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 313.76 160.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.23 160.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 387.48 160.10 Td (net ) Tj ET Q q 0 0 0 rg BT 402.61 160.10 Td (market ) Tj ET Q q 0 0 0 rg BT 434.06 160.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 461.45 160.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.50 160.10 Td ($10.6 ) Tj ET Q q 0 0 0 rg BT 498.42 160.10 Td (million ) Tj ET Q q 0 0 0 rg BT 531.06 160.10 Td (on ) Tj ET Q q 0 0 0 rg BT 543.86 160.10 Td (seed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 147.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 80.85 147.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 134.38 147.50 Td (and ) Tj ET Q q 0 0 0 rg BT 152.90 147.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 180.77 147.50 Td (invested ) Tj ET Q q 0 0 0 rg BT 219.12 147.50 Td (for ) Tj ET Q q 0 0 0 rg BT 234.73 147.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 273.07 147.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 334.75 147.50 Td (plans, ) Tj ET Q q 0 0 0 rg BT 362.91 147.50 Td (which ) Tj ET Q q 0 0 0 rg BT 391.93 147.50 Td (are ) Tj ET Q q 0 0 0 rg BT 408.12 147.50 Td (of) Tj ET Q q 0 0 0 rg BT 416.67 147.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 435.20 147.50 Td (by ) Tj ET Q q 0 0 0 rg BT 449.06 147.50 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 512.50 147.50 Td (increases ) Tj ET Q q 0 0 0 rg BT 554.34 147.50 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 134.90 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 112.84 134.90 Td (net ) Tj ET Q q 0 0 0 rg BT 128.06 134.90 Td (market ) Tj ET Q q 0 0 0 rg BT 159.60 134.90 Td (losses ) Tj ET Q q 0 0 0 rg BT 187.08 134.90 Td (of ) Tj ET Q q 0 0 0 rg BT 198.21 134.90 Td ($5.6 ) Tj ET Q q 0 0 0 rg BT 218.98 134.90 Td (million ) Tj ET Q q 0 0 0 rg BT 251.71 134.90 Td (on ) Tj ET Q q 0 0 0 rg BT 264.60 134.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 317.15 134.90 Td (of ) Tj ET Q q 0 0 0 rg BT 328.29 134.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 383.75 134.90 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 428.72 134.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 477.19 134.90 Td (products ) Tj ET Q q 0 0 0 rg BT 515.74 134.90 Td (that ) Tj ET Q q 0 0 0 rg BT 533.88 134.90 Td (are ) Tj ET Q q 0 0 0 rg BT 549.09 134.90 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 122.30 Td (designated ) Tj ET Q q 0 0 0 rg BT 97.25 122.30 Td (as ) Tj ET Q q 0 0 0 rg BT 108.85 122.30 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 136.50 122.30 Td (which ) Tj ET Q q 0 0 0 rg BT 165.01 122.30 Td (have ) Tj ET Q q 0 0 0 rg BT 187.68 122.30 Td (no ) Tj ET Q q 0 0 0 rg BT 201.03 122.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 232.46 122.30 Td (on ) Tj ET Q q 0 0 0 rg BT 245.81 122.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 263.82 122.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 298.15 122.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 327.21 122.30 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 380.79 122.30 Td (to ) Tj ET Q q 0 0 0 rg BT 391.81 122.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 416.24 122.30 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 450.30 122.30 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 471.80 122.30 Td (as ) Tj ET Q q 0 0 0 rg BT 483.40 122.30 Td (the ) Tj ET Q q 0 0 0 rg BT 499.08 122.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 527.02 122.30 Td (are ) Tj ET Q q 0 0 0 rg BT 542.69 122.30 Td (fully ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 109.70 Td (attributable ) Tj ET Q q 0 0 0 rg BT 98.86 109.70 Td (to ) Tj ET Q q 0 0 0 rg BT 108.57 109.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 171.94 109.70 Td (interests, ) Tj ET Q q 0 0 0 rg BT 211.11 109.70 Td (and ) Tj ET Q q 0 0 0 rg BT 227.81 109.70 Td (a ) Tj ET Q q 0 0 0 rg BT 234.02 109.70 Td ($4.5 ) Tj ET Q q 0 0 0 rg BT 253.94 109.70 Td (million ) Tj ET Q q 0 0 0 rg BT 285.82 109.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 303.70 109.70 Td (on ) Tj ET Q q 0 0 0 rg BT 315.75 109.70 Td (a ) Tj ET Q q 0 0 0 rg BT 321.95 109.70 Td (foreign ) Tj ET Q q 0 0 0 rg BT 353.82 109.70 Td (currency ) Tj ET Q q 0 0 0 rg BT 392.09 109.70 Td (forward ) Tj ET Q q 0 0 0 rg BT 426.87 109.70 Td (contract ) Tj ET Q q 0 0 0 rg BT 462.22 109.70 Td (related ) Tj ET Q q 0 0 0 rg BT 492.33 109.70 Td (to ) Tj ET Q q 0 0 0 rg BT 502.04 109.70 Td (the ) Tj ET Q q 0 0 0 rg BT 516.42 109.70 Td (acquisition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 97.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 97.10 Td (RARE ) Tj ET Q q 0 0 0 rg BT 91.50 97.10 Td (Infrastructure.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 71.90 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 118.05 71.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 153.34 71.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 182.79 71.90 Td (of ) Tj ET Q q 0 0 0 rg BT 194.17 71.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 253.38 71.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 303.85 71.90 Td (V) Tj ET Q q 0 0 0 rg BT 309.69 71.90 Td (ehicles) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 59.30 Td (For ) Tj ET Q q 0 0 0 rg BT 65.68 59.30 Td (the ) Tj ET Q q 0 0 0 rg BT 80.10 59.30 Td (year ) Tj ET Q q 0 0 0 rg BT 99.76 59.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 126.43 59.30 Td (March ) Tj ET Q q 0 0 0 rg BT 155.42 59.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 170.14 59.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 195.36 59.30 Td (Non-operating ) Tj ET Q q 0 0 0 rg BT 258.19 59.30 Td (income ) Tj ET Q q 0 0 0 rg BT 290.69 59.30 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 333.09 59.30 Td (of ) Tj ET Q q 0 0 0 rg BT 343.43 59.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 398.09 59.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 445.77 59.30 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 484.39 59.30 Td (net, ) Tj ET Q q 0 0 0 rg BT 501.43 59.30 Td (totaled ) Tj ET Q q 0 0 0 rg BT 531.60 59.30 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 46.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.06 46.70 Td ($13.3 ) Tj ET Q q 0 0 0 rg BT 85.49 46.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 120.26 46.70 Td (as ) Tj ET Q q 0 0 0 rg BT 130.82 46.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 174.02 46.70 Td (to ) Tj ET Q q 0 0 0 rg BT 184.00 46.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 219.62 46.70 Td (of ) Tj ET Q q 0 0 0 rg BT 230.18 46.70 Td ($7.2 ) Tj ET Q q 0 0 0 rg BT 250.36 46.70 Td (million ) Tj ET Q q 0 0 0 rg BT 282.51 46.70 Td (in ) Tj ET Q q 0 0 0 rg BT 292.48 46.70 Td (the ) Tj ET Q q 0 0 0 rg BT 307.12 46.70 Td (year ) Tj ET Q q 0 0 0 rg BT 327.00 46.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 353.88 46.70 Td (March ) Tj ET Q q 0 0 0 rg BT 383.09 46.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 398.02 46.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 423.46 46.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 464.34 46.70 Td (due ) Tj ET Q q 0 0 0 rg BT 481.31 46.70 Td (to ) Tj ET Q q 0 0 0 rg BT 491.28 46.70 Td (the ) Tj ET Q q 0 0 0 rg BT 505.92 46.70 Td (consolidation ) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.53 741.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 104.80 741.75 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 131.88 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 142.91 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 149.85 741.75 Td (result ) Tj ET Q q 0 0 0 rg BT 175.46 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 186.49 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 201.60 741.75 Td (adoption ) Tj ET Q q 0 0 0 rg BT 240.63 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 251.66 741.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 287.18 741.75 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 346.04 741.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 394.39 741.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 434.58 741.75 Td (ef) Tj ET Q q 0 0 0 rg BT 442.54 741.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 472.89 741.75 Td (April ) Tj ET Q q 0 0 0 rg BT 497.33 741.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 507.49 741.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 533.40 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 544.43 741.75 Td (well ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 60.78 729.15 Td (an ) Tj ET Q q 0 0 0 rg BT 73.23 729.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 110.16 729.15 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.10 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 147.73 729.15 Td (market ) Tj ET Q q 0 0 0 rg BT 177.91 729.15 Td (gains ) Tj ET Q q 0 0 0 rg BT 201.43 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 213.85 729.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 264.04 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 274.78 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 304.40 729.15 Td (CIVs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.51 729.15 Td (. ) Tj ET Q q 0 0 0 rg BT 330.67 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 333.21 729.15 Td (See ) Tj ET Q q 0 0 0 rg BT 350.90 729.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 377.94 729.15 Td (1 ) Tj ET Q q 0 0 0 rg BT 385.72 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 403.42 729.15 Td (17 ) Tj ET Q q 0 0 0 rg BT 416.45 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 427.73 729.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 454.77 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 465.47 729.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 523.42 729.15 Td (Financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 98.20 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 113.07 716.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.69 716.55 Td (information ) Tj ET Q q 0 0 0 rg BT 209.89 716.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 252.74 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 268.20 716.55 Td (adoption ) Tj ET Q q 0 0 0 rg BT 307.57 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 318.94 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 334.39 716.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 370.26 716.55 Td (guidance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (For ) Tj ET Q q 0 0 0 rg BT 67.85 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 84.43 691.35 Td (year ) Tj ET Q q 0 0 0 rg BT 106.26 691.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 135.09 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 166.25 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 183.14 691.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 210.52 691.35 Td (Non-operating ) Tj ET Q q 0 0 0 rg BT 275.51 691.35 Td (income ) Tj ET Q q 0 0 0 rg BT 310.18 691.35 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 354.75 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 367.26 691.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 424.09 691.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 473.92 691.35 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 514.71 691.35 Td (net, ) Tj ET Q q 0 0 0 rg BT 533.92 691.35 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 86.60 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 98.63 678.75 Td ($7.2 ) Tj ET Q q 0 0 0 rg BT 120.28 678.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 156.53 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 168.56 678.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 213.23 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 224.68 678.75 Td (income ) Tj ET Q q 0 0 0 rg BT 258.87 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 270.90 678.75 Td ($5.9 ) Tj ET Q q 0 0 0 rg BT 292.55 678.75 Td (million ) Tj ET Q q 0 0 0 rg BT 326.17 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 337.62 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 353.73 678.75 Td (year ) Tj ET Q q 0 0 0 rg BT 375.08 678.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 403.43 678.75 Td (March ) Tj ET Q q 0 0 0 rg BT 434.12 678.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 450.52 678.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 477.43 678.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 519.78 678.75 Td (due ) Tj ET Q q 0 0 0 rg BT 538.23 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 678.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (deconsolidation ) Tj ET Q q 0 0 0 rg BT 118.61 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 129.98 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 137.27 666.15 Td (CIV) Tj ET Q q 0 0 0 rg BT 155.16 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 157.79 666.15 Td (during ) Tj ET Q q 0 0 0 rg BT 187.83 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 203.28 666.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 235.64 666.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 263.33 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 293.36 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 309.11 666.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 335.36 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 353.15 666.15 Td (net ) Tj ET Q q 0 0 0 rg BT 368.60 666.15 Td (market ) Tj ET Q q 0 0 0 rg BT 400.38 666.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 428.09 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 441.22 666.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 494.01 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 505.38 666.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 536.57 666.15 Td (CIVs.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 85.18 640.95 Td (T) Tj ET Q q 0 0 0 rg BT 91.22 640.95 Td (ax ) Tj ET Q q 0 0 0 rg BT 104.34 640.95 Td (Pr) Tj ET Q q 0 0 0 rg BT 115.23 640.95 Td (ovision) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (For ) Tj ET Q q 0 0 0 rg BT 66.95 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 82.64 628.35 Td (year ) Tj ET Q q 0 0 0 rg BT 103.57 628.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.51 628.35 Td (March ) Tj ET Q q 0 0 0 rg BT 161.77 628.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.76 628.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 204.25 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 219.94 628.35 Td (provision ) Tj ET Q q 0 0 0 rg BT 262.47 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 277.58 628.35 Td (income ) Tj ET Q q 0 0 0 rg BT 311.35 628.35 Td (taxes ) Tj ET Q q 0 0 0 rg BT 335.79 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 354.98 628.35 Td ($84.2 ) Tj ET Q q 0 0 0 rg BT 381.47 628.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 417.30 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 428.91 628.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 473.17 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 484.20 628.35 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 505.43 628.35 Td (million ) Tj ET Q q 0 0 0 rg BT 538.63 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 628.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (year ) Tj ET Q q 0 0 0 rg BT 70.12 615.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 97.75 615.75 Td (March ) Tj ET Q q 0 0 0 rg BT 127.71 615.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.39 615.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 169.57 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 171.94 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 190.82 615.75 Td (ef) Tj ET Q q 0 0 0 rg BT 198.79 615.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 229.91 615.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 245.29 615.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 263.58 615.75 Td (was ) Tj ET Q q 0 0 0 rg BT 282.47 615.75 Td (22.7% ) Tj ET Q q 0 0 0 rg BT 312.15 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 326.95 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 342.33 615.75 Td (year ) Tj ET Q q 0 0 0 rg BT 362.95 615.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 390.58 615.75 Td (March ) Tj ET Q q 0 0 0 rg BT 420.54 615.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 436.22 615.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 462.40 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 473.71 615.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 517.66 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 528.38 615.75 Td (\(30.5\)% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.15 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 79.39 603.15 Td (year ) Tj ET Q q 0 0 0 rg BT 99.87 603.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.35 603.15 Td (March ) Tj ET Q q 0 0 0 rg BT 157.17 603.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.71 603.15 Td (2016. ) Tj ET Q q 0 0 0 rg BT 198.74 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 200.98 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 219.72 603.15 Td (change ) Tj ET Q q 0 0 0 rg BT 251.86 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 262.44 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 277.68 603.15 Td (ef) Tj ET Q q 0 0 0 rg BT 285.64 603.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 316.62 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 331.86 603.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 350.00 603.15 Td (was ) Tj ET Q q 0 0 0 rg BT 368.75 603.15 Td (lar) Tj ET Q q 0 0 0 rg BT 379.63 603.15 Td (gely ) Tj ET Q q 0 0 0 rg BT 400.12 603.15 Td (due ) Tj ET Q q 0 0 0 rg BT 417.69 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 428.27 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 443.51 603.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 474.49 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 485.65 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 500.89 603.15 Td ($371.0 ) Tj ET Q q 0 0 0 rg BT 532.18 603.15 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.67 590.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 113.49 590.55 Td (char) Tj ET Q q 0 0 0 rg BT 131.37 590.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 148.79 590.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 198.26 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 209.85 590.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 236.01 590.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 260.43 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 272.02 590.55 Td (lower ) Tj ET Q q 0 0 0 rg BT 299.35 590.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 315.59 590.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 334.75 590.55 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 392.71 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 395.38 590.55 Td (Also, ) Tj ET Q q 0 0 0 rg BT 421.26 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 432.85 590.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 459.00 590.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 486.05 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 498.22 590.55 Td (part ) Tj ET Q q 0 0 0 rg BT 517.96 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 530.13 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 538.21 590.55 Td (lar) Tj ET Q q 0 0 0 rg BT 549.09 590.55 Td (ger ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (strategic ) Tj ET Q q 0 0 0 rg BT 87.86 577.95 Td (initiative, ) Tj ET Q q 0 0 0 rg BT 130.61 577.95 Td (we ) Tj ET Q q 0 0 0 rg BT 145.65 577.95 Td (restructured ) Tj ET Q q 0 0 0 rg BT 198.59 577.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 229.95 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 241.49 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 258.28 577.95 Td (holding ) Tj ET Q q 0 0 0 rg BT 293.16 577.95 Td (company ) Tj ET Q q 0 0 0 rg BT 334.44 577.95 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 384.20 577.95 Td (which ) Tj ET Q q 0 0 0 rg BT 412.66 577.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 455.09 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 470.72 577.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 505.01 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 516.55 577.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 549.67 577.95 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (credits ) Tj ET Q q 0 0 0 rg BT 80.55 565.35 Td (available ) Tj ET Q q 0 0 0 rg BT 121.50 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 136.80 565.35 Td (utilization ) Tj ET Q q 0 0 0 rg BT 182.43 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 200.65 565.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 236.94 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 252.82 565.35 Td (ef) Tj ET Q q 0 0 0 rg BT 260.79 565.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 292.41 565.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 308.29 565.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 327.09 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 340.64 565.35 Td (5.0 ) Tj ET Q q 0 0 0 rg BT 356.83 565.35 Td (percentage ) Tj ET Q q 0 0 0 rg BT 405.35 565.35 Td (points. ) Tj ET Q q 0 0 0 rg BT 436.70 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 439.76 565.35 Td (In ) Tj ET Q q 0 0 0 rg BT 451.56 565.35 Td (September ) Tj ET Q q 0 0 0 rg BT 499.53 565.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 526.21 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 542.09 565.35 Td (U.K. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (Finance ) Tj ET Q q 0 0 0 rg BT 84.49 552.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 101.89 552.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 125.14 552.75 Td (was ) Tj ET Q q 0 0 0 rg BT 143.71 552.75 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 180.64 552.75 Td (which ) Tj ET Q q 0 0 0 rg BT 208.55 552.75 Td (further ) Tj ET Q q 0 0 0 rg BT 239.36 552.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 274.83 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.90 552.75 Td (main ) Tj ET Q q 0 0 0 rg BT 313.14 552.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 335.80 552.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 377.69 552.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 392.76 552.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 410.74 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 421.15 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 433.31 552.75 Td (ef) Tj ET Q q 0 0 0 rg BT 441.28 552.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 472.08 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 484.33 552.75 Td (April ) Tj ET Q q 0 0 0 rg BT 508.74 552.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 518.86 552.75 Td (2020 ) Tj ET Q q 0 0 0 rg BT 542.10 552.75 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (18% ) Tj ET Q q 0 0 0 rg BT 72.00 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 83.42 540.15 Td (17%. ) Tj ET Q q 0 0 0 rg BT 108.54 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 111.55 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 131.13 540.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 162.95 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 174.95 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 191.03 540.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 207.11 540.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 226.09 540.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 269.00 540.15 Td (on ) Tj ET Q q 0 0 0 rg BT 282.75 540.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 314.56 540.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 351.06 540.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 389.28 540.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 405.36 540.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 433.11 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 451.52 540.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 493.85 540.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 530.34 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 541.76 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 549.67 540.15 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 81.23 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 92.56 527.55 Td ($4.1 ) Tj ET Q q 0 0 0 rg BT 113.51 527.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 149.05 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 166.79 527.55 Td (reduced ) Tj ET Q q 0 0 0 rg BT 202.60 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 218.01 527.55 Td (ef) Tj ET Q q 0 0 0 rg BT 225.98 527.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 257.12 527.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 272.53 527.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 290.84 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 303.92 527.55 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 319.62 527.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 367.67 527.55 Td (points ) Tj ET Q q 0 0 0 rg BT 395.92 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 406.67 527.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 431.98 527.55 Td (2017. ) Tj ET Q q 0 0 0 rg BT 458.19 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 460.77 527.55 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 527.51 527.55 Td (interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.75 514.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 78.46 514.95 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 129.66 514.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 164.24 514.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 201.73 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 219.97 514.95 Td (Royce ) Tj ET Q q 0 0 0 rg BT 249.88 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 265.78 514.95 Td (structured ) Tj ET Q q 0 0 0 rg BT 310.85 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 322.68 514.95 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 377.08 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 395.91 514.95 Td (pass ) Tj ET Q q 0 0 0 rg BT 417.08 514.95 Td (related ) Tj ET Q q 0 0 0 rg BT 448.72 514.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 464.63 514.95 Td (attributes ) Tj ET Q q 0 0 0 rg BT 506.79 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 518.04 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 533.95 514.95 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.98 502.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 147.53 502.35 Td (holders. ) Tj ET Q q 0 0 0 rg BT 183.71 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 185.78 502.35 Td (As ) Tj ET Q q 0 0 0 rg BT 200.10 502.35 Td (such, ) Tj ET Q q 0 0 0 rg BT 224.62 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 240.09 502.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 295.81 502.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 335.19 502.35 Td (statements ) Tj ET Q q 0 0 0 rg BT 382.16 502.35 Td (do ) Tj ET Q q 0 0 0 rg BT 395.31 502.35 Td (not ) Tj ET Q q 0 0 0 rg BT 411.38 502.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 453.09 502.35 Td (include ) Tj ET Q q 0 0 0 rg BT 486.64 502.35 Td (any ) Tj ET Q q 0 0 0 rg BT 504.45 502.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 519.93 502.35 Td (provision/) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 81.33 489.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 127.15 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 148.50 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 164.00 489.75 Td (net ) Tj ET Q q 0 0 0 rg BT 179.50 489.75 Td (income ) Tj ET Q q 0 0 0 rg BT 213.08 489.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 253.65 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 264.49 489.75 Td (these ) Tj ET Q q 0 0 0 rg BT 288.74 489.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 353.25 489.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 393.54 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 421.88 489.75 Td (caused ) Tj ET Q q 0 0 0 rg BT 453.12 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 468.62 489.75 Td (ef) Tj ET Q q 0 0 0 rg BT 476.59 489.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 507.83 489.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 523.33 489.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 541.74 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 552.58 489.75 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 85.59 477.15 Td (by ) Tj ET Q q 0 0 0 rg BT 98.95 477.15 Td (4.3 ) Tj ET Q q 0 0 0 rg BT 114.93 477.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 163.26 477.15 Td (points ) Tj ET Q q 0 0 0 rg BT 191.79 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 206.89 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 222.58 477.15 Td (year ) Tj ET Q q 0 0 0 rg BT 243.51 477.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 271.44 477.15 Td (March ) Tj ET Q q 0 0 0 rg BT 301.70 477.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 317.69 477.15 Td (2017. ) Tj ET Q q 0 0 0 rg BT 344.17 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 346.82 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 366.01 477.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 397.44 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 409.05 477.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 434.07 477.15 Td (decreased ) Tj ET Q q 0 0 0 rg BT 478.32 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 494.01 477.15 Td (ef) Tj ET Q q 0 0 0 rg BT 501.98 477.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 533.40 477.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 551.99 477.15 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 65.19 464.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 113.23 464.55 Td (points ) Tj ET Q q 0 0 0 rg BT 141.47 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 156.29 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 171.68 464.55 Td (year ) Tj ET Q q 0 0 0 rg BT 192.32 464.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 219.96 464.55 Td (March ) Tj ET Q q 0 0 0 rg BT 249.94 464.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 265.63 464.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 291.83 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 309.56 464.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 351.77 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 367.17 464.55 Td (ef) Tj ET Q q 0 0 0 rg BT 375.14 464.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 406.27 464.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 424.57 464.55 Td (by ) Tj ET Q q 0 0 0 rg BT 437.64 464.55 Td (23.8 ) Tj ET Q q 0 0 0 rg BT 458.59 464.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 506.63 464.55 Td (points ) Tj ET Q q 0 0 0 rg BT 534.87 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 549.68 464.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (year ) Tj ET Q q 0 0 0 rg BT 70.19 451.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 97.89 451.95 Td (March ) Tj ET Q q 0 0 0 rg BT 127.92 451.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.67 451.95 Td (2016.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.70 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.14 426.75 Td (year ) Tj ET Q q 0 0 0 rg BT 102.82 426.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.51 426.75 Td (March ) Tj ET Q q 0 0 0 rg BT 160.52 426.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.26 426.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 202.50 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 217.94 426.75 Td (provision ) Tj ET Q q 0 0 0 rg BT 260.22 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 275.08 426.75 Td (income ) Tj ET Q q 0 0 0 rg BT 308.60 426.75 Td (taxes ) Tj ET Q q 0 0 0 rg BT 332.79 426.75 Td (was ) Tj ET Q q 0 0 0 rg BT 351.73 426.75 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 372.72 426.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 408.30 426.75 Td (as ) Tj ET Q q 0 0 0 rg BT 419.66 426.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 463.67 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 474.45 426.75 Td ($125.3 ) Tj ET Q q 0 0 0 rg BT 505.93 426.75 Td (million ) Tj ET Q q 0 0 0 rg BT 538.88 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 426.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (year ) Tj ET Q q 0 0 0 rg BT 70.12 414.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 97.75 414.15 Td (March ) Tj ET Q q 0 0 0 rg BT 127.71 414.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.39 414.15 Td (2015. ) Tj ET Q q 0 0 0 rg BT 169.57 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 171.94 414.15 Td (The ) Tj ET Q q 0 0 0 rg BT 190.82 414.15 Td (ef) Tj ET Q q 0 0 0 rg BT 198.79 414.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 229.91 414.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 245.29 414.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 263.58 414.15 Td (was ) Tj ET Q q 0 0 0 rg BT 282.47 414.15 Td (\(30.5\)% ) Tj ET Q q 0 0 0 rg BT 319.14 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 333.94 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 349.32 414.15 Td (year ) Tj ET Q q 0 0 0 rg BT 369.95 414.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 397.57 414.15 Td (March ) Tj ET Q q 0 0 0 rg BT 427.53 414.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 443.21 414.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 469.40 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 480.70 414.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 524.65 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 535.37 414.15 Td (34.0% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 64.15 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 79.39 401.55 Td (year ) Tj ET Q q 0 0 0 rg BT 99.87 401.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.35 401.55 Td (March ) Tj ET Q q 0 0 0 rg BT 157.17 401.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.71 401.55 Td (2015. ) Tj ET Q q 0 0 0 rg BT 198.74 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 200.98 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 219.72 401.55 Td (change ) Tj ET Q q 0 0 0 rg BT 251.86 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 262.44 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 277.68 401.55 Td (ef) Tj ET Q q 0 0 0 rg BT 285.64 401.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 316.62 401.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 331.86 401.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 350.00 401.55 Td (was ) Tj ET Q q 0 0 0 rg BT 368.75 401.55 Td (lar) Tj ET Q q 0 0 0 rg BT 379.63 401.55 Td (gely ) Tj ET Q q 0 0 0 rg BT 400.12 401.55 Td (due ) Tj ET Q q 0 0 0 rg BT 417.69 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 428.27 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 443.51 401.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 474.49 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 485.65 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 500.89 401.55 Td ($371.0 ) Tj ET Q q 0 0 0 rg BT 532.18 401.55 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.98 388.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 112.11 388.95 Td (char) Tj ET Q q 0 0 0 rg BT 129.99 388.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 146.72 388.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 195.51 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 206.41 388.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 231.88 388.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 255.61 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 266.51 388.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 293.15 388.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 308.71 388.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 327.18 388.95 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 384.45 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 387.18 388.95 Td (In ) Tj ET Q q 0 0 0 rg BT 398.66 388.95 Td (November ) Tj ET Q q 0 0 0 rg BT 445.71 388.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 472.06 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 487.62 388.95 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 510.77 388.95 Td (Finance ) Tj ET Q q 0 0 0 rg BT 546.74 388.95 Td (Bill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 73.38 376.35 Td (was ) Tj ET Q q 0 0 0 rg BT 92.59 376.35 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 130.15 376.35 Td (which ) Tj ET Q q 0 0 0 rg BT 158.69 376.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 194.80 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 210.51 376.35 Td (main ) Tj ET Q q 0 0 0 rg BT 234.38 376.35 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 257.68 376.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 300.20 376.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 315.90 376.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 334.52 376.35 Td (from ) Tj ET Q q 0 0 0 rg BT 357.81 376.35 Td (20% ) Tj ET Q q 0 0 0 rg BT 379.93 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 390.98 376.35 Td (19% ) Tj ET Q q 0 0 0 rg BT 413.11 376.35 Td (ef) Tj ET Q q 0 0 0 rg BT 421.07 376.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 451.88 376.35 Td (April ) Tj ET Q q 0 0 0 rg BT 476.92 376.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 487.68 376.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 514.18 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 532.22 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 543.27 376.35 Td (18% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (ef) Tj ET Q q 0 0 0 rg BT 57.47 363.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.96 363.75 Td (April ) Tj ET Q q 0 0 0 rg BT 112.60 363.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 122.94 363.75 Td (2020. ) Tj ET Q q 0 0 0 rg BT 149.04 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 151.33 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 170.13 363.75 Td (reductions ) Tj ET Q q 0 0 0 rg BT 216.34 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 226.98 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.29 363.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 265.17 363.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 307.29 363.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 322.59 363.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 340.80 363.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 376.51 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 387.15 363.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 402.45 363.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 438.16 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 449.38 363.75 Td ($8.4 ) Tj ET Q q 0 0 0 rg BT 470.23 363.75 Td (million ) Tj ET Q q 0 0 0 rg BT 503.04 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 513.68 363.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 538.89 363.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 565.14 363.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.00 351.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 98.75 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 109.67 351.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 134.02 351.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 175.84 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 190.84 351.15 Td (ef) Tj ET Q q 0 0 0 rg BT 198.81 351.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 229.55 351.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 247.46 351.15 Td (by ) Tj ET Q q 0 0 0 rg BT 260.14 351.15 Td (23.8 ) Tj ET Q q 0 0 0 rg BT 280.69 351.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 328.33 351.15 Td (points ) Tj ET Q q 0 0 0 rg BT 356.18 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 370.60 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 385.60 351.15 Td (year ) Tj ET Q q 0 0 0 rg BT 405.85 351.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 433.10 351.15 Td (March ) Tj ET Q q 0 0 0 rg BT 462.68 351.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 477.98 351.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 503.78 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 521.12 351.15 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 338.55 Td (ef) Tj ET Q q 0 0 0 rg BT 72.92 338.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 104.11 338.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 122.47 338.55 Td (by ) Tj ET Q q 0 0 0 rg BT 135.59 338.55 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 151.34 338.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 199.44 338.55 Td (points ) Tj ET Q q 0 0 0 rg BT 227.73 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 242.60 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 258.05 338.55 Td (year ) Tj ET Q q 0 0 0 rg BT 278.75 338.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 306.44 338.55 Td (March ) Tj ET Q q 0 0 0 rg BT 336.47 338.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 352.22 338.55 Td (2015.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.87 313.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 103.73 313.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 133.20 313.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 191.82 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 203.19 313.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 227.98 313.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 263.57 313.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 283.41 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 302.96 313.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 351.67 313.35 Td (Margin) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.35 300.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 100.93 300.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 154.36 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 165.21 300.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 189.47 300.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 223.37 300.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 242.09 300.75 Td (for ) Tj ET Q q 0 0 0 rg BT 257.02 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.54 300.75 Td (year ) Tj ET Q q 0 0 0 rg BT 293.29 300.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 321.05 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 351.15 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 366.96 300.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 393.27 300.75 Td (was ) Tj ET Q q 0 0 0 rg BT 412.29 300.75 Td ($227.3 ) Tj ET Q q 0 0 0 rg BT 443.85 300.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 479.50 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 490.94 300.75 Td ($2.18 ) Tj ET Q q 0 0 0 rg BT 517.25 300.75 Td (per ) Tj ET Q q 0 0 0 rg BT 533.35 300.75 Td (diluted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (share, ) Tj ET Q q 0 0 0 rg BT 77.12 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 88.70 288.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 132.94 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 143.95 288.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 161.95 288.15 Td (Loss ) Tj ET Q q 0 0 0 rg BT 184.00 288.15 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 237.57 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 248.58 288.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 272.99 288.15 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 307.04 288.15 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 325.91 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 337.50 288.15 Td ($25.0 ) Tj ET Q q 0 0 0 rg BT 363.96 288.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 399.76 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 411.35 288.15 Td ($0.25 ) Tj ET Q q 0 0 0 rg BT 437.81 288.15 Td (per ) Tj ET Q q 0 0 0 rg BT 454.06 288.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 486.06 288.15 Td (share, ) Tj ET Q q 0 0 0 rg BT 513.68 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 528.76 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 544.43 288.15 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.33 275.55 Td (March ) Tj ET Q q 0 0 0 rg BT 107.49 275.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.38 275.55 Td (2016. ) Tj ET Q q 0 0 0 rg BT 149.76 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 152.32 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 171.40 275.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 208.55 275.55 Td (was ) Tj ET Q q 0 0 0 rg BT 227.64 275.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.47 275.55 Td (attributable ) Tj ET Q q 0 0 0 rg BT 320.05 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 330.97 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 346.56 275.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 397.72 275.55 Td (char) Tj ET Q q 0 0 0 rg BT 415.60 275.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 432.36 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 443.86 275.55 Td ($371.0 ) Tj ET Q q 0 0 0 rg BT 475.49 275.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 511.22 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 522.72 275.55 Td ($2.76 ) Tj ET Q q 0 0 0 rg BT 549.10 275.55 Td (per ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (diluted ) Tj ET Q q 0 0 0 rg BT 81.14 262.95 Td (share, ) Tj ET Q q 0 0 0 rg BT 108.41 262.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 156.94 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 167.59 262.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 192.81 262.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 218.92 262.95 Td (incremental ) Tj ET Q q 0 0 0 rg BT 270.96 262.95 Td (net ) Tj ET Q q 0 0 0 rg BT 286.27 262.95 Td (income ) Tj ET Q q 0 0 0 rg BT 319.66 262.95 Td (related ) Tj ET Q q 0 0 0 rg BT 350.70 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 361.35 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 376.66 262.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 429.31 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 440.53 262.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 474.51 262.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 511.40 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 529.04 262.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 546.75 262.95 Td (rust ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.56 250.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 86.19 250.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 112.71 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 128.43 250.35 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 169.82 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 181.46 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 189.01 250.35 Td (full ) Tj ET Q q 0 0 0 rg BT 206.48 250.35 Td (year ) Tj ET Q q 0 0 0 rg BT 227.44 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 239.08 250.35 Td (results ) Tj ET Q q 0 0 0 rg BT 269.39 250.35 Td (from ) Tj ET Q q 0 0 0 rg BT 292.69 250.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 323.58 250.35 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 386.24 250.35 Td (which ) Tj ET Q q 0 0 0 rg BT 414.79 250.35 Td (was ) Tj ET Q q 0 0 0 rg BT 434.01 250.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 473.05 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 484.11 250.35 Td (October ) Tj ET Q q 0 0 0 rg BT 520.82 250.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 547.33 250.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.23 237.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 97.86 237.75 Td (char) Tj ET Q q 0 0 0 rg BT 115.74 237.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 128.55 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 140.20 237.75 Td ($21.4 ) Tj ET Q q 0 0 0 rg BT 166.73 237.75 Td (million ) Tj ET Q q 0 0 0 rg BT 199.97 237.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 248.93 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 260.00 237.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 285.64 237.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 309.54 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 320.61 237.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 369.58 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 391.15 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 406.88 237.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 434.28 237.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 458.75 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 470.40 237.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 499.55 237.75 Td (units ) Tj ET Q q 0 0 0 rg BT 522.87 237.75 Td (under ) Tj ET Q q 0 0 0 rg BT 549.68 237.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 79.05 225.15 Td (management ) Tj ET Q q 0 0 0 rg BT 135.42 225.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 164.38 225.15 Td (plan. ) Tj ET Q q 0 0 0 rg BT 187.81 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 190.33 225.15 Td (These ) Tj ET Q q 0 0 0 rg BT 218.13 225.15 Td (increases ) Tj ET Q q 0 0 0 rg BT 259.33 225.15 Td (were ) Tj ET Q q 0 0 0 rg BT 282.46 225.15 Td (of) Tj ET Q q 0 0 0 rg BT 291.01 225.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 308.90 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 319.79 225.15 Td (part ) Tj ET Q q 0 0 0 rg BT 338.83 225.15 Td (by ) Tj ET Q q 0 0 0 rg BT 352.06 225.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 403.18 225.15 Td (char) Tj ET Q q 0 0 0 rg BT 421.06 225.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 437.78 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 449.25 225.15 Td ($35.0 ) Tj ET Q q 0 0 0 rg BT 475.60 225.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 511.28 225.15 Td (or ) Tj ET Q q 0 0 0 rg BT 522.75 225.15 Td ($0.26 ) Tj ET Q q 0 0 0 rg BT 549.10 225.15 Td (per ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (diluted ) Tj ET Q q 0 0 0 rg BT 80.74 212.55 Td (share, ) Tj ET Q q 0 0 0 rg BT 107.60 212.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 155.74 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 165.98 212.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 190.80 212.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 216.51 212.55 Td (an ) Tj ET Q q 0 0 0 rg BT 228.50 212.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 264.97 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 275.79 212.55 Td ($24.7 ) Tj ET Q q 0 0 0 rg BT 301.50 212.55 Td (million ) Tj ET Q q 0 0 0 rg BT 333.91 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 344.16 212.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 392.32 212.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 415.40 212.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 456.55 212.55 Td (related ) Tj ET Q q 0 0 0 rg BT 487.19 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 497.44 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 512.35 212.55 Td (acquisitions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.55 199.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 94.35 199.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 131.07 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 148.53 199.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 166.24 199.95 Td (rust, ) Tj ET Q q 0 0 0 rg BT 186.92 199.95 Td (including ) Tj ET Q q 0 0 0 rg BT 228.89 199.95 Td ($15.2 ) Tj ET Q q 0 0 0 rg BT 254.82 199.95 Td (million ) Tj ET Q q 0 0 0 rg BT 287.47 199.95 Td (related ) Tj ET Q q 0 0 0 rg BT 318.34 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 328.81 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 343.94 199.95 Td (implementation ) Tj ET Q q 0 0 0 rg BT 412.15 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 423.20 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 438.34 199.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 472.14 199.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 508.85 199.95 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.48 187.35 Td (plan, ) Tj ET Q q 0 0 0 rg BT 101.91 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 119.80 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 135.36 187.35 Td (net ) Tj ET Q q 0 0 0 rg BT 150.92 187.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 182.22 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 193.70 187.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 229.65 187.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 272.04 187.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 308.00 187.35 Td (at ) Tj ET Q q 0 0 0 rg BT 318.30 187.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 349.60 187.35 Td (legacy ) Tj ET Q q 0 0 0 rg BT 379.73 187.35 Td (af) Tj ET Q q 0 0 0 rg BT 387.69 187.35 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 421.62 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 424.35 187.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 469.07 187.35 Td (mar) Tj ET Q q 0 0 0 rg BT 485.20 187.35 Td (gin ) Tj ET Q q 0 0 0 rg BT 501.35 187.35 Td (was ) Tj ET Q q 0 0 0 rg BT 520.41 187.35 Td (14.6% ) Tj ET Q q 0 0 0 rg BT 550.26 187.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.14 174.75 Td (year ) Tj ET Q q 0 0 0 rg BT 84.03 174.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 110.91 174.75 Td (March ) Tj ET Q q 0 0 0 rg BT 140.13 174.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 155.07 174.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 180.51 174.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 223.72 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 233.70 174.75 Td (1.9% ) Tj ET Q q 0 0 0 rg BT 257.39 174.75 Td (for ) Tj ET Q q 0 0 0 rg BT 271.45 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 286.09 174.75 Td (year ) Tj ET Q q 0 0 0 rg BT 305.98 174.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 332.86 174.75 Td (March ) Tj ET Q q 0 0 0 rg BT 362.08 174.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 377.02 174.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 402.46 174.75 Td (with ) Tj ET Q q 0 0 0 rg BT 422.94 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 437.59 174.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 473.79 174.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 514.68 174.75 Td (attributable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 162.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 114.51 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 125.30 162.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 176.33 162.15 Td (char) Tj ET Q q 0 0 0 rg BT 194.21 162.15 Td (ges.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.62 136.95 Td (Loss ) Tj ET Q q 0 0 0 rg BT 89.76 136.95 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 143.46 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 154.58 136.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 179.11 136.95 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 231.93 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 247.13 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 262.92 136.95 Td (year ) Tj ET Q q 0 0 0 rg BT 283.94 136.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 311.97 136.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 358.08 136.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 384.67 136.95 Td (totaled ) Tj ET Q q 0 0 0 rg BT 416.20 136.95 Td ($25.0 ) Tj ET Q q 0 0 0 rg BT 442.78 136.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 478.70 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 490.40 136.95 Td ($0.25 ) Tj ET Q q 0 0 0 rg BT 516.98 136.95 Td (per ) Tj ET Q q 0 0 0 rg BT 533.35 136.95 Td (diluted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 77.06 124.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 121.23 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 132.17 124.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 150.11 124.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 183.76 124.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 237.28 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 248.22 124.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 272.58 124.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 306.56 124.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 325.37 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 336.90 124.35 Td ($237.1 ) Tj ET Q q 0 0 0 rg BT 368.55 124.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 404.29 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 415.81 124.35 Td ($2.04 ) Tj ET Q q 0 0 0 rg BT 442.21 124.35 Td (per ) Tj ET Q q 0 0 0 rg BT 458.40 124.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 490.34 124.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 517.90 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 528.84 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 544.45 124.35 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.17 111.75 Td (March ) Tj ET Q q 0 0 0 rg BT 107.18 111.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.91 111.75 Td (2015.��) Tj ET Q q 0 0 0 rg BT 151.60 111.75 Td (The ) Tj ET Q q 0 0 0 rg BT 170.52 111.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 209.26 111.75 Td (was ) Tj ET Q q 0 0 0 rg BT 228.20 111.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.87 111.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 320.29 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 331.06 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 346.49 111.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 377.67 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 389.02 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 404.45 111.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 436.79 111.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 487.79 111.75 Td (char) Tj ET Q q 0 0 0 rg BT 505.67 111.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 522.27 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 533.62 111.75 Td ($371.0 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (million ) Tj ET Q q 0 0 0 rg BT 82.09 99.15 Td (\($296.8 ) Tj ET Q q 0 0 0 rg BT 116.72 99.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 151.94 99.15 Td (net ) Tj ET Q q 0 0 0 rg BT 167.03 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 178.03 99.15 Td (income ) Tj ET Q q 0 0 0 rg BT 211.20 99.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 226.28 99.15 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 264.40 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 275.41 99.15 Td ($2.76 ) Tj ET Q q 0 0 0 rg BT 301.29 99.15 Td (per ) Tj ET Q q 0 0 0 rg BT 316.95 99.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 348.37 99.15 Td (share\) ) Tj ET Q q 0 0 0 rg BT 376.28 99.15 Td (related ) Tj ET Q q 0 0 0 rg BT 407.10 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 417.53 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 433.78 99.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 493.77 99.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 538.01 99.15 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.46 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 76.08 86.55 Td (year ) Tj ET Q q 0 0 0 rg BT 96.95 86.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 124.81 86.55 Td (March ) Tj ET Q q 0 0 0 rg BT 155.01 86.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 170.93 86.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 197.35 86.55 Td (of) Tj ET Q q 0 0 0 rg BT 205.91 86.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 223.86 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 234.82 86.55 Td (part ) Tj ET Q q 0 0 0 rg BT 253.94 86.55 Td (by ) Tj ET Q q 0 0 0 rg BT 267.24 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 282.86 86.55 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 315.39 86.55 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 377.08 86.55 Td (char) Tj ET Q q 0 0 0 rg BT 394.96 86.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 407.66 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 419.21 86.55 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 450.88 86.55 Td (million ) Tj ET Q q 0 0 0 rg BT 484.01 86.55 Td (\($68.5 ) Tj ET Q q 0 0 0 rg BT 513.92 86.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 549.68 86.55 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.45 73.95 Td (income ) Tj ET Q q 0 0 0 rg BT 95.55 73.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 111.58 73.95 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 150.64 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 162.59 73.95 Td ($0.59 ) Tj ET Q q 0 0 0 rg BT 189.41 73.95 Td (per ) Tj ET Q q 0 0 0 rg BT 206.02 73.95 Td (diluted ) Tj ET Q q 0 0 0 rg BT 238.38 73.95 Td (share\) ) Tj ET Q q 0 0 0 rg BT 267.23 73.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 316.49 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 327.85 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 343.88 73.95 Td (year ) Tj ET Q q 0 0 0 rg BT 365.15 73.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 393.42 73.95 Td (March ) Tj ET Q q 0 0 0 rg BT 424.02 73.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 440.35 73.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 467.17 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 478.54 73.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 527.80 73.95 Td (with ) Tj ET Q q 0 0 0 rg BT 549.67 73.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 99.73 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 110.90 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 126.15 61.35 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 150.44 61.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 180.28 61.35 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 209.82 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 212.24 61.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 256.65 61.35 Td (mar) Tj ET Q q 0 0 0 rg BT 272.79 61.35 Td (gin ) Tj ET Q q 0 0 0 rg BT 288.62 61.35 Td (was ) Tj ET Q q 0 0 0 rg BT 307.38 61.35 Td (1.9% ) Tj ET Q q 0 0 0 rg BT 331.67 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 346.33 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 361.58 61.35 Td (year ) Tj ET Q q 0 0 0 rg BT 382.07 61.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 409.56 61.35 Td (March ) Tj ET Q q 0 0 0 rg BT 439.39 61.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 454.94 61.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 480.98 61.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 524.80 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 535.39 61.35 Td (17.7% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 79.82 48.75 Td (year ) Tj ET Q q 0 0 0 rg BT 100.51 48.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.21 48.75 Td (March ) Tj ET Q q 0 0 0 rg BT 158.24 48.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.99 48.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 200.24 48.75 Td (with ) Tj ET Q q 0 0 0 rg BT 221.53 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 236.99 48.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 275.75 48.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 317.45 48.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 367.89 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 378.68 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 394.13 48.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 445.16 48.75 Td (char) Tj ET Q q 0 0 0 rg BT 463.04 48.75 Td (ges.) Tj ET Q endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (56) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 113.97 729.15 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 165.31 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 167.94 729.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 212.57 729.15 Td (Information) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.47 716.55 Td (supplemental ) Tj ET Q q 0 0 0 rg BT 121.76 716.55 Td (information, ) Tj ET Q q 0 0 0 rg BT 176.27 716.55 Td (we ) Tj ET Q q 0 0 0 rg BT 190.81 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 205.93 716.55 Td (providing ) Tj ET Q q 0 0 0 rg BT 249.07 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 256.03 716.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 311.39 716.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 348.67 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 363.22 716.55 Td ("Operating ) Tj ET Q q 0 0 0 rg BT 411.79 716.55 Td (Mar) Tj ET Q q 0 0 0 rg BT 429.10 716.55 Td (gin, ) Tj ET Q q 0 0 0 rg BT 447.44 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 457.98 716.55 Td (Adjusted" ) Tj ET Q q 0 0 0 rg BT 502.49 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 519.95 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 526.92 716.55 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (measure ) Tj ET Q q 0 0 0 rg BT 88.08 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 103.92 703.95 Td ("Adjusted ) Tj ET Q q 0 0 0 rg BT 149.72 703.95 Td (EBITDA", ) Tj ET Q q 0 0 0 rg BT 198.72 703.95 Td (each ) Tj ET Q q 0 0 0 rg BT 221.55 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 233.90 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 263.16 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 279.57 703.95 Td (based ) Tj ET Q q 0 0 0 rg BT 307.08 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 321.17 703.95 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 386.60 703.95 Td (other ) Tj ET Q q 0 0 0 rg BT 411.77 703.95 Td (than ) Tj ET Q q 0 0 0 rg BT 433.45 703.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 476.11 703.95 Td (accepted ) Tj ET Q q 0 0 0 rg BT 516.43 703.95 Td (accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (principles ) Tj ET Q q 0 0 0 rg BT 93.60 691.35 Td (\(�non-GAAP�\). ) Tj ET Q q 0 0 0 rg BT 163.06 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 165.75 691.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 184.77 691.35 Td (management ) Tj ET Q q 0 0 0 rg BT 241.11 691.35 Td (uses ) Tj ET Q q 0 0 0 rg BT 261.88 691.35 Td (these ) Tj ET Q q 0 0 0 rg BT 286.15 691.35 Td (measures ) Tj ET Q q 0 0 0 rg BT 327.91 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 339.34 691.35 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 392.77 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 403.63 691.35 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 450.05 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 467.90 691.35 Td (comparing ) Tj ET Q q 0 0 0 rg BT 515.49 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 532.18 691.35 Td (period-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (to-period ) Tj ET Q q 0 0 0 rg BT 90.61 678.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 132.89 678.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 188.57 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 206.35 678.75 Td (liquidity) Tj ET Q q 0 0 0 rg BT 241.26 678.75 Td (.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 656.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 95.88 656.55 Td (Margin, ) Tj ET Q q 0 0 0 rg BT 133.81 656.55 Td (as ) Tj ET Q q 0 0 0 rg BT 145.38 656.55 Td (Adjusted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 643.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 643.95 Td (e ) Tj ET Q q 0 0 0 rg BT 67.64 643.95 Td (calculate ) Tj ET Q q 0 0 0 rg BT 109.35 643.95 Td ("Operating ) Tj ET Q q 0 0 0 rg BT 160.03 643.95 Td (Mar) Tj ET Q q 0 0 0 rg BT 177.34 643.95 Td (gin, ) Tj ET Q q 0 0 0 rg BT 197.79 643.95 Td (as ) Tj ET Q q 0 0 0 rg BT 209.97 643.95 Td (Adjusted," ) Tj ET Q q 0 0 0 rg BT 259.20 643.95 Td (by ) Tj ET Q q 0 0 0 rg BT 274.11 643.95 Td (dividing ) Tj ET Q q 0 0 0 rg BT 313.52 643.95 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 327.84 643.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 374.23 643.95 Td (Income, ) Tj ET Q q 0 0 0 rg BT 412.75 643.95 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 452.15 643.95 Td (to ) Tj ET Q q 0 0 0 rg BT 464.73 643.95 Td (exclude ) Tj ET Q q 0 0 0 rg BT 501.78 643.95 Td (the ) Tj ET Q q 0 0 0 rg BT 519.02 643.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 552.00 643.95 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 631.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 112.53 631.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 151.05 631.35 Td (of ) Tj ET Q q 0 0 0 rg BT 164.51 631.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 191.38 631.35 Td (or ) Tj ET Q q 0 0 0 rg BT 204.83 631.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 234.63 631.35 Td (on ) Tj ET Q q 0 0 0 rg BT 249.83 631.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 304.70 631.35 Td (made ) Tj ET Q q 0 0 0 rg BT 332.15 631.35 Td (to ) Tj ET Q q 0 0 0 rg BT 345.02 631.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 368.98 631.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 408.66 631.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 471.69 631.35 Td (plans, ) Tj ET Q q 0 0 0 rg BT 501.18 631.35 Td (the ) Tj ET Q q 0 0 0 rg BT 518.72 631.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 552.00 631.35 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 618.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.35 618.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 146.71 618.75 Td (of ) Tj ET Q q 0 0 0 rg BT 157.99 618.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 182.69 618.75 Td (or ) Tj ET Q q 0 0 0 rg BT 193.97 618.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 221.59 618.75 Td (on ) Tj ET Q q 0 0 0 rg BT 234.62 618.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 255.82 618.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 286.33 618.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.03 618.75 Td (by ) Tj ET Q q 0 0 0 rg BT 352.07 618.75 Td (our ) Tj ET Q q 0 0 0 rg BT 368.60 618.75 Td (af) Tj ET Q q 0 0 0 rg BT 376.56 618.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 407.67 618.75 Td (under ) Tj ET Q q 0 0 0 rg BT 434.11 618.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 469.88 618.75 Td (sharing ) Tj ET Q q 0 0 0 rg BT 503.32 618.75 Td (arrangements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 606.15 Td (amortization ) Tj ET Q q 0 0 0 rg BT 107.29 606.15 Td (related ) Tj ET Q q 0 0 0 rg BT 140.58 606.15 Td (to ) Tj ET Q q 0 0 0 rg BT 153.48 606.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 200.19 606.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 232.04 606.15 Td (income ) Tj ET Q q 0 0 0 rg BT 267.67 606.15 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 295.73 606.15 Td (of ) Tj ET Q q 0 0 0 rg BT 309.21 606.15 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 338.73 606.15 Td (the ) Tj ET Q q 0 0 0 rg BT 356.28 606.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 389.58 606.15 Td (of ) Tj ET Q q 0 0 0 rg BT 403.05 606.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 422.35 606.15 Td (value ) Tj ET Q q 0 0 0 rg BT 449.82 606.15 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 504.71 606.15 Td (of ) Tj ET Q q 0 0 0 rg BT 518.18 606.15 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 593.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.53 593.55 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 152.69 593.55 Td (if ) Tj ET Q q 0 0 0 rg BT 161.56 593.55 Td (any) Tj ET Q q 0 0 0 rg BT 176.04 593.55 Td (, ) Tj ET Q q 0 0 0 rg BT 181.13 593.55 Td (and ) Tj ET Q q 0 0 0 rg BT 198.75 593.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 249.61 593.55 Td (char) Tj ET Q q 0 0 0 rg BT 267.49 593.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 283.95 593.55 Td (by ) Tj ET Q q 0 0 0 rg BT 296.91 593.55 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 312.20 593.55 Td (our ) Tj ET Q q 0 0 0 rg BT 328.65 593.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 370.76 593.55 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 413.16 593.55 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 450.62 593.55 Td (to ) Tj ET Q q 0 0 0 rg BT 461.24 593.55 Td (add ) Tj ET Q q 0 0 0 rg BT 478.86 593.55 Td (back ) Tj ET Q q 0 0 0 rg BT 501.14 593.55 Td (net ) Tj ET Q q 0 0 0 rg BT 516.43 593.55 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 580.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 88.23 580.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 107.71 580.95 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 154.60 580.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 178.17 580.95 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 237.32 580.95 Td (of ) Tj ET Q q 0 0 0 rg BT 248.64 580.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 297.29 580.95 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 336.89 580.95 Td (less ) Tj ET Q q 0 0 0 rg BT 355.21 580.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 406.20 580.95 Td (and ) Tj ET Q q 0 0 0 rg BT 423.93 580.95 Td (servicing ) Tj ET Q q 0 0 0 rg BT 464.99 580.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 505.47 580.95 Td (which ) Tj ET Q q 0 0 0 rg BT 533.70 580.95 Td (we ) Tj ET Q q 0 0 0 rg BT 548.52 580.95 Td (use ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 568.35 Td (as ) Tj ET Q q 0 0 0 rg BT 61.17 568.35 Td (an ) Tj ET Q q 0 0 0 rg BT 74.01 568.35 Td (approximate ) Tj ET Q q 0 0 0 rg BT 129.41 568.35 Td (measure ) Tj ET Q q 0 0 0 rg BT 167.32 568.35 Td (of ) Tj ET Q q 0 0 0 rg BT 178.99 568.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 219.23 568.35 Td (that ) Tj ET Q q 0 0 0 rg BT 237.90 568.35 Td (are ) Tj ET Q q 0 0 0 rg BT 253.64 568.35 Td (passed ) Tj ET Q q 0 0 0 rg BT 284.56 568.35 Td (through ) Tj ET Q q 0 0 0 rg BT 320.15 568.35 Td (to ) Tj ET Q q 0 0 0 rg BT 331.24 568.35 Td (third ) Tj ET Q q 0 0 0 rg BT 354.00 568.35 Td (parties, ) Tj ET Q q 0 0 0 rg BT 387.54 568.35 Td (and ) Tj ET Q q 0 0 0 rg BT 405.63 568.35 Td (less ) Tj ET Q q 0 0 0 rg BT 424.30 568.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 480.28 568.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 500.10 568.35 Td (that ) Tj ET Q q 0 0 0 rg BT 518.78 568.35 Td (are ) Tj ET Q q 0 0 0 rg BT 534.52 568.35 Td (passed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 555.75 Td (through ) Tj ET Q q 0 0 0 rg BT 83.77 555.75 Td (as ) Tj ET Q q 0 0 0 rg BT 94.12 555.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 154.05 555.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 189.47 555.75 Td (or ) Tj ET Q q 0 0 0 rg BT 199.83 555.75 Td (net ) Tj ET Q q 0 0 0 rg BT 214.26 555.75 Td (income ) Tj ET Q q 0 0 0 rg BT 246.77 555.75 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 271.71 555.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 321.13 555.75 Td (to ) Tj ET Q q 0 0 0 rg BT 330.91 555.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 394.34 555.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 433.56 555.75 Td (which ) Tj ET Q q 0 0 0 rg BT 460.83 555.75 Td (we ) Tj ET Q q 0 0 0 rg BT 474.68 555.75 Td (refer ) Tj ET Q q 0 0 0 rg BT 496.10 555.75 Td (to ) Tj ET Q q 0 0 0 rg BT 505.87 555.75 Td (as ) Tj ET Q q 0 0 0 rg BT 516.23 555.75 Td ("Operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 543.15 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 95.66 543.15 Td (as ) Tj ET Q q 0 0 0 rg BT 106.52 543.15 Td (Adjusted." ) Tj ET Q q 0 0 0 rg BT 153.86 543.15 Td (The ) Tj ET Q q 0 0 0 rg BT 172.90 543.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 210.58 543.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 271.62 543.15 Td (items ) Tj ET Q q 0 0 0 rg BT 297.08 543.15 Td (are ) Tj ET Q q 0 0 0 rg BT 312.61 543.15 Td (removed ) Tj ET Q q 0 0 0 rg BT 352.06 543.15 Td (from ) Tj ET Q q 0 0 0 rg BT 375.18 543.15 Td (Operating ) Tj ET Q q 0 0 0 rg BT 419.88 543.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 454.08 543.15 Td (in ) Tj ET Q q 0 0 0 rg BT 464.96 543.15 Td (the ) Tj ET Q q 0 0 0 rg BT 480.50 543.15 Td (calculation ) Tj ET Q q 0 0 0 rg BT 529.27 543.15 Td (because ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 530.55 Td (they ) Tj ET Q q 0 0 0 rg BT 70.03 530.55 Td (are ) Tj ET Q q 0 0 0 rg BT 85.30 530.55 Td (of) Tj ET Q q 0 0 0 rg BT 93.85 530.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 111.47 530.55 Td (by ) Tj ET Q q 0 0 0 rg BT 124.42 530.55 Td (an ) Tj ET Q q 0 0 0 rg BT 136.78 530.55 Td (equal ) Tj ET Q q 0 0 0 rg BT 161.97 530.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 195.91 530.55 Td (in ) Tj ET Q q 0 0 0 rg BT 206.53 530.55 Td (Non-operating ) Tj ET Q q 0 0 0 rg BT 270.22 530.55 Td (income ) Tj ET Q q 0 0 0 rg BT 303.57 530.55 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 349.46 530.55 Td (net, ) Tj ET Q q 0 0 0 rg BT 367.36 530.55 Td (and ) Tj ET Q q 0 0 0 rg BT 384.97 530.55 Td (thus ) Tj ET Q q 0 0 0 rg BT 404.93 530.55 Td (have ) Tj ET Q q 0 0 0 rg BT 427.20 530.55 Td (no ) Tj ET Q q 0 0 0 rg BT 440.15 530.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 471.18 530.55 Td (on ) Tj ET Q q 0 0 0 rg BT 484.13 530.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 501.74 530.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 535.67 530.55 Td (\(Loss\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 517.95 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 102.40 517.95 Td (to ) Tj ET Q q 0 0 0 rg BT 112.73 517.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 136.47 517.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 169.84 517.95 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 187.88 517.95 Td (W) Tj ET Q q 0 0 0 rg BT 196.95 517.95 Td (e ) Tj ET Q q 0 0 0 rg BT 203.77 517.95 Td (adjust ) Tj ET Q q 0 0 0 rg BT 231.01 517.95 Td (for ) Tj ET Q q 0 0 0 rg BT 245.42 517.95 Td (the ) Tj ET Q q 0 0 0 rg BT 260.41 517.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 291.14 517.95 Td (of ) Tj ET Q q 0 0 0 rg BT 302.05 517.95 Td (the ) Tj ET Q q 0 0 0 rg BT 317.04 517.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 372.27 517.95 Td (of ) Tj ET Q q 0 0 0 rg BT 383.18 517.95 Td (management ) Tj ET Q q 0 0 0 rg BT 438.99 517.95 Td (contract ) Tj ET Q q 0 0 0 rg BT 474.96 517.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 501.62 517.95 Td (and ) Tj ET Q q 0 0 0 rg BT 518.95 517.95 Td (the ) Tj ET Q q 0 0 0 rg BT 533.94 517.95 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 505.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 505.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 77.99 505.35 Td (value ) Tj ET Q q 0 0 0 rg BT 103.32 505.35 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 156.07 505.35 Td (of ) Tj ET Q q 0 0 0 rg BT 167.41 505.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 214.32 505.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 273.47 505.35 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 317.77 505.35 Td (if ) Tj ET Q q 0 0 0 rg BT 326.77 505.35 Td (any) Tj ET Q q 0 0 0 rg BT 341.25 505.35 Td (, ) Tj ET Q q 0 0 0 rg BT 346.46 505.35 Td (which ) Tj ET Q q 0 0 0 rg BT 374.71 505.35 Td (arise ) Tj ET Q q 0 0 0 rg BT 397.12 505.35 Td (from ) Tj ET Q q 0 0 0 rg BT 420.12 505.35 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 472.87 505.35 Td (to ) Tj ET Q q 0 0 0 rg BT 483.63 505.35 Td (reflect ) Tj ET Q q 0 0 0 rg BT 513.02 505.35 Td (the ) Tj ET Q q 0 0 0 rg BT 528.44 505.35 Td (fact ) Tj ET Q q 0 0 0 rg BT 546.76 505.35 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (these ) Tj ET Q q 0 0 0 rg BT 72.85 492.75 Td (items ) Tj ET Q q 0 0 0 rg BT 97.36 492.75 Td (distort ) Tj ET Q q 0 0 0 rg BT 125.97 492.75 Td (comparison ) Tj ET Q q 0 0 0 rg BT 176.73 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 187.25 492.75 Td (our ) Tj ET Q q 0 0 0 rg BT 203.01 492.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 244.44 492.75 Td (results ) Tj ET Q q 0 0 0 rg BT 273.62 492.75 Td (with ) Tj ET Q q 0 0 0 rg BT 294.06 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 308.66 492.75 Td (results ) Tj ET Q q 0 0 0 rg BT 337.84 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 348.36 492.75 Td (other ) Tj ET Q q 0 0 0 rg BT 371.70 492.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 393.88 492.75 Td (management ) Tj ET Q q 0 0 0 rg BT 449.30 492.75 Td (firms ) Tj ET Q q 0 0 0 rg BT 473.23 492.75 Td (that ) Tj ET Q q 0 0 0 rg BT 490.75 492.75 Td (have ) Tj ET Q q 0 0 0 rg BT 512.34 492.75 Td (not ) Tj ET Q q 0 0 0 rg BT 527.53 492.75 Td (engaged ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 480.15 Td (in ) Tj ET Q q 0 0 0 rg BT 61.55 480.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 109.76 480.15 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 166.43 480.15 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 219.29 480.15 Td (char) Tj ET Q q 0 0 0 rg BT 237.17 480.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 255.05 480.15 Td (and ) Tj ET Q q 0 0 0 rg BT 274.10 480.15 Td (income ) Tj ET Q q 0 0 0 rg BT 308.88 480.15 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 336.10 480.15 Td (of ) Tj ET Q q 0 0 0 rg BT 348.73 480.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 374.78 480.15 Td (are ) Tj ET Q q 0 0 0 rg BT 391.48 480.15 Td (removed ) Tj ET Q q 0 0 0 rg BT 432.10 480.15 Td (from ) Tj ET Q q 0 0 0 rg BT 456.39 480.15 Td (Operating ) Tj ET Q q 0 0 0 rg BT 502.26 480.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 537.63 480.15 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 480.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 467.55 Td (calculation ) Tj ET Q q 0 0 0 rg BT 97.95 467.55 Td (because ) Tj ET Q q 0 0 0 rg BT 133.56 467.55 Td (these ) Tj ET Q q 0 0 0 rg BT 157.52 467.55 Td (items ) Tj ET Q q 0 0 0 rg BT 182.66 467.55 Td (are ) Tj ET Q q 0 0 0 rg BT 197.86 467.55 Td (not ) Tj ET Q q 0 0 0 rg BT 213.66 467.55 Td (reflective ) Tj ET Q q 0 0 0 rg BT 255.69 467.55 Td (of ) Tj ET Q q 0 0 0 rg BT 266.82 467.55 Td (our ) Tj ET Q q 0 0 0 rg BT 283.20 467.55 Td (core ) Tj ET Q q 0 0 0 rg BT 303.65 467.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 326.45 467.55 Td (management ) Tj ET Q q 0 0 0 rg BT 382.48 467.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 431.06 467.55 Td (W) Tj ET Q q 0 0 0 rg BT 440.13 467.55 Td (e ) Tj ET Q q 0 0 0 rg BT 447.17 467.55 Td (use ) Tj ET Q q 0 0 0 rg BT 463.56 467.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 507.93 467.55 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 553.76 467.55 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 454.95 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 93.47 454.95 Td (in ) Tj ET Q q 0 0 0 rg BT 105.06 454.95 Td (the ) Tj ET Q q 0 0 0 rg BT 121.32 454.95 Td (calculation ) Tj ET Q q 0 0 0 rg BT 170.81 454.95 Td (to ) Tj ET Q q 0 0 0 rg BT 182.41 454.95 Td (show ) Tj ET Q q 0 0 0 rg BT 208.01 454.95 Td (the ) Tj ET Q q 0 0 0 rg BT 224.26 454.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 267.35 454.95 Td (mar) Tj ET Q q 0 0 0 rg BT 283.48 454.95 Td (gin ) Tj ET Q q 0 0 0 rg BT 300.33 454.95 Td (without ) Tj ET Q q 0 0 0 rg BT 335.84 454.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 387.69 454.95 Td (and ) Tj ET Q q 0 0 0 rg BT 406.28 454.95 Td (servicing ) Tj ET Q q 0 0 0 rg BT 448.20 454.95 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 492.16 454.95 Td (which ) Tj ET Q q 0 0 0 rg BT 521.25 454.95 Td (we ) Tj ET Q q 0 0 0 rg BT 536.92 454.95 Td (use ) Tj ET Q q 0 0 0 rg BT 554.34 454.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 442.35 Td (approximate ) Tj ET Q q 0 0 0 rg BT 103.83 442.35 Td (our ) Tj ET Q q 0 0 0 rg BT 119.67 442.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 169.94 442.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 209.10 442.35 Td (that ) Tj ET Q q 0 0 0 rg BT 226.69 442.35 Td (are ) Tj ET Q q 0 0 0 rg BT 241.36 442.35 Td (passed ) Tj ET Q q 0 0 0 rg BT 271.20 442.35 Td (through ) Tj ET Q q 0 0 0 rg BT 305.71 442.35 Td (to ) Tj ET Q q 0 0 0 rg BT 315.73 442.35 Td (third ) Tj ET Q q 0 0 0 rg BT 337.41 442.35 Td (parties ) Tj ET Q q 0 0 0 rg BT 367.24 442.35 Td (as ) Tj ET Q q 0 0 0 rg BT 377.84 442.35 Td (a ) Tj ET Q q 0 0 0 rg BT 384.34 442.35 Td (direct ) Tj ET Q q 0 0 0 rg BT 410.09 442.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 428.86 442.35 Td (of ) Tj ET Q q 0 0 0 rg BT 439.45 442.35 Td (selling ) Tj ET Q q 0 0 0 rg BT 469.30 442.35 Td (our ) Tj ET Q q 0 0 0 rg BT 485.14 442.35 Td (products, ) Tj ET Q q 0 0 0 rg BT 525.77 442.35 Td (although ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 101.02 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 119.27 429.75 Td (servicing ) Tj ET Q q 0 0 0 rg BT 160.86 429.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 201.86 429.75 Td (may ) Tj ET Q q 0 0 0 rg BT 223.03 429.75 Td (include ) Tj ET Q q 0 0 0 rg BT 257.03 429.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 314.97 429.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 336.14 429.75 Td (in ) Tj ET Q q 0 0 0 rg BT 347.40 429.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 396.56 429.75 Td (with ) Tj ET Q q 0 0 0 rg BT 418.33 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 434.25 429.75 Td (launching ) Tj ET Q q 0 0 0 rg BT 478.75 429.75 Td (of ) Tj ET Q q 0 0 0 rg BT 490.59 429.75 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 539.17 429.75 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 417.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.10 417.15 Td (which ) Tj ET Q q 0 0 0 rg BT 92.12 417.15 Td (there ) Tj ET Q q 0 0 0 rg BT 115.46 417.15 Td (is ) Tj ET Q q 0 0 0 rg BT 124.82 417.15 Td (no ) Tj ET Q q 0 0 0 rg BT 137.68 417.15 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 200.10 417.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 235.69 417.15 Td (in ) Tj ET Q q 0 0 0 rg BT 246.21 417.15 Td (the ) Tj ET Q q 0 0 0 rg BT 261.40 417.15 Td (period. ) Tj ET Q q 0 0 0 rg BT 293.21 417.15 Td ( ) Tj ET Q q 0 0 0 rg BT 295.39 417.15 Td (W) Tj ET Q q 0 0 0 rg BT 304.46 417.15 Td (e ) Tj ET Q q 0 0 0 rg BT 311.48 417.15 Td (also ) Tj ET Q q 0 0 0 rg BT 330.75 417.15 Td (use ) Tj ET Q q 0 0 0 rg BT 347.10 417.15 Td (Operating ) Tj ET Q q 0 0 0 rg BT 391.45 417.15 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 437.25 417.15 Td (as ) Tj ET Q q 0 0 0 rg BT 447.84 417.15 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 490.73 417.15 Td (in ) Tj ET Q q 0 0 0 rg BT 501.26 417.15 Td (the ) Tj ET Q q 0 0 0 rg BT 516.44 417.15 Td (calculation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 404.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.14 404.55 Td (show ) Tj ET Q q 0 0 0 rg BT 84.78 404.55 Td (the ) Tj ET Q q 0 0 0 rg BT 100.08 404.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 142.20 404.55 Td (mar) Tj ET Q q 0 0 0 rg BT 158.34 404.55 Td (gin ) Tj ET Q q 0 0 0 rg BT 174.23 404.55 Td (without ) Tj ET Q q 0 0 0 rg BT 208.78 404.55 Td (performances ) Tj ET Q q 0 0 0 rg BT 268.39 404.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 287.77 404.55 Td (which ) Tj ET Q q 0 0 0 rg BT 315.90 404.55 Td (are ) Tj ET Q q 0 0 0 rg BT 331.19 404.55 Td (passed ) Tj ET Q q 0 0 0 rg BT 361.65 404.55 Td (through ) Tj ET Q q 0 0 0 rg BT 396.79 404.55 Td (as ) Tj ET Q q 0 0 0 rg BT 408.01 404.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 468.80 404.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 505.09 404.55 Td (or ) Tj ET Q q 0 0 0 rg BT 516.31 404.55 Td (net ) Tj ET Q q 0 0 0 rg BT 531.60 404.55 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 391.95 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 76.32 391.95 Td (attributable ) Tj ET Q q 0 0 0 rg BT 127.63 391.95 Td (to ) Tj ET Q q 0 0 0 rg BT 139.28 391.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 204.60 391.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 243.08 391.95 Td (per ) Tj ET Q q 0 0 0 rg BT 259.97 391.95 Td (the ) Tj ET Q q 0 0 0 rg BT 276.29 391.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 303.10 391.95 Td (of ) Tj ET Q q 0 0 0 rg BT 315.34 391.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 347.39 391.95 Td (more ) Tj ET Q q 0 0 0 rg BT 372.45 391.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 401.59 391.95 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 457.86 391.95 Td ( ) Tj ET Q q 0 0 0 rg BT 461.35 391.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 506.82 391.95 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 553.76 391.95 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 379.35 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 94.01 379.35 Td (also ) Tj ET Q q 0 0 0 rg BT 114.90 379.35 Td (include ) Tj ET Q q 0 0 0 rg BT 149.78 379.35 Td (our ) Tj ET Q q 0 0 0 rg BT 167.75 379.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 207.89 379.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 249.18 379.35 Td (we ) Tj ET Q q 0 0 0 rg BT 265.39 379.35 Td (receive ) Tj ET Q q 0 0 0 rg BT 299.67 379.35 Td (from ) Tj ET Q q 0 0 0 rg BT 324.06 379.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 381.10 379.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 431.15 379.35 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 469.53 379.35 Td (that ) Tj ET Q q 0 0 0 rg BT 489.25 379.35 Td (are ) Tj ET Q q 0 0 0 rg BT 506.04 379.35 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 554.33 379.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 366.75 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 108.70 366.75 Td (under ) Tj ET Q q 0 0 0 rg BT 135.23 366.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 162.66 366.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 341.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 341.55 Td (e ) Tj ET Q q 0 0 0 rg BT 66.26 341.55 Td (believe ) Tj ET Q q 0 0 0 rg BT 99.60 341.55 Td (that ) Tj ET Q q 0 0 0 rg BT 118.38 341.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 163.39 341.55 Td (Mar) Tj ET Q q 0 0 0 rg BT 180.70 341.55 Td (gin, ) Tj ET Q q 0 0 0 rg BT 199.77 341.55 Td (as ) Tj ET Q q 0 0 0 rg BT 210.88 341.55 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 254.45 341.55 Td (is ) Tj ET Q q 0 0 0 rg BT 264.48 341.55 Td (a ) Tj ET Q q 0 0 0 rg BT 272.17 341.55 Td (useful ) Tj ET Q q 0 0 0 rg BT 300.86 341.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 338.87 341.55 Td (of ) Tj ET Q q 0 0 0 rg BT 350.64 341.55 Td (our ) Tj ET Q q 0 0 0 rg BT 367.67 341.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 423.75 341.55 Td (because ) Tj ET Q q 0 0 0 rg BT 460.01 341.55 Td (it ) Tj ET Q q 0 0 0 rg BT 468.87 341.55 Td (provides ) Tj ET Q q 0 0 0 rg BT 508.06 341.55 Td (a ) Tj ET Q q 0 0 0 rg BT 515.75 341.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 553.76 341.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 328.95 Td (our ) Tj ET Q q 0 0 0 rg BT 66.30 328.95 Td (core ) Tj ET Q q 0 0 0 rg BT 87.17 328.95 Td (business ) Tj ET Q q 0 0 0 rg BT 125.55 328.95 Td (activities. ) Tj ET Q q 0 0 0 rg BT 168.89 328.95 Td (It ) Tj ET Q q 0 0 0 rg BT 178.10 328.95 Td (excludes ) Tj ET Q q 0 0 0 rg BT 217.64 328.95 Td (items ) Tj ET Q q 0 0 0 rg BT 243.19 328.95 Td (that ) Tj ET Q q 0 0 0 rg BT 261.73 328.95 Td (have ) Tj ET Q q 0 0 0 rg BT 284.36 328.95 Td (no ) Tj ET Q q 0 0 0 rg BT 297.66 328.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 329.03 328.95 Td (on ) Tj ET Q q 0 0 0 rg BT 342.33 328.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 360.29 328.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 394.58 328.95 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 423.59 328.95 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 477.13 328.95 Td (to ) Tj ET Q q 0 0 0 rg BT 488.10 328.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 512.48 328.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 546.48 328.95 Td (Inc. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 316.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.95 316.35 Td (indicates ) Tj ET Q q 0 0 0 rg BT 108.57 316.35 Td (what ) Tj ET Q q 0 0 0 rg BT 132.27 316.35 Td (our ) Tj ET Q q 0 0 0 rg BT 149.56 316.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 192.51 316.35 Td (mar) Tj ET Q q 0 0 0 rg BT 208.64 316.35 Td (gin ) Tj ET Q q 0 0 0 rg BT 225.35 316.35 Td (would ) Tj ET Q q 0 0 0 rg BT 254.90 316.35 Td (have ) Tj ET Q q 0 0 0 rg BT 278.01 316.35 Td (been ) Tj ET Q q 0 0 0 rg BT 301.12 316.35 Td (without ) Tj ET Q q 0 0 0 rg BT 336.50 316.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 388.22 316.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 428.82 316.35 Td (that ) Tj ET Q q 0 0 0 rg BT 447.86 316.35 Td (are ) Tj ET Q q 0 0 0 rg BT 463.97 316.35 Td (passed ) Tj ET Q q 0 0 0 rg BT 495.26 316.35 Td (through ) Tj ET Q q 0 0 0 rg BT 531.22 316.35 Td (to ) Tj ET Q q 0 0 0 rg BT 542.68 316.35 Td (third ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 303.75 Td (parties ) Tj ET Q q 0 0 0 rg BT 80.63 303.75 Td (as ) Tj ET Q q 0 0 0 rg BT 92.51 303.75 Td (a ) Tj ET Q q 0 0 0 rg BT 100.31 303.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 127.35 303.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 147.40 303.75 Td (of ) Tj ET Q q 0 0 0 rg BT 159.29 303.75 Td (selling ) Tj ET Q q 0 0 0 rg BT 190.42 303.75 Td (our ) Tj ET Q q 0 0 0 rg BT 207.56 303.75 Td (products, ) Tj ET Q q 0 0 0 rg BT 249.48 303.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 305.67 303.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 325.71 303.75 Td (that ) Tj ET Q q 0 0 0 rg BT 344.60 303.75 Td (are ) Tj ET Q q 0 0 0 rg BT 360.55 303.75 Td (passed ) Tj ET Q q 0 0 0 rg BT 391.68 303.75 Td (through ) Tj ET Q q 0 0 0 rg BT 427.48 303.75 Td (as ) Tj ET Q q 0 0 0 rg BT 439.37 303.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 500.83 303.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 537.78 303.75 Td (or ) Tj ET Q q 0 0 0 rg BT 549.67 303.75 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 291.15 Td (income ) Tj ET Q q 0 0 0 rg BT 82.90 291.15 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 108.73 291.15 Td (attributable ) Tj ET Q q 0 0 0 rg BT 159.05 291.15 Td (to ) Tj ET Q q 0 0 0 rg BT 169.71 291.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 234.04 291.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 271.53 291.15 Td (per ) Tj ET Q q 0 0 0 rg BT 287.43 291.15 Td (the ) Tj ET Q q 0 0 0 rg BT 302.76 291.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 328.58 291.15 Td (of ) Tj ET Q q 0 0 0 rg BT 339.82 291.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 370.89 291.15 Td (more ) Tj ET Q q 0 0 0 rg BT 394.96 291.15 Td (recent ) Tj ET Q q 0 0 0 rg BT 423.10 291.15 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 478.39 291.15 Td (amortization ) Tj ET Q q 0 0 0 rg BT 533.95 291.15 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 278.55 Td (to ) Tj ET Q q 0 0 0 rg BT 61.07 278.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 106.46 278.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 136.99 278.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 174.21 278.55 Td (in ) Tj ET Q q 0 0 0 rg BT 185.78 278.55 Td (the ) Tj ET Q q 0 0 0 rg BT 202.01 278.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 219.99 278.55 Td (value ) Tj ET Q q 0 0 0 rg BT 246.13 278.55 Td (of ) Tj ET Q q 0 0 0 rg BT 258.28 278.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 306.00 278.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 365.97 278.55 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 411.08 278.55 Td (if ) Tj ET Q q 0 0 0 rg BT 420.90 278.55 Td (any) Tj ET Q q 0 0 0 rg BT 435.38 278.55 Td (, ) Tj ET Q q 0 0 0 rg BT 441.41 278.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 493.21 278.55 Td (char) Tj ET Q q 0 0 0 rg BT 511.09 278.55 Td (ges, ) Tj ET Q q 0 0 0 rg BT 531.12 278.55 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 278.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 265.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.39 265.95 Td (of ) Tj ET Q q 0 0 0 rg BT 91.45 265.95 Td (the ) Tj ET Q q 0 0 0 rg BT 106.59 265.95 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 165.48 265.95 Td (of ) Tj ET Q q 0 0 0 rg BT 176.54 265.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 207.42 265.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 255.81 265.95 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 292.52 265.95 Td (described ) Tj ET Q q 0 0 0 rg BT 335.07 265.95 Td (above. ) Tj ET Q q 0 0 0 rg BT 365.08 265.95 Td ( ) Tj ET Q q 0 0 0 rg BT 367.23 265.95 Td (The ) Tj ET Q q 0 0 0 rg BT 385.87 265.95 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 444.76 265.95 Td (of ) Tj ET Q q 0 0 0 rg BT 455.82 265.95 Td (these ) Tj ET Q q 0 0 0 rg BT 479.71 265.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 528.10 265.95 Td (vehicles ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 253.35 Td (does ) Tj ET Q q 0 0 0 rg BT 71.72 253.35 Td (not ) Tj ET Q q 0 0 0 rg BT 88.11 253.35 Td (have ) Tj ET Q q 0 0 0 rg BT 110.91 253.35 Td (an ) Tj ET Q q 0 0 0 rg BT 123.80 253.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 155.35 253.35 Td (on ) Tj ET Q q 0 0 0 rg BT 168.82 253.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 186.96 253.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 221.42 253.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 250.57 253.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 304.28 253.35 Td (to ) Tj ET Q q 0 0 0 rg BT 315.42 253.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 339.97 253.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 374.16 253.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 393.16 253.35 Td ( ) Tj ET Q q 0 0 0 rg BT 395.92 253.35 Td (This ) Tj ET Q q 0 0 0 rg BT 417.57 253.35 Td (measure ) Tj ET Q q 0 0 0 rg BT 455.52 253.35 Td (is ) Tj ET Q q 0 0 0 rg BT 465.50 253.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 505.80 253.35 Td (in ) Tj ET Q q 0 0 0 rg BT 516.95 253.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 554.33 253.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.75 Td (our ) Tj ET Q q 0 0 0 rg BT 66.18 240.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 108.52 240.75 Td (mar) Tj ET Q q 0 0 0 rg BT 124.65 240.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 140.75 240.75 Td (calculated ) Tj ET Q q 0 0 0 rg BT 185.99 240.75 Td (under ) Tj ET Q q 0 0 0 rg BT 212.59 240.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 240.01 240.75 Td (, ) Tj ET Q q 0 0 0 rg BT 245.32 240.75 Td (but ) Tj ET Q q 0 0 0 rg BT 261.42 240.75 Td (is ) Tj ET Q q 0 0 0 rg BT 271.11 240.75 Td (not ) Tj ET Q q 0 0 0 rg BT 287.21 240.75 Td (a ) Tj ET Q q 0 0 0 rg BT 294.56 240.75 Td (substitute ) Tj ET Q q 0 0 0 rg BT 337.49 240.75 Td (for ) Tj ET Q q 0 0 0 rg BT 352.42 240.75 Td (calculations ) Tj ET Q q 0 0 0 rg BT 405.25 240.75 Td (of ) Tj ET Q q 0 0 0 rg BT 416.68 240.75 Td (mar) Tj ET Q q 0 0 0 rg BT 432.82 240.75 Td (gins ) Tj ET Q q 0 0 0 rg BT 453.01 240.75 Td (under ) Tj ET Q q 0 0 0 rg BT 479.60 240.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 507.80 240.75 Td ( ) Tj ET Q q 0 0 0 rg BT 510.48 240.75 Td (and ) Tj ET Q q 0 0 0 rg BT 528.33 240.75 Td (may ) Tj ET Q q 0 0 0 rg BT 549.09 240.75 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 228.15 Td (be ) Tj ET Q q 0 0 0 rg BT 62.04 228.15 Td (comparable ) Tj ET Q q 0 0 0 rg BT 113.63 228.15 Td (to ) Tj ET Q q 0 0 0 rg BT 124.43 228.15 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 171.87 228.15 Td ( ) Tj ET Q q 0 0 0 rg BT 174.50 228.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 230.17 228.15 Td (measures, ) Tj ET Q q 0 0 0 rg BT 274.49 228.15 Td (including ) Tj ET Q q 0 0 0 rg BT 316.78 228.15 Td (measures ) Tj ET Q q 0 0 0 rg BT 358.47 228.15 Td (of ) Tj ET Q q 0 0 0 rg BT 369.85 228.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 407.46 228.15 Td (mar) Tj ET Q q 0 0 0 rg BT 423.60 228.15 Td (gins ) Tj ET Q q 0 0 0 rg BT 443.73 228.15 Td (of ) Tj ET Q q 0 0 0 rg BT 455.10 228.15 Td (other ) Tj ET Q q 0 0 0 rg BT 479.30 228.15 Td (companies.) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (57) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 741.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 117.14 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 128.51 741.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 173.12 741.75 Td (Mar) Tj ET Q q 0 0 0 rg BT 190.42 741.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 206.47 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 224.25 741.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 268.86 741.75 Td (Mar) Tj ET Q q 0 0 0 rg BT 286.17 741.75 Td (gin, ) Tj ET Q q 0 0 0 rg BT 304.83 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 315.63 741.75 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 358.79 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 368.42 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 379.79 741.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 413.92 741.75 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 448.62 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 459.41 741.75 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 691.25 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 691.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 691.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 691.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 691.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 691.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 691.25 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 661.25 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 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/F1 10.50 Tf ET q 0 0 0 rg BT 52.50 721.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.00 721.02 Td (For the Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 349.50 696.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.50 696.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 696.02 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 681.04 Td (Operating Revenues, GAAP basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 681.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.00 681.04 Td (2,886,902) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 681.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.75 681.02 Td (2,660,844) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 681.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.75 681.02 Td (2,819,106) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 666.02 Td (Plus \(less\):) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 666.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.50 666.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 666.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 651.02 Td (Pass-through performance fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.60 651.04 Td (\(60,756) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 651.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.25 651.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 651.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 636.47 Td (Operating revenues eliminated upon consolidation of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 625.97 Td (investment vehicles) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 372.25 626.04 Td (529) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 626.02 Td (318) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.00 626.02 Td (721) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 611.47 Td (Distribution and servicing expense, excluding) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 600.97 Td (consolidated investment vehicles) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 350.35 601.04 Td (\(499,126) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 601.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.10 601.02 Td (\(545,668) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.75 601.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.10 601.02 Td (\(594,746) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 601.02 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 586.04 Td (Operating Revenues, as Adjusted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 586.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.00 586.04 Td (2,327,549) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 586.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.75 586.02 Td (2,115,494) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 586.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.75 586.02 Td (2,225,081) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 556.04 Td (Operating Income, GAAP basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 556.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 353.85 556.04 Td (422,243) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 556.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.85 556.02 Td (50,831) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 556.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.60 556.02 Td (498,219) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 541.02 Td (Plus \(less\):) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 541.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.50 541.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 541.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 525.52 Td (Gains \(losses\) on deferred compensation and seed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 515.02 Td (investments, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.10 515.04 Td (14,427) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.60 515.02 Td (\(1,205) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.75 515.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 515.02 Td (9,369) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 500.02 Td (Impairment of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.10 500.04 Td (35,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.60 500.02 Td (371,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 500.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 485.02 Td (Contingent consideration fair value adjustments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.60 485.04 Td (\(39,500) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 485.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.35 485.02 Td (\(33,375) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.75 485.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 485.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 470.02 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.10 470.04 Td (26,190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 470.02 Td (4,979) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 470.02 Td (2,625) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 455.47 Td (Operating income and expenses of consolidated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 444.97 Td (investment vehicles, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 372.25 445.04 Td (819) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 445.02 Td (461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.00 445.02 Td (899) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 430.04 Td (Operating Income, as Adjusted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 430.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 353.85 430.04 Td (459,179) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 430.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.60 430.02 Td (392,691) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 430.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.60 430.02 Td (511,112) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 400.04 Td (Operating Margin, GAAP basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.60 400.04 Td (14.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 400.04 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.60 400.02 Td (1.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.75 400.02 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 400.02 Td (17.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 400.02 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 385.04 Td (Operating Margin, as Adjusted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.60 385.04 Td (19.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 385.02 Td (18.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 385.02 Td (23.0) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 356.15 Td (Operating ) Tj ET Q q 0 0 0 rg BT 95.36 356.15 Td (Mar) Tj ET Q q 0 0 0 rg BT 112.66 356.15 Td (gin, ) Tj ET Q q 0 0 0 rg BT 132.57 356.15 Td (as ) Tj ET Q q 0 0 0 rg BT 144.33 356.15 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 188.74 356.15 Td (for ) Tj ET Q q 0 0 0 rg BT 204.86 356.15 Td (the ) Tj ET Q q 0 0 0 rg BT 221.56 356.15 Td (years ) Tj ET Q q 0 0 0 rg BT 247.58 356.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 276.52 356.15 Td (March ) Tj ET Q q 0 0 0 rg BT 307.79 356.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 324.79 356.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 352.28 356.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 379.78 356.15 Td (and ) Tj ET Q q 0 0 0 rg BT 398.81 356.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 426.30 356.15 Td (was ) Tj ET Q q 0 0 0 rg BT 446.50 356.15 Td (19.7%, ) Tj ET Q q 0 0 0 rg BT 480.12 356.15 Td (18.6%, ) Tj ET Q q 0 0 0 rg BT 513.73 356.15 Td (and ) Tj ET Q q 0 0 0 rg BT 532.77 356.15 Td (23.0%, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 343.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 343.55 Td (. ) Tj ET Q q 0 0 0 rg BT 104.51 343.55 Td ( ) Tj ET Q q 0 0 0 rg BT 106.84 343.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 151.16 343.55 Td (Mar) Tj ET Q q 0 0 0 rg BT 168.47 343.55 Td (gin, ) Tj ET Q q 0 0 0 rg BT 186.85 343.55 Td (as ) Tj ET Q q 0 0 0 rg BT 197.41 343.55 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 240.29 343.55 Td (for ) Tj ET Q q 0 0 0 rg BT 254.87 343.55 Td (the ) Tj ET Q q 0 0 0 rg BT 270.03 343.55 Td (year ) Tj ET Q q 0 0 0 rg BT 290.43 343.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 317.84 343.55 Td (March ) Tj ET Q q 0 0 0 rg BT 347.58 343.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 363.04 343.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 389.00 343.55 Td (was ) Tj ET Q q 0 0 0 rg BT 407.67 343.55 Td (reduced ) Tj ET Q q 0 0 0 rg BT 443.23 343.55 Td (by ) Tj ET Q q 0 0 0 rg BT 456.07 343.55 Td (1.8 ) Tj ET Q q 0 0 0 rg BT 471.53 343.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 519.33 343.55 Td (points ) Tj ET Q q 0 0 0 rg BT 547.34 343.55 Td (due ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 330.95 Td (to ) Tj ET Q q 0 0 0 rg BT 61.03 330.95 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 136.12 330.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 160.48 330.95 Td (incurred ) Tj ET Q q 0 0 0 rg BT 198.83 330.95 Td (in ) Tj ET Q q 0 0 0 rg BT 210.36 330.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 259.79 330.95 Td (with ) Tj ET Q q 0 0 0 rg BT 281.82 330.95 Td (the ) Tj ET Q q 0 0 0 rg BT 298.01 330.95 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 355.02 330.95 Td (of ) Tj ET Q q 0 0 0 rg BT 367.13 330.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 400.24 330.95 Td (for ) Tj ET Q q 0 0 0 rg BT 415.85 330.95 Td (the ) Tj ET Q q 0 0 0 rg BT 432.04 330.95 Td (combination ) Tj ET Q q 0 0 0 rg BT 487.89 330.95 Td (with ) Tj ET Q q 0 0 0 rg BT 509.92 330.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 527.63 330.95 Td (rust, ) Tj ET Q q 0 0 0 rg BT 549.37 330.95 Td (0.8 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 318.35 Td (percentage ) Tj ET Q q 0 0 0 rg BT 97.06 318.35 Td (points ) Tj ET Q q 0 0 0 rg BT 124.82 318.35 Td (due ) Tj ET Q q 0 0 0 rg BT 142.07 318.35 Td (to ) Tj ET Q q 0 0 0 rg BT 152.33 318.35 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 232.56 318.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 255.66 318.35 Td (incurred ) Tj ET Q q 0 0 0 rg BT 292.73 318.35 Td (in ) Tj ET Q q 0 0 0 rg BT 302.99 318.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 351.15 318.35 Td (with ) Tj ET Q q 0 0 0 rg BT 371.91 318.35 Td (the ) Tj ET Q q 0 0 0 rg BT 386.83 318.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 420.42 318.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 456.92 318.35 Td (and ) Tj ET Q q 0 0 0 rg BT 474.17 318.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 491.88 318.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 509.72 318.35 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 565.13 318.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 305.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.11 305.75 Td (0.7 ) Tj ET Q q 0 0 0 rg BT 82.69 305.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 130.61 305.75 Td (points ) Tj ET Q q 0 0 0 rg BT 158.74 305.75 Td (due ) Tj ET Q q 0 0 0 rg BT 176.35 305.75 Td (to ) Tj ET Q q 0 0 0 rg BT 186.97 305.75 Td (the ) Tj ET Q q 0 0 0 rg BT 202.25 305.75 Td (char) Tj ET Q q 0 0 0 rg BT 220.13 305.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 232.49 305.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 278.10 305.75 Td (with ) Tj ET Q q 0 0 0 rg BT 299.22 305.75 Td (the ) Tj ET Q q 0 0 0 rg BT 314.50 305.75 Td (implementation ) Tj ET Q q 0 0 0 rg BT 382.86 305.75 Td (of ) Tj ET Q q 0 0 0 rg BT 394.06 305.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.34 305.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 443.29 305.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 480.15 305.75 Td (management ) Tj ET Q q 0 0 0 rg BT 536.25 305.75 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 293.15 Td (plan. ) Tj ET Q q 0 0 0 rg BT 72.83 293.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 267.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 95.07 267.95 Td (Mar) Tj ET Q q 0 0 0 rg BT 112.38 267.95 Td (gin, ) Tj ET Q q 0 0 0 rg BT 132.01 267.95 Td (as ) Tj ET Q q 0 0 0 rg BT 143.55 267.95 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 187.68 267.95 Td (for ) Tj ET Q q 0 0 0 rg BT 203.51 267.95 Td (the ) Tj ET Q q 0 0 0 rg BT 219.92 267.95 Td (year ) Tj ET Q q 0 0 0 rg BT 241.58 267.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 270.24 267.95 Td (March ) Tj ET Q q 0 0 0 rg BT 301.23 267.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 317.94 267.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 345.15 267.95 Td (was ) Tj ET Q q 0 0 0 rg BT 365.07 267.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 401.89 267.95 Td (by ) Tj ET Q q 0 0 0 rg BT 415.98 267.95 Td (2.0 ) Tj ET Q q 0 0 0 rg BT 432.69 267.95 Td (percentage ) Tj ET Q q 0 0 0 rg BT 481.74 267.95 Td (points ) Tj ET Q q 0 0 0 rg BT 511.00 267.95 Td (due ) Tj ET Q q 0 0 0 rg BT 529.75 267.95 Td (to ) Tj ET Q q 0 0 0 rg BT 541.50 267.95 Td (costs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 255.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 94.25 255.35 Td (with ) Tj ET Q q 0 0 0 rg BT 114.51 255.35 Td (the ) Tj ET Q q 0 0 0 rg BT 128.94 255.35 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 184.19 255.35 Td (of ) Tj ET Q q 0 0 0 rg BT 194.53 255.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 225.87 255.35 Td (for ) Tj ET Q q 0 0 0 rg BT 239.71 255.35 Td (the ) Tj ET Q q 0 0 0 rg BT 254.13 255.35 Td (combination ) Tj ET Q q 0 0 0 rg BT 308.22 255.35 Td (with ) Tj ET Q q 0 0 0 rg BT 328.49 255.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 346.20 255.35 Td (rust, ) Tj ET Q q 0 0 0 rg BT 366.17 255.35 Td (by ) Tj ET Q q 0 0 0 rg BT 378.27 255.35 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 392.99 255.35 Td (percentage ) Tj ET Q q 0 0 0 rg BT 440.05 255.35 Td (point ) Tj ET Q q 0 0 0 rg BT 463.24 255.35 Td (due ) Tj ET Q q 0 0 0 rg BT 479.99 255.35 Td (to ) Tj ET Q q 0 0 0 rg BT 489.76 255.35 Td (the ) Tj ET Q q 0 0 0 rg BT 504.18 255.35 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 242.75 Td (char) Tj ET Q q 0 0 0 rg BT 67.38 242.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 79.88 242.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 125.63 242.75 Td (with ) Tj ET Q q 0 0 0 rg BT 146.89 242.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.32 242.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 189.41 242.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 218.83 242.75 Td (management ) Tj ET Q q 0 0 0 rg BT 275.07 242.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 303.91 242.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 324.59 242.75 Td (grant, ) Tj ET Q q 0 0 0 rg BT 351.38 242.75 Td (and ) Tj ET Q q 0 0 0 rg BT 369.14 242.75 Td (by ) Tj ET Q q 0 0 0 rg BT 382.24 242.75 Td (0.4 ) Tj ET Q q 0 0 0 rg BT 397.96 242.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 446.02 242.75 Td (points ) Tj ET Q q 0 0 0 rg BT 474.29 242.75 Td (for ) Tj ET Q q 0 0 0 rg BT 489.13 242.75 Td (real ) Tj ET Q q 0 0 0 rg BT 507.46 242.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 533.96 242.75 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 230.15 Td (char) Tj ET Q q 0 0 0 rg BT 67.38 230.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 84.00 230.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 132.68 230.15 Td (in ) Tj ET Q q 0 0 0 rg BT 143.47 230.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 168.84 230.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 192.46 230.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 238.24 230.15 Td (with ) Tj ET Q q 0 0 0 rg BT 259.53 230.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 295.39 230.15 Td (space ) Tj ET Q q 0 0 0 rg BT 321.33 230.15 Td (requirements. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 204.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 95.21 204.95 Td (Mar) Tj ET Q q 0 0 0 rg BT 112.52 204.95 Td (gin, ) Tj ET Q q 0 0 0 rg BT 132.29 204.95 Td (as ) Tj ET Q q 0 0 0 rg BT 143.94 204.95 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 188.21 204.95 Td (for ) Tj ET Q q 0 0 0 rg BT 204.18 204.95 Td (the ) Tj ET Q q 0 0 0 rg BT 220.73 204.95 Td (year ) Tj ET Q q 0 0 0 rg BT 242.53 204.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 271.33 204.95 Td (March ) Tj ET Q q 0 0 0 rg BT 302.46 204.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.31 204.95 Td (2015 ) Tj ET Q q 0 0 0 rg BT 344.04 204.95 Td (was ) Tj ET Q q 0 0 0 rg BT 364.10 204.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 401.05 204.95 Td (by ) Tj ET Q q 0 0 0 rg BT 415.28 204.95 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 432.13 204.95 Td (percentage ) Tj ET Q q 0 0 0 rg BT 481.33 204.95 Td (points ) Tj ET Q q 0 0 0 rg BT 510.73 204.95 Td (due ) Tj ET Q q 0 0 0 rg BT 529.62 204.95 Td (to ) Tj ET Q q 0 0 0 rg BT 541.51 204.95 Td (costs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 192.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 95.28 192.35 Td (with ) Tj ET Q q 0 0 0 rg BT 116.57 192.35 Td (the ) Tj ET Q q 0 0 0 rg BT 132.02 192.35 Td (integration ) Tj ET Q q 0 0 0 rg BT 180.13 192.35 Td (of ) Tj ET Q q 0 0 0 rg BT 191.51 192.35 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 251.27 192.35 Td (and ) Tj ET Q q 0 0 0 rg BT 269.06 192.35 Td (LMGAA) Tj ET Q q 0 0 0 rg BT 306.98 192.35 Td ( ) Tj ET Q q 0 0 0 rg BT 309.60 192.35 Td (into ) Tj ET Q q 0 0 0 rg BT 328.56 192.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 344.61 192.35 Td (Investors ) Tj ET Q q 0 0 0 rg BT 385.73 192.35 Td (and ) Tj ET Q q 0 0 0 rg BT 403.52 192.35 Td (various ) Tj ET Q q 0 0 0 rg BT 437.05 192.35 Td (other ) Tj ET Q q 0 0 0 rg BT 461.25 192.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 503.52 192.35 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 550.18 192.35 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 167.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.05 167.75 Td (EBITDA) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 155.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 155.15 Td (e ) Tj ET Q q 0 0 0 rg BT 65.06 155.15 Td (define ) Tj ET Q q 0 0 0 rg BT 92.71 155.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 132.45 155.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 170.37 155.15 Td ( ) Tj ET Q q 0 0 0 rg BT 172.19 155.15 Td (as ) Tj ET Q q 0 0 0 rg BT 182.77 155.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 203.25 155.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 242.40 155.15 Td (by ) Tj ET Q q 0 0 0 rg BT 254.72 155.15 Td (\(used ) Tj ET Q q 0 0 0 rg BT 279.29 155.15 Td (in\) ) Tj ET Q q 0 0 0 rg BT 292.78 155.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 334.26 155.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 373.99 155.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 393.32 155.15 Td (\(minus\) ) Tj ET Q q 0 0 0 rg BT 427.81 155.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 460.54 155.15 Td (expense, ) Tj ET Q q 0 0 0 rg BT 498.81 155.15 Td (net ) Tj ET Q q 0 0 0 rg BT 513.46 155.15 Td (of ) Tj ET Q q 0 0 0 rg BT 524.04 155.15 Td (accretion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 142.55 Td (and ) Tj ET Q q 0 0 0 rg BT 66.19 142.55 Td (amortization ) Tj ET Q q 0 0 0 rg BT 120.79 142.55 Td (of ) Tj ET Q q 0 0 0 rg BT 131.06 142.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 150.67 142.55 Td (discounts ) Tj ET Q q 0 0 0 rg BT 191.87 142.55 Td (and ) Tj ET Q q 0 0 0 rg BT 208.56 142.55 Td (premiums, ) Tj ET Q q 0 0 0 rg BT 254.71 142.55 Td (current ) Tj ET Q q 0 0 0 rg BT 285.97 142.55 Td (income ) Tj ET Q q 0 0 0 rg BT 318.40 142.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 332.76 142.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 368.11 142.55 Td (\(benefit\), ) Tj ET Q q 0 0 0 rg BT 408.41 142.55 Td (the ) Tj ET Q q 0 0 0 rg BT 422.77 142.55 Td (net ) Tj ET Q q 0 0 0 rg BT 437.12 142.55 Td (change ) Tj ET Q q 0 0 0 rg BT 468.38 142.55 Td (in ) Tj ET Q q 0 0 0 rg BT 478.08 142.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 504.11 142.55 Td (and ) Tj ET Q q 0 0 0 rg BT 520.80 142.55 Td (liabilities, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 129.95 Td (net ) Tj ET Q q 0 0 0 rg BT 64.98 129.95 Td (\(income\) ) Tj ET Q q 0 0 0 rg BT 105.52 129.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 124.51 129.95 Td (attributable ) Tj ET Q q 0 0 0 rg BT 174.97 129.95 Td (to ) Tj ET Q q 0 0 0 rg BT 185.79 129.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 250.26 129.95 Td (interests, ) Tj ET Q q 0 0 0 rg BT 290.53 129.95 Td (net ) Tj ET Q q 0 0 0 rg BT 306.00 129.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 330.81 129.95 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 365.54 129.95 Td (and ) Tj ET Q q 0 0 0 rg BT 383.35 129.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 421.57 129.95 Td (on ) Tj ET Q q 0 0 0 rg BT 434.71 129.95 Td (investments, ) Tj ET Q q 0 0 0 rg BT 490.15 129.95 Td (net ) Tj ET Q q 0 0 0 rg BT 505.62 129.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 530.44 129.95 Td (\(losses\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 117.35 Td (on ) Tj ET Q q 0 0 0 rg BT 61.32 117.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 115.71 117.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.11 117.35 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 201.46 117.35 Td (and ) Tj ET Q q 0 0 0 rg BT 217.94 117.35 Td (other) Tj ET Q q 0 0 0 rg BT 238.94 117.35 Td (. ) Tj ET Q q 0 0 0 rg BT 242.89 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 244.11 117.35 Td (The ) Tj ET Q q 0 0 0 rg BT 261.76 117.35 Td (net ) Tj ET Q q 0 0 0 rg BT 275.91 117.35 Td (change ) Tj ET Q q 0 0 0 rg BT 306.96 117.35 Td (in ) Tj ET Q q 0 0 0 rg BT 316.45 117.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 342.27 117.35 Td (and ) Tj ET Q q 0 0 0 rg BT 358.75 117.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 399.15 117.35 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 446.55 117.35 Td (aligns ) Tj ET Q q 0 0 0 rg BT 472.95 117.35 Td (with ) Tj ET Q q 0 0 0 rg BT 492.94 117.35 Td (the ) Tj ET Q q 0 0 0 rg BT 507.09 117.35 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 104.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 97.42 104.75 Td (of ) Tj ET Q q 0 0 0 rg BT 108.00 104.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 130.84 104.75 Td (Flows. ) Tj ET Q q 0 0 0 rg BT 160.98 104.75 Td ( ) Tj ET Q q 0 0 0 rg BT 162.42 104.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 202.17 104.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 240.09 104.75 Td ( ) Tj ET Q q 0 0 0 rg BT 241.93 104.75 Td (is ) Tj ET Q q 0 0 0 rg BT 250.77 104.75 Td (not ) Tj ET Q q 0 0 0 rg BT 266.03 104.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 301.09 104.75 Td (by ) Tj ET Q q 0 0 0 rg BT 313.43 104.75 Td (equity-based ) Tj ET Q q 0 0 0 rg BT 368.92 104.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 429.08 104.75 Td (expense, ) Tj ET Q q 0 0 0 rg BT 467.37 104.75 Td (including ) Tj ET Q q 0 0 0 rg BT 508.87 104.75 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 92.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.47 92.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 99.28 92.15 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 139.91 92.15 Td (issuance-related ) Tj ET Q q 0 0 0 rg BT 210.27 92.15 Td (char) Tj ET Q q 0 0 0 rg BT 228.15 92.15 Td (ges. ) Tj ET Q q 0 0 0 rg BT 247.50 92.15 Td ( ) Tj ET Q q 0 0 0 rg BT 250.23 92.15 Td (Most ) Tj ET Q q 0 0 0 rg BT 274.54 92.15 Td (management ) Tj ET Q q 0 0 0 rg BT 330.92 92.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 359.89 92.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 380.70 92.15 Td (units ) Tj ET Q q 0 0 0 rg BT 403.84 92.15 Td (may ) Tj ET Q q 0 0 0 rg BT 424.65 92.15 Td (be ) Tj ET Q q 0 0 0 rg BT 437.29 92.15 Td (put ) Tj ET Q q 0 0 0 rg BT 453.43 92.15 Td (to ) Tj ET Q q 0 0 0 rg BT 464.33 92.15 Td (or ) Tj ET Q q 0 0 0 rg BT 475.80 92.15 Td (called ) Tj ET Q q 0 0 0 rg BT 503.60 92.15 Td (by ) Tj ET Q q 0 0 0 rg BT 516.82 92.15 Td (us ) Tj ET Q q 0 0 0 rg BT 528.89 92.15 Td (for ) Tj ET Q q 0 0 0 rg BT 543.86 92.15 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 79.55 Td (payment, ) Tj ET Q q 0 0 0 rg BT 90.91 79.55 Td (although ) Tj ET Q q 0 0 0 rg BT 130.28 79.55 Td (their ) Tj ET Q q 0 0 0 rg BT 152.14 79.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 178.10 79.55 Td (do ) Tj ET Q q 0 0 0 rg BT 191.22 79.55 Td (not ) Tj ET Q q 0 0 0 rg BT 207.27 79.55 Td (require ) Tj ET Q q 0 0 0 rg BT 239.62 79.55 Td (this ) Tj ET Q q 0 0 0 rg BT 257.42 79.55 Td (to ) Tj ET Q q 0 0 0 rg BT 268.21 79.55 Td (occur) Tj ET Q q 0 0 0 rg BT 290.95 79.55 Td (.) Tj ET Q endstream endobj 121 0 obj <>] /Rotate 0 /Contents 122 0 R>> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (58) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 741.75 Td (e ) Tj ET Q q 0 0 0 rg BT 65.84 741.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 98.77 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 117.13 741.75 Td (this ) Tj ET Q q 0 0 0 rg BT 134.91 741.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 172.51 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 182.12 741.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 210.40 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 221.18 741.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 261.71 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 279.48 741.75 Td (us ) Tj ET Q q 0 0 0 rg BT 291.43 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 302.79 741.75 Td (it ) Tj ET Q q 0 0 0 rg BT 311.23 741.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 350.01 741.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 394.61 741.75 Td (information ) Tj ET Q q 0 0 0 rg BT 446.80 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 468.08 741.75 Td (regard ) Tj ET Q q 0 0 0 rg BT 497.50 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 508.28 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 524.89 741.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 554.33 741.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (meet ) Tj ET Q q 0 0 0 rg BT 73.00 729.15 Td (working ) Tj ET Q q 0 0 0 rg BT 111.10 729.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 142.18 729.15 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 202.72 729.15 Td (service ) Tj ET Q q 0 0 0 rg BT 235.55 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 252.64 729.15 Td (debt, ) Tj ET Q q 0 0 0 rg BT 276.45 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 294.70 729.15 Td (return ) Tj ET Q q 0 0 0 rg BT 322.87 729.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 353.96 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 365.22 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 382.32 729.15 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 441.11 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 443.98 729.15 Td (This ) Tj ET Q q 0 0 0 rg BT 465.75 729.15 Td (measure ) Tj ET Q q 0 0 0 rg BT 503.83 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 513.93 729.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 554.35 729.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (addition ) Tj ET Q q 0 0 0 rg BT 85.47 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 95.19 716.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 117.75 716.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 156.62 716.55 Td (by ) Tj ET Q q 0 0 0 rg BT 168.68 716.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 209.89 716.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 249.35 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 266.06 716.55 Td (may ) Tj ET Q q 0 0 0 rg BT 285.70 716.55 Td (not ) Tj ET Q q 0 0 0 rg BT 300.67 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 312.13 716.55 Td (comparable ) Tj ET Q q 0 0 0 rg BT 362.66 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 372.38 716.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 419.83 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 421.38 716.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 475.99 716.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 516.61 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 526.91 716.55 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (measures ) Tj ET Q q 0 0 0 rg BT 91.48 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 103.14 703.95 Td (other ) Tj ET Q q 0 0 0 rg BT 127.63 703.95 Td (companies, ) Tj ET Q q 0 0 0 rg BT 178.08 703.95 Td (including ) Tj ET Q q 0 0 0 rg BT 220.65 703.95 Td (their ) Tj ET Q q 0 0 0 rg BT 242.81 703.95 Td (measures ) Tj ET Q q 0 0 0 rg BT 284.79 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 296.46 703.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 334.37 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 337.28 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 348.30 703.95 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 389.13 703.95 Td (EBITDA. ) Tj ET Q q 0 0 0 rg BT 433.17 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 436.08 703.95 Td (Further) Tj ET Q q 0 0 0 rg BT 466.57 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 472.11 703.95 Td (this ) Tj ET Q q 0 0 0 rg BT 490.20 703.95 Td (measure ) Tj ET Q q 0 0 0 rg BT 528.09 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 538.01 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 554.34 703.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (be ) Tj ET Q q 0 0 0 rg BT 62.58 691.35 Td (confused ) Tj ET Q q 0 0 0 rg BT 103.64 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 125.48 691.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 143.80 691.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 178.45 691.35 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 211.07 691.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 235.24 691.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 275.73 691.35 Td (by ) Tj ET Q q 0 0 0 rg BT 289.39 691.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 332.21 691.35 Td (activities, ) Tj ET Q q 0 0 0 rg BT 375.90 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 387.81 691.35 Td (other ) Tj ET Q q 0 0 0 rg BT 412.55 691.35 Td (measures ) Tj ET Q q 0 0 0 rg BT 454.79 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 466.70 691.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 505.43 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 517.35 691.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 539.17 691.35 Td (flows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (under ) Tj ET Q q 0 0 0 rg BT 76.03 678.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 103.46 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 108.71 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 126.49 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 141.94 678.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 181.89 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 193.26 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 200.54 678.75 Td (supplement ) Tj ET Q q 0 0 0 rg BT 251.58 678.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 265.00 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 282.78 678.75 Td (not ) Tj ET Q q 0 0 0 rg BT 298.82 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 309.62 678.75 Td (replacement ) Tj ET Q q 0 0 0 rg BT 363.54 678.75 Td (of, ) Tj ET Q q 0 0 0 rg BT 377.54 678.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 405.74 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 408.36 678.75 Td (measures.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 653.55 Td (e ) Tj ET Q q 0 0 0 rg BT 65.78 653.55 Td (previously ) Tj ET Q q 0 0 0 rg BT 112.66 653.55 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 153.72 653.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 194.19 653.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 232.10 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 234.65 653.55 Td (that ) Tj ET Q q 0 0 0 rg BT 252.95 653.55 Td (conformed ) Tj ET Q q 0 0 0 rg BT 300.98 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 311.69 653.55 Td (calculations ) Tj ET Q q 0 0 0 rg BT 364.39 653.55 Td (required ) Tj ET Q q 0 0 0 rg BT 401.92 653.55 Td (by ) Tj ET Q q 0 0 0 rg BT 414.97 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 431.52 653.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 452.15 653.55 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 499.31 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 527.52 653.55 Td (adjusted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 640.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 95.56 640.95 Td (items ) Tj ET Q q 0 0 0 rg BT 120.93 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 139.30 640.95 Td (required ) Tj ET Q q 0 0 0 rg BT 176.91 640.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 198.19 640.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 243.97 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 262.34 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 277.79 640.95 Td (not ) Tj ET Q q 0 0 0 rg BT 293.83 640.95 Td (part ) Tj ET Q q 0 0 0 rg BT 312.78 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 324.15 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 339.60 640.95 Td (current ) Tj ET Q q 0 0 0 rg BT 371.96 640.95 Td (definition.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 615.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 117.14 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 127.93 615.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 168.47 615.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 206.38 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 209.01 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 218.64 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 230.01 615.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 264.14 615.75 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 298.84 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 309.63 615.75 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 575.25 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 575.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 575.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 575.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 575.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 575.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 575.25 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 545.25 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 545.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 545.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 545.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 545.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 545.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 545.25 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 504.25 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 504.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 504.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 504.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 504.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 504.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 504.25 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 474.25 268.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 474.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 474.25 77.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 474.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 474.25 77.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 474.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 474.25 78.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 433.25 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 433.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 433.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 433.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 433.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 433.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 433.25 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 403.25 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 403.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 403.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 403.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 403.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 403.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 403.25 78.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 590.25 m 399 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 590.25 m 403 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 590.25 m 480 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 590.25 m 484 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 590.25 m 562 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 575.25 m 318 575.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 590.25 m 399 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 575.25 m 399 575.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 575.25 m 480 575.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 575.25 m 562 575.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 575.25 m 399 575.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 388.25 m 318 388.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 388.25 m 399 388.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 388.25 m 480 388.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 388.25 m 562 388.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 373.25 m 318 373.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 388.25 m 399 388.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 373.25 m 399 373.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 373.25 m 480 373.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 373.25 m 562 373.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.00 595.02 Td (For the Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 349.50 580.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.50 580.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 580.02 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 565.04 Td (Cash provided by operating activities, GAAP basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 565.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 360.85 565.04 Td (539,772) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 565.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.85 565.02 Td (454,451) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 565.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 565.02 Td (568,118) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 550.02 Td (Plus \(less\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 535.02 Td (Loss on extinguishment of debt) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 384.50 535.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.50 535.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 535.02 Td (98,418) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 519.52 Td (Interest expense, net of accretion and amortization of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 509.02 Td (debt discounts and premiums) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 360.85 509.04 Td (107,483) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 509.02 Td (45,323) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 509.02 Td (53,999) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 494.02 Td (Current tax expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 494.04 Td (26,371) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 494.02 Td (15,419) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 494.02 Td (24,897) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 479.02 Td (Net change in assets and liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.60 479.04 Td (\(33,900) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.00 479.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 479.02 Td (26,565) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 479.02 Td (\(7,306) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 479.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 463.52 Td (Net change in assets and liabilities of consolidated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 453.02 Td (investment vehicles) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.60 453.04 Td (\(41,365) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.00 453.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 453.02 Td (3,519) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 453.02 Td (\(111,613) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 453.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 438.02 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.60 438.04 Td (\(59,447) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.00 438.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 438.02 Td (7,878) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 438.02 Td (\(5,629) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 438.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 423.02 Td (Net gains and earnings on investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.35 423.04 Td (9,717) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 423.02 Td (13,404) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 423.02 Td (37,970) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 408.02 Td (Net gains \(losses\) on consolidated investment vehicles) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 366.10 408.04 Td (13,329) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.85 408.02 Td (\(7,243) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 408.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 408.02 Td (5,888) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 393.02 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 367.85 393.04 Td (\(1,720) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.00 393.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 393.02 Td (2,116) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 393.02 Td (\(6,480) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 393.02 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 58.50 378.04 Td (Adjusted EBITDA) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.50 378.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 360.85 378.04 Td (560,240) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.50 378.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.85 378.02 Td (561,432) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 378.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 378.02 Td (658,262) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 349.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.75 349.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 128.67 349.15 Td ( ) Tj ET Q q 0 0 0 rg BT 132.00 349.15 Td (for ) Tj ET Q q 0 0 0 rg BT 147.58 349.15 Td (the ) Tj ET Q q 0 0 0 rg BT 163.75 349.15 Td (years ) Tj ET Q q 0 0 0 rg BT 189.24 349.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 217.65 349.15 Td (March ) Tj ET Q q 0 0 0 rg BT 248.39 349.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 264.85 349.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 289.18 349.15 Td (and ) Tj ET Q q 0 0 0 rg BT 307.68 349.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 334.64 349.15 Td (was ) Tj ET Q q 0 0 0 rg BT 354.31 349.15 Td ($560.2 ) Tj ET Q q 0 0 0 rg BT 386.52 349.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 422.82 349.15 Td (and ) Tj ET Q q 0 0 0 rg BT 441.32 349.15 Td ($561.4 ) Tj ET Q q 0 0 0 rg BT 473.53 349.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 509.83 349.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.87 349.15 Td (. ) Tj ET Q q 0 0 0 rg BT 565.12 349.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 336.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 89.82 336.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 127.73 336.55 Td ( ) Tj ET Q q 0 0 0 rg BT 130.13 336.55 Td (remained ) Tj ET Q q 0 0 0 rg BT 171.60 336.55 Td (relatively ) Tj ET Q q 0 0 0 rg BT 213.65 336.55 Td (flat ) Tj ET Q q 0 0 0 rg BT 230.04 336.55 Td (as ) Tj ET Q q 0 0 0 rg BT 241.19 336.55 Td (the ) Tj ET Q q 0 0 0 rg BT 256.42 336.55 Td (net ) Tj ET Q q 0 0 0 rg BT 271.64 336.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 302.62 336.55 Td (of ) Tj ET Q q 0 0 0 rg BT 313.77 336.55 Td (a ) Tj ET Q q 0 0 0 rg BT 320.83 336.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 362.88 336.55 Td (in ) Tj ET Q q 0 0 0 rg BT 373.45 336.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 415.50 336.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 455.22 336.55 Td (at ) Tj ET Q q 0 0 0 rg BT 465.20 336.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 496.16 336.55 Td (legacy ) Tj ET Q q 0 0 0 rg BT 525.96 336.55 Td (af) Tj ET Q q 0 0 0 rg BT 533.93 336.55 Td (filiates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 323.95 Td (was ) Tj ET Q q 0 0 0 rg BT 67.83 323.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 122.91 323.95 Td (of) Tj ET Q q 0 0 0 rg BT 131.47 323.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 148.63 323.95 Td (by ) Tj ET Q q 0 0 0 rg BT 161.13 323.95 Td (incremental ) Tj ET Q q 0 0 0 rg BT 212.69 323.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 250.26 323.95 Td (from ) Tj ET Q q 0 0 0 rg BT 272.67 323.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 306.16 323.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 342.57 323.95 Td (and ) Tj ET Q q 0 0 0 rg BT 359.73 323.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 377.44 323.95 Td (rust, ) Tj ET Q q 0 0 0 rg BT 397.81 323.95 Td (and ) Tj ET Q q 0 0 0 rg BT 414.98 323.95 Td (the ) Tj ET Q q 0 0 0 rg BT 429.80 323.95 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 470.30 323.95 Td (of ) Tj ET Q q 0 0 0 rg BT 481.05 323.95 Td (a ) Tj ET Q q 0 0 0 rg BT 487.71 323.95 Td (full ) Tj ET Q q 0 0 0 rg BT 504.29 323.95 Td (year ) Tj ET Q q 0 0 0 rg BT 524.36 323.95 Td (of ) Tj ET Q q 0 0 0 rg BT 535.10 323.95 Td (results ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 311.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 311.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 91.50 311.35 Td (Infrastructure.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 286.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 89.69 286.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 127.60 286.15 Td ( ) Tj ET Q q 0 0 0 rg BT 129.88 286.15 Td (for ) Tj ET Q q 0 0 0 rg BT 144.39 286.15 Td (the ) Tj ET Q q 0 0 0 rg BT 159.50 286.15 Td (years ) Tj ET Q q 0 0 0 rg BT 183.92 286.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 211.27 286.15 Td (March ) Tj ET Q q 0 0 0 rg BT 240.95 286.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 256.35 286.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 279.62 286.15 Td (and ) Tj ET Q q 0 0 0 rg BT 297.06 286.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 322.95 286.15 Td (was ) Tj ET Q q 0 0 0 rg BT 341.56 286.15 Td ($561.4 ) Tj ET Q q 0 0 0 rg BT 372.71 286.15 Td (million ) Tj ET Q q 0 0 0 rg BT 405.32 286.15 Td (and ) Tj ET Q q 0 0 0 rg BT 422.75 286.15 Td ($658.3 ) Tj ET Q q 0 0 0 rg BT 453.90 286.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 489.14 286.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 539.19 286.15 Td (. ) Tj ET Q q 0 0 0 rg BT 544.08 286.15 Td ( ) Tj ET Q q 0 0 0 rg BT 546.19 286.15 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 273.55 Td ($96.8 ) Tj ET Q q 0 0 0 rg BT 75.44 273.55 Td (million ) Tj ET Q q 0 0 0 rg BT 108.10 273.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 146.56 273.55 Td (in ) Tj ET Q q 0 0 0 rg BT 156.53 273.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 196.76 273.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 234.68 273.55 Td ( ) Tj ET Q q 0 0 0 rg BT 237.00 273.55 Td (was ) Tj ET Q q 0 0 0 rg BT 255.65 273.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 297.04 273.55 Td (the ) Tj ET Q q 0 0 0 rg BT 312.19 273.55 Td (result ) Tj ET Q q 0 0 0 rg BT 337.83 273.55 Td (of ) Tj ET Q q 0 0 0 rg BT 348.90 273.55 Td (the ) Tj ET Q q 0 0 0 rg BT 364.05 273.55 Td (net ) Tj ET Q q 0 0 0 rg BT 379.19 273.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 410.08 273.55 Td (of ) Tj ET Q q 0 0 0 rg BT 421.15 273.55 Td (a ) Tj ET Q q 0 0 0 rg BT 428.13 273.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 470.10 273.55 Td (in ) Tj ET Q q 0 0 0 rg BT 480.59 273.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 522.56 273.55 Td (revenues.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 248.95 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 106.29 248.95 Td ( ) Tj ET Q q 0 0 0 rg BT 108.34 248.95 Td (AND ) Tj ET Q q 0 0 0 rg BT 133.71 248.95 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 165.60 248.95 Td (AL) Tj ET Q q 0 0 0 rg BT 179.61 248.95 Td ( ) Tj ET Q q 0 0 0 rg BT 182.24 248.95 Td (RESOURCES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 236.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.38 236.35 Td (primary ) Tj ET Q q 0 0 0 rg BT 106.18 236.35 Td (objective ) Tj ET Q q 0 0 0 rg BT 148.22 236.35 Td (of ) Tj ET Q q 0 0 0 rg BT 160.52 236.35 Td (our ) Tj ET Q q 0 0 0 rg BT 178.07 236.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 209.62 236.35 Td (structure ) Tj ET Q q 0 0 0 rg BT 249.91 236.35 Td (is ) Tj ET Q q 0 0 0 rg BT 260.47 236.35 Td (to ) Tj ET Q q 0 0 0 rg BT 272.19 236.35 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 331.73 236.35 Td (support ) Tj ET Q q 0 0 0 rg BT 366.78 236.35 Td (our ) Tj ET Q q 0 0 0 rg BT 384.34 236.35 Td (business ) Tj ET Q q 0 0 0 rg BT 423.48 236.35 Td (strategies ) Tj ET Q q 0 0 0 rg BT 466.69 236.35 Td (and ) Tj ET Q q 0 0 0 rg BT 485.41 236.35 Td (to ) Tj ET Q q 0 0 0 rg BT 497.13 236.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 532.76 236.35 Td (needed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 223.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 87.41 223.75 Td (at ) Tj ET Q q 0 0 0 rg BT 97.31 223.75 Td (all ) Tj ET Q q 0 0 0 rg BT 110.13 223.75 Td (times, ) Tj ET Q q 0 0 0 rg BT 137.82 223.75 Td (including ) Tj ET Q q 0 0 0 rg BT 179.81 223.75 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 232.29 223.75 Td (required ) Tj ET Q q 0 0 0 rg BT 269.59 223.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 299.89 223.75 Td (in ) Tj ET Q q 0 0 0 rg BT 310.38 223.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 341.27 223.75 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 395.79 223.75 Td ( ) Tj ET Q q 0 0 0 rg BT 398.11 223.75 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 439.52 223.75 Td (and ) Tj ET Q q 0 0 0 rg BT 457.00 223.75 Td (the ) Tj ET Q q 0 0 0 rg BT 472.15 223.75 Td (access ) Tj ET Q q 0 0 0 rg BT 501.29 223.75 Td (to ) Tj ET Q q 0 0 0 rg BT 511.78 223.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 549.69 223.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 211.15 Td (important ) Tj ET Q q 0 0 0 rg BT 92.73 211.15 Td (to ) Tj ET Q q 0 0 0 rg BT 103.30 211.15 Td (the ) Tj ET Q q 0 0 0 rg BT 118.53 211.15 Td (success ) Tj ET Q q 0 0 0 rg BT 152.42 211.15 Td (of ) Tj ET Q q 0 0 0 rg BT 163.56 211.15 Td (our ) Tj ET Q q 0 0 0 rg BT 179.96 211.15 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 216.78 211.15 Td (operations. ) Tj ET Q q 0 0 0 rg BT 265.55 211.15 Td ( ) Tj ET Q q 0 0 0 rg BT 267.95 211.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 286.68 211.15 Td (overall ) Tj ET Q q 0 0 0 rg BT 318.23 211.15 Td (funding ) Tj ET Q q 0 0 0 rg BT 353.30 211.15 Td (needs ) Tj ET Q q 0 0 0 rg BT 379.60 211.15 Td (and ) Tj ET Q q 0 0 0 rg BT 397.17 211.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 427.55 211.15 Td (base ) Tj ET Q q 0 0 0 rg BT 448.61 211.15 Td (are ) Tj ET Q q 0 0 0 rg BT 463.83 211.15 Td (continually ) Tj ET Q q 0 0 0 rg BT 513.47 211.15 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 554.35 211.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 198.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 92.99 198.55 Td (if ) Tj ET Q q 0 0 0 rg BT 100.92 198.55 Td (the ) Tj ET Q q 0 0 0 rg BT 115.26 198.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 144.76 198.55 Td (base ) Tj ET Q q 0 0 0 rg BT 164.93 198.55 Td (meets ) Tj ET Q q 0 0 0 rg BT 190.93 198.55 Td (the ) Tj ET Q q 0 0 0 rg BT 205.27 198.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 244.10 198.55 Td (needs ) Tj ET Q q 0 0 0 rg BT 269.52 198.55 Td (of ) Tj ET Q q 0 0 0 rg BT 279.78 198.55 Td (our ) Tj ET Q q 0 0 0 rg BT 295.29 198.55 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 343.76 198.55 Td ( ) Tj ET Q q 0 0 0 rg BT 345.16 198.55 Td (W) Tj ET Q q 0 0 0 rg BT 354.23 198.55 Td (e ) Tj ET Q q 0 0 0 rg BT 360.41 198.55 Td (intend ) Tj ET Q q 0 0 0 rg BT 388.16 198.55 Td (to ) Tj ET Q q 0 0 0 rg BT 397.84 198.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 435.51 198.55 Td (to ) Tj ET Q q 0 0 0 rg BT 445.19 198.55 Td (explore ) Tj ET Q q 0 0 0 rg BT 478.19 198.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 516.44 198.55 Td (acquisition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 185.95 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 107.44 185.95 Td (as ) Tj ET Q q 0 0 0 rg BT 118.72 185.95 Td (a ) Tj ET Q q 0 0 0 rg BT 125.92 185.95 Td (means ) Tj ET Q q 0 0 0 rg BT 155.27 185.95 Td (of ) Tj ET Q q 0 0 0 rg BT 166.55 185.95 Td (diversifying ) Tj ET Q q 0 0 0 rg BT 219.82 185.95 Td (and ) Tj ET Q q 0 0 0 rg BT 237.52 185.95 Td (strengthening ) Tj ET Q q 0 0 0 rg BT 297.20 185.95 Td (our ) Tj ET Q q 0 0 0 rg BT 313.73 185.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 336.67 185.95 Td (management ) Tj ET Q q 0 0 0 rg BT 392.85 185.95 Td (business. ) Tj ET Q q 0 0 0 rg BT 433.59 185.95 Td ( ) Tj ET Q q 0 0 0 rg BT 435.94 185.95 Td (These ) Tj ET Q q 0 0 0 rg BT 463.55 185.95 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 521.49 185.95 Td (may ) Tj ET Q q 0 0 0 rg BT 542.10 185.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 173.35 Td (time ) Tj ET Q q 0 0 0 rg BT 71.74 173.35 Td (to ) Tj ET Q q 0 0 0 rg BT 83.49 173.35 Td (time ) Tj ET Q q 0 0 0 rg BT 105.74 173.35 Td (involve ) Tj ET Q q 0 0 0 rg BT 140.81 173.35 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 194.56 173.35 Td (that ) Tj ET Q q 0 0 0 rg BT 213.89 173.35 Td (are ) Tj ET Q q 0 0 0 rg BT 230.28 173.35 Td (material ) Tj ET Q q 0 0 0 rg BT 268.26 173.35 Td (in ) Tj ET Q q 0 0 0 rg BT 280.01 173.35 Td (size ) Tj ET Q q 0 0 0 rg BT 299.92 173.35 Td (and ) Tj ET Q q 0 0 0 rg BT 318.66 173.35 Td (may ) Tj ET Q q 0 0 0 rg BT 340.32 173.35 Td (require, ) Tj ET Q q 0 0 0 rg BT 376.26 173.35 Td (among ) Tj ET Q q 0 0 0 rg BT 408.42 173.35 Td (other ) Tj ET Q q 0 0 0 rg BT 433.57 173.35 Td (things, ) Tj ET Q q 0 0 0 rg BT 465.45 173.35 Td (and ) Tj ET Q q 0 0 0 rg BT 484.19 173.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 517.52 173.35 Td (to ) Tj ET Q q 0 0 0 rg BT 529.26 173.35 Td (existing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 160.75 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 96.74 160.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.19 160.75 Td (raising ) Tj ET Q q 0 0 0 rg BT 143.39 160.75 Td (of ) Tj ET Q q 0 0 0 rg BT 154.76 160.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 199.38 160.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 228.25 160.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 258.86 160.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 288.31 160.75 Td (the ) Tj ET Q q 0 0 0 rg BT 303.76 160.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 341.96 160.75 Td (of ) Tj ET Q q 0 0 0 rg BT 353.33 160.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 397.95 160.75 Td (debt.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 135.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.12 135.55 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 127.00 135.55 Td (of ) Tj ET Q q 0 0 0 rg BT 138.04 135.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 174.16 135.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 207.36 135.55 Td (entities ) Tj ET Q q 0 0 0 rg BT 239.99 135.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 282.53 135.55 Td (above ) Tj ET Q q 0 0 0 rg BT 309.90 135.55 Td (does ) Tj ET Q q 0 0 0 rg BT 331.45 135.55 Td (not ) Tj ET Q q 0 0 0 rg BT 347.16 135.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 378.04 135.55 Td (our ) Tj ET Q q 0 0 0 rg BT 394.33 135.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 432.22 135.55 Td (and ) Tj ET Q q 0 0 0 rg BT 449.68 135.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 479.96 135.55 Td (resources. ) Tj ET Q q 0 0 0 rg BT 524.53 135.55 Td ( ) Tj ET Q q 0 0 0 rg BT 526.66 135.55 Td (W) Tj ET Q q 0 0 0 rg BT 535.73 135.55 Td (e ) Tj ET Q q 0 0 0 rg BT 542.69 135.55 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 122.95 Td (no ) Tj ET Q q 0 0 0 rg BT 63.52 122.95 Td (rights ) Tj ET Q q 0 0 0 rg BT 90.95 122.95 Td (to ) Tj ET Q q 0 0 0 rg BT 102.63 122.95 Td (the ) Tj ET Q q 0 0 0 rg BT 118.98 122.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 155.73 122.95 Td (from, ) Tj ET Q q 0 0 0 rg BT 182.28 122.95 Td (nor ) Tj ET Q q 0 0 0 rg BT 199.79 122.95 Td (do ) Tj ET Q q 0 0 0 rg BT 213.81 122.95 Td (we ) Tj ET Q q 0 0 0 rg BT 229.57 122.95 Td (bear ) Tj ET Q q 0 0 0 rg BT 251.15 122.95 Td (the ) Tj ET Q q 0 0 0 rg BT 267.50 122.95 Td (risks ) Tj ET Q q 0 0 0 rg BT 290.85 122.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 337.52 122.95 Td (with, ) Tj ET Q q 0 0 0 rg BT 362.32 122.95 Td (the ) Tj ET Q q 0 0 0 rg BT 378.67 122.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 406.68 122.95 Td (and ) Tj ET Q q 0 0 0 rg BT 425.36 122.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 467.95 122.95 Td (of ) Tj ET Q q 0 0 0 rg BT 480.22 122.95 Td (the ) Tj ET Q q 0 0 0 rg BT 496.56 122.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 522.24 122.95 Td (and ) Tj ET Q q 0 0 0 rg BT 540.92 122.95 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 110.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 105.05 110.35 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 150.12 110.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 198.68 110.35 Td (products ) Tj ET Q q 0 0 0 rg BT 237.33 110.35 Td (beyond ) Tj ET Q q 0 0 0 rg BT 270.72 110.35 Td (our ) Tj ET Q q 0 0 0 rg BT 287.20 110.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.85 110.35 Td (in ) Tj ET Q q 0 0 0 rg BT 350.50 110.35 Td (and ) Tj ET Q q 0 0 0 rg BT 368.14 110.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.71 110.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 455.35 110.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 474.74 110.35 Td (generated ) Tj ET Q q 0 0 0 rg BT 518.03 110.35 Td (from ) Tj ET Q q 0 0 0 rg BT 540.92 110.35 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 97.75 Td (products, ) Tj ET Q q 0 0 0 rg BT 92.09 97.75 Td (which ) Tj ET Q q 0 0 0 rg BT 121.55 97.75 Td (are ) Tj ET Q q 0 0 0 rg BT 138.17 97.75 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 186.29 97.75 Td (in ) Tj ET Q q 0 0 0 rg BT 198.25 97.75 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 261.26 97.75 Td ( ) Tj ET Q q 0 0 0 rg BT 264.22 97.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 316.62 97.75 Td (, ) Tj ET Q q 0 0 0 rg BT 323.04 97.75 Td (creditors ) Tj ET Q q 0 0 0 rg BT 363.58 97.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.13 97.75 Td (the ) Tj ET Q q 0 0 0 rg BT 392.75 97.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 418.72 97.75 Td (and ) Tj ET Q q 0 0 0 rg BT 437.69 97.75 Td (other ) Tj ET Q q 0 0 0 rg BT 463.06 97.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.93 97.75 Td (sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 85.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.85 85.15 Td (products ) Tj ET Q q 0 0 0 rg BT 136.29 85.15 Td (have ) Tj ET Q q 0 0 0 rg BT 158.38 85.15 Td (no ) Tj ET Q q 0 0 0 rg BT 171.16 85.15 Td (recourse ) Tj ET Q q 0 0 0 rg BT 208.99 85.15 Td (to ) Tj ET Q q 0 0 0 rg BT 219.43 85.15 Td (our ) Tj ET Q q 0 0 0 rg BT 235.70 85.15 Td (general ) Tj ET Q q 0 0 0 rg BT 268.87 85.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 295.05 85.15 Td (beyond ) Tj ET Q q 0 0 0 rg BT 328.23 85.15 Td (the ) Tj ET Q q 0 0 0 rg BT 343.34 85.15 Td (level ) Tj ET Q q 0 0 0 rg BT 366.02 85.15 Td (of ) Tj ET Q q 0 0 0 rg BT 377.04 85.15 Td (our ) Tj ET Q q 0 0 0 rg BT 393.31 85.15 Td (investment, ) Tj ET Q q 0 0 0 rg BT 444.28 85.15 Td (if ) Tj ET Q q 0 0 0 rg BT 452.97 85.15 Td (any) Tj ET Q q 0 0 0 rg BT 467.45 85.15 Td (, ) Tj ET Q q 0 0 0 rg BT 472.35 85.15 Td (so ) Tj ET Q q 0 0 0 rg BT 483.96 85.15 Td (we ) Tj ET Q q 0 0 0 rg BT 498.48 85.15 Td (do ) Tj ET Q q 0 0 0 rg BT 511.25 85.15 Td (not ) Tj ET Q q 0 0 0 rg BT 526.94 85.15 Td (consider ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 72.55 Td (these ) Tj ET Q q 0 0 0 rg BT 73.70 72.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 115.41 72.55 Td (to ) Tj ET Q q 0 0 0 rg BT 126.20 72.55 Td (be ) Tj ET Q q 0 0 0 rg BT 138.73 72.55 Td (our ) Tj ET Q q 0 0 0 rg BT 155.35 72.55 Td (obligations.) Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (59) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.07 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 94.81 741.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 126.21 741.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 167.53 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 178.51 741.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 222.74 741.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 252.11 741.75 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 294.31 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 315.20 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 332.60 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 353.50 741.75 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 406.18 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 454.50 741.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 499.02 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 516.42 741.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 89.02 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 107.55 729.15 Td (related ) Tj ET Q q 0 0 0 rg BT 139.47 729.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 155.65 729.15 Td (receivables. ) Tj ET Q q 0 0 0 rg BT 208.86 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 212.22 729.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 231.91 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 259.77 729.15 Td (have ) Tj ET Q q 0 0 0 rg BT 282.95 729.15 Td (been ) Tj ET Q q 0 0 0 rg BT 306.14 729.15 Td (principally ) Tj ET Q q 0 0 0 rg BT 354.99 729.15 Td (funded ) Tj ET Q q 0 0 0 rg BT 387.51 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 401.37 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 430.98 729.15 Td (capital, ) Tj ET Q q 0 0 0 rg BT 464.95 729.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 509.71 729.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 531.15 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 729.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (results ) Tj ET Q q 0 0 0 rg BT 79.32 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 90.48 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 106.88 716.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 155.65 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 157.53 716.55 Td (At ) Tj ET Q q 0 0 0 rg BT 170.44 716.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 216.00 716.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 242.03 716.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 263.09 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 280.66 716.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 301.73 716.55 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 354.58 716.55 Td (total ) Tj ET Q q 0 0 0 rg BT 375.65 716.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 405.18 716.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 448.99 716.55 Td (debt, ) Tj ET Q q 0 0 0 rg BT 472.10 716.55 Td (net, ) Tj ET Q q 0 0 0 rg BT 489.96 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 507.53 716.55 Td (stockholders' ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 79.00 703.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 102.65 703.95 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 124.28 703.95 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 151.70 703.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 157.58 703.95 Td ($8.3 ) Tj ET Q q 0 0 0 rg BT 179.21 703.95 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 206.63 703.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.50 703.95 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 234.13 703.95 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.55 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 264.80 703.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.22 703.95 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 304.85 703.95 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.27 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 338.14 703.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 388.19 703.95 Td (. ) Tj ET Q q 0 0 0 rg BT 394.07 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 397.09 703.95 Td (T) Tj ET Q q 0 0 0 rg BT 402.77 703.95 Td (otal ) Tj ET Q q 0 0 0 rg BT 421.77 703.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 449.52 703.95 Td (include ) Tj ET Q q 0 0 0 rg BT 483.68 703.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 522.51 703.95 Td (related ) Tj ET Q q 0 0 0 rg BT 554.33 703.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 74.29 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 85.67 691.35 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 106.67 691.35 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (Cash ) Tj ET Q q 0 0 0 rg BT 74.57 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 93.80 666.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 116.53 666.15 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 168.42 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 185.30 666.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 228.44 666.15 Td (invested ) Tj ET Q q 0 0 0 rg BT 267.51 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 279.74 666.15 Td (liquid ) Tj ET Q q 0 0 0 rg BT 308.31 666.15 Td (domestic ) Tj ET Q q 0 0 0 rg BT 350.29 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 369.52 666.15 Td (non-domestic ) Tj ET Q q 0 0 0 rg BT 430.75 666.15 Td (money ) Tj ET Q q 0 0 0 rg BT 463.39 666.15 Td (market ) Tj ET Q q 0 0 0 rg BT 496.62 666.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 524.02 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 543.83 666.15 Td (hold ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (principally ) Tj ET Q q 0 0 0 rg BT 97.51 653.55 Td (domestic ) Tj ET Q q 0 0 0 rg BT 137.94 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 155.63 653.55 Td (non-domestic ) Tj ET Q q 0 0 0 rg BT 215.31 653.55 Td (government ) Tj ET Q q 0 0 0 rg BT 267.98 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 285.66 653.55 Td (agency ) Tj ET Q q 0 0 0 rg BT 317.92 653.55 Td (securities, ) Tj ET Q q 0 0 0 rg BT 362.72 653.55 Td (bank ) Tj ET Q q 0 0 0 rg BT 385.65 653.55 Td (deposits, ) Tj ET Q q 0 0 0 rg BT 425.22 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 442.90 653.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 485.07 653.55 Td (commercial ) Tj ET Q q 0 0 0 rg BT 537.15 653.55 Td (paper) Tj ET Q q 0 0 0 rg BT 559.89 653.55 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 640.95 Td (e ) Tj ET Q q 0 0 0 rg BT 66.13 640.95 Td (have ) Tj ET Q q 0 0 0 rg BT 88.86 640.95 Td (not ) Tj ET Q q 0 0 0 rg BT 105.18 640.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 154.14 640.95 Td (any ) Tj ET Q q 0 0 0 rg BT 172.20 640.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 200.19 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 213.60 640.95 Td (these ) Tj ET Q q 0 0 0 rg BT 238.08 640.95 Td (investments. ) Tj ET Q q 0 0 0 rg BT 293.77 640.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 313.00 640.95 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 362.57 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 374.22 640.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 395.78 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 413.85 640.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 435.41 640.95 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 486.13 640.95 Td (partially ) Tj ET Q q 0 0 0 rg BT 524.02 640.95 Td (mitigates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 628.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 104.32 628.35 Td (that ) Tj ET Q q 0 0 0 rg BT 122.69 628.35 Td (material ) Tj ET Q q 0 0 0 rg BT 159.71 628.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 182.18 628.35 Td (may ) Tj ET Q q 0 0 0 rg BT 202.88 628.35 Td (be ) Tj ET Q q 0 0 0 rg BT 215.41 628.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 261.19 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 282.48 628.35 Td (these ) Tj ET Q q 0 0 0 rg BT 306.68 628.35 Td (balances.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 603.15 Td (following ) Tj ET Q q 0 0 0 rg BT 111.91 603.15 Td (table ) Tj ET Q q 0 0 0 rg BT 134.94 603.15 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 187.72 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 204.34 603.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 262.38 603.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 311.08 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 322.45 603.15 Td (Cash ) Tj ET Q q 0 0 0 rg BT 346.08 603.15 Td (Flows ) Tj ET Q q 0 0 0 rg BT 374.38 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 389.25 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 404.70 603.15 Td (years ) Tj ET Q q 0 0 0 rg BT 429.48 603.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 457.18 603.15 Td (March ) Tj ET Q q 0 0 0 rg BT 487.21 603.15 Td (31 ) Tj ET Q q 0 0 0 rg BT 500.33 603.15 Td (\(in ) Tj ET Q q 0 0 0 rg BT 514.62 603.15 Td (millions\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 577.65 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 577.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 577.65 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 577.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 577.65 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 577.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 577.65 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 547.65 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 547.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 547.65 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 547.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 547.65 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 547.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 547.65 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 517.65 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 517.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 517.65 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 517.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 517.65 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 517.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 517.65 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 487.65 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 487.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 487.65 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 487.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 487.65 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 487.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 487.65 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 577.65 m 358 577.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 577.65 m 426 577.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 577.65 m 494 577.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 577.65 m 562 577.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 577.65 m 426 577.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 577.65 m 494 577.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 577.65 m 562 577.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 517.65 m 358 517.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 517.65 m 426 517.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 517.65 m 494 517.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 517.65 m 562 517.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 487.65 m 358 487.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 487.65 m 426 487.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 487.65 m 494 487.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 487.65 m 562 487.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 472.65 m 358 472.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 472.65 m 426 472.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 472.65 m 494 472.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 472.65 m 562 472.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 582.42 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.00 582.44 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 582.42 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 582.42 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 567.42 Td (Cash flows provided by operating activities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.50 567.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.35 567.44 Td (539.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 567.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 567.42 Td (454.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.50 567.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 567.42 Td (568.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 552.42 Td (Cash flows used in investing activities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.00 552.44 Td (\(1,019.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 552.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 552.42 Td (\(244.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 552.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 552.42 Td (\(208.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 552.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 537.42 Td (Cash flows provided by \(used in\) financing activities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.85 537.44 Td (\(116.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 537.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 537.42 Td (465.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 537.42 Td (\(507.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 537.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 522.42 Td (Effect of exchange rate changes) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.85 522.44 Td (1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.10 522.42 Td (\(16.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 522.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 522.42 Td (\(41.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 522.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 507.42 Td (Net change in cash and cash equivalents) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.85 507.44 Td (\(595.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 507.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 507.42 Td (659.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 507.42 Td (\(188.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 507.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 492.42 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.50 492.44 Td (1,329.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 492.42 Td (669.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 492.42 Td (858.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 477.42 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.50 477.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.35 477.44 Td (733.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 477.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.50 477.42 Td (1,329.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.50 477.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 477.42 Td (669.6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 447.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 74.04 447.95 Td (inflows ) Tj ET Q q 0 0 0 rg BT 109.08 447.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 149.95 447.95 Td (by ) Tj ET Q q 0 0 0 rg BT 163.99 447.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 207.18 447.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 248.63 447.95 Td (during ) Tj ET Q q 0 0 0 rg BT 279.58 447.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 305.86 447.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 330.40 447.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.34 447.95 Td ($539.8 ) Tj ET Q q 0 0 0 rg BT 386.75 447.95 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.09 447.95 Td (, ) Tj ET Q q 0 0 0 rg BT 423.26 447.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 465.87 447.95 Td (related ) Tj ET Q q 0 0 0 rg BT 497.97 447.95 Td (to ) Tj ET Q q 0 0 0 rg BT 509.68 447.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 528.38 447.95 Td (Income, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 435.35 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 87.53 435.35 Td (for ) Tj ET Q q 0 0 0 rg BT 102.82 435.35 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 143.76 435.35 Td (items, ) Tj ET Q q 0 0 0 rg BT 172.18 435.35 Td (and ) Tj ET Q q 0 0 0 rg BT 190.38 435.35 Td (net ) Tj ET Q q 0 0 0 rg BT 206.25 435.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 229.70 435.35 Td (of ) Tj ET Q q 0 0 0 rg BT 241.49 435.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 290.60 435.35 Td (securities. ) Tj ET Q q 0 0 0 rg BT 335.92 435.35 Td ( ) Tj ET Q q 0 0 0 rg BT 338.96 435.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 363.00 435.35 Td (inflows ) Tj ET Q q 0 0 0 rg BT 397.55 435.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 437.91 435.35 Td (by ) Tj ET Q q 0 0 0 rg BT 451.45 435.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 494.15 435.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 535.09 435.35 Td (during ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 422.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 75.73 422.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 100.21 422.75 Td (were ) Tj ET Q q 0 0 0 rg BT 124.10 422.75 Td ($454.5 ) Tj ET Q q 0 0 0 rg BT 156.46 422.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 192.91 422.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 235.47 422.75 Td (related ) Tj ET Q q 0 0 0 rg BT 267.52 422.75 Td (to ) Tj ET Q q 0 0 0 rg BT 279.17 422.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 297.82 422.75 Td (Loss, ) Tj ET Q q 0 0 0 rg BT 323.77 422.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 362.25 422.75 Td (for ) Tj ET Q q 0 0 0 rg BT 377.98 422.75 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 419.37 422.75 Td (items. ) Tj ET Q q 0 0 0 rg BT 448.23 422.75 Td ( ) Tj ET Q q 0 0 0 rg BT 451.71 422.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 476.20 422.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 511.19 422.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 552.00 422.75 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 410.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 92.06 410.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 132.87 410.15 Td (during ) Tj ET Q q 0 0 0 rg BT 163.19 410.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 188.83 410.15 Td (2015 ) Tj ET Q q 0 0 0 rg BT 212.73 410.15 Td (were ) Tj ET Q q 0 0 0 rg BT 236.04 410.15 Td ($568.1 ) Tj ET Q q 0 0 0 rg BT 267.82 410.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 303.68 410.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 345.66 410.15 Td (related ) Tj ET Q q 0 0 0 rg BT 377.13 410.15 Td (to ) Tj ET Q q 0 0 0 rg BT 388.20 410.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 406.27 410.15 Td (Income, ) Tj ET Q q 0 0 0 rg BT 443.28 410.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 481.18 410.15 Td (for ) Tj ET Q q 0 0 0 rg BT 496.33 410.15 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 537.14 410.15 Td (items, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 397.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 397.55 Td (net ) Tj ET Q q 0 0 0 rg BT 82.74 397.55 Td (activity ) Tj ET Q q 0 0 0 rg BT 116.85 397.55 Td (related ) Tj ET Q q 0 0 0 rg BT 148.04 397.55 Td (to ) Tj ET Q q 0 0 0 rg BT 158.84 397.55 Td (CIVs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 372.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.77 372.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 113.78 372.35 Td (used ) Tj ET Q q 0 0 0 rg BT 136.30 372.35 Td (in ) Tj ET Q q 0 0 0 rg BT 147.73 372.35 Td (investing ) Tj ET Q q 0 0 0 rg BT 189.50 372.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 230.67 372.35 Td (during ) Tj ET Q q 0 0 0 rg BT 261.35 372.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 287.35 372.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 311.62 372.35 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.29 372.35 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 356.93 372.35 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.35 372.35 Td (, ) Tj ET Q q 0 0 0 rg BT 390.24 372.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 432.58 372.35 Td (related ) Tj ET Q q 0 0 0 rg BT 464.41 372.35 Td (to ) Tj ET Q q 0 0 0 rg BT 475.84 372.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 519.35 372.35 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 359.75 Td (with ) Tj ET Q q 0 0 0 rg BT 70.19 359.75 Td (the ) Tj ET Q q 0 0 0 rg BT 85.03 359.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 137.21 359.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.98 359.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 181.49 359.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 217.92 359.75 Td (and ) Tj ET Q q 0 0 0 rg BT 235.09 359.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 252.80 359.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 270.57 359.75 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 322.15 359.75 Td ($997.9 ) Tj ET Q q 0 0 0 rg BT 353.04 359.75 Td (million ) Tj ET Q q 0 0 0 rg BT 385.40 359.75 Td (\(net ) Tj ET Q q 0 0 0 rg BT 403.74 359.75 Td (of ) Tj ET Q q 0 0 0 rg BT 414.51 359.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 435.18 359.75 Td (acquired\). ) Tj ET Q q 0 0 0 rg BT 479.47 359.75 Td ( ) Tj ET Q q 0 0 0 rg BT 481.48 359.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 504.50 359.75 Td (outflows ) Tj ET Q q 0 0 0 rg BT 543.27 359.75 Td (used ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 347.15 Td (in ) Tj ET Q q 0 0 0 rg BT 59.80 347.15 Td (investing ) Tj ET Q q 0 0 0 rg BT 100.44 347.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 140.48 347.15 Td (during ) Tj ET Q q 0 0 0 rg BT 170.03 347.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 194.91 347.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 218.05 347.15 Td (were ) Tj ET Q q 0 0 0 rg BT 240.58 347.15 Td ($244.6 ) Tj ET Q q 0 0 0 rg BT 271.60 347.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 306.69 347.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 347.91 347.15 Td (related ) Tj ET Q q 0 0 0 rg BT 378.61 347.15 Td (to ) Tj ET Q q 0 0 0 rg BT 388.91 347.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 431.29 347.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 476.58 347.15 Td (with ) Tj ET Q q 0 0 0 rg BT 497.38 347.15 Td (the ) Tj ET Q q 0 0 0 rg BT 512.35 347.15 Td (acquisitions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 334.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.70 334.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 91.16 334.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 150.75 334.55 Td (and ) Tj ET Q q 0 0 0 rg BT 168.37 334.55 Td (PK ) Tj ET Q q 0 0 0 rg BT 184.24 334.55 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 240.07 334.55 Td (and ) Tj ET Q q 0 0 0 rg BT 257.68 334.55 Td (the ) Tj ET Q q 0 0 0 rg BT 272.96 334.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 321.50 334.55 Td (in ) Tj ET Q q 0 0 0 rg BT 332.12 334.55 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 374.23 334.55 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 430.05 334.55 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 482.07 334.55 Td ($234.1 ) Tj ET Q q 0 0 0 rg BT 513.40 334.55 Td (million ) Tj ET Q q 0 0 0 rg BT 546.19 334.55 Td (\(net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 321.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.17 321.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 100.23 321.95 Td (cash\). ) Tj ET Q q 0 0 0 rg BT 127.93 321.95 Td ( ) Tj ET Q q 0 0 0 rg BT 130.85 321.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 154.77 321.95 Td (outflows ) Tj ET Q q 0 0 0 rg BT 194.44 321.95 Td (used ) Tj ET Q q 0 0 0 rg BT 216.61 321.95 Td (in ) Tj ET Q q 0 0 0 rg BT 227.70 321.95 Td (investing ) Tj ET Q q 0 0 0 rg BT 269.12 321.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 309.94 321.95 Td (during ) Tj ET Q q 0 0 0 rg BT 340.28 321.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 365.94 321.95 Td (2015 ) Tj ET Q q 0 0 0 rg BT 389.86 321.95 Td (were ) Tj ET Q q 0 0 0 rg BT 413.18 321.95 Td ($208.0 ) Tj ET Q q 0 0 0 rg BT 444.97 321.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 480.85 321.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 522.85 321.95 Td (related ) Tj ET Q q 0 0 0 rg BT 554.33 321.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 309.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 92.53 309.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 138.47 309.35 Td (with ) Tj ET Q q 0 0 0 rg BT 159.93 309.35 Td (the ) Tj ET Q q 0 0 0 rg BT 175.55 309.35 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 228.51 309.35 Td (of ) Tj ET Q q 0 0 0 rg BT 240.04 309.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 271.41 309.35 Td (Currie ) Tj ET Q q 0 0 0 rg BT 301.03 309.35 Td (and ) Tj ET Q q 0 0 0 rg BT 318.98 309.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 335.19 309.35 Td (Investors ) Tj ET Q q 0 0 0 rg BT 376.48 309.35 Td (of ) Tj ET Q q 0 0 0 rg BT 388.01 309.35 Td ($183.7 ) Tj ET Q q 0 0 0 rg BT 419.68 309.35 Td (million ) Tj ET Q q 0 0 0 rg BT 452.81 309.35 Td (\(net ) Tj ET Q q 0 0 0 rg BT 471.92 309.35 Td (of ) Tj ET Q q 0 0 0 rg BT 483.46 309.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 522.40 309.35 Td (cash\) ) Tj ET Q q 0 0 0 rg BT 547.34 309.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 296.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 92.37 296.75 Td (made ) Tj ET Q q 0 0 0 rg BT 117.73 296.75 Td (for ) Tj ET Q q 0 0 0 rg BT 132.60 296.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 156.80 296.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 183.92 296.75 Td (of ) Tj ET Q q 0 0 0 rg BT 195.29 296.75 Td ($45.8 ) Tj ET Q q 0 0 0 rg BT 221.54 296.75 Td (million; ) Tj ET Q q 0 0 0 rg BT 257.42 296.75 Td (of) Tj ET Q q 0 0 0 rg BT 265.98 296.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 283.77 296.75 Td (in ) Tj ET Q q 0 0 0 rg BT 294.56 296.75 Td (part ) Tj ET Q q 0 0 0 rg BT 313.51 296.75 Td (by ) Tj ET Q q 0 0 0 rg BT 326.63 296.75 Td (the ) Tj ET Q q 0 0 0 rg BT 342.09 296.75 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 382.03 296.75 Td (from ) Tj ET Q q 0 0 0 rg BT 405.06 296.75 Td (businesses ) Tj ET Q q 0 0 0 rg BT 452.02 296.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 472.15 296.75 Td (of ) Tj ET Q q 0 0 0 rg BT 483.52 296.75 Td ($47.0 ) Tj ET Q q 0 0 0 rg BT 509.77 296.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 545.36 296.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 271.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.12 271.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 112.48 271.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 152.42 271.55 Td (by ) Tj ET Q q 0 0 0 rg BT 165.54 271.55 Td (financing ) Tj ET Q q 0 0 0 rg BT 207.81 271.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 248.33 271.55 Td (during ) Tj ET Q q 0 0 0 rg BT 278.36 271.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 303.72 271.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 327.33 271.55 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.35 271.55 Td ($1) Tj ET Q q 0 0 0 rg BT 360.46 271.55 Td (16.9 ) Tj ET Q q 0 0 0 rg BT 381.45 271.55 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.79 271.55 Td (, ) Tj ET Q q 0 0 0 rg BT 417.03 271.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 458.72 271.55 Td (related ) Tj ET Q q 0 0 0 rg BT 489.90 271.55 Td (to ) Tj ET Q q 0 0 0 rg BT 500.68 271.55 Td ($482.4 ) Tj ET Q q 0 0 0 rg BT 532.18 271.55 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 258.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.77 258.95 Td (net ) Tj ET Q q 0 0 0 rg BT 76.12 258.95 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 115.95 258.95 Td (from ) Tj ET Q q 0 0 0 rg BT 138.88 258.95 Td (the ) Tj ET Q q 0 0 0 rg BT 154.23 258.95 Td (issuance ) Tj ET Q q 0 0 0 rg BT 192.33 258.95 Td (of ) Tj ET Q q 0 0 0 rg BT 203.59 258.95 Td (the ) Tj ET Q q 0 0 0 rg BT 218.94 258.95 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 248.59 258.95 Td (2056 ) Tj ET Q q 0 0 0 rg BT 272.11 258.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 299.13 258.95 Td (in ) Tj ET Q q 0 0 0 rg BT 309.26 258.95 Td (August ) Tj ET Q q 0 0 0 rg BT 342.12 258.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 368.26 258.95 Td (of) Tj ET Q q 0 0 0 rg BT 376.82 258.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 394.50 258.95 Td (in ) Tj ET Q q 0 0 0 rg BT 405.19 258.95 Td (part ) Tj ET Q q 0 0 0 rg BT 424.04 258.95 Td (by ) Tj ET Q q 0 0 0 rg BT 437.06 258.95 Td (the ) Tj ET Q q 0 0 0 rg BT 452.41 258.95 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 500.40 258.95 Td (of ) Tj ET Q q 0 0 0 rg BT 511.67 258.95 Td (1) Tj ET Q q 0 0 0 rg BT 516.53 258.95 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 532.17 258.95 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 246.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 79.16 246.35 Td (of ) Tj ET Q q 0 0 0 rg BT 91.33 246.35 Td (our ) Tj ET Q q 0 0 0 rg BT 108.75 246.35 Td (common ) Tj ET Q q 0 0 0 rg BT 148.92 246.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 174.51 246.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 190.17 246.35 Td ($381.7 ) Tj ET Q q 0 0 0 rg BT 222.47 246.35 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.81 246.35 Td (. ) Tj ET Q q 0 0 0 rg BT 258.85 246.35 Td ( ) Tj ET Q q 0 0 0 rg BT 262.28 246.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 286.70 246.35 Td (inflows ) Tj ET Q q 0 0 0 rg BT 321.62 246.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 362.37 246.35 Td (by ) Tj ET Q q 0 0 0 rg BT 376.29 246.35 Td (financing ) Tj ET Q q 0 0 0 rg BT 419.37 246.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 460.69 246.35 Td (during ) Tj ET Q q 0 0 0 rg BT 491.53 246.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 517.69 246.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 542.12 246.35 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 233.75 Td ($465.7 ) Tj ET Q q 0 0 0 rg BT 81.26 233.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 117.11 233.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 159.07 233.75 Td (related ) Tj ET Q q 0 0 0 rg BT 190.52 233.75 Td (to ) Tj ET Q q 0 0 0 rg BT 201.58 233.75 Td (the ) Tj ET Q q 0 0 0 rg BT 217.29 233.75 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 257.49 233.75 Td (of ) Tj ET Q q 0 0 0 rg BT 269.13 233.75 Td (the ) Tj ET Q q 0 0 0 rg BT 284.84 233.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 323.30 233.75 Td (of ) Tj ET Q q 0 0 0 rg BT 334.93 233.75 Td ($699.8 ) Tj ET Q q 0 0 0 rg BT 366.69 233.75 Td (million ) Tj ET Q q 0 0 0 rg BT 399.92 233.75 Td (of ) Tj ET Q q 0 0 0 rg BT 411.55 233.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 455.84 233.75 Td (debt, ) Tj ET Q q 0 0 0 rg BT 479.43 233.75 Td (of) Tj ET Q q 0 0 0 rg BT 487.99 233.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 506.04 233.75 Td (in ) Tj ET Q q 0 0 0 rg BT 517.09 233.75 Td (part ) Tj ET Q q 0 0 0 rg BT 536.31 233.75 Td (by ) Tj ET Q q 0 0 0 rg BT 549.69 233.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 221.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 97.25 221.15 Td (of ) Tj ET Q q 0 0 0 rg BT 108.27 221.15 Td (4.5 ) Tj ET Q q 0 0 0 rg BT 123.67 221.15 Td (million ) Tj ET Q q 0 0 0 rg BT 156.28 221.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 184.79 221.15 Td (of ) Tj ET Q q 0 0 0 rg BT 195.81 221.15 Td (our ) Tj ET Q q 0 0 0 rg BT 212.08 221.15 Td (common ) Tj ET Q q 0 0 0 rg BT 251.10 221.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 275.54 221.15 Td (for ) Tj ET Q q 0 0 0 rg BT 290.06 221.15 Td ($209.6 ) Tj ET Q q 0 0 0 rg BT 321.21 221.15 Td (million. ) Tj ET Q q 0 0 0 rg BT 356.44 221.15 Td ( ) Tj ET Q q 0 0 0 rg BT 358.72 221.15 Td (Cash ) Tj ET Q q 0 0 0 rg BT 381.99 221.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 421.02 221.15 Td (used ) Tj ET Q q 0 0 0 rg BT 442.54 221.15 Td (in ) Tj ET Q q 0 0 0 rg BT 452.98 221.15 Td (financing ) Tj ET Q q 0 0 0 rg BT 494.91 221.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 535.08 221.15 Td (during ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 208.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 74.92 208.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 98.60 208.55 Td (were ) Tj ET Q q 0 0 0 rg BT 121.68 208.55 Td ($507.0 ) Tj ET Q q 0 0 0 rg BT 153.23 208.55 Td 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295.00 563.80 56.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 563.80 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 563.80 53.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 563.80 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 563.80 78.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 563.80 4.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 563.80 67.00 -47.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 690.8 m 351 690.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 690.8 m 355 690.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 690.8 m 408 690.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 675.8 m 224 675.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 675.8 m 291 675.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 675.8 m 351 675.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 675.8 m 408 675.8 l 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Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.85 606.02 Td (250,000) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 312.85 606.19 Td (250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.85 606.02 Td (250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.30 606.02 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.45 606.02 Td (March 2056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 579.07 Td (5.45% Junior Subordinated Notes due) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 568.57 Td (September 2056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.85 580.02 Td (500,000) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 312.85 580.19 Td (500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.50 580.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.90 580.02 Td (5.45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 580.02 Td (September) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 569.52 Td (2056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 554.02 Td (Revolving credit agreements) Tj 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(issued ) Tj ET Q q 0 0 0 rg BT 162.35 479.50 Td (an ) Tj ET Q q 0 0 0 rg BT 174.70 479.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 217.94 479.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 257.70 479.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 291.63 479.50 Td (of ) Tj ET Q q 0 0 0 rg BT 302.81 479.50 Td ($500 ) Tj ET Q q 0 0 0 rg BT 326.25 479.50 Td (million ) Tj ET Q q 0 0 0 rg BT 359.02 479.50 Td (of ) Tj ET Q q 0 0 0 rg BT 370.20 479.50 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 399.76 479.50 Td (2056 ) Tj ET Q q 0 0 0 rg BT 423.20 479.50 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 452.76 479.50 Td (the ) Tj ET Q q 0 0 0 rg BT 468.02 479.50 Td (net ) Tj ET Q q 0 0 0 rg BT 483.29 479.50 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 523.04 479.50 Td (of ) Tj ET Q q 0 0 0 rg BT 534.22 479.50 Td (which, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 466.90 Td (together ) Tj ET Q q 0 0 0 rg BT 86.64 466.90 Td (with ) Tj ET Q q 0 0 0 rg BT 108.04 466.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 129.43 466.90 Td (on ) Tj ET Q q 0 0 0 rg BT 142.67 466.90 Td (hand, ) Tj ET Q q 0 0 0 rg BT 168.44 466.90 Td (were ) Tj ET Q q 0 0 0 rg BT 191.58 466.90 Td (used ) Tj ET Q q 0 0 0 rg BT 213.56 466.90 Td (to ) Tj ET Q q 0 0 0 rg BT 224.46 466.90 Td (repay ) Tj ET Q q 0 0 0 rg BT 250.52 466.90 Td (the ) Tj ET Q q 0 0 0 rg BT 266.08 466.90 Td (total ) Tj ET Q q 0 0 0 rg BT 287.48 466.90 Td ($500 ) Tj ET Q q 0 0 0 rg BT 311.21 466.90 Td (million ) Tj ET Q q 0 0 0 rg BT 344.29 466.90 Td (of ) Tj ET Q q 0 0 0 rg BT 355.77 466.90 Td (then ) Tj ET Q q 0 0 0 rg BT 376.58 466.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 428.32 466.90 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 478.88 466.90 Td (under ) Tj ET Q q 0 0 0 rg BT 505.52 466.90 Td (our ) Tj ET Q q 0 0 0 rg BT 522.26 466.90 Td (revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 454.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.03 454.30 Td (facility) Tj ET Q q 0 0 0 rg BT 105.08 454.30 Td (, ) Tj ET Q q 0 0 0 rg BT 110.33 454.30 Td (as ) Tj ET Q q 0 0 0 rg BT 121.71 454.30 Td (further ) Tj ET Q q 0 0 0 rg BT 152.90 454.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 195.77 454.30 Td (below) Tj ET Q q 0 0 0 rg BT 220.75 454.30 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 429.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.10 429.10 Td (March ) Tj ET Q q 0 0 0 rg BT 91.37 429.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 117.85 429.10 Td (we ) Tj ET Q q 0 0 0 rg BT 132.95 429.10 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 162.06 429.10 Td ($250) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 183.06 429.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.92 429.10 Td (million ) Tj ET Q q 0 0 0 rg BT 219.12 429.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.72 429.10 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.09 429.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.95 429.10 Td (2056 ) Tj ET Q q 0 0 0 rg BT 289.81 429.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 317.17 429.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.19 429.10 Td ($450 ) Tj ET Q q 0 0 0 rg BT 359.04 429.10 Td (million ) Tj ET Q q 0 0 0 rg BT 392.24 429.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.84 429.10 Td (4.75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.97 429.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.82 429.10 Td (2026 ) Tj ET Q q 0 0 0 rg BT 457.68 429.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 487.66 429.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.32 429.10 Td (The ) Tj ET Q q 0 0 0 rg BT 509.50 429.10 Td (net ) Tj ET Q q 0 0 0 rg BT 525.19 429.10 Td (proceeds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 416.50 Td (of ) Tj ET Q q 0 0 0 rg BT 60.40 416.50 Td (these ) Tj ET Q q 0 0 0 rg BT 84.13 416.50 Td (of) Tj ET Q q 0 0 0 rg BT 92.69 416.50 Td (ferings ) Tj ET Q q 0 0 0 rg BT 124.00 416.50 Td (were ) Tj ET Q q 0 0 0 rg BT 146.56 416.50 Td (used ) Tj ET Q q 0 0 0 rg BT 167.96 416.50 Td (to ) Tj ET Q q 0 0 0 rg BT 178.29 416.50 Td (partially ) Tj ET Q q 0 0 0 rg BT 215.43 416.50 Td (finance ) Tj ET Q q 0 0 0 rg BT 248.48 416.50 Td (the ) Tj ET Q q 0 0 0 rg BT 263.47 416.50 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 315.79 416.50 Td (of ) Tj ET Q q 0 0 0 rg BT 326.69 416.50 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 360.34 416.50 Td (Partners ) Tj ET Q q 0 0 0 rg BT 396.90 416.50 Td (in ) Tj ET Q q 0 0 0 rg BT 406.75 416.50 Td (April ) Tj ET Q q 0 0 0 rg BT 431.07 416.50 Td (2016 ) Tj ET Q q 0 0 0 rg BT 454.23 416.50 Td (and ) Tj ET Q q 0 0 0 rg BT 471.54 416.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 489.25 416.50 Td (rust ) Tj ET Q q 0 0 0 rg BT 507.16 416.50 Td (in ) Tj ET Q q 0 0 0 rg BT 517.48 416.50 Td (May ) Tj ET Q q 0 0 0 rg BT 538.88 416.50 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 403.90 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 403.90 Td (previously ) Tj ET Q q 0 0 0 rg BT 107.83 403.90 Td (discussed.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 378.70 Td (In ) Tj ET Q q 0 0 0 rg BT 60.87 378.70 Td (June ) Tj ET Q q 0 0 0 rg BT 82.74 378.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 108.99 378.70 Td (we ) Tj ET Q q 0 0 0 rg BT 123.86 378.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 152.74 378.70 Td ($250 ) Tj ET Q q 0 0 0 rg BT 176.36 378.70 Td (million ) Tj ET Q q 0 0 0 rg BT 209.33 378.70 Td (of ) Tj ET Q q 0 0 0 rg BT 220.70 378.70 Td (2.7% ) Tj ET Q q 0 0 0 rg BT 245.19 378.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 275.23 378.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 302.36 378.70 Td (due ) Tj ET Q q 0 0 0 rg BT 320.14 378.70 Td (2019 ) Tj ET Q q 0 0 0 rg BT 343.77 378.70 Td (at ) Tj ET Q q 0 0 0 rg BT 353.97 378.70 Td (a ) Tj ET Q q 0 0 0 rg BT 361.26 378.70 Td (discount ) Tj ET Q q 0 0 0 rg BT 399.46 378.70 Td (of ) Tj ET Q q 0 0 0 rg BT 410.83 378.70 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 431.83 378.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 467.42 378.70 Td ($250 ) Tj ET Q q 0 0 0 rg BT 491.05 378.70 Td (million ) Tj ET Q q 0 0 0 rg BT 524.01 378.70 Td (of ) Tj ET Q q 0 0 0 rg BT 535.38 378.70 Td (3.95% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 366.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 79.51 366.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 106.61 366.10 Td (due ) Tj ET Q q 0 0 0 rg BT 124.37 366.10 Td (2024 ) Tj ET Q q 0 0 0 rg BT 147.97 366.10 Td (at ) Tj ET Q q 0 0 0 rg BT 158.15 366.10 Td (a ) Tj ET Q q 0 0 0 rg BT 165.41 366.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 203.59 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.94 366.10 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 235.91 366.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 271.47 366.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.23 366.10 Td (an ) Tj ET Q q 0 0 0 rg BT 301.74 366.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 346.33 366.10 Td ($150 ) Tj ET Q q 0 0 0 rg BT 369.93 366.10 Td (million ) Tj ET Q q 0 0 0 rg BT 402.87 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.22 366.10 Td (5.625% ) Tj ET Q q 0 0 0 rg BT 449.19 366.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 479.20 366.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 506.30 366.10 Td (due ) Tj ET Q q 0 0 0 rg BT 524.06 366.10 Td (2044 ) Tj ET Q q 0 0 0 rg BT 547.66 366.10 Td (at ) Tj ET Q q 0 0 0 rg BT 557.84 366.10 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 353.50 Td (premium ) Tj ET Q q 0 0 0 rg BT 90.00 353.50 Td (of ) Tj ET Q q 0 0 0 rg BT 101.33 353.50 Td ($9.8 ) Tj ET Q q 0 0 0 rg BT 122.30 353.50 Td (million. ) Tj ET Q q 0 0 0 rg BT 157.85 353.50 Td ( ) Tj ET Q q 0 0 0 rg BT 160.44 353.50 Td (In ) Tj ET Q q 0 0 0 rg BT 171.78 353.50 Td (July ) Tj ET Q q 0 0 0 rg BT 191.87 353.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 218.08 353.50 Td (the ) Tj ET Q q 0 0 0 rg BT 233.50 353.50 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 273.41 353.50 Td (of ) Tj ET Q q 0 0 0 rg BT 284.74 353.50 Td ($659 ) Tj ET Q q 0 0 0 rg BT 308.33 353.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 343.88 353.50 Td (net ) Tj ET Q q 0 0 0 rg BT 359.30 353.50 Td (of ) Tj ET Q q 0 0 0 rg BT 370.64 353.50 Td (related ) Tj ET Q q 0 0 0 rg BT 401.79 353.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 423.91 353.50 Td (together ) Tj ET Q q 0 0 0 rg BT 460.90 353.50 Td (with ) Tj ET Q q 0 0 0 rg BT 482.16 353.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 503.40 353.50 Td (on ) Tj ET Q q 0 0 0 rg BT 516.49 353.50 Td (hand, ) Tj ET Q q 0 0 0 rg BT 542.12 353.50 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 340.90 Td (used ) Tj ET Q q 0 0 0 rg BT 71.50 340.90 Td (to ) Tj ET Q q 0 0 0 rg BT 82.42 340.90 Td (redeem ) Tj ET Q q 0 0 0 rg BT 116.07 340.90 Td ($650 ) Tj ET Q q 0 0 0 rg BT 139.83 340.90 Td (million ) Tj ET Q q 0 0 0 rg BT 172.92 340.90 Td (of ) Tj ET Q q 0 0 0 rg BT 184.42 340.90 Td (then ) Tj ET Q q 0 0 0 rg BT 205.25 340.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 257.01 340.90 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 281.63 340.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 311.80 340.90 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 341.68 340.90 Td ( ) Tj ET Q q 0 0 0 rg BT 344.23 340.90 Td (The ) Tj ET Q q 0 0 0 rg BT 363.31 340.90 Td (retirement ) Tj ET Q q 0 0 0 rg BT 409.21 340.90 Td (of ) Tj ET Q q 0 0 0 rg BT 420.71 340.90 Td (the ) Tj ET Q q 0 0 0 rg BT 436.30 340.90 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 460.92 340.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 491.09 340.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 518.34 340.90 Td (resulted ) Tj ET Q q 0 0 0 rg BT 554.34 340.90 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 328.30 Td (a ) Tj ET Q q 0 0 0 rg BT 56.33 328.30 Td (pre-tax, ) Tj ET Q q 0 0 0 rg BT 90.86 328.30 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 151.93 328.30 Td (char) Tj ET Q q 0 0 0 rg BT 169.81 328.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 181.89 328.30 Td (of ) Tj ET Q q 0 0 0 rg BT 192.80 328.30 Td ($107.1 ) Tj ET Q q 0 0 0 rg BT 223.85 328.30 Td (million ) Tj ET Q q 0 0 0 rg BT 256.35 328.30 Td (in ) Tj ET Q q 0 0 0 rg BT 266.69 328.30 Td (July ) Tj ET Q q 0 0 0 rg BT 286.37 328.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 312.16 328.30 Td (consisting ) Tj ET Q q 0 0 0 rg BT 356.92 328.30 Td (of ) Tj ET Q q 0 0 0 rg BT 367.83 328.30 Td (a ) Tj ET Q q 0 0 0 rg BT 374.66 328.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 395.49 328.30 Td (make-whole ) Tj ET Q q 0 0 0 rg BT 449.56 328.30 Td (premium ) Tj ET Q q 0 0 0 rg BT 489.64 328.30 Td (payment ) Tj ET Q q 0 0 0 rg BT 527.96 328.30 Td (of ) Tj ET Q q 0 0 0 rg BT 538.88 328.30 Td ($98.6 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 315.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 84.45 315.70 Td (net ) Tj ET Q q 0 0 0 rg BT 99.26 315.70 Td (of ) Tj ET Q q 0 0 0 rg BT 110.00 315.70 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 130.36 315.70 Td (million ) Tj ET Q q 0 0 0 rg BT 162.68 315.70 Td (from ) Tj ET Q q 0 0 0 rg BT 185.08 315.70 Td (a ) Tj ET Q q 0 0 0 rg BT 191.73 315.70 Td (reverse ) Tj ET Q q 0 0 0 rg BT 224.03 315.70 Td (treasury ) Tj ET Q q 0 0 0 rg BT 259.83 315.70 Td (lock ) Tj ET Q q 0 0 0 rg BT 279.90 315.70 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 327.66 315.70 Td (to ) Tj ET Q q 0 0 0 rg BT 337.82 315.70 Td (call ) Tj ET Q q 0 0 0 rg BT 354.96 315.70 Td (the ) Tj ET Q q 0 0 0 rg BT 369.78 315.70 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 393.64 315.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 423.04 315.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 449.52 315.70 Td (and ) Tj ET Q q 0 0 0 rg BT 466.67 315.70 Td ($8.5 ) Tj ET Q q 0 0 0 rg BT 487.03 315.70 Td (million ) Tj ET Q q 0 0 0 rg BT 519.35 315.70 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 303.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.79 303.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 106.67 303.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 144.26 303.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 167.89 303.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.68 303.10 Td (original ) Tj ET Q q 0 0 0 rg BT 220.96 303.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 244.59 303.10 Td (discount.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 277.90 Td (In ) Tj ET Q q 0 0 0 rg BT 60.89 277.90 Td (January ) Tj ET Q q 0 0 0 rg BT 96.18 277.90 Td (2014, ) Tj ET Q q 0 0 0 rg BT 122.45 277.90 Td (we ) Tj ET Q q 0 0 0 rg BT 137.33 277.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 166.22 277.90 Td ($400 ) Tj ET Q q 0 0 0 rg BT 189.86 277.90 Td (million ) Tj ET Q q 0 0 0 rg BT 222.84 277.90 Td (of ) Tj ET Q q 0 0 0 rg BT 234.23 277.90 Td (5.625% ) Tj ET Q q 0 0 0 rg BT 269.24 277.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 299.30 277.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 326.44 277.90 Td (due ) Tj ET Q q 0 0 0 rg BT 344.24 277.90 Td (2044, ) Tj ET Q q 0 0 0 rg BT 370.50 277.90 Td (at ) Tj ET Q q 0 0 0 rg BT 380.72 277.90 Td (a ) Tj ET Q q 0 0 0 rg BT 388.02 277.90 Td (discount ) Tj ET Q q 0 0 0 rg BT 426.24 277.90 Td (of ) Tj ET Q q 0 0 0 rg BT 437.63 277.90 Td ($6.3 ) Tj ET Q q 0 0 0 rg BT 458.65 277.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 494.25 277.90 Td (the ) Tj ET Q q 0 0 0 rg BT 509.72 277.90 Td (net ) Tj ET Q q 0 0 0 rg BT 525.19 277.90 Td (proceeds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 265.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.31 265.30 Td (which, ) Tj ET Q q 0 0 0 rg BT 92.65 265.30 Td (together ) Tj ET Q q 0 0 0 rg BT 130.11 265.30 Td (with ) Tj ET Q q 0 0 0 rg BT 151.84 265.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 173.56 265.30 Td (on ) Tj ET Q q 0 0 0 rg BT 187.12 265.30 Td (hand, ) Tj ET Q q 0 0 0 rg BT 213.21 265.30 Td (were ) Tj ET Q q 0 0 0 rg BT 236.67 265.30 Td (used ) Tj ET Q q 0 0 0 rg BT 258.98 265.30 Td (to ) Tj ET Q q 0 0 0 rg BT 270.21 265.30 Td (repay ) Tj ET Q q 0 0 0 rg BT 296.59 265.30 Td ($450 ) Tj ET Q q 0 0 0 rg BT 320.65 265.30 Td (million ) Tj ET Q q 0 0 0 rg BT 354.04 265.30 Td (of ) Tj ET Q q 0 0 0 rg BT 365.85 265.30 Td (then ) Tj ET Q q 0 0 0 rg BT 386.99 265.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 439.04 265.30 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 489.93 265.30 Td (under ) Tj ET Q q 0 0 0 rg BT 516.90 265.30 Td (a ) Tj ET Q q 0 0 0 rg BT 524.62 265.30 Td (five-year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 252.70 Td (term ) Tj ET Q q 0 0 0 rg BT 71.37 252.70 Td (loan.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 227.50 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 95.29 227.50 Td (Credit ) Tj ET Q q 0 0 0 rg BT 124.36 227.50 Td (Agreements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 214.90 Td (In ) Tj ET Q q 0 0 0 rg BT 60.17 214.90 Td (December ) Tj ET Q q 0 0 0 rg BT 105.23 214.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 130.78 214.90 Td (we ) Tj ET Q q 0 0 0 rg BT 144.94 214.90 Td (entered ) Tj ET Q q 0 0 0 rg BT 177.76 214.90 Td (into ) Tj ET Q q 0 0 0 rg BT 196.01 214.90 Td (an ) Tj ET Q q 0 0 0 rg BT 207.85 214.90 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 252.33 214.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 278.16 214.90 Td (agreement ) Tj ET Q q 0 0 0 rg BT 323.80 214.90 Td (which ) Tj ET Q q 0 0 0 rg BT 351.38 214.90 Td (provided ) Tj ET Q q 0 0 0 rg BT 390.63 214.90 Td (for ) Tj ET Q q 0 0 0 rg BT 404.80 214.90 Td (a ) Tj ET Q q 0 0 0 rg BT 411.38 214.90 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 431.67 214.90 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.09 214.90 Td ( ) Tj ET Q q 0 0 0 rg BT 460.92 214.90 Td (multi-currency) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.34 214.90 Td ( ) Tj ET Q q 0 0 0 rg BT 522.26 214.90 Td (revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 202.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.93 202.30 Td (facility) Tj ET Q q 0 0 0 rg BT 104.99 202.30 Td (. ) Tj ET Q q 0 0 0 rg BT 110.15 202.30 Td ( ) Tj ET Q q 0 0 0 rg BT 112.68 202.30 Td (On ) Tj ET Q q 0 0 0 rg BT 128.04 202.30 Td (March ) Tj ET Q q 0 0 0 rg BT 157.98 202.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.63 202.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 199.79 202.30 Td (the ) Tj ET Q q 0 0 0 rg BT 215.15 202.30 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 260.25 202.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 286.68 202.30 Td (agreement ) Tj ET Q q 0 0 0 rg BT 332.94 202.30 Td (was ) Tj ET Q q 0 0 0 rg BT 351.80 202.30 Td (amended ) Tj ET Q q 0 0 0 rg BT 392.23 202.30 Td (to ) Tj ET Q q 0 0 0 rg BT 402.93 202.30 Td (reduce ) Tj ET Q q 0 0 0 rg BT 433.44 202.30 Td (the ) Tj ET Q q 0 0 0 rg BT 448.79 202.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 482.82 202.30 Td (available ) Tj ET Q q 0 0 0 rg BT 523.25 202.30 Td (under ) Tj ET Q q 0 0 0 rg BT 549.69 202.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 189.70 Td (revolving ) Tj ET Q q 0 0 0 rg BT 92.48 189.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 119.11 189.70 Td (facility ) Tj ET Q q 0 0 0 rg BT 151.58 189.70 Td (from ) Tj ET Q q 0 0 0 rg BT 174.73 189.70 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 195.83 189.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 225.99 189.70 Td (to ) Tj ET Q q 0 0 0 rg BT 236.89 189.70 Td ($500 ) Tj ET Q q 0 0 0 rg BT 260.62 189.70 Td (million. ) Tj ET Q q 0 0 0 rg BT 296.31 189.70 Td ( ) Tj ET Q q 0 0 0 rg BT 298.85 189.70 Td (The ) Tj ET Q q 0 0 0 rg BT 317.91 189.70 Td (revolving ) Tj ET Q q 0 0 0 rg BT 360.88 189.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 387.52 189.70 Td (facility ) Tj ET Q q 0 0 0 rg BT 419.99 189.70 Td (may ) Tj ET Q q 0 0 0 rg BT 440.80 189.70 Td (be ) Tj ET Q q 0 0 0 rg BT 453.44 189.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 495.82 189.70 Td (by ) Tj ET Q q 0 0 0 rg BT 509.05 189.70 Td (an ) Tj ET Q q 0 0 0 rg BT 521.70 189.70 Td (aggregate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 177.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.57 177.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.89 177.10 Td (up ) Tj ET Q q 0 0 0 rg BT 107.97 177.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.71 177.10 Td ($500 ) Tj ET Q q 0 0 0 rg BT 142.29 177.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 177.82 177.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.57 177.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 209.52 177.10 Td (billion, ) Tj ET Q q 0 0 0 rg BT 242.14 177.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 274.45 177.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.20 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.60 177.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 339.91 177.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.23 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.64 177.10 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 402.16 177.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 435.05 177.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.80 177.10 Td (December ) Tj ET Q q 0 0 0 rg BT 491.51 177.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 517.71 177.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.45 177.10 Td (can ) Tj ET Q q 0 0 0 rg BT 552.59 177.10 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 164.50 Td (repaid ) Tj ET Q q 0 0 0 rg BT 77.40 164.50 Td (at ) Tj ET Q q 0 0 0 rg BT 86.64 164.50 Td (any ) Tj ET Q q 0 0 0 rg BT 103.46 164.50 Td (time. ) Tj ET Q q 0 0 0 rg BT 126.41 164.50 Td ( ) Tj ET Q q 0 0 0 rg BT 127.95 164.50 Td (This ) Tj ET Q q 0 0 0 rg BT 148.28 164.50 Td (revolving ) Tj ET Q q 0 0 0 rg BT 190.18 164.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 215.74 164.50 Td (facility ) Tj ET Q q 0 0 0 rg BT 247.14 164.50 Td (is ) Tj ET Q q 0 0 0 rg BT 255.81 164.50 Td (available ) Tj ET Q q 0 0 0 rg BT 295.36 164.50 Td (to ) Tj ET Q q 0 0 0 rg BT 305.19 164.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 326.10 164.50 Td (working ) Tj ET Q q 0 0 0 rg BT 362.76 164.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 392.40 164.50 Td (needs ) Tj ET Q q 0 0 0 rg BT 417.97 164.50 Td (and ) Tj ET Q q 0 0 0 rg BT 434.79 164.50 Td (for ) Tj ET Q q 0 0 0 rg BT 448.70 164.50 Td (general ) Tj ET Q q 0 0 0 rg BT 481.26 164.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 522.56 164.50 Td (purposes.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 139.30 Td (In ) Tj ET Q q 0 0 0 rg BT 60.99 139.30 Td (May ) Tj ET Q q 0 0 0 rg BT 82.99 139.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 109.36 139.30 Td (we ) Tj ET Q q 0 0 0 rg BT 124.35 139.30 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 167.33 139.30 Td ($460 ) Tj ET Q q 0 0 0 rg BT 191.08 139.30 Td (million ) Tj ET Q q 0 0 0 rg BT 224.16 139.30 Td (under ) Tj ET Q q 0 0 0 rg BT 250.82 139.30 Td (this ) Tj ET Q q 0 0 0 rg BT 268.73 139.30 Td (revolving ) Tj ET Q q 0 0 0 rg BT 311.72 139.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 338.37 139.30 Td (facility ) Tj ET Q q 0 0 0 rg BT 370.86 139.30 Td (to ) Tj ET Q q 0 0 0 rg BT 381.77 139.30 Td (partially ) Tj ET Q q 0 0 0 rg BT 419.51 139.30 Td (finance ) Tj ET Q q 0 0 0 rg BT 453.15 139.30 Td (the ) Tj ET Q q 0 0 0 rg BT 468.72 139.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 517.55 139.30 Td (of ) Tj ET Q q 0 0 0 rg BT 529.04 139.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 546.75 139.30 Td (rust ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 126.70 Td (and ) Tj ET Q q 0 0 0 rg BT 66.54 126.70 Td (to ) Tj ET Q q 0 0 0 rg BT 76.59 126.70 Td (replenish ) Tj ET Q q 0 0 0 rg BT 116.97 126.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 137.51 126.70 Td (used ) Tj ET Q q 0 0 0 rg BT 158.64 126.70 Td (to ) Tj ET Q q 0 0 0 rg BT 168.69 126.70 Td (complete ) Tj ET Q q 0 0 0 rg BT 209.05 126.70 Td (the ) Tj ET Q q 0 0 0 rg BT 223.76 126.70 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 275.81 126.70 Td (of ) Tj ET Q q 0 0 0 rg BT 286.44 126.70 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 319.82 126.70 Td (Partners ) Tj ET Q q 0 0 0 rg BT 356.11 126.70 Td (in ) Tj ET Q q 0 0 0 rg BT 365.75 126.70 Td (April ) Tj ET Q q 0 0 0 rg BT 389.79 126.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 412.68 126.70 Td (and ) Tj ET Q q 0 0 0 rg BT 429.72 126.70 Td (RARE ) Tj ET Q q 0 0 0 rg BT 459.61 126.70 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 518.62 126.70 Td (in ) Tj ET Q q 0 0 0 rg BT 528.67 126.70 Td (October ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 75.86 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.59 114.10 Td (In ) Tj ET Q q 0 0 0 rg BT 90.07 114.10 Td (December ) Tj ET Q q 0 0 0 rg BT 135.94 114.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 162.30 114.10 Td (we ) Tj ET Q q 0 0 0 rg BT 177.28 114.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 220.25 114.10 Td ($40 ) Tj ET Q q 0 0 0 rg BT 238.73 114.10 Td (million ) Tj ET Q q 0 0 0 rg BT 271.80 114.10 Td (under ) Tj ET Q q 0 0 0 rg BT 298.44 114.10 Td (this ) Tj ET Q q 0 0 0 rg BT 316.34 114.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 359.32 114.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 385.96 114.10 Td (facility) Tj ET Q q 0 0 0 rg BT 415.01 114.10 Td (, ) Tj ET Q q 0 0 0 rg BT 420.37 114.10 Td (which ) Tj ET Q q 0 0 0 rg BT 448.76 114.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 490.56 114.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 542.29 114.10 Td (as ) Tj ET Q q 0 0 0 rg BT 553.77 114.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 101.50 Td (March ) Tj ET Q q 0 0 0 rg BT 78.74 101.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 93.70 101.50 Td (2016. ) Tj ET Q q 0 0 0 rg BT 119.17 101.50 Td ( ) Tj ET Q q 0 0 0 rg BT 120.87 101.50 Td (The ) Tj ET Q q 0 0 0 rg BT 139.03 101.50 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 188.70 101.50 Td (were ) Tj ET Q q 0 0 0 rg BT 210.94 101.50 Td (used ) Tj ET Q q 0 0 0 rg BT 232.02 101.50 Td (to ) Tj ET Q q 0 0 0 rg BT 242.02 101.50 Td (repay ) Tj ET Q q 0 0 0 rg BT 267.18 101.50 Td (the ) Tj ET Q q 0 0 0 rg BT 281.84 101.50 Td ($40 ) Tj ET Q q 0 0 0 rg BT 299.43 101.50 Td (million ) Tj ET Q q 0 0 0 rg BT 331.60 101.50 Td (of ) Tj ET Q q 0 0 0 rg BT 342.19 101.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 393.02 101.50 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 442.69 101.50 Td (under ) Tj ET Q q 0 0 0 rg BT 468.44 101.50 Td (our ) Tj ET Q q 0 0 0 rg BT 484.27 101.50 Td (previous ) Tj ET Q q 0 0 0 rg BT 522.27 101.50 Td (revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 88.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 77.07 88.90 Td (facility) Tj ET Q q 0 0 0 rg BT 106.13 88.90 Td (, ) Tj ET Q q 0 0 0 rg BT 112.42 88.90 Td (which ) Tj ET Q q 0 0 0 rg BT 141.75 88.90 Td (were ) Tj ET Q q 0 0 0 rg BT 165.81 88.90 Td (used ) Tj ET Q q 0 0 0 rg BT 188.73 88.90 Td (to ) Tj ET Q q 0 0 0 rg BT 200.56 88.90 Td (partially ) Tj ET Q q 0 0 0 rg BT 239.22 88.90 Td (finance ) Tj ET Q q 0 0 0 rg BT 273.78 88.90 Td (the ) Tj ET Q q 0 0 0 rg BT 290.28 88.90 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 340.02 88.90 Td (of ) Tj ET Q q 0 0 0 rg BT 352.43 88.90 Td (RARE ) Tj ET Q q 0 0 0 rg BT 384.10 88.90 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 444.91 88.90 Td (in ) Tj ET Q q 0 0 0 rg BT 456.74 88.90 Td (October ) Tj ET Q q 0 0 0 rg BT 494.23 88.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 521.52 88.90 Td (as ) Tj ET Q q 0 0 0 rg BT 533.93 88.90 Td (further ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 76.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 92.17 76.30 Td (below) Tj ET Q q 0 0 0 rg BT 117.15 76.30 Td (. ) Tj ET Q q 0 0 0 rg BT 122.19 76.30 Td ( ) Tj ET Q q 0 0 0 rg BT 124.61 76.30 Td (In ) Tj ET Q q 0 0 0 rg BT 135.24 76.30 Td (August ) Tj ET Q q 0 0 0 rg BT 167.99 76.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 194.04 76.30 Td (the ) Tj ET Q q 0 0 0 rg BT 209.28 76.30 Td (total ) Tj ET Q q 0 0 0 rg BT 230.37 76.30 Td ($500 ) Tj ET Q q 0 0 0 rg BT 253.78 76.30 Td (million ) Tj ET Q q 0 0 0 rg BT 286.54 76.30 Td (of ) Tj ET Q q 0 0 0 rg BT 297.71 76.30 Td (then ) Tj ET Q q 0 0 0 rg BT 318.20 76.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 369.62 76.30 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 419.87 76.30 Td (under ) Tj ET Q q 0 0 0 rg BT 446.19 76.30 Td (this ) Tj ET Q q 0 0 0 rg BT 463.78 76.30 Td (revolving ) Tj ET Q q 0 0 0 rg BT 506.44 76.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 532.77 76.30 Td (facility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 63.70 Td (were ) Tj ET Q q 0 0 0 rg BT 72.53 63.70 Td (repaid ) Tj ET Q q 0 0 0 rg BT 101.39 63.70 Td (using ) Tj ET Q q 0 0 0 rg BT 126.77 63.70 Td (the ) Tj ET Q q 0 0 0 rg BT 142.22 63.70 Td (net ) Tj ET Q q 0 0 0 rg BT 157.67 63.70 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 197.61 63.70 Td (of ) Tj ET Q q 0 0 0 rg BT 208.98 63.70 Td (the ) Tj ET Q q 0 0 0 rg BT 224.44 63.70 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 254.18 63.70 Td (2056 ) Tj ET Q q 0 0 0 rg BT 277.81 63.70 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 307.56 63.70 Td (together ) Tj ET Q q 0 0 0 rg BT 344.58 63.70 Td (with ) Tj ET Q q 0 0 0 rg BT 365.88 63.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 387.16 63.70 Td (on ) Tj ET Q q 0 0 0 rg BT 400.28 63.70 Td (hand, ) Tj ET Q q 0 0 0 rg BT 425.94 63.70 Td (as ) Tj ET Q q 0 0 0 rg BT 437.32 63.70 Td (previously ) Tj ET Q q 0 0 0 rg BT 484.27 63.70 Td (discussed. ) Tj ET Q q 0 0 0 rg BT 529.77 63.70 Td ( ) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (61) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.71 741.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 108.33 741.75 Td (covenants ) Tj ET Q q 0 0 0 rg BT 153.21 741.75 Td (under ) Tj ET Q q 0 0 0 rg BT 180.01 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 196.89 741.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 223.68 741.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 270.30 741.75 Td (include: ) Tj ET Q q 0 0 0 rg BT 307.01 741.75 Td (maximum ) Tj ET Q q 0 0 0 rg BT 352.48 741.75 Td (net ) Tj ET Q q 0 0 0 rg BT 368.20 741.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 389.16 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 400.22 741.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 438.13 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 441.02 741.75 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 465.78 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 494.33 741.75 Td (was ) Tj ET Q q 0 0 0 rg BT 513.55 741.75 Td (modified ) Tj ET Q q 0 0 0 rg BT 554.35 741.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 79.01 729.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 104.74 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 115.59 729.15 Td (3.5 ) Tj ET Q q 0 0 0 rg BT 130.82 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 141.10 729.15 Td (1 ) Tj ET Q q 0 0 0 rg BT 148.45 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 162.80 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 177.74 729.15 Td (period ) Tj ET Q q 0 0 0 rg BT 206.67 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 229.18 729.15 Td (January ) Tj ET Q q 0 0 0 rg BT 263.94 729.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 273.93 729.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 297.03 729.15 Td (through ) Tj ET Q q 0 0 0 rg BT 331.80 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 361.31 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.54 729.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 402.27 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 419.54 729.15 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 434.77 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 445.04 729.15 Td (1 ) Tj ET Q q 0 0 0 rg BT 452.40 729.15 Td (thereafter; ) Tj ET Q q 0 0 0 rg BT 497.64 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 514.91 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 521.67 729.15 Td (minimum ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 87.41 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 89.64 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 100.03 716.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 133.16 716.55 Td (ratio ) Tj ET Q q 0 0 0 rg BT 154.63 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 165.60 716.55 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 180.95 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 191.35 716.55 Td (1. ) Tj ET Q q 0 0 0 rg BT 201.45 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 203.67 716.55 Td (Debt ) Tj ET Q q 0 0 0 rg BT 226.31 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 235.54 716.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 269.25 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 279.64 716.55 Td (include ) Tj ET Q q 0 0 0 rg BT 312.77 716.55 Td (all ) Tj ET Q q 0 0 0 rg BT 325.49 716.55 Td (obligations ) Tj ET Q q 0 0 0 rg BT 374.38 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 388.85 716.55 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 431.31 716.55 Td (money) Tj ET Q q 0 0 0 rg BT 459.21 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 464.06 716.55 Td (excluding ) Tj ET Q q 0 0 0 rg BT 507.69 716.55 Td (non-recourse ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.93 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 81.03 703.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 105.55 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 123.06 703.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 153.40 703.95 Td (leases. ) Tj ET Q q 0 0 0 rg BT 183.45 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 185.80 703.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 214.39 703.95 Td (these ) Tj ET Q q 0 0 0 rg BT 238.32 703.95 Td (net ) Tj ET Q q 0 0 0 rg BT 253.50 703.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 273.93 703.95 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 320.89 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 337.24 703.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 357.67 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 367.03 703.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 402.61 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 415.46 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 430.64 703.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 464.49 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 475.59 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 491.94 703.95 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 543.85 703.95 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.06 691.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 89.85 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 100.99 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 116.20 691.35 Td (greater ) Tj ET Q q 0 0 0 rg BT 147.74 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 158.87 691.35 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 204.43 691.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 225.47 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 236.61 691.35 Td ($300 ) Tj ET Q q 0 0 0 rg BT 260.00 691.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 295.35 691.35 Td (by ) Tj ET Q q 0 0 0 rg BT 308.24 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 323.46 691.35 Td (lesser ) Tj ET Q q 0 0 0 rg BT 349.75 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 360.89 691.35 Td (50% ) Tj ET Q q 0 0 0 rg BT 382.52 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 393.66 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 408.88 691.35 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 452.07 691.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 485.96 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 497.09 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 513.48 691.35 Td (seed ) Tj ET Q q 0 0 0 rg BT 534.53 691.35 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 101.40 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 111.89 678.75 Td ($125 ) Tj ET Q q 0 0 0 rg BT 134.63 678.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 169.33 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 186.23 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 197.87 678.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 231.11 678.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 255.58 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 265.49 678.75 Td (50% ) Tj ET Q q 0 0 0 rg BT 286.48 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 296.96 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 312.70 678.75 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 341.85 678.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 371.57 678.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 415.59 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 417.33 678.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 455.24 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 456.98 678.75 Td (is ) Tj ET Q q 0 0 0 rg BT 465.72 678.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 498.94 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 509.43 678.75 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (net ) Tj ET Q q 0 0 0 rg BT 67.14 666.15 Td (income ) Tj ET Q q 0 0 0 rg BT 102.85 666.15 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 131.00 666.15 Td (plus/minus ) Tj ET Q q 0 0 0 rg BT 181.90 666.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 199.53 666.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 238.16 666.15 Td (\(benefit\), ) Tj ET Q q 0 0 0 rg BT 281.74 666.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 317.46 666.15 Td (expense, ) Tj ET Q q 0 0 0 rg BT 358.71 666.15 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 415.41 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 435.38 666.15 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 495.88 666.15 Td (amortization ) Tj ET Q q 0 0 0 rg BT 553.76 666.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (intangibles, ) Tj ET Q q 0 0 0 rg BT 100.35 653.55 Td (any ) Tj ET Q q 0 0 0 rg BT 117.67 653.55 Td (extraordinary ) Tj ET Q q 0 0 0 rg BT 176.38 653.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 212.35 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 223.24 653.55 Td (losses, ) Tj ET Q q 0 0 0 rg BT 253.11 653.55 Td (any ) Tj ET Q q 0 0 0 rg BT 270.42 653.55 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 310.48 653.55 Td (char) Tj ET Q q 0 0 0 rg BT 328.36 653.55 Td (ges, ) Tj ET Q q 0 0 0 rg BT 347.13 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 364.44 653.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 395.16 653.55 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 469.03 653.55 Td (costs, ) Tj ET Q q 0 0 0 rg BT 494.81 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 505.71 653.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 539.35 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 653.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 102.54 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 104.57 640.95 Td (As ) Tj ET Q q 0 0 0 rg BT 118.85 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 130.20 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 160.22 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.95 640.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 202.18 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 226.36 640.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 263.53 640.95 Td (net ) Tj ET Q q 0 0 0 rg BT 278.96 640.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 299.65 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 310.42 640.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 348.34 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 350.95 640.95 Td (ratio ) Tj ET Q q 0 0 0 rg BT 372.79 640.95 Td (was ) Tj ET Q q 0 0 0 rg BT 391.73 640.95 Td (2.6 ) Tj ET Q q 0 0 0 rg BT 407.46 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 418.24 640.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 426.10 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 443.86 640.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 481.78 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 484.38 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 495.16 640.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 528.67 640.95 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (ratio ) Tj ET Q q 0 0 0 rg BT 71.37 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 90.32 628.35 Td (5.7 ) Tj ET Q q 0 0 0 rg BT 106.07 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 116.86 628.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 127.36 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 145.15 628.35 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 188.29 628.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 212.49 628.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 243.70 628.35 Td (has ) Tj ET Q q 0 0 0 rg BT 260.32 628.35 Td (maintained ) Tj ET Q q 0 0 0 rg BT 309.60 628.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 360.62 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 381.91 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 397.36 628.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 443.13 628.35 Td (covenants.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (If ) Tj ET Q q 0 0 0 rg BT 58.85 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 75.20 603.15 Td (net ) Tj ET Q q 0 0 0 rg BT 90.38 603.15 Td (income ) Tj ET Q q 0 0 0 rg BT 123.64 603.15 Td (significantly ) Tj ET Q q 0 0 0 rg BT 178.48 603.15 Td (declines, ) Tj ET Q q 0 0 0 rg BT 217.87 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 228.97 603.15 Td (if ) Tj ET Q q 0 0 0 rg BT 237.73 603.15 Td (we ) Tj ET Q q 0 0 0 rg BT 252.33 603.15 Td (spend ) Tj ET Q q 0 0 0 rg BT 279.18 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 295.53 603.15 Td (available ) Tj ET Q q 0 0 0 rg BT 335.78 603.15 Td (cash, ) Tj ET Q q 0 0 0 rg BT 359.42 603.15 Td (it ) Tj ET Q q 0 0 0 rg BT 367.60 603.15 Td (may ) Tj ET Q q 0 0 0 rg BT 388.04 603.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 418.96 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 435.31 603.15 Td (ability ) Tj ET Q q 0 0 0 rg BT 464.50 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 475.02 603.15 Td (maintain ) Tj ET Q q 0 0 0 rg BT 514.11 603.15 Td (compliance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 70.54 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 85.74 590.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 124.84 590.55 Td (covenants ) Tj ET Q q 0 0 0 rg BT 169.20 590.55 Td (under ) Tj ET Q q 0 0 0 rg BT 195.48 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 211.84 590.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 238.12 590.55 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 286.84 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 289.21 590.55 Td (If ) Tj ET Q q 0 0 0 rg BT 298.57 590.55 Td (we ) Tj ET Q q 0 0 0 rg BT 313.19 590.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 357.54 590.55 Td (that ) Tj ET Q q 0 0 0 rg BT 375.66 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 392.02 590.55 Td (compliance ) Tj ET Q q 0 0 0 rg BT 442.79 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 463.83 590.55 Td (these ) Tj ET Q q 0 0 0 rg BT 487.78 590.55 Td (covenants ) Tj ET Q q 0 0 0 rg BT 532.13 590.55 Td (may ) Tj ET Q q 0 0 0 rg BT 552.58 590.55 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (under ) Tj ET Q q 0 0 0 rg BT 75.28 577.95 Td (pressure ) Tj ET Q q 0 0 0 rg BT 112.14 577.95 Td (at ) Tj ET Q q 0 0 0 rg BT 121.59 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 128.13 577.95 Td (time ) Tj ET Q q 0 0 0 rg BT 148.67 577.95 Td (when ) Tj ET Q q 0 0 0 rg BT 173.28 577.95 Td (we ) Tj ET Q q 0 0 0 rg BT 187.40 577.95 Td (either ) Tj ET Q q 0 0 0 rg BT 213.18 577.95 Td (have ) Tj ET Q q 0 0 0 rg BT 234.87 577.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 285.75 577.95 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 335.45 577.95 Td (under ) Tj ET Q q 0 0 0 rg BT 361.23 577.95 Td (this ) Tj ET Q q 0 0 0 rg BT 378.28 577.95 Td (facility) Tj ET Q q 0 0 0 rg BT 407.33 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 411.83 577.95 Td (want ) Tj ET Q q 0 0 0 rg BT 434.12 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 444.16 577.95 Td (utilize ) Tj ET Q q 0 0 0 rg BT 472.28 577.95 Td (available ) Tj ET Q q 0 0 0 rg BT 512.04 577.95 Td (borrowings, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 60.36 565.35 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 103.29 565.35 Td (desire ) Tj ET Q q 0 0 0 rg BT 130.47 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 140.75 565.35 Td (keep ) Tj ET Q q 0 0 0 rg BT 162.68 565.35 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 212.62 565.35 Td (available, ) Tj ET Q q 0 0 0 rg BT 255.25 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 269.60 565.35 Td (may ) Tj ET Q q 0 0 0 rg BT 289.79 565.35 Td (elect ) Tj ET Q q 0 0 0 rg BT 311.72 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 321.99 565.35 Td (take ) Tj ET Q q 0 0 0 rg BT 341.59 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 348.36 565.35 Td (number ) Tj ET Q q 0 0 0 rg BT 382.55 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 393.40 565.35 Td (actions, ) Tj ET Q q 0 0 0 rg BT 427.88 565.35 Td (including ) Tj ET Q q 0 0 0 rg BT 469.65 565.35 Td (reducing ) Tj ET Q q 0 0 0 rg BT 508.50 565.35 Td (our ) Tj ET Q q 0 0 0 rg BT 524.61 565.35 Td (expenses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 61.03 552.75 Td (order ) Tj ET Q q 0 0 0 rg BT 86.55 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 98.09 552.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 135.84 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 153.21 552.75 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 197.69 552.75 Td (using ) Tj ET Q q 0 0 0 rg BT 223.81 552.75 Td (available ) Tj ET Q q 0 0 0 rg BT 265.07 552.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 287.10 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 298.63 552.75 Td (repay ) Tj ET Q q 0 0 0 rg BT 325.31 552.75 Td (all ) Tj ET Q q 0 0 0 rg BT 339.17 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 351.29 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 359.31 552.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 393.01 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 405.12 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 422.48 552.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 474.85 552.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 496.29 552.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 529.40 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 540.94 552.75 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (covenants ) Tj ET Q q 0 0 0 rg BT 94.32 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 105.91 540.15 Td (seeking ) Tj ET Q q 0 0 0 rg BT 140.82 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 151.83 540.15 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 193.15 540.15 Td (with ) Tj ET Q q 0 0 0 rg BT 214.65 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 231.49 540.15 Td (lenders ) Tj ET Q q 0 0 0 rg BT 264.65 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 275.65 540.15 Td (modify ) Tj ET Q q 0 0 0 rg BT 308.82 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 324.49 540.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 350.66 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 362.24 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 373.25 540.15 Td (restructure ) Tj ET Q q 0 0 0 rg BT 420.98 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 437.81 540.15 Td (debt. ) Tj ET Q q 0 0 0 rg BT 461.35 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 464.19 540.15 Td (Using ) Tj ET Q q 0 0 0 rg BT 492.12 540.15 Td (available ) Tj ET Q q 0 0 0 rg BT 532.85 540.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 554.34 540.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (repay ) Tj ET Q q 0 0 0 rg BT 74.45 527.55 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 130.32 527.55 Td (would ) Tj ET Q q 0 0 0 rg BT 158.19 527.55 Td (make ) Tj ET Q q 0 0 0 rg BT 182.56 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 197.02 527.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 217.31 527.55 Td (unavailable ) Tj ET Q q 0 0 0 rg BT 267.33 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 281.20 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 304.41 527.55 Td (uses ) Tj ET Q q 0 0 0 rg BT 324.12 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 340.91 527.55 Td (might ) Tj ET Q q 0 0 0 rg BT 367.04 527.55 Td (af) Tj ET Q q 0 0 0 rg BT 375.01 527.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 392.37 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 406.83 527.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 444.04 527.55 Td (discussions ) Tj ET Q q 0 0 0 rg BT 493.51 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 510.30 527.55 Td (conclusions. ) Tj ET Q q 0 0 0 rg BT 565.13 527.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Entering ) Tj ET Q q 0 0 0 rg BT 88.28 514.95 Td (into ) Tj ET Q q 0 0 0 rg BT 107.24 514.95 Td (any ) Tj ET Q q 0 0 0 rg BT 125.03 514.95 Td (modification ) Tj ET Q q 0 0 0 rg BT 181.31 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 192.68 514.95 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 248.95 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 260.33 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 276.95 514.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 297.65 514.95 Td (would ) Tj ET Q q 0 0 0 rg BT 326.53 514.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 353.06 514.95 Td (result ) Tj ET Q q 0 0 0 rg BT 379.02 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 389.81 514.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 434.43 514.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 453.96 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 465.33 514.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 498.86 514.95 Td (payments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 492.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.05 492.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 119.27 492.35 Td (revolving ) Tj ET Q q 0 0 0 rg BT 161.73 492.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 187.85 492.35 Td (facility ) Tj ET Q q 0 0 0 rg BT 219.81 492.35 Td (agreement ) Tj ET Q q 0 0 0 rg BT 265.75 492.35 Td (is ) Tj ET Q q 0 0 0 rg BT 274.97 492.35 Td (currently ) Tj ET Q q 0 0 0 rg BT 315.09 492.35 Td (impacted ) Tj ET Q q 0 0 0 rg BT 355.79 492.35 Td (by ) Tj ET Q q 0 0 0 rg BT 368.51 492.35 Td (the ) Tj ET Q q 0 0 0 rg BT 383.56 492.35 Td (ratings ) Tj ET Q q 0 0 0 rg BT 414.36 492.35 Td (of ) Tj ET Q q 0 0 0 rg BT 425.32 492.35 Td (two ) Tj ET Q q 0 0 0 rg BT 443.29 492.35 Td (rating ) Tj ET Q q 0 0 0 rg BT 470.00 492.35 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 510.99 492.35 Td ( ) Tj ET Q q 0 0 0 rg BT 513.05 492.35 Td (The ) Tj ET Q q 0 0 0 rg BT 531.59 492.35 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 479.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.02 479.75 Td (and ) Tj ET Q q 0 0 0 rg BT 83.96 479.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 113.73 479.75 Td (commitment ) Tj ET Q q 0 0 0 rg BT 168.59 479.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 183.19 479.75 Td (on ) Tj ET Q q 0 0 0 rg BT 195.48 479.75 Td (our ) Tj ET Q q 0 0 0 rg BT 211.25 479.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 253.28 479.75 Td (line ) Tj ET Q q 0 0 0 rg BT 270.81 479.75 Td (of ) Tj ET Q q 0 0 0 rg BT 281.34 479.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 307.02 479.75 Td (are ) Tj ET Q q 0 0 0 rg BT 321.62 479.75 Td (based ) Tj ET Q q 0 0 0 rg BT 347.31 479.75 Td (on ) Tj ET Q q 0 0 0 rg BT 359.60 479.75 Td (the ) Tj ET Q q 0 0 0 rg BT 374.21 479.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 402.81 479.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 428.50 479.75 Td (rating ) Tj ET Q q 0 0 0 rg BT 454.77 479.75 Td (of ) Tj ET Q q 0 0 0 rg BT 465.30 479.75 Td (the ) Tj ET Q q 0 0 0 rg BT 479.92 479.75 Td (two ) Tj ET Q q 0 0 0 rg BT 497.45 479.75 Td (rating ) Tj ET Q q 0 0 0 rg BT 523.72 479.75 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 565.12 479.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 467.15 Td (In ) Tj ET Q q 0 0 0 rg BT 61.51 467.15 Td (June ) Tj ET Q q 0 0 0 rg BT 84.01 467.15 Td (201) Tj ET Q q 0 0 0 rg BT 99.37 467.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 110.51 467.15 Td (our ) Tj ET Q q 0 0 0 rg BT 127.76 467.15 Td (rating ) Tj ET Q q 0 0 0 rg BT 155.51 467.15 Td (by ) Tj ET Q q 0 0 0 rg BT 169.27 467.15 Td (one ) Tj ET Q q 0 0 0 rg BT 187.69 467.15 Td (of ) Tj ET Q q 0 0 0 rg BT 199.70 467.15 Td (these ) Tj ET Q q 0 0 0 rg BT 224.53 467.15 Td (agencies ) Tj ET Q q 0 0 0 rg BT 263.94 467.15 Td (was ) Tj ET Q q 0 0 0 rg BT 283.53 467.15 Td (downgraded ) Tj ET Q q 0 0 0 rg BT 338.69 467.15 Td (one ) Tj ET Q q 0 0 0 rg BT 357.11 467.15 Td (grade ) Tj ET Q q 0 0 0 rg BT 383.69 467.15 Td (below ) Tj ET Q q 0 0 0 rg BT 412.61 467.15 Td (the ) Tj ET Q q 0 0 0 rg BT 428.69 467.15 Td (other) Tj ET Q q 0 0 0 rg BT 449.69 467.15 Td (. ) Tj ET Q q 0 0 0 rg BT 455.57 467.15 Td ( ) Tj ET Q q 0 0 0 rg BT 458.83 467.15 Td (Should ) Tj ET Q q 0 0 0 rg BT 491.85 467.15 Td (the ) Tj ET Q q 0 0 0 rg BT 507.94 467.15 Td (other ) Tj ET Q q 0 0 0 rg BT 532.77 467.15 Td (agency ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 454.55 Td (downgrade ) Tj ET Q q 0 0 0 rg BT 97.93 454.55 Td (our ) Tj ET Q q 0 0 0 rg BT 113.71 454.55 Td (rating, ) Tj ET Q q 0 0 0 rg BT 142.60 454.55 Td (absent ) Tj ET Q q 0 0 0 rg BT 171.21 454.55 Td (an ) Tj ET Q q 0 0 0 rg BT 182.90 454.55 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 218.49 454.55 Td (from ) Tj ET Q q 0 0 0 rg BT 240.68 454.55 Td (the ) Tj ET Q q 0 0 0 rg BT 255.29 454.55 Td (former ) Tj ET Q q 0 0 0 rg BT 285.64 454.55 Td (agency) Tj ET Q q 0 0 0 rg BT 314.69 454.55 Td (, ) Tj ET Q q 0 0 0 rg BT 319.09 454.55 Td (and ) Tj ET Q q 0 0 0 rg BT 336.03 454.55 Td (if ) Tj ET Q q 0 0 0 rg BT 344.23 454.55 Td (there ) Tj ET Q q 0 0 0 rg BT 366.99 454.55 Td (are ) Tj ET Q q 0 0 0 rg BT 381.59 454.55 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 431.20 454.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 481.98 454.55 Td (under ) Tj ET Q q 0 0 0 rg BT 507.66 454.55 Td (the ) Tj ET Q q 0 0 0 rg BT 522.27 454.55 Td (revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 441.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.03 441.95 Td (facility) Tj ET Q q 0 0 0 rg BT 105.08 441.95 Td (, ) Tj ET Q q 0 0 0 rg BT 110.33 441.95 Td (our ) Tj ET Q q 0 0 0 rg BT 126.96 441.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 160.49 441.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 184.11 441.95 Td (will ) Tj ET Q q 0 0 0 rg BT 203.07 441.95 Td (rise ) Tj ET Q q 0 0 0 rg BT 220.86 441.95 Td (modestly) Tj ET Q q 0 0 0 rg BT 258.68 441.95 Td (.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 416.75 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 404.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.86 404.15 Td (May ) Tj ET Q q 0 0 0 rg BT 82.73 404.15 Td (2012, ) Tj ET Q q 0 0 0 rg BT 108.97 404.15 Td (we ) Tj ET Q q 0 0 0 rg BT 123.83 404.15 Td (refinanced ) Tj ET Q q 0 0 0 rg BT 170.75 404.15 Td (our ) Tj ET Q q 0 0 0 rg BT 187.37 404.15 Td (then ) Tj ET Q q 0 0 0 rg BT 208.06 404.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 259.68 404.15 Td (2.5% ) Tj ET Q q 0 0 0 rg BT 284.17 404.15 Td (Senior ) Tj ET Q q 0 0 0 rg BT 314.20 404.15 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 366.39 404.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 393.50 404.15 Td (\(the ) Tj ET Q q 0 0 0 rg BT 412.45 404.15 Td ("Convertible ) Tj ET Q q 0 0 0 rg BT 468.92 404.15 Td (Notes"\). ) Tj ET Q q 0 0 0 rg BT 506.44 404.15 Td ( ) Tj ET Q q 0 0 0 rg BT 508.87 404.15 Td (The ) Tj ET Q q 0 0 0 rg BT 527.81 404.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 553.76 404.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 391.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.25 391.55 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 111.64 391.55 Td (included ) Tj ET Q q 0 0 0 rg BT 149.71 391.55 Td (the ) Tj ET Q q 0 0 0 rg BT 164.46 391.55 Td (issuance ) Tj ET Q q 0 0 0 rg BT 201.95 391.55 Td (of ) Tj ET Q q 0 0 0 rg BT 212.62 391.55 Td (warrants ) Tj ET Q q 0 0 0 rg BT 250.69 391.55 Td (to ) Tj ET Q q 0 0 0 rg BT 260.77 391.55 Td (the ) Tj ET Q q 0 0 0 rg BT 275.52 391.55 Td (holders ) Tj ET Q q 0 0 0 rg BT 308.35 391.55 Td (of ) Tj ET Q q 0 0 0 rg BT 319.02 391.55 Td (the ) Tj ET Q q 0 0 0 rg BT 333.76 391.55 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 385.26 391.55 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 414.30 391.55 Td ( ) Tj ET Q q 0 0 0 rg BT 416.08 391.55 Td (The ) Tj ET Q q 0 0 0 rg BT 434.32 391.55 Td (warrants ) Tj ET Q q 0 0 0 rg BT 472.39 391.55 Td (replaced ) Tj ET Q q 0 0 0 rg BT 509.87 391.55 Td (a ) Tj ET Q q 0 0 0 rg BT 516.45 391.55 Td (conversion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 378.95 Td (feature ) Tj ET Q q 0 0 0 rg BT 81.40 378.95 Td (of ) Tj ET Q q 0 0 0 rg BT 92.90 378.95 Td (the ) Tj ET Q q 0 0 0 rg BT 108.48 378.95 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 160.80 378.95 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 190.68 378.95 Td (and ) Tj ET Q q 0 0 0 rg BT 208.59 378.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 243.42 378.95 Td (for ) Tj ET Q q 0 0 0 rg BT 258.42 378.95 Td (the ) Tj ET Q q 0 0 0 rg BT 274.00 378.95 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 316.69 378.95 Td (in ) Tj ET Q q 0 0 0 rg BT 327.62 378.95 Td (the ) Tj ET Q q 0 0 0 rg BT 343.20 378.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 386.76 378.95 Td (and ) Tj ET Q q 0 0 0 rg BT 404.67 378.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 437.17 378.95 Td (to ) Tj ET Q q 0 0 0 rg BT 448.09 378.95 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 499.54 378.95 Td (of ) Tj ET Q q 0 0 0 rg BT 511.04 378.95 Td (14.2 ) Tj ET Q q 0 0 0 rg BT 532.17 378.95 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 366.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.31 366.35 Td (of ) Tj ET Q q 0 0 0 rg BT 89.62 366.35 Td (our ) Tj ET Q q 0 0 0 rg BT 106.18 366.35 Td (common ) Tj ET Q q 0 0 0 rg BT 145.49 366.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 172.84 366.35 Td (on ) Tj ET Q q 0 0 0 rg BT 185.91 366.35 Td (a ) Tj ET Q q 0 0 0 rg BT 193.13 366.35 Td (net ) Tj ET Q q 0 0 0 rg BT 208.53 366.35 Td (share ) Tj ET Q q 0 0 0 rg BT 233.25 366.35 Td (settled ) Tj ET Q q 0 0 0 rg BT 263.22 366.35 Td (basis, ) Tj ET Q q 0 0 0 rg BT 289.41 366.35 Td (at ) Tj ET Q q 0 0 0 rg BT 299.56 366.35 Td (an ) Tj ET Q q 0 0 0 rg BT 312.03 366.35 Td (exercise ) Tj ET Q q 0 0 0 rg BT 348.99 366.35 Td (price ) Tj ET Q q 0 0 0 rg BT 372.54 366.35 Td (of ) Tj ET Q q 0 0 0 rg BT 383.85 366.35 Td ($88 ) Tj ET Q q 0 0 0 rg BT 402.17 366.35 Td (per ) Tj ET Q q 0 0 0 rg BT 418.14 366.35 Td (share. ) Tj ET Q q 0 0 0 rg BT 445.48 366.35 Td ( ) Tj ET Q q 0 0 0 rg BT 447.86 366.35 Td (The ) Tj ET Q q 0 0 0 rg BT 466.75 366.35 Td (warrants ) Tj ET Q q 0 0 0 rg BT 505.47 366.35 Td (expire ) Tj ET Q q 0 0 0 rg BT 534.27 366.35 Td (in ) Tj ET Q q 0 0 0 rg BT 545.00 366.35 Td (July ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 353.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 73.13 353.75 Td (and ) Tj ET Q q 0 0 0 rg BT 90.91 353.75 Td (can ) Tj ET Q q 0 0 0 rg BT 108.11 353.75 Td (be ) Tj ET Q q 0 0 0 rg BT 120.64 353.75 Td (settled, ) Tj ET Q q 0 0 0 rg BT 153.30 353.75 Td (at ) Tj ET Q q 0 0 0 rg BT 163.51 353.75 Td (our ) Tj ET Q q 0 0 0 rg BT 180.13 353.75 Td (election, ) Tj ET Q q 0 0 0 rg BT 218.61 353.75 Td (in ) Tj ET Q q 0 0 0 rg BT 229.40 353.75 Td (either ) Tj ET Q q 0 0 0 rg BT 255.93 353.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 284.80 353.75 Td (of ) Tj ET Q q 0 0 0 rg BT 296.17 353.75 Td (common ) Tj ET Q q 0 0 0 rg BT 335.54 353.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 360.33 353.75 Td (or ) Tj ET Q q 0 0 0 rg BT 371.70 353.75 Td (cash.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 328.55 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 328.55 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.32 328.55 Td (6 ) Tj ET Q q 0 0 0 rg BT 98.20 328.55 Td (of ) Tj ET Q q 0 0 0 rg BT 109.57 328.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 136.69 328.55 Td (to ) Tj ET Q q 0 0 0 rg BT 147.48 328.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 205.52 328.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 247.22 328.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 295.92 328.55 Td (for ) Tj ET Q q 0 0 0 rg BT 310.79 328.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 355.41 328.55 Td (information ) Tj ET Q q 0 0 0 rg BT 407.61 328.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 450.46 328.55 Td (our ) Tj ET Q q 0 0 0 rg BT 467.09 328.55 Td (debt.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 303.35 Td (Other) Tj ET Q q 0 0 0 rg BT 76.14 303.35 Td ( ) Tj ET Q q 0 0 0 rg BT 78.57 303.35 Td (T) Tj ET Q q 0 0 0 rg BT 84.79 303.35 Td (ransactions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 290.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 290.75 Td (e ) Tj ET Q q 0 0 0 rg BT 66.47 290.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 97.12 290.75 Td (that ) Tj ET Q q 0 0 0 rg BT 116.10 290.75 Td (over ) Tj ET Q q 0 0 0 rg BT 138.00 290.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.07 290.75 Td (next ) Tj ET Q q 0 0 0 rg BT 175.40 290.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 189.14 290.75 Td (months ) Tj ET Q q 0 0 0 rg BT 223.30 290.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 245.20 290.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 289.25 290.75 Td (from ) Tj ET Q q 0 0 0 rg BT 312.90 290.75 Td (our ) Tj ET Q q 0 0 0 rg BT 330.14 290.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 373.04 290.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 414.19 290.75 Td (and ) Tj ET Q q 0 0 0 rg BT 432.59 290.75 Td (available ) Tj ET Q q 0 0 0 rg BT 473.73 290.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 495.63 290.75 Td (on ) Tj ET Q q 0 0 0 rg BT 509.37 290.75 Td (hand ) Tj ET Q q 0 0 0 rg BT 533.03 290.75 Td (will ) Tj ET Q q 0 0 0 rg BT 552.60 290.75 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 278.15 Td (adequate ) Tj ET Q q 0 0 0 rg BT 89.61 278.15 Td (to ) Tj ET Q q 0 0 0 rg BT 100.59 278.15 Td (support ) Tj ET Q q 0 0 0 rg BT 134.89 278.15 Td (our ) Tj ET Q q 0 0 0 rg BT 151.69 278.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 194.15 278.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 215.61 278.15 Td (needs, ) Tj ET Q q 0 0 0 rg BT 244.95 278.15 Td (and ) Tj ET Q q 0 0 0 rg BT 262.92 278.15 Td (planned ) Tj ET Q q 0 0 0 rg BT 298.96 278.15 Td (share ) Tj ET Q q 0 0 0 rg BT 323.92 278.15 Td (repurchases. ) Tj ET Q q 0 0 0 rg BT 378.91 278.15 Td ( ) Tj ET Q q 0 0 0 rg BT 381.51 278.15 Td (W) Tj ET Q q 0 0 0 rg BT 390.58 278.15 Td (e ) Tj ET Q q 0 0 0 rg BT 398.04 278.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 438.75 278.15 Td (intend ) Tj ET Q q 0 0 0 rg BT 467.80 278.15 Td (to ) Tj ET Q q 0 0 0 rg BT 478.77 278.15 Td (utilize ) Tj ET Q q 0 0 0 rg BT 507.82 278.15 Td (our ) Tj ET Q q 0 0 0 rg BT 524.62 278.15 Td (available ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 265.55 Td (resources ) Tj ET Q q 0 0 0 rg BT 92.81 265.55 Td (for ) Tj ET Q q 0 0 0 rg BT 108.71 265.55 Td (any ) Tj ET Q q 0 0 0 rg BT 127.53 265.55 Td (number ) Tj ET Q q 0 0 0 rg BT 163.26 265.55 Td (of ) Tj ET Q q 0 0 0 rg BT 175.67 265.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 216.07 265.55 Td (activities, ) Tj ET Q q 0 0 0 rg BT 260.26 265.55 Td (including, ) Tj ET Q q 0 0 0 rg BT 306.21 265.55 Td (but ) Tj ET Q q 0 0 0 rg BT 323.28 265.55 Td (not ) Tj ET Q q 0 0 0 rg BT 340.36 265.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 373.77 265.55 Td (to, ) Tj ET Q q 0 0 0 rg BT 388.22 265.55 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 444.67 265.55 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 493.80 265.55 Td (of ) Tj ET Q q 0 0 0 rg BT 506.20 265.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 536.10 265.55 Td (of ) Tj ET Q q 0 0 0 rg BT 548.51 265.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 252.95 Td (common ) Tj ET Q q 0 0 0 rg BT 87.76 252.95 Td (stock, ) Tj ET Q q 0 0 0 rg BT 114.07 252.95 Td (seed ) Tj ET Q q 0 0 0 rg BT 134.24 252.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 163.74 252.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 215.42 252.95 Td (in ) Tj ET Q q 0 0 0 rg BT 225.10 252.95 Td (new ) Tj ET Q q 0 0 0 rg BT 244.11 252.95 Td (and ) Tj ET Q q 0 0 0 rg BT 260.78 252.95 Td (existing ) Tj ET Q q 0 0 0 rg BT 295.55 252.95 Td (products, ) Tj ET Q q 0 0 0 rg BT 335.85 252.95 Td (repayment ) Tj ET Q q 0 0 0 rg BT 381.68 252.95 Td (of ) Tj ET Q q 0 0 0 rg BT 391.94 252.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 442.46 252.95 Td (debt, ) Tj ET Q q 0 0 0 rg BT 464.67 252.95 Td (or ) Tj ET Q q 0 0 0 rg BT 474.94 252.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 512.61 252.95 Td (of ) Tj ET Q q 0 0 0 rg BT 522.87 252.95 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.35 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 95.73 240.35 Td ( ) Tj ET Q q 0 0 0 rg BT 98.51 240.35 Td (In ) Tj ET Q q 0 0 0 rg BT 110.03 240.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 147.22 240.35 Td (to ) Tj ET Q q 0 0 0 rg BT 158.16 240.35 Td (our ) Tj ET Q q 0 0 0 rg BT 174.93 240.35 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 213.28 240.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 255.70 240.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 277.14 240.35 Td (needs, ) Tj ET Q q 0 0 0 rg BT 306.44 240.35 Td (we ) Tj ET Q q 0 0 0 rg BT 321.46 240.35 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 365.05 240.35 Td (other ) Tj ET Q q 0 0 0 rg BT 389.40 240.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 410.83 240.35 Td (needs ) Tj ET Q q 0 0 0 rg BT 437.52 240.35 Td (during ) Tj ET Q q 0 0 0 rg BT 467.70 240.35 Td (the ) Tj ET Q q 0 0 0 rg BT 483.31 240.35 Td (next ) Tj ET Q q 0 0 0 rg BT 504.16 240.35 Td (12 ) Tj ET Q q 0 0 0 rg BT 517.44 240.35 Td (months, ) Tj ET Q q 0 0 0 rg BT 553.76 240.35 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 227.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 92.37 227.75 Td (below) Tj ET Q q 0 0 0 rg BT 117.35 227.75 Td (.) Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (62) Tj ET Q BT /F3 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 749.01 53.69 -9.38 re f /GS0 gs q 0 0 0 rg BT 49.50 741.90 Td (Acquisitions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 724.30 Td (As ) Tj ET Q q 0 0 0 rg BT 63.61 724.30 Td (of ) Tj ET Q q 0 0 0 rg BT 74.80 724.30 Td (March ) Tj ET Q q 0 0 0 rg BT 104.65 724.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.22 724.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 146.28 724.30 Td (we ) Tj ET Q q 0 0 0 rg BT 160.97 724.30 Td (had ) Tj ET Q q 0 0 0 rg BT 178.57 724.30 Td (various ) Tj ET Q q 0 0 0 rg BT 211.93 724.30 Td (commitments ) Tj ET Q q 0 0 0 rg BT 271.53 724.30 Td (to ) Tj ET Q q 0 0 0 rg BT 282.14 724.30 Td (pay ) Tj ET Q q 0 0 0 rg BT 299.75 724.30 Td (contingent ) Tj ET Q q 0 0 0 rg BT 346.51 724.30 Td (consideration ) Tj ET Q q 0 0 0 rg BT 405.52 724.30 Td (relating ) Tj ET Q q 0 0 0 rg BT 440.04 724.30 Td (to ) Tj ET Q q 0 0 0 rg BT 450.65 724.30 Td (business ) Tj ET Q q 0 0 0 rg BT 488.68 724.30 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 543.91 724.30 Td ( ) Tj ET Q q 0 0 0 rg BT 546.18 724.30 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 711.70 Td (following ) Tj ET Q q 0 0 0 rg BT 93.94 711.70 Td (table ) Tj ET Q q 0 0 0 rg BT 117.96 711.70 Td (presents ) Tj ET Q q 0 0 0 rg BT 155.97 711.70 Td (a ) Tj ET Q q 0 0 0 rg BT 164.24 711.70 Td (summary ) Tj ET Q q 0 0 0 rg BT 206.93 711.70 Td (of ) Tj ET Q q 0 0 0 rg BT 219.29 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 235.73 711.70 Td (maximum ) Tj ET Q q 0 0 0 rg BT 281.92 711.70 Td (remaining ) Tj ET Q q 0 0 0 rg BT 328.10 711.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 372.51 711.70 Td (contingent ) Tj ET Q q 0 0 0 rg BT 420.44 711.70 Td (consideration ) Tj ET Q q 0 0 0 rg BT 480.62 711.70 Td (and ) Tj ET Q q 0 0 0 rg BT 499.39 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 515.83 711.70 Td (Contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 699.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.87 699.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 144.35 699.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 158.82 699.10 Td (millions\) ) Tj ET Q q 0 0 0 rg BT 199.55 699.10 Td (for ) Tj ET Q q 0 0 0 rg BT 214.60 699.10 Td (each ) Tj ET Q q 0 0 0 rg BT 236.64 699.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.19 699.10 Td (our ) Tj ET Q q 0 0 0 rg BT 264.99 699.10 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 320.59 699.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.78 699.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 370.50 699.10 Td (details ) Tj ET Q q 0 0 0 rg BT 400.71 699.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 443.75 699.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 490.88 699.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 550.26 699.10 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 686.50 Td (each ) Tj ET Q q 0 0 0 rg BT 71.36 686.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 118.31 686.50 Td (recent ) Tj ET Q q 0 0 0 rg BT 146.58 686.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 195.28 686.50 Td (are ) Tj ET Q q 0 0 0 rg BT 210.72 686.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 253.60 686.50 Td (below) Tj ET Q q 0 0 0 rg BT 278.57 686.50 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 595.00 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 595.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 595.00 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 595.00 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 595.00 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 595.00 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 595.00 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 595.00 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 595.00 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 595.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 595.00 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 554.00 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 554.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 554.00 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 554.00 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 554.00 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 554.00 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 554.00 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 554.00 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 554.00 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 554.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 554.00 61.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 645 m 215 645 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 645 m 286 645 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 645 m 358 645 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 645 m 427 645 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 645 m 497 645 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 645 m 562 645 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 620 m 215 620 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 620 m 286 620 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 620 m 358 620 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 620 m 427 620 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 620 m 497 620 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 620 m 562 620 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 554 m 215 554 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 554 m 286 554 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 554 m 358 554 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 554 m 427 554 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 554 m 497 554 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 554 m 562 554 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 539 m 215 539 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 554 m 286 554 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 539 m 286 539 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 554 m 358 554 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 539 m 358 539 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 554 m 427 554 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 539 m 427 539 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 554 m 497 554 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 539 m 497 539 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 539 m 562 539 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.95 660.27 Td (RARE) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.40 649.77 Td (Infrastructure) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.95 649.77 Td (Martin Currie) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.20 649.77 Td (QS Investors) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.05 649.77 Td (Other) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 471.96 654.53 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.25 649.77 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 635.29 Td (Maximum Remaining Contingent ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 624.79 Td (Consideration) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 124.09 629.55 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.50 624.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.60 624.77 Td (81.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 624.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.35 624.77 Td (407.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.50 624.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.60 624.77 Td (23.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.50 624.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.85 624.77 Td (5.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.50 624.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 624.77 Td (517.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 599.79 Td (Contingent consideration liability) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.50 584.77 Td (Current Contingent consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.50 584.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.85 584.77 Td (7.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 584.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.60 584.77 Td (12.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.50 584.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 584.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.50 584.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.85 584.77 Td (2.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.50 584.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 584.77 Td (22.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.50 569.27 Td (Non-current Contingent) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 558.77 Td (consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.85 558.77 Td (9.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 558.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.85 558.77 Td (4.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.50 558.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 558.77 Td (14.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.50 543.77 Td (Balance as of March 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.50 543.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.60 543.77 Td (17.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 543.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.60 543.77 Td (12.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.50 543.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.85 543.77 Td (4.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.50 543.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.85 543.77 Td (2.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.50 543.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 543.77 Td (36.8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 524.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 61.54 524.30 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 524.30 Td (Using ) Tj ET Q q 0 0 0 rg BT 89.93 524.30 Td (the ) Tj ET Q q 0 0 0 rg BT 102.44 524.30 Td (applicable ) Tj ET Q q 0 0 0 rg BT 139.50 524.30 Td (exchange ) Tj ET Q q 0 0 0 rg BT 173.71 524.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 188.58 524.30 Td (as ) Tj ET Q q 0 0 0 rg BT 197.78 524.30 Td (of ) Tj ET Q q 0 0 0 rg BT 206.99 524.30 Td (March ) Tj ET Q q 0 0 0 rg BT 231.30 524.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 244.05 524.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 263.17 524.30 Td (for ) Tj ET Q q 0 0 0 rg BT 275.21 524.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 306.14 524.30 Td (denominated ) Tj ET Q q 0 0 0 rg BT 352.17 524.30 Td (in ) Tj ET Q q 0 0 0 rg BT 360.90 524.30 Td (currencies ) Tj ET Q q 0 0 0 rg BT 397.95 524.30 Td (other ) Tj ET Q q 0 0 0 rg BT 417.54 524.30 Td (than ) Tj ET Q q 0 0 0 rg BT 434.30 524.30 Td (the ) Tj ET Q q 0 0 0 rg BT 446.81 524.30 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 464.05 524.30 Td (dollar) Tj ET Q q 0 0 0 rg BT 483.41 524.30 Td (.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 61.54 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 514.10 Td (Includes ) Tj ET Q q 0 0 0 rg BT 98.42 514.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 129.35 514.10 Td (related ) Tj ET Q q 0 0 0 rg BT 154.60 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.34 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.85 514.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 218.58 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.79 514.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 261.54 514.10 Td (Guard ) Tj ET Q q 0 0 0 rg BT 284.91 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.31 514.10 Td (PK ) Tj ET Q q 0 0 0 rg BT 312.30 514.10 Td (Investments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 491.30 Td (As ) Tj ET Q q 0 0 0 rg BT 63.23 491.30 Td (further ) Tj ET Q q 0 0 0 rg BT 93.85 491.30 Td (described ) Tj ET Q q 0 0 0 rg BT 136.14 491.30 Td (below) Tj ET Q q 0 0 0 rg BT 161.12 491.30 Td (, ) Tj ET Q q 0 0 0 rg BT 165.80 491.30 Td (we ) Tj ET Q q 0 0 0 rg BT 180.10 491.30 Td (may ) Tj ET Q q 0 0 0 rg BT 200.23 491.30 Td (be ) Tj ET Q q 0 0 0 rg BT 212.20 491.30 Td (obligated ) Tj ET Q q 0 0 0 rg BT 253.33 491.30 Td (to ) Tj ET Q q 0 0 0 rg BT 263.55 491.30 Td (settle ) Tj ET Q q 0 0 0 rg BT 287.77 491.30 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 351.65 491.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 388.70 491.30 Td (related ) Tj ET Q q 0 0 0 rg BT 419.32 491.30 Td (to ) Tj ET Q q 0 0 0 rg BT 429.54 491.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 460.16 491.30 Td (af) Tj ET Q q 0 0 0 rg BT 468.13 491.30 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 501.39 491.30 Td ( ) Tj ET Q q 0 0 0 rg BT 503.30 491.30 Td (The ) Tj ET Q q 0 0 0 rg BT 521.68 491.30 Td (following ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 478.70 Td (table ) Tj ET Q q 0 0 0 rg BT 72.76 478.70 Td (presents ) Tj ET Q q 0 0 0 rg BT 110.03 478.70 Td (a ) Tj ET Q q 0 0 0 rg BT 117.55 478.70 Td (summary ) Tj ET Q q 0 0 0 rg BT 159.48 478.70 Td (of ) Tj ET Q q 0 0 0 rg BT 171.08 478.70 Td (our ) Tj ET Q q 0 0 0 rg BT 187.94 478.70 Td (af) Tj ET Q q 0 0 0 rg BT 195.91 478.70 Td (filiate ) Tj ET Q q 0 0 0 rg BT 223.25 478.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 287.94 478.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 325.79 478.70 Td (\(in ) Tj ET Q q 0 0 0 rg BT 340.31 478.70 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 383.71 478.70 Td (excluding ) Tj ET Q q 0 0 0 rg BT 427.97 478.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 466.41 478.70 Td (related ) Tj ET Q q 0 0 0 rg BT 497.83 478.70 Td (to ) Tj ET Q q 0 0 0 rg BT 508.86 478.70 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.43 466.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 105.91 466.10 Td (as ) Tj ET Q q 0 0 0 rg BT 117.34 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.77 466.10 Td (March ) Tj ET Q q 0 0 0 rg BT 158.86 466.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.67 466.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 200.98 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.47 466.10 Td (The ) Tj ET Q q 0 0 0 rg BT 222.48 466.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 259.57 466.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 289.68 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.11 466.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 365.62 466.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 399.21 466.10 Td (settlements ) Tj ET Q q 0 0 0 rg BT 449.14 466.10 Td (are ) Tj ET Q q 0 0 0 rg BT 464.64 466.10 Td (too ) Tj ET Q q 0 0 0 rg BT 480.75 466.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 522.50 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.35 466.10 Td (project ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 453.50 Td (with ) Tj ET Q q 0 0 0 rg BT 70.79 453.50 Td (any ) Tj ET Q q 0 0 0 rg BT 88.58 453.50 Td (accuracy) Tj ET Q q 0 0 0 rg BT 125.20 453.50 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 417.00 153.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 417.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 417.00 72.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 417.00 5.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 417.00 67.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 417.00 5.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 417.00 70.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 417.00 5.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 417.00 65.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 417.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 417.00 61.00 -26.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 417 m 203 417 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 417 m 279 417 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 417 m 351 417 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 417 m 426 417 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 417 m 496 417 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 417 m 561 417 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 210.85 421.77 Td (EnTrustPermal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.25 432.27 Td (Clarion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.75 421.77 Td (Partners) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.45 432.27 Td (RARE) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.90 421.77 Td (Infrastructure) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 421.77 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.25 421.77 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 406.27 Td (Affiliate noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 395.77 Td (as of March 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 209.50 395.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.35 395.77 Td (404.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.50 395.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.35 395.77 Td (113.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.50 395.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.60 395.77 Td (68.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.50 395.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.85 395.77 Td (4.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.50 395.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.35 395.77 Td (591.3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 366.30 Td (On ) Tj ET Q q 0 0 0 rg BT 64.32 366.30 Td (August ) Tj ET Q q 0 0 0 rg BT 97.20 366.30 Td (17, ) Tj ET Q q 0 0 0 rg BT 112.87 366.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 139.04 366.30 Td (we ) Tj ET Q q 0 0 0 rg BT 153.83 366.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 192.52 366.30 Td (a ) Tj ET Q q 0 0 0 rg BT 199.73 366.30 Td (majority ) Tj ET Q q 0 0 0 rg BT 237.85 366.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 271.30 366.30 Td (in ) Tj ET Q q 0 0 0 rg BT 282.01 366.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 323.63 366.30 Td (Guard. ) Tj ET Q q 0 0 0 rg BT 355.04 366.30 Td ( ) Tj ET Q q 0 0 0 rg BT 357.41 366.30 Td (The ) Tj ET Q q 0 0 0 rg BT 376.28 366.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 424.90 366.30 Td (closing ) Tj ET Q q 0 0 0 rg BT 457.78 366.30 Td (required ) Tj ET Q q 0 0 0 rg BT 495.30 366.30 Td (a ) Tj ET Q q 0 0 0 rg BT 502.51 366.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 523.71 366.30 Td (payment, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 353.70 Td (which ) Tj ET Q q 0 0 0 rg BT 77.50 353.70 Td (was ) Tj ET Q q 0 0 0 rg BT 96.17 353.70 Td (funded ) Tj ET Q q 0 0 0 rg BT 127.66 353.70 Td (with ) Tj ET Q q 0 0 0 rg BT 148.67 353.70 Td (existing ) Tj ET Q q 0 0 0 rg BT 184.26 353.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 205.25 353.70 Td (resources. ) Tj ET Q q 0 0 0 rg BT 249.86 353.70 Td ( ) Tj ET Q q 0 0 0 rg BT 252.20 353.70 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 301.20 353.70 Td (consideration ) Tj ET Q q 0 0 0 rg BT 360.11 353.70 Td (of ) Tj ET Q q 0 0 0 rg BT 371.19 353.70 Td (up ) Tj ET Q q 0 0 0 rg BT 384.03 353.70 Td (to ) Tj ET Q q 0 0 0 rg BT 394.54 353.70 Td ($3 ) Tj ET Q q 0 0 0 rg BT 407.38 353.70 Td (million ) Tj ET Q q 0 0 0 rg BT 440.05 353.70 Td (may ) Tj ET Q q 0 0 0 rg BT 460.47 353.70 Td (be ) Tj ET Q q 0 0 0 rg BT 472.71 353.70 Td (due ) Tj ET Q q 0 0 0 rg BT 490.21 353.70 Td (one ) Tj ET Q q 0 0 0 rg BT 507.71 353.70 Td (year ) Tj ET Q q 0 0 0 rg BT 528.12 353.70 Td (after ) Tj ET Q q 0 0 0 rg BT 549.69 353.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 83.33 341.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 106.94 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.19 341.10 Td (The ) Tj ET Q q 0 0 0 rg BT 130.01 341.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 165.01 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.25 341.10 Td (any ) Tj ET Q q 0 0 0 rg BT 195.91 341.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 233.82 341.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 281.64 341.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 321.30 341.10 Td (will ) Tj ET Q q 0 0 0 rg BT 341.13 341.10 Td (be ) Tj ET Q q 0 0 0 rg BT 354.54 341.10 Td (based ) Tj ET Q q 0 0 0 rg BT 381.95 341.10 Td (on ) Tj ET Q q 0 0 0 rg BT 395.95 341.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 428.01 341.10 Td (metrics. ) Tj ET Q q 0 0 0 rg BT 465.04 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.29 341.10 Td (W) Tj ET Q q 0 0 0 rg BT 477.36 341.10 Td (e ) Tj ET Q q 0 0 0 rg BT 485.52 341.10 Td (also ) Tj ET Q q 0 0 0 rg BT 505.93 341.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 554.34 341.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 328.50 Td (contribute ) Tj ET Q q 0 0 0 rg BT 94.67 328.50 Td (up ) Tj ET Q q 0 0 0 rg BT 107.77 328.50 Td (to ) Tj ET Q q 0 0 0 rg BT 118.54 328.50 Td ($5 ) Tj ET Q q 0 0 0 rg BT 131.64 328.50 Td (million ) Tj ET Q q 0 0 0 rg BT 164.57 328.50 Td (of ) Tj ET Q q 0 0 0 rg BT 175.92 328.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 220.51 328.50 Td (working ) Tj ET Q q 0 0 0 rg BT 258.11 328.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 288.69 328.50 Td (to ) Tj ET Q q 0 0 0 rg BT 299.46 328.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 341.13 328.50 Td (Guard, ) Tj ET Q q 0 0 0 rg BT 372.60 328.50 Td (to ) Tj ET Q q 0 0 0 rg BT 383.36 328.50 Td (be ) Tj ET Q q 0 0 0 rg BT 395.87 328.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 416.55 328.50 Td (over ) Tj ET Q q 0 0 0 rg BT 437.81 328.50 Td (the ) Tj ET Q q 0 0 0 rg BT 453.24 328.50 Td (two ) Tj ET Q q 0 0 0 rg BT 471.59 328.50 Td (year ) Tj ET Q q 0 0 0 rg BT 492.25 328.50 Td (period ) Tj ET Q q 0 0 0 rg BT 521.68 328.50 Td (following ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 315.90 Td (the ) Tj ET Q q 0 0 0 rg BT 64.11 315.90 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 114.60 315.90 Td (of ) Tj ET Q q 0 0 0 rg BT 125.13 315.90 Td (which ) Tj ET Q q 0 0 0 rg BT 152.58 315.90 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 172.73 315.90 Td (million ) Tj ET Q q 0 0 0 rg BT 204.86 315.90 Td (has ) Tj ET Q q 0 0 0 rg BT 220.64 315.90 Td (been ) Tj ET Q q 0 0 0 rg BT 242.24 315.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 262.10 315.90 Td (as ) Tj ET Q q 0 0 0 rg BT 272.64 315.90 Td (of ) Tj ET Q q 0 0 0 rg BT 283.17 315.90 Td (March ) Tj ET Q q 0 0 0 rg BT 312.36 315.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 327.26 315.90 Td (2017. ) Tj ET Q q 0 0 0 rg BT 352.67 315.90 Td ( ) Tj ET Q q 0 0 0 rg BT 354.06 315.90 Td (As ) Tj ET Q q 0 0 0 rg BT 367.52 315.90 Td (of ) Tj ET Q q 0 0 0 rg BT 378.05 315.90 Td (March ) Tj ET Q q 0 0 0 rg BT 407.24 315.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 422.15 315.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 447.56 315.90 Td (no ) Tj ET Q q 0 0 0 rg BT 459.84 315.90 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.95 315.90 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 303.30 Td (is ) Tj ET Q q 0 0 0 rg BT 59.13 303.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 99.06 303.30 Td (to ) Tj ET Q q 0 0 0 rg BT 109.86 303.30 Td (be ) Tj ET Q q 0 0 0 rg BT 122.39 303.30 Td (paid. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.36 278.10 Td (May ) Tj ET Q q 0 0 0 rg BT 85.63 278.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 95.53 278.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 121.18 278.10 Td (we ) Tj ET Q q 0 0 0 rg BT 135.45 278.10 Td (closed ) Tj ET Q q 0 0 0 rg BT 164.30 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.15 278.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 227.25 278.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.44 278.10 Td (combine ) Tj ET Q q 0 0 0 rg BT 275.62 278.10 Td (Permal ) Tj ET Q q 0 0 0 rg BT 307.39 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.58 278.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 342.29 278.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 362.69 278.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.88 278.10 Td (create ) Tj ET Q q 0 0 0 rg BT 399.96 278.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 417.67 278.10 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 467.81 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.59 278.10 Td (which ) Tj ET Q q 0 0 0 rg BT 506.27 278.10 Td (we ) Tj ET Q q 0 0 0 rg BT 520.54 278.10 Td (own ) Tj ET Q q 0 0 0 rg BT 540.65 278.10 Td (65%. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 265.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.99 265.50 Td (transaction ) Tj ET Q q 0 0 0 rg BT 118.22 265.50 Td (required ) Tj ET Q q 0 0 0 rg BT 156.36 265.50 Td (a ) Tj ET Q q 0 0 0 rg BT 164.18 265.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 186.00 265.50 Td (payment ) Tj ET Q q 0 0 0 rg BT 225.32 265.50 Td (of ) Tj ET Q q 0 0 0 rg BT 237.23 265.50 Td ($400 ) Tj ET Q q 0 0 0 rg BT 261.39 265.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 297.52 265.50 Td (which ) Tj ET Q q 0 0 0 rg BT 326.34 265.50 Td (was ) Tj ET Q q 0 0 0 rg BT 345.83 265.50 Td (funded ) Tj ET Q q 0 0 0 rg BT 378.15 265.50 Td (with ) Tj ET Q q 0 0 0 rg BT 399.98 265.50 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 450.97 265.50 Td (under ) Tj ET Q q 0 0 0 rg BT 478.04 265.50 Td (our ) Tj ET Q q 0 0 0 rg BT 495.20 265.50 Td (revolving ) Tj ET Q q 0 0 0 rg BT 538.61 265.50 Td (credit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 252.90 Td (facility) Tj ET Q q 0 0 0 rg BT 78.56 252.90 Td (, ) Tj ET Q q 0 0 0 rg BT 84.33 252.90 Td (as ) Tj ET Q q 0 0 0 rg BT 96.23 252.90 Td (well ) Tj ET Q q 0 0 0 rg BT 117.46 252.90 Td (as ) Tj ET Q q 0 0 0 rg BT 129.36 252.90 Td (a ) Tj ET Q q 0 0 0 rg BT 137.17 252.90 Td (portion ) Tj ET Q q 0 0 0 rg BT 170.65 252.90 Td (of ) Tj ET Q q 0 0 0 rg BT 182.55 252.90 Td (the ) Tj ET Q q 0 0 0 rg BT 198.52 252.90 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 238.99 252.90 Td (from ) Tj ET Q q 0 0 0 rg BT 262.55 252.90 Td (the ) Tj ET Q q 0 0 0 rg BT 278.53 252.90 Td (2026 ) Tj ET Q q 0 0 0 rg BT 302.68 252.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 330.33 252.90 Td (and ) Tj ET Q q 0 0 0 rg BT 348.64 252.90 Td (the ) Tj ET Q q 0 0 0 rg BT 364.62 252.90 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 400.14 252.90 Td (2056 ) Tj ET Q q 0 0 0 rg BT 424.29 252.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 451.94 252.90 Td (that ) Tj ET Q q 0 0 0 rg BT 470.83 252.90 Td (were ) Tj ET Q q 0 0 0 rg BT 494.38 252.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 523.79 252.90 Td (in ) Tj ET Q q 0 0 0 rg BT 535.10 252.90 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.30 Td (2016. ) Tj ET Q q 0 0 0 rg BT 75.22 240.30 Td ( ) Tj ET Q q 0 0 0 rg BT 77.32 240.30 Td (In ) Tj ET Q q 0 0 0 rg BT 88.16 240.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 136.32 240.30 Td (with ) Tj ET Q q 0 0 0 rg BT 157.08 240.30 Td (the ) Tj ET Q q 0 0 0 rg BT 172.01 240.30 Td (combination, ) Tj ET Q q 0 0 0 rg BT 229.22 240.30 Td (as ) Tj ET Q q 0 0 0 rg BT 240.06 240.30 Td (of ) Tj ET Q q 0 0 0 rg BT 250.91 240.30 Td (March ) Tj ET Q q 0 0 0 rg BT 280.41 240.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 295.63 240.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 321.35 240.30 Td (we ) Tj ET Q q 0 0 0 rg BT 335.69 240.30 Td (have ) Tj ET Q q 0 0 0 rg BT 357.60 240.30 Td (incurred ) Tj ET Q q 0 0 0 rg BT 394.68 240.30 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 450.43 240.30 Td (and ) Tj ET Q q 0 0 0 rg BT 467.68 240.30 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 541.50 240.30 Td (costs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 227.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.32 227.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 125.04 227.70 Td ($85 ) Tj ET Q q 0 0 0 rg BT 143.86 227.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 179.89 227.70 Td (of ) Tj ET Q q 0 0 0 rg BT 191.71 227.70 Td (which ) Tj ET Q q 0 0 0 rg BT 220.44 227.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 284.16 227.70 Td (15% ) Tj ET Q q 0 0 0 rg BT 306.48 227.70 Td (were ) Tj ET Q q 0 0 0 rg BT 329.95 227.70 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 370.93 227.70 Td (char) Tj ET Q q 0 0 0 rg BT 388.81 227.70 Td (ges, ) Tj ET Q q 0 0 0 rg BT 408.50 227.70 Td (and ) Tj ET Q q 0 0 0 rg BT 426.73 227.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 490.45 227.70 Td ($66 ) Tj ET Q q 0 0 0 rg BT 509.27 227.70 Td (million ) Tj ET Q q 0 0 0 rg BT 542.68 227.70 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (been ) Tj ET Q q 0 0 0 rg BT 71.98 215.10 Td (paid. ) Tj ET Q q 0 0 0 rg BT 95.34 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.81 215.10 Td (The ) Tj ET Q q 0 0 0 rg BT 116.79 215.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 163.77 215.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 196.76 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.17 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.65 215.10 Td ($19 ) Tj ET Q q 0 0 0 rg BT 242.06 215.10 Td (million ) Tj ET Q q 0 0 0 rg BT 275.06 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.46 215.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 310.12 215.10 Td (that ) Tj ET Q q 0 0 0 rg BT 328.52 215.10 Td (have ) Tj ET Q q 0 0 0 rg BT 351.00 215.10 Td (not ) Tj ET Q q 0 0 0 rg BT 367.08 215.10 Td (been ) Tj ET Q q 0 0 0 rg BT 389.56 215.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 410.30 215.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 436.27 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.09 215.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 470.74 215.10 Td (char) Tj ET Q q 0 0 0 rg BT 488.62 215.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 505.27 215.10 Td (which ) Tj ET Q q 0 0 0 rg BT 533.59 215.10 Td (will ) Tj ET Q q 0 0 0 rg BT 552.58 215.10 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 202.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 70.56 202.50 Td (over ) Tj ET Q q 0 0 0 rg BT 92.20 202.50 Td (the ) Tj ET Q q 0 0 0 rg BT 108.01 202.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 153.56 202.50 Td (lease ) Tj ET Q q 0 0 0 rg BT 177.53 202.50 Td (term. ) Tj ET Q q 0 0 0 rg BT 202.38 202.50 Td ( ) Tj ET Q q 0 0 0 rg BT 205.15 202.50 Td (While ) Tj ET Q q 0 0 0 rg BT 233.79 202.50 Td (the ) Tj ET Q q 0 0 0 rg BT 249.60 202.50 Td (combination ) Tj ET Q q 0 0 0 rg BT 305.07 202.50 Td (is ) Tj ET Q q 0 0 0 rg BT 315.06 202.50 Td (substantially ) Tj ET Q q 0 0 0 rg BT 371.12 202.50 Td (complete, ) Tj ET Q q 0 0 0 rg BT 415.21 202.50 Td (we ) Tj ET Q q 0 0 0 rg BT 430.44 202.50 Td (expect ) Tj ET Q q 0 0 0 rg BT 460.82 202.50 Td (to ) Tj ET Q q 0 0 0 rg BT 471.97 202.50 Td (incur ) Tj ET Q q 0 0 0 rg BT 496.53 202.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 541.50 202.50 Td (costs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 189.90 Td (totaling ) Tj ET Q q 0 0 0 rg BT 84.50 189.90 Td ($5 ) Tj ET Q q 0 0 0 rg BT 97.92 189.90 Td (million ) Tj ET Q q 0 0 0 rg BT 131.17 189.90 Td (to ) Tj ET Q q 0 0 0 rg BT 142.26 189.90 Td ($6 ) Tj ET Q q 0 0 0 rg BT 155.67 189.90 Td (million ) Tj ET Q q 0 0 0 rg BT 188.93 189.90 Td (during ) Tj ET Q q 0 0 0 rg BT 219.26 189.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 244.92 189.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 268.83 189.90 Td (and ) Tj ET Q q 0 0 0 rg BT 286.91 189.90 Td (2019. ) Tj ET Q q 0 0 0 rg BT 313.45 189.90 Td ( ) Tj ET Q q 0 0 0 rg BT 316.37 189.90 Td (See ) Tj ET Q q 0 0 0 rg BT 334.45 189.90 Td (Note ) Tj ET Q q 0 0 0 rg BT 357.78 189.90 Td (2 ) Tj ET Q q 0 0 0 rg BT 365.95 189.90 Td (of ) Tj ET Q q 0 0 0 rg BT 377.61 189.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 405.03 189.90 Td (to ) Tj ET Q q 0 0 0 rg BT 416.11 189.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 474.44 189.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 516.43 189.90 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 177.30 Td (for ) Tj ET Q q 0 0 0 rg BT 64.08 177.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 108.41 177.30 Td (information. ) Tj ET Q q 0 0 0 rg BT 162.94 177.30 Td ( ) Tj ET Q q 0 0 0 rg BT 165.28 177.30 Td ( ) Tj ET Q q 0 0 0 rg BT 167.62 177.30 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 234.11 177.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 271.44 177.30 Td (of ) Tj ET Q q 0 0 0 rg BT 282.52 177.30 Td (35% ) Tj ET Q q 0 0 0 rg BT 304.11 177.30 Td (of ) Tj ET Q q 0 0 0 rg BT 315.19 177.30 Td (the ) Tj ET Q q 0 0 0 rg BT 330.35 177.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 381.69 177.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 410.27 177.30 Td (are ) Tj ET Q q 0 0 0 rg BT 425.43 177.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 457.51 177.30 Td (to ) Tj ET Q q 0 0 0 rg BT 468.01 177.30 Td (put ) Tj ET Q q 0 0 0 rg BT 483.76 177.30 Td (and ) Tj ET Q q 0 0 0 rg BT 501.26 177.30 Td (call ) Tj ET Q q 0 0 0 rg BT 518.75 177.30 Td (provisions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 164.70 Td (that ) Tj ET Q q 0 0 0 rg BT 67.87 164.70 Td (may ) Tj ET Q q 0 0 0 rg BT 88.57 164.70 Td (result ) Tj ET Q q 0 0 0 rg BT 114.53 164.70 Td (in ) Tj ET Q q 0 0 0 rg BT 125.32 164.70 Td (future ) Tj ET Q q 0 0 0 rg BT 153.02 164.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 174.30 164.70 Td (outlays.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 139.50 Td (On ) Tj ET Q q 0 0 0 rg BT 65.64 139.50 Td (April ) Tj ET Q q 0 0 0 rg BT 92.05 139.50 Td (13, ) Tj ET Q q 0 0 0 rg BT 109.42 139.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 137.29 139.50 Td (we ) Tj ET Q q 0 0 0 rg BT 153.78 139.50 Td (acquired ) Tj ET Q q 0 0 0 rg BT 194.17 139.50 Td (a ) Tj ET Q q 0 0 0 rg BT 203.08 139.50 Td (majority ) Tj ET Q q 0 0 0 rg BT 242.90 139.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 278.05 139.50 Td (in ) Tj ET Q q 0 0 0 rg BT 290.46 139.50 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 326.20 139.50 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 367.48 139.50 Td ( ) Tj ET Q q 0 0 0 rg BT 371.42 139.50 Td (The ) Tj ET Q q 0 0 0 rg BT 391.99 139.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 442.31 139.50 Td (required ) Tj ET Q q 0 0 0 rg BT 481.54 139.50 Td (a ) Tj ET Q q 0 0 0 rg BT 490.45 139.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 513.35 139.50 Td (payment ) Tj ET Q q 0 0 0 rg BT 553.75 139.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 126.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 113.43 126.90 Td ($632 ) Tj ET Q q 0 0 0 rg BT 137.72 126.90 Td (million ) Tj ET Q q 0 0 0 rg BT 171.34 126.90 Td (\(including ) Tj ET Q q 0 0 0 rg BT 217.79 126.90 Td (a ) Tj ET Q q 0 0 0 rg BT 225.73 126.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 265.17 126.90 Td (for ) Tj ET Q q 0 0 0 rg BT 280.70 126.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 302.64 126.90 Td (delivered ) Tj ET Q q 0 0 0 rg BT 344.99 126.90 Td (of ) Tj ET Q q 0 0 0 rg BT 357.02 126.90 Td ($37 ) Tj ET Q q 0 0 0 rg BT 376.06 126.90 Td (million ) Tj ET Q q 0 0 0 rg BT 409.68 126.90 Td (and ) Tj ET Q q 0 0 0 rg BT 428.13 126.90 Td (co-investments ) Tj ET Q q 0 0 0 rg BT 494.98 126.90 Td (of ) Tj ET Q q 0 0 0 rg BT 507.02 126.90 Td ($16 ) Tj ET Q q 0 0 0 rg BT 526.05 126.90 Td (million\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 114.30 Td (which ) Tj ET Q q 0 0 0 rg BT 77.52 114.30 Td (was ) Tj ET Q q 0 0 0 rg BT 96.22 114.30 Td (funded ) Tj ET Q q 0 0 0 rg BT 127.74 114.30 Td (with ) Tj ET Q q 0 0 0 rg BT 148.77 114.30 Td (a ) Tj ET Q q 0 0 0 rg BT 155.80 114.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 188.49 114.30 Td (of ) Tj ET Q q 0 0 0 rg BT 199.60 114.30 Td (the ) Tj ET Q q 0 0 0 rg BT 214.79 114.30 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 254.47 114.30 Td (from ) Tj ET Q q 0 0 0 rg BT 277.25 114.30 Td (the ) Tj ET Q q 0 0 0 rg BT 292.44 114.30 Td (issuance ) Tj ET Q q 0 0 0 rg BT 330.37 114.30 Td (of ) Tj ET Q q 0 0 0 rg BT 341.48 114.30 Td (the ) Tj ET Q q 0 0 0 rg BT 356.68 114.30 Td (2026 ) Tj ET Q q 0 0 0 rg BT 380.04 114.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 406.90 114.30 Td (and ) Tj ET Q q 0 0 0 rg BT 424.43 114.30 Td (the ) Tj ET Q q 0 0 0 rg BT 439.62 114.30 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 474.35 114.30 Td (2056 ) Tj ET Q q 0 0 0 rg BT 497.72 114.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 524.58 114.30 Td (in ) Tj ET Q q 0 0 0 rg BT 535.11 114.30 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 101.70 Td (2016. ) Tj ET Q q 0 0 0 rg BT 75.91 101.70 Td ( ) Tj ET Q q 0 0 0 rg BT 78.49 101.70 Td (W) Tj ET Q q 0 0 0 rg BT 87.56 101.70 Td (e ) Tj ET Q q 0 0 0 rg BT 95.00 101.70 Td (also ) Tj ET Q q 0 0 0 rg BT 114.69 101.70 Td (implemented ) Tj ET Q q 0 0 0 rg BT 172.29 101.70 Td (an ) Tj ET Q q 0 0 0 rg BT 184.99 101.70 Td (af) Tj ET Q q 0 0 0 rg BT 192.95 101.70 Td (filiate ) Tj ET Q q 0 0 0 rg BT 220.22 101.70 Td (management ) Tj ET Q q 0 0 0 rg BT 276.65 101.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 305.68 101.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 326.54 101.70 Td (for ) Tj ET Q q 0 0 0 rg BT 341.56 101.70 Td (the ) Tj ET Q q 0 0 0 rg BT 357.17 101.70 Td (management ) Tj ET Q q 0 0 0 rg BT 413.60 101.70 Td (team ) Tj ET Q q 0 0 0 rg BT 436.78 101.70 Td (of ) Tj ET Q q 0 0 0 rg BT 448.31 101.70 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 482.59 101.70 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 522.40 101.70 Td (as ) Tj ET Q q 0 0 0 rg BT 533.93 101.70 Td (further ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 93.24 89.10 Td (below) Tj ET Q q 0 0 0 rg BT 118.22 89.10 Td (. ) Tj ET Q q 0 0 0 rg BT 124.34 89.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.83 89.10 Td (In ) Tj ET Q q 0 0 0 rg BT 140.07 89.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 193.13 89.10 Td (with ) Tj ET Q q 0 0 0 rg BT 215.29 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.61 89.10 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 283.80 89.10 Td (we ) Tj ET Q q 0 0 0 rg BT 299.54 89.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 347.94 89.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.60 89.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 395.17 89.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 419.66 89.10 Td (million ) Tj ET Q q 0 0 0 rg BT 453.49 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.73 89.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 487.87 89.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 519.35 89.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.01 89.10 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 76.50 Td (Partners ) Tj ET Q q 0 0 0 rg BT 85.75 76.50 Td (products, ) Tj ET Q q 0 0 0 rg BT 126.38 76.50 Td (after ) Tj ET Q q 0 0 0 rg BT 147.45 76.50 Td (the ) Tj ET Q q 0 0 0 rg BT 162.12 76.50 Td (second ) Tj ET Q q 0 0 0 rg BT 193.12 76.50 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 243.94 76.50 Td (of ) Tj ET Q q 0 0 0 rg BT 254.52 76.50 Td (the ) Tj ET Q q 0 0 0 rg BT 269.19 76.50 Td (transaction ) Tj ET Q q 0 0 0 rg BT 317.10 76.50 Td (closing. ) Tj ET Q q 0 0 0 rg BT 351.90 76.50 Td ( ) Tj ET Q q 0 0 0 rg BT 353.74 76.50 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 419.74 76.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 456.57 76.50 Td (of ) Tj ET Q q 0 0 0 rg BT 467.16 76.50 Td (18% ) Tj ET Q q 0 0 0 rg BT 488.25 76.50 Td (of ) Tj ET Q q 0 0 0 rg BT 498.84 76.50 Td (the ) Tj ET Q q 0 0 0 rg BT 513.51 76.50 Td (outstanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 63.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.37 63.90 Td (are ) Tj ET Q q 0 0 0 rg BT 93.81 63.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 126.18 63.90 Td (to ) Tj ET Q q 0 0 0 rg BT 136.97 63.90 Td (put ) Tj ET Q q 0 0 0 rg BT 153.02 63.90 Td (and ) Tj ET Q q 0 0 0 rg BT 170.80 63.90 Td (call ) Tj ET Q q 0 0 0 rg BT 188.58 63.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 234.96 63.90 Td (that ) Tj ET Q q 0 0 0 rg BT 253.33 63.90 Td (may ) Tj ET Q q 0 0 0 rg BT 274.04 63.90 Td (result ) Tj ET Q q 0 0 0 rg BT 299.99 63.90 Td (in ) Tj ET Q q 0 0 0 rg BT 310.78 63.90 Td (future ) Tj ET Q q 0 0 0 rg BT 338.48 63.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 359.76 63.90 Td (outlays.) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (On ) Tj ET Q q 0 0 0 rg BT 64.71 741.75 Td (January ) Tj ET Q q 0 0 0 rg BT 99.74 741.75 Td (22, ) Tj ET Q q 0 0 0 rg BT 115.24 741.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 141.24 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 155.86 741.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 194.38 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 201.41 741.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 239.95 741.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 268.57 741.75 Td (position ) Tj ET Q q 0 0 0 rg BT 304.79 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 315.33 741.75 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 357.36 741.75 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 413.10 741.75 Td (LLC ) Tj ET Q q 0 0 0 rg BT 435.31 741.75 Td (\("Precidian"\). ) Tj ET Q q 0 0 0 rg BT 495.53 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 497.73 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 516.43 741.75 Td (transaction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (required ) Tj ET Q q 0 0 0 rg BT 87.07 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 94.31 729.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 115.56 729.15 Td (payment, ) Tj ET Q q 0 0 0 rg BT 156.92 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 185.17 729.15 Td (was ) Tj ET Q q 0 0 0 rg BT 204.09 729.15 Td (funded ) Tj ET Q q 0 0 0 rg BT 235.83 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 258.82 729.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 294.66 729.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 315.90 729.15 Td (resources. ) Tj ET Q q 0 0 0 rg BT 360.76 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 363.35 729.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 392.17 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 407.59 729.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 433.50 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 444.83 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 460.25 729.15 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 511.52 729.15 Td (we ) Tj ET Q q 0 0 0 rg BT 526.35 729.15 Td (acquired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (series ) Tj ET Q q 0 0 0 rg BT 75.78 716.55 Td (B ) Tj ET Q q 0 0 0 rg BT 85.15 716.55 Td (preferred ) Tj ET Q q 0 0 0 rg BT 125.99 716.55 Td (units ) Tj ET Q q 0 0 0 rg BT 148.78 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 159.89 716.55 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 201.91 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 220.03 716.55 Td (entitle ) Tj ET Q q 0 0 0 rg BT 248.64 716.55 Td (us ) Tj ET Q q 0 0 0 rg BT 260.34 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 270.88 716.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.90 716.55 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.14 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 355.51 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 366.63 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 381.82 716.55 Td (voting ) Tj ET Q q 0 0 0 rg BT 411.03 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 428.56 716.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 471.74 716.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 509.10 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 520.22 716.55 Td (Precidian. ) Tj ET Q q 0 0 0 rg BT 565.12 716.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (At ) Tj ET Q q 0 0 0 rg BT 63.49 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 80.98 703.95 Td (sole ) Tj ET Q q 0 0 0 rg BT 101.39 703.95 Td (option ) Tj ET Q q 0 0 0 rg BT 131.71 703.95 Td (during ) Tj ET Q q 0 0 0 rg BT 162.62 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 178.94 703.95 Td (48 ) Tj ET Q q 0 0 0 rg BT 192.93 703.95 Td (months ) Tj ET Q q 0 0 0 rg BT 227.34 703.95 Td (following ) Tj ET Q q 0 0 0 rg BT 271.67 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 287.99 703.95 Td (initial ) Tj ET Q q 0 0 0 rg BT 315.98 703.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 365.55 703.95 Td (or) Tj ET Q q 0 0 0 rg BT 373.87 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 379.99 703.95 Td (if ) Tj ET Q q 0 0 0 rg BT 389.90 703.95 Td (earlier) Tj ET Q q 0 0 0 rg BT 416.28 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 422.40 703.95 Td (within ) Tj ET Q q 0 0 0 rg BT 452.73 703.95 Td (nine ) Tj ET Q q 0 0 0 rg BT 474.30 703.95 Td (months ) Tj ET Q q 0 0 0 rg BT 508.71 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 520.95 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 537.27 703.95 Td (SEC's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (approval ) Tj ET Q q 0 0 0 rg BT 88.62 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 99.76 691.35 Td (Precidian's ) Tj ET Q q 0 0 0 rg BT 147.78 691.35 Td (application ) Tj ET Q q 0 0 0 rg BT 196.82 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 207.37 691.35 Td (operate ) Tj ET Q q 0 0 0 rg BT 240.66 691.35 Td (its ) Tj ET Q q 0 0 0 rg BT 252.44 691.35 Td (Active ) Tj ET Q q 0 0 0 rg BT 282.81 691.35 Td (Shares) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 310.81 696.11 Td (SM) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.67 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 323.06 691.35 Td (product, ) Tj ET Q q 0 0 0 rg BT 360.15 691.35 Td (we ) Tj ET Q q 0 0 0 rg BT 374.78 691.35 Td (may) Tj ET Q q 0 0 0 rg BT 392.18 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 397.19 691.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 429.32 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 439.87 691.35 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 490.08 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 501.22 691.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 532.17 691.35 Td (closing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 95.23 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 112.38 678.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 135.36 678.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 173.50 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.23 678.75 Td (further ) Tj ET Q q 0 0 0 rg BT 214.78 678.75 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 275.95 678.75 Td (convert ) Tj ET Q q 0 0 0 rg BT 309.42 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 325.40 678.75 Td (preferred ) Tj ET Q q 0 0 0 rg BT 365.85 678.75 Td (units ) Tj ET Q q 0 0 0 rg BT 388.26 678.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.41 678.75 Td (75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.65 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 419.64 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 430.37 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.18 678.75 Td (common ) Tj ET Q q 0 0 0 rg BT 483.91 678.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 512.13 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 522.86 678.75 Td (Precidian ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 63.18 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 71.02 666.15 Td (fully ) Tj ET Q q 0 0 0 rg BT 94.03 666.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 126.37 666.15 Td (basis. ) Tj ET Q q 0 0 0 rg BT 152.95 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 172.45 666.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 201.87 666.15 Td (conversion, ) Tj ET Q q 0 0 0 rg BT 253.75 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 272.09 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 288.09 666.15 Td (put ) Tj ET Q q 0 0 0 rg BT 304.69 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 323.03 666.15 Td (call ) Tj ET Q q 0 0 0 rg BT 341.37 666.15 Td (options ) Tj ET Q q 0 0 0 rg BT 375.47 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 394.39 666.15 Td (would ) Tj ET Q q 0 0 0 rg BT 423.82 666.15 Td (then ) Tj ET Q q 0 0 0 rg BT 445.08 666.15 Td (attach ) Tj ET Q q 0 0 0 rg BT 473.32 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 484.67 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 500.67 666.15 Td (noncontrolling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 87.12 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 98.49 653.55 Td (25% ) Tj ET Q q 0 0 0 rg BT 120.36 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 131.73 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 147.19 653.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 198.81 653.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 227.68 653.55 Td (may ) Tj ET Q q 0 0 0 rg BT 248.38 653.55 Td (result ) Tj ET Q q 0 0 0 rg BT 274.34 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 285.13 653.55 Td (future ) Tj ET Q q 0 0 0 rg BT 312.83 653.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 334.11 653.55 Td (outlays.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (On ) Tj ET Q q 0 0 0 rg BT 64.80 628.35 Td (December ) Tj ET Q q 0 0 0 rg BT 110.42 628.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 126.01 628.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 152.11 628.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 183.16 628.35 Td (Currie ) Tj ET Q q 0 0 0 rg BT 212.45 628.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 251.07 628.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 282.10 628.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 309.07 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 320.29 628.35 Td (PK ) Tj ET Q q 0 0 0 rg BT 336.19 628.35 Td (Investments. ) Tj ET Q q 0 0 0 rg BT 392.03 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 394.32 628.35 Td (The ) Tj ET Q q 0 0 0 rg BT 413.11 628.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 452.90 628.35 Td (price ) Tj ET Q q 0 0 0 rg BT 476.36 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 495.16 628.35 Td (comprised ) Tj ET Q q 0 0 0 rg BT 541.37 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 552.59 628.35 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 77.01 615.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 98.68 615.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 137.85 615.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.61 615.75 Td ($5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 160.11 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 163.12 615.75 Td (million ) Tj ET Q q 0 0 0 rg BT 196.48 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 214.65 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 222.32 615.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 269.66 615.75 Td (payment, ) Tj ET Q q 0 0 0 rg BT 311.45 615.75 Td (due ) Tj ET Q q 0 0 0 rg BT 329.63 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 343.14 615.75 Td (December ) Tj ET Q q 0 0 0 rg BT 389.29 615.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 405.43 615.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 432.07 615.75 Td (which ) Tj ET Q q 0 0 0 rg BT 460.74 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 470.76 615.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 511.67 615.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 554.93 615.75 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 112.61 603.15 Td ($3 ) Tj ET Q q 0 0 0 rg BT 125.58 603.15 Td (million. ) Tj ET Q q 0 0 0 rg BT 161.01 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 163.29 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 182.08 603.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 216.04 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 227.25 603.15 Td (any ) Tj ET Q q 0 0 0 rg BT 244.88 603.15 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 281.75 603.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 328.54 603.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 367.16 603.15 Td (will ) Tj ET Q q 0 0 0 rg BT 385.96 603.15 Td (be ) Tj ET Q q 0 0 0 rg BT 398.34 603.15 Td (based ) Tj ET Q q 0 0 0 rg BT 424.71 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 437.68 603.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 468.70 603.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 507.90 603.15 Td (metrics. ) Tj ET Q q 0 0 0 rg BT 543.90 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 546.18 603.15 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (initial ) Tj ET Q q 0 0 0 rg BT 76.62 590.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 97.91 590.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 136.69 590.55 Td (was ) Tj ET Q q 0 0 0 rg BT 155.64 590.55 Td (funded ) Tj ET Q q 0 0 0 rg BT 187.42 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 208.72 590.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 244.59 590.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 265.87 590.55 Td (resources.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (On ) Tj ET Q q 0 0 0 rg BT 65.89 565.35 Td (October ) Tj ET Q q 0 0 0 rg BT 103.26 565.35 Td (21, ) Tj ET Q q 0 0 0 rg BT 119.94 565.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 147.11 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 162.91 565.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 202.61 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 210.82 565.35 Td (majority ) Tj ET Q q 0 0 0 rg BT 249.95 565.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 284.41 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 296.14 565.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 327.69 565.35 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 391.01 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 394.30 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 414.18 565.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 463.81 565.35 Td (required ) Tj ET Q q 0 0 0 rg BT 502.35 565.35 Td (an ) Tj ET Q q 0 0 0 rg BT 515.81 565.35 Td (initial ) Tj ET Q q 0 0 0 rg BT 543.86 565.35 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 87.31 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 97.70 552.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 160.00 552.75 Td ($214 ) Tj ET Q q 0 0 0 rg BT 182.65 552.75 Td (million ) Tj ET Q q 0 0 0 rg BT 214.64 552.75 Td (\(using ) Tj ET Q q 0 0 0 rg BT 242.54 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 257.02 552.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 289.00 552.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 330.29 552.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 347.68 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 358.07 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 368.47 552.75 Td (October ) Tj ET Q q 0 0 0 rg BT 403.94 552.75 Td (21, ) Tj ET Q q 0 0 0 rg BT 418.72 552.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 441.37 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 455.26 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 469.74 552.75 Td (296 ) Tj ET Q q 0 0 0 rg BT 487.14 552.75 Td (million ) Tj ET Q q 0 0 0 rg BT 518.76 552.75 Td (Australian ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (dollar ) Tj ET Q q 0 0 0 rg BT 76.45 540.15 Td (payment\), ) Tj ET Q q 0 0 0 rg BT 121.18 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 149.30 540.15 Td (was ) Tj ET Q q 0 0 0 rg BT 168.09 540.15 Td (funded ) Tj ET Q q 0 0 0 rg BT 199.70 540.15 Td (with ) Tj ET Q q 0 0 0 rg BT 220.82 540.15 Td ($40 ) Tj ET Q q 0 0 0 rg BT 239.03 540.15 Td (million ) Tj ET Q q 0 0 0 rg BT 271.82 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 283.02 540.15 Td (net ) Tj ET Q q 0 0 0 rg BT 298.31 540.15 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 348.60 540.15 Td (under ) Tj ET Q q 0 0 0 rg BT 374.96 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 391.41 540.15 Td (previous ) Tj ET Q q 0 0 0 rg BT 430.03 540.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 472.73 540.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 499.09 540.15 Td (facility) Tj ET Q q 0 0 0 rg BT 528.14 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 533.22 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 544.43 540.15 Td (well ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 61.48 527.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 97.96 527.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 119.84 527.55 Td (resources. ) Tj ET Q q 0 0 0 rg BT 165.35 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 168.58 527.55 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 218.47 527.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 278.27 527.55 Td (may ) Tj ET Q q 0 0 0 rg BT 299.58 527.55 Td (be ) Tj ET Q q 0 0 0 rg BT 312.72 527.55 Td (due ) Tj ET Q q 0 0 0 rg BT 331.11 527.55 Td (March ) Tj ET Q q 0 0 0 rg BT 361.74 527.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 378.10 527.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 404.95 527.55 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 457.75 527.55 Td (up ) Tj ET Q q 0 0 0 rg BT 471.48 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 482.88 527.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 546.75 527.55 Td ($81 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (million ) Tj ET Q q 0 0 0 rg BT 82.08 514.95 Td (\(using ) Tj ET Q q 0 0 0 rg BT 110.58 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 125.65 514.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 158.22 514.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 200.11 514.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 218.09 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 229.08 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 240.07 514.95 Td (March ) Tj ET Q q 0 0 0 rg BT 269.72 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 285.09 514.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 308.34 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 322.83 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 337.90 514.95 Td (maximum ) Tj ET Q q 0 0 0 rg BT 382.73 514.95 Td (106 ) Tj ET Q q 0 0 0 rg BT 400.72 514.95 Td (million ) Tj ET Q q 0 0 0 rg BT 432.81 514.95 Td (Australia ) Tj ET Q q 0 0 0 rg BT 473.55 514.95 Td (dollar ) Tj ET Q q 0 0 0 rg BT 500.28 514.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 534.03 514.95 Td (per ) Tj ET Q q 0 0 0 rg BT 549.68 514.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (contract\), ) Tj ET Q q 0 0 0 rg BT 90.82 502.35 Td (dependent ) Tj ET Q q 0 0 0 rg BT 135.36 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 147.25 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 161.47 502.35 Td (achievement ) Tj ET Q q 0 0 0 rg BT 215.91 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 226.04 502.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 256.00 502.35 Td (net ) Tj ET Q q 0 0 0 rg BT 270.21 502.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 304.83 502.35 Td (tar) Tj ET Q q 0 0 0 rg BT 315.71 502.35 Td (gets, ) Tj ET Q q 0 0 0 rg BT 336.64 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 353.19 502.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 384.32 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 393.88 502.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 432.01 502.35 Td (catch-up ) Tj ET Q q 0 0 0 rg BT 469.54 502.35 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 521.09 502.35 Td (extending ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (through ) Tj ET Q q 0 0 0 rg BT 85.46 489.75 Td (March ) Tj ET Q q 0 0 0 rg BT 116.16 489.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 132.58 489.75 Td (2019. ) Tj ET Q q 0 0 0 rg BT 159.49 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 162.79 489.75 Td (No ) Tj ET Q q 0 0 0 rg BT 178.92 489.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 226.53 489.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 286.39 489.75 Td (was ) Tj ET Q q 0 0 0 rg BT 306.02 489.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 341.96 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 357.50 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 373.62 489.75 Td (first ) Tj ET Q q 0 0 0 rg BT 393.83 489.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 433.86 489.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 473.31 489.75 Td (due ) Tj ET Q q 0 0 0 rg BT 491.77 489.75 Td (March ) Tj ET Q q 0 0 0 rg BT 522.47 489.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.89 489.75 Td (2017. ) Tj ET Q q 0 0 0 rg BT 565.14 489.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 116.29 477.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 153.90 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 165.27 477.15 Td (25% ) Tj ET Q q 0 0 0 rg BT 187.15 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 202.59 477.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 234.96 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 245.75 477.15 Td (put ) Tj ET Q q 0 0 0 rg BT 261.79 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 279.58 477.15 Td (call ) Tj ET Q q 0 0 0 rg BT 297.36 477.15 Td (provisions ) Tj ET Q q 0 0 0 rg BT 343.74 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 362.11 477.15 Td (may ) Tj ET Q q 0 0 0 rg BT 382.81 477.15 Td (result ) Tj ET Q q 0 0 0 rg BT 408.77 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 419.56 477.15 Td (future ) Tj ET Q q 0 0 0 rg BT 447.25 477.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 468.54 477.15 Td (outlays.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (On ) Tj ET Q q 0 0 0 rg BT 64.83 451.95 Td (October ) Tj ET Q q 0 0 0 rg BT 101.15 451.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 111.53 451.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 137.65 451.95 Td (we ) Tj ET Q q 0 0 0 rg BT 152.40 451.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 191.04 451.95 Td (all ) Tj ET Q q 0 0 0 rg BT 204.04 451.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 255.54 451.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 284.29 451.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 321.78 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 333.03 451.95 Td (Martin ) Tj ET Q q 0 0 0 rg BT 364.11 451.95 Td (Currie. ) Tj ET Q q 0 0 0 rg BT 396.06 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 398.38 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 417.20 451.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 465.77 451.95 Td (included ) Tj ET Q q 0 0 0 rg BT 504.43 451.95 Td (an ) Tj ET Q q 0 0 0 rg BT 516.84 451.95 Td (initial ) Tj ET Q q 0 0 0 rg BT 543.84 451.95 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 88.21 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 99.51 439.35 Td ($203 ) Tj ET Q q 0 0 0 rg BT 123.07 439.35 Td (million ) Tj ET Q q 0 0 0 rg BT 155.96 439.35 Td (\(using ) Tj ET Q q 0 0 0 rg BT 184.77 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 200.15 439.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 233.03 439.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 275.23 439.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 293.52 439.35 Td (as ) Tj ET Q q 0 0 0 rg BT 304.82 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 316.12 439.35 Td (October ) Tj ET Q q 0 0 0 rg BT 352.50 439.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 362.93 439.35 Td (2014 ) Tj ET Q q 0 0 0 rg BT 386.48 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 401.28 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 416.67 439.35 Td (�125 ) Tj ET Q q 0 0 0 rg BT 440.22 439.35 Td (million ) Tj ET Q q 0 0 0 rg BT 473.12 439.35 Td (payment\), ) Tj ET Q q 0 0 0 rg BT 517.95 439.35 Td (which ) Tj ET Q q 0 0 0 rg BT 546.17 439.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (funded ) Tj ET Q q 0 0 0 rg BT 80.80 426.75 Td (from ) Tj ET Q q 0 0 0 rg BT 103.35 426.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 138.75 426.75 Td (cash. ) Tj ET Q q 0 0 0 rg BT 162.17 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 164.32 426.75 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 213.13 426.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 271.84 426.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 314.22 426.75 Td (may ) Tj ET Q q 0 0 0 rg BT 334.44 426.75 Td (be ) Tj ET Q q 0 0 0 rg BT 346.50 426.75 Td (due ) Tj ET Q q 0 0 0 rg BT 363.80 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 376.44 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.41 426.75 Td (March ) Tj ET Q q 0 0 0 rg BT 420.96 426.75 Td (31 ) Tj ET Q q 0 0 0 rg BT 433.60 426.75 Td (following ) Tj ET Q q 0 0 0 rg BT 476.58 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 491.55 426.75 Td (third ) Tj ET Q q 0 0 0 rg BT 513.53 426.75 Td (anniversary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.52 414.15 Td (closing, ) Tj ET Q q 0 0 0 rg BT 97.75 414.15 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 150.59 414.15 Td (up ) Tj ET Q q 0 0 0 rg BT 164.37 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 175.81 414.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 239.73 414.15 Td ($407 ) Tj ET Q q 0 0 0 rg BT 264.01 414.15 Td (million ) Tj ET Q q 0 0 0 rg BT 297.62 414.15 Td (\(using ) Tj ET Q q 0 0 0 rg BT 327.15 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 343.25 414.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 376.84 414.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 419.76 414.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 438.77 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 450.79 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 462.82 414.15 Td (March ) Tj ET Q q 0 0 0 rg BT 493.49 414.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 509.89 414.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 534.17 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 549.69 414.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (maximum ) Tj ET Q q 0 0 0 rg BT 94.84 401.55 Td (�325 ) Tj ET Q q 0 0 0 rg BT 118.59 401.55 Td (million ) Tj ET Q q 0 0 0 rg BT 151.69 401.55 Td (contract ) Tj ET Q q 0 0 0 rg BT 188.26 401.55 Td (amount\), ) Tj ET Q q 0 0 0 rg BT 228.63 401.55 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 269.30 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 280.80 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 296.39 401.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 335.30 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 346.80 401.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 378.13 401.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 417.62 401.55 Td (pension ) Tj ET Q q 0 0 0 rg BT 453.04 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 470.96 401.55 Td (other ) Tj ET Q q 0 0 0 rg BT 495.29 401.55 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 547.34 401.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (dependent ) Tj ET Q q 0 0 0 rg BT 94.91 388.95 Td (on ) Tj ET Q q 0 0 0 rg BT 107.67 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 122.76 388.95 Td (achievement ) Tj ET Q q 0 0 0 rg BT 178.08 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 189.09 388.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 219.91 388.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 258.90 388.95 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 294.70 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 305.70 388.95 Td (specified ) Tj ET Q q 0 0 0 rg BT 345.87 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 356.29 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 371.38 388.95 Td (share ) Tj ET Q q 0 0 0 rg BT 395.80 388.95 Td (purchase ) Tj ET Q q 0 0 0 rg BT 435.38 388.95 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 483.99 388.95 Td (at ) Tj ET Q q 0 0 0 rg BT 493.82 388.95 Td (March ) Tj ET Q q 0 0 0 rg BT 523.49 388.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 388.95 Td (2018. ) Tj ET Q q 0 0 0 rg BT 565.13 388.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (No ) Tj ET Q q 0 0 0 rg BT 64.66 376.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 111.30 376.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 170.20 376.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 208.68 376.35 Td (was ) Tj ET Q q 0 0 0 rg BT 227.33 376.35 Td (due ) Tj ET Q q 0 0 0 rg BT 244.81 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 255.88 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 266.95 376.35 Td (March ) Tj ET Q q 0 0 0 rg BT 296.68 376.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 312.13 376.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 335.46 376.35 Td (for ) Tj ET Q q 0 0 0 rg BT 350.02 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 365.17 376.35 Td (second ) Tj ET Q q 0 0 0 rg BT 396.66 376.35 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 447.96 376.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 486.44 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 497.51 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 508.58 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 519.65 376.35 Td (March ) Tj ET Q q 0 0 0 rg BT 549.38 376.35 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 72.71 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 87.17 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.20 363.75 Td (first ) Tj ET Q q 0 0 0 rg BT 121.33 363.75 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 172.52 363.75 Td (payment. ) Tj ET Q q 0 0 0 rg BT 213.51 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 215.23 363.75 Td (Actual ) Tj ET Q q 0 0 0 rg BT 245.44 363.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 287.89 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 298.27 363.75 Td (be ) Tj ET Q q 0 0 0 rg BT 310.39 363.75 Td (made ) Tj ET Q q 0 0 0 rg BT 335.34 363.75 Td (may ) Tj ET Q q 0 0 0 rg BT 355.63 363.75 Td (also ) Tj ET Q q 0 0 0 rg BT 374.75 363.75 Td (include ) Tj ET Q q 0 0 0 rg BT 407.87 363.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 445.66 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 460.12 363.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 490.89 363.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 529.84 363.75 Td (pension ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.23 351.15 Td (other ) Tj ET Q q 0 0 0 rg BT 91.37 351.15 Td (obligations ) Tj ET Q q 0 0 0 rg BT 140.60 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 158.92 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 174.30 351.15 Td (accounted ) Tj ET Q q 0 0 0 rg BT 219.43 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 234.24 351.15 Td (separately) Tj ET Q q 0 0 0 rg BT 276.12 351.15 Td (. ) Tj ET Q q 0 0 0 rg BT 281.31 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 283.88 351.15 Td (In ) Tj ET Q q 0 0 0 rg BT 295.19 351.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 334.80 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 350.19 351.15 Td (Pensions ) Tj ET Q q 0 0 0 rg BT 390.10 351.15 Td (Regulator ) Tj ET Q q 0 0 0 rg BT 434.08 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 444.81 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 460.21 351.15 Td (U.K ) Tj ET Q q 0 0 0 rg BT 480.56 351.15 Td (\("the ) Tj ET Q q 0 0 0 rg BT 503.74 351.15 Td (Regulator"\) ) Tj ET Q q 0 0 0 rg BT 555.50 351.15 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 94.62 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 110.58 338.55 Td (pension ) Tj ET Q q 0 0 0 rg BT 146.38 338.55 Td (plan�) Tj ET Q q 0 0 0 rg BT 167.37 338.55 Td (s ) Tj ET Q q 0 0 0 rg BT 174.59 338.55 Td (current ) Tj ET Q q 0 0 0 rg BT 207.46 338.55 Td (structure ) Tj ET Q q 0 0 0 rg BT 247.33 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 265.62 338.55 Td (funding ) Tj ET Q q 0 0 0 rg BT 301.42 338.55 Td (status. ) Tj ET Q q 0 0 0 rg BT 331.09 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 334.00 338.55 Td (While ) Tj ET Q q 0 0 0 rg BT 362.79 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 378.75 338.55 Td (review ) Tj ET Q q 0 0 0 rg BT 410.45 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 420.59 338.55 Td (still ) Tj ET Q q 0 0 0 rg BT 439.48 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 450.78 338.55 Td (process, ) Tj ET Q q 0 0 0 rg BT 488.02 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 503.98 338.55 Td (Regulator ) Tj ET Q q 0 0 0 rg BT 548.52 338.55 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (expressed ) Tj ET Q q 0 0 0 rg BT 92.92 325.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 123.50 325.95 Td (concerns ) Tj ET Q q 0 0 0 rg BT 162.84 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 180.60 325.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 200.70 325.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 252.87 325.95 Td (ef) Tj ET Q q 0 0 0 rg BT 260.84 325.95 Td (fected ) Tj ET Q q 0 0 0 rg BT 288.50 325.95 Td (around ) Tj ET Q q 0 0 0 rg BT 319.68 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 334.52 325.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 382.62 325.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 414.97 325.95 Td (were ) Tj ET Q q 0 0 0 rg BT 437.39 325.95 Td (detrimental ) Tj ET Q q 0 0 0 rg BT 487.22 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 497.41 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 512.26 325.95 Td (plan. ) Tj ET Q q 0 0 0 rg BT 534.98 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 536.85 325.95 Td (While ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 80.38 313.35 Td (Currie ) Tj ET Q q 0 0 0 rg BT 109.50 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 126.96 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 142.09 313.35 Td (trustees ) Tj ET Q q 0 0 0 rg BT 176.46 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 187.50 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 202.63 313.35 Td (pension ) Tj ET Q q 0 0 0 rg BT 237.59 313.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 257.97 313.35 Td (dispute ) Tj ET Q q 0 0 0 rg BT 290.60 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 305.73 313.35 Td (Regulator's ) Tj ET Q q 0 0 0 rg BT 355.41 313.35 Td (concerns, ) Tj ET Q q 0 0 0 rg BT 397.65 313.35 Td (they ) Tj ET Q q 0 0 0 rg BT 418.02 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 433.14 313.35 Td (cooperating ) Tj ET Q q 0 0 0 rg BT 485.00 313.35 Td (with ) Tj ET Q q 0 0 0 rg BT 505.97 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 521.10 313.35 Td (Regulator ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 62.52 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 69.70 300.75 Td (revised ) Tj ET Q q 0 0 0 rg BT 102.54 300.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 123.13 300.75 Td (structure, ) Tj ET Q q 0 0 0 rg BT 165.01 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 193.19 300.75 Td (will ) Tj ET Q q 0 0 0 rg BT 212.04 300.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 238.47 300.75 Td (result ) Tj ET Q q 0 0 0 rg BT 264.32 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 275.00 300.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 306.08 300.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 342.42 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 353.10 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.45 300.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 389.05 300.75 Td (structure, ) Tj ET Q q 0 0 0 rg BT 430.92 300.75 Td (including ) Tj ET Q q 0 0 0 rg BT 473.11 300.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 517.61 300.75 Td (guarantees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 288.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 106.65 288.15 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 156.48 288.15 Td (funding ) Tj ET Q q 0 0 0 rg BT 191.77 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 203.14 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 210.43 288.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 243.39 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 254.76 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 270.21 288.15 Td (plan's ) Tj ET Q q 0 0 0 rg BT 296.89 288.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 328.67 288.15 Td (obligations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.22 262.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 89.83 262.95 Td (May ) Tj ET Q q 0 0 0 rg BT 111.13 262.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 126.30 262.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 151.97 262.95 Td (we ) Tj ET Q q 0 0 0 rg BT 166.26 262.95 Td (completed ) Tj ET Q q 0 0 0 rg BT 212.04 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 226.92 262.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 275.04 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 285.83 262.95 Td (QS ) Tj ET Q q 0 0 0 rg BT 301.30 262.95 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 344.47 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 346.52 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 348.56 262.95 Td (In ) Tj ET Q q 0 0 0 rg BT 358.91 262.95 Td (August ) Tj ET Q q 0 0 0 rg BT 391.29 262.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 416.96 262.95 Td (we ) Tj ET Q q 0 0 0 rg BT 431.25 262.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 451.38 262.95 Td ($6.6 ) Tj ET Q q 0 0 0 rg BT 471.80 262.95 Td (million ) Tj ET Q q 0 0 0 rg BT 504.18 262.95 Td (for ) Tj ET Q q 0 0 0 rg BT 518.47 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 533.35 262.95 Td (second ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 100.49 250.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 146.82 250.35 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 208.02 250.35 Td (which ) Tj ET Q q 0 0 0 rg BT 235.69 250.35 Td (was ) Tj ET Q q 0 0 0 rg BT 254.02 250.35 Td (funded ) Tj ET Q q 0 0 0 rg BT 285.19 250.35 Td (from ) Tj ET Q q 0 0 0 rg BT 307.61 250.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 342.86 250.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 363.53 250.35 Td (resources. ) Tj ET Q q 0 0 0 rg BT 407.81 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 409.81 250.35 Td (In ) Tj ET Q q 0 0 0 rg BT 420.57 250.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 459.61 250.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.95 250.35 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.99 237.75 Td (up ) Tj ET Q q 0 0 0 rg BT 74.23 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 85.13 237.75 Td ($20 ) Tj ET Q q 0 0 0 rg BT 103.62 237.75 Td (million ) Tj ET Q q 0 0 0 rg BT 136.70 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 151.68 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 167.25 237.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 195.65 237.75 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 247.37 237.75 Td (payment, ) Tj ET Q q 0 0 0 rg BT 288.89 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 306.79 237.75 Td (up ) Tj ET Q q 0 0 0 rg BT 320.03 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 330.93 237.75 Td ($3.4 ) Tj ET Q q 0 0 0 rg BT 352.05 237.75 Td (million ) Tj ET Q q 0 0 0 rg BT 385.12 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 400.11 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 407.51 237.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 446.99 237.75 Td (catch-up ) Tj ET Q q 0 0 0 rg BT 485.87 237.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 534.69 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 549.67 237.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (second ) Tj ET Q q 0 0 0 rg BT 80.62 225.15 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 131.56 225.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 169.68 225.15 Td (shortfall, ) Tj ET Q q 0 0 0 rg BT 209.26 225.15 Td (may ) Tj ET Q q 0 0 0 rg BT 229.30 225.15 Td (be ) Tj ET Q q 0 0 0 rg BT 241.17 225.15 Td (due ) Tj ET Q q 0 0 0 rg BT 258.30 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 268.43 225.15 Td (July ) Tj ET Q q 0 0 0 rg BT 287.89 225.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 313.48 225.15 Td (dependent ) Tj ET Q q 0 0 0 rg BT 358.59 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 371.05 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 385.85 225.15 Td (achievement ) Tj ET Q q 0 0 0 rg BT 440.86 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 451.57 225.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 482.10 225.15 Td (net ) Tj ET Q q 0 0 0 rg BT 496.89 225.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 532.08 225.15 Td (tar) Tj ET Q q 0 0 0 rg BT 542.96 225.15 Td (gets. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.53 199.95 Td (March ) Tj ET Q q 0 0 0 rg BT 92.22 199.95 Td (2013, ) Tj ET Q q 0 0 0 rg BT 119.12 199.95 Td (we ) Tj ET Q q 0 0 0 rg BT 134.65 199.95 Td (completed ) Tj ET Q q 0 0 0 rg BT 181.67 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 197.78 199.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 247.14 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 259.17 199.95 Td (all ) Tj ET Q q 0 0 0 rg BT 272.95 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 284.98 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 301.09 199.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 353.37 199.95 Td (share ) Tj ET Q q 0 0 0 rg BT 378.81 199.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 410.07 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 422.10 199.95 Td (Fauchier) Tj ET Q q 0 0 0 rg BT 458.26 199.95 Td (. ) Tj ET Q q 0 0 0 rg BT 464.17 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 467.45 199.95 Td (In ) Tj ET Q q 0 0 0 rg BT 479.48 199.95 Td (May ) Tj ET Q q 0 0 0 rg BT 502.01 199.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 528.92 199.95 Td (we ) Tj ET Q q 0 0 0 rg BT 544.44 199.95 Td (paid ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.26 187.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 155.26 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 166.45 187.35 Td ($22.8 ) Tj ET Q q 0 0 0 rg BT 192.51 187.35 Td (million ) Tj ET Q q 0 0 0 rg BT 225.28 187.35 Td (\(using ) Tj ET Q q 0 0 0 rg BT 253.97 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 269.23 187.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 311.31 187.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 329.49 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 340.67 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 351.85 187.35 Td (May ) Tj ET Q q 0 0 0 rg BT 373.54 187.35 Td (5, ) Tj ET Q q 0 0 0 rg BT 383.85 187.35 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 410.78 187.35 Td (for ) Tj ET Q q 0 0 0 rg BT 425.46 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 440.72 187.35 Td (second ) Tj ET Q q 0 0 0 rg BT 472.32 187.35 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 523.73 187.35 Td (payment. ) Tj ET Q q 0 0 0 rg BT 565.14 187.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (No ) Tj ET Q q 0 0 0 rg BT 64.96 174.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 109.57 174.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 156.52 174.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 215.72 174.75 Td (will ) Tj ET Q q 0 0 0 rg BT 234.68 174.75 Td (be ) Tj ET Q q 0 0 0 rg BT 247.21 174.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 267.91 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 278.71 174.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 327.40 174.75 Td (with ) Tj ET Q q 0 0 0 rg BT 348.69 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 364.15 174.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 412.85 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 424.22 174.75 Td (Fauchier) Tj ET Q q 0 0 0 rg BT 460.38 174.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 149.55 Td (Note�2 ) Tj ET Q q 0 0 0 rg BT 98.20 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 109.57 149.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 136.69 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 147.48 149.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 205.52 149.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 247.22 149.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 295.92 149.55 Td (for ) Tj ET Q q 0 0 0 rg BT 310.79 149.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 355.41 149.55 Td (information ) Tj ET Q q 0 0 0 rg BT 407.61 149.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 450.46 149.55 Td (these ) Tj ET Q q 0 0 0 rg BT 474.67 149.55 Td (acquisitions.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (Af) Tj ET Q q 0 0 0 rg BT 59.81 124.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 87.51 124.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 147.31 124.35 Td (Equity ) Tj ET Q q 0 0 0 rg BT 178.52 124.35 Td (Plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.70 111.75 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 112.72 111.75 Td (with ) Tj ET Q q 0 0 0 rg BT 133.84 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.11 111.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 197.64 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 208.84 111.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 242.78 111.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 279.64 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 289.71 111.75 Td (April ) Tj ET Q q 0 0 0 rg BT 314.33 111.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 340.40 111.75 Td (we ) Tj ET Q q 0 0 0 rg BT 355.10 111.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 412.36 111.75 Td (an ) Tj ET Q q 0 0 0 rg BT 424.72 111.75 Td (af) Tj ET Q q 0 0 0 rg BT 432.69 111.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 459.63 111.75 Td (management ) Tj ET Q q 0 0 0 rg BT 515.72 111.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 544.42 111.75 Td (plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (that ) Tj ET Q q 0 0 0 rg BT 68.16 99.15 Td (entitles ) Tj ET Q q 0 0 0 rg BT 101.40 99.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 132.88 99.15 Td (key ) Tj ET Q q 0 0 0 rg BT 150.95 99.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 198.77 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 210.43 99.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 244.84 99.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 282.16 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 293.24 99.15 Td (participate ) Tj ET Q q 0 0 0 rg BT 340.46 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 351.54 99.15 Td (15% ) Tj ET Q q 0 0 0 rg BT 373.70 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 385.36 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 401.11 99.15 Td (future ) Tj ET Q q 0 0 0 rg BT 429.09 99.15 Td (growth, ) Tj ET Q q 0 0 0 rg BT 464.38 99.15 Td (if ) Tj ET Q q 0 0 0 rg BT 473.70 99.15 Td (any) Tj ET Q q 0 0 0 rg BT 488.18 99.15 Td (, ) Tj ET Q q 0 0 0 rg BT 493.72 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 505.38 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 521.12 99.15 Td (enterprise ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (value ) Tj ET Q q 0 0 0 rg BT 75.28 86.55 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 111.56 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 122.77 86.55 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 173.62 86.55 Td (discounts\) ) Tj ET Q q 0 0 0 rg BT 219.82 86.55 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 269.53 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 280.73 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 296.60 86.55 Td (date ) Tj ET Q q 0 0 0 rg BT 317.13 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 328.92 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 344.79 86.55 Td (grant. ) Tj ET Q q 0 0 0 rg BT 372.03 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 375.07 86.55 Td (In ) Tj ET Q q 0 0 0 rg BT 386.85 86.55 Td (March ) Tj ET Q q 0 0 0 rg BT 417.30 86.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 443.97 86.55 Td (we ) Tj ET Q q 0 0 0 rg BT 459.25 86.55 Td (implemented ) Tj ET Q q 0 0 0 rg BT 517.11 86.55 Td (an ) Tj ET Q q 0 0 0 rg BT 530.06 86.55 Td (af) Tj ET Q q 0 0 0 rg BT 538.03 86.55 Td (filiate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (management ) Tj ET Q q 0 0 0 rg BT 106.92 73.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 136.95 73.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 158.81 73.95 Td (with ) Tj ET Q q 0 0 0 rg BT 181.26 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 197.86 73.95 Td (management ) Tj ET Q q 0 0 0 rg BT 255.29 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 267.81 73.95 Td (Royce. ) Tj ET Q q 0 0 0 rg BT 301.04 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 304.82 73.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 334.84 73.95 Td (this ) Tj ET Q q 0 0 0 rg BT 353.80 73.95 Td (management ) Tj ET Q q 0 0 0 rg BT 411.22 73.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 441.25 73.95 Td (plan, ) Tj ET Q q 0 0 0 rg BT 465.73 73.95 Td (as ) Tj ET Q q 0 0 0 rg BT 478.26 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 490.78 73.95 Td (March ) Tj ET Q q 0 0 0 rg BT 521.97 73.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.87 73.95 Td (2017, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.79 61.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 151.24 61.35 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 197.43 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 208.06 61.35 Td (19.0% ) Tj ET Q q 0 0 0 rg BT 237.64 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 248.27 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 263.56 61.35 Td (Royce ) Tj ET Q q 0 0 0 rg BT 292.84 61.35 Td (entity ) Tj ET Q q 0 0 0 rg BT 319.21 61.35 Td (have ) Tj ET Q q 0 0 0 rg BT 341.49 61.35 Td (been ) Tj ET Q q 0 0 0 rg BT 363.77 61.35 Td (issued ) Tj ET Q q 0 0 0 rg BT 392.48 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 403.11 61.35 Td (its ) Tj ET Q q 0 0 0 rg BT 415.49 61.35 Td (management ) Tj ET Q q 0 0 0 rg BT 471.60 61.35 Td (team. ) Tj ET Q q 0 0 0 rg BT 497.09 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 499.55 61.35 Td (In ) Tj ET Q q 0 0 0 rg BT 510.75 61.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 550.25 61.35 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 107.80 48.75 Td (an ) Tj ET Q q 0 0 0 rg BT 121.19 48.75 Td (af) Tj ET Q q 0 0 0 rg BT 129.16 48.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 157.13 48.75 Td (management ) Tj ET Q q 0 0 0 rg BT 214.26 48.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 243.99 48.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 265.55 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 277.20 48.75 Td (March ) Tj ET Q q 0 0 0 rg BT 308.09 48.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 335.19 48.75 Td (that ) Tj ET Q q 0 0 0 rg BT 354.42 48.75 Td (entitles ) Tj ET Q q 0 0 0 rg BT 388.23 48.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.28 48.75 Td (key ) Tj ET Q q 0 0 0 rg BT 438.92 48.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 487.31 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 499.53 48.75 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 554.33 48.75 Td (to ) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (64) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (participate ) Tj ET Q q 0 0 0 rg BT 96.39 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 107.13 741.75 Td (15% ) Tj ET Q q 0 0 0 rg BT 128.96 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 140.29 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 155.69 741.75 Td (future ) Tj ET Q q 0 0 0 rg BT 183.34 741.75 Td (growth, ) Tj ET Q q 0 0 0 rg BT 218.29 741.75 Td (if ) Tj ET Q q 0 0 0 rg BT 227.29 741.75 Td (any) Tj ET Q q 0 0 0 rg BT 241.77 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 246.97 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.30 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 273.70 741.75 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 317.68 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 343.00 741.75 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 378.82 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 389.56 741.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 439.95 741.75 Td (discounts\). ) Tj ET Q q 0 0 0 rg BT 488.32 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 490.90 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 502.23 741.75 Td (June ) Tj ET Q q 0 0 0 rg BT 524.05 741.75 Td (2013, ) Tj ET Q q 0 0 0 rg BT 550.26 741.75 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (implemented ) Tj ET Q q 0 0 0 rg BT 106.85 729.15 Td (an ) Tj ET Q q 0 0 0 rg BT 119.29 729.15 Td (af) Tj ET Q q 0 0 0 rg BT 127.26 729.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 154.27 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 210.45 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 239.22 729.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 259.83 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 278.10 729.15 Td (entitled ) Tj ET Q q 0 0 0 rg BT 312.12 729.15 Td (key ) Tj ET Q q 0 0 0 rg BT 329.81 729.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 377.24 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 388.52 729.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 420.79 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 431.49 729.15 Td (participate ) Tj ET Q q 0 0 0 rg BT 478.32 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 489.02 729.15 Td (15% ) Tj ET Q q 0 0 0 rg BT 510.80 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 522.07 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 537.43 729.15 Td (future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 81.52 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 92.55 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 107.65 716.55 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 151.32 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 176.34 716.55 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 211.85 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 222.30 716.55 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 272.38 716.55 Td (discounts\), ) Tj ET Q q 0 0 0 rg BT 320.45 716.55 Td (if ) Tj ET Q q 0 0 0 rg BT 329.14 716.55 Td (any) Tj ET Q q 0 0 0 rg BT 343.62 716.55 Td (. ) Tj ET Q q 0 0 0 rg BT 348.52 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 350.80 716.55 Td (In ) Tj ET Q q 0 0 0 rg BT 361.32 716.55 Td (April ) Tj ET Q q 0 0 0 rg BT 385.76 716.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 411.66 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 422.11 716.55 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 473.96 716.55 Td (with ) Tj ET Q q 0 0 0 rg BT 494.90 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 510.00 716.55 Td (combination ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 59.62 703.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 90.73 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 110.77 703.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 128.48 703.95 Td (rust, ) Tj ET Q q 0 0 0 rg BT 148.23 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 162.43 703.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 193.55 703.95 Td (management ) Tj ET Q q 0 0 0 rg BT 248.57 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 276.18 703.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 295.63 703.95 Td (was ) Tj ET Q q 0 0 0 rg BT 313.34 703.95 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 356.70 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 376.74 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 390.94 703.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 428.47 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 438.59 703.95 Td ($7.2 ) Tj ET Q q 0 0 0 rg BT 458.34 703.95 Td (million ) Tj ET Q q 0 0 0 rg BT 490.05 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 499.59 703.95 Td (its ) Tj ET Q q 0 0 0 rg BT 510.88 703.95 Td (participants. ) Tj ET Q q 0 0 0 rg BT 565.12 703.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (As ) Tj ET Q q 0 0 0 rg BT 63.73 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 75.04 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 105.00 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.69 691.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 146.88 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 162.26 691.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 205.06 691.35 Td (redemption ) Tj ET Q q 0 0 0 rg BT 255.45 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 280.75 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 295.55 691.35 Td (units ) Tj ET Q q 0 0 0 rg BT 318.53 691.35 Td (under ) Tj ET Q q 0 0 0 rg BT 345.00 691.35 Td (management ) Tj ET Q q 0 0 0 rg BT 401.21 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 430.01 691.35 Td (plans ) Tj ET Q q 0 0 0 rg BT 454.74 691.35 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 503.36 691.35 Td ($72.3 ) Tj ET Q q 0 0 0 rg BT 529.54 691.35 Td (million. ) Tj ET Q q 0 0 0 rg BT 565.13 691.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Repurchases ) Tj ET Q q 0 0 0 rg BT 105.46 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 117.10 678.75 Td (units ) Tj ET Q q 0 0 0 rg BT 140.41 678.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 174.79 678.75 Td (under ) Tj ET Q q 0 0 0 rg BT 201.59 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 217.31 678.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 242.37 678.75 Td (may ) Tj ET Q q 0 0 0 rg BT 263.34 678.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 294.81 678.75 Td (future ) Tj ET Q q 0 0 0 rg BT 322.77 678.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 361.25 678.75 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 421.58 678.75 Td (however) Tj ET Q q 0 0 0 rg BT 457.32 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 462.83 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 478.55 678.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 517.03 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 535.08 678.75 Td (timing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.95 666.15 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 113.21 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 128.73 666.15 Td (too ) Tj ET Q q 0 0 0 rg BT 144.85 666.15 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 186.62 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 197.49 666.15 Td (project ) Tj ET Q q 0 0 0 rg BT 229.35 666.15 Td (with ) Tj ET Q q 0 0 0 rg BT 250.72 666.15 Td (any ) Tj ET Q q 0 0 0 rg BT 268.58 666.15 Td (accuracy) Tj ET Q q 0 0 0 rg BT 305.20 666.15 Td (. ) Tj ET Q q 0 0 0 rg BT 310.53 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 313.23 666.15 Td (See ) Tj ET Q q 0 0 0 rg BT 331.09 666.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 354.21 666.15 Td (1) Tj ET Q q 0 0 0 rg BT 359.07 666.15 Td (1 ) Tj ET Q q 0 0 0 rg BT 367.02 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 378.47 666.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 405.67 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 416.54 666.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 474.66 666.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 516.44 666.15 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 653.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 108.98 653.55 Td (information ) Tj ET Q q 0 0 0 rg BT 161.18 653.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 204.04 653.55 Td (af) Tj ET Q q 0 0 0 rg BT 212.01 653.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 239.12 653.55 Td (management ) Tj ET Q q 0 0 0 rg BT 295.39 653.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 324.26 653.55 Td (plans.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.34 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 93.01 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 108.94 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 131.28 615.75 Td (management ) Tj ET Q q 0 0 0 rg BT 186.85 615.75 Td (af) Tj ET Q q 0 0 0 rg BT 194.82 615.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 225.32 615.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 263.99 615.75 Td (various ) Tj ET Q q 0 0 0 rg BT 296.83 615.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 322.67 615.75 Td (facilities ) Tj ET Q q 0 0 0 rg BT 360.75 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 374.92 615.75 Td (general ) Tj ET Q q 0 0 0 rg BT 407.75 615.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 449.33 615.75 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 491.21 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 493.14 615.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 525.98 615.75 Td (af) Tj ET Q q 0 0 0 rg BT 533.94 615.75 Td (filiates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 64.04 603.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 95.51 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 105.41 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 119.96 603.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 149.67 603.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 206.21 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 216.69 603.15 Td (various ) Tj ET Q q 0 0 0 rg BT 249.32 603.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 294.20 603.15 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 334.70 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 336.04 603.15 Td (All ) Tj ET Q q 0 0 0 rg BT 351.19 603.15 Td (such ) Tj ET Q q 0 0 0 rg BT 372.16 603.15 Td (af) Tj ET Q q 0 0 0 rg BT 380.13 603.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 410.43 603.15 Td (met ) Tj ET Q q 0 0 0 rg BT 427.90 603.15 Td (their ) Tj ET Q q 0 0 0 rg BT 448.87 603.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 493.16 603.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 522.87 603.15 Td (adequacy ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (requirements ) Tj ET Q q 0 0 0 rg BT 106.94 590.55 Td (during ) Tj ET Q q 0 0 0 rg BT 136.98 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 152.43 590.55 Td (periods ) Tj ET Q q 0 0 0 rg BT 185.97 590.55 Td (presented.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.00 565.35 Td (January ) Tj ET Q q 0 0 0 rg BT 94.41 565.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 119.79 565.35 Td (our ) Tj ET Q q 0 0 0 rg BT 135.54 565.35 Td (Board ) Tj ET Q q 0 0 0 rg BT 162.96 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 173.46 565.35 Td (Directors ) Tj ET Q q 0 0 0 rg BT 214.28 565.35 Td (authorized ) Tj ET Q q 0 0 0 rg BT 260.35 565.35 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 280.48 565.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 309.66 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 323.65 565.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 367.40 565.35 Td (purchases ) Tj ET Q q 0 0 0 rg BT 410.56 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 421.06 565.35 Td (our ) Tj ET Q q 0 0 0 rg BT 436.81 565.35 Td (common ) Tj ET Q q 0 0 0 rg BT 475.31 565.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 501.85 565.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td ($423 ) Tj ET Q q 0 0 0 rg BT 72.76 552.75 Td (million ) Tj ET Q q 0 0 0 rg BT 105.36 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 116.36 552.75 Td (which ) Tj ET Q q 0 0 0 rg BT 144.28 552.75 Td (remained ) Tj ET Q q 0 0 0 rg BT 185.61 552.75 Td (available ) Tj ET Q q 0 0 0 rg BT 225.76 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 236.77 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 247.78 552.75 Td (March ) Tj ET Q q 0 0 0 rg BT 277.44 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 292.82 552.75 Td (2017. ) Tj ET Q q 0 0 0 rg BT 318.71 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 320.97 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 323.23 552.75 Td (Over ) Tj ET Q q 0 0 0 rg BT 346.48 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 361.57 552.75 Td (past ) Tj ET Q q 0 0 0 rg BT 380.74 552.75 Td (several ) Tj ET Q q 0 0 0 rg BT 412.73 552.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 439.77 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 454.28 552.75 Td (have ) Tj ET Q q 0 0 0 rg BT 476.36 552.75 Td (focused ) Tj ET Q q 0 0 0 rg BT 511.27 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 524.03 552.75 Td (returning ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 80.03 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 90.75 540.15 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 146.36 540.15 Td (through ) Tj ET Q q 0 0 0 rg BT 181.57 540.15 Td (share ) Tj ET Q q 0 0 0 rg BT 206.27 540.15 Td (repurchases. ) Tj ET Q q 0 0 0 rg BT 261.00 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 263.55 540.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 282.42 540.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 312.96 540.15 Td (management ) Tj ET Q q 0 0 0 rg BT 369.15 540.15 Td (priorities ) Tj ET Q q 0 0 0 rg BT 409.60 540.15 Td (have ) Tj ET Q q 0 0 0 rg BT 431.97 540.15 Td (evolved, ) Tj ET Q q 0 0 0 rg BT 470.38 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 488.09 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 498.80 540.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 524.09 540.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 550.26 540.15 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 89.88 527.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 110.43 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 121.08 527.55 Td (return ) Tj ET Q q 0 0 0 rg BT 148.63 527.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 179.09 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 190.31 527.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 253.44 527.55 Td ($450 ) Tj ET Q q 0 0 0 rg BT 276.92 527.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 312.36 527.55 Td (through ) Tj ET Q q 0 0 0 rg BT 347.50 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 354.64 527.55 Td (combination ) Tj ET Q q 0 0 0 rg BT 409.60 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 420.83 527.55 Td (share ) Tj ET Q q 0 0 0 rg BT 445.46 527.55 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 497.50 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 515.13 527.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 553.77 527.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 92.31 514.95 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 138.93 514.95 Td (which ) Tj ET Q q 0 0 0 rg BT 167.76 514.95 Td (we ) Tj ET Q q 0 0 0 rg BT 183.17 514.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 224.24 514.95 Td (expect ) Tj ET Q q 0 0 0 rg BT 254.81 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 266.14 514.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 310.11 514.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 373.93 514.95 Td ($340 ) Tj ET Q q 0 0 0 rg BT 398.10 514.95 Td (million ) Tj ET Q q 0 0 0 rg BT 431.60 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 449.93 514.95 Td ($1) Tj ET Q q 0 0 0 rg BT 460.04 514.95 Td (10 ) Tj ET Q q 0 0 0 rg BT 473.71 514.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 509.83 514.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.88 514.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 81.87 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 92.66 502.35 Td (market ) Tj ET Q q 0 0 0 rg BT 124.44 502.35 Td (conditions ) Tj ET Q q 0 0 0 rg BT 170.81 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 188.60 502.35 Td (other ) Tj ET Q q 0 0 0 rg BT 212.80 502.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 234.08 502.35 Td (needs. ) Tj ET Q q 0 0 0 rg BT 263.24 502.35 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (Futur) Tj ET Q q 0 0 0 rg BT 75.56 477.15 Td (e ) Tj ET Q q 0 0 0 rg BT 82.85 477.15 Td (Outlook) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (As ) Tj ET Q q 0 0 0 rg BT 64.15 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 75.88 464.55 Td (March ) Tj ET Q q 0 0 0 rg BT 106.27 464.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.38 464.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 148.98 464.55 Td (we ) Tj ET Q q 0 0 0 rg BT 164.21 464.55 Td (had ) Tj ET Q q 0 0 0 rg BT 182.35 464.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 245.98 464.55 Td ($459�million ) Tj ET Q q 0 0 0 rg BT 302.93 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 314.08 464.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 335.72 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 353.86 464.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 375.50 464.55 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 426.30 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 437.45 464.55 Td (excess ) Tj ET Q q 0 0 0 rg BT 467.84 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 479.57 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 496.55 464.55 Td (working ) Tj ET Q q 0 0 0 rg BT 534.53 464.55 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 66.03 451.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 110.55 451.95 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 169.35 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 170.62 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 188.31 451.95 Td ($459 ) Tj ET Q q 0 0 0 rg BT 210.68 451.95 Td (million ) Tj ET Q q 0 0 0 rg BT 242.39 451.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 278.75 451.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 315.70 451.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 354.37 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 363.91 451.95 Td (be ) Tj ET Q q 0 0 0 rg BT 375.19 451.95 Td (used ) Tj ET Q q 0 0 0 rg BT 395.80 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 405.34 451.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 425.95 451.95 Td (accrued ) Tj ET Q q 0 0 0 rg BT 459.96 451.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 519.65 451.95 Td (payments, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 91.44 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 102.48 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 118.17 439.35 Td (first ) Tj ET Q q 0 0 0 rg BT 137.95 439.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 170.55 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 182.17 439.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 207.77 439.35 Td (2018. ) Tj ET Q q 0 0 0 rg BT 234.26 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 236.50 439.35 Td (As ) Tj ET Q q 0 0 0 rg BT 251.04 439.35 Td (previously ) Tj ET Q q 0 0 0 rg BT 298.23 439.35 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 343.97 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 355.01 439.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 380.61 439.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 407.10 439.35 Td (we ) Tj ET Q q 0 0 0 rg BT 422.22 439.35 Td (currently ) Tj ET Q q 0 0 0 rg BT 462.98 439.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 483.93 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 494.96 439.35 Td (return ) Tj ET Q q 0 0 0 rg BT 522.90 439.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 553.75 439.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 112.45 426.75 Td ($450 ) Tj ET Q q 0 0 0 rg BT 135.75 426.75 Td (million ) Tj ET Q q 0 0 0 rg BT 168.39 426.75 Td (through ) Tj ET Q q 0 0 0 rg BT 203.36 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 210.32 426.75 Td (combination ) Tj ET Q q 0 0 0 rg BT 265.12 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 276.16 426.75 Td (share ) Tj ET Q q 0 0 0 rg BT 300.62 426.75 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 352.48 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 369.94 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 385.07 426.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 423.53 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 434.58 426.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 476.53 426.75 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 522.29 426.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.33 426.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (market ) Tj ET Q q 0 0 0 rg BT 80.74 414.15 Td (conditions ) Tj ET Q q 0 0 0 rg BT 126.57 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 143.82 414.15 Td (other ) Tj ET Q q 0 0 0 rg BT 167.48 414.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 188.22 414.15 Td (needs. ) Tj ET Q q 0 0 0 rg BT 216.84 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 218.47 414.15 Td (As ) Tj ET Q q 0 0 0 rg BT 232.22 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 243.05 414.15 Td (March ) Tj ET Q q 0 0 0 rg BT 272.54 414.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.75 414.15 Td (2017, ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 313.46 421.43 251.66 -9.55 re f /GS0 gs q 0 0 0 rg BT 313.46 414.15 Td (we ) Tj ET Q q 0 0 0 rg BT 327.79 414.15 Td (have ) Tj ET Q q 0 0 0 rg BT 349.70 414.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 412.43 414.15 Td ($500 ) Tj ET Q q 0 0 0 rg BT 435.52 414.15 Td (million ) Tj ET Q q 0 0 0 rg BT 467.94 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 478.77 414.15 Td (available ) Tj ET Q q 0 0 0 rg BT 518.75 414.15 Td (borrowing ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 408.83 515.63 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 401.55 Td (capacity ) Tj ET Q q 0 0 0 rg BT 87.43 401.55 Td (under ) Tj ET Q q 0 0 0 rg BT 114.29 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 131.24 401.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 174.43 401.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 201.28 401.55 Td (facility) Tj ET Q q 0 0 0 rg BT 230.34 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 235.92 401.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 268.61 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 279.73 401.55 Td (compliance ) Tj ET Q q 0 0 0 rg BT 331.08 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 352.70 401.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 398.79 401.55 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 446.36 401.55 Td (which ) Tj ET Q q 0 0 0 rg BT 474.97 401.55 Td (expires ) Tj ET Q q 0 0 0 rg BT 508.24 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 519.36 401.55 Td (December ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 396.23 344.40 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 388.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 76.00 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 94.04 388.95 Td (can ) Tj ET Q q 0 0 0 rg BT 111.49 388.95 Td (be ) Tj ET Q q 0 0 0 rg BT 124.28 388.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 166.80 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 180.18 388.95 Td (another ) Tj ET Q q 0 0 0 rg BT 214.54 388.95 Td ($500 ) Tj ET Q q 0 0 0 rg BT 238.42 388.95 Td (million ) Tj ET Q q 0 0 0 rg BT 271.63 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 293.18 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 308.88 388.95 Td (approval ) Tj ET Q q 0 0 0 rg BT 348.49 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 360.12 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 375.82 388.95 Td (lend) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.90 388.95 Td (ers. ) Tj ET Q q 0 0 0 rg BT 411.65 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 414.32 388.95 Td (W) Tj ET Q q 0 0 0 rg BT 423.39 388.95 Td (e ) Tj ET Q q 0 0 0 rg BT 430.93 388.95 Td (do ) Tj ET Q q 0 0 0 rg BT 444.30 388.95 Td (not ) Tj ET Q q 0 0 0 rg BT 460.60 388.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 501.38 388.95 Td (expect ) Tj ET Q q 0 0 0 rg BT 531.65 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 542.70 388.95 Td (raise ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (incremental ) Tj ET Q q 0 0 0 rg BT 101.52 376.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 122.06 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 133.26 376.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 161.97 376.35 Td (financing ) Tj ET Q q 0 0 0 rg BT 204.08 376.35 Td (over ) Tj ET Q q 0 0 0 rg BT 225.20 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 240.48 376.35 Td (next ) Tj ET Q q 0 0 0 rg BT 261.02 376.35 Td (12�months. ) Tj ET Q q 0 0 0 rg BT 310.15 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 312.61 376.35 Td (However) Tj ET Q q 0 0 0 rg BT 350.68 376.35 Td (, ) Tj ET Q q 0 0 0 rg BT 355.76 376.35 Td (during ) Tj ET Q q 0 0 0 rg BT 385.63 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 400.92 376.35 Td (next ) Tj ET Q q 0 0 0 rg BT 421.46 376.35 Td (12 ) Tj ET Q q 0 0 0 rg BT 434.42 376.35 Td (months, ) Tj ET Q q 0 0 0 rg BT 470.42 376.35 Td (we ) Tj ET Q q 0 0 0 rg BT 485.13 376.35 Td (intend ) Tj ET Q q 0 0 0 rg BT 513.83 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 524.46 376.35 Td (grow ) Tj ET Q q 0 0 0 rg BT 548.50 376.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (ETF ) Tj ET Q q 0 0 0 rg BT 70.78 363.75 Td (business ) Tj ET Q q 0 0 0 rg BT 108.98 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 126.76 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 142.19 363.75 Td (exploring ) Tj ET Q q 0 0 0 rg BT 185.05 363.75 Td (various ) Tj ET Q q 0 0 0 rg BT 218.58 363.75 Td (options ) Tj ET Q q 0 0 0 rg BT 252.11 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 262.89 363.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 284.17 363.75 Td (these ) Tj ET Q q 0 0 0 rg BT 308.36 363.75 Td (new ) Tj ET Q q 0 0 0 rg BT 328.46 363.75 Td (products. ) Tj ET Q q 0 0 0 rg BT 369.87 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 372.48 363.75 Td (Going ) Tj ET Q q 0 0 0 rg BT 401.35 363.75 Td (forward, ) Tj ET Q q 0 0 0 rg BT 439.82 363.75 Td (there ) Tj ET Q q 0 0 0 rg BT 463.42 363.75 Td (can ) Tj ET Q q 0 0 0 rg BT 480.60 363.75 Td (be ) Tj ET Q q 0 0 0 rg BT 493.13 363.75 Td (no ) Tj ET Q q 0 0 0 rg BT 506.25 363.75 Td (assurances ) Tj ET Q q 0 0 0 rg BT 553.76 363.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (these ) Tj ET Q q 0 0 0 rg BT 73.16 351.15 Td (expectations ) Tj ET Q q 0 0 0 rg BT 127.72 351.15 Td (as ) Tj ET Q q 0 0 0 rg BT 138.54 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 154.62 351.15 Td (projections ) Tj ET Q q 0 0 0 rg BT 203.36 351.15 Td (could ) Tj ET Q q 0 0 0 rg BT 228.77 351.15 Td (prove ) Tj ET Q q 0 0 0 rg BT 254.75 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 265.00 351.15 Td (be ) Tj ET Q q 0 0 0 rg BT 276.99 351.15 Td (incorrect, ) Tj ET Q q 0 0 0 rg BT 319.01 351.15 Td (events ) Tj ET Q q 0 0 0 rg BT 347.91 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 368.07 351.15 Td (occur ) Tj ET Q q 0 0 0 rg BT 393.47 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 411.29 351.15 Td (require ) Tj ET Q q 0 0 0 rg BT 443.11 351.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 487.18 351.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 524.84 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 535.09 351.15 Td (excess ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.47 338.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 98.28 338.55 Td (under ) Tj ET Q q 0 0 0 rg BT 124.41 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 140.63 338.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 183.09 338.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 209.22 338.55 Td (facility) Tj ET Q q 0 0 0 rg BT 238.28 338.55 Td (, ) Tj ET Q q 0 0 0 rg BT 243.12 338.55 Td (such ) Tj ET Q q 0 0 0 rg BT 264.59 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 275.57 338.55 Td (an ) Tj ET Q q 0 0 0 rg BT 287.70 338.55 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 338.92 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 349.31 338.55 Td (refinance ) Tj ET Q q 0 0 0 rg BT 390.59 338.55 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 449.68 338.55 Td (or ) Tj ET Q q 0 0 0 rg BT 460.65 338.55 Td (market ) Tj ET Q q 0 0 0 rg BT 492.03 338.55 Td (conditions ) Tj ET Q q 0 0 0 rg BT 538.00 338.55 Td (might ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (significantly ) Tj ET Q q 0 0 0 rg BT 105.78 325.95 Td (worsen, ) Tj ET Q q 0 0 0 rg BT 142.53 325.95 Td (af) Tj ET Q q 0 0 0 rg BT 150.50 325.95 Td (fecting ) Tj ET Q q 0 0 0 rg BT 183.44 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 201.23 325.95 Td (results ) Tj ET Q q 0 0 0 rg BT 232.44 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 244.98 325.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 292.51 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 311.46 325.95 Td (generation ) Tj ET Q q 0 0 0 rg BT 359.57 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 372.11 325.95 Td (available ) Tj ET Q q 0 0 0 rg BT 413.79 325.95 Td (cash. ) Tj ET Q q 0 0 0 rg BT 438.87 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 442.66 325.95 Td (If ) Tj ET Q q 0 0 0 rg BT 453.45 325.95 Td (these ) Tj ET Q q 0 0 0 rg BT 478.82 325.95 Td (events ) Tj ET Q q 0 0 0 rg BT 509.43 325.95 Td (result ) Tj ET Q q 0 0 0 rg BT 536.55 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 548.51 325.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 95.75 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 113.42 313.35 Td (available ) Tj ET Q q 0 0 0 rg BT 153.83 313.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 175.00 313.35 Td (being ) Tj ET Q q 0 0 0 rg BT 200.84 313.35 Td (insuf) Tj ET Q q 0 0 0 rg BT 221.65 313.35 Td (ficient ) Tj ET Q q 0 0 0 rg BT 250.99 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 261.67 313.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 283.42 313.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 321.52 313.35 Td (needs, ) Tj ET Q q 0 0 0 rg BT 350.57 313.35 Td (we ) Tj ET Q q 0 0 0 rg BT 365.32 313.35 Td (may ) Tj ET Q q 0 0 0 rg BT 385.91 313.35 Td (seek ) Tj ET Q q 0 0 0 rg BT 407.08 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 417.76 313.35 Td (manage ) Tj ET Q q 0 0 0 rg BT 452.93 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 469.43 313.35 Td (available ) Tj ET Q q 0 0 0 rg BT 509.84 313.35 Td (resources ) Tj ET Q q 0 0 0 rg BT 552.00 313.35 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 78.19 300.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 110.38 300.75 Td (such ) Tj ET Q q 0 0 0 rg BT 132.08 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 143.28 300.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 182.46 300.75 Td (future ) Tj ET Q q 0 0 0 rg BT 209.98 300.75 Td (share ) Tj ET Q q 0 0 0 rg BT 234.58 300.75 Td (repurchases, ) Tj ET Q q 0 0 0 rg BT 289.21 300.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 328.40 300.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 370.50 300.75 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 413.48 300.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 452.66 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 469.10 300.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 508.86 300.75 Td (expenditures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 62.59 288.15 Td (investments, ) Tj ET Q q 0 0 0 rg BT 117.97 288.15 Td (selling ) Tj ET Q q 0 0 0 rg BT 148.56 288.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 175.64 288.15 Td (\(such ) Tj ET Q q 0 0 0 rg BT 200.98 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 212.31 288.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 260.98 288.15 Td (securities\), ) Tj ET Q q 0 0 0 rg BT 309.35 288.15 Td (repatriating ) Tj ET Q q 0 0 0 rg BT 360.33 288.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 398.49 288.15 Td (from ) Tj ET Q q 0 0 0 rg BT 421.49 288.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 454.40 288.15 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 509.20 288.15 Td (reducing ) Tj ET Q q 0 0 0 rg BT 548.52 288.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 91.05 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 101.98 275.55 Td (modifying ) Tj ET Q q 0 0 0 rg BT 147.90 275.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 206.64 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 227.49 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 243.66 275.55 Td (af) Tj ET Q q 0 0 0 rg BT 251.63 275.55 Td (filiates ) Tj ET Q q 0 0 0 rg BT 282.38 275.55 Td (and/or ) Tj ET Q q 0 0 0 rg BT 311.39 275.55 Td (employees. ) Tj ET Q q 0 0 0 rg BT 361.10 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 363.27 275.55 Td (Should ) Tj ET Q q 0 0 0 rg BT 395.21 275.55 Td (these ) Tj ET Q q 0 0 0 rg BT 418.97 275.55 Td (types ) Tj ET Q q 0 0 0 rg BT 443.31 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 454.24 275.55 Td (actions ) Tj ET Q q 0 0 0 rg BT 486.16 275.55 Td (prove ) Tj ET Q q 0 0 0 rg BT 512.24 275.55 Td (insuf) Tj ET Q q 0 0 0 rg BT 533.05 275.55 Td (ficient, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 61.17 262.95 Td (should ) Tj ET Q q 0 0 0 rg BT 92.10 262.95 Td (an ) Tj ET Q q 0 0 0 rg BT 104.93 262.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 153.93 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 165.60 262.95 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 216.33 262.95 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 268.25 262.95 Td (arise, ) Tj ET Q q 0 0 0 rg BT 293.62 262.95 Td (we ) Tj ET Q q 0 0 0 rg BT 308.79 262.95 Td (would ) Tj ET Q q 0 0 0 rg BT 337.96 262.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 364.79 262.95 Td (utilize ) Tj ET Q q 0 0 0 rg BT 393.96 262.95 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 440.62 262.95 Td (capacity ) Tj ET Q q 0 0 0 rg BT 478.52 262.95 Td (under ) Tj ET Q q 0 0 0 rg BT 505.35 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 522.27 262.95 Td (revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.03 250.35 Td (facility ) Tj ET Q q 0 0 0 rg BT 108.39 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 119.76 250.35 Td (seek ) Tj ET Q q 0 0 0 rg BT 141.04 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 151.84 250.35 Td (raise ) Tj ET Q q 0 0 0 rg BT 174.28 250.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 218.90 250.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 247.77 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 259.14 250.35 Td (debt.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.05 225.15 Td (liquid ) Tj ET Q q 0 0 0 rg BT 96.77 225.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 124.49 225.15 Td (include ) Tj ET Q q 0 0 0 rg BT 158.62 225.15 Td (cash, ) Tj ET Q q 0 0 0 rg BT 183.13 225.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 205.00 225.15 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 258.67 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 277.05 225.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 308.84 225.15 Td (current ) Tj ET Q q 0 0 0 rg BT 341.79 225.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 391.09 225.15 Td (securities. ) Tj ET Q q 0 0 0 rg BT 436.59 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 439.10 225.15 Td (At ) Tj ET Q q 0 0 0 rg BT 452.82 225.15 Td (March ) Tj ET Q q 0 0 0 rg BT 483.45 225.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 499.79 225.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 526.64 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 543.86 225.15 Td (total ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (liquid ) Tj ET Q q 0 0 0 rg BT 75.75 212.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 102.00 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 112.50 212.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 174.90 212.55 Td ($999 ) Tj ET Q q 0 0 0 rg BT 197.66 212.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 232.37 212.55 Td (included ) Tj ET Q q 0 0 0 rg BT 270.28 212.55 Td ($336 ) Tj ET Q q 0 0 0 rg BT 293.03 212.55 Td (million ) Tj ET Q q 0 0 0 rg BT 325.12 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 335.62 212.55 Td (cash, ) Tj ET Q q 0 0 0 rg BT 358.65 212.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 379.06 212.55 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 431.26 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 448.17 212.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 500.09 212.55 Td (held ) Tj ET Q q 0 0 0 rg BT 519.92 212.55 Td (by ) Tj ET Q q 0 0 0 rg BT 532.17 212.55 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 104.73 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 107.76 199.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 134.70 199.95 Td (net ) Tj ET Q q 0 0 0 rg BT 150.56 199.95 Td (working ) Tj ET Q q 0 0 0 rg BT 188.58 199.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 219.59 199.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 258.21 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 269.98 199.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 303.33 199.95 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 355.94 199.95 Td (are ) Tj ET Q q 0 0 0 rg BT 371.79 199.95 Td (not ) Tj ET Q q 0 0 0 rg BT 388.23 199.95 Td (significant. ) Tj ET Q q 0 0 0 rg BT 438.21 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 441.24 199.95 Td (In ) Tj ET Q q 0 0 0 rg BT 453.01 199.95 Td (order ) Tj ET Q q 0 0 0 rg BT 478.20 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 489.39 199.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 526.82 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 543.84 199.95 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (available ) Tj ET Q q 0 0 0 rg BT 90.53 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 101.83 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 117.80 187.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 139.61 187.35 Td (for ) Tj ET Q q 0 0 0 rg BT 154.99 187.35 Td (general ) Tj ET Q q 0 0 0 rg BT 189.02 187.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 231.80 187.35 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 274.89 187.35 Td (we ) Tj ET Q q 0 0 0 rg BT 290.27 187.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 311.48 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 322.79 187.35 Td (utilize ) Tj ET Q q 0 0 0 rg BT 352.17 187.35 Td (up ) Tj ET Q q 0 0 0 rg BT 365.80 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 377.11 187.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 440.89 187.35 Td ($276 ) Tj ET Q q 0 0 0 rg BT 465.03 187.35 Td (million ) Tj ET Q q 0 0 0 rg BT 498.50 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 510.38 187.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 543.84 187.35 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (over ) Tj ET Q q 0 0 0 rg BT 70.49 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 85.66 174.75 Td (next ) Tj ET Q q 0 0 0 rg BT 106.07 174.75 Td (several ) Tj ET Q q 0 0 0 rg BT 138.14 174.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 165.25 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 176.33 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 204.33 174.75 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 225.04 174.75 Td (million ) Tj ET Q q 0 0 0 rg BT 257.71 174.75 Td (is ) Tj ET Q q 0 0 0 rg BT 267.05 174.75 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 322.44 174.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 355.10 174.75 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 395.63 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 397.45 174.75 Td (Any ) Tj ET Q q 0 0 0 rg BT 417.87 174.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 462.20 174.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 477.36 174.75 Td (provision ) Tj ET Q q 0 0 0 rg BT 519.37 174.75 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (with ) Tj ET Q q 0 0 0 rg BT 70.95 162.15 Td (these ) Tj ET Q q 0 0 0 rg BT 95.31 162.15 Td (repatriations ) Tj ET Q q 0 0 0 rg BT 150.58 162.15 Td (was ) Tj ET Q q 0 0 0 rg BT 169.69 162.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 216.80 162.15 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 268.27 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 271.05 162.15 Td (See ) Tj ET Q q 0 0 0 rg BT 289.00 162.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 312.19 162.15 Td (7 ) Tj ET Q q 0 0 0 rg BT 320.23 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 331.76 162.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 359.04 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 369.99 162.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 428.19 162.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 470.05 162.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 518.91 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 533.94 162.15 Td (further ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (discussion ) Tj ET Q q 0 0 0 rg BT 94.74 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 104.97 149.55 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 154.85 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 165.07 149.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 196.88 149.55 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 236.56 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 238.04 149.55 Td (No ) Tj ET Q q 0 0 0 rg BT 252.36 149.55 Td (further ) Tj ET Q q 0 0 0 rg BT 282.41 149.55 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 332.29 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 342.52 149.55 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 397.05 149.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 418.95 149.55 Td (period ) Tj ET Q q 0 0 0 rg BT 447.26 149.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 479.06 149.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 516.11 149.55 Td (is ) Tj ET Q q 0 0 0 rg BT 524.60 149.55 Td (currently ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (planned. ) Tj ET Q q 0 0 0 rg BT 87.57 136.95 Td (�However) Tj ET Q q 0 0 0 rg BT 128.26 136.95 Td (, ) Tj ET Q q 0 0 0 rg BT 133.10 136.95 Td (if ) Tj ET Q q 0 0 0 rg BT 141.72 136.95 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 203.41 136.95 Td (change, ) Tj ET Q q 0 0 0 rg BT 237.98 136.95 Td (we ) Tj ET Q q 0 0 0 rg BT 252.43 136.95 Td (will ) Tj ET Q q 0 0 0 rg BT 270.98 136.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 305.26 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 319.72 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 337.09 136.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 354.46 136.95 Td (any ) Tj ET Q q 0 0 0 rg BT 371.83 136.95 Td (applicable ) Tj ET Q q 0 0 0 rg BT 417.19 136.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 461.39 136.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 482.28 136.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 506.06 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 516.44 136.95 Td (connection ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (with ) Tj ET Q q 0 0 0 rg BT 70.92 124.35 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 122.07 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 133.58 124.35 Td (of) Tj ET Q q 0 0 0 rg BT 142.13 124.35 Td (fshore ) Tj ET Q q 0 0 0 rg BT 171.13 124.35 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 212.08 124.35 Td (It ) Tj ET Q q 0 0 0 rg BT 221.25 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 231.01 124.35 Td (not ) Tj ET Q q 0 0 0 rg BT 247.19 124.35 Td (practical ) Tj ET Q q 0 0 0 rg BT 286.08 124.35 Td (at ) Tj ET Q q 0 0 0 rg BT 296.42 124.35 Td (this ) Tj ET Q q 0 0 0 rg BT 314.34 124.35 Td (time ) Tj ET Q q 0 0 0 rg BT 335.76 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 346.69 124.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 391.42 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 407.01 124.35 Td (income ) Tj ET Q q 0 0 0 rg BT 440.67 124.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 456.25 124.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 491.68 124.35 Td (that ) Tj ET Q q 0 0 0 rg BT 510.18 124.35 Td (would ) Tj ET Q q 0 0 0 rg BT 539.18 124.35 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (from ) Tj ET Q q 0 0 0 rg BT 72.54 111.75 Td (any ) Tj ET Q q 0 0 0 rg BT 90.32 111.75 Td (further ) Tj ET Q q 0 0 0 rg BT 121.51 111.75 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 172.53 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.91 111.75 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 239.59 111.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 272.53 111.75 Td (earnings.) Tj ET Q endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (65) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Cr) Tj ET Q q 0 0 0 rg BT 61.55 741.90 Td (edit ) Tj ET Q q 0 0 0 rg BT 81.09 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 100.65 741.90 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 145.29 741.90 Td (Risk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.58 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 89.83 729.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 110.57 729.30 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 156.39 729.30 Td (deposits ) Tj ET Q q 0 0 0 rg BT 192.89 729.30 Td (involve ) Tj ET Q q 0 0 0 rg BT 226.47 729.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 257.11 729.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 283.10 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 300.34 729.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 338.01 729.30 Td (risks. ) Tj ET Q q 0 0 0 rg BT 362.56 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 364.49 729.30 Td (W) Tj ET Q q 0 0 0 rg BT 373.56 729.30 Td (e ) Tj ET Q q 0 0 0 rg BT 380.30 729.30 Td (maintain ) Tj ET Q q 0 0 0 rg BT 419.13 729.30 Td (our ) Tj ET Q q 0 0 0 rg BT 435.21 729.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 455.95 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 473.19 729.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 493.93 729.30 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 543.84 729.30 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 56.59 716.70 Td (number ) Tj ET Q q 0 0 0 rg BT 91.10 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 102.28 716.70 Td (high ) Tj ET Q q 0 0 0 rg BT 123.39 716.70 Td (quality ) Tj ET Q q 0 0 0 rg BT 154.98 716.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.15 716.70 Td (institutions ) Tj ET Q q 0 0 0 rg BT 243.26 716.70 Td (or ) Tj ET Q q 0 0 0 rg BT 254.44 716.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 280.21 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 297.80 716.70 Td (from ) Tj ET Q q 0 0 0 rg BT 320.65 716.70 Td (time ) Tj ET Q q 0 0 0 rg BT 341.74 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 352.35 716.70 Td (time ) Tj ET Q q 0 0 0 rg BT 373.44 716.70 Td (may ) Tj ET Q q 0 0 0 rg BT 393.96 716.70 Td (have ) Tj ET Q q 0 0 0 rg BT 416.21 716.70 Td (concentrations ) Tj ET Q q 0 0 0 rg BT 479.87 716.70 Td (with ) Tj ET Q q 0 0 0 rg BT 500.97 716.70 Td (one ) Tj ET Q q 0 0 0 rg BT 518.57 716.70 Td (or ) Tj ET Q q 0 0 0 rg BT 529.75 716.70 Td (more ) Tj ET Q q 0 0 0 rg BT 553.76 716.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (these ) Tj ET Q q 0 0 0 rg BT 72.96 704.10 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 124.15 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 125.89 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 144.10 704.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 182.13 704.10 Td (with ) Tj ET Q q 0 0 0 rg BT 202.69 704.10 Td (these ) Tj ET Q q 0 0 0 rg BT 226.15 704.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.76 704.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 313.32 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 323.95 704.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 349.17 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.22 704.10 Td (their ) Tj ET Q q 0 0 0 rg BT 387.34 704.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 413.13 704.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 444.18 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 458.88 704.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 503.92 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 516.31 704.10 Td (an ) Tj ET Q q 0 0 0 rg BT 528.10 704.10 Td (ongoing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (basis.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (Off-Balance ) Tj ET Q q 0 0 0 rg BT 106.36 666.30 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 132.91 666.30 Td (Arrangements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (Of) Tj ET Q q 0 0 0 rg BT 60.39 653.70 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 101.17 653.70 Td (sheet ) Tj ET Q q 0 0 0 rg BT 124.46 653.70 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 185.37 653.70 Td (as ) Tj ET Q q 0 0 0 rg BT 195.84 653.70 Td (defined ) Tj ET Q q 0 0 0 rg BT 229.05 653.70 Td (by ) Tj ET Q q 0 0 0 rg BT 241.27 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 255.82 653.70 Td (Securities ) Tj ET Q q 0 0 0 rg BT 298.95 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 315.83 653.70 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 358.95 653.70 Td (Commission ) Tj ET Q q 0 0 0 rg BT 413.77 653.70 Td (\("SEC"\), ) Tj ET Q q 0 0 0 rg BT 452.94 653.70 Td (include ) Tj ET Q q 0 0 0 rg BT 485.57 653.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 515.86 653.70 Td (contractual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 109.70 641.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 149.51 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.32 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 190.62 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 198.93 641.10 Td (company ) Tj ET Q q 0 0 0 rg BT 241.06 641.10 Td (has ) Tj ET Q q 0 0 0 rg BT 258.70 641.10 Td (an ) Tj ET Q q 0 0 0 rg BT 272.26 641.10 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 321.11 641.10 Td (such ) Tj ET Q q 0 0 0 rg BT 344.00 641.10 Td (as ) Tj ET Q q 0 0 0 rg BT 356.39 641.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 388.60 641.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 436.56 641.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 489.50 641.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 521.71 641.10 Td (guarantee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 93.56 628.50 Td (retained ) Tj ET Q q 0 0 0 rg BT 130.91 628.50 Td (or ) Tj ET Q q 0 0 0 rg BT 143.19 628.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 191.05 628.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 225.50 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 237.20 628.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.23 628.50 Td (transferred ) Tj ET Q q 0 0 0 rg BT 314.24 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 325.95 628.50 Td (an ) Tj ET Q q 0 0 0 rg BT 339.39 628.50 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 406.50 628.50 Td (entity) Tj ET Q q 0 0 0 rg BT 429.73 628.50 Td (, ) Tj ET Q q 0 0 0 rg BT 435.89 628.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 467.99 628.50 Td (derivative ) Tj ET Q q 0 0 0 rg BT 513.51 628.50 Td (instruments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (classified ) Tj ET Q q 0 0 0 rg BT 91.85 615.90 Td (as ) Tj ET Q q 0 0 0 rg BT 103.28 615.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 132.22 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 143.66 615.90 Td (material ) Tj ET Q q 0 0 0 rg BT 180.75 615.90 Td (variable ) Tj ET Q q 0 0 0 rg BT 217.26 615.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 254.94 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 265.80 615.90 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 332.06 615.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 365.08 615.90 Td (that ) Tj ET Q q 0 0 0 rg BT 383.52 615.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 418.29 615.90 Td (financing, ) Tj ET Q q 0 0 0 rg BT 463.26 615.90 Td (liquidity) Tj ET Q q 0 0 0 rg BT 498.16 615.90 Td (, ) Tj ET Q q 0 0 0 rg BT 503.48 615.90 Td (market ) Tj ET Q q 0 0 0 rg BT 535.32 615.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 553.77 615.90 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.48 603.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 93.30 603.30 Td (support. ) Tj ET Q q 0 0 0 rg BT 129.50 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 131.58 603.30 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 178.56 603.30 Td (is ) Tj ET Q q 0 0 0 rg BT 187.64 603.30 Td (required ) Tj ET Q q 0 0 0 rg BT 224.70 603.30 Td (for ) Tj ET Q q 0 0 0 rg BT 239.02 603.30 Td (any ) Tj ET Q q 0 0 0 rg BT 256.25 603.30 Td (of) Tj ET Q q 0 0 0 rg BT 264.81 603.30 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 305.94 603.30 Td (sheet ) Tj ET Q q 0 0 0 rg BT 329.59 603.30 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 388.22 603.30 Td (that ) Tj ET Q q 0 0 0 rg BT 406.04 603.30 Td (have, ) Tj ET Q q 0 0 0 rg BT 430.56 603.30 Td (or ) Tj ET Q q 0 0 0 rg BT 441.39 603.30 Td (are ) Tj ET Q q 0 0 0 rg BT 456.28 603.30 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 503.84 603.30 Td (likely ) Tj ET Q q 0 0 0 rg BT 529.83 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 540.07 603.30 Td (have, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 55.92 590.70 Td (material ) Tj ET Q q 0 0 0 rg BT 92.07 590.70 Td (current ) Tj ET Q q 0 0 0 rg BT 123.56 590.70 Td (or ) Tj ET Q q 0 0 0 rg BT 134.07 590.70 Td (future ) Tj ET Q q 0 0 0 rg BT 160.90 590.70 Td (ef) Tj ET Q q 0 0 0 rg BT 168.86 590.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 186.36 590.70 Td (on ) Tj ET Q q 0 0 0 rg BT 198.61 590.70 Td (our ) Tj ET Q q 0 0 0 rg BT 214.37 590.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.86 590.70 Td (condition, ) Tj ET Q q 0 0 0 rg BT 296.90 590.70 Td (results ) Tj ET Q q 0 0 0 rg BT 326.07 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 336.58 590.70 Td (operations, ) Tj ET Q q 0 0 0 rg BT 384.70 590.70 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 422.04 590.70 Td (or ) Tj ET Q q 0 0 0 rg BT 432.55 590.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 462.29 590.70 Td (resources. ) Tj ET Q q 0 0 0 rg BT 506.32 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 507.95 590.70 Td (W) Tj ET Q q 0 0 0 rg BT 517.02 590.70 Td (e ) Tj ET Q q 0 0 0 rg BT 523.44 590.70 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (do ) Tj ET Q q 0 0 0 rg BT 61.75 578.10 Td (not ) Tj ET Q q 0 0 0 rg BT 76.92 578.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 99.66 578.10 Td (into ) Tj ET Q q 0 0 0 rg BT 117.74 578.10 Td (of) Tj ET Q q 0 0 0 rg BT 126.30 578.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 167.10 578.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 190.43 578.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 251.36 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 261.86 578.10 Td (defined, ) Tj ET Q q 0 0 0 rg BT 297.72 578.10 Td (other ) Tj ET Q q 0 0 0 rg BT 321.05 578.10 Td (than ) Tj ET Q q 0 0 0 rg BT 340.88 578.10 Td (those ) Tj ET Q q 0 0 0 rg BT 364.79 578.10 Td (described ) Tj ET Q q 0 0 0 rg BT 406.78 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.69 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.27 578.10 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 482.01 578.10 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 532.76 578.10 Td (section ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (that ) Tj ET Q q 0 0 0 rg BT 69.02 565.50 Td (follows ) Tj ET Q q 0 0 0 rg BT 104.29 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 123.22 565.50 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 185.92 565.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 229.94 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 241.88 565.50 Td (Critical ) Tj ET Q q 0 0 0 rg BT 276.31 565.50 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 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BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 516.57 Td (Total Contractual Obligations) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.35 516.57 Td (241.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.35 516.57 Td (218.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.35 516.57 Td (452.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.35 516.57 Td (190.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.35 516.57 Td (188.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.50 516.57 Td (4,455.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 516.57 Td (5,748.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 498.59 Td (Contingent Obligations) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 483.07 Td (Payments related to business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 472.57 Td (acquisitions:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 114.58 477.33 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 456.57 Td (Martin Currie) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.35 456.57 Td (407.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.50 456.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 456.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.50 456.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 456.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.50 456.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 456.57 Td (407.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 440.57 Td (RARE Infrastructure) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.60 440.57 Td (81.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.50 440.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 440.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.50 440.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 440.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.50 440.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.60 440.57 Td (81.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 424.57 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 244.85 424.57 Td (5.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.60 424.57 Td (23.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 424.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.50 424.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 424.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.50 424.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.60 424.57 Td (28.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 409.07 Td (Total payments related to business) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 398.57 Td (acquisitions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.35 398.57 Td (494.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.60 398.57 Td (23.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 398.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.50 398.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.50 398.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.50 398.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 398.57 Td (517.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 379.59 Td (T) Tj ET Q q 0 0 0 rg BT 58.54 379.59 Td (otal Obligations) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 130.01 384.35 Td (\(2\)\(3\)\(4\)\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.50 379.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.35 379.57 Td (735.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.50 379.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.35 379.57 Td (242.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.50 379.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.35 379.57 Td (452.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.50 379.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.35 379.57 Td (190.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 379.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.35 379.57 Td (188.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 379.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.50 379.57 Td (4,455.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.50 379.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 379.57 Td (6,265.4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 365.10 Td (The ) Tj ET Q q 0 0 0 rg BT 82.57 365.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 109.93 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.87 365.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 156.61 365.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 191.04 365.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 222.63 365.10 Td (for ) Tj ET Q q 0 0 0 rg BT 234.40 365.10 Td (any ) Tj ET Q q 0 0 0 rg BT 248.53 365.10 Td (year ) Tj ET Q q 0 0 0 rg BT 265.01 365.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 301.33 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.57 365.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 349.90 365.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 377.26 365.10 Td (that ) Tj ET Q q 0 0 0 rg BT 391.86 365.10 Td (could ) Tj ET Q q 0 0 0 rg BT 412.61 365.10 Td (be ) Tj ET Q q 0 0 0 rg BT 422.49 365.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 450.78 365.10 Td (at ) Tj ET Q q 0 0 0 rg BT 458.77 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.01 365.10 Td (earliest ) Tj ET Q q 0 0 0 rg BT 497.41 365.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 527.13 365.10 Td (date ) Tj ET Q q 0 0 0 rg BT 543.15 365.10 Td (under ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 354.90 Td (the ) Tj ET Q q 0 0 0 rg BT 80.25 354.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 101.50 354.90 Td (of ) Tj ET Q q 0 0 0 rg BT 110.94 354.90 Td (the ) Tj ET Q q 0 0 0 rg BT 123.69 354.90 Td (business ) Tj ET Q q 0 0 0 rg BT 154.86 354.90 Td (purchase ) Tj ET Q q 0 0 0 rg BT 187.43 354.90 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 230.62 354.90 Td (using ) Tj ET Q q 0 0 0 rg BT 251.40 354.90 Td (the ) Tj ET Q q 0 0 0 rg BT 264.15 354.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 301.44 354.90 Td (exchange ) Tj ET Q q 0 0 0 rg BT 335.90 354.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 351.00 354.90 Td (as ) Tj ET Q q 0 0 0 rg BT 360.44 354.90 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.88 354.90 Td (March ) Tj ET Q q 0 0 0 rg BT 394.43 354.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 407.42 354.90 Td (2017) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.42 354.90 Td (, ) Tj ET Q q 0 0 0 rg BT 428.91 354.90 Td (for ) Tj ET Q q 0 0 0 rg BT 441.18 354.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 472.35 354.90 Td (denominated ) Tj ET Q q 0 0 0 rg BT 518.62 354.90 Td (in ) Tj ET Q q 0 0 0 rg BT 527.59 354.90 Td (currencies ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 344.70 Td (ot) Tj ET Q BT /F1 8.50 Tf ET 1 1 1 rg /GS0 gs 74.11 350.59 243.35 -7.73 re f /GS0 gs q 0 0 0 rg BT 74.11 344.70 Td (her ) Tj ET Q q 0 0 0 rg BT 86.91 344.70 Td (than ) Tj ET Q q 0 0 0 rg BT 103.48 344.70 Td (the ) Tj ET Q q 0 0 0 rg BT 115.81 344.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 132.87 344.70 Td (dollar) Tj ET Q q 0 0 0 rg BT 152.23 344.70 Td (. ) Tj ET Q q 0 0 0 rg BT 156.30 344.70 Td ( ) Tj ET Q q 0 0 0 rg BT 158.10 344.70 Td (The ) Tj ET Q q 0 0 0 rg BT 173.26 344.70 Td (related ) Tj ET Q q 0 0 0 rg BT 198.32 344.70 Td (contingent ) Tj ET Q q 0 0 0 rg BT 236.15 344.70 Td (consideration ) Tj ET Q q 0 0 0 rg BT 283.88 344.70 Td (liabilities ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 317.46 344.70 Td (had ) Tj ET Q q 0 0 0 rg BT 331.68 344.70 Td (an ) Tj ET Q q 0 0 0 rg BT 341.64 344.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 376.62 344.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 390.36 344.70 Td (value ) Tj ET Q q 0 0 0 rg BT 410.71 344.70 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 419.73 344.70 Td ($36.8) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 438.85 344.70 Td ( ) Tj ET Q q 0 0 0 rg BT 440.80 344.70 Td (million ) Tj ET Q q 0 0 0 rg BT 467.30 344.70 Td (as ) Tj ET Q q 0 0 0 rg BT 476.32 344.70 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 485.34 344.70 Td (March ) Tj ET Q q 0 0 0 rg BT 509.47 344.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 522.04 344.70 Td (2017) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 539.04 344.70 Td (, ) Tj ET Q q 0 0 0 rg BT 543.11 344.70 Td (net ) Tj ET Q q 0 0 0 rg BT 555.43 344.70 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 334.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 92.75 334.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 124.62 334.50 Td (pension ) Tj ET Q q 0 0 0 rg BT 153.18 334.50 Td (and ) Tj ET Q q 0 0 0 rg BT 167.58 334.50 Td (other ) Tj ET Q q 0 0 0 rg BT 187.17 334.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 227.08 334.50 Td (related ) Tj ET Q q 0 0 0 rg BT 252.32 334.50 Td (to ) Tj ET Q q 0 0 0 rg BT 261.06 334.50 Td (Martin ) Tj ET Q q 0 0 0 rg BT 286.32 334.50 Td (Currie. ) Tj ET Q q 0 0 0 rg BT 312.29 334.50 Td ( ) Tj ET Q q 0 0 0 rg BT 314.41 334.50 Td (See ) Tj ET Q q 0 0 0 rg BT 328.81 334.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 350.77 334.50 Td (2 ) Tj ET Q q 0 0 0 rg BT 357.14 334.50 Td (and ) Tj ET Q q 0 0 0 rg BT 371.54 334.50 Td (8 ) Tj ET Q q 0 0 0 rg BT 377.91 334.50 Td (of ) Tj ET Q q 0 0 0 rg BT 387.12 334.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 409.08 334.50 Td (to ) Tj ET Q q 0 0 0 rg BT 417.81 334.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 464.80 334.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 498.55 334.50 Td (Statements.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 324.30 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 324.30 Td (The ) Tj ET Q q 0 0 0 rg BT 82.53 324.30 Td (table ) Tj ET Q q 0 0 0 rg BT 100.86 324.30 Td (above ) Tj ET Q q 0 0 0 rg BT 122.97 324.30 Td (does ) Tj ET Q q 0 0 0 rg BT 140.36 324.30 Td (not ) Tj ET Q q 0 0 0 rg BT 153.03 324.30 Td (include ) Tj ET Q q 0 0 0 rg BT 179.86 324.30 Td (approximately ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 230.77 324.30 Td ($35.5) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 249.90 324.30 Td (�million ) Tj ET Q q 0 0 0 rg BT 278.39 324.30 Td (in ) Tj ET Q q 0 0 0 rg BT 286.81 324.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.28 324.30 Td (commitments ) Tj ET Q q 0 0 0 rg BT 359.37 324.30 Td (to ) Tj ET Q q 0 0 0 rg BT 367.79 324.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 406.90 324.30 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 450.26 324.30 Td (in ) Tj ET Q q 0 0 0 rg BT 458.68 324.30 Td (which ) Tj ET Q q 0 0 0 rg BT 481.27 324.30 Td (we ) Tj ET Q q 0 0 0 rg BT 492.99 324.30 Td (are ) Tj ET Q q 0 0 0 rg BT 505.18 324.30 Td (a ) Tj ET Q q 0 0 0 rg BT 510.77 324.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 536.66 324.30 Td (partner) Tj ET Q q 0 0 0 rg BT 560.39 324.30 Td (, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 314.10 Td (which ) Tj ET Q q 0 0 0 rg BT 90.92 314.10 Td (will ) Tj ET Q q 0 0 0 rg BT 106.80 314.10 Td (be ) Tj ET Q q 0 0 0 rg BT 117.47 314.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 161.91 314.10 Td (or ) Tj ET Q q 0 0 0 rg BT 171.64 314.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 197.89 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 207.62 314.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 240.71 314.10 Td (through ) Tj ET Q q 0 0 0 rg BT 269.80 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.84 314.10 Td (end ) Tj ET Q q 0 0 0 rg BT 297.76 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.49 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.52 314.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 366.14 314.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 393.81 314.10 Td (running ) Tj ET Q q 0 0 0 rg BT 422.90 314.10 Td (through ) Tj ET Q q 0 0 0 rg BT 451.99 314.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 473.05 314.10 Td (2029; ) Tj ET Q q 0 0 0 rg BT 495.06 314.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 514.71 314.10 Td (million ) Tj ET Q q 0 0 0 rg BT 541.92 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 551.65 314.10 Td (co-) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 303.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 107.69 303.90 Td (commitment ) Tj ET Q q 0 0 0 rg BT 153.54 303.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 191.36 303.90 Td (with ) Tj ET Q q 0 0 0 rg BT 209.35 303.90 Td (the ) Tj ET Q q 0 0 0 rg BT 222.63 303.90 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 251.01 303.90 Td (Partners ) Tj ET Q q 0 0 0 rg BT 281.75 303.90 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 324.06 303.90 Td (which ) Tj ET Q q 0 0 0 rg BT 347.72 303.90 Td (will ) Tj ET Q q 0 0 0 rg BT 363.83 303.90 Td (be ) Tj ET Q q 0 0 0 rg BT 374.74 303.90 Td (funded ) Tj ET Q q 0 0 0 rg BT 401.23 303.90 Td (after ) Tj ET Q q 0 0 0 rg BT 419.68 303.90 Td (the ) Tj ET Q q 0 0 0 rg BT 432.95 303.90 Td (second ) Tj ET Q q 0 0 0 rg BT 459.44 303.90 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 501.98 303.90 Td (of ) Tj ET Q q 0 0 0 rg BT 511.94 303.90 Td (the ) Tj ET Q q 0 0 0 rg BT 525.21 303.90 Td (transaction ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 293.70 Td (closing; ) Tj ET Q q 0 0 0 rg BT 96.53 293.70 Td (or ) Tj ET Q q 0 0 0 rg BT 105.72 293.70 Td (up ) Tj ET Q q 0 0 0 rg BT 116.33 293.70 Td (to ) Tj ET Q q 0 0 0 rg BT 125.05 293.70 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 142.04 293.70 Td (million ) Tj ET Q q 0 0 0 rg BT 168.71 293.70 Td (of ) Tj ET Q q 0 0 0 rg BT 177.90 293.70 Td (remaining ) Tj ET Q q 0 0 0 rg BT 214.48 293.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 250.58 293.70 Td (working ) Tj ET Q q 0 0 0 rg BT 281.02 293.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 305.79 293.70 Td (commitment ) Tj ET Q q 0 0 0 rg BT 350.87 293.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 387.91 293.70 Td (with ) Tj ET Q q 0 0 0 rg BT 405.13 293.70 Td (the ) Tj ET Q q 0 0 0 rg BT 417.63 293.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 451.37 293.70 Td (Guard ) Tj ET Q q 0 0 0 rg BT 474.73 293.70 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 516.26 293.70 Td (which ) Tj ET Q q 0 0 0 rg BT 539.15 293.70 Td (will ) Tj ET Q q 0 0 0 rg BT 554.48 293.70 Td (be ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 283.50 Td (funded ) Tj ET Q q 0 0 0 rg BT 93.23 283.50 Td (over ) Tj ET Q q 0 0 0 rg BT 110.46 283.50 Td (the ) Tj ET Q q 0 0 0 rg BT 122.97 283.50 Td (two ) Tj ET Q q 0 0 0 rg BT 137.84 283.50 Td (year ) Tj ET Q q 0 0 0 rg BT 154.59 283.50 Td (period ) Tj ET Q q 0 0 0 rg BT 178.43 283.50 Td (ending ) Tj ET Q q 0 0 0 rg BT 203.69 283.50 Td (in ) Tj ET Q q 0 0 0 rg BT 211.96 283.50 Td (August ) Tj ET Q q 0 0 0 rg BT 238.65 283.50 Td (2018. ) Tj ET Q q 0 0 0 rg BT 259.90 283.50 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 273.30 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 273.30 Td (The ) Tj ET Q q 0 0 0 rg BT 83.07 273.30 Td (table ) Tj ET Q q 0 0 0 rg BT 101.94 273.30 Td (above ) Tj ET Q q 0 0 0 rg BT 124.58 273.30 Td (does ) Tj ET Q q 0 0 0 rg BT 142.52 273.30 Td (not ) Tj ET Q q 0 0 0 rg BT 155.73 273.30 Td (include ) Tj ET Q q 0 0 0 rg BT 183.10 273.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 214.26 273.30 Td (for ) Tj ET Q q 0 0 0 rg BT 226.52 273.30 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 260.49 273.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 273.23 273.30 Td (positions ) Tj ET Q q 0 0 0 rg BT 306.28 273.30 Td (of ) Tj ET Q q 0 0 0 rg BT 315.71 273.30 Td ($69.7 ) Tj ET Q q 0 0 0 rg BT 337.19 273.30 Td (million ) Tj ET Q q 0 0 0 rg BT 364.10 273.30 Td (\(net ) Tj ET Q q 0 0 0 rg BT 379.66 273.30 Td (of ) Tj ET Q q 0 0 0 rg BT 389.10 273.30 Td (the ) Tj ET Q q 0 0 0 rg BT 401.83 273.30 Td (federal ) Tj ET Q q 0 0 0 rg BT 427.77 273.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 453.73 273.30 Td (for ) Tj ET Q q 0 0 0 rg BT 465.99 273.30 Td (state ) Tj ET Q q 0 0 0 rg BT 483.92 273.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 496.65 273.30 Td (liabilities\), ) Tj ET Q q 0 0 0 rg BT 535.60 273.30 Td (because ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.01 263.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 104.33 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.54 263.10 Td (any ) Tj ET Q q 0 0 0 rg BT 127.94 263.10 Td (related ) Tj ET Q q 0 0 0 rg BT 153.18 263.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 170.41 263.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 202.29 263.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 227.07 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 237.22 263.10 Td (reliably ) Tj ET Q q 0 0 0 rg BT 265.31 263.10 Td (estimated.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 252.90 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 67.50 252.90 Td (The ) Tj ET Q q 0 0 0 rg BT 82.16 252.90 Td (table ) Tj ET Q q 0 0 0 rg BT 100.13 252.90 Td (above ) Tj ET Q q 0 0 0 rg BT 121.87 252.90 Td (does ) Tj ET Q q 0 0 0 rg BT 138.90 252.90 Td (not ) Tj ET Q q 0 0 0 rg BT 151.21 252.90 Td (include ) Tj ET Q q 0 0 0 rg BT 177.68 252.90 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 218.29 252.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 269.79 252.90 Td (interests, ) Tj ET Q q 0 0 0 rg BT 301.69 252.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 334.77 252.90 Td (related ) Tj ET Q q 0 0 0 rg BT 359.34 252.90 Td (to ) Tj ET Q q 0 0 0 rg BT 367.40 252.90 Td (minority ) Tj ET Q q 0 0 0 rg BT 398.12 252.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 420.82 252.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 450.59 252.90 Td (in ) Tj ET Q q 0 0 0 rg BT 458.65 252.90 Td (our ) Tj ET Q q 0 0 0 rg BT 471.43 252.90 Td (af) Tj ET Q q 0 0 0 rg BT 477.88 252.90 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 504.58 252.90 Td (of ) Tj ET Q q 0 0 0 rg BT 513.11 252.90 Td ($619.3 ) Tj ET Q q 0 0 0 rg BT 537.94 252.90 Td (million ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 242.70 Td (as ) Tj ET Q q 0 0 0 rg BT 77.09 242.70 Td (of ) Tj ET Q q 0 0 0 rg BT 86.68 242.70 Td (March ) Tj ET Q q 0 0 0 rg BT 111.38 242.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 124.52 242.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 146.15 242.70 Td (because ) Tj ET Q q 0 0 0 rg BT 175.56 242.70 Td (the ) Tj ET Q q 0 0 0 rg BT 188.46 242.70 Td (timing ) Tj ET Q q 0 0 0 rg BT 213.17 242.70 Td (and ) Tj ET Q q 0 0 0 rg BT 227.95 242.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 255.96 242.70 Td (of ) Tj ET Q q 0 0 0 rg BT 265.55 242.70 Td (any ) Tj ET Q q 0 0 0 rg BT 280.34 242.70 Td (related ) Tj ET Q q 0 0 0 rg BT 305.97 242.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 323.59 242.70 Td (outflows ) Tj ET Q q 0 0 0 rg BT 355.85 242.70 Td (cannot ) Tj ET Q q 0 0 0 rg BT 381.02 242.70 Td (be ) Tj ET Q q 0 0 0 rg BT 391.55 242.70 Td (reliably ) Tj ET Q q 0 0 0 rg BT 420.02 242.70 Td (estimated, ) Tj ET Q q 0 0 0 rg BT 457.23 242.70 Td (and ) Tj ET Q q 0 0 0 rg BT 472.02 242.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 524.58 242.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 555.42 242.70 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 232.50 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 87.57 232.50 Td (of ) Tj ET Q q 0 0 0 rg BT 96.78 232.50 Td ($58.5 ) Tj ET Q q 0 0 0 rg BT 118.03 232.50 Td (million ) Tj ET Q q 0 0 0 rg BT 144.71 232.50 Td (as ) Tj ET Q q 0 0 0 rg BT 153.92 232.50 Td (of ) Tj ET Q q 0 0 0 rg BT 163.12 232.50 Td (March ) Tj ET Q q 0 0 0 rg BT 187.43 232.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 200.18 232.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 221.43 232.50 Td (because ) Tj ET Q q 0 0 0 rg BT 250.46 232.50 Td (we ) Tj ET Q q 0 0 0 rg BT 262.49 232.50 Td (have ) Tj ET Q q 0 0 0 rg BT 280.67 232.50 Td (no ) Tj ET Q q 0 0 0 rg BT 291.29 232.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 331.19 232.50 Td (in ) Tj ET Q q 0 0 0 rg BT 339.93 232.50 Td (relation ) Tj ET Q q 0 0 0 rg BT 368.02 232.50 Td (to ) Tj ET Q q 0 0 0 rg BT 376.75 232.50 Td (these ) Tj ET Q q 0 0 0 rg BT 396.34 232.50 Td (amounts.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 222.30 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 67.50 222.30 Td (The ) Tj ET Q q 0 0 0 rg BT 82.60 222.30 Td (table ) Tj ET Q q 0 0 0 rg BT 101.01 222.30 Td (above ) Tj ET Q q 0 0 0 rg BT 123.19 222.30 Td (excludes ) Tj ET Q q 0 0 0 rg BT 154.81 222.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 186.44 222.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 226.10 222.30 Td (arising ) Tj ET Q q 0 0 0 rg BT 251.12 222.30 Td (from ) Tj ET Q q 0 0 0 rg BT 269.53 222.30 Td (the ) Tj ET Q q 0 0 0 rg BT 281.80 222.30 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 311.54 222.30 Td (settlement ) Tj ET Q q 0 0 0 rg BT 348.36 222.30 Td (of ) Tj ET Q q 0 0 0 rg BT 357.33 222.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 383.29 222.30 Td (under ) Tj ET Q q 0 0 0 rg BT 404.53 222.30 Td (the ) Tj ET Q q 0 0 0 rg BT 416.80 222.30 Td (af) Tj ET Q q 0 0 0 rg BT 423.25 222.30 Td (filiate ) Tj ET Q q 0 0 0 rg BT 444.96 222.30 Td (management ) Tj ET Q q 0 0 0 rg BT 490.27 222.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 513.40 222.30 Td (plans ) Tj ET Q q 0 0 0 rg BT 533.23 222.30 Td (with ) Tj ET Q q 0 0 0 rg BT 550.23 222.30 Td (key ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 212.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 105.83 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.88 212.10 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 142.35 212.10 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 174.31 212.10 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 217.82 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.07 212.10 Td (Royce ) Tj ET Q q 0 0 0 rg BT 255.76 212.10 Td (due ) Tj ET Q q 0 0 0 rg BT 270.01 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.59 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.95 212.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 331.16 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.22 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.58 212.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 376.75 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.00 212.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 421.78 212.10 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 458.22 212.10 Td (payable. ) Tj ET Q q 0 0 0 rg BT 488.75 212.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.72 212.10 Td (See ) Tj ET Q q 0 0 0 rg BT 504.97 212.10 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 523.47 212.10 Td (1) Tj ET Q q 0 0 0 rg BT 527.40 212.10 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.65 212.10 Td ( ) Tj ET Q q 0 0 0 rg BT 533.63 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.68 212.10 Td (Notes ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 201.90 Td (to ) Tj ET Q q 0 0 0 rg BT 76.24 201.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 123.22 201.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 156.98 201.90 Td (Statements ) Tj ET Q q 0 0 0 rg BT 196.40 201.90 Td (for ) Tj ET Q q 0 0 0 rg BT 208.44 201.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 244.56 201.90 Td (information ) Tj ET Q q 0 0 0 rg BT 286.81 201.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 321.51 201.90 Td (af) Tj ET Q q 0 0 0 rg BT 327.96 201.90 Td (filiate ) Tj ET Q q 0 0 0 rg BT 349.91 201.90 Td (management ) Tj ET Q q 0 0 0 rg BT 395.46 201.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 418.83 201.90 Td (plans.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 191.70 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 67.50 191.70 Td (The ) Tj ET Q q 0 0 0 rg BT 82.84 191.70 Td (table ) Tj ET Q q 0 0 0 rg BT 101.48 191.70 Td (above ) Tj ET Q q 0 0 0 rg BT 123.91 191.70 Td (excludes ) Tj ET Q q 0 0 0 rg BT 155.77 191.70 Td (net ) Tj ET Q q 0 0 0 rg BT 168.28 191.70 Td (pension ) Tj ET Q q 0 0 0 rg BT 196.85 191.70 Td (benefit ) Tj ET Q q 0 0 0 rg BT 222.57 191.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 262.48 191.70 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 271.68 191.70 Td ($37.5) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 290.81 191.70 Td ( ) Tj ET Q q 0 0 0 rg BT 292.93 191.70 Td (million ) Tj ET Q q 0 0 0 rg BT 319.62 191.70 Td (due ) Tj ET Q q 0 0 0 rg BT 334.01 191.70 Td (to ) Tj ET Q q 0 0 0 rg BT 342.75 191.70 Td (the ) Tj ET Q q 0 0 0 rg BT 355.26 191.70 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 395.62 191.70 Td (of ) Tj ET Q q 0 0 0 rg BT 404.83 191.70 Td (the ) Tj ET Q q 0 0 0 rg BT 417.33 191.70 Td (timing ) Tj ET Q q 0 0 0 rg BT 441.66 191.70 Td (and ) Tj ET Q q 0 0 0 rg BT 456.06 191.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 486.98 191.70 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 523.58 191.70 Td (payable.) Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (67) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (MARKET) Tj ET Q q 0 0 0 rg BT 96.56 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 99.19 741.90 Td (RISK) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 717.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 717.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.75 717.30 Td (maintain ) Tj ET Q q 0 0 0 rg BT 105.01 717.30 Td (an ) Tj ET Q q 0 0 0 rg BT 117.45 717.30 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 161.36 717.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.63 717.30 Td (management ) Tj ET Q q 0 0 0 rg BT 235.80 717.30 Td (program ) Tj ET Q q 0 0 0 rg BT 273.89 717.30 Td (to ) Tj ET Q q 0 0 0 rg BT 284.58 717.30 Td (oversee ) Tj ET Q q 0 0 0 rg BT 319.17 717.30 Td (and ) Tj ET Q q 0 0 0 rg BT 336.85 717.30 Td (coordinate ) Tj ET Q q 0 0 0 rg BT 383.68 717.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 401.95 717.30 Td (management ) Tj ET Q q 0 0 0 rg BT 458.12 717.30 Td (activities ) Tj ET Q q 0 0 0 rg BT 498.55 717.30 Td (of ) Tj ET Q q 0 0 0 rg BT 509.81 717.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.91 717.30 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.70 Td (and ) Tj ET Q q 0 0 0 rg BT 66.92 704.70 Td (its ) Tj ET Q q 0 0 0 rg BT 79.09 704.70 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 133.55 704.70 Td ( ) Tj ET Q q 0 0 0 rg BT 135.81 704.70 Td (Under ) Tj ET Q q 0 0 0 rg BT 164.31 704.70 Td (the ) Tj ET Q q 0 0 0 rg BT 179.39 704.70 Td (program, ) Tj ET Q q 0 0 0 rg BT 219.84 704.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 250.66 704.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 268.67 704.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 308.83 704.70 Td (are ) Tj ET Q q 0 0 0 rg BT 323.90 704.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 364.06 704.70 Td (at ) Tj ET Q q 0 0 0 rg BT 373.89 704.70 Td (the ) Tj ET Q q 0 0 0 rg BT 388.98 704.70 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 434.40 704.70 Td (level. ) Tj ET Q q 0 0 0 rg BT 459.68 704.70 Td ( ) Tj ET Q q 0 0 0 rg BT 461.78 704.70 Td (The ) Tj ET Q q 0 0 0 rg BT 480.36 704.70 Td (following ) Tj ET Q q 0 0 0 rg BT 523.45 704.70 Td (describes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.69 692.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 113.64 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.01 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.63 692.10 Td (business ) Tj ET Q q 0 0 0 rg BT 179.84 692.10 Td (that ) Tj ET Q q 0 0 0 rg BT 198.21 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 213.65 692.10 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 253.03 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.82 692.10 Td (market ) Tj ET Q q 0 0 0 rg BT 295.60 692.10 Td (risk.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 666.90 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 94.71 666.90 Td (and ) Tj ET Q q 0 0 0 rg BT 114.26 666.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 132.63 666.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 168.50 666.90 Td (\(Loss\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 654.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.88 654.30 Td (majority ) Tj ET Q q 0 0 0 rg BT 107.51 654.30 Td (of ) Tj ET Q q 0 0 0 rg BT 119.31 654.30 Td (our ) Tj ET Q q 0 0 0 rg BT 136.36 654.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 172.64 654.30 Td (is ) Tj ET Q q 0 0 0 rg BT 182.70 654.30 Td (calculated ) Tj ET Q q 0 0 0 rg BT 228.31 654.30 Td (from ) Tj ET Q q 0 0 0 rg BT 251.78 654.30 Td (the ) Tj ET Q q 0 0 0 rg BT 267.66 654.30 Td (market ) Tj ET Q q 0 0 0 rg BT 299.87 654.30 Td (value ) Tj ET Q q 0 0 0 rg BT 325.66 654.30 Td (of ) Tj ET Q q 0 0 0 rg BT 337.46 654.30 Td (our ) Tj ET Q q 0 0 0 rg BT 353.84 654.30 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 384.02 654.30 Td ( ) Tj ET Q q 0 0 0 rg BT 386.40 654.30 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 438.20 654.30 Td (, ) Tj ET Q q 0 0 0 rg BT 443.88 654.30 Td (a ) Tj ET Q q 0 0 0 rg BT 451.60 654.30 Td (decline ) Tj ET Q q 0 0 0 rg BT 484.97 654.30 Td (in ) Tj ET Q q 0 0 0 rg BT 496.19 654.30 Td (the ) Tj ET Q q 0 0 0 rg BT 512.07 654.30 Td (value ) Tj ET Q q 0 0 0 rg BT 537.87 654.30 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 654.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.70 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.68 641.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 140.03 641.70 Td (will ) Tj ET Q q 0 0 0 rg BT 159.06 641.70 Td (cause ) Tj ET Q q 0 0 0 rg BT 185.07 641.70 Td (our ) Tj ET Q q 0 0 0 rg BT 201.16 641.70 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 230.98 641.70 Td (and ) Tj ET Q q 0 0 0 rg BT 248.83 641.70 Td (thus ) Tj ET Q q 0 0 0 rg BT 269.03 641.70 Td (our ) Tj ET Q q 0 0 0 rg BT 285.72 641.70 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 328.35 641.70 Td (to ) Tj ET Q q 0 0 0 rg BT 339.21 641.70 Td (decrease. ) Tj ET Q q 0 0 0 rg BT 380.66 641.70 Td ( ) Tj ET Q q 0 0 0 rg BT 383.35 641.70 Td (In ) Tj ET Q q 0 0 0 rg BT 394.79 641.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 434.52 641.70 Td (our ) Tj ET Q q 0 0 0 rg BT 451.21 641.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 475.48 641.70 Td (income ) Tj ET Q q 0 0 0 rg BT 509.08 641.70 Td (and ) Tj ET Q q 0 0 0 rg BT 526.93 641.70 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.84 629.10 Td (are ) Tj ET Q q 0 0 0 rg BT 92.50 629.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 125.08 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.09 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.75 629.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 183.17 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.75 629.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 228.50 629.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 247.07 629.10 Td (fluctuations, ) Tj ET Q q 0 0 0 rg BT 302.11 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 313.69 629.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 340.45 629.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 374.20 629.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 396.86 629.10 Td (may ) Tj ET Q q 0 0 0 rg BT 417.77 629.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 438.69 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.70 629.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 480.52 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.18 629.10 Td (market ) Tj ET Q q 0 0 0 rg BT 528.17 629.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.75 629.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 616.50 Td (bonds ) Tj ET Q q 0 0 0 rg BT 77.49 616.50 Td (held ) Tj ET Q q 0 0 0 rg BT 98.48 616.50 Td (in ) Tj ET Q q 0 0 0 rg BT 109.55 616.50 Td (various ) Tj ET Q q 0 0 0 rg BT 143.37 616.50 Td (mutual ) Tj ET Q q 0 0 0 rg BT 175.44 616.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 197.59 616.50 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 241.33 616.50 Td (or ) Tj ET Q q 0 0 0 rg BT 252.98 616.50 Td (separately ) Tj ET Q q 0 0 0 rg BT 298.44 616.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 339.25 616.50 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 381.52 616.50 Td ( ) Tj ET Q q 0 0 0 rg BT 384.42 616.50 Td (In ) Tj ET Q q 0 0 0 rg BT 396.07 616.50 Td (the ) Tj ET Q q 0 0 0 rg BT 411.81 616.50 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 450.28 616.50 Td (course ) Tj ET Q q 0 0 0 rg BT 480.59 616.50 Td (of ) Tj ET Q q 0 0 0 rg BT 492.25 616.50 Td (our ) Tj ET Q q 0 0 0 rg BT 509.15 616.50 Td (business, ) Tj ET Q q 0 0 0 rg BT 550.27 616.50 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.90 Td (may ) Tj ET Q q 0 0 0 rg BT 69.74 603.90 Td (also ) Tj ET Q q 0 0 0 rg BT 88.82 603.90 Td (reduce ) Tj ET Q q 0 0 0 rg BT 118.96 603.90 Td (or ) Tj ET Q q 0 0 0 rg BT 129.87 603.90 Td (waive ) Tj ET Q q 0 0 0 rg BT 157.10 603.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 205.34 603.90 Td (management ) Tj ET Q q 0 0 0 rg BT 261.15 603.90 Td (fees, ) Tj ET Q q 0 0 0 rg BT 282.84 603.90 Td (or ) Tj ET Q q 0 0 0 rg BT 293.75 603.90 Td (limit ) Tj ET Q q 0 0 0 rg BT 315.75 603.90 Td (total ) Tj ET Q q 0 0 0 rg BT 336.57 603.90 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 379.26 603.90 Td (on ) Tj ET Q q 0 0 0 rg BT 391.93 603.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 422.65 603.90 Td (products ) Tj ET Q q 0 0 0 rg BT 460.97 603.90 Td (or ) Tj ET Q q 0 0 0 rg BT 471.88 603.90 Td (services ) Tj ET Q q 0 0 0 rg BT 507.86 603.90 Td (for ) Tj ET Q q 0 0 0 rg BT 522.27 603.90 Td (particular ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 591.30 Td (time ) Tj ET Q q 0 0 0 rg BT 69.96 591.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 102.67 591.30 Td (to ) Tj ET Q q 0 0 0 rg BT 112.64 591.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 147.09 591.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 168.14 591.30 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 210.47 591.30 Td (or ) Tj ET Q q 0 0 0 rg BT 221.01 591.30 Td (for ) Tj ET Q q 0 0 0 rg BT 235.06 591.30 Td (other ) Tj ET Q q 0 0 0 rg BT 258.43 591.30 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 294.35 591.30 Td (and ) Tj ET Q q 0 0 0 rg BT 311.31 591.30 Td (to ) Tj ET Q q 0 0 0 rg BT 321.27 591.30 Td (help ) Tj ET Q q 0 0 0 rg BT 341.15 591.30 Td (retain ) Tj ET Q q 0 0 0 rg BT 366.85 591.30 Td (or ) Tj ET Q q 0 0 0 rg BT 377.40 591.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 413.59 591.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 453.29 591.30 Td (assets. ) Tj ET Q q 0 0 0 rg BT 482.22 591.30 Td ( ) Tj ET Q q 0 0 0 rg BT 484.02 591.30 Td (Market ) Tj ET Q q 0 0 0 rg BT 516.14 591.30 Td (conditions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.70 Td (such ) Tj ET Q q 0 0 0 rg BT 71.98 578.70 Td (as ) Tj ET Q q 0 0 0 rg BT 83.95 578.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.01 578.70 Td (current ) Tj ET Q q 0 0 0 rg BT 132.97 578.70 Td (historical ) Tj ET Q q 0 0 0 rg BT 175.27 578.70 Td (low ) Tj ET Q q 0 0 0 rg BT 194.25 578.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 228.39 578.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 247.35 578.70 Td (environment, ) Tj ET Q q 0 0 0 rg BT 306.27 578.70 Td (may ) Tj ET Q q 0 0 0 rg BT 327.58 578.70 Td (lead ) Tj ET Q q 0 0 0 rg BT 348.30 578.70 Td (us ) Tj ET Q q 0 0 0 rg BT 360.86 578.70 Td (to ) Tj ET Q q 0 0 0 rg BT 372.26 578.70 Td (take ) Tj ET Q q 0 0 0 rg BT 392.98 578.70 Td (such ) Tj ET Q q 0 0 0 rg BT 415.45 578.70 Td (actions. ) Tj ET Q q 0 0 0 rg BT 451.05 578.70 Td ( ) Tj ET Q q 0 0 0 rg BT 454.28 578.70 Td (Performance ) Tj ET Q q 0 0 0 rg BT 511.14 578.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 531.28 578.70 Td (may ) Tj ET Q q 0 0 0 rg BT 552.58 578.70 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 79.43 566.10 Td (on ) Tj ET Q q 0 0 0 rg BT 91.89 566.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 122.41 566.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 170.44 566.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 208.55 566.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 248.41 566.10 Td (for ) Tj ET Q q 0 0 0 rg BT 262.61 566.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 307.12 566.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 362.13 566.10 Td (benchmarks, ) Tj ET Q q 0 0 0 rg BT 417.44 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.55 566.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 462.76 566.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 497.95 566.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 517.98 566.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.11 566.10 Td (increase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 553.50 Td (these ) Tj ET Q q 0 0 0 rg BT 73.26 553.50 Td (fees. ) Tj ET Q q 0 0 0 rg BT 94.97 553.50 Td ( ) Tj ET Q q 0 0 0 rg BT 97.15 553.50 Td (Declines ) Tj ET Q q 0 0 0 rg BT 136.07 553.50 Td (in ) Tj ET Q q 0 0 0 rg BT 146.42 553.50 Td (market ) Tj ET Q q 0 0 0 rg BT 177.76 553.50 Td (values ) Tj ET Q q 0 0 0 rg BT 206.76 553.50 Td (of ) Tj ET Q q 0 0 0 rg BT 217.21 553.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 243.90 553.50 Td (will ) Tj ET Q q 0 0 0 rg BT 262.42 553.50 Td (result ) Tj ET Q q 0 0 0 rg BT 287.93 553.50 Td (in ) Tj ET Q q 0 0 0 rg BT 298.28 553.50 Td (reduced ) Tj ET Q q 0 0 0 rg BT 333.69 553.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 348.69 553.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 388.19 553.50 Td (and ) Tj ET Q q 0 0 0 rg BT 405.53 553.50 Td (net ) Tj ET Q q 0 0 0 rg BT 420.54 553.50 Td (income. ) Tj ET Q q 0 0 0 rg BT 456.25 553.50 Td ( ) Tj ET Q q 0 0 0 rg BT 458.28 553.50 Td (W) Tj ET Q q 0 0 0 rg BT 467.35 553.50 Td (e ) Tj ET Q q 0 0 0 rg BT 474.19 553.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 515.44 553.50 Td (earn ) Tj ET Q q 0 0 0 rg BT 535.69 553.50 Td (higher ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.37 540.90 Td (on ) Tj ET Q q 0 0 0 rg BT 80.84 540.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 109.06 540.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 135.53 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 152.66 540.90 Td (alternative ) Tj ET Q q 0 0 0 rg BT 198.94 540.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 225.41 540.90 Td (than ) Tj ET Q q 0 0 0 rg BT 245.46 540.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 264.33 540.90 Td (char) Tj ET Q q 0 0 0 rg BT 282.21 540.90 Td (ged ) Tj ET Q q 0 0 0 rg BT 299.34 540.90 Td (for ) Tj ET Q q 0 0 0 rg BT 313.55 540.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 337.10 540.90 Td (income ) Tj ET Q q 0 0 0 rg BT 369.97 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 387.10 540.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 424.66 540.90 Td (assets. ) Tj ET Q q 0 0 0 rg BT 453.76 540.90 Td ( ) Tj ET Q q 0 0 0 rg BT 455.73 540.90 Td (Declines ) Tj ET Q q 0 0 0 rg BT 494.43 540.90 Td (in ) Tj ET Q q 0 0 0 rg BT 504.57 540.90 Td (market ) Tj ET Q q 0 0 0 rg BT 535.69 540.90 Td (values ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.00 528.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 86.75 528.30 Td (in ) Tj ET Q q 0 0 0 rg BT 97.17 528.30 Td (these ) Tj ET Q q 0 0 0 rg BT 120.99 528.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 143.65 528.30 Td (classes ) Tj ET Q q 0 0 0 rg BT 175.05 528.30 Td (will ) Tj ET Q q 0 0 0 rg BT 193.64 528.30 Td (have ) Tj ET Q q 0 0 0 rg BT 215.71 528.30 Td (a ) Tj ET Q q 0 0 0 rg BT 222.62 528.30 Td (greater ) Tj ET Q q 0 0 0 rg BT 254.01 528.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 284.83 528.30 Td (on ) Tj ET Q q 0 0 0 rg BT 297.58 528.30 Td (our ) Tj ET Q q 0 0 0 rg BT 313.82 528.30 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 356.01 528.30 Td ( ) Tj ET Q q 0 0 0 rg BT 358.26 528.30 Td (In ) Tj ET Q q 0 0 0 rg BT 369.25 528.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 408.54 528.30 Td (under ) Tj ET Q q 0 0 0 rg BT 434.69 528.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 470.17 528.30 Td (sharing ) Tj ET Q q 0 0 0 rg BT 503.33 528.30 Td (arrangements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.77 515.70 Td (of ) Tj ET Q q 0 0 0 rg BT 90.23 515.70 Td (our ) Tj ET Q q 0 0 0 rg BT 105.93 515.70 Td (af) Tj ET Q q 0 0 0 rg BT 113.90 515.70 Td (filiates ) Tj ET Q q 0 0 0 rg BT 144.18 515.70 Td (retain ) Tj ET Q q 0 0 0 rg BT 169.79 515.70 Td (dif) Tj ET Q q 0 0 0 rg BT 181.26 515.70 Td (ferent ) Tj ET Q q 0 0 0 rg BT 207.45 515.70 Td (percentages ) Tj ET Q q 0 0 0 rg BT 258.71 515.70 Td (of ) Tj ET Q q 0 0 0 rg BT 269.17 515.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 308.19 515.70 Td (to ) Tj ET Q q 0 0 0 rg BT 318.07 515.70 Td (cover ) Tj ET Q q 0 0 0 rg BT 343.09 515.70 Td (their ) Tj ET Q q 0 0 0 rg BT 364.04 515.70 Td (costs, ) Tj ET Q q 0 0 0 rg BT 389.37 515.70 Td (including ) Tj ET Q q 0 0 0 rg BT 430.75 515.70 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 493.40 515.70 Td (and ) Tj ET Q q 0 0 0 rg BT 510.27 515.70 Td (our ) Tj ET Q q 0 0 0 rg BT 525.97 515.70 Td (af) Tj ET Q q 0 0 0 rg BT 533.94 515.70 Td (filiates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 83.00 503.10 Td (at ) Tj ET Q q 0 0 0 rg BT 93.18 503.10 Td (dif) Tj ET Q q 0 0 0 rg BT 104.65 503.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 131.73 503.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 158.83 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.17 503.10 Td (mar) Tj ET Q q 0 0 0 rg BT 186.31 503.10 Td (gins. ) Tj ET Q q 0 0 0 rg BT 209.04 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 211.64 503.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 230.57 503.10 Td (net ) Tj ET Q q 0 0 0 rg BT 246.00 503.10 Td (income ) Tj ET Q q 0 0 0 rg BT 279.50 503.10 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 308.06 503.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 333.99 503.10 Td (mar) Tj ET Q q 0 0 0 rg BT 350.13 503.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 366.15 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.91 503.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 444.83 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 456.18 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 463.44 503.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 511.50 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.85 503.10 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 490.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 89.40 490.50 Td (are ) Tj ET Q q 0 0 0 rg BT 104.80 490.50 Td (impacted ) Tj ET Q q 0 0 0 rg BT 145.87 490.50 Td (based ) Tj ET Q q 0 0 0 rg BT 172.36 490.50 Td (on ) Tj ET Q q 0 0 0 rg BT 185.44 490.50 Td (which ) Tj ET Q q 0 0 0 rg BT 213.69 490.50 Td (af) Tj ET Q q 0 0 0 rg BT 221.66 490.50 Td (filiates ) Tj ET Q q 0 0 0 rg BT 252.82 490.50 Td (generate ) Tj ET Q q 0 0 0 rg BT 290.96 490.50 Td (our ) Tj ET Q q 0 0 0 rg BT 307.54 490.50 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 350.06 490.50 Td (and ) Tj ET Q q 0 0 0 rg BT 367.81 490.50 Td (a ) Tj ET Q q 0 0 0 rg BT 375.05 490.50 Td (change ) Tj ET Q q 0 0 0 rg BT 407.37 490.50 Td (in ) Tj ET Q q 0 0 0 rg BT 417.55 490.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 444.63 490.50 Td (at ) Tj ET Q q 0 0 0 rg BT 454.80 490.50 Td (one ) Tj ET Q q 0 0 0 rg BT 472.54 490.50 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 518.29 490.50 Td (can ) Tj ET Q q 0 0 0 rg BT 535.45 490.50 Td (have ) Tj ET Q q 0 0 0 rg BT 557.85 490.50 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.90 Td (dramatically ) Tj ET Q q 0 0 0 rg BT 104.60 477.90 Td (dif) Tj ET Q q 0 0 0 rg BT 116.08 477.90 Td (ferent ) Tj ET Q q 0 0 0 rg BT 143.18 477.90 Td (ef) Tj ET Q q 0 0 0 rg BT 151.15 477.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 169.51 477.90 Td (on ) Tj ET Q q 0 0 0 rg BT 182.64 477.90 Td (our ) Tj ET Q q 0 0 0 rg BT 199.26 477.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 239.20 477.90 Td (and ) Tj ET Q q 0 0 0 rg BT 256.98 477.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 295.18 477.90 Td (than ) Tj ET Q q 0 0 0 rg BT 315.88 477.90 Td (an ) Tj ET Q q 0 0 0 rg BT 328.42 477.90 Td (equal ) Tj ET Q q 0 0 0 rg BT 353.78 477.90 Td (change ) Tj ET Q q 0 0 0 rg BT 386.14 477.90 Td (at ) Tj ET Q q 0 0 0 rg BT 396.34 477.90 Td (another ) Tj ET Q q 0 0 0 rg BT 430.45 477.90 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 472.94 477.90 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 452.70 Td (T) Tj ET Q q 0 0 0 rg BT 55.72 452.70 Td (rading ) Tj ET Q q 0 0 0 rg BT 88.11 452.70 Td (and ) Tj ET Q q 0 0 0 rg BT 107.66 452.70 Td (Non-T) Tj ET Q q 0 0 0 rg BT 136.06 452.70 Td (rading ) Tj ET Q q 0 0 0 rg BT 167.86 452.70 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.02 440.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 99.96 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.31 440.10 Td (non-trading ) Tj ET Q q 0 0 0 rg BT 168.49 440.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 195.18 440.10 Td (are ) Tj ET Q q 0 0 0 rg BT 210.19 440.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 256.12 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.06 440.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 315.33 440.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 359.80 440.10 Td (including ) Tj ET Q q 0 0 0 rg BT 401.65 440.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 422.50 440.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 452.68 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.04 440.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 507.81 440.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 539.17 440.10 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 427.50 Td (products, ) Tj ET Q q 0 0 0 rg BT 108.70 427.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 141.07 427.50 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 197.64 427.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 230.02 427.50 Td (liability ) Tj ET Q q 0 0 0 rg BT 265.31 427.50 Td (companies ) Tj ET Q q 0 0 0 rg BT 312.83 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 330.62 427.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 361.81 427.50 Td (other ) Tj ET Q q 0 0 0 rg BT 386.01 427.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 434.71 427.50 Td (products.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 402.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.54 402.30 Td (rading ) Tj ET Q q 0 0 0 rg BT 85.12 402.30 Td (and ) Tj ET Q q 0 0 0 rg BT 103.04 402.30 Td (other ) Tj ET Q q 0 0 0 rg BT 127.37 402.30 Td (current ) Tj ET Q q 0 0 0 rg BT 159.85 402.30 Td (investments, ) Tj ET Q q 0 0 0 rg BT 215.40 402.30 Td (excluding ) Tj ET Q q 0 0 0 rg BT 259.56 402.30 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 287.11 402.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 319.60 402.30 Td (to ) Tj ET Q q 0 0 0 rg BT 330.53 402.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 349.03 402.30 Td (of ) Tj ET Q q 0 0 0 rg BT 360.53 402.30 Td (security ) Tj ET Q q 0 0 0 rg BT 396.53 402.30 Td (price ) Tj ET Q q 0 0 0 rg BT 420.27 402.30 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 472.59 402.30 Td (as ) Tj ET Q q 0 0 0 rg BT 484.10 402.30 Td (of ) Tj ET Q q 0 0 0 rg BT 495.60 402.30 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 541.51 402.30 Td (2017 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 389.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 93.54 389.70 Td (are ) Tj ET Q q 0 0 0 rg BT 108.98 389.70 Td (summarized ) Tj ET Q q 0 0 0 rg BT 162.92 389.70 Td (in ) Tj ET Q q 0 0 0 rg BT 173.71 389.70 Td (the ) Tj ET Q q 0 0 0 rg BT 189.17 389.70 Td (table ) Tj ET Q q 0 0 0 rg BT 212.20 389.70 Td (below ) Tj ET Q q 0 0 0 rg BT 240.48 389.70 Td (\(in ) Tj ET Q q 0 0 0 rg BT 254.77 389.70 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 364.20 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 364.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 364.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 364.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 364.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 334.20 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 334.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 334.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 334.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 334.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 294.20 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 294.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 294.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 294.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 294.20 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 364.20000000000005 m 434 364.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 364.20000000000005 m 434 364.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 364.20000000000005 m 498 364.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 364.20000000000005 m 562 364.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 294.20000000000005 m 498 294.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 294.20000000000005 m 562 294.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 294.20000000000005 m 434 294.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 279.20000000000005 m 434 279.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 294.20000000000005 m 498 294.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 279.20000000000005 m 498 279.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 294.20000000000005 m 562 294.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 279.20000000000005 m 562 279.20000000000005 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 368.99 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 368.97 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 353.97 Td (Investment securities, excluding CIVs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 338.97 Td (Trading investments relating to long-term incentive compensation plans) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 338.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.85 338.99 Td (150,903) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 338.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 338.97 Td (106,564) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 323.97 Td (Trading investments of proprietary fund products and other trading investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.85 323.99 Td (262,585) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 323.97 Td (393,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 309.42 Td (Equity method investments relating to long-term incentive compensation plans,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 298.92 Td (proprietary fund products and other investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 298.99 Td (10,131) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 298.97 Td (15,371) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 283.97 Td (Total current investments, excluding CIVs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 283.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.85 283.99 Td (423,619) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 283.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 283.97 Td (515,335) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 254.50 Td (T) Tj ET Q q 0 0 0 rg BT 55.54 254.50 Td (rading ) Tj ET Q q 0 0 0 rg BT 84.40 254.50 Td (and ) Tj ET Q q 0 0 0 rg BT 101.59 254.50 Td (other ) Tj ET Q q 0 0 0 rg BT 125.19 254.50 Td (current ) Tj ET Q q 0 0 0 rg BT 156.95 254.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 209.14 254.50 Td (of ) Tj ET Q q 0 0 0 rg BT 219.91 254.50 Td ($158.5 ) Tj ET Q q 0 0 0 rg BT 250.82 254.50 Td (million ) Tj ET Q q 0 0 0 rg BT 283.18 254.50 Td (and ) Tj ET Q q 0 0 0 rg BT 300.37 254.50 Td ($1) Tj ET Q q 0 0 0 rg BT 310.48 254.50 Td (13.0�million ) Tj ET Q q 0 0 0 rg BT 363.85 254.50 Td (at ) Tj ET Q q 0 0 0 rg BT 373.45 254.50 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 418.63 254.50 Td (2017 ) Tj ET Q q 0 0 0 rg BT 441.66 254.50 Td (and ) Tj ET Q q 0 0 0 rg BT 458.85 254.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 484.50 254.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 534.55 254.50 Td (, ) Tj ET Q q 0 0 0 rg BT 539.20 254.50 Td (relate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 241.90 Td (to ) Tj ET Q q 0 0 0 rg BT 60.14 241.90 Td (long-term ) Tj ET Q q 0 0 0 rg BT 104.01 241.90 Td (incentive ) Tj ET Q q 0 0 0 rg BT 144.97 241.90 Td (plans ) Tj ET Q q 0 0 0 rg BT 169.60 241.90 Td (which ) Tj ET Q q 0 0 0 rg BT 197.73 241.90 Td (will ) Tj ET Q q 0 0 0 rg BT 216.54 241.90 Td (have ) Tj ET Q q 0 0 0 rg BT 238.83 241.90 Td (of) Tj ET Q q 0 0 0 rg BT 247.39 241.90 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 281.35 241.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 322.90 241.90 Td (at ) Tj ET Q q 0 0 0 rg BT 332.95 241.90 Td (the ) Tj ET Q q 0 0 0 rg BT 348.25 241.90 Td (end ) Tj ET Q q 0 0 0 rg BT 365.88 241.90 Td (of ) Tj ET Q q 0 0 0 rg BT 377.09 241.90 Td (the ) Tj ET Q q 0 0 0 rg BT 392.39 241.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 437.42 241.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 470.22 241.90 Td (periods, ) Tj ET Q q 0 0 0 rg BT 506.23 241.90 Td (but ) Tj ET Q q 0 0 0 rg BT 522.12 241.90 Td (for ) Tj ET Q q 0 0 0 rg BT 536.83 241.90 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 229.30 Td (the ) Tj ET Q q 0 0 0 rg BT 65.38 229.30 Td (related ) Tj ET Q q 0 0 0 rg BT 97.00 229.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 139.13 229.30 Td (may ) Tj ET Q q 0 0 0 rg BT 160.26 229.30 Td (not ) Tj ET Q q 0 0 0 rg BT 176.73 229.30 Td (completely ) Tj ET Q q 0 0 0 rg BT 226.43 229.30 Td (of) Tj ET Q q 0 0 0 rg BT 234.99 229.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 253.20 229.30 Td (at ) Tj ET Q q 0 0 0 rg BT 263.83 229.30 Td (the ) Tj ET Q q 0 0 0 rg BT 279.71 229.30 Td (end ) Tj ET Q q 0 0 0 rg BT 297.92 229.30 Td (of ) Tj ET Q q 0 0 0 rg BT 309.72 229.30 Td (each ) Tj ET Q q 0 0 0 rg BT 332.00 229.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 373.54 229.30 Td (period ) Tj ET Q q 0 0 0 rg BT 403.42 229.30 Td (due ) Tj ET Q q 0 0 0 rg BT 421.63 229.30 Td (to ) Tj ET Q q 0 0 0 rg BT 432.85 229.30 Td (vesting ) Tj ET Q q 0 0 0 rg BT 466.24 229.30 Td (provisions. ) Tj ET Q q 0 0 0 rg BT 515.67 229.30 Td ( ) Tj ET Q q 0 0 0 rg BT 518.50 229.30 Td (Therefore, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 216.70 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 101.53 216.70 Td (in ) Tj ET Q q 0 0 0 rg BT 112.15 216.70 Td (the ) Tj ET Q q 0 0 0 rg BT 127.44 216.70 Td (market ) Tj ET Q q 0 0 0 rg BT 159.05 216.70 Td (value ) Tj ET Q q 0 0 0 rg BT 184.24 216.70 Td (of ) Tj ET Q q 0 0 0 rg BT 195.44 216.70 Td (these ) Tj ET Q q 0 0 0 rg BT 219.48 216.70 Td (trading ) Tj ET Q q 0 0 0 rg BT 251.67 216.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 304.29 216.70 Td (will ) Tj ET Q q 0 0 0 rg BT 323.09 216.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 354.12 216.70 Td (our ) Tj ET Q q 0 0 0 rg BT 370.57 216.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 431.34 216.70 Td (expense, ) Tj ET Q q 0 0 0 rg BT 470.24 216.70 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 531.60 216.70 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 92.94 204.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 113.35 204.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 159.12 204.10 Td (on ) Tj ET Q q 0 0 0 rg BT 172.25 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.70 204.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 220.66 204.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 267.04 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.41 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.86 204.10 Td (plan, ) Tj ET Q q 0 0 0 rg BT 317.19 204.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.81 204.10 Td (net ) Tj ET Q q 0 0 0 rg BT 349.26 204.10 Td (income ) Tj ET Q q 0 0 0 rg BT 382.79 204.10 Td (\(loss\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 178.90 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 116.21 178.90 Td ($265.1 ) Tj ET Q q 0 0 0 rg BT 148.22 178.90 Td (million ) Tj ET Q q 0 0 0 rg BT 181.70 178.90 Td (and ) Tj ET Q q 0 0 0 rg BT 199.99 178.90 Td ($402.3 ) Tj ET Q q 0 0 0 rg BT 232.01 178.90 Td (million ) Tj ET Q q 0 0 0 rg BT 265.48 178.90 Td (of ) Tj ET Q q 0 0 0 rg BT 277.37 178.90 Td (trading ) Tj ET Q q 0 0 0 rg BT 310.25 178.90 Td (and ) Tj ET Q q 0 0 0 rg BT 328.54 178.90 Td (other ) Tj ET Q q 0 0 0 rg BT 353.26 178.90 Td (current ) Tj ET Q q 0 0 0 rg BT 386.13 178.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 439.43 178.90 Td (at ) Tj ET Q q 0 0 0 rg BT 450.14 178.90 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 496.44 178.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 520.57 178.90 Td (and ) Tj ET Q q 0 0 0 rg BT 538.87 178.90 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 166.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 166.30 Td (, ) Tj ET Q q 0 0 0 rg BT 104.44 166.30 Td (are ) Tj ET Q q 0 0 0 rg BT 119.53 166.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 171.97 166.30 Td (in ) Tj ET Q q 0 0 0 rg BT 182.41 166.30 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 231.33 166.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 252.85 166.30 Td (products ) Tj ET Q q 0 0 0 rg BT 291.28 166.30 Td (and ) Tj ET Q q 0 0 0 rg BT 308.71 166.30 Td (other ) Tj ET Q q 0 0 0 rg BT 332.56 166.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 385.00 166.30 Td (for ) Tj ET Q q 0 0 0 rg BT 399.51 166.30 Td (which ) Tj ET Q q 0 0 0 rg BT 427.45 166.30 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 479.29 166.30 Td (in ) Tj ET Q q 0 0 0 rg BT 489.73 166.30 Td (market ) Tj ET Q q 0 0 0 rg BT 521.16 166.30 Td (value ) Tj ET Q q 0 0 0 rg BT 546.17 166.30 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 153.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.98 153.70 Td (our ) Tj ET Q q 0 0 0 rg BT 97.88 153.70 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 159.69 153.70 Td (income ) Tj ET Q q 0 0 0 rg BT 193.50 153.70 Td (\(expense\). ) Tj ET Q q 0 0 0 rg BT 239.84 153.70 Td ( ) Tj ET Q q 0 0 0 rg BT 242.75 153.70 Td (Of ) Tj ET Q q 0 0 0 rg BT 256.73 153.70 Td (these ) Tj ET Q q 0 0 0 rg BT 281.21 153.70 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 322.33 153.70 Td (the ) Tj ET Q q 0 0 0 rg BT 338.06 153.70 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 390.54 153.70 Td (in ) Tj ET Q q 0 0 0 rg BT 401.61 153.70 Td (market ) Tj ET Q q 0 0 0 rg BT 433.67 153.70 Td (value ) Tj ET Q q 0 0 0 rg BT 459.32 153.70 Td (related ) Tj ET Q q 0 0 0 rg BT 490.79 153.70 Td (to ) Tj ET Q q 0 0 0 rg BT 501.86 153.70 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 141.10 Td ($23.5 ) Tj ET Q q 0 0 0 rg BT 75.84 141.10 Td (million ) Tj ET Q q 0 0 0 rg BT 108.89 141.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.77 141.10 Td ($35.8 ) Tj ET Q q 0 0 0 rg BT 153.11 141.10 Td (million ) Tj ET Q q 0 0 0 rg BT 186.16 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.62 141.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 246.98 141.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 268.94 141.10 Td (products ) Tj ET Q q 0 0 0 rg BT 307.82 141.10 Td (as ) Tj ET Q q 0 0 0 rg BT 319.28 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.74 141.10 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 376.61 141.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 400.33 141.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.20 141.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 444.54 141.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 494.59 141.10 Td (, ) Tj ET Q q 0 0 0 rg BT 499.93 141.10 Td (have ) Tj ET Q q 0 0 0 rg BT 522.46 141.10 Td (of) Tj ET Q q 0 0 0 rg BT 531.02 141.10 Td (fsetting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 128.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 109.84 128.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 145.68 128.50 Td (under ) Tj ET Q q 0 0 0 rg BT 171.61 128.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 206.86 128.50 Td (share ) Tj ET Q q 0 0 0 rg BT 231.04 128.50 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 292.24 128.50 Td ( ) Tj ET Q q 0 0 0 rg BT 294.12 128.50 Td (The ) Tj ET Q q 0 0 0 rg BT 312.46 128.50 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 364.06 128.50 Td (in ) Tj ET Q q 0 0 0 rg BT 374.25 128.50 Td (market ) Tj ET Q q 0 0 0 rg BT 405.42 128.50 Td (value ) Tj ET Q q 0 0 0 rg BT 430.18 128.50 Td (related ) Tj ET Q q 0 0 0 rg BT 460.77 128.50 Td (to ) Tj ET Q q 0 0 0 rg BT 470.96 128.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 533.63 128.50 Td ($136.3 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 115.90 Td (million ) Tj ET Q q 0 0 0 rg BT 81.92 115.90 Td (and ) Tj ET Q q 0 0 0 rg BT 99.16 115.90 Td ($141.3 ) Tj ET Q q 0 0 0 rg BT 130.11 115.90 Td (million ) Tj ET Q q 0 0 0 rg BT 162.53 115.90 Td (in ) Tj ET Q q 0 0 0 rg BT 172.77 115.90 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 221.50 115.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 242.82 115.90 Td (products ) Tj ET Q q 0 0 0 rg BT 281.06 115.90 Td (as ) Tj ET Q q 0 0 0 rg BT 291.89 115.90 Td (of ) Tj ET Q q 0 0 0 rg BT 302.72 115.90 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 347.95 115.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 371.03 115.90 Td (and ) Tj ET Q q 0 0 0 rg BT 388.27 115.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 413.97 115.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 464.02 115.90 Td (, ) Tj ET Q q 0 0 0 rg BT 468.72 115.90 Td (are ) Tj ET Q q 0 0 0 rg BT 483.62 115.90 Td (substantially ) Tj ET Q q 0 0 0 rg BT 538.78 115.90 Td (of) Tj ET Q q 0 0 0 rg BT 547.34 115.90 Td (fset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 103.30 Td (by ) Tj ET Q q 0 0 0 rg BT 61.55 103.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 85.26 103.30 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 118.89 103.30 Td (on ) Tj ET Q q 0 0 0 rg BT 130.94 103.30 Td (market ) Tj ET Q q 0 0 0 rg BT 161.64 103.30 Td (hedges ) Tj ET Q q 0 0 0 rg BT 192.35 103.30 Td (and ) Tj ET Q q 0 0 0 rg BT 209.05 103.30 Td (therefore ) Tj ET Q q 0 0 0 rg BT 248.49 103.30 Td (do ) Tj ET Q q 0 0 0 rg BT 260.54 103.30 Td (not ) Tj ET Q q 0 0 0 rg BT 275.51 103.30 Td (materially ) Tj ET Q q 0 0 0 rg BT 319.62 103.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 349.74 103.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 366.45 103.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 399.49 103.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 427.52 103.30 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 479.81 103.30 Td (to ) Tj ET Q q 0 0 0 rg BT 489.52 103.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 512.65 103.30 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 565.14 103.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 90.70 Td (Investments ) Tj ET Q q 0 0 0 rg BT 103.78 90.70 Td (in ) Tj ET Q q 0 0 0 rg BT 115.49 90.70 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 165.68 90.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 188.47 90.70 Td (products ) Tj ET Q q 0 0 0 rg BT 228.17 90.70 Td (are ) Tj ET Q q 0 0 0 rg BT 244.53 90.70 Td (not ) Tj ET Q q 0 0 0 rg BT 261.49 90.70 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 307.02 90.70 Td (before ) Tj ET Q q 0 0 0 rg BT 337.38 90.70 Td (the ) Tj ET Q q 0 0 0 rg BT 353.75 90.70 Td (related ) Tj ET Q q 0 0 0 rg BT 385.85 90.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 408.64 90.70 Td (establishes ) Tj ET Q q 0 0 0 rg BT 457.68 90.70 Td (a ) Tj ET Q q 0 0 0 rg BT 465.88 90.70 Td (track ) Tj ET Q q 0 0 0 rg BT 490.41 90.70 Td (record, ) Tj ET Q q 0 0 0 rg BT 523.39 90.70 Td (has ) Tj ET Q q 0 0 0 rg BT 540.93 90.70 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (investors, ) Tj ET Q q 0 0 0 rg BT 92.67 78.10 Td (or ) Tj ET Q q 0 0 0 rg BT 104.04 78.10 Td (a ) Tj ET Q q 0 0 0 rg BT 111.32 78.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 148.94 78.10 Td (is ) Tj ET Q q 0 0 0 rg BT 158.57 78.10 Td (made ) Tj ET Q q 0 0 0 rg BT 183.93 78.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.73 78.10 Td (no ) Tj ET Q q 0 0 0 rg BT 207.85 78.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 237.30 78.10 Td (pursue ) Tj ET Q q 0 0 0 rg BT 267.92 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.37 78.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 315.93 78.10 Td (.) Tj ET Q endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (68) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Non-trading ) Tj ET Q q 0 0 0 rg BT 102.44 741.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 131.18 741.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 174.20 741.75 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 200.62 741.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 231.98 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 241.76 741.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 259.13 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 269.49 741.75 Td (security ) Tj ET Q q 0 0 0 rg BT 304.35 741.75 Td (price ) Tj ET Q q 0 0 0 rg BT 326.95 741.75 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 378.15 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 387.34 741.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 432.11 741.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 454.73 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 471.51 741.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 496.75 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 511.19 741.75 Td (summarized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 729.15 Td (table ) Tj ET Q q 0 0 0 rg BT 98.78 729.15 Td (below ) Tj ET Q q 0 0 0 rg BT 127.06 729.15 Td (\(in ) Tj ET Q q 0 0 0 rg BT 141.35 729.15 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 703.65 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 703.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 703.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 703.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 703.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 673.65 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 673.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 673.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 673.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 673.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 643.65 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 643.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 643.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 643.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 643.65 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 703.65 m 434 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 703.65 m 434 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 703.65 m 498 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 703.65 m 562 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 643.65 m 498 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 643.65 m 562 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 643.65 m 434 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 628.65 m 434 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 643.65 m 498 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 628.65 m 498 628.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 643.65 m 562 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 628.65 m 562 628.65 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 708.44 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 708.42 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 693.42 Td (Investment securities, excluding CIVs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 678.42 Td (Investments in partnerships,�LLCs and other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 678.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 678.44 Td (14,679) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 678.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 678.42 Td (15,432) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 663.42 Td (Equity method investments in partnerships and LLCs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 663.44 Td (67,636) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 663.42 Td (29,873) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 648.42 Td (Other investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 478.25 648.44 Td (113) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 648.42 Td (83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 633.42 Td (Total non-trading assets, excluding CIVs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 633.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 633.44 Td (82,428) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 633.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 633.42 Td (45,388) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 98.85 603.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 141.21 603.95 Td (of ) Tj ET Q q 0 0 0 rg BT 152.65 603.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 177.52 603.95 Td (totaled ) Tj ET Q q 0 0 0 rg BT 208.79 603.95 Td ($58.7 ) Tj ET Q q 0 0 0 rg BT 235.11 603.95 Td (million ) Tj ET Q q 0 0 0 rg BT 268.15 603.95 Td (and ) Tj ET Q q 0 0 0 rg BT 286.01 603.95 Td ($48.7�million ) Tj ET Q q 0 0 0 rg BT 345.29 603.95 Td (as ) Tj ET Q q 0 0 0 rg BT 356.74 603.95 Td (of ) Tj ET Q q 0 0 0 rg BT 368.19 603.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 414.04 603.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 437.74 603.95 Td (and ) Tj ET Q q 0 0 0 rg BT 455.59 603.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 481.92 603.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 531.96 603.95 Td (. ) Tj ET Q q 0 0 0 rg BT 537.29 603.95 Td ( ) Tj ET Q q 0 0 0 rg BT 539.39 603.95 Td (As ) Tj ET Q q 0 0 0 rg BT 553.76 603.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 591.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 96.95 591.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 122.25 591.35 Td (and ) Tj ET Q q 0 0 0 rg BT 141.70 591.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 169.63 591.35 Td (we ) Tj ET Q q 0 0 0 rg BT 186.17 591.35 Td (held ) Tj ET Q q 0 0 0 rg BT 208.54 591.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 239.08 591.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 293.54 591.35 Td (in ) Tj ET Q q 0 0 0 rg BT 306.01 591.35 Td (the ) Tj ET Q q 0 0 0 rg BT 323.13 591.35 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 349.60 591.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.64 591.35 Td ($28.3 ) Tj ET Q q 0 0 0 rg BT 390.56 591.35 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.90 591.35 Td ( ) Tj ET Q q 0 0 0 rg BT 425.19 591.35 Td (and ) Tj ET Q q 0 0 0 rg BT 444.65 591.35 Td ($13.6 ) Tj ET Q q 0 0 0 rg BT 472.57 591.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 509.83 591.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.88 591.35 Td (. ) Tj ET Q q 0 0 0 rg BT 565.13 591.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.75 Td (Fluctuations ) Tj ET Q q 0 0 0 rg BT 104.72 578.75 Td (in ) Tj ET Q q 0 0 0 rg BT 116.19 578.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.32 578.75 Td (market ) Tj ET Q q 0 0 0 rg BT 164.78 578.75 Td (value ) Tj ET Q q 0 0 0 rg BT 190.82 578.75 Td (of ) Tj ET Q q 0 0 0 rg BT 202.87 578.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 256.34 578.75 Td (of ) Tj ET Q q 0 0 0 rg BT 268.39 578.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 293.86 578.75 Td (in ) Tj ET Q q 0 0 0 rg BT 305.33 578.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 336.04 578.75 Td (of ) Tj ET Q q 0 0 0 rg BT 348.09 578.75 Td (our ) Tj ET Q q 0 0 0 rg BT 365.39 578.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 394.94 578.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 444.32 578.75 Td (will ) Tj ET Q q 0 0 0 rg BT 463.96 578.75 Td (not ) Tj ET Q q 0 0 0 rg BT 480.68 578.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 512.55 578.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 531.02 578.75 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 566.15 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 78.18 566.15 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 131.29 566.15 Td (to ) Tj ET Q q 0 0 0 rg BT 141.84 566.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.79 566.15 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 218.03 566.15 Td ( ) Tj ET Q q 0 0 0 rg BT 220.40 566.15 Td (However) Tj ET Q q 0 0 0 rg BT 258.47 566.15 Td (, ) Tj ET Q q 0 0 0 rg BT 263.47 566.15 Td (it ) Tj ET Q q 0 0 0 rg BT 271.68 566.15 Td (may ) Tj ET Q q 0 0 0 rg BT 292.13 566.15 Td (have ) Tj ET Q q 0 0 0 rg BT 314.33 566.15 Td (an ) Tj ET Q q 0 0 0 rg BT 326.61 566.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 357.56 566.15 Td (on ) Tj ET Q q 0 0 0 rg BT 370.43 566.15 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 431.71 566.15 Td (income ) Tj ET Q q 0 0 0 rg BT 464.99 566.15 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 508.18 566.15 Td (of ) Tj ET Q q 0 0 0 rg BT 519.30 566.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 543.84 566.15 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 553.55 Td (a ) Tj ET Q q 0 0 0 rg BT 56.79 553.55 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 119.48 553.55 Td (of) Tj ET Q q 0 0 0 rg BT 128.04 553.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 145.82 553.55 Td (in ) Tj ET Q q 0 0 0 rg BT 156.61 553.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 174.40 553.55 Td (income ) Tj ET Q q 0 0 0 rg BT 207.93 553.55 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 233.89 553.55 Td (attributable ) Tj ET Q q 0 0 0 rg BT 284.33 553.55 Td (to ) Tj ET Q q 0 0 0 rg BT 295.12 553.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 359.58 553.55 Td (interests.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.35 Td (V) Tj ET Q q 0 0 0 rg BT 55.92 528.35 Td (aluation ) Tj ET Q q 0 0 0 rg BT 92.21 528.35 Td (of ) Tj ET Q q 0 0 0 rg BT 103.43 528.35 Td (trading ) Tj ET Q q 0 0 0 rg BT 135.65 528.35 Td (and ) Tj ET Q q 0 0 0 rg BT 153.28 528.35 Td (non-trading ) Tj ET Q q 0 0 0 rg BT 204.74 528.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 257.37 528.35 Td (is ) Tj ET Q q 0 0 0 rg BT 266.85 528.35 Td (described ) Tj ET Q q 0 0 0 rg BT 309.55 528.35 Td (below ) Tj ET Q q 0 0 0 rg BT 337.68 528.35 Td (within ) Tj ET Q q 0 0 0 rg BT 366.99 528.35 Td (Critical ) Tj ET Q q 0 0 0 rg BT 400.41 528.35 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 451.87 528.35 Td (Policies ) Tj ET Q q 0 0 0 rg BT 487.59 528.35 Td (under ) Tj ET Q q 0 0 0 rg BT 513.97 528.35 Td (the ) Tj ET Q q 0 0 0 rg BT 529.27 528.35 Td (heading ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.75 Td ("V) Tj ET Q q 0 0 0 rg BT 60.21 515.75 Td (aluation ) Tj ET Q q 0 0 0 rg BT 95.47 515.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.65 515.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 146.16 515.75 Td (Instruments." ) Tj ET Q q 0 0 0 rg BT 204.09 515.75 Td ( ) Tj ET Q q 0 0 0 rg BT 205.52 515.75 Td (See ) Tj ET Q q 0 0 0 rg BT 222.12 515.75 Td (Notes�1 ) Tj ET Q q 0 0 0 rg BT 255.93 515.75 Td (and ) Tj ET Q q 0 0 0 rg BT 272.53 515.75 Td (15 ) Tj ET Q q 0 0 0 rg BT 284.47 515.75 Td (of ) Tj ET Q q 0 0 0 rg BT 294.65 515.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 320.59 515.75 Td (to ) Tj ET Q q 0 0 0 rg BT 330.19 515.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 387.04 515.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 427.55 515.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 475.07 515.75 Td (for ) Tj ET Q q 0 0 0 rg BT 488.75 515.75 Td (further ) Tj ET Q q 0 0 0 rg BT 518.75 515.75 Td (discussion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 503.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 503.15 Td (derivatives.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.80 477.95 Td (following ) Tj ET Q q 0 0 0 rg BT 112.60 477.95 Td (is ) Tj ET Q q 0 0 0 rg BT 122.58 477.95 Td (a ) Tj ET Q q 0 0 0 rg BT 130.22 477.95 Td (summary ) Tj ET Q q 0 0 0 rg BT 172.27 477.95 Td (of ) Tj ET Q q 0 0 0 rg BT 183.99 477.95 Td (the ) Tj ET Q q 0 0 0 rg BT 199.79 477.95 Td (ef) Tj ET Q q 0 0 0 rg BT 207.76 477.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 226.47 477.95 Td (of ) Tj ET Q q 0 0 0 rg BT 238.19 477.95 Td (a ) Tj ET Q q 0 0 0 rg BT 245.82 477.95 Td (10% ) Tj ET Q q 0 0 0 rg BT 268.04 477.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 305.41 477.95 Td (or ) Tj ET Q q 0 0 0 rg BT 317.13 477.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 356.24 477.95 Td (in ) Tj ET Q q 0 0 0 rg BT 367.38 477.95 Td (the ) Tj ET Q q 0 0 0 rg BT 383.18 477.95 Td (market ) Tj ET Q q 0 0 0 rg BT 415.31 477.95 Td (values ) Tj ET Q q 0 0 0 rg BT 445.11 477.95 Td (of ) Tj ET Q q 0 0 0 rg BT 456.83 477.95 Td (our ) Tj ET Q q 0 0 0 rg BT 473.80 477.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 513.50 477.95 Td (instruments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 465.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 81.87 465.35 Td (to ) Tj ET Q q 0 0 0 rg BT 92.66 465.35 Td (market ) Tj ET Q q 0 0 0 rg BT 124.44 465.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 166.14 465.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 188.60 465.35 Td (at ) Tj ET Q q 0 0 0 rg BT 198.80 465.35 Td (March ) Tj ET Q q 0 0 0 rg BT 228.83 465.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 244.58 465.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 268.21 465.35 Td (\(in ) Tj ET Q q 0 0 0 rg BT 282.50 465.35 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 418.85 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 418.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 418.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 418.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 418.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 418.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 418.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 379.85 230.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 379.85 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 379.85 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 379.85 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 379.85 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 379.85 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 379.85 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 319.85 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 319.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 319.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 319.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 319.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 319.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 319.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 291.85 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 291.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 291.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 291.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 291.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 291.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 291.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 262.85 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 262.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 262.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 262.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 262.85 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 262.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 262.85 90.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 418.85 m 280 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 418.85 m 374 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 418.85 m 468 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 418.85 m 562 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 418.85 m 280 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 418.85 m 374 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 418.85 m 468 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 418.85 m 562 418.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 319.85 m 280 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 319.85 m 374 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 319.85 m 468 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 319.85 m 562 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 319.85 m 280 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 319.85 m 374 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 319.85 m 468 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 319.85 m 562 319.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 248.85000000000002 m 374 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 248.85000000000002 m 468 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 248.85000000000002 m 280 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 234.85000000000002 m 280 234.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 248.85000000000002 m 374 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 234.85000000000002 m 374 234.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 248.85000000000002 m 468 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 234.85000000000002 m 468 234.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 248.85000000000002 m 562 248.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 234.85000000000002 m 562 234.85000000000002 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.90 423.64 Td (Carrying Value) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.10 445.24 Td (Fair) Tj ET Q q 0 0 0 rg BT 418.15 445.24 Td ( ) Tj ET Q q 0 0 0 rg BT 420.59 445.24 Td (V) Tj ET Q q 0 0 0 rg BT 427.21 445.24 Td (alue) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.35 433.74 Td (Assuming a) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.85 422.24 Td (10% Incr) Tj ET Q q 0 0 0 rg BT 430.53 422.24 Td (ease) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 449.19 427.00 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 493.10 445.24 Td (Fair) Tj ET Q q 0 0 0 rg BT 512.15 445.24 Td ( ) Tj ET Q q 0 0 0 rg BT 514.59 445.24 Td (V) Tj ET Q q 0 0 0 rg BT 521.21 445.24 Td (alue) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.35 433.74 Td (Assuming a) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 480.65 422.24 Td (10% Decr) Tj ET Q q 0 0 0 rg BT 525.65 422.24 Td (ease) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 544.31 427.00 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 409.07 Td (Investment securities, excluding CIVs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 395.07 Td (Trading investments relating to long-term incentive) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 384.57 Td (compensation plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.50 384.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.85 384.62 Td (150,903) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.50 384.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 384.62 Td (165,993) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.50 384.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 384.62 Td (135,813) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 370.07 Td (Trading investments of proprietary fund products) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 359.57 Td (and other trading investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.85 359.62 Td (262,585) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 359.62 Td (288,844) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 359.62 Td (236,327) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 345.07 Td (Equity method investments relating to long-term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 334.57 Td (incentive compensation plans, proprietary fund) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 324.07 Td (products and other investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.10 324.62 Td (10,131) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 324.62 Td (11,144) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 324.62 Td (9,118) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 310.07 Td (Total current investments, excluding CIVs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.85 310.07 Td (423,619) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 310.07 Td (465,981) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 310.07 Td (381,258) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 296.07 Td (Investments in CIVs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.10 296.07 Td (28,300) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 296.07 Td (31,130) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 296.07 Td (25,470) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 282.07 Td (Investments in partnerships,�LLCs and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.10 282.07 Td (14,679) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 282.07 Td (16,147) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 282.07 Td (13,211) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 267.62 Td (Equity method investments in partnerships and LLCs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.10 267.62 Td (67,636) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 267.62 Td (74,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 267.62 Td (60,872) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 253.07 Td (Other investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.25 253.07 Td (113) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.25 253.07 Td (124) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 253.07 Td (102) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 239.07 Td (Total investments subject to market risk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.50 239.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.85 239.07 Td (534,347) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.50 239.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 239.07 Td (587,782) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.50 239.07 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 239.07 Td (480,913) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 225.75 Td (Gains ) Tj ET Q q 0 0 0 rg BT 88.70 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 102.78 225.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 124.43 225.75 Td (related ) Tj ET Q q 0 0 0 rg BT 148.72 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 157.48 225.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 198.23 225.75 Td (in ) Tj ET Q q 0 0 0 rg BT 206.99 225.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 236.16 225.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 283.13 225.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 302.55 225.75 Td (are ) Tj ET Q q 0 0 0 rg BT 314.85 225.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 341.82 225.75 Td (of) Tj ET Q q 0 0 0 rg BT 348.34 225.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 362.42 225.75 Td (over ) Tj ET Q q 0 0 0 rg BT 379.17 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.47 225.75 Td (full ) Tj ET Q q 0 0 0 rg BT 405.12 225.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 430.76 225.75 Td (period ) Tj ET Q q 0 0 0 rg BT 453.73 225.75 Td (by ) Tj ET Q q 0 0 0 rg BT 464.26 225.75 Td (a ) Tj ET Q q 0 0 0 rg BT 470.35 225.75 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 518.65 225.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 556.29 225.75 Td (to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 216.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 113.87 216.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 141.57 216.15 Td (and ) Tj ET Q q 0 0 0 rg BT 155.06 216.15 Td (related ) Tj ET Q q 0 0 0 rg BT 178.75 216.15 Td (liability) Tj ET Q q 0 0 0 rg BT 203.12 216.15 Td (. ) Tj ET Q q 0 0 0 rg BT 207.06 216.15 Td ( ) Tj ET Q q 0 0 0 rg BT 208.99 216.15 Td (In ) Tj ET Q q 0 0 0 rg BT 217.59 216.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 247.75 216.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 287.90 216.15 Td (in ) Tj ET Q q 0 0 0 rg BT 296.06 216.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 333.53 216.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 350.13 216.15 Td (products ) Tj ET Q q 0 0 0 rg BT 379.62 216.15 Td (of ) Tj ET Q q 0 0 0 rg BT 388.22 216.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 436.36 216.15 Td ($136.3 ) Tj ET Q q 0 0 0 rg BT 460.30 216.15 Td (million ) Tj ET Q q 0 0 0 rg BT 485.35 216.15 Td (have ) Tj ET Q q 0 0 0 rg BT 502.38 216.15 Td (been ) Tj ET Q q 0 0 0 rg BT 519.42 216.15 Td (economically ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 206.55 Td (hedged ) Tj ET Q q 0 0 0 rg BT 92.59 206.55 Td (to ) Tj ET Q q 0 0 0 rg BT 100.79 206.55 Td (limit ) Tj ET Q q 0 0 0 rg BT 117.89 206.55 Td (market ) Tj ET Q q 0 0 0 rg BT 142.09 206.55 Td (risk. ) Tj ET Q q 0 0 0 rg BT 158.08 206.55 Td ( ) Tj ET Q q 0 0 0 rg BT 159.62 206.55 Td (As ) Tj ET Q q 0 0 0 rg BT 170.50 206.55 Td (a ) Tj ET Q q 0 0 0 rg BT 176.03 206.55 Td (result, ) Tj ET Q q 0 0 0 rg BT 197.79 206.55 Td (a ) Tj ET Q q 0 0 0 rg BT 203.33 206.55 Td (10% ) Tj ET Q q 0 0 0 rg BT 219.98 206.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 248.17 206.55 Td (or ) Tj ET Q q 0 0 0 rg BT 256.82 206.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 286.33 206.55 Td (in ) Tj ET Q q 0 0 0 rg BT 294.54 206.55 Td (the ) Tj ET Q q 0 0 0 rg BT 306.30 206.55 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 341.60 206.55 Td (market ) Tj ET Q q 0 0 0 rg BT 365.79 206.55 Td (value ) Tj ET Q q 0 0 0 rg BT 385.10 206.55 Td (of ) Tj ET Q q 0 0 0 rg BT 393.75 206.55 Td (our ) Tj ET Q q 0 0 0 rg BT 406.40 206.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.37 206.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 475.69 206.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 500.34 206.55 Td (to ) Tj ET Q q 0 0 0 rg BT 508.54 206.55 Td (market ) Tj ET Q q 0 0 0 rg BT 532.74 206.55 Td (valuation ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 196.95 Td (risks ) Tj ET Q q 0 0 0 rg BT 84.61 196.95 Td (would ) Tj ET Q q 0 0 0 rg BT 106.61 196.95 Td (result ) Tj ET Q q 0 0 0 rg BT 126.39 196.95 Td (in ) Tj ET Q q 0 0 0 rg BT 134.61 196.95 Td (a ) Tj ET Q q 0 0 0 rg BT 140.16 196.95 Td ($19.4�million ) Tj ET Q q 0 0 0 rg BT 185.27 196.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 213.48 196.95 Td (or ) Tj ET Q q 0 0 0 rg BT 222.14 196.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 251.67 196.95 Td (in ) Tj ET Q q 0 0 0 rg BT 259.89 196.95 Td (our ) Tj ET Q q 0 0 0 rg BT 272.56 196.95 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 297.21 196.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 326.31 196.95 Td (as ) Tj ET Q q 0 0 0 rg BT 334.98 196.95 Td (of ) Tj ET Q q 0 0 0 rg BT 343.64 196.95 Td (March ) Tj ET Q q 0 0 0 rg BT 366.52 196.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 378.52 196.95 Td (2017.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 172.35 Td (Also, ) Tj ET Q q 0 0 0 rg BT 74.70 172.35 Td (as ) Tj ET Q q 0 0 0 rg BT 86.19 172.35 Td (of ) Tj ET Q q 0 0 0 rg BT 97.68 172.35 Td (March ) Tj ET Q q 0 0 0 rg BT 127.82 172.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.69 172.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 167.43 172.35 Td (and ) Tj ET Q q 0 0 0 rg BT 185.33 172.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 211.69 172.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 233.09 172.35 Td (and ) Tj ET Q q 0 0 0 rg BT 250.99 172.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 272.39 172.35 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 322.95 172.35 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.85 172.35 Td ($403.6 ) Tj ET Q q 0 0 0 rg BT 393.46 172.35 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.80 172.35 Td ( ) Tj ET Q q 0 0 0 rg BT 426.54 172.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.44 172.35 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 465.56 172.35 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.98 172.35 Td (, ) Tj ET Q q 0 0 0 rg BT 498.34 172.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 548.39 172.35 Td (, ) Tj ET Q q 0 0 0 rg BT 553.75 172.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 159.75 Td (money ) Tj ET Q q 0 0 0 rg BT 80.70 159.75 Td (market ) Tj ET Q q 0 0 0 rg BT 112.48 159.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 141.06 159.75 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 135.15 Td (For) Tj ET Q q 0 0 0 rg BT 65.63 135.15 Td (eign ) Tj ET Q q 0 0 0 rg BT 86.93 135.15 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 135.15 Td (Sensitivity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 122.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 122.55 Td (e ) Tj ET Q q 0 0 0 rg BT 66.54 122.55 Td (operate ) Tj ET Q q 0 0 0 rg BT 100.74 122.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 143.12 122.55 Td (in ) Tj ET Q q 0 0 0 rg BT 154.60 122.55 Td (the ) Tj ET Q q 0 0 0 rg BT 170.73 122.55 Td (U.S., ) Tj ET Q q 0 0 0 rg BT 195.34 122.55 Td (but ) Tj ET Q q 0 0 0 rg BT 212.06 122.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 247.44 122.55 Td (services, ) Tj ET Q q 0 0 0 rg BT 287.19 122.55 Td (earn ) Tj ET Q q 0 0 0 rg BT 308.57 122.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 349.19 122.55 Td (and ) Tj ET Q q 0 0 0 rg BT 367.66 122.55 Td (incur ) Tj ET Q q 0 0 0 rg BT 392.54 122.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 433.75 122.55 Td (outside ) Tj ET Q q 0 0 0 rg BT 467.39 122.55 Td (the ) Tj ET Q q 0 0 0 rg BT 483.53 122.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 505.51 122.55 Td ( ) Tj ET Q q 0 0 0 rg BT 508.08 122.55 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 559.89 122.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 109.95 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 103.72 109.95 Td (in ) Tj ET Q q 0 0 0 rg BT 116.53 109.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 151.50 109.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 195.78 109.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 220.25 109.95 Td (for ) Tj ET Q q 0 0 0 rg BT 237.14 109.95 Td (currencies, ) Tj ET Q q 0 0 0 rg BT 287.55 109.95 Td (principally ) Tj ET Q q 0 0 0 rg BT 337.68 109.95 Td (in ) Tj ET Q q 0 0 0 rg BT 350.49 109.95 Td (the ) Tj ET Q q 0 0 0 rg BT 367.96 109.95 Td (U.K., ) Tj ET Q q 0 0 0 rg BT 395.65 109.95 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 427.55 109.95 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 473.31 109.95 Td (Singapore ) Tj ET Q q 0 0 0 rg BT 520.53 109.95 Td (and ) Tj ET Q q 0 0 0 rg BT 540.33 109.95 Td (those ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 97.35 Td (denominated ) Tj ET Q q 0 0 0 rg BT 106.62 97.35 Td (in ) Tj ET Q q 0 0 0 rg BT 117.68 97.35 Td (the ) Tj ET Q q 0 0 0 rg BT 133.40 97.35 Td (euro, ) Tj ET Q q 0 0 0 rg BT 157.57 97.35 Td (may ) Tj ET Q q 0 0 0 rg BT 178.54 97.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 210.00 97.35 Td (our ) Tj ET Q q 0 0 0 rg BT 226.25 97.35 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 256.26 97.35 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 299.09 97.35 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 342.51 97.35 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 408.96 97.35 Td (income ) Tj ET Q q 0 0 0 rg BT 442.76 97.35 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 468.98 97.35 Td (and ) Tj ET Q q 0 0 0 rg BT 487.03 97.35 Td (net ) Tj ET Q q 0 0 0 rg BT 502.75 97.35 Td (income ) Tj ET Q q 0 0 0 rg BT 536.54 97.35 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 565.13 97.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 84.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 84.75 Td (e ) Tj ET Q q 0 0 0 rg BT 66.51 84.75 Td (and ) Tj ET Q q 0 0 0 rg BT 84.95 84.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 116.80 84.75 Td (of ) Tj ET Q q 0 0 0 rg BT 128.83 84.75 Td (our ) Tj ET Q q 0 0 0 rg BT 146.10 84.75 Td (af) Tj ET Q q 0 0 0 rg BT 154.07 84.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 185.93 84.75 Td (have ) Tj ET Q q 0 0 0 rg BT 209.03 84.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 243.21 84.75 Td (into ) Tj ET Q q 0 0 0 rg BT 262.82 84.75 Td (forward ) Tj ET Q q 0 0 0 rg BT 299.34 84.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 340.52 84.75 Td (to ) Tj ET Q q 0 0 0 rg BT 351.97 84.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 387.90 84.75 Td (a ) Tj ET Q q 0 0 0 rg BT 395.84 84.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 429.45 84.75 Td (of ) Tj ET Q q 0 0 0 rg BT 441.48 84.75 Td (the ) Tj ET Q q 0 0 0 rg BT 457.59 84.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 489.45 84.75 Td (of ) Tj ET Q q 0 0 0 rg BT 501.47 84.75 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 554.33 84.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 72.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 83.11 72.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 126.04 72.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 149.15 72.15 Td (on ) Tj ET Q q 0 0 0 rg BT 162.94 72.15 Td (their ) Tj ET Q q 0 0 0 rg BT 185.47 72.15 Td (results ) Tj ET Q q 0 0 0 rg BT 216.17 72.15 Td (of ) Tj ET Q q 0 0 0 rg BT 228.20 72.15 Td (operations. ) Tj ET Q q 0 0 0 rg BT 277.85 72.15 Td ( ) Tj ET Q q 0 0 0 rg BT 280.90 72.15 Td (W) Tj ET Q q 0 0 0 rg BT 289.97 72.15 Td (e ) Tj ET Q q 0 0 0 rg BT 297.92 72.15 Td (do ) Tj ET Q q 0 0 0 rg BT 311.71 72.15 Td (not ) Tj ET Q q 0 0 0 rg BT 328.42 72.15 Td (expect ) Tj ET Q q 0 0 0 rg BT 359.10 72.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 392.71 72.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 432.72 72.15 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 485.59 72.15 Td (to ) Tj ET Q q 0 0 0 rg BT 497.04 72.15 Td (have ) Tj ET Q q 0 0 0 rg BT 520.15 72.15 Td (a ) Tj ET Q q 0 0 0 rg BT 528.10 72.15 Td (material ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 59.55 Td (ef) Tj ET Q q 0 0 0 rg BT 57.47 59.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 75.83 59.55 Td (on ) Tj ET Q q 0 0 0 rg BT 88.95 59.55 Td (our ) Tj ET Q q 0 0 0 rg BT 105.57 59.55 Td (net ) Tj ET Q q 0 0 0 rg BT 121.03 59.55 Td (income ) Tj ET Q q 0 0 0 rg BT 154.56 59.55 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 180.52 59.55 Td (or ) Tj ET Q q 0 0 0 rg BT 191.89 59.55 Td (liquidity) Tj ET Q q 0 0 0 rg BT 226.79 59.55 Td (.) Tj ET Q endstream endobj 143 0 obj <>] /Rotate 0 /Contents 144 0 R>> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (69) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Inter) Tj ET Q q 0 0 0 rg BT 72.05 741.90 Td (est ) Tj ET Q q 0 0 0 rg BT 86.92 741.90 Td (Rate ) Tj ET Q q 0 0 0 rg BT 110.54 741.90 Td (Risk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Exposure ) Tj ET Q q 0 0 0 rg BT 91.09 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 101.20 729.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 134.04 729.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 151.71 729.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 187.47 729.30 Td (on ) Tj ET Q q 0 0 0 rg BT 199.90 729.30 Td (our ) Tj ET Q q 0 0 0 rg BT 215.84 729.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 266.77 729.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 286.79 729.30 Td (is ) Tj ET Q q 0 0 0 rg BT 295.73 729.30 Td (substantially ) Tj ET Q q 0 0 0 rg BT 350.75 729.30 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 392.34 729.30 Td (as ) Tj ET Q q 0 0 0 rg BT 403.03 729.30 Td (our ) Tj ET Q q 0 0 0 rg BT 418.96 729.30 Td ($250 ) Tj ET Q q 0 0 0 rg BT 441.90 729.30 Td (million ) Tj ET Q q 0 0 0 rg BT 474.17 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 484.85 729.30 Td (2.7% ) Tj ET Q q 0 0 0 rg BT 508.66 729.30 Td (Senior ) Tj ET Q q 0 0 0 rg BT 538.01 729.30 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (due ) Tj ET Q q 0 0 0 rg BT 67.46 716.70 Td (July ) Tj ET Q q 0 0 0 rg BT 87.77 716.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 114.19 716.70 Td ($250 ) Tj ET Q q 0 0 0 rg BT 137.99 716.70 Td (million ) Tj ET Q q 0 0 0 rg BT 171.13 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 182.68 716.70 Td (3.95% ) Tj ET Q q 0 0 0 rg BT 212.60 716.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 242.82 716.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 270.11 716.70 Td (due ) Tj ET Q q 0 0 0 rg BT 288.08 716.70 Td (July ) Tj ET Q q 0 0 0 rg BT 308.38 716.70 Td (2024, ) Tj ET Q q 0 0 0 rg BT 334.81 716.70 Td ($450 ) Tj ET Q q 0 0 0 rg BT 358.61 716.70 Td (million ) Tj ET Q q 0 0 0 rg BT 391.75 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 403.29 716.70 Td (4.75% ) Tj ET Q q 0 0 0 rg BT 433.21 716.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 463.43 716.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 490.73 716.70 Td (due ) Tj ET Q q 0 0 0 rg BT 508.69 716.70 Td (March ) Tj ET Q q 0 0 0 rg BT 538.90 716.70 Td (2026, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td ($550 ) Tj ET Q q 0 0 0 rg BT 73.11 704.10 Td (million ) Tj ET Q q 0 0 0 rg BT 106.06 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.41 704.10 Td (5.625% ) Tj ET Q q 0 0 0 rg BT 152.40 704.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 182.42 704.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 209.53 704.10 Td (due ) Tj ET Q q 0 0 0 rg BT 227.30 704.10 Td (July ) Tj ET Q q 0 0 0 rg BT 247.41 704.10 Td (2044, ) Tj ET Q q 0 0 0 rg BT 273.65 704.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 297.26 704.10 Td (million ) Tj ET Q q 0 0 0 rg BT 330.20 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.56 704.10 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 376.54 704.10 Td (Junior ) Tj ET Q q 0 0 0 rg BT 405.40 704.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 464.00 704.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 491.11 704.10 Td (due ) Tj ET Q q 0 0 0 rg BT 508.88 704.10 Td (March ) Tj ET Q q 0 0 0 rg BT 538.90 704.10 Td (2056, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 691.50 Td ($500 ) Tj ET Q q 0 0 0 rg BT 90.91 691.50 Td (million ) Tj ET Q q 0 0 0 rg BT 123.87 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 135.24 691.50 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 164.99 691.50 Td (Junior ) Tj ET Q q 0 0 0 rg BT 193.87 691.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 220.99 691.50 Td (due ) Tj ET Q q 0 0 0 rg BT 238.77 691.50 Td (September ) Tj ET Q q 0 0 0 rg BT 286.30 691.50 Td (2056, ) Tj ET Q q 0 0 0 rg BT 312.55 691.50 Td (are ) Tj ET Q q 0 0 0 rg BT 328.00 691.50 Td (at ) Tj ET Q q 0 0 0 rg BT 338.20 691.50 Td (fixed ) Tj ET Q q 0 0 0 rg BT 362.40 691.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 395.93 691.50 Td (rates. ) Tj ET Q q 0 0 0 rg BT 421.00 691.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 666.30 Td (Note�6 ) Tj ET Q q 0 0 0 rg BT 98.20 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 109.57 666.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 136.69 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 147.48 666.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 205.52 666.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 247.22 666.30 Td (Statements ) Tj ET Q q 0 0 0 rg BT 295.92 666.30 Td (for ) Tj ET Q q 0 0 0 rg BT 310.79 666.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 355.41 666.30 Td (discussion ) Tj ET Q q 0 0 0 rg BT 401.79 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 413.16 666.30 Td (debt.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 101.43 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.48 641.10 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 179.03 641.10 Td (POLICIES ) Tj ET Q q 0 0 0 rg BT 231.26 641.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 256.63 641.10 Td (ESTIMA) Tj ET Q q 0 0 0 rg BT 297.28 641.10 Td (TES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 99.99 615.90 Td (policies ) Tj ET Q q 0 0 0 rg BT 134.15 615.90 Td (are ) Tj ET Q q 0 0 0 rg BT 148.47 615.90 Td (an ) Tj ET Q q 0 0 0 rg BT 159.89 615.90 Td (integral ) Tj ET Q q 0 0 0 rg BT 193.46 615.90 Td (part ) Tj ET Q q 0 0 0 rg BT 211.29 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 221.54 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 235.87 615.90 Td (preparation ) Tj ET Q q 0 0 0 rg BT 285.18 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 295.43 615.90 Td (our ) Tj ET Q q 0 0 0 rg BT 310.93 615.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.16 615.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 394.99 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 404.66 615.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 453.37 615.90 Td (with ) Tj ET Q q 0 0 0 rg BT 473.54 615.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.11 615.90 Td (principles ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 90.64 603.30 Td (accepted ) Tj ET Q q 0 0 0 rg BT 129.43 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 139.68 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 154.58 603.30 Td (United ) Tj ET Q q 0 0 0 rg BT 185.23 603.30 Td (States ) Tj ET Q q 0 0 0 rg BT 212.39 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 222.76 603.30 Td (America. ) Tj ET Q q 0 0 0 rg BT 263.60 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 265.68 603.30 Td (Understanding ) Tj ET Q q 0 0 0 rg BT 329.58 603.30 Td (these ) Tj ET Q q 0 0 0 rg BT 353.23 603.30 Td (policies, ) Tj ET Q q 0 0 0 rg BT 390.59 603.30 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 433.18 603.30 Td (is ) Tj ET Q q 0 0 0 rg BT 442.25 603.30 Td (a ) Tj ET Q q 0 0 0 rg BT 448.99 603.30 Td (key ) Tj ET Q q 0 0 0 rg BT 466.23 603.30 Td (factor ) Tj ET Q q 0 0 0 rg BT 492.78 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 503.03 603.30 Td (understanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (our ) Tj ET Q q 0 0 0 rg BT 66.47 590.70 Td (reported ) Tj ET Q q 0 0 0 rg BT 104.42 590.70 Td (results ) Tj ET Q q 0 0 0 rg BT 134.80 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 146.52 590.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 193.22 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 211.35 590.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 251.05 590.70 Td (position. ) Tj ET Q q 0 0 0 rg BT 290.48 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 293.45 590.70 Td (See ) Tj ET Q q 0 0 0 rg BT 311.58 590.70 Td (Note�1 ) Tj ET Q q 0 0 0 rg BT 342.84 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 354.55 590.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 382.02 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 393.16 590.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 451.54 590.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 493.58 590.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 542.63 590.70 Td (for ) Tj ET Q q 0 0 0 rg BT 557.84 590.70 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 96.29 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.06 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.09 578.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 172.45 578.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 221.55 578.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 257.24 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.43 578.10 Td (other ) Tj ET Q q 0 0 0 rg BT 300.03 578.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 355.26 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.30 578.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 392.23 578.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 424.41 578.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 473.51 578.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 509.20 578.10 Td (require ) Tj ET Q q 0 0 0 rg BT 541.97 578.10 Td (us ) Tj ET Q q 0 0 0 rg BT 554.33 578.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (make ) Tj ET Q q 0 0 0 rg BT 74.33 565.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 115.50 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 132.75 565.50 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 186.77 565.50 Td (that ) Tj ET Q q 0 0 0 rg BT 204.61 565.50 Td (af) Tj ET Q q 0 0 0 rg BT 212.58 565.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 230.40 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 245.33 565.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 283.00 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 293.84 565.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 323.06 565.50 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 366.86 565.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 406.26 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 423.52 565.50 Td (expenses ) Tj ET Q q 0 0 0 rg BT 463.52 565.50 Td (reported ) Tj ET Q q 0 0 0 rg BT 500.59 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 510.85 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 565.50 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (statements. ) Tj ET Q q 0 0 0 rg BT 98.92 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 101.39 552.90 Td (Due ) Tj ET Q q 0 0 0 rg BT 121.35 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 131.99 552.90 Td (their ) Tj ET Q q 0 0 0 rg BT 153.70 552.90 Td (nature, ) Tj ET Q q 0 0 0 rg BT 185.03 552.90 Td (estimates ) Tj ET Q q 0 0 0 rg BT 226.58 552.90 Td (involve ) Tj ET Q q 0 0 0 rg BT 260.54 552.90 Td (judgment ) Tj ET Q q 0 0 0 rg BT 302.67 552.90 Td (based ) Tj ET Q q 0 0 0 rg BT 329.05 552.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 352.52 552.90 Td (available ) Tj ET Q q 0 0 0 rg BT 392.89 552.90 Td (information. ) Tj ET Q q 0 0 0 rg BT 447.55 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 449.85 552.90 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 496.33 552.90 Td (actual ) Tj ET Q q 0 0 0 rg BT 523.86 552.90 Td (results ) Tj ET Q q 0 0 0 rg BT 553.75 552.90 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 86.86 540.30 Td (could ) Tj ET Q q 0 0 0 rg BT 111.97 540.30 Td (dif) Tj ET Q q 0 0 0 rg BT 123.45 540.30 Td (fer ) Tj ET Q q 0 0 0 rg BT 136.88 540.30 Td (from ) Tj ET Q q 0 0 0 rg BT 159.07 540.30 Td (estimates ) Tj ET Q q 0 0 0 rg BT 199.93 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 216.87 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 231.47 540.30 Td (dif) Tj ET Q q 0 0 0 rg BT 242.95 540.30 Td (ference ) Tj ET Q q 0 0 0 rg BT 275.62 540.30 Td (could ) Tj ET Q q 0 0 0 rg BT 300.72 540.30 Td (have ) Tj ET Q q 0 0 0 rg BT 322.33 540.30 Td (a ) Tj ET Q q 0 0 0 rg BT 328.77 540.30 Td (material ) Tj ET Q q 0 0 0 rg BT 364.94 540.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 395.30 540.30 Td (on ) Tj ET Q q 0 0 0 rg BT 407.58 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 422.19 540.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 477.04 540.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.55 540.30 Td (statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 515.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.86 515.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 104.05 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.51 515.10 Td (following ) Tj ET Q q 0 0 0 rg BT 162.96 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.75 515.10 Td (be ) Tj ET Q q 0 0 0 rg BT 186.29 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 202.91 515.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 234.69 515.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 283.38 515.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 318.66 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 337.03 515.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 371.15 515.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 418.10 515.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 459.80 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 471.17 515.10 Td (judgments.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (Consolidation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (In ) Tj ET Q q 0 0 0 rg BT 61.23 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 77.04 477.30 Td (normal ) Tj ET Q q 0 0 0 rg BT 109.76 477.30 Td (course ) Tj ET Q q 0 0 0 rg BT 140.15 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 151.88 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 168.85 477.30 Td (business, ) Tj ET Q q 0 0 0 rg BT 210.05 477.30 Td (we ) Tj ET Q q 0 0 0 rg BT 225.27 477.30 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 260.92 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 279.06 477.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 314.70 477.30 Td (various ) Tj ET Q q 0 0 0 rg BT 348.59 477.30 Td (types ) Tj ET Q q 0 0 0 rg BT 373.73 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 385.46 477.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 434.52 477.30 Td (products. ) Tj ET Q q 0 0 0 rg BT 476.29 477.30 Td (For ) Tj ET Q q 0 0 0 rg BT 493.86 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 510.83 477.30 Td (services, ) Tj ET Q q 0 0 0 rg BT 550.26 477.30 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (are ) Tj ET Q q 0 0 0 rg BT 64.72 464.70 Td (entitled ) Tj ET Q q 0 0 0 rg BT 98.61 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 109.17 464.70 Td (receive ) Tj ET Q q 0 0 0 rg BT 141.88 464.70 Td (management ) Tj ET Q q 0 0 0 rg BT 197.93 464.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 217.23 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 234.79 464.70 Td (may ) Tj ET Q q 0 0 0 rg BT 255.27 464.70 Td (be ) Tj ET Q q 0 0 0 rg BT 267.58 464.70 Td (eligible, ) Tj ET Q q 0 0 0 rg BT 304.09 464.70 Td (under ) Tj ET Q q 0 0 0 rg BT 330.40 464.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 361.36 464.70 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 425.86 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 436.43 464.70 Td (receive ) Tj ET Q q 0 0 0 rg BT 469.13 464.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 513.52 464.70 Td (subordinate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (management ) Tj ET Q q 0 0 0 rg BT 105.48 452.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 124.73 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 135.81 452.10 Td (other ) Tj ET Q q 0 0 0 rg BT 159.73 452.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 200.55 452.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 222.42 452.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 241.09 452.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 281.33 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.84 452.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 309.93 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.44 452.10 Td (these ) Tj ET Q q 0 0 0 rg BT 344.35 452.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 377.02 452.10 Td (is ) Tj ET Q q 0 0 0 rg BT 386.36 452.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 427.76 452.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 459.85 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.36 452.10 Td (any ) Tj ET Q q 0 0 0 rg BT 487.86 452.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 516.44 452.10 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (we ) Tj ET Q q 0 0 0 rg BT 64.72 439.50 Td (have ) Tj ET Q q 0 0 0 rg BT 87.52 439.50 Td (made ) Tj ET Q q 0 0 0 rg BT 113.23 439.50 Td (or ) Tj ET Q q 0 0 0 rg BT 124.95 439.50 Td (are ) Tj ET Q q 0 0 0 rg BT 140.75 439.50 Td (required ) Tj ET Q q 0 0 0 rg BT 178.71 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 189.85 439.50 Td (make, ) Tj ET Q q 0 0 0 rg BT 218.19 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 236.33 439.50 Td (any ) Tj ET Q q 0 0 0 rg BT 254.46 439.50 Td (earned ) Tj ET Q q 0 0 0 rg BT 285.42 439.50 Td (but ) Tj ET Q q 0 0 0 rg BT 301.81 439.50 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 353.18 439.50 Td (management ) Tj ET Q q 0 0 0 rg BT 409.80 439.50 Td (fees. ) Tj ET Q q 0 0 0 rg BT 432.31 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 435.29 439.50 Td (Uncollected ) Tj ET Q q 0 0 0 rg BT 488.99 439.50 Td (management ) Tj ET Q q 0 0 0 rg BT 545.61 439.50 Td (fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (from ) Tj ET Q q 0 0 0 rg BT 71.94 426.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 111.87 426.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 159.98 426.90 Td (products ) Tj ET Q q 0 0 0 rg BT 198.18 426.90 Td (were ) Tj ET Q q 0 0 0 rg BT 220.61 426.90 Td (not ) Tj ET Q q 0 0 0 rg BT 236.06 426.90 Td (material ) Tj ET Q q 0 0 0 rg BT 272.49 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 283.27 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 294.04 426.90 Td (March ) Tj ET Q q 0 0 0 rg BT 323.48 426.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 338.64 426.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 364.29 426.90 Td (we ) Tj ET Q q 0 0 0 rg BT 378.57 426.90 Td (have ) Tj ET Q q 0 0 0 rg BT 400.42 426.90 Td (not ) Tj ET Q q 0 0 0 rg BT 415.87 426.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 444.15 426.90 Td (any ) Tj ET Q q 0 0 0 rg BT 461.35 426.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 509.46 426.90 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 97.08 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 107.94 414.30 Td (these ) Tj ET Q q 0 0 0 rg BT 132.20 414.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 180.97 414.30 Td (products ) Tj ET Q q 0 0 0 rg BT 219.81 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 231.25 414.30 Td (their ) Tj ET Q q 0 0 0 rg BT 253.18 414.30 Td (investors, ) Tj ET Q q 0 0 0 rg BT 296.41 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 314.26 414.30 Td (we ) Tj ET Q q 0 0 0 rg BT 329.19 414.30 Td (did ) Tj ET Q q 0 0 0 rg BT 345.29 414.30 Td (not ) Tj ET Q q 0 0 0 rg BT 361.40 414.30 Td (sell ) Tj ET Q q 0 0 0 rg BT 378.67 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 390.10 414.30 Td (transfer ) Tj ET Q q 0 0 0 rg BT 424.86 414.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 452.04 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 462.90 414.30 Td (any ) Tj ET Q q 0 0 0 rg BT 480.75 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 492.18 414.30 Td (these ) Tj ET Q q 0 0 0 rg BT 516.44 414.30 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (products. ) Tj ET Q q 0 0 0 rg BT 90.88 401.70 Td ( ) Tj ET Q q 0 0 0 rg BT 93.47 401.70 Td (In ) Tj ET Q q 0 0 0 rg BT 104.81 401.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 154.61 401.70 Td (with ) Tj ET Q q 0 0 0 rg BT 175.87 401.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 215.19 401.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 263.85 401.70 Td (standards, ) Tj ET Q q 0 0 0 rg BT 308.73 401.70 Td (we ) Tj ET Q q 0 0 0 rg BT 323.56 401.70 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 373.97 401.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 405.13 401.70 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 450.30 401.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 498.97 401.70 Td (products, ) Tj ET Q q 0 0 0 rg BT 540.35 401.70 Td (some ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 389.10 Td (which ) Tj ET Q q 0 0 0 rg BT 89.16 389.10 Td (are ) Tj ET Q q 0 0 0 rg BT 104.60 389.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 152.13 389.10 Td (as ) Tj ET Q q 0 0 0 rg BT 163.50 389.10 Td (CIVs. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.05 363.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.77 363.90 Td (products ) Tj ET Q q 0 0 0 rg BT 167.57 363.90 Td (we ) Tj ET Q q 0 0 0 rg BT 181.46 363.90 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 215.77 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 232.57 363.90 Td (manage ) Tj ET Q q 0 0 0 rg BT 266.86 363.90 Td (are ) Tj ET Q q 0 0 0 rg BT 281.32 363.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 328.45 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 338.26 363.90 Td (be ) Tj ET Q q 0 0 0 rg BT 349.81 363.90 Td (variable ) Tj ET Q q 0 0 0 rg BT 385.27 363.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 417.81 363.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 449.78 363.90 Td (\("VIEs"\) ) Tj ET Q q 0 0 0 rg BT 488.57 363.90 Td (\(further ) Tj ET Q q 0 0 0 rg BT 522.28 363.90 Td (described ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (below\) ) Tj ET Q q 0 0 0 rg BT 81.01 351.30 Td (while ) Tj ET Q q 0 0 0 rg BT 106.70 351.30 Td (others ) Tj ET Q q 0 0 0 rg BT 134.72 351.30 Td (are ) Tj ET Q q 0 0 0 rg BT 149.89 351.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 197.73 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 208.26 351.30 Td (be ) Tj ET Q q 0 0 0 rg BT 220.52 351.30 Td (voting ) Tj ET Q q 0 0 0 rg BT 249.72 351.30 Td (rights ) Tj ET Q q 0 0 0 rg BT 275.99 351.30 Td (entities ) Tj ET Q q 0 0 0 rg BT 308.68 351.30 Td (\(�VREs�\) ) Tj ET Q q 0 0 0 rg BT 352.43 351.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 384.53 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 395.06 351.30 Td (traditional ) Tj ET Q q 0 0 0 rg BT 440.57 351.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 499.50 351.30 Td (concepts ) Tj ET Q q 0 0 0 rg BT 538.60 351.30 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (on ) Tj ET Q q 0 0 0 rg BT 63.04 338.70 Td (ownership ) Tj ET Q q 0 0 0 rg BT 109.82 338.70 Td (rights. ) Tj ET Q q 0 0 0 rg BT 139.40 338.70 Td ( ) Tj ET Q q 0 0 0 rg BT 142.43 338.70 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 189.80 338.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 238.92 338.70 Td (products ) Tj ET Q q 0 0 0 rg BT 278.12 338.70 Td (that ) Tj ET Q q 0 0 0 rg BT 296.90 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 312.75 338.70 Td (considered ) Tj ET Q q 0 0 0 rg BT 361.05 338.70 Td (VREs ) Tj ET Q q 0 0 0 rg BT 389.18 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 405.03 338.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 461.14 338.70 Td (if ) Tj ET Q q 0 0 0 rg BT 470.59 338.70 Td (we ) Tj ET Q q 0 0 0 rg BT 485.87 338.70 Td (have ) Tj ET Q q 0 0 0 rg BT 508.73 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 516.42 338.70 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.60 326.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 121.89 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.43 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.63 326.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 196.08 326.10 Td (product, ) Tj ET Q q 0 0 0 rg BT 233.15 326.10 Td (absent ) Tj ET Q q 0 0 0 rg BT 262.35 326.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 311.97 326.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 348.18 326.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 374.47 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 385.01 326.10 Td (replace ) Tj ET Q q 0 0 0 rg BT 417.69 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.89 326.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 471.41 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.53 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.74 326.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 524.02 326.10 Td (\(kick-out ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (rights\). ) Tj ET Q q 0 0 0 rg BT 81.62 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 83.55 313.50 Td (W) Tj ET Q q 0 0 0 rg BT 92.62 313.50 Td (e ) Tj ET Q q 0 0 0 rg BT 99.36 313.50 Td (may ) Tj ET Q q 0 0 0 rg BT 119.51 313.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 140.84 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 155.75 313.50 Td (initial ) Tj ET Q q 0 0 0 rg BT 182.32 313.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 203.06 313.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 251.22 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 261.46 313.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 291.96 313.50 Td (VRE ) Tj ET Q q 0 0 0 rg BT 315.04 313.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 363.19 313.50 Td (products ) Tj ET Q q 0 0 0 rg BT 401.43 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 411.68 313.50 Td (generate ) Tj ET Q q 0 0 0 rg BT 449.32 313.50 Td (an ) Tj ET Q q 0 0 0 rg BT 461.31 313.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 509.46 313.50 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (track ) Tj ET Q q 0 0 0 rg BT 72.15 300.90 Td (record ) Tj ET Q q 0 0 0 rg BT 100.64 300.90 Td (in ) Tj ET Q q 0 0 0 rg BT 110.47 300.90 Td (order ) Tj ET Q q 0 0 0 rg BT 134.30 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 144.13 300.90 Td (attract ) Tj ET Q q 0 0 0 rg BT 172.03 300.90 Td (third-party ) Tj ET Q q 0 0 0 rg BT 218.60 300.90 Td (investors ) Tj ET Q q 0 0 0 rg BT 258.19 300.90 Td (in ) Tj ET Q q 0 0 0 rg BT 268.03 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 282.52 300.90 Td (product. ) Tj ET Q q 0 0 0 rg BT 318.89 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 320.56 300.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 338.56 300.90 Td (initial ) Tj ET Q q 0 0 0 rg BT 364.73 300.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 412.47 300.90 Td (in ) Tj ET Q q 0 0 0 rg BT 422.31 300.90 Td (a ) Tj ET Q q 0 0 0 rg BT 428.64 300.90 Td (new ) Tj ET Q q 0 0 0 rg BT 447.80 300.90 Td (product ) Tj ET Q q 0 0 0 rg BT 481.54 300.90 Td (typically ) Tj ET Q q 0 0 0 rg BT 519.95 300.90 Td (represents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (100% ) Tj ET Q q 0 0 0 rg BT 77.04 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 88.83 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 104.71 288.30 Td (ownership ) Tj ET Q q 0 0 0 rg BT 151.50 288.30 Td (in ) Tj ET Q q 0 0 0 rg BT 162.71 288.30 Td (that ) Tj ET Q q 0 0 0 rg BT 181.50 288.30 Td (product. ) Tj ET Q q 0 0 0 rg BT 219.25 288.30 Td ( ) Tj ET Q q 0 0 0 rg BT 221.62 288.30 Td (As ) Tj ET Q q 0 0 0 rg BT 236.33 288.30 Td (further ) Tj ET Q q 0 0 0 rg BT 267.95 288.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 311.24 288.30 Td (below) Tj ET Q q 0 0 0 rg BT 336.22 288.30 Td (, ) Tj ET Q q 0 0 0 rg BT 341.89 288.30 Td (these ) Tj ET Q q 0 0 0 rg BT 366.51 288.30 Td (�seed ) Tj ET Q q 0 0 0 rg BT 392.88 288.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 423.90 288.30 Td (investments� ) Tj ET Q q 0 0 0 rg BT 481.77 288.30 Td (are ) Tj ET Q q 0 0 0 rg BT 497.64 288.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 553.75 288.30 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (long ) Tj ET Q q 0 0 0 rg BT 70.36 275.70 Td (as ) Tj ET Q q 0 0 0 rg BT 81.30 275.70 Td (we ) Tj ET Q q 0 0 0 rg BT 95.73 275.70 Td (maintain ) Tj ET Q q 0 0 0 rg BT 134.67 275.70 Td (a ) Tj ET Q q 0 0 0 rg BT 141.52 275.70 Td (controlling ) Tj ET Q q 0 0 0 rg BT 189.79 275.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.71 275.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 261.81 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 272.17 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 287.19 275.70 Td (product, ) Tj ET Q q 0 0 0 rg BT 324.08 275.70 Td (but ) Tj ET Q q 0 0 0 rg BT 339.69 275.70 Td (they ) Tj ET Q q 0 0 0 rg BT 359.96 275.70 Td (are ) Tj ET Q q 0 0 0 rg BT 374.97 275.70 Td (not ) Tj ET Q q 0 0 0 rg BT 390.58 275.70 Td (designated ) Tj ET Q q 0 0 0 rg BT 437.67 275.70 Td (as ) Tj ET Q q 0 0 0 rg BT 448.61 275.70 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 472.98 275.70 Td (unless ) Tj ET Q q 0 0 0 rg BT 501.42 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 516.44 275.70 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.13 263.10 Td (longer) Tj ET Q q 0 0 0 rg BT 85.74 263.10 Td (-term. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 237.90 Td ( ) Tj ET Q q 0 0 0 rg BT 59.30 237.90 Td (VIE ) Tj ET Q q 0 0 0 rg BT 79.81 237.90 Td (is ) Tj ET Q q 0 0 0 rg BT 89.83 237.90 Td (an ) Tj ET Q q 0 0 0 rg BT 102.75 237.90 Td (entity ) Tj ET Q q 0 0 0 rg BT 129.68 237.90 Td (which ) Tj ET Q q 0 0 0 rg BT 158.36 237.90 Td (does ) Tj ET Q q 0 0 0 rg BT 180.62 237.90 Td (not ) Tj ET Q q 0 0 0 rg BT 197.05 237.90 Td (have ) Tj ET Q q 0 0 0 rg BT 219.89 237.90 Td (adequate ) Tj ET Q q 0 0 0 rg BT 260.21 237.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 289.47 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 300.65 237.90 Td (finance ) Tj ET Q q 0 0 0 rg BT 334.56 237.90 Td (its ) Tj ET Q q 0 0 0 rg BT 347.50 237.90 Td (activities ) Tj ET Q q 0 0 0 rg BT 388.42 237.90 Td (without ) Tj ET Q q 0 0 0 rg BT 423.52 237.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 468.53 237.90 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 525.78 237.90 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (support; ) Tj ET Q q 0 0 0 rg BT 87.53 225.30 Td (or ) Tj ET Q q 0 0 0 rg BT 99.89 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 116.33 225.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 146.19 225.30 Td (investors, ) Tj ET Q q 0 0 0 rg BT 190.34 225.30 Td (as ) Tj ET Q q 0 0 0 rg BT 202.70 225.30 Td (a ) Tj ET Q q 0 0 0 rg BT 210.97 225.30 Td (group, ) Tj ET Q q 0 0 0 rg BT 241.70 225.30 Td (do ) Tj ET Q q 0 0 0 rg BT 255.81 225.30 Td (not ) Tj ET Q q 0 0 0 rg BT 272.84 225.30 Td (have ) Tj ET Q q 0 0 0 rg BT 296.28 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 312.72 225.30 Td (normal ) Tj ET Q q 0 0 0 rg BT 346.07 225.30 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 409.73 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 422.09 225.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 451.95 225.30 Td (for ) Tj ET Q q 0 0 0 rg BT 467.80 225.30 Td (a ) Tj ET Q q 0 0 0 rg BT 476.08 225.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 516.43 225.30 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 212.70 Td (interest. ) Tj ET Q q 0 0 0 rg BT 125.01 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 127.45 212.70 Td (W) Tj ET Q q 0 0 0 rg BT 136.52 212.70 Td (e ) Tj ET Q q 0 0 0 rg BT 143.80 212.70 Td (must ) Tj ET Q q 0 0 0 rg BT 166.85 212.70 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 217.30 212.70 Td (any ) Tj ET Q q 0 0 0 rg BT 234.89 212.70 Td (VIE ) Tj ET Q q 0 0 0 rg BT 255.01 212.70 Td (for ) Tj ET Q q 0 0 0 rg BT 269.88 212.70 Td (which ) Tj ET Q q 0 0 0 rg BT 298.17 212.70 Td (we ) Tj ET Q q 0 0 0 rg BT 313.03 212.70 Td (are ) Tj ET Q q 0 0 0 rg BT 328.48 212.70 Td (deemed ) Tj ET Q q 0 0 0 rg BT 363.75 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 374.54 212.70 Td (be ) Tj ET Q q 0 0 0 rg BT 387.08 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 402.53 212.70 Td (primary ) Tj ET Q q 0 0 0 rg BT 438.40 212.70 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 484.94 212.70 Td (.) Tj ET Q endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (70) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Updated ) Tj ET Q q 0 0 0 rg BT 88.29 741.90 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 151.21 741.90 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 204.02 741.90 Td (Guidance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.22 729.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 90.00 729.30 Td (April ) Tj ET Q q 0 0 0 rg BT 115.01 729.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 125.72 729.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 152.19 729.30 Td (we ) Tj ET Q q 0 0 0 rg BT 167.27 729.30 Td (adopted ) Tj ET Q q 0 0 0 rg BT 203.36 729.30 Td (updated ) Tj ET Q q 0 0 0 rg BT 239.44 729.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 298.86 729.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 347.76 729.30 Td (guidance ) Tj ET Q q 0 0 0 rg BT 388.51 729.30 Td (on ) Tj ET Q q 0 0 0 rg BT 401.85 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 409.35 729.30 Td (modified ) Tj ET Q q 0 0 0 rg BT 450.10 729.30 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 507.17 729.30 Td (basis. ) Tj ET Q q 0 0 0 rg BT 533.64 729.30 Td (�Under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.99 716.70 Td (updated ) Tj ET Q q 0 0 0 rg BT 100.89 716.70 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 144.08 716.70 Td (if ) Tj ET Q q 0 0 0 rg BT 153.15 716.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 185.56 716.70 Td (partners ) Tj ET Q q 0 0 0 rg BT 222.04 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 232.87 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 240.20 716.70 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 285.44 716.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 334.18 716.70 Td (product ) Tj ET Q q 0 0 0 rg BT 368.92 716.70 Td (structured ) Tj ET Q q 0 0 0 rg BT 413.56 716.70 Td (as ) Tj ET Q q 0 0 0 rg BT 424.97 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 432.30 716.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 464.71 716.70 Td (partnership ) Tj ET Q q 0 0 0 rg BT 514.60 716.70 Td (or ) Tj ET Q q 0 0 0 rg BT 526.01 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 533.33 716.70 Td (similar ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 76.70 704.10 Td (do ) Tj ET Q q 0 0 0 rg BT 90.49 704.10 Td (not ) Tj ET Q q 0 0 0 rg BT 107.20 704.10 Td (have ) Tj ET Q q 0 0 0 rg BT 130.31 704.10 Td (either ) Tj ET Q q 0 0 0 rg BT 157.50 704.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 208.04 704.10 Td (kick-out ) Tj ET Q q 0 0 0 rg BT 246.32 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 258.36 704.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 308.90 704.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 365.25 704.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 392.46 704.10 Td (over ) Tj ET Q q 0 0 0 rg BT 414.41 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.53 704.10 Td (general ) Tj ET Q q 0 0 0 rg BT 464.71 704.10 Td (partner) Tj ET Q q 0 0 0 rg BT 494.02 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 499.94 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.06 704.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 549.67 704.10 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 77.12 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 79.78 691.50 Td (As ) Tj ET Q q 0 0 0 rg BT 94.86 691.50 Td (a ) Tj ET Q q 0 0 0 rg BT 102.93 691.50 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 139.01 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 157.58 691.50 Td (manager ) Tj ET Q q 0 0 0 rg BT 197.14 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 209.30 691.50 Td (an ) Tj ET Q q 0 0 0 rg BT 222.62 691.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 272.11 691.50 Td (product, ) Tj ET Q q 0 0 0 rg BT 310.23 691.50 Td (we ) Tj ET Q q 0 0 0 rg BT 325.88 691.50 Td (may ) Tj ET Q q 0 0 0 rg BT 347.37 691.50 Td (be ) Tj ET Q q 0 0 0 rg BT 360.69 691.50 Td (deemed ) Tj ET Q q 0 0 0 rg BT 396.76 691.50 Td (a ) Tj ET Q q 0 0 0 rg BT 404.83 691.50 Td (decision ) Tj ET Q q 0 0 0 rg BT 443.23 691.50 Td (maker ) Tj ET Q q 0 0 0 rg BT 472.88 691.50 Td (under ) Tj ET Q q 0 0 0 rg BT 500.20 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 516.44 691.50 Td (accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 92.99 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.95 678.90 Td (If ) Tj ET Q q 0 0 0 rg BT 105.90 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 121.69 678.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 141.56 678.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 162.60 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 173.73 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 181.35 678.90 Td (decision ) Tj ET Q q 0 0 0 rg BT 219.31 678.90 Td (maker ) Tj ET Q q 0 0 0 rg BT 248.50 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 264.28 678.90 Td (market-based, ) Tj ET Q q 0 0 0 rg BT 326.43 678.90 Td (such ) Tj ET Q q 0 0 0 rg BT 348.64 678.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 368.50 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 384.28 678.90 Td (not ) Tj ET Q q 0 0 0 rg BT 400.66 678.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 449.11 678.90 Td (variable ) Tj ET Q q 0 0 0 rg BT 485.88 678.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 523.84 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 534.97 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 542.38 678.90 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 565.12 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 567.74 678.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 101.90 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 106.43 666.30 Td (if ) Tj ET Q q 0 0 0 rg BT 114.75 666.30 Td (employee ) Tj ET Q q 0 0 0 rg BT 157.48 666.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 194.38 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 204.45 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 211.02 666.30 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 255.51 666.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 303.49 666.30 Td (product ) Tj ET Q q 0 0 0 rg BT 337.47 666.30 Td (are ) Tj ET Q q 0 0 0 rg BT 352.20 666.30 Td (not ) Tj ET Q q 0 0 0 rg BT 367.52 666.30 Td (made ) Tj ET Q q 0 0 0 rg BT 392.17 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 402.24 666.30 Td (circumvent ) Tj ET Q q 0 0 0 rg BT 451.38 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 466.12 666.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 524.60 666.30 Td (guidance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.48 653.70 Td (are ) Tj ET Q q 0 0 0 rg BT 83.11 653.70 Td (not ) Tj ET Q q 0 0 0 rg BT 99.35 653.70 Td (financed ) Tj ET Q q 0 0 0 rg BT 138.31 653.70 Td (by ) Tj ET Q q 0 0 0 rg BT 151.63 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 167.27 653.70 Td (sponsor) Tj ET Q q 0 0 0 rg BT 199.52 653.70 Td (, ) Tj ET Q q 0 0 0 rg BT 204.97 653.70 Td (they ) Tj ET Q q 0 0 0 rg BT 225.86 653.70 Td (are ) Tj ET Q q 0 0 0 rg BT 241.50 653.70 Td (not ) Tj ET Q q 0 0 0 rg BT 257.73 653.70 Td (included ) Tj ET Q q 0 0 0 rg BT 296.71 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 307.69 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 323.34 653.70 Td (variable ) Tj ET Q q 0 0 0 rg BT 359.97 653.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 397.78 653.70 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 449.88 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 467.86 653.70 Td (are ) Tj ET Q q 0 0 0 rg BT 483.50 653.70 Td (not ) Tj ET Q q 0 0 0 rg BT 499.73 653.70 Td (included ) Tj ET Q q 0 0 0 rg BT 538.70 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 549.69 653.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 85.36 641.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 135.21 641.10 Td (determination. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 58.56 615.90 Td (decision ) Tj ET Q q 0 0 0 rg BT 95.60 615.90 Td (maker ) Tj ET Q q 0 0 0 rg BT 123.89 615.90 Td (is ) Tj ET Q q 0 0 0 rg BT 132.95 615.90 Td (deemed ) Tj ET Q q 0 0 0 rg BT 167.65 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 177.87 615.90 Td (be ) Tj ET Q q 0 0 0 rg BT 189.84 615.90 Td (a ) Tj ET Q q 0 0 0 rg BT 196.55 615.90 Td (primary ) Tj ET Q q 0 0 0 rg BT 231.84 615.90 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 281.12 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 291.92 615.90 Td (a ) Tj ET Q q 0 0 0 rg BT 298.48 615.90 Td (VIE ) Tj ET Q q 0 0 0 rg BT 318.03 615.90 Td (if ) Tj ET Q q 0 0 0 rg BT 326.50 615.90 Td (it ) Tj ET Q q 0 0 0 rg BT 334.38 615.90 Td (has ) Tj ET Q q 0 0 0 rg BT 350.43 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 365.31 615.90 Td (power ) Tj ET Q q 0 0 0 rg BT 393.61 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 403.83 615.90 Td (direct ) Tj ET Q q 0 0 0 rg BT 429.79 615.90 Td (activities ) Tj ET Q q 0 0 0 rg BT 469.74 615.90 Td (that ) Tj ET Q q 0 0 0 rg BT 487.54 615.90 Td (most ) Tj ET Q q 0 0 0 rg BT 510.02 615.90 Td (significantly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.60 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 95.96 603.30 Td (economic ) Tj ET Q q 0 0 0 rg BT 139.31 603.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 194.88 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 206.16 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 221.33 603.30 Td (VIE ) Tj ET Q q 0 0 0 rg BT 241.36 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 259.05 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 274.40 603.30 Td (obligation ) Tj ET Q q 0 0 0 rg BT 319.51 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 330.21 603.30 Td (absorb ) Tj ET Q q 0 0 0 rg BT 360.73 603.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 388.35 603.30 Td (or ) Tj ET Q q 0 0 0 rg BT 399.62 603.30 Td (receive ) Tj ET Q q 0 0 0 rg BT 432.46 603.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 468.23 603.30 Td (from ) Tj ET Q q 0 0 0 rg BT 491.17 603.30 Td (variable ) Tj ET Q q 0 0 0 rg BT 527.51 603.30 Td (interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (that ) Tj ET Q q 0 0 0 rg BT 66.84 590.70 Td (could ) Tj ET Q q 0 0 0 rg BT 91.76 590.70 Td (be ) Tj ET Q q 0 0 0 rg BT 103.26 590.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 149.18 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 158.94 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 173.25 590.70 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 194.96 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 196.55 590.70 Td (In ) Tj ET Q q 0 0 0 rg BT 206.89 590.70 Td (determining ) Tj ET Q q 0 0 0 rg BT 259.22 590.70 Td (whether ) Tj ET Q q 0 0 0 rg BT 294.64 590.70 Td (it ) Tj ET Q q 0 0 0 rg BT 302.06 590.70 Td (is ) Tj ET Q q 0 0 0 rg BT 310.66 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 325.08 590.70 Td (primary ) Tj ET Q q 0 0 0 rg BT 359.92 590.70 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 408.73 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 419.07 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 425.21 590.70 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 446.92 590.70 Td (we ) Tj ET Q q 0 0 0 rg BT 460.76 590.70 Td (consider ) Tj ET Q q 0 0 0 rg BT 497.92 590.70 Td (both ) Tj ET Q q 0 0 0 rg BT 518.18 590.70 Td (qualitative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.46 578.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 119.83 578.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 151.20 578.10 Td (such ) Tj ET Q q 0 0 0 rg BT 173.24 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 184.79 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.42 578.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 230.05 578.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 256.77 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.31 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.94 578.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 312.99 578.10 Td (holders, ) Tj ET Q q 0 0 0 rg BT 349.32 578.10 Td (guarantees, ) Tj ET Q q 0 0 0 rg BT 399.64 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.60 578.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 452.48 578.10 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 511.56 578.10 Td (If ) Tj ET Q q 0 0 0 rg BT 521.36 578.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.82 578.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 544.43 578.10 Td (paid ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 67.58 565.50 Td (decision ) Tj ET Q q 0 0 0 rg BT 105.20 565.50 Td (maker ) Tj ET Q q 0 0 0 rg BT 134.06 565.50 Td (is ) Tj ET Q q 0 0 0 rg BT 143.69 565.50 Td (not ) Tj ET Q q 0 0 0 rg BT 159.73 565.50 Td (market-based, ) Tj ET Q q 0 0 0 rg BT 221.53 565.50 Td (it ) Tj ET Q q 0 0 0 rg BT 229.99 565.50 Td (will ) Tj ET Q q 0 0 0 rg BT 248.96 565.50 Td (be ) Tj ET Q q 0 0 0 rg BT 261.49 565.50 Td (included ) Tj ET Q q 0 0 0 rg BT 300.27 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 311.06 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 326.52 565.50 Td (primary ) Tj ET Q q 0 0 0 rg BT 362.38 565.50 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 412.23 565.50 Td (determination. ) Tj ET Q q 0 0 0 rg BT 475.79 565.50 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (Prior ) Tj ET Q q 0 0 0 rg BT 74.88 540.30 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 137.80 540.30 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 190.61 540.30 Td (Guidance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.99 527.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 100.65 527.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 148.97 527.70 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 191.75 527.70 Td (for ) Tj ET Q q 0 0 0 rg BT 206.25 527.70 Td (most ) Tj ET Q q 0 0 0 rg BT 228.92 527.70 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 273.75 527.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 322.08 527.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 343.42 527.70 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 367.25 527.70 Td (deemed ) Tj ET Q q 0 0 0 rg BT 402.15 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 412.57 527.70 Td (be ) Tj ET Q q 0 0 0 rg BT 424.73 527.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 473.06 527.70 Td (companies, ) Tj ET Q q 0 0 0 rg BT 522.84 527.70 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (money ) Tj ET Q q 0 0 0 rg BT 80.55 515.10 Td (market ) Tj ET Q q 0 0 0 rg BT 112.17 515.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 140.60 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 157.06 515.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 217.85 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.07 515.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 268.85 515.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 304.56 515.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 336.18 515.10 Td (excluded ) Tj ET Q q 0 0 0 rg BT 376.55 515.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 401.19 515.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 420.56 515.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 441.11 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.75 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 458.88 515.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 496.34 515.10 Td (maker ) Tj ET Q q 0 0 0 rg BT 525.05 515.10 Td (if ) Tj ET Q q 0 0 0 rg BT 533.93 515.10 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (criteria ) Tj ET Q q 0 0 0 rg BT 81.40 502.50 Td (relating ) Tj ET Q q 0 0 0 rg BT 115.64 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 125.97 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 140.97 502.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 160.04 502.50 Td (were ) Tj ET Q q 0 0 0 rg BT 182.61 502.50 Td (met. ) Tj ET Q q 0 0 0 rg BT 203.15 502.50 Td ( ) Tj ET Q q 0 0 0 rg BT 205.32 502.50 Td (In ) Tj ET Q q 0 0 0 rg BT 216.24 502.50 Td (determining ) Tj ET Q q 0 0 0 rg BT 269.14 502.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 305.13 502.50 Td (we ) Tj ET Q q 0 0 0 rg BT 319.54 502.50 Td (were ) Tj ET Q q 0 0 0 rg BT 342.11 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 357.11 502.50 Td (primary ) Tj ET Q q 0 0 0 rg BT 392.52 502.50 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 441.91 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 452.82 502.50 Td (a ) Tj ET Q q 0 0 0 rg BT 459.50 502.50 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 481.78 502.50 Td (we ) Tj ET Q q 0 0 0 rg BT 496.20 502.50 Td (considered ) Tj ET Q q 0 0 0 rg BT 543.85 502.50 Td (both ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 97.43 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 116.20 489.90 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 169.37 489.90 Td (factors ) Tj ET Q q 0 0 0 rg BT 201.55 489.90 Td (such ) Tj ET Q q 0 0 0 rg BT 224.40 489.90 Td (as ) Tj ET Q q 0 0 0 rg BT 236.76 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 253.20 489.90 Td (voting ) Tj ET Q q 0 0 0 rg BT 283.64 489.90 Td (rights ) Tj ET Q q 0 0 0 rg BT 311.16 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 323.52 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 339.95 489.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 369.81 489.90 Td (holders, ) Tj ET Q q 0 0 0 rg BT 406.95 489.90 Td (economic ) Tj ET Q q 0 0 0 rg BT 451.38 489.90 Td (participation ) Tj ET Q q 0 0 0 rg BT 508.05 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 520.41 489.90 Td (all ) Tj ET Q q 0 0 0 rg BT 534.51 489.90 Td (parties ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (\(including ) Tj ET Q q 0 0 0 rg BT 95.28 477.30 Td (how ) Tj ET Q q 0 0 0 rg BT 115.99 477.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 135.52 477.30 Td (were ) Tj ET Q q 0 0 0 rg BT 158.55 477.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 189.15 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 206.94 477.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 227.64 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 238.43 477.30 Td (us\), ) Tj ET Q q 0 0 0 rg BT 256.52 477.30 Td (related ) Tj ET Q q 0 0 0 rg BT 287.70 477.30 Td (party ) Tj ET Q q 0 0 0 rg BT 311.90 477.30 Td (ownership, ) Tj ET Q q 0 0 0 rg BT 360.90 477.30 Td (guarantees, ) Tj ET Q q 0 0 0 rg BT 411.04 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 428.83 477.30 Td (implied ) Tj ET Q q 0 0 0 rg BT 463.53 477.30 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 522.44 477.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (For ) Tj ET Q q 0 0 0 rg BT 67.62 452.10 Td (other ) Tj ET Q q 0 0 0 rg BT 92.74 452.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 138.85 452.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 188.47 452.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 215.34 452.10 Td (that ) Tj ET Q q 0 0 0 rg BT 234.62 452.10 Td (do ) Tj ET Q q 0 0 0 rg BT 248.66 452.10 Td (not ) Tj ET Q q 0 0 0 rg BT 265.62 452.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 289.56 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.93 452.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 355.54 452.10 Td (company ) Tj ET Q q 0 0 0 rg BT 397.57 452.10 Td (criteria, ) Tj ET Q q 0 0 0 rg BT 433.46 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 449.24 452.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 500.01 452.10 Td (if ) Tj ET Q q 0 0 0 rg BT 509.96 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 525.74 452.10 Td (were ) Tj ET Q q 0 0 0 rg BT 549.68 452.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (primary ) Tj ET Q q 0 0 0 rg BT 85.40 439.50 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 135.28 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 146.69 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 153.82 439.50 Td (VIE ) Tj ET Q q 0 0 0 rg BT 173.97 439.50 Td (if ) Tj ET Q q 0 0 0 rg BT 183.05 439.50 Td (we ) Tj ET Q q 0 0 0 rg BT 197.95 439.50 Td (had ) Tj ET Q q 0 0 0 rg BT 215.78 439.50 Td (both ) Tj ET Q q 0 0 0 rg BT 237.10 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 252.59 439.50 Td (power ) Tj ET Q q 0 0 0 rg BT 281.49 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 292.32 439.50 Td (direct ) Tj ET Q q 0 0 0 rg BT 318.89 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 334.38 439.50 Td (activities ) Tj ET Q q 0 0 0 rg BT 374.94 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 386.35 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 401.65 439.50 Td (VIE ) Tj ET Q q 0 0 0 rg BT 421.80 439.50 Td (that ) Tj ET Q q 0 0 0 rg BT 440.21 439.50 Td (most ) Tj ET Q q 0 0 0 rg BT 463.29 439.50 Td (significantly ) Tj ET Q q 0 0 0 rg BT 518.44 439.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 549.68 439.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (entity's ) Tj ET Q q 0 0 0 rg BT 81.93 426.90 Td (economic ) Tj ET Q q 0 0 0 rg BT 125.29 426.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 180.88 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 198.58 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 213.95 426.90 Td (obligation ) Tj ET Q q 0 0 0 rg BT 259.08 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 269.79 426.90 Td (absorb ) Tj ET Q q 0 0 0 rg BT 300.32 426.90 Td (losses, ) Tj ET Q q 0 0 0 rg BT 330.57 426.90 Td (or ) Tj ET Q q 0 0 0 rg BT 341.86 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 357.23 426.90 Td (right ) Tj ET Q q 0 0 0 rg BT 379.61 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 390.31 426.90 Td (receive ) Tj ET Q q 0 0 0 rg BT 423.16 426.90 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 461.57 426.90 Td (that ) Tj ET Q q 0 0 0 rg BT 479.86 426.90 Td (could ) Tj ET Q q 0 0 0 rg BT 505.73 426.90 Td (be ) Tj ET Q q 0 0 0 rg BT 518.18 426.90 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 60.04 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 75.07 414.30 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 97.56 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 99.76 414.30 Td (W) Tj ET Q q 0 0 0 rg BT 108.83 414.30 Td (e ) Tj ET Q q 0 0 0 rg BT 115.86 414.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 163.71 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 178.91 414.30 Td (management ) Tj ET Q q 0 0 0 rg BT 234.93 414.30 Td (fee ) Tj ET Q q 0 0 0 rg BT 250.12 414.30 Td (structure, ) Tj ET Q q 0 0 0 rg BT 291.85 414.30 Td (including ) Tj ET Q q 0 0 0 rg BT 333.88 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 349.08 414.30 Td (seniority ) Tj ET Q q 0 0 0 rg BT 388.20 414.30 Td (level ) Tj ET Q q 0 0 0 rg BT 410.98 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 422.09 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 438.46 414.30 Td (fees, ) Tj ET Q q 0 0 0 rg BT 460.36 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 475.56 414.30 Td (current ) Tj ET Q q 0 0 0 rg BT 507.66 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 525.20 414.30 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 92.95 401.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 148.64 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 160.02 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 175.48 401.70 Td (entity) Tj ET Q q 0 0 0 rg BT 198.71 401.70 Td (, ) Tj ET Q q 0 0 0 rg BT 203.97 401.70 Td (as ) Tj ET Q q 0 0 0 rg BT 215.36 401.70 Td (well ) Tj ET Q q 0 0 0 rg BT 236.07 401.70 Td (as ) Tj ET Q q 0 0 0 rg BT 247.45 401.70 Td (other ) Tj ET Q q 0 0 0 rg BT 271.66 401.70 Td (provisions ) Tj ET Q q 0 0 0 rg BT 318.05 401.70 Td (included ) Tj ET Q q 0 0 0 rg BT 356.84 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 367.65 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 383.11 401.70 Td (governing ) Tj ET Q q 0 0 0 rg BT 428.32 401.70 Td (documents ) Tj ET Q q 0 0 0 rg BT 476.45 401.70 Td (that ) Tj ET Q q 0 0 0 rg BT 494.83 401.70 Td (might ) Tj ET Q q 0 0 0 rg BT 521.97 401.70 Td (restrict ) Tj ET Q q 0 0 0 rg BT 553.75 401.70 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 92.93 389.10 Td (an ) Tj ET Q q 0 0 0 rg BT 105.47 389.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 145.40 389.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 164.37 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 175.74 389.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 211.60 389.10 Td (return.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 363.90 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.41 363.90 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 99.66 363.90 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.91 363.90 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 110.16 363.90 Td (, ) Tj ET Q q 0 0 0 rg BT 115.41 363.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.19 363.90 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.69 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 146.32 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 157.69 363.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 184.81 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 195.61 363.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 253.64 363.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 295.34 363.90 Td (Statements ) Tj ET Q q 0 0 0 rg BT 344.05 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 358.92 363.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 403.53 363.90 Td (discussion ) Tj ET Q q 0 0 0 rg BT 449.91 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 461.28 363.90 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 486.08 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 503.86 363.90 Td (other ) Tj ET Q q 0 0 0 rg BT 527.87 363.90 Td (VIEs.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 90.62 338.70 Td (Recognition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.71 326.10 Td (vast ) Tj ET Q q 0 0 0 rg BT 88.50 326.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 126.96 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.59 326.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.47 326.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 195.66 326.10 Td (are ) Tj ET Q q 0 0 0 rg BT 211.36 326.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 256.80 326.10 Td (as ) Tj ET Q q 0 0 0 rg BT 268.43 326.10 Td (a ) Tj ET Q q 0 0 0 rg BT 275.97 326.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 324.32 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.95 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.66 326.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 369.11 326.10 Td (value ) Tj ET Q q 0 0 0 rg BT 394.73 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.36 326.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.60 326.10 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 452.61 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 455.28 326.10 Td (The ) Tj ET Q q 0 0 0 rg BT 474.49 326.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 522.86 326.10 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (within ) Tj ET Q q 0 0 0 rg BT 78.77 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 94.03 313.50 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 137.29 313.50 Td (we ) Tj ET Q q 0 0 0 rg BT 151.97 313.50 Td (manage, ) Tj ET Q q 0 0 0 rg BT 189.68 313.50 Td (which ) Tj ET Q q 0 0 0 rg BT 217.77 313.50 Td (are ) Tj ET Q q 0 0 0 rg BT 233.02 313.50 Td (not ) Tj ET Q q 0 0 0 rg BT 248.87 313.50 Td (reflected ) Tj ET Q q 0 0 0 rg BT 288.02 313.50 Td (within ) Tj ET Q q 0 0 0 rg BT 317.29 313.50 Td (our ) Tj ET Q q 0 0 0 rg BT 333.72 313.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 389.23 313.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 428.39 313.50 Td (statements, ) Tj ET Q q 0 0 0 rg BT 477.77 313.50 Td (are ) Tj ET Q q 0 0 0 rg BT 493.02 313.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 534.52 313.50 Td (valued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (as ) Tj ET Q q 0 0 0 rg BT 60.05 300.90 Td (follows: ) Tj ET Q q 0 0 0 rg BT 96.28 300.90 Td (\(i\)�with ) Tj ET Q q 0 0 0 rg BT 129.29 300.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 160.83 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 170.80 300.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 212.26 300.90 Td (for ) Tj ET Q q 0 0 0 rg BT 226.31 300.90 Td (which ) Tj ET Q q 0 0 0 rg BT 253.78 300.90 Td (market ) Tj ET Q q 0 0 0 rg BT 284.74 300.90 Td (quotations ) Tj ET Q q 0 0 0 rg BT 330.29 300.90 Td (are ) Tj ET Q q 0 0 0 rg BT 344.92 300.90 Td (readily ) Tj ET Q q 0 0 0 rg BT 375.87 300.90 Td (available, ) Tj ET Q q 0 0 0 rg BT 418.20 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 432.83 300.90 Td (market ) Tj ET Q q 0 0 0 rg BT 463.79 300.90 Td (value ) Tj ET Q q 0 0 0 rg BT 488.34 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 498.89 300.90 Td (such ) Tj ET Q q 0 0 0 rg BT 519.94 300.90 Td (securities; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 288.30 Td (\(ii\)�with ) Tj ET Q q 0 0 0 rg BT 104.03 288.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 136.39 288.30 Td (to ) Tj ET Q q 0 0 0 rg BT 147.18 288.30 Td (other ) Tj ET Q q 0 0 0 rg BT 171.38 288.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 213.66 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 231.45 288.30 Td (assets, ) Tj ET Q q 0 0 0 rg BT 261.19 288.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 278.39 288.30 Td (value ) Tj ET Q q 0 0 0 rg BT 303.75 288.30 Td (as ) Tj ET Q q 0 0 0 rg BT 315.13 288.30 Td (determined ) Tj ET Q q 0 0 0 rg BT 364.98 288.30 Td (in ) Tj ET Q q 0 0 0 rg BT 375.77 288.30 Td (good ) Tj ET Q q 0 0 0 rg BT 399.40 288.30 Td (faith.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.25 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 74.07 263.10 Td (March ) Tj ET Q q 0 0 0 rg BT 103.55 263.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 118.76 263.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 144.46 263.10 Td (equity) Tj ET Q q 0 0 0 rg BT 170.02 263.10 Td (, ) Tj ET Q q 0 0 0 rg BT 174.73 263.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 198.38 263.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 233.99 263.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 280.37 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.61 263.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 334.82 263.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 361.40 263.10 Td (values ) Tj ET Q q 0 0 0 rg BT 390.30 263.10 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 438.44 263.10 Td ($179.8 ) Tj ET Q q 0 0 0 rg BT 469.39 263.10 Td (billion, ) Tj ET Q q 0 0 0 rg BT 501.51 263.10 Td ($394.3 ) Tj ET Q q 0 0 0 rg BT 532.46 263.10 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td ($67.9 ) Tj ET Q q 0 0 0 rg BT 75.62 250.50 Td (billion, ) Tj ET Q q 0 0 0 rg BT 108.15 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 125.81 250.50 Td ($86.4 ) Tj ET Q q 0 0 0 rg BT 151.92 250.50 Td (billion, ) Tj ET Q q 0 0 0 rg BT 184.46 250.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 234.51 250.50 Td (. ) Tj ET Q q 0 0 0 rg BT 239.62 250.50 Td ( ) Tj ET Q q 0 0 0 rg BT 241.56 250.50 Td (As ) Tj ET Q q 0 0 0 rg BT 255.73 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 271.04 250.50 Td (majority ) Tj ET Q q 0 0 0 rg BT 309.11 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 320.35 250.50 Td (our ) Tj ET Q q 0 0 0 rg BT 336.29 250.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 363.28 250.50 Td (is ) Tj ET Q q 0 0 0 rg BT 372.78 250.50 Td (valued ) Tj ET Q q 0 0 0 rg BT 403.26 250.50 Td (by ) Tj ET Q q 0 0 0 rg BT 416.25 250.50 Td (independent ) Tj ET Q q 0 0 0 rg BT 470.06 250.50 Td (pricing ) Tj ET Q q 0 0 0 rg BT 502.29 250.50 Td (services ) Tj ET Q q 0 0 0 rg BT 538.61 250.50 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (on ) Tj ET Q q 0 0 0 rg BT 62.38 237.90 Td (observable ) Tj ET Q q 0 0 0 rg BT 110.24 237.90 Td (market ) Tj ET Q q 0 0 0 rg BT 141.77 237.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 169.22 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 180.34 237.90 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 211.01 237.90 Td (we ) Tj ET Q q 0 0 0 rg BT 225.64 237.90 Td (believe ) Tj ET Q q 0 0 0 rg BT 258.33 237.90 Td (market ) Tj ET Q q 0 0 0 rg BT 289.86 237.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 307.99 237.90 Td (is ) Tj ET Q q 0 0 0 rg BT 317.37 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 332.58 237.90 Td (most ) Tj ET Q q 0 0 0 rg BT 355.37 237.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 402.08 237.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 420.20 237.90 Td (underlying ) Tj ET Q q 0 0 0 rg BT 468.07 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 483.28 237.90 Td (value ) Tj ET Q q 0 0 0 rg BT 508.40 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 519.52 237.90 Td (our ) Tj ET Q q 0 0 0 rg BT 535.37 237.90 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 565.12 237.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (Economic ) Tj ET Q q 0 0 0 rg BT 94.58 225.30 Td (events ) Tj ET Q q 0 0 0 rg BT 123.92 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 141.59 225.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 180.84 225.30 Td (market ) Tj ET Q q 0 0 0 rg BT 212.50 225.30 Td (turmoil ) Tj ET Q q 0 0 0 rg BT 245.93 225.30 Td (have ) Tj ET Q q 0 0 0 rg BT 268.26 225.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 310.42 225.30 Td (market ) Tj ET Q q 0 0 0 rg BT 342.08 225.30 Td (price ) Tj ET Q q 0 0 0 rg BT 365.58 225.30 Td (volatility; ) Tj ET Q q 0 0 0 rg BT 408.93 225.30 Td (however) Tj ET Q q 0 0 0 rg BT 444.66 225.30 Td (, ) Tj ET Q q 0 0 0 rg BT 449.79 225.30 Td (as ) Tj ET Q q 0 0 0 rg BT 461.05 225.30 Td (further ) Tj ET Q q 0 0 0 rg BT 492.13 225.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 534.89 225.30 Td (below) Tj ET Q q 0 0 0 rg BT 559.87 225.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.96 212.70 Td (valuation ) Tj ET Q q 0 0 0 rg BT 106.66 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 118.04 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 133.50 212.70 Td (vast ) Tj ET Q q 0 0 0 rg BT 153.04 212.70 Td (majority ) Tj ET Q q 0 0 0 rg BT 191.25 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 202.63 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 218.09 212.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 260.37 212.70 Td (held ) Tj ET Q q 0 0 0 rg BT 281.08 212.70 Td (by ) Tj ET Q q 0 0 0 rg BT 294.21 212.70 Td (our ) Tj ET Q q 0 0 0 rg BT 310.84 212.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 336.80 212.70 Td (and ) Tj ET Q q 0 0 0 rg BT 354.59 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 365.39 212.70 Td (separate ) Tj ET Q q 0 0 0 rg BT 402.41 212.70 Td (accounts ) Tj ET Q q 0 0 0 rg BT 441.78 212.70 Td (continues ) Tj ET Q q 0 0 0 rg BT 484.65 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 495.45 212.70 Td (be ) Tj ET Q q 0 0 0 rg BT 507.99 212.70 Td (derived ) Tj ET Q q 0 0 0 rg BT 542.11 212.70 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 82.37 200.10 Td (available ) Tj ET Q q 0 0 0 rg BT 123.97 200.10 Td (market ) Tj ET Q q 0 0 0 rg BT 156.84 200.10 Td (price ) Tj ET Q q 0 0 0 rg BT 181.54 200.10 Td (quotations. ) Tj ET Q q 0 0 0 rg BT 231.63 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.52 200.10 Td (As ) Tj ET Q q 0 0 0 rg BT 249.90 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.36 200.10 Td (March ) Tj ET Q q 0 0 0 rg BT 293.48 200.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 310.32 200.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 337.66 200.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 402.02 200.10 Td (5% ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 419.73 207.38 145.40 -9.55 re f /GS0 gs q 0 0 0 rg BT 419.73 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.19 200.10 Td (total ) Tj ET Q q 0 0 0 rg BT 453.75 200.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 481.96 200.10 Td (is ) Tj ET Q q 0 0 0 rg BT 492.68 200.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 524.38 200.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.00 200.10 Td (on ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 194.78 392.40 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 187.50 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 108.11 187.50 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 139.03 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 154.48 187.50 Td (majority ) Tj ET Q q 0 0 0 rg BT 192.68 187.50 Td (of ) Tj ET Q q 0 0 0 rg BT 204.06 187.50 Td (which ) Tj ET Q q 0 0 0 rg BT 232.34 187.50 Td (is ) Tj ET Q q 0 0 0 rg BT 241.97 187.50 Td (related ) Tj ET Q q 0 0 0 rg BT 273.16 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 283.95 187.50 Td (our ) Tj ET Q q 0 0 0 rg BT 300.57 187.50 Td (real ) Tj ET Q q 0 0 0 rg BT 318.93 187.50 Td (estate ) Tj ET Q q 0 0 0 rg BT 345.46 187.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 371.42 187.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 414.29 187.50 Td (below) Tj ET Q q 0 0 0 rg BT 439.27 187.50 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (For ) Tj ET Q q 0 0 0 rg BT 67.65 162.30 Td (most ) Tj ET Q q 0 0 0 rg BT 91.64 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 103.95 162.30 Td (our ) Tj ET Q q 0 0 0 rg BT 121.51 162.30 Td (mutual ) Tj ET Q q 0 0 0 rg BT 154.24 162.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 181.13 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 199.86 162.30 Td (other ) Tj ET Q q 0 0 0 rg BT 225.00 162.30 Td (pooled ) Tj ET Q q 0 0 0 rg BT 257.14 162.30 Td (products, ) Tj ET Q q 0 0 0 rg BT 299.49 162.30 Td (their ) Tj ET Q q 0 0 0 rg BT 322.30 162.30 Td (boards ) Tj ET Q q 0 0 0 rg BT 353.86 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 366.17 162.30 Td (directors ) Tj ET Q q 0 0 0 rg BT 406.47 162.30 Td (or ) Tj ET Q q 0 0 0 rg BT 418.78 162.30 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.51 162.30 Td (bodies ) Tj ET Q q 0 0 0 rg BT 482.49 162.30 Td (are ) Tj ET Q q 0 0 0 rg BT 498.87 162.30 Td (responsible ) Tj ET Q q 0 0 0 rg BT 550.26 162.30 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (establishing ) Tj ET Q q 0 0 0 rg BT 103.04 149.70 Td (policies ) Tj ET Q q 0 0 0 rg BT 139.07 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 157.60 149.70 Td (procedures ) Tj ET Q q 0 0 0 rg BT 207.03 149.70 Td (related ) Tj ET Q q 0 0 0 rg BT 238.97 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 250.50 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 266.70 149.70 Td (pricing ) Tj ET Q q 0 0 0 rg BT 299.82 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 311.93 149.70 Td (securities. ) Tj ET Q q 0 0 0 rg BT 357.58 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 360.96 149.70 Td (Each ) Tj ET Q q 0 0 0 rg BT 385.31 149.70 Td (board ) Tj ET Q q 0 0 0 rg BT 412.59 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 424.71 149.70 Td (directors ) Tj ET Q q 0 0 0 rg BT 464.81 149.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 507.25 149.70 Td (delegates ) Tj ET Q q 0 0 0 rg BT 549.68 149.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 92.85 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.14 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.51 137.10 Td (various ) Tj ET Q q 0 0 0 rg BT 152.96 137.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 194.57 137.10 Td (related ) Tj ET Q q 0 0 0 rg BT 225.67 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.38 137.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 268.66 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.36 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 286.56 137.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 308.35 137.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 349.96 137.10 Td (committee ) Tj ET Q q 0 0 0 rg BT 396.82 137.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 427.64 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.35 137.10 Td (turn, ) Tj ET Q q 0 0 0 rg BT 460.42 137.10 Td (may ) Tj ET Q q 0 0 0 rg BT 481.04 137.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 499.90 137.10 Td (on ) Tj ET Q q 0 0 0 rg BT 512.94 137.10 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (from ) Tj ET Q q 0 0 0 rg BT 72.07 124.50 Td (various ) Tj ET Q q 0 0 0 rg BT 105.14 124.50 Td (parties ) Tj ET Q q 0 0 0 rg BT 135.29 124.50 Td (in ) Tj ET Q q 0 0 0 rg BT 145.61 124.50 Td (pricing ) Tj ET Q q 0 0 0 rg BT 177.51 124.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 219.33 124.50 Td (such ) Tj ET Q q 0 0 0 rg BT 240.73 124.50 Td (as ) Tj ET Q q 0 0 0 rg BT 251.64 124.50 Td (independent ) Tj ET Q q 0 0 0 rg BT 305.11 124.50 Td (pricing ) Tj ET Q q 0 0 0 rg BT 337.01 124.50 Td (services, ) Tj ET Q q 0 0 0 rg BT 375.62 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 390.60 124.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 412.01 124.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 460.23 124.50 Td (agent, ) Tj ET Q q 0 0 0 rg BT 487.76 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 502.74 124.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 524.15 124.50 Td (manager) Tj ET Q q 0 0 0 rg BT 559.88 124.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (broker) Tj ET Q q 0 0 0 rg BT 76.69 111.90 Td (-dealers, ) Tj ET Q q 0 0 0 rg BT 114.70 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 132.01 111.90 Td (others ) Tj ET Q q 0 0 0 rg BT 159.82 111.90 Td (\(or ) Tj ET Q q 0 0 0 rg BT 174.22 111.90 Td (a ) Tj ET Q q 0 0 0 rg BT 181.03 111.90 Td (combination ) Tj ET Q q 0 0 0 rg BT 235.67 111.90 Td (thereof\). ) Tj ET Q q 0 0 0 rg BT 273.67 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 275.67 111.90 Td (The ) Tj ET Q q 0 0 0 rg BT 294.15 111.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 319.63 111.90 Td (have ) Tj ET Q q 0 0 0 rg BT 341.60 111.90 Td (controls ) Tj ET Q q 0 0 0 rg BT 377.58 111.90 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 425.21 111.90 Td (designed ) Tj ET Q q 0 0 0 rg BT 464.69 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 475.01 111.90 Td (ensure ) Tj ET Q q 0 0 0 rg BT 504.56 111.90 Td (that ) Tj ET Q q 0 0 0 rg BT 522.46 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 537.44 111.90 Td (prices ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (assigned ) Tj ET Q q 0 0 0 rg BT 88.26 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 99.02 99.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 141.27 99.30 Td (they ) Tj ET Q q 0 0 0 rg BT 161.94 99.30 Td (hold ) Tj ET Q q 0 0 0 rg BT 183.21 99.30 Td (are ) Tj ET Q q 0 0 0 rg BT 198.62 99.30 Td (accurate. ) Tj ET Q q 0 0 0 rg BT 238.81 99.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 296.22 99.30 Td (has ) Tj ET Q q 0 0 0 rg BT 312.81 99.30 Td (established ) Tj ET Q q 0 0 0 rg BT 362.06 99.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 397.32 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 408.08 99.30 Td (ensure ) Tj ET Q q 0 0 0 rg BT 438.08 99.30 Td (consistency ) Tj ET Q q 0 0 0 rg BT 489.67 99.30 Td (in ) Tj ET Q q 0 0 0 rg BT 500.43 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 515.86 99.30 Td (application ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 86.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 96.73 86.70 Td (recognition.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (As ) Tj ET Q q 0 0 0 rg BT 62.84 61.50 Td (manager ) Tj ET Q q 0 0 0 rg BT 100.65 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 117.48 61.50 Td (advisor ) Tj ET Q q 0 0 0 rg BT 150.05 61.50 Td (for ) Tj ET Q q 0 0 0 rg BT 163.96 61.50 Td (separate ) Tj ET Q q 0 0 0 rg BT 200.02 61.50 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 241.05 61.50 Td (we ) Tj ET Q q 0 0 0 rg BT 254.96 61.50 Td (are ) Tj ET Q q 0 0 0 rg BT 269.44 61.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 310.17 61.50 Td (responsible ) Tj ET Q q 0 0 0 rg BT 359.67 61.50 Td (for ) Tj ET Q q 0 0 0 rg BT 373.58 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 388.07 61.50 Td (pricing ) Tj ET Q q 0 0 0 rg BT 419.48 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 429.89 61.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 471.21 61.50 Td (held ) Tj ET Q q 0 0 0 rg BT 490.96 61.50 Td (in ) Tj ET Q q 0 0 0 rg BT 500.79 61.50 Td (client ) Tj ET Q q 0 0 0 rg BT 525.78 61.50 Td (accounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.90 Td (\(or ) Tj ET Q q 0 0 0 rg BT 64.68 48.90 Td (may ) Tj ET Q q 0 0 0 rg BT 85.70 48.90 Td (share ) Tj ET Q q 0 0 0 rg BT 110.79 48.90 Td (this ) Tj ET Q q 0 0 0 rg BT 128.90 48.90 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 189.00 48.90 Td (with ) Tj ET Q q 0 0 0 rg BT 210.61 48.90 Td (others\) ) Tj ET Q q 0 0 0 rg BT 242.71 48.90 Td (and ) Tj ET Q q 0 0 0 rg BT 260.80 48.90 Td (have ) Tj ET Q q 0 0 0 rg BT 283.56 48.90 Td (established ) Tj ET Q q 0 0 0 rg BT 333.16 48.90 Td (policies ) Tj ET Q q 0 0 0 rg BT 368.76 48.90 Td (to ) Tj ET Q q 0 0 0 rg BT 379.86 48.90 Td (govern ) Tj ET Q q 0 0 0 rg BT 411.96 48.90 Td (valuation ) Tj ET Q q 0 0 0 rg BT 453.97 48.90 Td (processes ) Tj ET Q q 0 0 0 rg BT 497.15 48.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 529.25 48.90 Td (to ) Tj ET Q q 0 0 0 rg BT 540.35 48.90 Td (those ) Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (71) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 91.33 741.75 Td (above ) Tj ET Q q 0 0 0 rg BT 117.99 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 131.82 741.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 162.57 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 187.49 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 204.82 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 219.22 741.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 266.29 741.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 305.20 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 314.95 741.75 Td (ensure ) Tj ET Q q 0 0 0 rg BT 343.94 741.75 Td (consistency ) Tj ET Q q 0 0 0 rg BT 394.52 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 404.27 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 418.68 741.75 Td (application ) Tj ET Q q 0 0 0 rg BT 466.92 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 477.25 741.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 512.07 741.75 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 565.14 741.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.39 729.15 Td (relies ) Tj ET Q q 0 0 0 rg BT 133.21 729.15 Td (extensively ) Tj ET Q q 0 0 0 rg BT 184.11 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 197.68 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 213.59 729.15 Td (data ) Tj ET Q q 0 0 0 rg BT 234.16 729.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 274.56 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 288.14 729.15 Td (independent ) Tj ET Q q 0 0 0 rg BT 342.53 729.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 375.35 729.15 Td (services ) Tj ET Q q 0 0 0 rg BT 412.25 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 430.49 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 446.39 729.15 Td (custodians ) Tj ET Q q 0 0 0 rg BT 493.80 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 505.04 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 520.95 729.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 553.77 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 86.52 716.55 Td (account ) Tj ET Q q 0 0 0 rg BT 121.21 716.55 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 150.97 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 153.59 716.55 Td (Separate ) Tj ET Q q 0 0 0 rg BT 192.36 716.55 Td (account ) Tj ET Q q 0 0 0 rg BT 227.64 716.55 Td (customers ) Tj ET Q q 0 0 0 rg BT 272.84 716.55 Td (typically ) Tj ET Q q 0 0 0 rg BT 312.20 716.55 Td (select ) Tj ET Q q 0 0 0 rg BT 338.73 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 354.19 716.55 Td (custodian.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (V) Tj ET Q q 0 0 0 rg BT 55.92 691.35 Td (aluation ) Tj ET Q q 0 0 0 rg BT 93.16 691.35 Td (processes ) Tj ET Q q 0 0 0 rg BT 136.81 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 151.72 691.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 179.64 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 195.88 691.35 Td (dependent ) Tj ET Q q 0 0 0 rg BT 242.44 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 256.36 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 272.60 691.35 Td (nature ) Tj ET Q q 0 0 0 rg BT 302.26 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 314.42 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 330.66 691.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 358.58 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 377.16 691.35 Td (any ) Tj ET Q q 0 0 0 rg BT 395.73 691.35 Td (contractual ) Tj ET Q q 0 0 0 rg BT 445.79 691.35 Td (provisions ) Tj ET Q q 0 0 0 rg BT 492.96 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 515.05 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 532.46 691.35 Td (clients. ) Tj ET Q q 0 0 0 rg BT 565.12 691.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Equity ) Tj ET Q q 0 0 0 rg BT 80.13 678.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 122.42 678.75 Td (under ) Tj ET Q q 0 0 0 rg BT 148.96 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 205.24 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 220.11 678.75 Td (which ) Tj ET Q q 0 0 0 rg BT 248.41 678.75 Td (market ) Tj ET Q q 0 0 0 rg BT 280.19 678.75 Td (quotations ) Tj ET Q q 0 0 0 rg BT 326.57 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 342.02 678.75 Td (available ) Tj ET Q q 0 0 0 rg BT 382.55 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 398.00 678.75 Td (usually ) Tj ET Q q 0 0 0 rg BT 430.97 678.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 461.59 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 471.80 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.26 678.75 Td (last ) Tj ET Q q 0 0 0 rg BT 504.48 678.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 542.09 678.75 Td (sales ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (price ) Tj ET Q q 0 0 0 rg BT 73.24 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 84.73 666.15 Td (of) Tj ET Q q 0 0 0 rg BT 93.29 666.15 Td (ficial ) Tj ET Q q 0 0 0 rg BT 117.61 666.15 Td (closing ) Tj ET Q q 0 0 0 rg BT 150.69 666.15 Td (price ) Tj ET Q q 0 0 0 rg BT 174.43 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 187.68 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 203.26 666.15 Td (primary ) Tj ET Q q 0 0 0 rg BT 239.25 666.15 Td (market ) Tj ET Q q 0 0 0 rg BT 271.15 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 282.65 666.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 325.04 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 338.29 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 366.70 666.15 Td (they ) Tj ET Q q 0 0 0 rg BT 387.53 666.15 Td (trade. ) Tj ET Q q 0 0 0 rg BT 413.89 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 416.64 666.15 Td (Debt ) Tj ET Q q 0 0 0 rg BT 439.80 666.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 482.21 666.15 Td (under ) Tj ET Q q 0 0 0 rg BT 508.87 666.15 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 64.32 653.55 Td (usually ) Tj ET Q q 0 0 0 rg BT 96.66 653.55 Td (valued ) Tj ET Q q 0 0 0 rg BT 126.65 653.55 Td (at ) Tj ET Q q 0 0 0 rg BT 136.23 653.55 Td (bid, ) Tj ET Q q 0 0 0 rg BT 154.28 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 165.03 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 179.86 653.55 Td (mean ) Tj ET Q q 0 0 0 rg BT 204.60 653.55 Td (between ) Tj ET Q q 0 0 0 rg BT 241.59 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 256.42 653.55 Td (last ) Tj ET Q q 0 0 0 rg BT 273.00 653.55 Td (quoted ) Tj ET Q q 0 0 0 rg BT 303.58 653.55 Td (bid ) Tj ET Q q 0 0 0 rg BT 319.01 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 336.17 653.55 Td (asked ) Tj ET Q q 0 0 0 rg BT 362.08 653.55 Td (prices, ) Tj ET Q q 0 0 0 rg BT 391.78 653.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 431.11 653.55 Td (by ) Tj ET Q q 0 0 0 rg BT 443.61 653.55 Td (independent ) Tj ET Q q 0 0 0 rg BT 496.93 653.55 Td (pricing ) Tj ET Q q 0 0 0 rg BT 528.68 653.55 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 67.17 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 81.90 640.95 Td (based ) Tj ET Q q 0 0 0 rg BT 107.73 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 120.15 640.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 172.22 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 182.31 640.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 202.31 640.95 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 253.52 640.95 Td (quotations ) Tj ET Q q 0 0 0 rg BT 299.19 640.95 Td (from ) Tj ET Q q 0 0 0 rg BT 321.52 640.95 Td (bond ) Tj ET Q q 0 0 0 rg BT 344.44 640.95 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 378.72 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 409.79 640.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 461.87 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 471.95 640.95 Td (comparable ) Tj ET Q q 0 0 0 rg BT 522.85 640.95 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.51 628.35 Td (various ) Tj ET Q q 0 0 0 rg BT 99.27 628.35 Td (other ) Tj ET Q q 0 0 0 rg BT 122.69 628.35 Td (relationships ) Tj ET Q q 0 0 0 rg BT 178.20 628.35 Td (between ) Tj ET Q q 0 0 0 rg BT 215.03 628.35 Td (securities. ) Tj ET Q q 0 0 0 rg BT 259.16 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 261.01 628.35 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 308.35 628.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 328.27 628.35 Td (obligations ) Tj ET Q q 0 0 0 rg BT 376.79 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 391.45 628.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 432.37 628.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 462.20 628.35 Td (at ) Tj ET Q q 0 0 0 rg BT 471.63 628.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 515.46 628.35 Td (cost, ) Tj ET Q q 0 0 0 rg BT 536.85 628.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (approximates ) Tj ET Q q 0 0 0 rg BT 108.77 615.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.04 615.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 154.10 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 156.60 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 175.62 615.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 213.90 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 225.34 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 241.44 615.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 268.64 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 278.35 615.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 309.03 615.75 Td (based ) Tj ET Q q 0 0 0 rg BT 335.64 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 348.84 615.75 Td (data ) Tj ET Q q 0 0 0 rg BT 369.02 615.75 Td (from ) Tj ET Q q 0 0 0 rg BT 392.13 615.75 Td (third ) Tj ET Q q 0 0 0 rg BT 414.66 615.75 Td (parties ) Tj ET Q q 0 0 0 rg BT 445.35 615.75 Td (such ) Tj ET Q q 0 0 0 rg BT 467.30 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 478.74 615.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 532.76 615.75 Td (pricing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (services, ) Tj ET Q q 0 0 0 rg BT 88.39 603.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 110.08 603.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 158.59 603.15 Td (agents, ) Tj ET Q q 0 0 0 rg BT 190.48 603.15 Td (custodians ) Tj ET Q q 0 0 0 rg BT 237.26 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 254.86 603.15 Td (brokers. ) Tj ET Q q 0 0 0 rg BT 291.42 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 293.69 603.15 Td (This ) Tj ET Q q 0 0 0 rg BT 314.80 603.15 Td (varies ) Tj ET Q q 0 0 0 rg BT 342.32 603.15 Td (slightly ) Tj ET Q q 0 0 0 rg BT 376.27 603.15 Td (from ) Tj ET Q q 0 0 0 rg BT 399.13 603.15 Td (time ) Tj ET Q q 0 0 0 rg BT 420.23 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 430.84 603.15 Td (time ) Tj ET Q q 0 0 0 rg BT 451.95 603.15 Td (based ) Tj ET Q q 0 0 0 rg BT 478.30 603.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 501.75 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 517.02 603.15 Td (underlying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (composition ) Tj ET Q q 0 0 0 rg BT 103.73 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 114.79 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 129.93 590.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 152.65 590.55 Td (class ) Tj ET Q q 0 0 0 rg BT 175.38 590.55 Td (\(equity) Tj ET Q q 0 0 0 rg BT 204.44 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 209.38 590.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 233.26 590.55 Td (income ) Tj ET Q q 0 0 0 rg BT 266.48 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 283.95 590.55 Td (liquidity\) ) Tj ET Q q 0 0 0 rg BT 325.35 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 336.41 590.55 Td (well ) Tj ET Q q 0 0 0 rg BT 356.80 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 367.86 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 383.00 590.55 Td (actual ) Tj ET Q q 0 0 0 rg BT 410.38 590.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 458.19 590.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 500.15 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 510.63 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 590.55 Td (portfolio ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (within ) Tj ET Q q 0 0 0 rg BT 79.79 577.95 Td (each ) Tj ET Q q 0 0 0 rg BT 102.48 577.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 126.34 577.95 Td (class. ) Tj ET Q q 0 0 0 rg BT 152.83 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 156.29 577.95 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 205.81 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 218.01 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 234.30 577.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 276.82 577.95 Td (process ) Tj ET Q q 0 0 0 rg BT 311.77 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 323.97 577.95 Td (pricing ) Tj ET Q q 0 0 0 rg BT 357.17 577.95 Td (source, ) Tj ET Q q 0 0 0 rg BT 390.65 577.95 Td (we ) Tj ET Q q 0 0 0 rg BT 406.35 577.95 Td (have ) Tj ET Q q 0 0 0 rg BT 429.62 577.95 Td (established ) Tj ET Q q 0 0 0 rg BT 479.73 577.95 Td (controls ) Tj ET Q q 0 0 0 rg BT 517.02 577.95 Td (reasonably ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (designed ) Tj ET Q q 0 0 0 rg BT 89.45 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 100.24 565.35 Td (assess ) Tj ET Q q 0 0 0 rg BT 128.53 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 143.99 565.35 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 209.59 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 220.96 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 236.41 565.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 264.11 565.35 Td (provided. ) Tj ET Q q 0 0 0 rg BT 306.69 565.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (Where ) Tj ET Q q 0 0 0 rg BT 81.25 540.15 Td (market ) Tj ET Q q 0 0 0 rg BT 114.17 540.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 143.02 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 159.60 540.15 Td (not ) Tj ET Q q 0 0 0 rg BT 176.79 540.15 Td (readily ) Tj ET Q q 0 0 0 rg BT 209.72 540.15 Td (available, ) Tj ET Q q 0 0 0 rg BT 254.01 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 266.53 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 283.11 540.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 334.12 540.15 Td (not ) Tj ET Q q 0 0 0 rg BT 351.31 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 363.24 540.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 393.82 540.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 412.17 540.15 Td (value, ) Tj ET Q q 0 0 0 rg BT 441.30 540.15 Td (value ) Tj ET Q q 0 0 0 rg BT 467.81 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 489.66 540.15 Td (be ) Tj ET Q q 0 0 0 rg BT 503.34 540.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 554.34 540.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (accordance ) Tj ET Q q 0 0 0 rg BT 99.02 527.55 Td (with ) Tj ET Q q 0 0 0 rg BT 120.00 527.55 Td (established ) Tj ET Q q 0 0 0 rg BT 168.97 527.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 210.35 527.55 Td (procedures ) Tj ET Q q 0 0 0 rg BT 258.73 527.55 Td (based ) Tj ET Q q 0 0 0 rg BT 284.94 527.55 Td (on, ) Tj ET Q q 0 0 0 rg BT 300.38 527.55 Td (among ) Tj ET Q q 0 0 0 rg BT 331.27 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 355.16 527.55 Td (things, ) Tj ET Q q 0 0 0 rg BT 385.76 527.55 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 444.06 527.55 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 474.66 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 476.81 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 495.44 527.55 Td (most ) Tj ET Q q 0 0 0 rg BT 518.18 527.55 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 82.11 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 93.14 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 108.91 514.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 135.70 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 150.22 514.95 Td (which ) Tj ET Q q 0 0 0 rg BT 178.16 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 193.27 514.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 210.12 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 235.14 514.95 Td (is ) Tj ET Q q 0 0 0 rg BT 244.42 514.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 293.93 514.95 Td (based ) Tj ET Q q 0 0 0 rg BT 320.12 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 332.90 514.95 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 391.17 514.95 Td (inputs ) Tj ET Q q 0 0 0 rg BT 419.12 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 434.22 514.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 465.06 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 476.09 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 492.36 514.95 Td (real ) Tj ET Q q 0 0 0 rg BT 510.38 514.95 Td (estate ) Tj ET Q q 0 0 0 rg BT 536.56 514.95 Td (funds. ) Tj ET Q q 0 0 0 rg BT 565.15 514.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 67.89 502.35 Td (values ) Tj ET Q q 0 0 0 rg BT 96.78 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 107.60 502.35 Td (real ) Tj ET Q q 0 0 0 rg BT 125.40 502.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 151.37 502.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 203.60 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 218.48 502.35 Td (prepared ) Tj ET Q q 0 0 0 rg BT 257.27 502.35 Td (giving ) Tj ET Q q 0 0 0 rg BT 286.17 502.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 344.81 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 355.04 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 369.94 502.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 405.53 502.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 424.52 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 441.74 502.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 464.22 502.35 Td (comparison ) Tj ET Q q 0 0 0 rg BT 515.28 502.35 Td (approaches ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.18 489.75 Td (estimating ) Tj ET Q q 0 0 0 rg BT 107.86 489.75 Td (property ) Tj ET Q q 0 0 0 rg BT 146.37 489.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 174.66 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 177.39 489.75 Td (The ) Tj ET Q q 0 0 0 rg BT 196.64 489.75 Td (income ) Tj ET Q q 0 0 0 rg BT 230.48 489.75 Td (approach ) Tj ET Q q 0 0 0 rg BT 271.90 489.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 313.91 489.75 Td (an ) Tj ET Q q 0 0 0 rg BT 326.75 489.75 Td (income ) Tj ET Q q 0 0 0 rg BT 360.59 489.75 Td (stream ) Tj ET Q q 0 0 0 rg BT 391.51 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 406.69 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 414.29 489.75 Td (property ) Tj ET Q q 0 0 0 rg BT 452.79 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 470.89 489.75 Td (discounts ) Tj ET Q q 0 0 0 rg BT 513.49 489.75 Td (this ) Tj ET Q q 0 0 0 rg BT 531.59 489.75 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 69.55 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 76.77 477.15 Td (reversion ) Tj ET Q q 0 0 0 rg BT 118.39 477.15 Td (\(presumed ) Tj ET Q q 0 0 0 rg BT 165.25 477.15 Td (sale\) ) Tj ET Q q 0 0 0 rg BT 187.63 477.15 Td (into ) Tj ET Q q 0 0 0 rg BT 206.51 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 213.72 477.15 Td (present ) Tj ET Q q 0 0 0 rg BT 246.60 477.15 Td (value ) Tj ET Q q 0 0 0 rg BT 271.89 477.15 Td (at ) Tj ET Q q 0 0 0 rg BT 282.02 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 289.23 477.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 307.53 477.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 345.07 477.15 Td (rate. ) Tj ET Q q 0 0 0 rg BT 365.98 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 368.15 477.15 Td (Y) Tj ET Q q 0 0 0 rg BT 375.16 477.15 Td (ield ) Tj ET Q q 0 0 0 rg BT 393.45 477.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 415.83 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 433.54 477.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 465.84 477.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 520.31 477.15 Td (utilized ) Tj ET Q q 0 0 0 rg BT 554.35 477.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (this ) Tj ET Q q 0 0 0 rg BT 67.64 464.55 Td (approach ) Tj ET Q q 0 0 0 rg BT 109.08 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 124.87 464.55 Td (derived ) Tj ET Q q 0 0 0 rg BT 159.32 464.55 Td (from ) Tj ET Q q 0 0 0 rg BT 182.69 464.55 Td (market ) Tj ET Q q 0 0 0 rg BT 214.81 464.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 267.93 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 279.64 464.55 Td (well ) Tj ET Q q 0 0 0 rg BT 300.69 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 312.40 464.55 Td (other ) Tj ET Q q 0 0 0 rg BT 336.94 464.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 376.64 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 394.77 464.55 Td (industry ) Tj ET Q q 0 0 0 rg BT 432.15 464.55 Td (data. ) Tj ET Q q 0 0 0 rg BT 455.01 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 474.31 464.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 512.85 464.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 531.55 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 464.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (exit ) Tj ET Q q 0 0 0 rg BT 68.26 451.95 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 127.83 451.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 146.58 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 162.41 451.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 209.74 451.95 Td (inputs ) Tj ET Q q 0 0 0 rg BT 238.43 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 249.61 451.95 Td (these ) Tj ET Q q 0 0 0 rg BT 274.19 451.95 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 322.77 451.95 Td (These ) Tj ET Q q 0 0 0 rg BT 350.86 451.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 373.69 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 389.52 451.95 Td (based ) Tj ET Q q 0 0 0 rg BT 416.44 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 429.95 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 445.79 451.95 Td (location, ) Tj ET Q q 0 0 0 rg BT 485.25 451.95 Td (type ) Tj ET Q q 0 0 0 rg BT 506.34 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 524.52 451.95 Td (nature ) Tj ET Q q 0 0 0 rg BT 553.77 451.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (each ) Tj ET Q q 0 0 0 rg BT 72.35 439.35 Td (property) Tj ET Q q 0 0 0 rg BT 107.24 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 113.48 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 132.25 439.35 Td (current ) Tj ET Q q 0 0 0 rg BT 165.60 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 184.38 439.35 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 234.06 439.35 Td (market ) Tj ET Q q 0 0 0 rg BT 266.83 439.35 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 316.82 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 320.17 439.35 Td (The ) Tj ET Q q 0 0 0 rg BT 340.11 439.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 360.64 439.35 Td (approach ) Tj ET Q q 0 0 0 rg BT 402.74 439.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 445.43 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 461.87 439.35 Td (replacement ) Tj ET Q q 0 0 0 rg BT 516.79 439.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 537.32 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 439.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (building ) Tj ET Q q 0 0 0 rg BT 86.89 426.75 Td (less ) Tj ET Q q 0 0 0 rg BT 105.02 426.75 Td (physical ) Tj ET Q q 0 0 0 rg BT 142.40 426.75 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 196.67 426.75 Td (plus ) Tj ET Q q 0 0 0 rg BT 216.56 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.78 426.75 Td (land ) Tj ET Q q 0 0 0 rg BT 252.24 426.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 279.99 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 282.20 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 300.91 426.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 323.70 426.75 Td (comparison ) Tj ET Q q 0 0 0 rg BT 375.08 426.75 Td (approach ) Tj ET Q q 0 0 0 rg BT 415.94 426.75 Td (compares ) Tj ET Q q 0 0 0 rg BT 458.56 426.75 Td (recent ) Tj ET Q q 0 0 0 rg BT 486.59 426.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 539.12 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 426.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (appraised ) Tj ET Q q 0 0 0 rg BT 92.89 414.15 Td (property) Tj ET Q q 0 0 0 rg BT 127.78 414.15 Td (. ) Tj ET Q q 0 0 0 rg BT 132.87 414.15 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 189.12 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 205.09 414.15 Td (made ) Tj ET Q q 0 0 0 rg BT 230.99 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 246.39 414.15 Td (dissimilarities ) Tj ET Q q 0 0 0 rg BT 308.47 414.15 Td (which ) Tj ET Q q 0 0 0 rg BT 337.29 414.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 377.19 414.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 412.43 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 420.25 414.15 Td (range ) Tj ET Q q 0 0 0 rg BT 446.72 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 458.63 414.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 487.15 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 490.31 414.15 Td (Many ) Tj ET Q q 0 0 0 rg BT 517.97 414.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 549.70 414.15 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (also ) Tj ET Q q 0 0 0 rg BT 70.26 401.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 119.59 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 131.60 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 148.27 401.55 Td (determination ) Tj ET Q q 0 0 0 rg BT 210.43 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 223.03 401.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 241.44 401.55 Td (value ) Tj ET Q q 0 0 0 rg BT 268.03 401.55 Td (including, ) Tj ET Q q 0 0 0 rg BT 314.16 401.55 Td (but ) Tj ET Q q 0 0 0 rg BT 331.42 401.55 Td (not ) Tj ET Q q 0 0 0 rg BT 348.69 401.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 382.28 401.55 Td (to, ) Tj ET Q q 0 0 0 rg BT 396.92 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 413.59 401.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 457.09 401.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 479.59 401.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 506.77 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 525.78 401.55 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.42 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 115.03 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 129.73 388.95 Td (properties, ) Tj ET Q q 0 0 0 rg BT 176.21 388.95 Td (property ) Tj ET Q q 0 0 0 rg BT 213.65 388.95 Td (types ) Tj ET Q q 0 0 0 rg BT 237.68 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 254.71 388.95 Td (geographic ) Tj ET Q q 0 0 0 rg BT 303.22 388.95 Td (locations, ) Tj ET Q q 0 0 0 rg BT 345.62 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 360.32 388.95 Td (physical ) Tj ET Q q 0 0 0 rg BT 397.18 388.95 Td (condition ) Tj ET Q q 0 0 0 rg BT 438.71 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 449.32 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 464.02 388.95 Td (asset, ) Tj ET Q q 0 0 0 rg BT 488.92 388.95 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 533.36 388.95 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 109.75 376.35 Td (rates, ) Tj ET Q q 0 0 0 rg BT 135.88 376.35 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 182.14 376.35 Td (market ) Tj ET Q q 0 0 0 rg BT 214.98 376.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 254.25 376.35 Td (rates, ) Tj ET Q q 0 0 0 rg BT 280.39 376.35 Td (general ) Tj ET Q q 0 0 0 rg BT 314.98 376.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 359.48 376.35 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 409.54 376.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 454.05 376.35 Td (conditions ) Tj ET Q q 0 0 0 rg BT 501.49 376.35 Td (specific ) Tj ET Q q 0 0 0 rg BT 537.83 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (market ) Tj ET Q q 0 0 0 rg BT 82.06 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 93.63 363.75 Td (which ) Tj ET Q q 0 0 0 rg BT 122.69 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 138.92 363.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 166.82 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 183.04 363.75 Td (located, ) Tj ET Q q 0 0 0 rg BT 219.39 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 237.95 363.75 Td (any ) Tj ET Q q 0 0 0 rg BT 256.51 363.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 292.57 363.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 319.89 363.75 Td (or ) Tj ET Q q 0 0 0 rg BT 332.04 363.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 358.77 363.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 405.32 363.75 Td (with ) Tj ET Q q 0 0 0 rg BT 427.39 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 443.62 363.75 Td (investment. ) Tj ET Q q 0 0 0 rg BT 495.73 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 499.13 363.75 Td (Because ) Tj ET Q q 0 0 0 rg BT 537.52 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 363.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (inherent ) Tj ET Q q 0 0 0 rg BT 85.67 351.15 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 141.08 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 151.60 351.15 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 195.06 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 209.66 351.15 Td (values ) Tj ET Q q 0 0 0 rg BT 238.25 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 258.10 351.15 Td (materially ) Tj ET Q q 0 0 0 rg BT 302.43 351.15 Td (dif) Tj ET Q q 0 0 0 rg BT 313.91 351.15 Td (fer ) Tj ET Q q 0 0 0 rg BT 327.33 351.15 Td (from ) Tj ET Q q 0 0 0 rg BT 349.51 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 364.10 351.15 Td (values ) Tj ET Q q 0 0 0 rg BT 392.69 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 410.21 351.15 Td (would ) Tj ET Q q 0 0 0 rg BT 438.23 351.15 Td (be ) Tj ET Q q 0 0 0 rg BT 449.90 351.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 498.90 351.15 Td (by ) Tj ET Q q 0 0 0 rg BT 511.17 351.15 Td (negotiations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (held ) Tj ET Q q 0 0 0 rg BT 70.20 338.55 Td (between ) Tj ET Q q 0 0 0 rg BT 107.81 338.55 Td (parties ) Tj ET Q q 0 0 0 rg BT 138.42 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 149.22 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 156.50 338.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 175.45 338.55 Td (transaction. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (V) Tj ET Q q 0 0 0 rg BT 56.12 313.35 Td (aluation ) Tj ET Q q 0 0 0 rg BT 95.51 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 106.88 313.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 151.51 313.35 Td (Instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 106.59 300.75 Td (all ) Tj ET Q q 0 0 0 rg BT 119.34 300.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.33 300.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 209.58 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 224.66 300.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 263.64 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 274.06 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.14 300.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.13 300.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 374.71 300.75 Td (at ) Tj ET Q q 0 0 0 rg BT 384.54 300.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 401.37 300.75 Td (value ) Tj ET Q q 0 0 0 rg BT 426.37 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 437.37 300.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 475.21 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 493.21 300.75 Td (approximate ) Tj ET Q q 0 0 0 rg BT 547.94 300.75 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 77.14 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 79.25 288.15 Td (T) Tj ET Q q 0 0 0 rg BT 85.30 288.15 Td (rading ) Tj ET Q q 0 0 0 rg BT 114.40 288.15 Td (investments, ) Tj ET Q q 0 0 0 rg BT 169.47 288.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 217.82 288.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 259.76 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 277.19 288.15 Td (derivative ) Tj ET Q q 0 0 0 rg BT 321.45 288.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 348.23 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 365.67 288.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 407.03 288.15 Td (included ) Tj ET Q q 0 0 0 rg BT 445.46 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 455.91 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 471.01 288.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 528.70 288.15 Td (Balance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 78.74 275.55 Td (include ) Tj ET Q q 0 0 0 rg BT 111.47 275.55 Td (forms ) Tj ET Q q 0 0 0 rg BT 137.79 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 148.37 275.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 186.92 275.55 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 240.37 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 242.20 275.55 Td (Unrealized ) Tj ET Q q 0 0 0 rg BT 290.08 275.55 Td (gains ) Tj ET Q q 0 0 0 rg BT 314.07 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 331.06 275.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 357.97 275.55 Td (related ) Tj ET Q q 0 0 0 rg BT 388.36 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 398.35 275.55 Td (these ) Tj ET Q q 0 0 0 rg BT 421.75 275.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 460.31 275.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 511.13 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 525.77 275.55 Td (reflected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 262.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 78.08 262.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 112.19 262.95 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 141.64 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 153.02 262.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 179.55 262.95 Td (Comprehensive ) Tj ET Q q 0 0 0 rg BT 248.08 262.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 282.19 262.95 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 314.27 262.95 Td (depending ) Tj ET Q q 0 0 0 rg BT 360.63 262.95 Td (on ) Tj ET Q q 0 0 0 rg BT 373.76 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 389.21 262.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 437.33 262.95 Td (purpose ) Tj ET Q q 0 0 0 rg BT 473.19 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 484.57 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 500.02 262.95 Td (instrument.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (For ) Tj ET Q q 0 0 0 rg BT 67.00 237.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 96.17 237.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 149.25 237.75 Td (where ) Tj ET Q q 0 0 0 rg BT 177.82 237.75 Td (we ) Tj ET Q q 0 0 0 rg BT 192.98 237.75 Td (do ) Tj ET Q q 0 0 0 rg BT 206.40 237.75 Td (not ) Tj ET Q q 0 0 0 rg BT 222.74 237.75 Td (control ) Tj ET Q q 0 0 0 rg BT 255.40 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 271.14 237.75 Td (investee, ) Tj ET Q q 0 0 0 rg BT 311.09 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 329.17 237.75 Td (where ) Tj ET Q q 0 0 0 rg BT 357.74 237.75 Td (we ) Tj ET Q q 0 0 0 rg BT 372.90 237.75 Td (are ) Tj ET Q q 0 0 0 rg BT 388.64 237.75 Td (not ) Tj ET Q q 0 0 0 rg BT 404.97 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.72 237.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 456.88 237.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 507.02 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.68 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 526.05 237.75 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 549.09 237.75 Td (but ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (can ) Tj ET Q q 0 0 0 rg BT 67.45 225.15 Td (exert ) Tj ET Q q 0 0 0 rg BT 91.81 225.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 139.51 225.15 Td (influence ) Tj ET Q q 0 0 0 rg BT 181.95 225.15 Td (over ) Tj ET Q q 0 0 0 rg BT 203.99 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 220.19 225.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 260.30 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 278.84 225.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 321.87 225.15 Td (policies ) Tj ET Q q 0 0 0 rg BT 357.91 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 370.03 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 386.24 225.15 Td (investee, ) Tj ET Q q 0 0 0 rg BT 426.64 225.15 Td (we ) Tj ET Q q 0 0 0 rg BT 442.27 225.15 Td (follow ) Tj ET Q q 0 0 0 rg BT 473.06 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 489.26 225.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.89 225.15 Td (method ) Tj ET Q q 0 0 0 rg BT 553.76 225.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 100.75 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 103.12 212.55 Td (The ) Tj ET Q q 0 0 0 rg BT 122.01 212.55 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 168.30 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 179.61 212.55 Td (whether ) Tj ET Q q 0 0 0 rg BT 215.98 212.55 Td (we ) Tj ET Q q 0 0 0 rg BT 230.78 212.55 Td (exert ) Tj ET Q q 0 0 0 rg BT 254.33 212.55 Td (control ) Tj ET Q q 0 0 0 rg BT 286.63 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 297.93 212.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 344.82 212.55 Td (influence ) Tj ET Q q 0 0 0 rg BT 386.44 212.55 Td (over ) Tj ET Q q 0 0 0 rg BT 407.66 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 423.04 212.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.33 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 480.05 212.55 Td (operational ) Tj ET Q q 0 0 0 rg BT 529.84 212.55 Td (policies ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.86 199.95 Td (an ) Tj ET Q q 0 0 0 rg BT 73.38 199.95 Td (investee ) Tj ET Q q 0 0 0 rg BT 110.40 199.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 146.83 199.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 193.76 199.95 Td (judgment ) Tj ET Q q 0 0 0 rg BT 236.04 199.95 Td (based ) Tj ET Q q 0 0 0 rg BT 262.56 199.95 Td (on ) Tj ET Q q 0 0 0 rg BT 275.67 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 291.11 199.95 Td (facts ) Tj ET Q q 0 0 0 rg BT 313.55 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 331.32 199.95 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 393.41 199.95 Td (surrounding ) Tj ET Q q 0 0 0 rg BT 446.77 199.95 Td (each ) Tj ET Q q 0 0 0 rg BT 468.61 199.95 Td (individual ) Tj ET Q q 0 0 0 rg BT 513.80 199.95 Td (investment. ) Tj ET Q q 0 0 0 rg BT 565.13 199.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (Factors ) Tj ET Q q 0 0 0 rg BT 84.01 187.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 133.10 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 144.87 187.35 Td (these ) Tj ET Q q 0 0 0 rg BT 170.04 187.35 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 221.47 187.35 Td (may ) Tj ET Q q 0 0 0 rg BT 243.15 187.35 Td (include ) Tj ET Q q 0 0 0 rg BT 277.65 187.35 Td (investor ) Tj ET Q q 0 0 0 rg BT 315.08 187.35 Td (voting ) Tj ET Q q 0 0 0 rg BT 345.52 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 357.87 187.35 Td (other ) Tj ET Q q 0 0 0 rg BT 383.04 187.35 Td (rights, ) Tj ET Q q 0 0 0 rg BT 413.19 187.35 Td (any ) Tj ET Q q 0 0 0 rg BT 431.95 187.35 Td (influence ) Tj ET Q q 0 0 0 rg BT 474.62 187.35 Td (we ) Tj ET Q q 0 0 0 rg BT 490.46 187.35 Td (may ) Tj ET Q q 0 0 0 rg BT 512.14 187.35 Td (have ) Tj ET Q q 0 0 0 rg BT 535.56 187.35 Td (on ) Tj ET Q q 0 0 0 rg BT 549.67 187.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (governing ) Tj ET Q q 0 0 0 rg BT 94.71 174.75 Td (board ) Tj ET Q q 0 0 0 rg BT 121.26 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.64 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 148.10 174.75 Td (investee, ) Tj ET Q q 0 0 0 rg BT 187.77 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.23 174.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 226.28 174.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 252.83 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 264.21 174.75 Td (other ) Tj ET Q q 0 0 0 rg BT 288.43 174.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 328.98 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 339.78 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 355.25 174.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 381.80 174.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 420.59 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 431.40 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 446.86 174.75 Td (fund's ) Tj ET Q q 0 0 0 rg BT 474.73 174.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 517.01 174.75 Td (documents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 66.64 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 81.44 162.15 Td (relationship ) Tj ET Q q 0 0 0 rg BT 132.99 162.15 Td (between ) Tj ET Q q 0 0 0 rg BT 169.95 162.15 Td (us ) Tj ET Q q 0 0 0 rg BT 181.26 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 198.39 162.15 Td (other ) Tj ET Q q 0 0 0 rg BT 221.94 162.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 261.83 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 271.98 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 286.78 162.15 Td (entity) Tj ET Q q 0 0 0 rg BT 310.01 162.15 Td (. ) Tj ET Q q 0 0 0 rg BT 314.61 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 316.59 162.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 334.89 162.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 363.11 162.15 Td (method ) Tj ET Q q 0 0 0 rg BT 396.58 162.15 Td (investees ) Tj ET Q q 0 0 0 rg BT 437.05 162.15 Td (that ) Tj ET Q q 0 0 0 rg BT 454.77 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 469.56 162.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 517.61 162.15 Td (companies ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (record ) Tj ET Q q 0 0 0 rg BT 77.89 149.55 Td (their ) Tj ET Q q 0 0 0 rg BT 98.70 149.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 145.76 149.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 197.50 149.55 Td (at ) Tj ET Q q 0 0 0 rg BT 206.65 149.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.79 149.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 249.73 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 251.18 149.55 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 296.77 149.55 Td (under ) Tj ET Q q 0 0 0 rg BT 322.24 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 336.64 149.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 364.46 149.55 Td (method ) Tj ET Q q 0 0 0 rg BT 397.53 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 407.84 149.55 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 458.11 149.55 Td (our ) Tj ET Q q 0 0 0 rg BT 473.68 149.55 Td (share ) Tj ET Q q 0 0 0 rg BT 497.40 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 507.72 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 522.12 149.55 Td (investee's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.17 136.95 Td (net ) Tj ET Q q 0 0 0 rg BT 112.19 136.95 Td (income ) Tj ET Q q 0 0 0 rg BT 145.27 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 156.20 136.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 174.73 136.95 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 238.15 136.95 Td (represents ) Tj ET Q q 0 0 0 rg BT 282.90 136.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 299.65 136.95 Td (value ) Tj ET Q q 0 0 0 rg BT 324.57 136.95 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 376.92 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 387.27 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 402.28 136.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 454.62 136.95 Td (held ) Tj ET Q q 0 0 0 rg BT 474.89 136.95 Td (by ) Tj ET Q q 0 0 0 rg BT 487.57 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 502.58 136.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 531.01 136.95 Td (method ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (investee. ) Tj ET Q q 0 0 0 rg BT 89.19 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 91.86 124.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 110.85 124.35 Td (share ) Tj ET Q q 0 0 0 rg BT 135.67 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 147.08 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 162.57 124.35 Td (investee's ) Tj ET Q q 0 0 0 rg BT 205.62 124.35 Td (net ) Tj ET Q q 0 0 0 rg BT 221.11 124.35 Td (income ) Tj ET Q q 0 0 0 rg BT 254.68 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 266.10 124.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 285.10 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 294.77 124.35 Td (based ) Tj ET Q q 0 0 0 rg BT 321.34 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 334.51 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 350.00 124.35 Td (most ) Tj ET Q q 0 0 0 rg BT 373.08 124.35 Td (current ) Tj ET Q q 0 0 0 rg BT 405.48 124.35 Td (information ) Tj ET Q q 0 0 0 rg BT 457.72 124.35 Td (available ) Tj ET Q q 0 0 0 rg BT 498.28 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 516.10 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 525.77 124.35 Td (recorded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 68.16 111.75 Td (net ) Tj ET Q q 0 0 0 rg BT 83.61 111.75 Td (gain ) Tj ET Q q 0 0 0 rg BT 104.31 111.75 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 130.27 111.75 Td (on ) Tj ET Q q 0 0 0 rg BT 143.40 111.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 196.19 111.75 Td (within ) Tj ET Q q 0 0 0 rg BT 225.65 111.75 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 287.17 111.75 Td (income ) Tj ET Q q 0 0 0 rg BT 320.70 111.75 Td (\(expense\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (For ) Tj ET Q q 0 0 0 rg BT 67.01 86.55 Td (investments, ) Tj ET Q q 0 0 0 rg BT 122.72 86.55 Td (we ) Tj ET Q q 0 0 0 rg BT 137.88 86.55 Td (value ) Tj ET Q q 0 0 0 rg BT 163.54 86.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 192.71 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 210.79 86.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 235.29 86.55 Td (income ) Tj ET Q q 0 0 0 rg BT 269.11 86.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 311.69 86.55 Td (using ) Tj ET Q q 0 0 0 rg BT 337.36 86.55 Td (closing ) Tj ET Q q 0 0 0 rg BT 370.61 86.55 Td (market ) Tj ET Q q 0 0 0 rg BT 402.69 86.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 430.68 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 445.85 86.55 Td (listed ) Tj ET Q q 0 0 0 rg BT 471.52 86.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 523.44 86.55 Td (or ) Tj ET Q q 0 0 0 rg BT 535.10 86.55 Td (broker ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 60.15 73.95 Td (dealer ) Tj ET Q q 0 0 0 rg BT 87.69 73.95 Td (price ) Tj ET Q q 0 0 0 rg BT 110.58 73.95 Td (quotations, ) Tj ET Q q 0 0 0 rg BT 158.86 73.95 Td (when ) Tj ET Q q 0 0 0 rg BT 183.50 73.95 Td (available. ) Tj ET Q q 0 0 0 rg BT 225.92 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 227.82 73.95 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 253.64 73.95 Td (income ) Tj ET Q q 0 0 0 rg BT 286.45 73.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 328.00 73.95 Td (may ) Tj ET Q q 0 0 0 rg BT 347.98 73.95 Td (also ) Tj ET Q q 0 0 0 rg BT 366.80 73.95 Td (be ) Tj ET Q q 0 0 0 rg BT 378.61 73.95 Td (valued ) Tj ET Q q 0 0 0 rg BT 408.50 73.95 Td (using ) Tj ET Q q 0 0 0 rg BT 433.15 73.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 474.13 73.95 Td (models ) Tj ET Q q 0 0 0 rg BT 506.36 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 523.42 73.95 Td (estimates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (based ) Tj ET Q q 0 0 0 rg BT 75.71 61.35 Td (on ) Tj ET Q q 0 0 0 rg BT 88.51 61.35 Td (spreads ) Tj ET Q q 0 0 0 rg BT 122.30 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 132.76 61.35 Td (actively ) Tj ET Q q 0 0 0 rg BT 168.30 61.35 Td (traded ) Tj ET Q q 0 0 0 rg BT 196.83 61.35 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 245.78 61.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 266.15 61.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 317.45 61.35 Td (with ) Tj ET Q q 0 0 0 rg BT 338.42 61.35 Td (readily ) Tj ET Q q 0 0 0 rg BT 369.87 61.35 Td (available ) Tj ET Q q 0 0 0 rg BT 410.07 61.35 Td (market ) Tj ET Q q 0 0 0 rg BT 441.52 61.35 Td (prices. ) Tj ET Q q 0 0 0 rg BT 471.52 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 473.65 61.35 Td (W) Tj ET Q q 0 0 0 rg BT 482.72 61.35 Td (e ) Tj ET Q q 0 0 0 rg BT 489.68 61.35 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 526.96 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 543.25 61.35 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 83.03 48.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 132.90 48.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 176.35 48.75 Td (for ) Tj ET Q q 0 0 0 rg BT 192.38 48.75 Td ("other ) Tj ET Q q 0 0 0 rg BT 222.04 48.75 Td (than ) Tj ET Q q 0 0 0 rg BT 243.90 48.75 Td (temporary" ) Tj ET Q q 0 0 0 rg BT 295.13 48.75 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 349.95 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 353.75 48.75 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 406.52 48.75 Td (may ) Tj ET Q q 0 0 0 rg BT 428.39 48.75 Td (exist ) Tj ET Q q 0 0 0 rg BT 452.01 48.75 Td (when ) Tj ET Q q 0 0 0 rg BT 478.55 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 495.17 48.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 513.53 48.75 Td (value ) Tj ET Q q 0 0 0 rg BT 540.06 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 552.60 48.75 Td (an ) Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (72) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.37 741.75 Td (security ) Tj ET Q q 0 0 0 rg BT 132.41 741.75 Td (has ) Tj ET Q q 0 0 0 rg BT 148.20 741.75 Td (been ) Tj ET Q q 0 0 0 rg BT 169.81 741.75 Td (below ) Tj ET Q q 0 0 0 rg BT 197.27 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 211.89 741.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 248.68 741.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 267.39 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 281.42 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 293.13 741.75 Td (extended ) Tj ET Q q 0 0 0 rg BT 332.82 741.75 Td (period ) Tj ET Q q 0 0 0 rg BT 361.44 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 371.98 741.75 Td (time. ) Tj ET Q q 0 0 0 rg BT 395.07 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 396.86 741.75 Td (If ) Tj ET Q q 0 0 0 rg BT 405.65 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 417.35 741.75 Td ("other ) Tj ET Q q 0 0 0 rg BT 445.01 741.75 Td (than ) Tj ET Q q 0 0 0 rg BT 464.88 741.75 Td (temporary" ) Tj ET Q q 0 0 0 rg BT 514.11 741.75 Td (impairment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 60.36 729.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 111.44 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 123.46 729.15 Td (exist, ) Tj ET Q q 0 0 0 rg BT 149.78 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 166.46 729.15 Td (dif) Tj ET Q q 0 0 0 rg BT 177.93 729.15 Td (ference ) Tj ET Q q 0 0 0 rg BT 212.67 729.15 Td (between ) Tj ET Q q 0 0 0 rg BT 251.51 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 268.19 729.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 307.04 729.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 327.81 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 340.41 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 357.09 729.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 407.02 729.15 Td (security ) Tj ET Q q 0 0 0 rg BT 444.11 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 463.13 729.15 Td (its ) Tj ET Q q 0 0 0 rg BT 476.90 729.15 Td (current ) Tj ET Q q 0 0 0 rg BT 510.49 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 528.91 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 555.51 729.15 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 98.18 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 109.55 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 116.84 716.55 Td (char) Tj ET Q q 0 0 0 rg BT 134.72 716.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 147.25 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 158.05 716.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 196.24 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 207.04 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 222.49 716.55 Td (period ) Tj ET Q q 0 0 0 rg BT 251.94 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 262.73 716.55 Td (which ) Tj ET Q q 0 0 0 rg BT 291.02 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 306.47 716.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 357.50 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 367.13 716.55 Td (determined.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (For ) Tj ET Q q 0 0 0 rg BT 66.97 691.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 120.03 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 131.08 691.35 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 164.31 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 175.94 691.35 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 237.72 691.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 280.26 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 295.40 691.35 Td (which ) Tj ET Q q 0 0 0 rg BT 323.94 691.35 Td (market ) Tj ET Q q 0 0 0 rg BT 355.98 691.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 383.94 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 395.58 691.35 Td (quotations ) Tj ET Q q 0 0 0 rg BT 442.22 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 457.92 691.35 Td (not ) Tj ET Q q 0 0 0 rg BT 474.23 691.35 Td (readily ) Tj ET Q q 0 0 0 rg BT 506.27 691.35 Td (available, ) Tj ET Q q 0 0 0 rg BT 549.67 691.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 111.35 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 123.63 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 141.74 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 168.02 678.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 205.37 678.75 Td (us ) Tj ET Q q 0 0 0 rg BT 218.24 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 229.95 678.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 268.47 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 284.84 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 311.11 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.39 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 339.76 678.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.95 678.75 Td (using ) Tj ET Q q 0 0 0 rg BT 409.24 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 417.44 678.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 450.12 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 462.41 678.75 Td (methods ) Tj ET Q q 0 0 0 rg BT 501.52 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 520.22 678.75 Td (resources, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (including ) Tj ET Q q 0 0 0 rg BT 92.02 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 107.70 666.15 Td (most ) Tj ET Q q 0 0 0 rg BT 130.97 666.15 Td (current ) Tj ET Q q 0 0 0 rg BT 163.55 666.15 Td (available ) Tj ET Q q 0 0 0 rg BT 204.30 666.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 243.88 666.15 Td (information ) Tj ET Q q 0 0 0 rg BT 296.31 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 311.40 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 327.08 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 376.01 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 394.03 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 409.71 666.15 Td (industry) Tj ET Q q 0 0 0 rg BT 443.44 666.15 Td (. ) Tj ET Q q 0 0 0 rg BT 448.92 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 451.14 666.15 Td (As ) Tj ET Q q 0 0 0 rg BT 465.66 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 477.26 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 507.52 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 523.50 666.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 547.35 666.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 74.99 653.55 Td (we ) Tj ET Q q 0 0 0 rg BT 89.10 653.55 Td (owned ) Tj ET Q q 0 0 0 rg BT 118.97 653.55 Td ($67.6 ) Tj ET Q q 0 0 0 rg BT 144.46 653.55 Td (million ) Tj ET Q q 0 0 0 rg BT 176.66 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 193.69 653.55 Td ($29.9 ) Tj ET Q q 0 0 0 rg BT 219.18 653.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 254.01 653.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 304.06 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 308.55 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 319.17 653.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 371.20 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 381.23 653.55 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 434.42 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 451.45 653.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 483.07 653.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 517.60 653.55 Td (companies ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 78.20 640.95 Td (were ) Tj ET Q q 0 0 0 rg BT 101.65 640.95 Td (accounted ) Tj ET Q q 0 0 0 rg BT 147.25 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 162.54 640.95 Td (under ) Tj ET Q q 0 0 0 rg BT 189.49 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 205.36 640.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 234.65 640.95 Td (method ) Tj ET Q q 0 0 0 rg BT 269.19 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 287.39 640.95 Td (included ) Tj ET Q q 0 0 0 rg BT 326.59 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 337.80 640.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 364.75 640.95 Td (noncurrent ) Tj ET Q q 0 0 0 rg BT 413.27 640.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 440.82 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 454.36 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 470.23 640.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 528.69 640.95 Td (Balance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 81.66 628.35 Td (Of ) Tj ET Q q 0 0 0 rg BT 94.86 628.35 Td (these ) Tj ET Q q 0 0 0 rg BT 118.55 628.35 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 158.88 628.35 Td ($29.3 ) Tj ET Q q 0 0 0 rg BT 184.62 628.35 Td (million ) Tj ET Q q 0 0 0 rg BT 217.08 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 234.36 628.35 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 254.85 628.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 289.93 628.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 339.98 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 344.72 628.35 Td (were ) Tj ET Q q 0 0 0 rg BT 367.24 628.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 397.35 628.35 Td (based ) Tj ET Q q 0 0 0 rg BT 423.37 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 435.99 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 452.11 628.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 506.15 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 523.43 628.35 Td (estimates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 68.25 615.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 127.82 615.75 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 159.71 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 163.04 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 182.96 615.75 Td (remainder ) Tj ET Q q 0 0 0 rg BT 229.11 615.75 Td (was ) Tj ET Q q 0 0 0 rg BT 249.03 615.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 280.61 615.75 Td (using ) Tj ET Q q 0 0 0 rg BT 306.95 615.75 Td (net ) Tj ET Q q 0 0 0 rg BT 323.37 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 347.37 615.75 Td (value ) Tj ET Q q 0 0 0 rg BT 373.70 615.75 Td (\("NA) Tj ET Q q 0 0 0 rg BT 395.30 615.75 Td (V"\) ) Tj ET Q q 0 0 0 rg BT 414.25 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 426.59 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 434.84 615.75 Td (practical ) Tj ET Q q 0 0 0 rg BT 474.57 615.75 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 521.60 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 533.94 615.75 Td (further ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 93.71 603.15 Td (below) Tj ET Q q 0 0 0 rg BT 118.69 603.15 Td (. ) Tj ET Q q 0 0 0 rg BT 125.28 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 128.37 603.15 Td (As ) Tj ET Q q 0 0 0 rg BT 144.01 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 156.72 603.15 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 203.84 603.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 228.81 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 247.93 603.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 275.53 603.15 Td (we ) Tj ET Q q 0 0 0 rg BT 291.73 603.15 Td (also ) Tj ET Q q 0 0 0 rg BT 312.62 603.15 Td (owned ) Tj ET Q q 0 0 0 rg BT 344.57 603.15 Td ($14.7 ) Tj ET Q q 0 0 0 rg BT 372.17 603.15 Td (million ) Tj ET Q q 0 0 0 rg BT 406.47 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 425.60 603.15 Td ($15.4 ) Tj ET Q q 0 0 0 rg BT 453.19 603.15 Td (million ) Tj ET Q q 0 0 0 rg BT 487.49 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 500.20 603.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.33 603.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 102.41 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 119.15 590.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 150.49 590.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 184.74 590.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 231.23 590.55 Td (that ) Tj ET Q q 0 0 0 rg BT 248.56 590.55 Td (were ) Tj ET Q q 0 0 0 rg BT 270.54 590.55 Td (accounted ) Tj ET Q q 0 0 0 rg BT 314.69 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 328.52 590.55 Td (under ) Tj ET Q q 0 0 0 rg BT 354.01 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 368.42 590.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 386.92 590.55 Td (method, ) Tj ET Q q 0 0 0 rg BT 422.63 590.55 Td (which ) Tj ET Q q 0 0 0 rg BT 449.88 590.55 Td (considers ) Tj ET Q q 0 0 0 rg BT 491.12 590.55 Td (if ) Tj ET Q q 0 0 0 rg BT 499.12 590.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 529.27 590.55 Td (indicate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 68.41 577.95 Td (there ) Tj ET Q q 0 0 0 rg BT 92.55 577.95 Td (may ) Tj ET Q q 0 0 0 rg BT 113.79 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 126.86 577.95 Td (an ) Tj ET Q q 0 0 0 rg BT 139.93 577.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 191.49 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 202.82 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 218.81 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 244.71 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 256.61 577.95 Td (these ) Tj ET Q q 0 0 0 rg BT 281.35 577.95 Td (investments. ) Tj ET Q q 0 0 0 rg BT 337.30 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 340.46 577.95 Td (In ) Tj ET Q q 0 0 0 rg BT 352.36 577.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 392.56 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 404.47 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 416.37 577.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 462.69 577.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 486.85 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 505.17 577.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 531.95 577.95 Td (we ) Tj ET Q q 0 0 0 rg BT 547.36 577.95 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td ($10.1 ) Tj ET Q q 0 0 0 rg BT 76.14 565.35 Td (million ) Tj ET Q q 0 0 0 rg BT 109.50 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 127.67 565.35 Td ($15.4 ) Tj ET Q q 0 0 0 rg BT 154.32 565.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 190.30 565.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 240.34 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 245.98 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 257.75 565.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 287.01 565.35 Td (method ) Tj ET Q q 0 0 0 rg BT 321.52 565.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 374.70 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 393.47 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 409.30 565.35 Td (included ) Tj ET Q q 0 0 0 rg BT 448.48 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 459.66 565.35 Td (Investment ) Tj ET Q q 0 0 0 rg BT 509.33 565.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 552.00 565.35 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 552.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 122.99 552.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 159.43 552.75 Td (Sheets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 527.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 118.14 527.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 159.17 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 174.54 527.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 192.24 527.55 Td (value ) Tj ET Q q 0 0 0 rg BT 218.10 527.55 Td (measurements ) Tj ET Q q 0 0 0 rg BT 281.29 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 299.58 527.55 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 349.37 527.55 Td (defines ) Tj ET Q q 0 0 0 rg BT 382.81 527.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 400.51 527.55 Td (value ) Tj ET Q q 0 0 0 rg BT 426.38 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 444.66 527.55 Td (establishes ) Tj ET Q q 0 0 0 rg BT 493.28 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 501.07 527.55 Td (framework ) Tj ET Q q 0 0 0 rg BT 550.26 527.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (measuring ) Tj ET Q q 0 0 0 rg BT 95.71 514.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 112.75 514.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 140.58 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 142.87 514.95 Td (The ) Tj ET Q q 0 0 0 rg BT 161.66 514.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 210.19 514.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 250.56 514.95 Td (defines ) Tj ET Q q 0 0 0 rg BT 283.35 514.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 300.39 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 325.59 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 336.81 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 352.10 514.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 394.21 514.95 Td (price ) Tj ET Q q 0 0 0 rg BT 417.66 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 435.88 514.95 Td (would ) Tj ET Q q 0 0 0 rg BT 464.59 514.95 Td (be ) Tj ET Q q 0 0 0 rg BT 476.97 514.95 Td (received ) Tj ET Q q 0 0 0 rg BT 515.00 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 529.71 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 542.08 514.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 60.79 502.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 81.42 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 92.13 502.35 Td (transfer ) Tj ET Q q 0 0 0 rg BT 126.74 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 133.95 502.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 169.16 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 179.88 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 195.25 502.35 Td (principal ) Tj ET Q q 0 0 0 rg BT 235.12 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 246.41 502.35 Td (most ) Tj ET Q q 0 0 0 rg BT 269.38 502.35 Td (advantageous ) Tj ET Q q 0 0 0 rg BT 329.08 502.35 Td (market ) Tj ET Q q 0 0 0 rg BT 360.78 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 375.57 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 390.94 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 413.90 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 425.19 502.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 460.41 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 471.12 502.35 Td (an ) Tj ET Q q 0 0 0 rg BT 483.58 502.35 Td (orderly ) Tj ET Q q 0 0 0 rg BT 516.45 502.35 Td (transaction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (between ) Tj ET Q q 0 0 0 rg BT 87.05 489.75 Td (market ) Tj ET Q q 0 0 0 rg BT 118.77 489.75 Td (participants ) Tj ET Q q 0 0 0 rg BT 170.32 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 183.38 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 198.78 489.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 257.32 489.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 280.00 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 282.00 489.75 Td (A) Tj ET Q q 0 0 0 rg BT 289.00 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 291.57 489.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 308.71 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 334.01 489.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 392.56 489.75 Td (should ) Tj ET Q q 0 0 0 rg BT 423.13 489.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 452.50 489.75 Td (all ) Tj ET Q q 0 0 0 rg BT 465.56 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 476.88 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 492.27 489.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 546.76 489.75 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (market ) Tj ET Q q 0 0 0 rg BT 81.38 477.15 Td (participants ) Tj ET Q q 0 0 0 rg BT 133.10 477.15 Td (would ) Tj ET Q q 0 0 0 rg BT 162.08 477.15 Td (use ) Tj ET Q q 0 0 0 rg BT 178.81 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 189.71 477.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 222.18 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 237.74 477.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 260.89 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 272.36 477.15 Td (liability) Tj ET Q q 0 0 0 rg BT 304.35 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 309.70 477.15 Td (including ) Tj ET Q q 0 0 0 rg BT 352.10 477.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 406.75 477.15 Td (about ) Tj ET Q q 0 0 0 rg BT 432.81 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 448.37 477.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 466.85 477.15 Td (inherent ) Tj ET Q q 0 0 0 rg BT 503.99 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 514.89 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 522.28 477.15 Td (particular ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 91.20 464.55 Td (technique, ) Tj ET Q q 0 0 0 rg BT 137.27 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 152.72 464.55 Td (ef) Tj ET Q q 0 0 0 rg BT 160.69 464.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 179.05 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 190.42 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 197.70 464.55 Td (restriction ) Tj ET Q q 0 0 0 rg BT 242.90 464.55 Td (on ) Tj ET Q q 0 0 0 rg BT 256.02 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 271.48 464.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 290.43 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 301.80 464.55 Td (use ) Tj ET Q q 0 0 0 rg BT 318.42 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 329.79 464.55 Td (an ) Tj ET Q q 0 0 0 rg BT 342.33 464.55 Td (asset, ) Tj ET Q q 0 0 0 rg BT 367.99 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 385.78 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 401.23 464.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 419.60 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 430.98 464.55 Td (non-performance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (The ) Tj ET Q q 0 0 0 rg BT 70.17 439.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 120.58 439.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 162.82 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 179.41 439.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 198.33 439.35 Td (value ) Tj ET Q q 0 0 0 rg BT 225.41 439.35 Td (measurements ) Tj ET Q q 0 0 0 rg BT 289.82 439.35 Td (establishes ) Tj ET Q q 0 0 0 rg BT 339.66 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 348.66 439.35 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 392.65 439.35 Td (that ) Tj ET Q q 0 0 0 rg BT 412.74 439.35 Td (prioritizes ) Tj ET Q q 0 0 0 rg BT 459.65 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 476.83 439.35 Td (inputs ) Tj ET Q q 0 0 0 rg BT 506.84 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 523.43 439.35 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (techniques ) Tj ET Q q 0 0 0 rg BT 96.78 426.75 Td (used ) Tj ET Q q 0 0 0 rg BT 118.41 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 128.95 426.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 166.31 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 183.26 426.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 211.00 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 213.21 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 231.91 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 248.86 426.75 Td (value ) Tj ET Q q 0 0 0 rg BT 273.97 426.75 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 315.99 426.75 Td (gives ) Tj ET Q q 0 0 0 rg BT 340.54 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 355.74 426.75 Td (highest ) Tj ET Q q 0 0 0 rg BT 388.45 426.75 Td (priority ) Tj ET Q q 0 0 0 rg BT 422.32 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 432.87 426.75 Td (quoted ) Tj ET Q q 0 0 0 rg BT 463.82 426.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 491.27 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 501.82 426.75 Td (active ) Tj ET Q q 0 0 0 rg BT 529.26 426.75 Td (markets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 414.15 Td (identical ) Tj ET Q q 0 0 0 rg BT 103.15 414.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 130.27 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 141.64 414.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 183.34 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 201.13 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 216.58 414.15 Td (lowest ) Tj ET Q q 0 0 0 rg BT 246.62 414.15 Td (priority ) Tj ET Q q 0 0 0 rg BT 280.74 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 291.54 414.15 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 350.14 414.15 Td (inputs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.93 388.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.76 388.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 157.85 388.95 Td (measured ) Tj ET Q q 0 0 0 rg BT 200.19 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 217.44 388.95 Td (reported ) Tj ET Q q 0 0 0 rg BT 254.52 388.95 Td (at ) Tj ET Q q 0 0 0 rg BT 264.20 388.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 280.87 388.95 Td (value ) Tj ET Q q 0 0 0 rg BT 305.71 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 320.62 388.95 Td (classified ) Tj ET Q q 0 0 0 rg BT 362.38 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 379.63 388.95 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 420.81 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 431.08 388.95 Td (one ) Tj ET Q q 0 0 0 rg BT 448.34 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 459.18 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 474.11 388.95 Td (following ) Tj ET Q q 0 0 0 rg BT 517.04 388.95 Td (categories:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 363.75 Td (Level�1�� ) Tj ET Q q 0 0 0 rg BT 132.87 363.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 174.41 363.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 225.88 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 240.59 363.75 Td (which ) Tj ET Q q 0 0 0 rg BT 268.71 363.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 296.25 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 311.54 363.75 Td (quoted ) Tj ET Q q 0 0 0 rg BT 342.58 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 353.21 363.75 Td (active ) Tj ET Q q 0 0 0 rg BT 380.75 363.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 419.08 363.75 Td (which, ) Tj ET Q q 0 0 0 rg BT 449.83 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 464.54 363.75 Td (us, ) Tj ET Q q 0 0 0 rg BT 478.97 363.75 Td (include ) Tj ET Q q 0 0 0 rg BT 512.34 363.75 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 96.29 351.15 Td (publicly ) Tj ET Q q 0 0 0 rg BT 133.33 351.15 Td (traded ) Tj ET Q q 0 0 0 rg BT 162.19 351.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 193.98 351.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 219.94 351.15 Td (with ) Tj ET Q q 0 0 0 rg BT 241.23 351.15 Td (quoted ) Tj ET Q q 0 0 0 rg BT 272.43 351.15 Td (market ) Tj ET Q q 0 0 0 rg BT 304.21 351.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 331.91 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 349.69 351.15 Td (equities ) Tj ET Q q 0 0 0 rg BT 384.98 351.15 Td (listed ) Tj ET Q q 0 0 0 rg BT 410.35 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 421.15 351.15 Td (active ) Tj ET Q q 0 0 0 rg BT 448.84 351.15 Td (markets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 325.95 Td (Level�2�� ) Tj ET Q q 0 0 0 rg BT 133.74 325.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.16 325.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 228.50 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 244.09 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 273.09 325.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 301.50 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 317.66 325.95 Td (quoted ) Tj ET Q q 0 0 0 rg BT 349.58 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 365.16 325.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 397.67 325.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 425.51 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 444.01 325.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 486.43 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 497.94 325.95 Td (active ) Tj ET Q q 0 0 0 rg BT 526.35 325.95 Td (markets; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 313.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 113.11 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 128.48 313.35 Td (quoted ) Tj ET Q q 0 0 0 rg BT 159.60 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 174.38 313.35 Td (identical ) Tj ET Q q 0 0 0 rg BT 213.08 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 224.37 313.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 256.07 313.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.11 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 293.83 313.35 Td (inactive ) Tj ET Q q 0 0 0 rg BT 329.60 313.35 Td (markets; ) Tj ET Q q 0 0 0 rg BT 368.30 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 379.59 313.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 407.21 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 422.57 313.35 Td (based ) Tj ET Q q 0 0 0 rg BT 449.02 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 462.06 313.35 Td (observable ) Tj ET Q q 0 0 0 rg BT 510.09 313.35 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 540.93 313.35 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 300.75 Td (than ) Tj ET Q q 0 0 0 rg BT 105.31 300.75 Td (quoted ) Tj ET Q q 0 0 0 rg BT 135.62 300.75 Td (prices, ) Tj ET Q q 0 0 0 rg BT 165.04 300.75 Td (such ) Tj ET Q q 0 0 0 rg BT 186.02 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 196.50 300.75 Td (models ) Tj ET Q q 0 0 0 rg BT 228.56 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 239.04 300.75 Td (other ) Tj ET Q q 0 0 0 rg BT 262.34 300.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 303.15 300.75 Td (methodologies. ) Tj ET Q q 0 0 0 rg BT 369.33 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 371.06 300.75 Td (For ) Tj ET Q q 0 0 0 rg BT 387.38 300.75 Td (us, ) Tj ET Q q 0 0 0 rg BT 401.07 300.75 Td (this ) Tj ET Q q 0 0 0 rg BT 417.97 300.75 Td (category ) Tj ET Q q 0 0 0 rg BT 455.85 300.75 Td (may ) Tj ET Q q 0 0 0 rg BT 475.66 300.75 Td (include ) Tj ET Q q 0 0 0 rg BT 508.29 300.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 531.60 300.75 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 288.15 Td (securities, ) Tj ET Q q 0 0 0 rg BT 130.40 288.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 161.59 288.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 210.86 288.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 232.73 288.15 Td (products, ) Tj ET Q q 0 0 0 rg BT 274.15 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 291.93 288.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 323.12 288.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 367.15 288.15 Td (debt. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 262.95 Td (Level�3�� ) Tj ET Q q 0 0 0 rg BT 133.84 262.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.34 262.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 228.77 262.95 Td (for ) Tj ET Q q 0 0 0 rg BT 244.45 262.95 Td (which ) Tj ET Q q 0 0 0 rg BT 273.54 262.95 Td (values ) Tj ET Q q 0 0 0 rg BT 303.80 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 320.05 262.95 Td (based ) Tj ET Q q 0 0 0 rg BT 347.39 262.95 Td (on ) Tj ET Q q 0 0 0 rg BT 361.33 262.95 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 420.74 262.95 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 452.47 262.95 Td (including ) Tj ET Q q 0 0 0 rg BT 495.57 262.95 Td (those ) Tj ET Q q 0 0 0 rg BT 521.16 262.95 Td (for ) Tj ET Q q 0 0 0 rg BT 536.84 262.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 250.35 Td (there ) Tj ET Q q 0 0 0 rg BT 108.74 250.35 Td (is ) Tj ET Q q 0 0 0 rg BT 118.00 250.35 Td (little ) Tj ET Q q 0 0 0 rg BT 139.50 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 150.50 250.35 Td (no ) Tj ET Q q 0 0 0 rg BT 163.26 250.35 Td (market ) Tj ET Q q 0 0 0 rg BT 194.66 250.35 Td (activity) Tj ET Q q 0 0 0 rg BT 225.47 250.35 Td (. ) Tj ET Q q 0 0 0 rg BT 230.35 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 232.44 250.35 Td (This ) Tj ET Q q 0 0 0 rg BT 253.37 250.35 Td (category ) Tj ET Q q 0 0 0 rg BT 291.77 250.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 329.01 250.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 381.43 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 391.85 250.35 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 448.06 250.35 Td (limited ) Tj ET Q q 0 0 0 rg BT 480.06 250.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 514.98 250.35 Td (companies, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 237.75 Td (private ) Tj ET Q q 0 0 0 rg BT 117.30 237.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 146.20 237.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 174.81 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 192.62 237.75 Td (real ) Tj ET Q q 0 0 0 rg BT 211.01 237.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 237.57 237.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 266.18 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 268.64 237.75 Td (This ) Tj ET Q q 0 0 0 rg BT 289.96 237.75 Td (category ) Tj ET Q q 0 0 0 rg BT 328.75 237.75 Td (may ) Tj ET Q q 0 0 0 rg BT 349.48 237.75 Td (also ) Tj ET Q q 0 0 0 rg BT 369.05 237.75 Td (include ) Tj ET Q q 0 0 0 rg BT 402.61 237.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 433.82 237.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 483.12 237.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 505.02 237.75 Td (products ) Tj ET Q q 0 0 0 rg BT 543.83 237.75 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 225.15 Td (redemption ) Tj ET Q q 0 0 0 rg BT 135.95 225.15 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 185.23 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 203.01 225.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 249.96 225.15 Td (consideration.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.91 199.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 111.07 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 122.91 199.95 Td (an ) Tj ET Q q 0 0 0 rg BT 135.91 199.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 159.41 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 171.24 199.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 206.99 199.95 Td (may ) Tj ET Q q 0 0 0 rg BT 228.16 199.95 Td (involve ) Tj ET Q q 0 0 0 rg BT 262.74 199.95 Td (inputs ) Tj ET Q q 0 0 0 rg BT 291.50 199.95 Td (from ) Tj ET Q q 0 0 0 rg BT 315.00 199.95 Td (more ) Tj ET Q q 0 0 0 rg BT 339.66 199.95 Td (than ) Tj ET Q q 0 0 0 rg BT 360.83 199.95 Td (one ) Tj ET Q q 0 0 0 rg BT 379.08 199.95 Td (level ) Tj ET Q q 0 0 0 rg BT 402.57 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 414.41 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 430.32 199.95 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 469.28 199.95 Td (. ) Tj ET Q q 0 0 0 rg BT 475.00 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 477.86 199.95 Td (The ) Tj ET Q q 0 0 0 rg BT 497.27 199.95 Td (level ) Tj ET Q q 0 0 0 rg BT 520.77 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 532.02 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 547.94 199.95 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (value ) Tj ET Q q 0 0 0 rg BT 74.50 187.35 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 116.41 187.35 Td (within ) Tj ET Q q 0 0 0 rg BT 145.52 187.35 Td (which ) Tj ET Q q 0 0 0 rg BT 173.44 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 180.37 187.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 197.21 187.35 Td (value ) Tj ET Q q 0 0 0 rg BT 222.21 187.35 Td (measurement ) Tj ET Q q 0 0 0 rg BT 280.46 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 290.89 187.35 Td (its ) Tj ET Q q 0 0 0 rg BT 303.08 187.35 Td (entirety ) Tj ET Q q 0 0 0 rg BT 337.41 187.35 Td (falls ) Tj ET Q q 0 0 0 rg BT 357.76 187.35 Td (is ) Tj ET Q q 0 0 0 rg BT 367.03 187.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 416.52 187.35 Td (based ) Tj ET Q q 0 0 0 rg BT 442.70 187.35 Td (on ) Tj ET Q q 0 0 0 rg BT 455.46 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 470.56 187.35 Td (lowest ) Tj ET Q q 0 0 0 rg BT 500.24 187.35 Td (level ) Tj ET Q q 0 0 0 rg BT 522.91 187.35 Td (input ) Tj ET Q q 0 0 0 rg BT 546.76 187.35 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (is ) Tj ET Q q 0 0 0 rg BT 59.13 174.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 106.08 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 116.87 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.32 174.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 149.52 174.75 Td (value ) Tj ET Q q 0 0 0 rg BT 174.88 174.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 233.49 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 244.28 174.75 Td (its ) Tj ET Q q 0 0 0 rg BT 256.83 174.75 Td (entirety) Tj ET Q q 0 0 0 rg BT 288.21 174.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (Proprietary ) Tj ET Q q 0 0 0 rg BT 99.58 149.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 121.66 149.55 Td (products ) Tj ET Q q 0 0 0 rg BT 160.66 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 178.67 149.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 210.07 149.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 263.07 149.55 Td (held ) Tj ET Q q 0 0 0 rg BT 283.99 149.55 Td (by ) Tj ET Q q 0 0 0 rg BT 297.33 149.55 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 322.34 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 338.00 149.55 Td (valued ) Tj ET Q q 0 0 0 rg BT 368.83 149.55 Td (at ) Tj ET Q q 0 0 0 rg BT 379.25 149.55 Td (NA) Tj ET Q q 0 0 0 rg BT 393.06 149.55 Td (V) Tj ET Q q 0 0 0 rg BT 400.45 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 403.29 149.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 453.37 149.55 Td (by ) Tj ET Q q 0 0 0 rg BT 466.71 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 482.37 149.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 504.46 149.55 Td (administrator) Tj ET Q q 0 0 0 rg BT 559.87 149.55 Td (. ) Tj ET Q q 0 0 0 rg BT 565.12 149.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (These ) Tj ET Q q 0 0 0 rg BT 76.86 136.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 102.47 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 117.58 136.95 Td (typically ) Tj ET Q q 0 0 0 rg BT 156.60 136.95 Td (invested ) Tj ET Q q 0 0 0 rg BT 193.88 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 204.33 136.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 246.26 136.95 Td (traded ) Tj ET Q q 0 0 0 rg BT 274.78 136.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 327.22 136.95 Td (with ) Tj ET Q q 0 0 0 rg BT 348.18 136.95 Td (observable ) Tj ET Q q 0 0 0 rg BT 395.94 136.95 Td (market ) Tj ET Q q 0 0 0 rg BT 427.38 136.95 Td (prices. ) Tj ET Q q 0 0 0 rg BT 457.36 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 459.64 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 461.76 136.95 Td (Their ) Tj ET Q q 0 0 0 rg BT 486.79 136.95 Td (valuations ) Tj ET Q q 0 0 0 rg BT 532.23 136.95 Td (may ) Tj ET Q q 0 0 0 rg BT 552.59 136.95 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (classified ) Tj ET Q q 0 0 0 rg BT 91.94 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 103.46 124.35 Td (Level ) Tj ET Q q 0 0 0 rg BT 130.15 124.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 140.80 124.35 Td (Level ) Tj ET Q q 0 0 0 rg BT 167.49 124.35 Td (2, ) Tj ET Q q 0 0 0 rg BT 178.14 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 189.67 124.35 Td (Level ) Tj ET Q q 0 0 0 rg BT 216.36 124.35 Td (3 ) Tj ET Q q 0 0 0 rg BT 224.39 124.35 Td (based ) Tj ET Q q 0 0 0 rg BT 251.08 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 264.36 124.35 Td (whether ) Tj ET Q q 0 0 0 rg BT 300.96 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 316.57 124.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 338.59 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 348.38 124.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 390.80 124.35 Td (traded, ) Tj ET Q q 0 0 0 rg BT 422.44 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 438.05 124.35 Td (frequency ) Tj ET Q q 0 0 0 rg BT 482.81 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 494.34 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 509.95 124.35 Td (related ) Tj ET Q q 0 0 0 rg BT 541.29 124.35 Td (NA) Tj ET Q q 0 0 0 rg BT 555.10 124.35 Td (V) Tj ET Q q 0 0 0 rg BT 562.50 124.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (determinations ) Tj ET Q q 0 0 0 rg BT 114.47 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 132.21 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 147.60 111.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 178.75 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 190.07 111.75 Td (redemption ) Tj ET Q q 0 0 0 rg BT 240.46 111.75 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 292.31 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 294.88 111.75 Td (For ) Tj ET Q q 0 0 0 rg BT 312.04 111.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 364.78 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 375.52 111.75 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 408.42 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 426.16 111.75 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 487.62 111.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 529.85 111.75 Td (\(private ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.19 99.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 104.60 99.15 Td (real ) Tj ET Q q 0 0 0 rg BT 121.78 99.15 Td (estate ) Tj ET Q q 0 0 0 rg BT 147.14 99.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 171.92 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 188.53 99.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 236.05 99.15 Td (partnerships\) ) Tj ET Q q 0 0 0 rg BT 292.32 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 306.01 99.15 Td (which ) Tj ET Q q 0 0 0 rg BT 333.12 99.15 Td (market ) Tj ET Q q 0 0 0 rg BT 363.72 99.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 390.24 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 400.44 99.15 Td (quotations ) Tj ET Q q 0 0 0 rg BT 445.63 99.15 Td (may ) Tj ET Q q 0 0 0 rg BT 465.16 99.15 Td (not ) Tj ET Q q 0 0 0 rg BT 480.02 99.15 Td (be ) Tj ET Q q 0 0 0 rg BT 491.38 99.15 Td (readily ) Tj ET Q q 0 0 0 rg BT 521.98 99.15 Td (available, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (including ) Tj ET Q q 0 0 0 rg BT 91.08 86.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 121.56 86.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 173.64 86.55 Td (held ) Tj ET Q q 0 0 0 rg BT 193.63 86.55 Td (by ) Tj ET Q q 0 0 0 rg BT 206.05 86.55 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 232.76 86.55 Td (management ) Tj ET Q q 0 0 0 rg BT 288.32 86.55 Td (must ) Tj ET Q q 0 0 0 rg BT 310.66 86.55 Td (estimate ) Tj ET Q q 0 0 0 rg BT 347.56 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 362.31 86.55 Td (value ) Tj ET Q q 0 0 0 rg BT 386.96 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 397.62 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 412.37 86.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 453.94 86.55 Td (using ) Tj ET Q q 0 0 0 rg BT 478.61 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 485.18 86.55 Td (variety ) Tj ET Q q 0 0 0 rg BT 516.25 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 526.92 86.55 Td (methods ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.93 73.95 Td (resources, ) Tj ET Q q 0 0 0 rg BT 113.46 73.95 Td (including ) Tj ET Q q 0 0 0 rg BT 156.39 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 172.48 73.95 Td (most ) Tj ET Q q 0 0 0 rg BT 196.17 73.95 Td (current ) Tj ET Q q 0 0 0 rg BT 229.17 73.95 Td (available ) Tj ET Q q 0 0 0 rg BT 270.33 73.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 310.32 73.95 Td (information ) Tj ET Q q 0 0 0 rg BT 363.16 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 378.67 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 394.76 73.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 444.10 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 462.53 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 478.62 73.95 Td (industry ) Tj ET Q q 0 0 0 rg BT 516.30 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 527.74 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 556.66 73.95 Td (it ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (applies ) Tj ET Q q 0 0 0 rg BT 81.01 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 90.94 61.35 Td (order ) Tj ET Q q 0 0 0 rg BT 114.86 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 124.79 61.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 168.54 61.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 184.87 61.35 Td (value. ) Tj ET Q q 0 0 0 rg BT 212.00 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 213.64 61.35 Td (These ) Tj ET Q q 0 0 0 rg BT 240.48 61.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 281.32 61.35 Td (processes ) Tj ET Q q 0 0 0 rg BT 323.32 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 337.33 61.35 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 369.43 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 386.36 61.35 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 447.02 61.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 488.44 61.35 Td (inherently ) Tj ET Q q 0 0 0 rg BT 532.77 61.35 Td (require ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (management's ) Tj ET Q q 0 0 0 rg BT 111.75 48.75 Td (judgment ) Tj ET Q q 0 0 0 rg BT 154.04 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 171.82 48.75 Td (are ) Tj ET Q q 0 0 0 rg BT 187.27 48.75 Td (therefore ) Tj ET Q q 0 0 0 rg BT 227.78 48.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 270.06 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 280.85 48.75 Td (Level�3.) 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691.35 Td (practical ) Tj ET Q q 0 0 0 rg BT 108.79 691.35 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 154.50 691.35 Td (we ) Tj ET Q q 0 0 0 rg BT 169.01 691.35 Td (rely ) Tj ET Q q 0 0 0 rg BT 187.61 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 200.38 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 215.48 691.35 Td (NA) Tj ET Q q 0 0 0 rg BT 229.29 691.35 Td (Vs ) Tj ET Q q 0 0 0 rg BT 243.24 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 254.25 691.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 285.09 691.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 337.52 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 348.54 691.35 Td (their ) Tj ET Q q 0 0 0 rg BT 370.06 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 386.90 691.35 Td (value. ) Tj ET Q q 0 0 0 rg BT 414.53 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 416.64 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 435.24 691.35 Td (NA) Tj ET Q q 0 0 0 rg BT 449.05 691.35 Td (Vs ) Tj ET Q q 0 0 0 rg BT 462.99 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 481.01 691.35 Td (have ) Tj ET Q q 0 0 0 rg BT 503.10 691.35 Td (been ) Tj ET Q q 0 0 0 rg BT 525.19 691.35 Td (provided ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 62.26 678.75 Td (investees ) Tj ET Q q 0 0 0 rg BT 103.01 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 118.09 678.75 Td (derived ) Tj ET Q q 0 0 0 rg BT 151.84 678.75 Td (from ) Tj ET Q q 0 0 0 rg BT 174.51 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 189.60 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 206.43 678.75 Td (values ) Tj ET Q q 0 0 0 rg BT 235.52 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 246.53 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.62 678.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 309.37 678.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 361.79 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 372.80 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 383.81 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 398.90 678.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 439.65 678.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 462.02 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 464.29 678.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 474.01 678.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 504.33 678.75 Td (April ) Tj ET Q q 0 0 0 rg BT 528.76 678.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 538.89 678.75 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (we ) Tj ET Q q 0 0 0 rg BT 64.30 666.15 Td (adopted ) Tj ET Q q 0 0 0 rg BT 100.10 666.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 135.89 666.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 184.52 666.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 224.97 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 238.03 666.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 255.16 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 280.45 666.15 Td (measurements ) Tj ET Q q 0 0 0 rg BT 343.08 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 371.29 666.15 Td (removed ) Tj ET Q q 0 0 0 rg BT 410.59 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 425.97 666.15 Td (requirement ) Tj ET Q q 0 0 0 rg BT 479.26 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 489.98 666.15 Td (categorize ) Tj ET Q q 0 0 0 rg BT 535.67 666.15 Td (within ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 82.15 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 107.51 653.55 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 149.78 653.55 Td (all ) Tj ET Q q 0 0 0 rg BT 162.90 653.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 215.69 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 230.56 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 258.84 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 274.30 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 291.49 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 316.86 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 326.49 653.55 Td (measured ) Tj ET Q q 0 0 0 rg BT 369.34 653.55 Td (using ) Tj ET Q q 0 0 0 rg BT 394.72 653.55 Td (NA) Tj ET Q q 0 0 0 rg BT 408.54 653.55 Td (V) Tj ET Q q 0 0 0 rg BT 415.93 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 418.55 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 429.93 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 437.21 653.55 Td (practical ) Tj ET Q q 0 0 0 rg BT 475.98 653.55 Td (expedient. ) Tj ET Q q 0 0 0 rg BT 522.04 653.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.50 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 76.58 628.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 123.06 628.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 150.02 628.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 213.99 628.35 Td (1% ) Tj ET Q q 0 0 0 rg BT 231.32 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 243.40 628.35 Td (total ) Tj ET Q q 0 0 0 rg BT 265.39 628.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 293.22 628.35 Td (\(4% ) Tj ET Q q 0 0 0 rg BT 314.04 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 326.12 628.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 366.18 628.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 394.01 628.35 Td (measured ) Tj ET Q q 0 0 0 rg BT 437.57 628.35 Td (at ) Tj ET Q q 0 0 0 rg BT 448.48 628.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 466.38 628.35 Td (value\) ) Tj ET Q q 0 0 0 rg BT 495.95 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 514.44 628.35 Td (1% ) Tj ET Q q 0 0 0 rg BT 531.76 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 543.84 628.35 Td (total ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 92.20 615.75 Td (\(89% ) Tj ET Q q 0 0 0 rg BT 118.56 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.93 615.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.28 615.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 213.98 615.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 257.83 615.75 Td (at ) Tj ET Q q 0 0 0 rg BT 269.03 615.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 287.22 615.75 Td (value\) ) Tj ET Q q 0 0 0 rg BT 317.07 615.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 341.10 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 357.55 615.75 Td (definition ) Tj ET Q q 0 0 0 rg BT 402.00 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 414.36 615.75 Td (Level�3. ) Tj ET Q q 0 0 0 rg BT 452.38 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 456.00 615.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 502.78 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 519.23 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 547.35 615.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 91.21 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 102.58 603.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 127.37 603.15 Td (does ) Tj ET Q q 0 0 0 rg BT 149.24 603.15 Td (not ) Tj ET Q q 0 0 0 rg BT 165.29 603.15 Td (change ) Tj ET Q q 0 0 0 rg BT 197.64 603.15 Td (these ) Tj ET Q q 0 0 0 rg BT 221.84 603.15 Td (percentages.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Any ) Tj ET Q q 0 0 0 rg BT 70.21 577.95 Td (transfers ) Tj ET Q q 0 0 0 rg BT 108.98 577.95 Td (between ) Tj ET Q q 0 0 0 rg BT 146.59 577.95 Td (categories ) Tj ET Q q 0 0 0 rg BT 191.78 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 207.22 577.95 Td (measured ) Tj ET Q q 0 0 0 rg BT 250.08 577.95 Td (at ) Tj ET Q q 0 0 0 rg BT 260.28 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 275.73 577.95 Td (beginning ) Tj ET Q q 0 0 0 rg BT 320.35 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 331.73 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 347.18 577.95 Td (period.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 552.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 552.75 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.57 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.20 552.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.98 552.75 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.48 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 129.11 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 140.48 552.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 167.60 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 178.39 552.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 236.43 552.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 278.13 552.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 326.84 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 341.70 552.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 386.32 552.75 Td (information.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 97.64 527.55 Td (Assets ) Tj ET Q q 0 0 0 rg BT 128.27 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 147.82 527.55 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Balances ) Tj ET Q q 0 0 0 rg BT 90.02 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 101.40 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 112.77 514.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 158.55 514.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 184.80 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 200.24 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 211.61 514.95 Td (follows ) Tj ET Q q 0 0 0 rg BT 245.74 514.95 Td (\(in ) Tj ET Q q 0 0 0 rg BT 260.03 514.95 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 504.45 411.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 504.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 504.45 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 476.45 411.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 476.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 476.45 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 448.45 411.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 448.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 448.45 97.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 448.45 m 461 448.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 448.45 m 562 448.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 435.45 m 461 435.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 433.45 m 461 433.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 435.45 m 562 435.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 433.45 m 562 433.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 494.67 Td (Amortizable intangible asset management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.50 494.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 494.67 Td (213,654) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 480.67 Td (Indefinite-life intangible assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 480.67 Td (3,750,863) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 466.67 Td (Trade names) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 466.67 Td (69,863) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 452.67 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 452.67 Td (1,924,889) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 438.67 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.50 438.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 438.67 Td (5,959,269) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 409.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.42 409.75 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 118.83 409.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 163.41 409.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.50 409.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 222.25 409.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 263.92 409.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.26 409.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 298.26 409.75 Td (management ) Tj ET Q q 0 0 0 rg BT 354.49 409.75 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 397.61 409.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 438.10 409.75 Td (to ) Tj ET Q q 0 0 0 rg BT 448.86 409.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 484.10 409.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 533.33 409.75 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 397.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.58 397.15 Td (or ) Tj ET Q q 0 0 0 rg BT 87.08 397.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 153.98 397.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 182.68 397.15 Td (and ) Tj ET Q q 0 0 0 rg BT 200.59 397.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 224.33 397.15 Td (names ) Tj ET Q q 0 0 0 rg BT 253.91 397.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 293.40 397.15 Td (from ) Tj ET Q q 0 0 0 rg BT 316.56 397.15 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 372.10 397.15 Td ( ) Tj ET Q q 0 0 0 rg BT 374.25 397.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 400.33 397.15 Td (management ) Tj ET Q q 0 0 0 rg BT 456.73 397.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 497.38 397.15 Td (are ) Tj ET Q q 0 0 0 rg BT 512.95 397.15 Td (amortizable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 384.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 93.59 384.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 120.18 384.55 Td (that ) Tj ET Q q 0 0 0 rg BT 138.02 384.55 Td (are ) Tj ET Q q 0 0 0 rg BT 152.94 384.55 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 200.50 384.55 Td (at ) Tj ET Q q 0 0 0 rg BT 210.18 384.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 258.35 384.55 Td (and ) Tj ET Q q 0 0 0 rg BT 275.61 384.55 Td (amortized ) Tj ET Q q 0 0 0 rg BT 319.68 384.55 Td (over ) Tj ET Q q 0 0 0 rg BT 340.44 384.55 Td (the ) Tj ET Q q 0 0 0 rg BT 355.36 384.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 394.77 384.55 Td (life ) Tj ET Q q 0 0 0 rg BT 410.85 384.55 Td (of ) Tj ET Q q 0 0 0 rg BT 421.70 384.55 Td (the ) Tj ET Q q 0 0 0 rg BT 436.62 384.55 Td (contract. ) Tj ET Q q 0 0 0 rg BT 475.16 384.55 Td ( ) Tj ET Q q 0 0 0 rg BT 477.25 384.55 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 519.59 384.55 Td (to ) Tj ET Q q 0 0 0 rg BT 529.85 384.55 Td (manage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 371.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 99.27 371.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 131.56 371.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 158.01 371.95 Td (or ) Tj ET Q q 0 0 0 rg BT 169.88 371.95 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 237.15 371.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 263.61 371.95 Td (are ) Tj ET Q q 0 0 0 rg BT 279.55 371.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 340.40 371.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 385.51 371.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 413.13 371.95 Td (because ) Tj ET Q q 0 0 0 rg BT 449.49 371.95 Td (we ) Tj ET Q q 0 0 0 rg BT 464.85 371.95 Td (assume ) Tj ET Q q 0 0 0 rg BT 498.89 371.95 Td (that ) Tj ET Q q 0 0 0 rg BT 517.76 371.95 Td (there ) Tj ET Q q 0 0 0 rg BT 541.87 371.95 Td (is ) Tj ET Q q 0 0 0 rg BT 552.00 371.95 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 359.35 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 99.44 359.35 Td (limit ) Tj ET Q q 0 0 0 rg BT 121.41 359.35 Td (on ) Tj ET Q q 0 0 0 rg BT 134.04 359.35 Td (the ) Tj ET Q q 0 0 0 rg BT 149.01 359.35 Td (contract ) Tj ET Q q 0 0 0 rg BT 184.96 359.35 Td (period ) Tj ET Q q 0 0 0 rg BT 213.92 359.35 Td (due ) Tj ET Q q 0 0 0 rg BT 231.21 359.35 Td (to ) Tj ET Q q 0 0 0 rg BT 241.51 359.35 Td (the ) Tj ET Q q 0 0 0 rg BT 256.48 359.35 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 301.19 359.35 Td (of ) Tj ET Q q 0 0 0 rg BT 312.08 359.35 Td (continued ) Tj ET Q q 0 0 0 rg BT 355.62 359.35 Td (renewal ) Tj ET Q q 0 0 0 rg BT 390.98 359.35 Td (at ) Tj ET Q q 0 0 0 rg BT 400.69 359.35 Td (little ) Tj ET Q q 0 0 0 rg BT 422.08 359.35 Td (or ) Tj ET Q q 0 0 0 rg BT 432.96 359.35 Td (no ) Tj ET Q q 0 0 0 rg BT 445.59 359.35 Td (cost. ) Tj ET Q q 0 0 0 rg BT 467.27 359.35 Td ( ) Tj ET Q q 0 0 0 rg BT 469.40 359.35 Td (Similarly) Tj ET Q q 0 0 0 rg BT 507.81 359.35 Td (, ) Tj ET Q q 0 0 0 rg BT 512.57 359.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 535.69 359.35 Td (names ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 346.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.94 346.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 113.05 346.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 173.40 346.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 218.02 346.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 245.14 346.75 Td (because ) Tj ET Q q 0 0 0 rg BT 281.00 346.75 Td (they ) Tj ET Q q 0 0 0 rg BT 301.70 346.75 Td (are ) Tj ET Q q 0 0 0 rg BT 317.14 346.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 357.08 346.75 Td (to ) Tj ET Q q 0 0 0 rg BT 367.87 346.75 Td (generate ) Tj ET Q q 0 0 0 rg BT 406.05 346.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.33 346.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 453.29 346.75 Td (indefinitely) Tj ET Q q 0 0 0 rg BT 501.02 346.75 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 321.55 Td (In ) Tj ET Q q 0 0 0 rg BT 60.25 321.55 Td (allocating ) Tj ET Q q 0 0 0 rg BT 103.66 321.55 Td (the ) Tj ET Q q 0 0 0 rg BT 118.49 321.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 157.81 321.55 Td (price ) Tj ET Q q 0 0 0 rg BT 180.80 321.55 Td (of ) Tj ET Q q 0 0 0 rg BT 191.55 321.55 Td (an ) Tj ET Q q 0 0 0 rg BT 203.47 321.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 251.55 321.55 Td (to ) Tj ET Q q 0 0 0 rg BT 261.72 321.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 305.72 321.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 334.85 321.55 Td (we ) Tj ET Q q 0 0 0 rg BT 349.10 321.55 Td (must ) Tj ET Q q 0 0 0 rg BT 371.52 321.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 415.51 321.55 Td (the ) Tj ET Q q 0 0 0 rg BT 430.34 321.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 446.92 321.55 Td (value ) Tj ET Q q 0 0 0 rg BT 471.66 321.55 Td (of ) Tj ET Q q 0 0 0 rg BT 482.41 321.55 Td (the ) Tj ET Q q 0 0 0 rg BT 497.25 321.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 523.75 321.55 Td (acquired. ) Tj ET Q q 0 0 0 rg BT 565.14 321.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 308.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 308.95 Td (e ) Tj ET Q q 0 0 0 rg BT 65.28 308.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 109.31 308.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 125.92 308.95 Td (values ) Tj ET Q q 0 0 0 rg BT 154.80 308.95 Td (of ) Tj ET Q q 0 0 0 rg BT 165.59 308.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 209.63 308.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 236.17 308.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 274.36 308.95 Td (based ) Tj ET Q q 0 0 0 rg BT 300.32 308.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 323.37 308.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 364.48 308.95 Td (future ) Tj ET Q q 0 0 0 rg BT 391.59 308.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 412.30 308.95 Td (flows, ) Tj ET Q q 0 0 0 rg BT 440.30 308.95 Td (which ) Tj ET Q q 0 0 0 rg BT 468.01 308.95 Td (take ) Tj ET Q q 0 0 0 rg BT 487.55 308.95 Td (into ) Tj ET Q q 0 0 0 rg BT 505.93 308.95 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 296.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 91.63 296.35 Td (and ) Tj ET Q q 0 0 0 rg BT 109.84 296.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 164.81 296.35 Td (including ) Tj ET Q q 0 0 0 rg BT 207.52 296.35 Td (profit ) Tj ET Q q 0 0 0 rg BT 233.90 296.35 Td (mar) Tj ET Q q 0 0 0 rg BT 250.04 296.35 Td (gins, ) Tj ET Q q 0 0 0 rg BT 273.22 296.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 306.02 296.35 Td (or ) Tj ET Q q 0 0 0 rg BT 317.81 296.35 Td (attrition ) Tj ET Q q 0 0 0 rg BT 354.11 296.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 376.98 296.35 Td (for ) Tj ET Q q 0 0 0 rg BT 392.27 296.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 431.47 296.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 472.42 296.35 Td (based ) Tj ET Q q 0 0 0 rg BT 499.38 296.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 523.43 296.35 Td (historical ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 283.75 Td (experience ) Tj ET Q q 0 0 0 rg BT 98.07 283.75 Td (and ) Tj ET Q q 0 0 0 rg BT 116.33 283.75 Td (other ) Tj ET Q q 0 0 0 rg BT 141.01 283.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 175.30 283.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 218.64 283.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 255.56 283.75 Td (lives, ) Tj ET Q q 0 0 0 rg BT 281.12 283.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 319.80 283.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 345.35 283.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 387.52 283.75 Td (net ) Tj ET Q q 0 0 0 rg BT 403.45 283.75 Td (client ) Tj ET Q q 0 0 0 rg BT 429.87 283.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 456.31 283.75 Td (and ) Tj ET Q q 0 0 0 rg BT 474.57 283.75 Td (market ) Tj ET Q q 0 0 0 rg BT 506.83 283.75 Td (performance. ) Tj ET Q q 0 0 0 rg BT 565.13 283.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 271.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.07 271.15 Td (determination ) Tj ET Q q 0 0 0 rg BT 128.64 271.15 Td (of ) Tj ET Q q 0 0 0 rg BT 139.64 271.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 182.12 271.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 218.19 271.15 Td (lives ) Tj ET Q q 0 0 0 rg BT 240.27 271.15 Td (requires ) Tj ET Q q 0 0 0 rg BT 276.34 271.15 Td (judgment ) Tj ET Q q 0 0 0 rg BT 318.25 271.15 Td (based ) Tj ET Q q 0 0 0 rg BT 344.41 271.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 367.66 271.15 Td (historical ) Tj ET Q q 0 0 0 rg BT 408.98 271.15 Td (client ) Tj ET Q q 0 0 0 rg BT 434.55 271.15 Td (turnover ) Tj ET Q q 0 0 0 rg BT 472.37 271.15 Td (and ) Tj ET Q q 0 0 0 rg BT 489.78 271.15 Td (attrition ) Tj ET Q q 0 0 0 rg BT 525.28 271.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 547.35 271.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 258.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.09 258.55 Td (probability ) Tj ET Q q 0 0 0 rg BT 111.93 258.55 Td (that ) Tj ET Q q 0 0 0 rg BT 129.44 258.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 169.11 258.55 Td (with ) Tj ET Q q 0 0 0 rg BT 189.54 258.55 Td (termination ) Tj ET Q q 0 0 0 rg BT 239.71 258.55 Td (provisions ) Tj ET Q q 0 0 0 rg BT 285.22 258.55 Td (will ) Tj ET Q q 0 0 0 rg BT 303.32 258.55 Td (be ) Tj ET Q q 0 0 0 rg BT 315.00 258.55 Td (renewed. ) Tj ET Q q 0 0 0 rg BT 354.95 258.55 Td ( ) Tj ET Q q 0 0 0 rg BT 356.58 258.55 Td (The ) Tj ET Q q 0 0 0 rg BT 374.67 258.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 412.02 258.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 429.52 258.55 Td (employed ) Tj ET Q q 0 0 0 rg BT 472.69 258.55 Td (is ) Tj ET Q q 0 0 0 rg BT 481.45 258.55 Td (a ) Tj ET Q q 0 0 0 rg BT 487.88 258.55 Td (weighted-average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 245.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 69.45 245.95 Td (of ) Tj ET Q q 0 0 0 rg BT 81.24 245.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 112.26 245.95 Td (that ) Tj ET Q q 0 0 0 rg BT 131.05 245.95 Td (takes ) Tj ET Q q 0 0 0 rg BT 155.66 245.95 Td (into ) Tj ET Q q 0 0 0 rg BT 175.04 245.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 234.64 245.95 Td (a ) Tj ET Q q 0 0 0 rg BT 242.34 245.95 Td (premium ) Tj ET Q q 0 0 0 rg BT 283.29 245.95 Td (representing ) Tj ET Q q 0 0 0 rg BT 338.23 245.95 Td (the ) Tj ET Q q 0 0 0 rg BT 354.09 245.95 Td (degree ) Tj ET Q q 0 0 0 rg BT 385.11 245.95 Td (of ) Tj ET Q q 0 0 0 rg BT 396.90 245.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 415.69 245.95 Td (inherent ) Tj ET Q q 0 0 0 rg BT 453.13 245.95 Td (in ) Tj ET Q q 0 0 0 rg BT 464.33 245.95 Td (the ) Tj ET Q q 0 0 0 rg BT 480.20 245.95 Td (asset, ) Tj ET Q q 0 0 0 rg BT 506.28 245.95 Td (as ) Tj ET Q q 0 0 0 rg BT 518.06 245.95 Td (more ) Tj ET Q q 0 0 0 rg BT 542.68 245.95 Td (fully ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 233.35 Td (described ) Tj ET Q q 0 0 0 rg BT 92.36 233.35 Td (below) Tj ET Q q 0 0 0 rg BT 117.34 233.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 220.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 208.15 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.94 208.15 Td (represents ) Tj ET Q q 0 0 0 rg BT 135.28 208.15 Td (the ) Tj ET Q q 0 0 0 rg BT 149.88 208.15 Td (residual ) Tj ET Q q 0 0 0 rg BT 184.89 208.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 218.15 208.15 Td (of ) Tj ET Q q 0 0 0 rg BT 228.67 208.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 276.52 208.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 295.21 208.15 Td (in ) Tj ET Q q 0 0 0 rg BT 305.15 208.15 Td (excess ) Tj ET Q q 0 0 0 rg BT 334.32 208.15 Td (of ) Tj ET Q q 0 0 0 rg BT 344.84 208.15 Td (identified ) Tj ET Q q 0 0 0 rg BT 386.85 208.15 Td (tangible ) Tj ET Q q 0 0 0 rg BT 422.45 208.15 Td (and ) Tj ET Q q 0 0 0 rg BT 439.38 208.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 483.14 208.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 509.41 208.15 Td (and ) Tj ET Q q 0 0 0 rg BT 526.34 208.15 Td (assumed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 195.55 Td (liabilities. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 170.35 Td (Given ) Tj ET Q q 0 0 0 rg BT 77.43 170.35 Td (the ) Tj ET Q q 0 0 0 rg BT 92.53 170.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 126.28 170.35 Td (significance ) Tj ET Q q 0 0 0 rg BT 179.28 170.35 Td (of ) Tj ET Q q 0 0 0 rg BT 190.30 170.35 Td (our ) Tj ET Q q 0 0 0 rg BT 206.57 170.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 250.83 170.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.60 170.35 Td (and ) Tj ET Q q 0 0 0 rg BT 295.03 170.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 334.64 170.35 Td (to ) Tj ET Q q 0 0 0 rg BT 345.08 170.35 Td (our ) Tj ET Q q 0 0 0 rg BT 361.35 170.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 416.69 170.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 455.69 170.35 Td (statements, ) Tj ET Q q 0 0 0 rg BT 504.91 170.35 Td (on ) Tj ET Q q 0 0 0 rg BT 517.69 170.35 Td (a ) Tj ET Q q 0 0 0 rg BT 524.62 170.35 Td (quarterly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 157.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 72.81 157.75 Td (we ) Tj ET Q q 0 0 0 rg BT 87.36 157.75 Td (consider ) Tj ET Q q 0 0 0 rg BT 125.24 157.75 Td (if ) Tj ET Q q 0 0 0 rg BT 133.96 157.75 Td (triggering ) Tj ET Q q 0 0 0 rg BT 177.67 157.75 Td (events ) Tj ET Q q 0 0 0 rg BT 206.80 157.75 Td (have ) Tj ET Q q 0 0 0 rg BT 228.93 157.75 Td (occurred ) Tj ET Q q 0 0 0 rg BT 267.97 157.75 Td (that ) Tj ET Q q 0 0 0 rg BT 286.02 157.75 Td (may ) Tj ET Q q 0 0 0 rg BT 306.40 157.75 Td (indicate ) Tj ET Q q 0 0 0 rg BT 341.94 157.75 Td (a ) Tj ET Q q 0 0 0 rg BT 348.91 157.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 395.54 157.75 Td (change ) Tj ET Q q 0 0 0 rg BT 427.58 157.75 Td (in ) Tj ET Q q 0 0 0 rg BT 438.06 157.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 454.94 157.75 Td (values. ) Tj ET Q q 0 0 0 rg BT 486.69 157.75 Td ( ) Tj ET Q q 0 0 0 rg BT 488.83 157.75 Td (T) Tj ET Q q 0 0 0 rg BT 494.88 157.75 Td (riggering ) Tj ET Q q 0 0 0 rg BT 535.67 157.75 Td (events ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 145.15 Td (may ) Tj ET Q q 0 0 0 rg BT 71.27 145.15 Td (include ) Tj ET Q q 0 0 0 rg BT 105.87 145.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 153.89 145.15 Td (adverse ) Tj ET Q q 0 0 0 rg BT 189.65 145.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 227.16 145.15 Td (in ) Tj ET Q q 0 0 0 rg BT 239.02 145.15 Td (our ) Tj ET Q q 0 0 0 rg BT 256.71 145.15 Td (business ) Tj ET Q q 0 0 0 rg BT 295.99 145.15 Td (or ) Tj ET Q q 0 0 0 rg BT 308.43 145.15 Td (the ) Tj ET Q q 0 0 0 rg BT 324.96 145.15 Td (legal ) Tj ET Q q 0 0 0 rg BT 349.06 145.15 Td (or ) Tj ET Q q 0 0 0 rg BT 361.50 145.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 408.34 145.15 Td (environment, ) Tj ET Q q 0 0 0 rg BT 467.73 145.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 487.76 145.15 Td (of ) Tj ET Q q 0 0 0 rg BT 500.20 145.15 Td (key ) Tj ET Q q 0 0 0 rg BT 519.06 145.15 Td (personnel, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 132.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.50 132.55 Td (business ) Tj ET Q q 0 0 0 rg BT 134.77 132.55 Td (dispositions, ) Tj ET Q q 0 0 0 rg BT 190.26 132.55 Td (or ) Tj ET Q q 0 0 0 rg BT 201.68 132.55 Td (other ) Tj ET Q q 0 0 0 rg BT 225.94 132.55 Td (events, ) Tj ET Q q 0 0 0 rg BT 258.07 132.55 Td (including ) Tj ET Q q 0 0 0 rg BT 300.41 132.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 336.91 132.55 Td (in ) Tj ET Q q 0 0 0 rg BT 347.76 132.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 391.25 132.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 450.49 132.55 Td (with ) Tj ET Q q 0 0 0 rg BT 471.84 132.55 Td (our ) Tj ET Q q 0 0 0 rg BT 488.52 132.55 Td (af) Tj ET Q q 0 0 0 rg BT 496.48 132.55 Td (filiates ) Tj ET Q q 0 0 0 rg BT 527.74 132.55 Td (that ) Tj ET Q q 0 0 0 rg BT 546.17 132.55 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 119.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 81.48 119.95 Td (future ) Tj ET Q q 0 0 0 rg BT 109.95 119.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 153.01 119.95 Td (results. ) Tj ET Q q 0 0 0 rg BT 186.46 119.95 Td ( ) Tj ET Q q 0 0 0 rg BT 189.86 119.95 Td (If ) Tj ET Q q 0 0 0 rg BT 200.26 119.95 Td (a ) Tj ET Q q 0 0 0 rg BT 208.32 119.95 Td (triggering ) Tj ET Q q 0 0 0 rg BT 253.13 119.95 Td (event ) Tj ET Q q 0 0 0 rg BT 279.28 119.95 Td (has ) Tj ET Q q 0 0 0 rg BT 296.68 119.95 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 339.43 119.95 Td (we ) Tj ET Q q 0 0 0 rg BT 355.08 119.95 Td (perform ) Tj ET Q q 0 0 0 rg BT 392.30 119.95 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 445.27 119.95 Td (tests, ) Tj ET Q q 0 0 0 rg BT 469.97 119.95 Td (which ) Tj ET Q q 0 0 0 rg BT 499.04 119.95 Td (include ) Tj ET Q q 0 0 0 rg BT 533.35 119.95 Td (critical ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 107.35 Td (reviews ) Tj ET Q q 0 0 0 rg BT 85.98 107.35 Td (of ) Tj ET Q q 0 0 0 rg BT 98.55 107.35 Td (all ) Tj ET Q q 0 0 0 rg BT 112.88 107.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 161.03 107.35 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 219.40 107.35 Td (to ) Tj ET Q q 0 0 0 rg BT 231.39 107.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 277.20 107.35 Td (if ) Tj ET Q q 0 0 0 rg BT 287.44 107.35 Td (any ) Tj ET Q q 0 0 0 rg BT 306.43 107.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 352.24 107.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 380.57 107.35 Td (or ) Tj ET Q q 0 0 0 rg BT 393.14 107.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 434.30 107.35 Td (are ) Tj ET Q q 0 0 0 rg BT 450.95 107.35 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 494.72 107.35 Td ( ) Tj ET Q q 0 0 0 rg BT 498.54 107.35 Td (If ) Tj ET Q q 0 0 0 rg BT 509.36 107.35 Td (we ) Tj ET Q q 0 0 0 rg BT 525.43 107.35 Td (have ) Tj ET Q q 0 0 0 rg BT 549.08 107.35 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 94.75 Td (qualitatively ) Tj ET Q q 0 0 0 rg BT 104.73 94.75 Td (concluded ) Tj ET Q q 0 0 0 rg BT 150.62 94.75 Td (that ) Tj ET Q q 0 0 0 rg BT 169.10 94.75 Td (it ) Tj ET Q q 0 0 0 rg BT 177.68 94.75 Td (is ) Tj ET Q q 0 0 0 rg BT 187.42 94.75 Td (more ) Tj ET Q q 0 0 0 rg BT 211.74 94.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 238.39 94.75 Td (than ) Tj ET Q q 0 0 0 rg BT 259.21 94.75 Td (not ) Tj ET Q q 0 0 0 rg BT 275.37 94.75 Td (that ) Tj ET Q q 0 0 0 rg BT 293.85 94.75 Td (the ) Tj ET Q q 0 0 0 rg BT 309.42 94.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 354.72 94.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 372.03 94.75 Td (values ) Tj ET Q q 0 0 0 rg BT 401.60 94.75 Td (exceed ) Tj ET Q q 0 0 0 rg BT 433.48 94.75 Td (the ) Tj ET Q q 0 0 0 rg BT 449.05 94.75 Td (related ) Tj ET Q q 0 0 0 rg BT 480.35 94.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 518.08 94.75 Td (values, ) Tj ET Q q 0 0 0 rg BT 550.27 94.75 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 82.15 Td (perform ) Tj ET Q q 0 0 0 rg BT 85.94 82.15 Td (these ) Tj ET Q q 0 0 0 rg BT 110.14 82.15 Td (tests ) Tj ET Q q 0 0 0 rg BT 131.44 82.15 Td (for ) Tj ET Q q 0 0 0 rg BT 146.30 82.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 206.66 82.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 251.27 82.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 278.40 82.15 Td (and ) Tj ET Q q 0 0 0 rg BT 296.18 82.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 336.14 82.15 Td (annually ) Tj ET Q q 0 0 0 rg BT 374.92 82.15 Td (at ) Tj ET Q q 0 0 0 rg BT 385.13 82.15 Td (December ) Tj ET Q q 0 0 0 rg BT 430.89 82.15 Td (31.) Tj ET Q endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (74) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 741.75 Td (e ) Tj ET Q q 0 0 0 rg BT 66.01 741.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 112.53 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 129.31 741.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 160.09 741.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 211.28 741.75 Td (tests ) Tj ET Q q 0 0 0 rg BT 232.73 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 244.26 741.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 284.38 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 302.32 741.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 362.83 741.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 407.61 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 434.89 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 446.42 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 457.95 741.75 Td (December ) Tj ET Q q 0 0 0 rg BT 503.88 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 519.79 741.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 546.20 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 548.78 741.75 Td (W) Tj ET Q q 0 0 0 rg BT 557.85 741.75 Td (e ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (also ) Tj ET Q q 0 0 0 rg BT 69.42 729.15 Td (completed ) Tj ET Q q 0 0 0 rg BT 116.15 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 133.15 729.15 Td (periodic ) Tj ET Q q 0 0 0 rg BT 170.56 729.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 221.97 729.15 Td (review ) Tj ET Q q 0 0 0 rg BT 253.54 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 265.29 729.15 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 317.85 729.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 362.85 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 390.35 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 402.10 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 413.85 729.15 Td (December ) Tj ET Q q 0 0 0 rg BT 459.99 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 476.12 729.15 Td (2016. ) Tj ET Q q 0 0 0 rg BT 502.74 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 505.08 729.15 Td (As ) Tj ET Q q 0 0 0 rg BT 519.76 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 527.42 729.15 Td (result ) Tj ET Q q 0 0 0 rg BT 553.75 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (these ) Tj ET Q q 0 0 0 rg BT 73.61 716.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 124.55 716.55 Td (tests, ) Tj ET Q q 0 0 0 rg BT 148.38 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 164.92 716.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 195.46 716.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 255.13 716.55 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 307.23 716.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 330.17 716.55 Td (management ) Tj ET Q q 0 0 0 rg BT 386.36 716.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 426.79 716.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 449.74 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 467.44 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 483.97 716.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 516.25 716.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 539.77 716.55 Td (name ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 109.18 703.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 153.12 703.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 175.49 703.95 Td (were ) Tj ET Q q 0 0 0 rg BT 197.84 703.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 247.02 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 257.14 703.95 Td (be ) Tj ET Q q 0 0 0 rg BT 269.00 703.95 Td (partially ) Tj ET Q q 0 0 0 rg BT 305.94 703.95 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 347.84 703.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 386.54 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 396.66 703.95 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 428.34 703.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 469.95 703.95 Td (char) Tj ET Q q 0 0 0 rg BT 487.83 703.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 503.78 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 514.48 703.95 Td ($18 ) Tj ET Q q 0 0 0 rg BT 532.18 703.95 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.11 691.35 Td ($17 ) Tj ET Q q 0 0 0 rg BT 85.31 691.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 120.72 691.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 170.76 691.35 Td (. ) Tj ET Q q 0 0 0 rg BT 175.84 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 178.29 691.35 Td (Neither ) Tj ET Q q 0 0 0 rg BT 212.22 691.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 252.00 691.35 Td (nor ) Tj ET Q q 0 0 0 rg BT 268.45 691.35 Td (any ) Tj ET Q q 0 0 0 rg BT 286.06 691.35 Td (other ) Tj ET Q q 0 0 0 rg BT 310.08 691.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 370.25 691.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 414.69 691.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 441.64 691.35 Td (were ) Tj ET Q q 0 0 0 rg BT 464.49 691.35 Td (deemed ) Tj ET Q q 0 0 0 rg BT 499.59 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 510.20 691.35 Td (be ) Tj ET Q q 0 0 0 rg BT 522.56 691.35 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 565.13 691.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Further) Tj ET Q q 0 0 0 rg BT 79.99 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 85.29 678.75 Td (no ) Tj ET Q q 0 0 0 rg BT 98.47 678.75 Td (impairments ) Tj ET Q q 0 0 0 rg BT 153.63 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 164.47 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 179.98 678.75 Td (values ) Tj ET Q q 0 0 0 rg BT 209.48 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 220.90 678.75 Td (other ) Tj ET Q q 0 0 0 rg BT 245.15 678.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 297.38 678.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 342.05 678.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 369.22 678.75 Td (were ) Tj ET Q q 0 0 0 rg BT 392.30 678.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 441.03 678.75 Td (during ) Tj ET Q q 0 0 0 rg BT 471.12 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 486.62 678.75 Td (year ) Tj ET Q q 0 0 0 rg BT 507.36 678.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.11 678.75 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.46 666.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 91.91 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 103.49 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 120.31 666.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 162.22 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 173.80 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 189.45 666.15 Td (related ) Tj ET Q q 0 0 0 rg BT 220.85 666.15 Td (future ) Tj ET Q q 0 0 0 rg BT 248.75 666.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 270.24 666.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 296.40 666.15 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 338.28 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 353.94 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 377.18 666.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 415.00 666.15 Td (values. ) Tj ET Q q 0 0 0 rg BT 447.07 666.15 Td (W) Tj ET Q q 0 0 0 rg BT 456.14 666.15 Td (e ) Tj ET Q q 0 0 0 rg BT 463.63 666.15 Td (also ) Tj ET Q q 0 0 0 rg BT 483.38 666.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 533.44 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 552.01 666.15 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (triggering ) Tj ET Q q 0 0 0 rg BT 93.76 653.55 Td (events ) Tj ET Q q 0 0 0 rg BT 123.43 653.55 Td (had ) Tj ET Q q 0 0 0 rg BT 141.44 653.55 Td (occurred ) Tj ET Q q 0 0 0 rg BT 181.02 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 192.62 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 204.21 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 234.47 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 250.44 653.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 276.92 653.55 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 320.29 653.55 Td (no ) Tj ET Q q 0 0 0 rg BT 333.64 653.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 378.48 653.55 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 439.05 653.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 483.90 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 507.16 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 525.17 653.55 Td (goodwill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.33 640.95 Td (testing ) Tj ET Q q 0 0 0 rg BT 130.75 640.95 Td (was ) Tj ET Q q 0 0 0 rg BT 149.50 640.95 Td (necessary) Tj ET Q q 0 0 0 rg BT 189.63 640.95 Td (. ) Tj ET Q q 0 0 0 rg BT 194.68 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 196.57 640.95 Td (As ) Tj ET Q q 0 0 0 rg BT 210.66 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 217.74 640.95 Td (result ) Tj ET Q q 0 0 0 rg BT 243.49 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 254.66 640.95 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 304.32 640.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 346.97 640.95 Td (future ) Tj ET Q q 0 0 0 rg BT 374.46 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 406.04 640.95 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 454.84 640.95 Td (assessing ) Tj ET Q q 0 0 0 rg BT 496.34 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 511.59 640.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 528.59 640.95 Td (value ) Tj ET Q q 0 0 0 rg BT 553.75 640.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.61 628.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 107.39 628.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 127.01 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 145.46 628.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 190.74 628.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 218.52 628.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 255.63 628.35 Td (management ) Tj ET Q q 0 0 0 rg BT 312.56 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 324.01 628.35 Td (exercise ) Tj ET Q q 0 0 0 rg BT 361.69 628.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 409.30 628.35 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 454.88 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 458.16 628.35 Td (Details ) Tj ET Q q 0 0 0 rg BT 491.19 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 503.23 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 520.51 628.35 Td (intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.62 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 94.41 615.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 134.37 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 152.15 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 167.61 615.75 Td (related ) Tj ET Q q 0 0 0 rg BT 198.80 615.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 249.83 615.75 Td (tests ) Tj ET Q q 0 0 0 rg BT 271.12 615.75 Td (follow) Tj ET Q q 0 0 0 rg BT 297.85 615.75 Td (. ) Tj ET Q q 0 0 0 rg BT 303.10 615.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (See ) Tj ET Q q 0 0 0 rg BT 67.43 590.55 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.60 590.55 Td (18 ) Tj ET Q q 0 0 0 rg BT 103.87 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 115.38 590.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 142.65 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 153.58 590.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 211.76 590.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 253.60 590.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 302.44 590.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 345.44 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 361.04 590.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 404.61 590.55 Td ($34 ) Tj ET Q q 0 0 0 rg BT 423.13 590.55 Td (million ) Tj ET Q q 0 0 0 rg BT 456.23 590.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 507.40 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 518.91 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 534.51 590.55 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 109.72 577.95 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 162.36 577.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 185.86 577.95 Td (management ) Tj ET Q q 0 0 0 rg BT 242.59 577.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 283.57 577.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 307.07 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 325.31 577.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 349.38 577.95 Td (name ) Tj ET Q q 0 0 0 rg BT 375.20 577.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 436.01 577.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 481.09 577.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 504.59 577.95 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 554.33 577.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (March ) Tj ET Q q 0 0 0 rg BT 79.53 565.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.28 565.35 Td (2017. ) Tj ET Q q 0 0 0 rg BT 121.53 565.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.88 540.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 120.09 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 130.89 540.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 164.44 540.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 200.90 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 218.11 540.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 235.82 540.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 253.63 540.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 288.92 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 299.14 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 314.02 540.15 Td (addition ) Tj ET Q q 0 0 0 rg BT 350.48 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 361.28 540.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 421.06 540.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 442.36 540.15 Td (management ) Tj ET Q q 0 0 0 rg BT 498.06 540.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 538.01 540.15 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 62.12 527.55 Td ($505 ) Tj ET Q q 0 0 0 rg BT 86.99 527.55 Td (million ) Tj ET Q q 0 0 0 rg BT 121.20 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 140.24 527.55 Td ($262 ) Tj ET Q q 0 0 0 rg BT 165.11 527.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 201.95 527.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 251.99 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 258.49 527.55 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 311.93 527.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 350.19 527.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 390.80 527.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 419.17 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 431.79 527.55 Td ($103 ) Tj ET Q q 0 0 0 rg BT 456.67 527.55 Td (million ) Tj ET Q q 0 0 0 rg BT 490.88 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 509.91 527.55 Td ($66 ) Tj ET Q q 0 0 0 rg BT 529.54 527.55 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 104.95 514.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 128.70 514.95 Td (name ) Tj ET Q q 0 0 0 rg BT 154.22 514.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 181.49 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 193.01 514.95 Td ($23 ) Tj ET Q q 0 0 0 rg BT 211.53 514.95 Td (million ) Tj ET Q q 0 0 0 rg BT 244.65 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 262.58 514.95 Td ($7 ) Tj ET Q q 0 0 0 rg BT 275.85 514.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 311.59 514.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 361.64 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 367.04 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 384.97 514.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 425.08 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 436.60 514.95 Td ($80 ) Tj ET Q q 0 0 0 rg BT 455.12 514.95 Td (million ) Tj ET Q q 0 0 0 rg BT 488.23 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 506.17 514.95 Td ($41) Tj ET Q q 0 0 0 rg BT 521.53 514.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 529.55 514.95 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 502.35 Td (. ) Tj ET Q q 0 0 0 rg BT 105.53 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 108.88 502.35 Td (Because ) Tj ET Q q 0 0 0 rg BT 147.22 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 163.40 502.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.33 502.35 Td (values ) Tj ET Q q 0 0 0 rg BT 211.51 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 223.61 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 239.80 502.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 274.65 502.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 312.41 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 330.93 502.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 348.64 502.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 367.74 502.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 428.82 502.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 456.68 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 475.19 502.35 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 528.11 502.35 Td (separate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 88.45 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 115.17 489.75 Td (were ) Tj ET Q q 0 0 0 rg BT 137.78 489.75 Td (established ) Tj ET Q q 0 0 0 rg BT 186.66 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 197.62 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 208.58 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.14 489.75 Td (April ) Tj ET Q q 0 0 0 rg BT 247.52 489.75 Td (13, ) Tj ET Q q 0 0 0 rg BT 262.86 489.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 286.08 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 303.45 489.75 Td (May ) Tj ET Q q 0 0 0 rg BT 324.92 489.75 Td (2, ) Tj ET Q q 0 0 0 rg BT 335.01 489.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 358.23 489.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 406.52 489.75 Td (dates, ) Tj ET Q q 0 0 0 rg BT 432.94 489.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 482.98 489.75 Td (, ) Tj ET Q q 0 0 0 rg BT 487.82 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 504.04 489.75 Td (December ) Tj ET Q q 0 0 0 rg BT 549.39 489.75 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 72.73 477.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 123.37 477.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 182.16 477.15 Td (was ) Tj ET Q q 0 0 0 rg BT 200.72 477.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 232.70 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 243.10 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 249.99 477.15 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 296.54 477.15 Td (review ) Tj ET Q q 0 0 0 rg BT 327.34 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 337.83 477.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 364.56 477.15 Td (trends ) Tj ET Q q 0 0 0 rg BT 392.45 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 409.84 477.15 Td (other ) Tj ET Q q 0 0 0 rg BT 433.65 477.15 Td (critical ) Tj ET Q q 0 0 0 rg BT 465.03 477.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 506.33 477.15 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 536.86 477.15 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (noted ) Tj ET Q q 0 0 0 rg BT 75.45 464.55 Td (no ) Tj ET Q q 0 0 0 rg BT 88.58 464.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 135.53 464.55 Td (changes.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Amortizable ) Tj ET Q q 0 0 0 rg BT 104.63 439.35 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 151.80 439.35 Td (Assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 94.36 426.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.14 426.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 153.17 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 163.62 426.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 218.97 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 234.07 426.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 281.84 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 296.37 426.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 347.06 426.75 Td (at ) Tj ET Q q 0 0 0 rg BT 356.92 426.75 Td (each ) Tj ET Q q 0 0 0 rg BT 378.44 426.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 419.21 426.75 Td (period ) Tj ET Q q 0 0 0 rg BT 448.32 426.75 Td (using ) Tj ET Q q 0 0 0 rg BT 473.36 426.75 Td (an ) Tj ET Q q 0 0 0 rg BT 485.56 426.75 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 543.84 426.75 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 70.62 414.15 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 108.94 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 110.82 414.15 Td (Significant ) Tj ET Q q 0 0 0 rg BT 158.77 414.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 212.56 414.15 Td (used ) Tj ET Q q 0 0 0 rg BT 233.68 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 243.72 414.15 Td (assessing ) Tj ET Q q 0 0 0 rg BT 284.67 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 299.37 414.15 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 359.55 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 370.17 414.15 Td (management ) Tj ET Q q 0 0 0 rg BT 425.68 414.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 461.37 414.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 505.23 414.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 531.60 414.15 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 90.99 401.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.08 401.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 137.84 401.55 Td (generated ) Tj ET Q q 0 0 0 rg BT 181.07 401.55 Td (by ) Tj ET Q q 0 0 0 rg BT 194.00 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 209.26 401.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 249.58 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 267.17 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 282.43 401.55 Td (remaining ) Tj ET Q q 0 0 0 rg BT 327.43 401.55 Td (lives ) Tj ET Q q 0 0 0 rg BT 349.69 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 360.86 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 376.12 401.55 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 419.07 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 421.50 401.55 Td (Projected ) Tj ET Q q 0 0 0 rg BT 463.58 401.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 484.66 401.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 510.42 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 525.67 401.55 Td (based ) Tj ET Q q 0 0 0 rg BT 552.00 401.55 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.53 388.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 111.47 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 124.10 388.95 Td (current ) Tj ET Q q 0 0 0 rg BT 155.49 388.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 182.12 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 196.49 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 211.45 388.95 Td (applicable ) Tj ET Q q 0 0 0 rg BT 256.72 388.95 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 299.38 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 301.51 388.95 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 343.88 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 358.82 388.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 400.02 388.95 Td (assumed ) Tj ET Q q 0 0 0 rg BT 438.31 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 448.60 388.95 Td (turnover ) Tj ET Q q 0 0 0 rg BT 486.30 388.95 Td (evenly ) Tj ET Q q 0 0 0 rg BT 516.42 388.95 Td (throughout ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.42 376.35 Td (life ) Tj ET Q q 0 0 0 rg BT 82.50 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 94.34 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 110.26 376.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 155.35 376.35 Td (asset. ) Tj ET Q q 0 0 0 rg BT 181.47 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 184.34 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 203.76 376.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 249.42 376.35 Td (life ) Tj ET Q q 0 0 0 rg BT 266.50 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 278.34 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 294.26 376.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 317.77 376.35 Td (is ) Tj ET Q q 0 0 0 rg BT 327.86 376.35 Td (based ) Tj ET Q q 0 0 0 rg BT 354.86 376.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 378.95 376.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 410.61 376.35 Td (such ) Tj ET Q q 0 0 0 rg BT 432.95 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 444.79 376.35 Td (average ) Tj ET Q q 0 0 0 rg BT 480.52 376.35 Td (client ) Tj ET Q q 0 0 0 rg BT 506.94 376.35 Td (retention ) Tj ET Q q 0 0 0 rg BT 547.35 376.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (client ) Tj ET Q q 0 0 0 rg BT 75.44 363.75 Td (turnover ) Tj ET Q q 0 0 0 rg BT 113.63 363.75 Td (rates. ) Tj ET Q q 0 0 0 rg BT 138.69 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 141.31 363.75 Td (If, ) Tj ET Q q 0 0 0 rg BT 153.55 363.75 Td (over ) Tj ET Q q 0 0 0 rg BT 174.82 363.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 198.73 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.17 363.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 269.85 363.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 303.38 363.75 Td (become ) Tj ET Q q 0 0 0 rg BT 338.65 363.75 Td (no ) Tj ET Q q 0 0 0 rg BT 351.77 363.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 381.21 363.75 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 434.26 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 449.71 363.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 489.63 363.75 Td (lives ) Tj ET Q q 0 0 0 rg BT 512.08 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 527.52 363.75 Td (adjusted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.48 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 83.13 351.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 114.53 351.15 Td (on ) Tj ET Q q 0 0 0 rg BT 127.85 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 143.50 351.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 160.89 351.15 Td (value ) Tj ET Q q 0 0 0 rg BT 186.45 351.15 Td (is ) Tj ET Q q 0 0 0 rg BT 196.27 351.15 Td (assessed. ) Tj ET Q q 0 0 0 rg BT 237.30 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 239.50 351.15 Td (Actual ) Tj ET Q q 0 0 0 rg BT 270.31 351.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 291.79 351.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 317.94 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 328.93 351.15 Td (any ) Tj ET Q q 0 0 0 rg BT 346.91 351.15 Td (one ) Tj ET Q q 0 0 0 rg BT 364.89 351.15 Td (period ) Tj ET Q q 0 0 0 rg BT 394.54 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 415.44 351.15 Td (vary ) Tj ET Q q 0 0 0 rg BT 436.92 351.15 Td (from ) Tj ET Q q 0 0 0 rg BT 460.15 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 475.80 351.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 517.68 351.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 539.16 351.15 Td (flows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (without ) Tj ET Q q 0 0 0 rg BT 84.86 338.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 124.88 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 136.32 338.55 Td (an ) Tj ET Q q 0 0 0 rg BT 149.50 338.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 201.18 338.55 Td (char) Tj ET Q q 0 0 0 rg BT 219.06 338.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 232.24 338.55 Td (because ) Tj ET Q q 0 0 0 rg BT 268.75 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 276.68 338.55 Td (variance ) Tj ET Q q 0 0 0 rg BT 315.51 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 326.95 338.55 Td (any ) Tj ET Q q 0 0 0 rg BT 345.39 338.55 Td (one ) Tj ET Q q 0 0 0 rg BT 363.82 338.55 Td (period ) Tj ET Q q 0 0 0 rg BT 393.92 338.55 Td (must ) Tj ET Q q 0 0 0 rg BT 417.61 338.55 Td (be ) Tj ET Q q 0 0 0 rg BT 430.80 338.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 479.55 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 490.99 338.55 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 543.84 338.55 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (other ) Tj ET Q q 0 0 0 rg BT 73.70 325.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 128.25 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 146.62 325.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 177.82 325.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 219.50 325.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 240.79 325.95 Td (flows. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (During ) Tj ET Q q 0 0 0 rg BT 81.72 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 97.01 300.75 Td (nine ) Tj ET Q q 0 0 0 rg BT 117.56 300.75 Td (months ) Tj ET Q q 0 0 0 rg BT 150.95 300.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 178.49 300.75 Td (December ) Tj ET Q q 0 0 0 rg BT 224.10 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.70 300.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 265.79 300.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 305.58 300.75 Td (related ) Tj ET Q q 0 0 0 rg BT 336.61 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 347.25 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 362.55 300.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 393.02 300.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 452.63 300.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 489.49 300.75 Td (account ) Tj ET Q q 0 0 0 rg BT 524.61 300.75 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 73.34 288.15 Td (declined ) Tj ET Q q 0 0 0 rg BT 112.33 288.15 Td (due ) Tj ET Q q 0 0 0 rg BT 130.92 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 142.52 288.15 Td (client ) Tj ET Q q 0 0 0 rg BT 169.27 288.15 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 224.02 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 236.19 288.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 266.74 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 270.17 288.15 Td (Based ) Tj ET Q q 0 0 0 rg BT 299.26 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 313.18 288.15 Td (revised ) Tj ET Q q 0 0 0 rg BT 346.93 288.15 Td (attrition ) Tj ET Q q 0 0 0 rg BT 383.60 288.15 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 428.73 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 444.99 288.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 490.98 288.15 Td (useful ) Tj ET Q q 0 0 0 rg BT 520.07 288.15 Td (life ) Tj ET Q q 0 0 0 rg BT 537.49 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 288.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 88.24 275.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 128.74 275.55 Td (was ) Tj ET Q q 0 0 0 rg BT 147.66 275.55 Td (decreased ) Tj ET Q q 0 0 0 rg BT 191.65 275.55 Td (from ) Tj ET Q q 0 0 0 rg BT 214.65 275.55 Td (1) Tj ET Q q 0 0 0 rg BT 219.51 275.55 Td (1 ) Tj ET Q q 0 0 0 rg BT 227.36 275.55 Td (years ) Tj ET Q q 0 0 0 rg BT 252.11 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 262.87 275.55 Td (eight ) Tj ET Q q 0 0 0 rg BT 286.46 275.55 Td (years ) Tj ET Q q 0 0 0 rg BT 311.21 275.55 Td (at ) Tj ET Q q 0 0 0 rg BT 321.39 275.55 Td (December ) Tj ET Q q 0 0 0 rg BT 367.12 275.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 382.84 275.55 Td (2016. ) Tj ET Q q 0 0 0 rg BT 409.06 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 411.09 275.55 Td (As ) Tj ET Q q 0 0 0 rg BT 425.35 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 432.61 275.55 Td (result ) Tj ET Q q 0 0 0 rg BT 458.53 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 469.87 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 485.30 275.55 Td (client ) Tj ET Q q 0 0 0 rg BT 511.22 275.55 Td (attrition, ) Tj ET Q q 0 0 0 rg BT 549.68 275.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (related ) Tj ET Q q 0 0 0 rg BT 81.52 262.95 Td (decline ) Tj ET Q q 0 0 0 rg BT 115.30 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 126.93 262.95 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 170.33 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 188.95 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 205.23 262.95 Td (revised ) Tj ET Q q 0 0 0 rg BT 239.01 262.95 Td (estimate ) Tj ET Q q 0 0 0 rg BT 277.46 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 289.67 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 305.96 262.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 351.99 262.95 Td (useful ) Tj ET Q q 0 0 0 rg BT 381.11 262.95 Td (life, ) Tj ET Q q 0 0 0 rg BT 401.18 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 417.47 262.95 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 464.66 262.95 Td (at ) Tj ET Q q 0 0 0 rg BT 475.70 262.95 Td (December ) Tj ET Q q 0 0 0 rg BT 522.30 262.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.89 262.95 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (indicated ) Tj ET Q q 0 0 0 rg BT 90.84 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 106.53 250.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 151.37 250.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 189.21 250.35 Td (value ) Tj ET Q q 0 0 0 rg BT 214.81 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 226.41 250.35 Td ($61 ) Tj ET Q q 0 0 0 rg BT 245.02 250.35 Td (million ) Tj ET Q q 0 0 0 rg BT 278.22 250.35 Td (would ) Tj ET Q q 0 0 0 rg BT 307.32 250.35 Td (not ) Tj ET Q q 0 0 0 rg BT 323.60 250.35 Td (be ) Tj ET Q q 0 0 0 rg BT 336.37 250.35 Td (fully ) Tj ET Q q 0 0 0 rg BT 359.06 250.35 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 413.51 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 416.36 250.35 Td (Projected ) Tj ET Q q 0 0 0 rg BT 458.88 250.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 480.39 250.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 506.58 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 519.94 250.35 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 87.94 237.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 128.13 237.75 Td (indicated ) Tj ET Q q 0 0 0 rg BT 168.90 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 175.85 237.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 192.71 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 217.74 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 228.78 237.75 Td ($43 ) Tj ET Q q 0 0 0 rg BT 246.82 237.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 282.07 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 299.53 237.75 Td (an ) Tj ET Q q 0 0 0 rg BT 311.73 237.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 362.42 237.75 Td (char) Tj ET Q q 0 0 0 rg BT 380.30 237.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 392.50 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 403.54 237.75 Td ($18 ) Tj ET Q q 0 0 0 rg BT 421.58 237.75 Td (million ) Tj ET Q q 0 0 0 rg BT 454.21 237.75 Td (on ) Tj ET Q q 0 0 0 rg BT 467.00 237.75 Td (this ) Tj ET Q q 0 0 0 rg BT 484.46 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 507.16 237.75 Td (was ) Tj ET Q q 0 0 0 rg BT 525.78 237.75 Td (recorded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.70 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 76.55 225.15 Td (year ) Tj ET Q q 0 0 0 rg BT 97.65 225.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 125.75 225.15 Td (March ) Tj ET Q q 0 0 0 rg BT 156.18 225.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.34 225.15 Td (2017. ) Tj ET Q q 0 0 0 rg BT 198.99 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 201.80 225.15 Td (The ) Tj ET Q q 0 0 0 rg BT 221.15 225.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 268.51 225.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 323.46 225.15 Td (used ) Tj ET Q q 0 0 0 rg BT 345.73 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 356.93 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 372.79 225.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 394.47 225.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 416.75 225.15 Td (analysis ) Tj ET Q q 0 0 0 rg BT 453.61 225.15 Td (used ) Tj ET Q q 0 0 0 rg BT 475.88 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 487.08 225.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 532.09 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 547.95 225.15 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (value ) Tj ET Q q 0 0 0 rg BT 74.85 212.55 Td (included ) Tj ET Q q 0 0 0 rg BT 113.62 212.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 154.73 212.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 181.84 212.55 Td (growth/\(attrition\) ) Tj ET Q q 0 0 0 rg BT 257.36 212.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 279.80 212.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.16 212.55 Td (7%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.15 212.55 Td (/) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.07 212.55 Td (\(13\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.31 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 336.93 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 354.70 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 361.98 212.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 400.17 212.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 418.52 212.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.89 212.55 Td (15.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.01 212.55 Td (. ) Tj ET Q q 0 0 0 rg BT 462.25 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 464.86 212.55 Td (Future ) Tj ET Q q 0 0 0 rg BT 494.89 212.55 Td (decreases ) Tj ET Q q 0 0 0 rg BT 537.73 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 548.51 212.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.51 199.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 92.11 199.95 Td (projections ) Tj ET Q q 0 0 0 rg BT 141.12 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 152.22 199.95 Td (increases ) Tj ET Q q 0 0 0 rg BT 193.06 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 203.58 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 218.76 199.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 256.69 199.95 Td (rate, ) Tj ET Q q 0 0 0 rg BT 277.41 199.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 316.51 199.95 Td (from ) Tj ET Q q 0 0 0 rg BT 339.27 199.95 Td (actual ) Tj ET Q q 0 0 0 rg BT 366.69 199.95 Td (results, ) Tj ET Q q 0 0 0 rg BT 399.08 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 410.19 199.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 446.36 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 456.88 199.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 511.15 199.95 Td (due ) Tj ET Q q 0 0 0 rg BT 528.67 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 539.19 199.95 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (attrition ) Tj ET Q q 0 0 0 rg BT 85.69 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 103.79 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 119.56 187.35 Td (related ) Tj ET Q q 0 0 0 rg BT 151.07 187.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 193.66 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 204.77 187.35 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 247.66 187.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 296.68 187.35 Td (performance, ) Tj ET Q q 0 0 0 rg BT 355.30 187.35 Td (market ) Tj ET Q q 0 0 0 rg BT 387.39 187.35 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 436.71 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 448.40 187.35 Td (other ) Tj ET Q q 0 0 0 rg BT 472.92 187.35 Td (factors, ) Tj ET Q q 0 0 0 rg BT 507.05 187.35 Td (may ) Tj ET Q q 0 0 0 rg BT 528.07 187.35 Td (result ) Tj ET Q q 0 0 0 rg BT 554.34 187.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (further ) Tj ET Q q 0 0 0 rg BT 79.98 174.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 130.31 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 140.97 174.75 Td (this ) Tj ET Q q 0 0 0 rg BT 158.06 174.75 Td (asset. ) Tj ET Q q 0 0 0 rg BT 183.01 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 184.79 174.75 Td (There ) Tj ET Q q 0 0 0 rg BT 211.18 174.75 Td (can ) Tj ET Q q 0 0 0 rg BT 227.67 174.75 Td (be ) Tj ET Q q 0 0 0 rg BT 239.50 174.75 Td (no ) Tj ET Q q 0 0 0 rg BT 251.91 174.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 294.64 174.75 Td (that ) Tj ET Q q 0 0 0 rg BT 312.30 174.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 355.63 174.75 Td (client ) Tj ET Q q 0 0 0 rg BT 380.87 174.75 Td (attrition, ) Tj ET Q q 0 0 0 rg BT 418.65 174.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 440.98 174.75 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 482.27 174.75 Td (market ) Tj ET Q q 0 0 0 rg BT 513.34 174.75 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 559.89 174.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 60.87 162.15 Td (other ) Tj ET Q q 0 0 0 rg BT 85.07 162.15 Td (factors, ) Tj ET Q q 0 0 0 rg BT 118.89 162.15 Td (will ) Tj ET Q q 0 0 0 rg BT 137.85 162.15 Td (not ) Tj ET Q q 0 0 0 rg BT 153.89 162.15 Td (produce ) Tj ET Q q 0 0 0 rg BT 190.34 162.15 Td (an ) Tj ET Q q 0 0 0 rg BT 202.87 162.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 247.49 162.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 298.52 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 309.31 162.15 Td (this ) Tj ET Q q 0 0 0 rg BT 327.11 162.15 Td (asset.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (As ) Tj ET Q q 0 0 0 rg BT 63.32 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 74.22 136.95 Td (March ) Tj ET Q q 0 0 0 rg BT 103.78 136.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.06 136.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 144.84 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 159.82 136.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 202.21 136.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 246.93 136.95 Td (useful ) Tj ET Q q 0 0 0 rg BT 274.75 136.95 Td (lives ) Tj ET Q q 0 0 0 rg BT 296.73 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 307.63 136.95 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 359.35 136.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 403.49 136.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 430.14 136.95 Td (range ) Tj ET Q q 0 0 0 rg BT 455.61 136.95 Td (from ) Tj ET Q q 0 0 0 rg BT 478.18 136.95 Td (two ) Tj ET Q q 0 0 0 rg BT 496.08 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 506.40 136.95 Td (10�years ) Tj ET Q q 0 0 0 rg BT 543.83 136.95 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 56.79 124.35 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 134.04 124.35 Td (life ) Tj ET Q q 0 0 0 rg BT 150.65 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 162.02 124.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 225.30 124.35 Td (8.0�years.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (Indefinite-Life ) Tj ET Q q 0 0 0 rg BT 115.70 99.15 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 162.86 99.15 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (For ) Tj ET Q q 0 0 0 rg BT 67.24 86.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 112.39 86.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 140.04 86.55 Td (with ) Tj ET Q q 0 0 0 rg BT 161.86 86.55 Td (lives ) Tj ET Q q 0 0 0 rg BT 184.85 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 203.75 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 219.72 86.55 Td (indeterminable ) Tj ET Q q 0 0 0 rg BT 285.85 86.55 Td (or ) Tj ET Q q 0 0 0 rg BT 297.75 86.55 Td (indefinite, ) Tj ET Q q 0 0 0 rg BT 343.77 86.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 361.49 86.55 Td (value ) Tj ET Q q 0 0 0 rg BT 387.39 86.55 Td (is ) Tj ET Q q 0 0 0 rg BT 397.54 86.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 447.93 86.55 Td (from ) Tj ET Q q 0 0 0 rg BT 471.50 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 479.31 86.55 Td (market ) Tj ET Q q 0 0 0 rg BT 511.62 86.55 Td (participant's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (perspective ) Tj ET Q q 0 0 0 rg BT 100.51 73.95 Td (based ) Tj ET Q q 0 0 0 rg BT 127.61 73.95 Td (on ) Tj ET Q q 0 0 0 rg BT 141.31 73.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 183.57 73.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 232.26 73.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 254.12 73.95 Td (flows, ) Tj ET Q q 0 0 0 rg BT 283.27 73.95 Td (taking ) Tj ET Q q 0 0 0 rg BT 312.72 73.95 Td (into ) Tj ET Q q 0 0 0 rg BT 332.25 73.95 Td (account ) Tj ET Q q 0 0 0 rg BT 368.10 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 384.12 73.95 Td (values ) Tj ET Q q 0 0 0 rg BT 414.15 73.95 Td (market ) Tj ET Q q 0 0 0 rg BT 446.50 73.95 Td (participants ) Tj ET Q q 0 0 0 rg BT 498.68 73.95 Td (would ) Tj ET Q q 0 0 0 rg BT 528.13 73.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 546.49 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 557.85 73.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (taxable ) Tj ET Q q 0 0 0 rg BT 81.46 61.35 Td (transaction ) Tj ET Q q 0 0 0 rg BT 129.17 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 138.98 61.35 Td (acquire ) Tj ET Q q 0 0 0 rg BT 171.52 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 185.99 61.35 Td (respective ) Tj ET Q q 0 0 0 rg BT 230.19 61.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 258.96 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 260.49 61.35 Td (W) Tj ET Q q 0 0 0 rg BT 269.56 61.35 Td (e ) Tj ET Q q 0 0 0 rg BT 275.86 61.35 Td (have ) Tj ET Q q 0 0 0 rg BT 297.32 61.35 Td (two ) Tj ET Q q 0 0 0 rg BT 314.72 61.35 Td (primary ) Tj ET Q q 0 0 0 rg BT 349.60 61.35 Td (types ) Tj ET Q q 0 0 0 rg BT 373.41 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 383.80 61.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 443.17 61.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 486.80 61.35 Td (assets: ) Tj ET Q q 0 0 0 rg BT 515.86 61.35 Td (proprietary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.37 48.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 111.90 48.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 132.31 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 143.10 48.75 Td (a ) Tj ET Q q 0 0 0 rg BT 150.39 48.75 Td (lesser ) Tj ET Q q 0 0 0 rg BT 176.92 48.75 Td (extent, ) Tj ET Q q 0 0 0 rg BT 207.82 48.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 231.44 48.75 Td (names.) Tj ET Q endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (75) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 729.15 Td (e ) Tj ET Q q 0 0 0 rg BT 64.77 729.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 108.30 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 122.67 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 138.79 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 163.07 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 173.36 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 188.90 729.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 232.44 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 258.48 729.15 Td (based ) Tj ET Q q 0 0 0 rg BT 283.93 729.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 306.48 729.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 353.52 729.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 394.12 729.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.33 729.15 Td (flows, ) Tj ET Q q 0 0 0 rg BT 441.83 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 469.03 729.15 Td (take ) Tj ET Q q 0 0 0 rg BT 488.07 729.15 Td (into ) Tj ET Q q 0 0 0 rg BT 505.95 729.15 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 91.14 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 102.45 716.55 Td (future ) Tj ET Q q 0 0 0 rg BT 130.08 716.55 Td (fees, ) Tj ET Q q 0 0 0 rg BT 152.17 716.55 Td (profit ) Tj ET Q q 0 0 0 rg BT 178.06 716.55 Td (mar) Tj ET Q q 0 0 0 rg BT 194.20 716.55 Td (gins, ) Tj ET Q q 0 0 0 rg BT 216.89 716.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 249.20 716.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 274.20 716.55 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 300.97 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 318.69 716.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 356.83 716.55 Td (rates. ) Tj ET Q q 0 0 0 rg BT 381.84 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 384.22 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 403.11 716.55 Td (determination ) Tj ET Q q 0 0 0 rg BT 463.98 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 475.29 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 490.68 716.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 507.82 716.55 Td (values ) Tj ET Q q 0 0 0 rg BT 537.20 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 548.51 716.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 109.58 703.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 153.93 703.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 180.78 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 190.14 703.95 Td (highly ) Tj ET Q q 0 0 0 rg BT 219.33 703.95 Td (dependent ) Tj ET Q q 0 0 0 rg BT 264.83 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 277.69 703.95 Td (these ) Tj ET Q q 0 0 0 rg BT 301.62 703.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 343.04 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 360.56 703.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 396.73 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 407.25 703.95 Td (these ) Tj ET Q q 0 0 0 rg BT 431.18 703.95 Td (inputs ) Tj ET Q q 0 0 0 rg BT 459.21 703.95 Td (could ) Tj ET Q q 0 0 0 rg BT 484.89 703.95 Td (result ) Tj ET Q q 0 0 0 rg BT 510.58 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 521.10 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 528.11 703.95 Td (material ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.21 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 111.27 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 126.41 691.35 Td (related ) Tj ET Q q 0 0 0 rg BT 157.28 691.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 194.57 691.35 Td (values. ) Tj ET Q q 0 0 0 rg BT 225.82 691.35 Td (An ) Tj ET Q q 0 0 0 rg BT 240.96 691.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 263.68 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 272.99 691.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 322.53 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 333.01 691.35 Td (be ) Tj ET Q q 0 0 0 rg BT 345.23 691.35 Td (impaired ) Tj ET Q q 0 0 0 rg BT 384.86 691.35 Td (if ) Tj ET Q q 0 0 0 rg BT 393.58 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 408.72 691.35 Td (current ) Tj ET Q q 0 0 0 rg BT 440.76 691.35 Td (implied ) Tj ET Q q 0 0 0 rg BT 475.15 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.02 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 517.07 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 526.38 691.35 Td (less ) Tj ET Q q 0 0 0 rg BT 544.44 691.35 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.16 678.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 104.73 678.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 142.54 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 168.12 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 179.70 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.37 678.75 Td (asset. ) Tj ET Q q 0 0 0 rg BT 221.24 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 224.08 678.75 Td (If ) Tj ET Q q 0 0 0 rg BT 233.91 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 246.65 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 269.90 678.75 Td (is ) Tj ET Q q 0 0 0 rg BT 279.74 678.75 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 322.52 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 338.19 678.75 Td (dif) Tj ET Q q 0 0 0 rg BT 349.66 678.75 Td (ference ) Tj ET Q q 0 0 0 rg BT 383.38 678.75 Td (between ) Tj ET Q q 0 0 0 rg BT 421.20 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.87 678.75 Td (current ) Tj ET Q q 0 0 0 rg BT 469.44 678.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 504.35 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 521.76 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 547.34 678.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.12 666.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 102.90 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 128.43 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 139.97 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 155.59 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 178.79 666.15 Td (reflected ) Tj ET Q q 0 0 0 rg BT 218.31 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 231.60 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 247.22 666.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 286.74 666.15 Td (statements ) Tj ET Q q 0 0 0 rg BT 333.86 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 343.66 666.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 392.51 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 404.05 666.15 Td (an ) Tj ET Q q 0 0 0 rg BT 416.75 666.15 Td (Operating ) Tj ET Q q 0 0 0 rg BT 461.53 666.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 498.14 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 509.10 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 524.72 666.15 Td (period ) Tj ET Q q 0 0 0 rg BT 554.34 666.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 77.79 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 93.24 653.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 144.27 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 153.90 653.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 203.75 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 214.55 653.55 Td (exist. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 92.59 628.35 Td (that ) Tj ET Q q 0 0 0 rg BT 111.19 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 126.86 628.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 167.61 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 185.62 628.35 Td (operated ) Tj ET Q q 0 0 0 rg BT 224.62 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 236.21 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 243.72 628.35 Td (single ) Tj ET Q q 0 0 0 rg BT 271.66 628.35 Td (unit, ) Tj ET Q q 0 0 0 rg BT 293.47 628.35 Td (such ) Tj ET Q q 0 0 0 rg BT 315.57 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 327.16 628.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 367.91 628.35 Td (within ) Tj ET Q q 0 0 0 rg BT 397.60 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 413.28 628.35 Td (same ) Tj ET Q q 0 0 0 rg BT 437.70 628.35 Td (family ) Tj ET Q q 0 0 0 rg BT 467.96 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 479.56 628.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 508.37 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 524.04 628.35 Td (reviewed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 61.26 615.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 105.66 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 124.42 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 140.83 615.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 189.91 615.75 Td (interchangeable ) Tj ET Q q 0 0 0 rg BT 259.96 615.75 Td (because ) Tj ET Q q 0 0 0 rg BT 296.79 615.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 338.30 615.75 Td (can ) Tj ET Q q 0 0 0 rg BT 356.46 615.75 Td (transfer ) Tj ET Q q 0 0 0 rg BT 392.12 615.75 Td (between ) Tj ET Q q 0 0 0 rg BT 430.70 615.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 457.62 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 479.89 615.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 513.23 615.75 Td (restrictions. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (Similarly) Tj ET Q q 0 0 0 rg BT 87.90 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 93.22 603.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 114.57 603.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 140.60 603.15 Td (generated ) Tj ET Q q 0 0 0 rg BT 184.10 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 197.30 603.15 Td (new ) Tj ET Q q 0 0 0 rg BT 217.49 603.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 243.51 603.15 Td (added ) Tj ET Q q 0 0 0 rg BT 271.28 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 282.14 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 297.66 603.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 319.60 603.15 Td (group ) Tj ET Q q 0 0 0 rg BT 346.79 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 362.31 603.15 Td (included ) Tj ET Q q 0 0 0 rg BT 401.16 603.15 Td (when ) Tj ET Q q 0 0 0 rg BT 426.60 603.15 Td (determining ) Tj ET Q q 0 0 0 rg BT 480.03 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 495.55 603.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 512.82 603.15 Td (value ) Tj ET Q q 0 0 0 rg BT 538.25 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.69 603.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 93.76 590.55 Td (asset. ) Tj ET Q q 0 0 0 rg BT 119.07 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 120.84 590.55 Td (As ) Tj ET Q q 0 0 0 rg BT 134.78 590.55 Td (further ) Tj ET Q q 0 0 0 rg BT 165.62 590.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 208.14 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 218.58 590.55 Td (Note ) Tj ET Q q 0 0 0 rg BT 241.26 590.55 Td (2 ) Tj ET Q q 0 0 0 rg BT 248.78 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 259.80 590.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 286.57 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 297.01 590.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 354.69 590.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 396.04 590.55 Td (Statements, ) Tj ET Q q 0 0 0 rg BT 447.02 590.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 464.72 590.55 Td (rust ) Tj ET Q q 0 0 0 rg BT 482.75 590.55 Td (has ) Tj ET Q q 0 0 0 rg BT 499.01 590.55 Td (been ) Tj ET Q q 0 0 0 rg BT 521.11 590.55 Td (combined ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (with ) Tj ET Q q 0 0 0 rg BT 70.69 577.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 102.95 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 113.63 577.95 Td (form ) Tj ET Q q 0 0 0 rg BT 136.56 577.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 154.27 577.95 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 204.90 577.95 Td (through ) Tj ET Q q 0 0 0 rg BT 240.09 577.95 Td (common ) Tj ET Q q 0 0 0 rg BT 279.35 577.95 Td (management, ) Tj ET Q q 0 0 0 rg BT 338.14 577.95 Td (shared ) Tj ET Q q 0 0 0 rg BT 368.06 577.95 Td (resources ) Tj ET Q q 0 0 0 rg BT 410.22 577.95 Td (\(including ) Tj ET Q q 0 0 0 rg BT 455.90 577.95 Td (infrastructure, ) Tj ET Q q 0 0 0 rg BT 517.60 577.95 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.39 565.35 Td (processes\) ) Tj ET Q q 0 0 0 rg BT 111.86 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 128.75 565.35 Td (branding ) Tj ET Q q 0 0 0 rg BT 167.81 565.35 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 213.58 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 214.93 565.35 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 266.74 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 271.10 565.35 Td (after ) Tj ET Q q 0 0 0 rg BT 292.06 565.35 Td (completing ) Tj ET Q q 0 0 0 rg BT 341.03 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 355.60 565.35 Td (annual ) Tj ET Q q 0 0 0 rg BT 385.32 565.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 435.46 565.35 Td (testing ) Tj ET Q q 0 0 0 rg BT 465.19 565.35 Td (process ) Tj ET Q q 0 0 0 rg BT 498.41 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 508.89 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 519.37 565.35 Td (December ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.88 552.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 92.76 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 108.85 552.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 169.83 552.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 196.42 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 253.32 552.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 294.47 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 318.14 552.75 Td (related ) Tj ET Q q 0 0 0 rg BT 349.96 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 361.38 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 377.47 552.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 395.18 552.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 414.18 552.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 463.52 552.75 Td (was ) Tj ET Q q 0 0 0 rg BT 483.10 552.75 Td (combined ) Tj ET Q q 0 0 0 rg BT 527.76 552.75 Td (with ) Tj ET Q q 0 0 0 rg BT 549.69 552.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 109.31 540.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 175.53 540.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 200.94 540.15 Td (management ) Tj ET Q q 0 0 0 rg BT 256.67 540.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 296.65 540.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 319.14 540.15 Td (related ) Tj ET Q q 0 0 0 rg BT 349.78 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 360.03 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 374.94 540.15 Td (legacy ) Tj ET Q q 0 0 0 rg BT 404.42 540.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 436.24 540.15 Td (business. ) Tj ET Q q 0 0 0 rg BT 476.53 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 478.46 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 496.87 540.15 Td (related ) Tj ET Q q 0 0 0 rg BT 527.51 540.15 Td (carrying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (values ) Tj ET Q q 0 0 0 rg BT 78.95 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 96.74 527.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 118.02 527.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 143.98 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 155.35 527.55 Td (these ) Tj ET Q q 0 0 0 rg BT 179.55 527.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 205.51 527.55 Td (will ) Tj ET Q q 0 0 0 rg BT 224.47 527.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 263.25 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 274.04 527.55 Td (be ) Tj ET Q q 0 0 0 rg BT 286.58 527.55 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 335.26 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 350.13 527.55 Td (future ) Tj ET Q q 0 0 0 rg BT 377.82 527.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 428.85 527.55 Td (testing. ) Tj ET Q q 0 0 0 rg BT 462.10 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 464.73 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 467.35 527.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Projected ) Tj ET Q q 0 0 0 rg BT 90.98 502.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 111.46 502.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 136.62 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 151.26 502.35 Td (based ) Tj ET Q q 0 0 0 rg BT 176.99 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 189.31 502.35 Td (annualized ) Tj ET Q q 0 0 0 rg BT 236.61 502.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 257.10 502.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 282.25 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 296.32 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 310.97 502.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 355.94 502.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 395.66 502.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 436.55 502.35 Td (forward ) Tj ET Q q 0 0 0 rg BT 471.61 502.35 Td (40�years ) Tj ET Q q 0 0 0 rg BT 508.71 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 519.28 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 533.35 502.35 Td (shorter ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 82.82 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 103.89 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 110.96 489.75 Td (terminal ) Tj ET Q q 0 0 0 rg BT 148.36 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 173.50 489.75 Td (assumption, ) Tj ET Q q 0 0 0 rg BT 226.37 489.75 Td (assuming ) Tj ET Q q 0 0 0 rg BT 268.45 489.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 298.84 489.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 319.91 489.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 341.56 489.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 373.72 489.75 Td (from ) Tj ET Q q 0 0 0 rg BT 396.53 489.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 439.18 489.75 Td (net ) Tj ET Q q 0 0 0 rg BT 454.41 489.75 Td (client ) Tj ET Q q 0 0 0 rg BT 480.15 489.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 505.89 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 523.45 489.75 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (market ) Tj ET Q q 0 0 0 rg BT 81.10 477.15 Td (performance. ) Tj ET Q q 0 0 0 rg BT 139.22 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 141.49 477.15 Td (T) Tj ET Q q 0 0 0 rg BT 147.17 477.15 Td (o ) Tj ET Q q 0 0 0 rg BT 154.86 477.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 192.30 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 207.57 477.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 249.08 477.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 270.19 477.15 Td (flows, ) Tj ET Q q 0 0 0 rg BT 298.59 477.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 340.10 477.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 361.79 477.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 393.98 477.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 416.25 477.15 Td (by ) Tj ET Q q 0 0 0 rg BT 429.20 477.15 Td (af) Tj ET Q q 0 0 0 rg BT 437.17 477.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 464.10 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 479.36 477.15 Td (used ) Tj ET Q q 0 0 0 rg BT 501.06 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 511.67 477.15 Td (project ) Tj ET Q q 0 0 0 rg BT 543.27 477.15 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 79.01 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 81.40 464.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 104.78 464.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 126.42 464.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 158.55 464.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 180.76 464.55 Td (consider ) Tj ET Q q 0 0 0 rg BT 218.71 464.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 260.17 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 271.30 464.55 Td (both ) Tj ET Q q 0 0 0 rg BT 291.83 464.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 318.72 464.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 344.44 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 361.98 464.55 Td (market ) Tj ET Q q 0 0 0 rg BT 393.52 464.55 Td (expectations ) Tj ET Q q 0 0 0 rg BT 448.39 464.55 Td (by ) Tj ET Q q 0 0 0 rg BT 461.27 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 484.07 464.55 Td (class ) Tj ET Q q 0 0 0 rg BT 506.87 464.55 Td (\(equity) Tj ET Q q 0 0 0 rg BT 535.93 464.55 Td (, ) Tj ET Q q 0 0 0 rg BT 540.94 464.55 Td (fixed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (income, ) Tj ET Q q 0 0 0 rg BT 86.19 451.95 Td (alternative ) Tj ET Q q 0 0 0 rg BT 133.65 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 151.97 451.95 Td (liquidity\) ) Tj ET Q q 0 0 0 rg BT 194.21 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 212.53 451.95 Td (by ) Tj ET Q q 0 0 0 rg BT 226.19 451.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 275.42 451.95 Td (manager ) Tj ET Q q 0 0 0 rg BT 314.72 451.95 Td (based ) Tj ET Q q 0 0 0 rg BT 341.79 451.95 Td (upon, ) Tj ET Q q 0 0 0 rg BT 368.57 451.95 Td (among ) Tj ET Q q 0 0 0 rg BT 400.30 451.95 Td (other ) Tj ET Q q 0 0 0 rg BT 425.04 451.95 Td (things, ) Tj ET Q q 0 0 0 rg BT 456.49 451.95 Td (historical ) Tj ET Q q 0 0 0 rg BT 498.72 451.95 Td (experience ) Tj ET Q q 0 0 0 rg BT 547.34 451.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (expectations ) Tj ET Q q 0 0 0 rg BT 104.02 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 114.80 439.35 Td (future ) Tj ET Q q 0 0 0 rg BT 141.91 439.35 Td (market ) Tj ET Q q 0 0 0 rg BT 173.10 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 190.30 439.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 238.42 439.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 293.51 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 315.96 439.35 Td (internal ) Tj ET Q q 0 0 0 rg BT 350.06 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 367.26 439.35 Td (external ) Tj ET Q q 0 0 0 rg BT 403.11 439.35 Td (sources. ) Tj ET Q q 0 0 0 rg BT 439.27 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 441.31 439.35 Td (Currently) Tj ET Q q 0 0 0 rg BT 480.87 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 485.53 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 501.56 439.35 Td (market ) Tj ET Q q 0 0 0 rg BT 532.76 439.35 Td (growth ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 105.21 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 121.81 426.75 Td (6% ) Tj ET Q q 0 0 0 rg BT 139.60 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 155.62 426.75 Td (equity) Tj ET Q q 0 0 0 rg BT 181.19 426.75 Td (, ) Tj ET Q q 0 0 0 rg BT 187.60 426.75 Td (3% ) Tj ET Q q 0 0 0 rg BT 205.38 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 221.41 426.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 246.77 426.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 284.09 426.75 Td (4% ) Tj ET Q q 0 0 0 rg BT 301.87 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 317.90 426.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 366.00 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 384.94 426.75 Td (0% ) Tj ET Q q 0 0 0 rg BT 402.73 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 418.76 426.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 458.13 426.75 Td (products, ) Tj ET Q q 0 0 0 rg BT 500.70 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 523.16 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 531.60 426.75 Td (general ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (assumption ) Tj ET Q q 0 0 0 rg BT 99.54 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 110.50 414.15 Td (2% ) Tj ET Q q 0 0 0 rg BT 126.70 414.15 Td (or) Tj ET Q q 0 0 0 rg BT 135.26 414.15 Td (ganic ) Tj ET Q q 0 0 0 rg BT 160.20 414.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 192.16 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 206.61 414.15 Td (all ) Tj ET Q q 0 0 0 rg BT 219.31 414.15 Td (products, ) Tj ET Q q 0 0 0 rg BT 260.30 414.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 292.25 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 302.63 414.15 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 349.74 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 364.19 414.15 Td (or) Tj ET Q q 0 0 0 rg BT 372.75 414.15 Td (ganic ) Tj ET Q q 0 0 0 rg BT 397.69 414.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 429.65 414.15 Td (\(contraction\), ) Tj ET Q q 0 0 0 rg BT 488.70 414.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 529.97 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 540.35 414.15 Td (years ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (one ) Tj ET Q q 0 0 0 rg BT 67.29 401.55 Td (through ) Tj ET Q q 0 0 0 rg BT 102.57 401.55 Td (five. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.62 376.35 Td (starting ) Tj ET Q q 0 0 0 rg BT 102.91 376.35 Td (point ) Tj ET Q q 0 0 0 rg BT 127.30 376.35 Td (for ) Tj ET Q q 0 0 0 rg BT 142.34 376.35 Td (these ) Tj ET Q q 0 0 0 rg BT 166.71 376.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 221.43 376.35 Td (is ) Tj ET Q q 0 0 0 rg BT 231.23 376.35 Td (our ) Tj ET Q q 0 0 0 rg BT 248.02 376.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 290.46 376.35 Td (planning ) Tj ET Q q 0 0 0 rg BT 330.00 376.35 Td (process ) Tj ET Q q 0 0 0 rg BT 364.29 376.35 Td (that ) Tj ET Q q 0 0 0 rg BT 382.83 376.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 420.62 376.35 Td (three-year ) Tj ET Q q 0 0 0 rg BT 465.35 376.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 492.65 376.35 Td (projections ) Tj ET Q q 0 0 0 rg BT 542.11 376.35 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.68 363.75 Td (management ) Tj ET Q q 0 0 0 rg BT 122.67 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 134.77 363.75 Td (each ) Tj ET Q q 0 0 0 rg BT 157.35 363.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 200.36 363.75 Td (af) Tj ET Q q 0 0 0 rg BT 208.33 363.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 236.16 363.75 Td (that ) Tj ET Q q 0 0 0 rg BT 255.26 363.75 Td (consider ) Tj ET Q q 0 0 0 rg BT 294.18 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 310.36 363.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 346.36 363.75 Td (business ) Tj ET Q q 0 0 0 rg BT 385.30 363.75 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 448.13 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 460.22 363.75 Td (each ) Tj ET Q q 0 0 0 rg BT 482.80 363.75 Td (af) Tj ET Q q 0 0 0 rg BT 490.77 363.75 Td (filiate, ) Tj ET Q q 0 0 0 rg BT 521.24 363.75 Td (with ) Tj ET Q q 0 0 0 rg BT 543.25 363.75 Td (flow ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 104.50 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 119.82 351.15 Td (years ) Tj ET Q q 0 0 0 rg BT 145.06 351.15 Td (one ) Tj ET Q q 0 0 0 rg BT 163.29 351.15 Td (through ) Tj ET Q q 0 0 0 rg BT 199.04 351.15 Td (five ) Tj ET Q q 0 0 0 rg BT 218.44 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 233.76 351.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 265.40 351.15 Td (af) Tj ET Q q 0 0 0 rg BT 273.37 351.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 305.03 351.15 Td (adjusted, ) Tj ET Q q 0 0 0 rg BT 345.72 351.15 Td (as ) Tj ET Q q 0 0 0 rg BT 357.55 351.15 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 411.06 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 422.31 351.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 452.20 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 459.94 351.15 Td (market ) Tj ET Q q 0 0 0 rg BT 492.17 351.15 Td (participant ) Tj ET Q q 0 0 0 rg BT 540.14 351.15 Td (view) Tj ET Q q 0 0 0 rg BT 559.87 351.15 Td (. ) Tj ET Q q 0 0 0 rg BT 565.12 351.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Beyond ) Tj ET Q q 0 0 0 rg BT 83.86 338.55 Td (year ) Tj ET Q q 0 0 0 rg BT 103.63 338.55 Td (three, ) Tj ET Q q 0 0 0 rg BT 128.94 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 143.46 338.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 184.24 338.55 Td (move ) Tj ET Q q 0 0 0 rg BT 209.26 338.55 Td (towards ) Tj ET Q q 0 0 0 rg BT 244.21 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 259.90 338.55 Td (general ) Tj ET Q q 0 0 0 rg BT 292.49 338.55 Td (or) Tj ET Q q 0 0 0 rg BT 301.05 338.55 Td (ganic ) Tj ET Q q 0 0 0 rg BT 325.49 338.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 356.93 338.55 Td (assumption ) Tj ET Q q 0 0 0 rg BT 406.47 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 416.91 338.55 Td (2%, ) Tj ET Q q 0 0 0 rg BT 435.23 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 445.68 338.55 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 495.19 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 509.13 338.55 Td (each ) Tj ET Q q 0 0 0 rg BT 530.06 338.55 Td (af) Tj ET Q q 0 0 0 rg BT 538.03 338.55 Td (filiate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.38 325.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 90.51 325.95 Td (class, ) Tj ET Q q 0 0 0 rg BT 116.27 325.95 Td (through ) Tj ET Q q 0 0 0 rg BT 151.65 325.95 Td (year ) Tj ET Q q 0 0 0 rg BT 172.43 325.95 Td (20, ) Tj ET Q q 0 0 0 rg BT 188.28 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 199.74 325.95 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 252.90 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 255.42 325.95 Td (The ) Tj ET Q q 0 0 0 rg BT 274.46 325.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 313.93 325.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 335.31 325.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 357.27 325.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 389.74 325.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 408.19 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 423.15 325.95 Td (year ) Tj ET Q q 0 0 0 rg BT 443.94 325.95 Td (20 ) Tj ET Q q 0 0 0 rg BT 457.16 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 466.88 325.95 Td (held ) Tj ET Q q 0 0 0 rg BT 487.68 325.95 Td (constant ) Tj ET Q q 0 0 0 rg BT 525.39 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 543.27 325.95 Td (used ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.63 313.35 Td (further ) Tj ET Q q 0 0 0 rg BT 92.15 313.35 Td (project ) Tj ET Q q 0 0 0 rg BT 124.27 313.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 145.88 313.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 172.18 313.35 Td (through ) Tj ET Q q 0 0 0 rg BT 207.80 313.35 Td (year ) Tj ET Q q 0 0 0 rg BT 228.83 313.35 Td (40. ) Tj ET Q q 0 0 0 rg BT 244.91 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 247.87 313.35 Td (Based ) Tj ET Q q 0 0 0 rg BT 276.49 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 289.95 313.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 331.32 313.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 358.78 313.35 Td (by ) Tj ET Q q 0 0 0 rg BT 372.24 313.35 Td (af) Tj ET Q q 0 0 0 rg BT 380.21 313.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 407.66 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 425.78 313.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 449.15 313.35 Td (class, ) Tj ET Q q 0 0 0 rg BT 475.15 313.35 Td (af) Tj ET Q q 0 0 0 rg BT 483.11 313.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 510.56 313.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 549.68 313.35 Td (fee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 71.93 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 87.36 300.75 Td (applied ) Tj ET Q q 0 0 0 rg BT 120.88 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 131.66 300.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 176.26 300.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 217.93 300.75 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 260.48 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 262.91 300.75 Td (The ) Tj ET Q q 0 0 0 rg BT 281.84 300.75 Td (domestic ) Tj ET Q q 0 0 0 rg BT 322.37 300.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 354.14 300.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 376.00 300.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 416.51 300.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 458.19 300.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 498.12 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 513.55 300.75 Td (applied ) Tj ET Q q 0 0 0 rg BT 547.07 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 557.85 300.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 126.61 288.15 Td (mar) Tj ET Q q 0 0 0 rg BT 142.75 288.15 Td (gin ) Tj ET Q q 0 0 0 rg BT 158.65 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 173.38 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 188.70 288.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 234.33 288.15 Td (af) Tj ET Q q 0 0 0 rg BT 242.30 288.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 273.36 288.15 Td (that ) Tj ET Q q 0 0 0 rg BT 291.59 288.15 Td (manage ) Tj ET Q q 0 0 0 rg BT 326.73 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 341.49 288.15 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 371.11 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 373.59 288.15 Td (Mar) Tj ET Q q 0 0 0 rg BT 390.90 288.15 Td (gins ) Tj ET Q q 0 0 0 rg BT 410.89 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 426.19 288.15 Td (based ) Tj ET Q q 0 0 0 rg BT 452.59 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 465.57 288.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 524.62 288.15 Td (currently ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.05 275.55 Td (place ) Tj ET Q q 0 0 0 rg BT 84.58 275.55 Td (at ) Tj ET Q q 0 0 0 rg BT 94.54 275.55 Td (each ) Tj ET Q q 0 0 0 rg BT 116.15 275.55 Td (af) Tj ET Q q 0 0 0 rg BT 124.12 275.55 Td (filiate. ) Tj ET Q q 0 0 0 rg BT 153.61 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 156.00 275.55 Td (Projected ) Tj ET Q q 0 0 0 rg BT 198.03 275.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 240.06 275.55 Td (income ) Tj ET Q q 0 0 0 rg BT 273.35 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 282.74 275.55 Td (further ) Tj ET Q q 0 0 0 rg BT 313.69 275.55 Td (reduced ) Tj ET Q q 0 0 0 rg BT 349.30 275.55 Td (by ) Tj ET Q q 0 0 0 rg BT 362.18 275.55 Td (an ) Tj ET Q q 0 0 0 rg BT 374.47 275.55 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 424.66 275.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 439.87 275.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 457.99 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 468.54 275.55 Td (calculate ) Tj ET Q q 0 0 0 rg BT 508.22 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 523.43 275.55 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.78 262.95 Td (flows. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 237.75 Td (e ) Tj ET Q q 0 0 0 rg BT 65.04 237.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 97.16 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 112.97 237.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 144.53 237.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 198.26 237.75 Td (are ) Tj ET Q q 0 0 0 rg BT 212.88 237.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 259.58 237.75 Td (given ) Tj ET Q q 0 0 0 rg BT 284.72 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 300.53 237.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 358.90 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 369.46 237.75 Td (multiple ) Tj ET Q q 0 0 0 rg BT 406.26 237.75 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 436.37 237.75 Td (including ) Tj ET Q q 0 0 0 rg BT 477.84 237.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 511.72 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 528.69 237.75 Td (external ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (sources, ) Tj ET Q q 0 0 0 rg BT 86.35 225.15 Td (although ) Tj ET Q q 0 0 0 rg BT 125.83 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 142.56 225.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 197.21 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 212.76 225.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 245.24 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 256.14 225.15 Td (change ) Tj ET Q q 0 0 0 rg BT 288.60 225.15 Td (based ) Tj ET Q q 0 0 0 rg BT 315.24 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 328.48 225.15 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 380.78 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 391.68 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 408.41 225.15 Td (actual ) Tj ET Q q 0 0 0 rg BT 436.21 225.15 Td (results ) Tj ET Q q 0 0 0 rg BT 466.36 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 484.26 225.15 Td (market ) Tj ET Q q 0 0 0 rg BT 516.14 225.15 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 565.14 225.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.83 212.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 123.75 212.55 Td (are ) Tj ET Q q 0 0 0 rg BT 139.57 212.55 Td (also ) Tj ET Q q 0 0 0 rg BT 159.48 212.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 192.22 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 203.39 212.55 Td (change ) Tj ET Q q 0 0 0 rg BT 236.12 212.55 Td (due ) Tj ET Q q 0 0 0 rg BT 254.28 212.55 Td (to, ) Tj ET Q q 0 0 0 rg BT 268.08 212.55 Td (among ) Tj ET Q q 0 0 0 rg BT 299.65 212.55 Td (other ) Tj ET Q q 0 0 0 rg BT 324.23 212.55 Td (factors, ) Tj ET Q q 0 0 0 rg BT 358.42 212.55 Td (poor ) Tj ET Q q 0 0 0 rg BT 380.67 212.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 429.74 212.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 485.79 212.55 Td (by ) Tj ET Q q 0 0 0 rg BT 499.29 212.55 Td (one ) Tj ET Q q 0 0 0 rg BT 517.45 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 529.20 212.55 Td (more ) Tj ET Q q 0 0 0 rg BT 553.77 212.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 66.03 199.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 108.22 199.95 Td (af) Tj ET Q q 0 0 0 rg BT 116.19 199.95 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 149.93 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 165.29 199.95 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 215.06 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 225.79 199.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 252.83 199.95 Td (by ) Tj ET Q q 0 0 0 rg BT 265.86 199.95 Td (clients, ) Tj ET Q q 0 0 0 rg BT 298.44 199.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 334.79 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 345.49 199.95 Td (business ) Tj ET Q q 0 0 0 rg BT 383.62 199.95 Td (climate, ) Tj ET Q q 0 0 0 rg BT 419.68 199.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 454.28 199.95 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 499.97 199.95 Td (actions, ) Tj ET Q q 0 0 0 rg BT 534.87 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 546.16 199.95 Td (loss ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.70 187.35 Td (key ) Tj ET Q q 0 0 0 rg BT 80.31 187.35 Td (personnel. ) Tj ET Q q 0 0 0 rg BT 127.21 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 130.41 187.35 Td (W) Tj ET Q q 0 0 0 rg BT 139.48 187.35 Td (e ) Tj ET Q q 0 0 0 rg BT 147.59 187.35 Td (consider ) Tj ET Q q 0 0 0 rg BT 186.61 187.35 Td (these ) Tj ET Q q 0 0 0 rg BT 211.64 187.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 234.92 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 246.54 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 262.82 187.35 Td (development ) Tj ET Q q 0 0 0 rg BT 320.51 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 332.70 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 350.15 187.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 383.35 187.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 438.72 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 457.33 187.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 496.37 187.35 Td (rates, ) Tj ET Q q 0 0 0 rg BT 522.26 187.35 Td (discussed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (further ) Tj ET Q q 0 0 0 rg BT 80.61 174.75 Td (below) Tj ET Q q 0 0 0 rg BT 105.59 174.75 Td (. ) Tj ET Q q 0 0 0 rg BT 110.76 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 113.30 174.75 Td (Further) Tj ET Q q 0 0 0 rg BT 143.79 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 148.96 174.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 176.57 174.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 197.77 174.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 223.65 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 234.36 174.75 Td (any ) Tj ET Q q 0 0 0 rg BT 252.06 174.75 Td (one ) Tj ET Q q 0 0 0 rg BT 269.76 174.75 Td (period ) Tj ET Q q 0 0 0 rg BT 299.13 174.75 Td (may ) Tj ET Q q 0 0 0 rg BT 319.75 174.75 Td (vary ) Tj ET Q q 0 0 0 rg BT 340.95 174.75 Td (from ) Tj ET Q q 0 0 0 rg BT 363.91 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 379.28 174.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 420.88 174.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 442.08 174.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 467.96 174.75 Td (without ) Tj ET Q q 0 0 0 rg BT 502.59 174.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 541.88 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 552.59 174.75 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 101.23 162.15 Td (char) Tj ET Q q 0 0 0 rg BT 119.11 162.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 132.35 162.15 Td (because ) Tj ET Q q 0 0 0 rg BT 168.91 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 176.90 162.15 Td (variance ) Tj ET Q q 0 0 0 rg BT 215.78 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 227.28 162.15 Td (any ) Tj ET Q q 0 0 0 rg BT 245.77 162.15 Td (one ) Tj ET Q q 0 0 0 rg BT 264.26 162.15 Td (period ) Tj ET Q q 0 0 0 rg BT 294.41 162.15 Td (must ) Tj ET Q q 0 0 0 rg BT 318.16 162.15 Td (be ) Tj ET Q q 0 0 0 rg BT 331.40 162.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 380.21 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 391.71 162.15 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 444.61 162.15 Td (with ) Tj ET Q q 0 0 0 rg BT 466.61 162.15 Td (other ) Tj ET Q q 0 0 0 rg BT 491.51 162.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 546.76 162.15 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.70 149.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 122.39 149.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 143.67 149.55 Td (flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.19 124.35 Td (process ) Tj ET Q q 0 0 0 rg BT 102.04 124.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 139.40 124.35 Td (comparison ) Tj ET Q q 0 0 0 rg BT 190.75 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 201.85 124.35 Td (actual ) Tj ET Q q 0 0 0 rg BT 229.28 124.35 Td (results ) Tj ET Q q 0 0 0 rg BT 259.06 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 269.58 124.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 292.36 124.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 324.46 124.35 Td (projections. ) Tj ET Q q 0 0 0 rg BT 376.11 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 378.47 124.35 Td (However) Tj ET Q q 0 0 0 rg BT 416.53 124.35 Td (, ) Tj ET Q q 0 0 0 rg BT 421.52 124.35 Td (dif) Tj ET Q q 0 0 0 rg BT 432.99 124.35 Td (ferences ) Tj ET Q q 0 0 0 rg BT 470.32 124.35 Td (between ) Tj ET Q q 0 0 0 rg BT 507.67 124.35 Td (actual ) Tj ET Q q 0 0 0 rg BT 535.10 124.35 Td (results ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.43 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 82.20 111.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 104.38 111.75 Td (projections ) Tj ET Q q 0 0 0 rg BT 152.81 111.75 Td (are ) Tj ET Q q 0 0 0 rg BT 167.40 111.75 Td (not ) Tj ET Q q 0 0 0 rg BT 182.59 111.75 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 231.01 111.75 Td (indicative ) Tj ET Q q 0 0 0 rg BT 274.18 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 284.70 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 291.13 111.75 Td (need ) Tj ET Q q 0 0 0 rg BT 312.72 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 322.66 111.75 Td (reassess ) Tj ET Q q 0 0 0 rg BT 358.26 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 374.03 111.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 414.87 111.75 Td (given ) Tj ET Q q 0 0 0 rg BT 439.97 111.75 Td (that: ) Tj ET Q q 0 0 0 rg BT 460.41 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 476.17 111.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 523.44 111.75 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.60 99.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 92.29 99.15 Td (analyses ) Tj ET Q q 0 0 0 rg BT 130.31 99.15 Td (include ) Tj ET Q q 0 0 0 rg BT 163.66 99.15 Td (projections ) Tj ET Q q 0 0 0 rg BT 212.76 99.15 Td (well ) Tj ET Q q 0 0 0 rg BT 233.28 99.15 Td (beyond ) Tj ET Q q 0 0 0 rg BT 266.64 99.15 Td (three ) Tj ET Q q 0 0 0 rg BT 290.07 99.15 Td (years ) Tj ET Q q 0 0 0 rg BT 314.67 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 332.27 99.15 Td (variances ) Tj ET Q q 0 0 0 rg BT 374.36 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 384.97 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 400.24 99.15 Td (near) Tj ET Q q 0 0 0 rg BT 418.10 99.15 Td (-years ) Tj ET Q q 0 0 0 rg BT 446.20 99.15 Td (may ) Tj ET Q q 0 0 0 rg BT 466.72 99.15 Td (be ) Tj ET Q q 0 0 0 rg BT 479.08 99.15 Td (of) Tj ET Q q 0 0 0 rg BT 487.63 99.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 505.24 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 515.85 99.15 Td (subsequent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (years; ) Tj ET Q q 0 0 0 rg BT 76.88 86.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 93.76 86.55 Td (value ) Tj ET Q q 0 0 0 rg BT 118.80 86.55 Td (assessments ) Tj ET Q q 0 0 0 rg BT 171.86 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 186.98 86.55 Td (point-in-time, ) Tj ET Q q 0 0 0 rg BT 247.33 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 264.79 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 279.93 86.55 Td (consistency ) Tj ET Q q 0 0 0 rg BT 331.23 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 342.28 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 349.25 86.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 366.13 86.55 Td (value ) Tj ET Q q 0 0 0 rg BT 391.17 86.55 Td (assessment ) Tj ET Q q 0 0 0 rg BT 440.14 86.55 Td (with ) Tj ET Q q 0 0 0 rg BT 461.12 86.55 Td (other ) Tj ET Q q 0 0 0 rg BT 485.00 86.55 Td (indicators ) Tj ET Q q 0 0 0 rg BT 528.71 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 539.77 86.55 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 67.96 73.95 Td (reflect ) Tj ET Q q 0 0 0 rg BT 97.48 73.95 Td (expectations ) Tj ET Q q 0 0 0 rg BT 152.68 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 164.14 73.95 Td (market ) Tj ET Q q 0 0 0 rg BT 196.00 73.95 Td (participants ) Tj ET Q q 0 0 0 rg BT 247.70 73.95 Td (at ) Tj ET Q q 0 0 0 rg BT 257.99 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 276.45 73.95 Td (point-in-time ) Tj ET Q q 0 0 0 rg BT 334.57 73.95 Td (is ) Tj ET Q q 0 0 0 rg BT 344.29 73.95 Td (critical ) Tj ET Q q 0 0 0 rg BT 376.15 73.95 Td (evidence ) Tj ET Q q 0 0 0 rg BT 416.18 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 427.64 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 443.18 73.95 Td (soundness ) Tj ET Q q 0 0 0 rg BT 489.06 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 500.52 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 516.06 73.95 Td (estimate ) Tj ET Q q 0 0 0 rg BT 553.76 73.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (value. ) Tj ET Q q 0 0 0 rg BT 78.17 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 81.48 61.35 Td (In ) Tj ET Q q 0 0 0 rg BT 93.53 61.35 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 143.49 61.35 Td (periods, ) Tj ET Q q 0 0 0 rg BT 180.34 61.35 Td (we ) Tj ET Q q 0 0 0 rg BT 195.89 61.35 Td (consider ) Tj ET Q q 0 0 0 rg BT 234.76 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 250.90 61.35 Td (dif) Tj ET Q q 0 0 0 rg BT 262.37 61.35 Td (ferences ) Tj ET Q q 0 0 0 rg BT 300.65 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 312.12 61.35 Td (actual ) Tj ET Q q 0 0 0 rg BT 340.50 61.35 Td (results ) Tj ET Q q 0 0 0 rg BT 371.22 61.35 Td (from ) Tj ET Q q 0 0 0 rg BT 394.93 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 412.23 61.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 435.95 61.35 Td (projections ) Tj ET Q q 0 0 0 rg BT 485.91 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 497.39 61.35 Td (considering ) Tj ET Q q 0 0 0 rg BT 549.68 61.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 115.10 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 126.47 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.93 48.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 174.30 48.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 228.85 48.75 Td (used ) Tj ET Q q 0 0 0 rg BT 250.72 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 261.51 48.75 Td (our ) Tj ET Q q 0 0 0 rg BT 278.13 48.75 Td (current ) Tj ET Q q 0 0 0 rg BT 310.49 48.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 361.52 48.75 Td (testing. ) Tj ET Q q 0 0 0 rg BT 394.77 48.75 Td ( ) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (76) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Discount ) Tj ET Q q 0 0 0 rg BT 90.63 729.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 113.67 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 129.70 729.15 Td (based ) Tj ET Q q 0 0 0 rg BT 156.82 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 170.54 729.15 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 229.73 729.15 Td (weighted ) Tj ET Q q 0 0 0 rg BT 271.43 729.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 314.89 729.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 339.10 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 351.06 729.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 372.36 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 390.73 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 420.19 729.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 451.39 729.15 Td (using ) Tj ET Q q 0 0 0 rg BT 477.36 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 485.24 729.15 Td (market ) Tj ET Q q 0 0 0 rg BT 517.60 729.15 Td (participant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (perspective. ) Tj ET Q q 0 0 0 rg BT 102.35 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 104.60 716.55 Td (W) Tj ET Q q 0 0 0 rg BT 113.67 716.55 Td (e ) Tj ET Q q 0 0 0 rg BT 120.74 716.55 Td (estimate ) Tj ET Q q 0 0 0 rg BT 158.15 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 173.40 716.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 192.73 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 203.89 716.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 224.39 716.55 Td (based ) Tj ET Q q 0 0 0 rg BT 250.71 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 263.63 716.55 Td (published ) Tj ET Q q 0 0 0 rg BT 306.88 716.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 327.37 716.55 Td (rates. ) Tj ET Q q 0 0 0 rg BT 352.06 716.55 Td (W) Tj ET Q q 0 0 0 rg BT 361.13 716.55 Td (e ) Tj ET Q q 0 0 0 rg BT 368.21 716.55 Td (estimate ) Tj ET Q q 0 0 0 rg BT 405.62 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 420.86 716.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 440.20 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 451.36 716.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.02 716.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 510.42 716.55 Td (based ) Tj ET Q q 0 0 0 rg BT 536.75 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 549.67 716.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Capital ) Tj ET Q q 0 0 0 rg BT 82.55 703.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 109.38 703.95 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 143.20 703.95 Td (Model, ) Tj ET Q q 0 0 0 rg BT 176.74 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 205.89 703.95 Td (considers ) Tj ET Q q 0 0 0 rg BT 249.05 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 265.37 703.95 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 304.42 703.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 338.82 703.95 Td (rate, ) Tj ET Q q 0 0 0 rg BT 360.68 703.95 Td (peer) Tj ET Q q 0 0 0 rg BT 378.54 703.95 Td (-group ) Tj ET Q q 0 0 0 rg BT 410.02 703.95 Td (betas, ) Tj ET Q q 0 0 0 rg BT 437.72 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 456.37 703.95 Td (company ) Tj ET Q q 0 0 0 rg BT 498.36 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 517.01 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 546.75 703.95 Td (risk ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (premiums. ) Tj ET Q q 0 0 0 rg BT 95.82 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 97.40 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 115.43 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 143.37 691.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 160.82 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 169.53 691.35 Td (further ) Tj ET Q q 0 0 0 rg BT 199.80 691.35 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 236.49 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 246.36 691.35 Td (consider ) Tj ET Q q 0 0 0 rg BT 283.63 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 298.16 691.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 331.34 691.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 348.79 691.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 393.64 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 414.01 691.35 Td (each ) Tj ET Q q 0 0 0 rg BT 434.94 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 445.39 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 461.09 691.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 520.52 691.35 Td (intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.54 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 90.32 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 106.94 678.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 148.06 678.75 Td (unit. ) Tj ET Q q 0 0 0 rg BT 169.45 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 188.40 678.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 226.61 678.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 249.06 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 264.50 678.75 Td (also ) Tj ET Q q 0 0 0 rg BT 284.04 678.75 Td (calibrated ) Tj ET Q q 0 0 0 rg BT 328.06 678.75 Td (based ) Tj ET Q q 0 0 0 rg BT 354.59 678.75 Td (on ) Tj ET Q q 0 0 0 rg BT 367.71 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 380.25 678.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 429.54 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 440.91 678.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 477.35 678.75 Td (market ) Tj ET Q q 0 0 0 rg BT 509.12 678.75 Td (values. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 95.71 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 116.26 653.55 Td (standard ) Tj ET Q q 0 0 0 rg BT 153.70 653.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 194.65 653.55 Td (practices ) Tj ET Q q 0 0 0 rg BT 233.83 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 247.95 653.55 Td (taxable ) Tj ET Q q 0 0 0 rg BT 280.14 653.55 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 334.79 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 349.50 653.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 390.43 653.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 437.80 653.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 458.33 653.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 479.45 653.55 Td (analysis ) Tj ET Q q 0 0 0 rg BT 515.16 653.55 Td (also ) Tj ET Q q 0 0 0 rg BT 533.95 653.55 Td (factors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.35 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 67.70 640.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 83.21 640.95 Td (benefit ) Tj ET Q q 0 0 0 rg BT 115.05 640.95 Td (value, ) Tj ET Q q 0 0 0 rg BT 143.10 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 154.53 640.95 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 207.46 640.95 Td (This ) Tj ET Q q 0 0 0 rg BT 228.81 640.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 244.32 640.95 Td (benefit ) Tj ET Q q 0 0 0 rg BT 276.16 640.95 Td (represents ) Tj ET Q q 0 0 0 rg BT 321.41 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 336.92 640.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 385.10 640.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 400.62 640.95 Td (savings ) Tj ET Q q 0 0 0 rg BT 434.80 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 442.15 640.95 Td (third ) Tj ET Q q 0 0 0 rg BT 464.66 640.95 Td (party ) Tj ET Q q 0 0 0 rg BT 488.92 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 507.35 640.95 Td (purchased ) Tj ET Q q 0 0 0 rg BT 552.60 640.95 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.30 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 85.18 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 92.23 628.35 Td (given ) Tj ET Q q 0 0 0 rg BT 117.94 628.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 159.40 628.35 Td (date ) Tj ET Q q 0 0 0 rg BT 179.27 628.35 Td (would ) Tj ET Q q 0 0 0 rg BT 207.90 628.35 Td (receive ) Tj ET Q q 0 0 0 rg BT 240.59 628.35 Td (from ) Tj ET Q q 0 0 0 rg BT 263.39 628.35 Td (future ) Tj ET Q q 0 0 0 rg BT 290.84 628.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 306.06 628.35 Td (deductions ) Tj ET Q q 0 0 0 rg BT 353.93 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 368.56 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 383.77 628.35 Td (amortization ) Tj ET Q q 0 0 0 rg BT 439.22 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 450.35 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 465.57 628.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 505.27 628.35 Td (price ) Tj ET Q q 0 0 0 rg BT 528.64 628.35 Td (over ) Tj ET Q q 0 0 0 rg BT 549.68 628.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 85.94 615.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 141.63 615.75 Td (period ) Tj ET Q q 0 0 0 rg BT 171.08 615.75 Td (\(15 ) Tj ET Q q 0 0 0 rg BT 187.70 615.75 Td (years ) Tj ET Q q 0 0 0 rg BT 212.48 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 223.27 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 238.73 615.75 Td (U.S.\). ) Tj ET Q q 0 0 0 rg BT 266.15 615.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.59 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 74.77 590.55 Td (December ) Tj ET Q q 0 0 0 rg BT 120.33 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 135.88 590.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 161.93 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 177.19 590.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 209.35 590.55 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 275.92 590.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 301.68 590.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 342.01 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 353.18 590.55 Td ($334 ) Tj ET Q q 0 0 0 rg BT 376.60 590.55 Td (million ) Tj ET Q q 0 0 0 rg BT 409.37 590.55 Td (accounted ) Tj ET Q q 0 0 0 rg BT 454.35 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 469.02 590.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 532.09 590.55 Td (10% ) Tj ET Q q 0 0 0 rg BT 553.77 590.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 66.14 577.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 126.51 577.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 171.14 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 198.28 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 216.08 577.95 Td (were ) Tj ET Q q 0 0 0 rg BT 239.12 577.95 Td (supported ) Tj ET Q q 0 0 0 rg BT 283.18 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 296.32 577.95 Td (its ) Tj ET Q q 0 0 0 rg BT 308.88 577.95 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 375.67 577.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 401.64 577.95 Td (business. ) Tj ET Q q 0 0 0 rg BT 442.50 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 444.95 577.95 Td (These ) Tj ET Q q 0 0 0 rg BT 472.66 577.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 498.63 577.95 Td (have ) Tj ET Q q 0 0 0 rg BT 521.10 577.95 Td (continued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.75 565.35 Td (experience ) Tj ET Q q 0 0 0 rg BT 109.30 565.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 143.29 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 155.12 565.35 Td (moderate ) Tj ET Q q 0 0 0 rg BT 197.26 565.35 Td (inflows ) Tj ET Q q 0 0 0 rg BT 231.85 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 243.67 565.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 283.51 565.35 Td (over ) Tj ET Q q 0 0 0 rg BT 305.25 565.35 Td (recent ) Tj ET Q q 0 0 0 rg BT 333.97 565.35 Td (years ) Tj ET Q q 0 0 0 rg BT 359.21 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 377.45 565.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 409.10 565.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 451.82 565.35 Td (risks, ) Tj ET Q q 0 0 0 rg BT 477.36 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 489.19 565.35 Td (follows. ) Tj ET Q q 0 0 0 rg BT 526.18 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 545.58 565.35 Td (past ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (several ) Tj ET Q q 0 0 0 rg BT 81.33 552.75 Td (years ) Tj ET Q q 0 0 0 rg BT 105.59 552.75 Td (have ) Tj ET Q q 0 0 0 rg BT 127.51 552.75 Td (seen ) Tj ET Q q 0 0 0 rg BT 148.26 552.75 Td (declines ) Tj ET Q q 0 0 0 rg BT 184.77 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 195.03 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 209.96 552.75 Td (fund-of-hedge ) Tj ET Q q 0 0 0 rg BT 272.12 552.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 293.47 552.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 333.78 552.75 Td (particularly ) Tj ET Q q 0 0 0 rg BT 384.27 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 399.20 552.75 Td (traditional ) Tj ET Q q 0 0 0 rg BT 444.45 552.75 Td (high ) Tj ET Q q 0 0 0 rg BT 465.22 552.75 Td (net ) Tj ET Q q 0 0 0 rg BT 480.15 552.75 Td (worth ) Tj ET Q q 0 0 0 rg BT 506.75 552.75 Td (client ) Tj ET Q q 0 0 0 rg BT 532.17 552.75 Td (portion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.36 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 75.29 540.15 Td (business, ) Tj ET Q q 0 0 0 rg BT 115.62 540.15 Td (Permal's ) Tj ET Q q 0 0 0 rg BT 153.45 540.15 Td (historical ) Tj ET Q q 0 0 0 rg BT 194.63 540.15 Td (focus, ) Tj ET Q q 0 0 0 rg BT 222.11 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 249.88 540.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 281.73 540.15 Td (has ) Tj ET Q q 0 0 0 rg BT 297.84 540.15 Td (of) Tj ET Q q 0 0 0 rg BT 306.40 540.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 323.67 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 333.95 540.15 Td (some ) Tj ET Q q 0 0 0 rg BT 358.22 540.15 Td (extent ) Tj ET Q q 0 0 0 rg BT 385.99 540.15 Td (with ) Tj ET Q q 0 0 0 rg BT 406.76 540.15 Td (inflows ) Tj ET Q q 0 0 0 rg BT 440.38 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 450.65 540.15 Td (their ) Tj ET Q q 0 0 0 rg BT 472.00 540.15 Td (institutional ) Tj ET Q q 0 0 0 rg BT 524.28 540.15 Td (business. ) Tj ET Q q 0 0 0 rg BT 565.12 540.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Further) Tj ET Q q 0 0 0 rg BT 79.99 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 87.21 527.55 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 155.95 527.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 179.79 527.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 224.62 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 242.03 527.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 276.37 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 289.13 527.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 322.29 527.55 Td (market ) Tj ET Q q 0 0 0 rg BT 356.04 527.55 Td (influences, ) Tj ET Q q 0 0 0 rg BT 406.41 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 419.75 527.55 Td (evidenced ) Tj ET Q q 0 0 0 rg BT 466.91 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 479.67 527.55 Td (Permal's ) Tj ET Q q 0 0 0 rg BT 519.99 527.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 554.33 527.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 102.38 514.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 128.42 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 146.30 514.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 183.40 514.95 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 225.47 514.95 Td (adding ) Tj ET Q q 0 0 0 rg BT 256.76 514.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 301.46 514.95 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 351.40 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 362.28 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 378.99 514.95 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 423.40 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 425.51 514.95 Td (As ) Tj ET Q q 0 0 0 rg BT 439.89 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 447.27 514.95 Td (result ) Tj ET Q q 0 0 0 rg BT 473.31 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 484.76 514.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 528.88 514.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 547.34 514.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 101.11 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 124.15 502.35 Td (its ) Tj ET Q q 0 0 0 rg BT 138.45 502.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 166.16 502.35 Td (business, ) Tj ET Q q 0 0 0 rg BT 208.74 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 225.95 502.35 Td (near) Tj ET Q q 0 0 0 rg BT 243.80 502.35 Td (-term ) Tj ET Q q 0 0 0 rg BT 270.92 502.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 305.04 502.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 361.34 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 377.96 502.35 Td (these ) Tj ET Q q 0 0 0 rg BT 403.91 502.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 446.18 502.35 Td (were ) Tj ET Q q 0 0 0 rg BT 470.96 502.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 508.56 502.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.34 502.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (management's ) Tj ET Q q 0 0 0 rg BT 111.75 489.75 Td (three-year ) Tj ET Q q 0 0 0 rg BT 156.34 489.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 183.47 489.75 Td (projections.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Based ) Tj ET Q q 0 0 0 rg BT 77.78 464.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 101.39 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 118.00 464.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 159.68 464.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 207.79 464.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 229.06 464.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 250.92 464.55 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 291.73 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 307.18 464.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 324.36 464.55 Td (value ) Tj ET Q q 0 0 0 rg BT 349.72 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 361.08 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 376.52 464.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 408.88 464.55 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 475.64 464.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 501.58 464.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 542.10 464.55 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 91.10 451.95 Td (its ) Tj ET Q q 0 0 0 rg BT 103.57 451.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 141.09 451.95 Td (value ) Tj ET Q q 0 0 0 rg BT 166.38 451.95 Td (by ) Tj ET Q q 0 0 0 rg BT 179.42 451.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 242.62 451.95 Td ($15 ) Tj ET Q q 0 0 0 rg BT 260.91 451.95 Td (million. ) Tj ET Q q 0 0 0 rg BT 296.42 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 298.96 451.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 322.51 451.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 348.39 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 361.44 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 376.81 451.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 409.10 451.95 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 475.79 451.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 501.66 451.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 542.11 451.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (assumed ) Tj ET Q q 0 0 0 rg BT 88.31 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 99.13 439.35 Td (have ) Tj ET Q q 0 0 0 rg BT 121.60 439.35 Td (an ) Tj ET Q q 0 0 0 rg BT 134.16 439.35 Td (average ) Tj ET Q q 0 0 0 rg BT 169.45 439.35 Td (annual ) Tj ET Q q 0 0 0 rg BT 200.09 439.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 232.49 439.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 250.88 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 262.28 439.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 325.58 439.35 Td (9% ) Tj ET Q q 0 0 0 rg BT 342.22 439.35 Td (\(4% ) Tj ET Q q 0 0 0 rg BT 362.37 439.35 Td (market ) Tj ET Q q 0 0 0 rg BT 394.17 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 411.98 439.35 Td (5% ) Tj ET Q q 0 0 0 rg BT 428.63 439.35 Td (or) Tj ET Q q 0 0 0 rg BT 437.19 439.35 Td (ganic/other\). ) Tj ET Q q 0 0 0 rg BT 493.19 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 495.84 439.35 Td (However) Tj ET Q q 0 0 0 rg BT 533.90 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 539.18 439.35 Td (given ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (current ) Tj ET Q q 0 0 0 rg BT 81.95 426.75 Td (experience, ) Tj ET Q q 0 0 0 rg BT 132.76 426.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 174.54 426.75 Td (near) Tj ET Q q 0 0 0 rg BT 192.40 426.75 Td (-year ) Tj ET Q q 0 0 0 rg BT 216.68 426.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 238.05 426.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 264.10 426.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 293.63 426.75 Td (moderate ) Tj ET Q q 0 0 0 rg BT 334.81 426.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 362.03 426.75 Td (outflows ) Tj ET Q q 0 0 0 rg BT 401.50 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 412.39 426.75 Td (years ) Tj ET Q q 0 0 0 rg BT 437.26 426.75 Td (one, ) Tj ET Q q 0 0 0 rg BT 457.76 426.75 Td (two, ) Tj ET Q q 0 0 0 rg BT 478.85 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.73 426.75 Td (three, ) Tj ET Q q 0 0 0 rg BT 523.06 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 540.94 426.75 Td (trend ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 60.93 414.15 Td (modest ) Tj ET Q q 0 0 0 rg BT 93.81 414.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 121.58 414.15 Td (inflows ) Tj ET Q q 0 0 0 rg BT 156.35 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 167.78 414.15 Td (year ) Tj ET Q q 0 0 0 rg BT 189.11 414.15 Td (four) Tj ET Q q 0 0 0 rg BT 206.03 414.15 Td (. ) Tj ET Q q 0 0 0 rg BT 211.92 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 215.19 414.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 265.11 414.15 Td (performance, ) Tj ET Q q 0 0 0 rg BT 324.05 414.15 Td (including ) Tj ET Q q 0 0 0 rg BT 366.98 414.15 Td (its ) Tj ET Q q 0 0 0 rg BT 380.17 414.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 420.74 414.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 452.58 414.15 Td (on ) Tj ET Q q 0 0 0 rg BT 466.35 414.15 Td (future ) Tj ET Q q 0 0 0 rg BT 494.69 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 518.36 414.15 Td (flows, ) Tj ET Q q 0 0 0 rg BT 547.59 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 557.86 414.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 98.11 401.55 Td (factor ) Tj ET Q q 0 0 0 rg BT 126.88 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 139.33 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 157.61 401.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 191.64 401.55 Td (projections ) Tj ET Q q 0 0 0 rg BT 242.58 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 259.11 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 276.23 401.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 310.25 401.55 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 378.68 401.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 406.30 401.55 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 451.11 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 455.40 401.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 476.01 401.55 Td (market ) Tj ET Q q 0 0 0 rg BT 509.45 401.55 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (projections ) Tj ET Q q 0 0 0 rg BT 98.25 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 113.17 388.95 Td (supported ) Tj ET Q q 0 0 0 rg BT 156.68 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 169.27 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 184.20 388.95 Td (fact ) Tj ET Q q 0 0 0 rg BT 202.03 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 219.88 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 234.80 388.95 Td (two ) Tj ET Q q 0 0 0 rg BT 252.65 388.95 Td (lar) Tj ET Q q 0 0 0 rg BT 263.53 388.95 Td (gest ) Tj ET Q q 0 0 0 rg BT 282.54 388.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 307.98 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 325.82 388.95 Td (comprise ) Tj ET Q q 0 0 0 rg BT 366.40 388.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 429.15 388.95 Td (half ) Tj ET Q q 0 0 0 rg BT 447.57 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 458.42 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 473.34 388.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 513.34 388.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 535.38 388.95 Td (AUM, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (have ) Tj ET Q q 0 0 0 rg BT 72.07 376.35 Td (10-year ) Tj ET Q q 0 0 0 rg BT 106.88 376.35 Td (average ) Tj ET Q q 0 0 0 rg BT 142.26 376.35 Td (returns ) Tj ET Q q 0 0 0 rg BT 174.17 376.35 Td (approximating ) Tj ET Q q 0 0 0 rg BT 238.15 376.35 Td (5%. ) Tj ET Q q 0 0 0 rg BT 257.52 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 260.27 376.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 279.34 376.35 Td (market ) Tj ET Q q 0 0 0 rg BT 311.24 376.35 Td (projections ) Tj ET Q q 0 0 0 rg BT 360.65 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 376.21 376.35 Td (further ) Tj ET Q q 0 0 0 rg BT 407.53 376.35 Td (supported ) Tj ET Q q 0 0 0 rg BT 451.68 376.35 Td (by ) Tj ET Q q 0 0 0 rg BT 464.93 376.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 502.09 376.35 Td (statistics. ) Tj ET Q q 0 0 0 rg BT 543.63 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 546.18 376.35 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 90.78 363.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 111.65 363.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 137.19 363.75 Td (from ) Tj ET Q q 0 0 0 rg BT 159.82 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 174.86 363.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 206.82 363.75 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 273.17 363.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 298.72 363.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 338.83 363.75 Td (were ) Tj ET Q q 0 0 0 rg BT 361.45 363.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 409.15 363.75 Td (at ) Tj ET Q q 0 0 0 rg BT 418.95 363.75 Td (16.0%, ) Tj ET Q q 0 0 0 rg BT 450.91 363.75 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 493.35 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 508.39 363.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 539.17 363.75 Td (noted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (above.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (As ) Tj ET Q q 0 0 0 rg BT 63.82 325.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 110.79 325.95 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 156.31 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 158.96 325.95 Td (after ) Tj ET Q q 0 0 0 rg BT 180.84 325.95 Td (completing ) Tj ET Q q 0 0 0 rg BT 230.73 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 246.20 325.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 276.84 325.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 327.89 325.95 Td (testing ) Tj ET Q q 0 0 0 rg BT 358.54 325.95 Td (process ) Tj ET Q q 0 0 0 rg BT 392.67 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 404.07 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 415.46 325.95 Td (December ) Tj ET Q q 0 0 0 rg BT 461.25 325.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 477.02 325.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 503.29 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 518.77 325.95 Td (indefinite-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (life ) Tj ET Q q 0 0 0 rg BT 66.73 313.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 93.31 313.35 Td (management ) Tj ET Q q 0 0 0 rg BT 150.19 313.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 191.33 313.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 214.98 313.35 Td (related ) Tj ET Q q 0 0 0 rg BT 246.79 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 258.19 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 274.26 313.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 291.97 313.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 310.96 313.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 360.28 313.35 Td (was ) Tj ET Q q 0 0 0 rg BT 379.85 313.35 Td (combined ) Tj ET Q q 0 0 0 rg BT 424.50 313.35 Td (with ) Tj ET Q q 0 0 0 rg BT 446.41 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 462.47 313.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 523.44 313.35 Td (funds-of-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 76.83 300.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 102.43 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 158.34 300.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 198.50 300.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 221.17 300.75 Td (related ) Tj ET Q q 0 0 0 rg BT 252.00 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 262.43 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 277.52 300.75 Td (legacy ) Tj ET Q q 0 0 0 rg BT 307.18 300.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 339.18 300.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 379.66 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 381.76 300.75 Td (W) Tj ET Q q 0 0 0 rg BT 390.83 300.75 Td (e ) Tj ET Q q 0 0 0 rg BT 397.75 300.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 443.75 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 450.67 300.75 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 497.25 300.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 547.92 300.75 Td (test ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 79.82 288.15 Td (combined ) Tj ET Q q 0 0 0 rg BT 123.85 288.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 146.89 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 164.67 288.15 Td (no ) Tj ET Q q 0 0 0 rg BT 177.80 288.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 228.83 288.15 Td (indicators ) Tj ET Q q 0 0 0 rg BT 272.86 288.15 Td (were ) Tj ET Q q 0 0 0 rg BT 295.89 288.15 Td (noted.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (As ) Tj ET Q q 0 0 0 rg BT 63.92 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 75.42 262.95 Td (December ) Tj ET Q q 0 0 0 rg BT 121.32 262.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 137.19 262.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 163.57 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 179.15 262.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 209.91 262.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 269.80 262.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 301.72 262.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 327.80 262.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 368.46 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 379.96 262.95 Td ($123 ) Tj ET Q q 0 0 0 rg BT 403.71 262.95 Td (million ) Tj ET Q q 0 0 0 rg BT 436.80 262.95 Td (\(using ) Tj ET Q q 0 0 0 rg BT 465.81 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 481.39 262.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 523.78 262.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 542.27 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 553.77 262.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (December ) Tj ET Q q 0 0 0 rg BT 96.64 250.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 113.76 250.35 Td (2016\) ) Tj ET Q q 0 0 0 rg BT 142.26 250.35 Td (accounted ) Tj ET Q q 0 0 0 rg BT 188.82 250.35 Td (for ) Tj ET Q q 0 0 0 rg BT 205.06 250.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 269.71 250.35 Td (3% ) Tj ET Q q 0 0 0 rg BT 287.70 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 300.45 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 318.44 250.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 380.17 250.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 426.16 250.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 457.28 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 461.28 250.35 Td (Based ) Tj ET Q q 0 0 0 rg BT 490.94 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 505.44 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 523.44 250.35 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 97.53 237.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 118.73 237.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 140.51 237.75 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 181.25 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 196.62 237.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 213.73 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 239.01 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 250.29 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 265.66 237.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 297.36 237.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 323.23 237.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 363.67 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 386.62 237.75 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 428.22 237.75 Td (its ) Tj ET Q q 0 0 0 rg BT 440.68 237.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 478.20 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 503.47 237.75 Td (by ) Tj ET Q q 0 0 0 rg BT 516.51 237.75 Td ($4 ) Tj ET Q q 0 0 0 rg BT 529.55 237.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 565.14 237.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (For ) Tj ET Q q 0 0 0 rg BT 67.59 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 85.09 225.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 137.00 225.15 Td (test, ) Tj ET Q q 0 0 0 rg BT 157.72 225.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 179.88 225.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 206.72 225.15 Td (from ) Tj ET Q q 0 0 0 rg BT 230.63 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 246.97 225.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 278.48 225.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 339.12 225.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 371.79 225.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 394.54 225.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 435.94 225.15 Td (were ) Tj ET Q q 0 0 0 rg BT 459.85 225.15 Td (assumed ) Tj ET Q q 0 0 0 rg BT 499.52 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 511.19 225.15 Td (have ) Tj ET Q q 0 0 0 rg BT 534.52 225.15 Td (annual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 81.57 212.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 103.71 212.55 Td (averaging ) Tj ET Q q 0 0 0 rg BT 147.43 212.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 210.40 212.55 Td (7%, ) Tj ET Q q 0 0 0 rg BT 229.34 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 246.82 212.55 Td (reflect ) Tj ET Q q 0 0 0 rg BT 275.95 212.55 Td (moderate ) Tj ET Q q 0 0 0 rg BT 316.83 212.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 343.65 212.55 Td (inflows ) Tj ET Q q 0 0 0 rg BT 377.47 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 387.96 212.55 Td (years ) Tj ET Q q 0 0 0 rg BT 412.44 212.55 Td (1 ) Tj ET Q q 0 0 0 rg BT 420.01 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 437.49 212.55 Td (2. ) Tj ET Q q 0 0 0 rg BT 447.69 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 450.01 212.55 Td (Projected ) Tj ET Q q 0 0 0 rg BT 491.98 212.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 512.96 212.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 538.62 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 212.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 80.13 199.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 139.89 199.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 171.68 199.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 193.55 199.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 234.07 199.95 Td (were ) Tj ET Q q 0 0 0 rg BT 257.10 199.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 305.22 199.95 Td (at ) Tj ET Q q 0 0 0 rg BT 315.42 199.95 Td (15.5%.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Assuming ) Tj ET Q q 0 0 0 rg BT 94.81 174.75 Td (all ) Tj ET Q q 0 0 0 rg BT 108.02 174.75 Td (other ) Tj ET Q q 0 0 0 rg BT 132.31 174.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 163.59 174.75 Td (remain ) Tj ET Q q 0 0 0 rg BT 195.46 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 211.01 174.75 Td (same, ) Tj ET Q q 0 0 0 rg BT 237.92 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 254.63 174.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 282.42 174.75 Td (results ) Tj ET Q q 0 0 0 rg BT 312.55 174.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 342.09 174.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 378.62 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 389.51 174.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 444.14 174.75 Td (for ) Tj ET Q q 0 0 0 rg BT 459.10 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 474.65 174.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 505.37 174.75 Td (Infrastructure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 81.59 162.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 103.75 162.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 144.58 162.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 166.16 162.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 188.33 162.15 Td (projections ) Tj ET Q q 0 0 0 rg BT 237.91 162.15 Td (over ) Tj ET Q q 0 0 0 rg BT 259.48 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 275.24 162.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 319.56 162.15 Td (would ) Tj ET Q q 0 0 0 rg BT 348.74 162.15 Td (have ) Tj ET Q q 0 0 0 rg BT 371.48 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 382.57 162.15 Td (deviate ) Tj ET Q q 0 0 0 rg BT 415.81 162.15 Td (more ) Tj ET Q q 0 0 0 rg BT 440.31 162.15 Td (than ) Tj ET Q q 0 0 0 rg BT 461.31 162.15 Td (4% ) Tj ET Q q 0 0 0 rg BT 478.23 162.15 Td (from ) Tj ET Q q 0 0 0 rg BT 501.56 162.15 Td (projections, ) Tj ET Q q 0 0 0 rg BT 553.76 162.15 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.81 149.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 102.87 149.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 121.08 149.55 Td (would ) Tj ET Q q 0 0 0 rg BT 149.81 149.55 Td (have ) Tj ET Q q 0 0 0 rg BT 172.10 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 182.75 149.55 Td (be ) Tj ET Q q 0 0 0 rg BT 195.14 149.55 Td (raised ) Tj ET Q q 0 0 0 rg BT 222.69 149.55 Td (from ) Tj ET Q q 0 0 0 rg BT 245.58 149.55 Td (15.5% ) Tj ET Q q 0 0 0 rg BT 275.17 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 285.82 149.55 Td (16.0%, ) Tj ET Q q 0 0 0 rg BT 318.04 149.55 Td (for ) Tj ET Q q 0 0 0 rg BT 332.76 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 348.07 149.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 370.96 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 381.60 149.55 Td (be ) Tj ET Q q 0 0 0 rg BT 393.99 149.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 429.12 149.55 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 471.54 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 474.02 149.55 Td (Despite ) Tj ET Q q 0 0 0 rg BT 508.57 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 523.88 149.55 Td (excess ) Tj ET Q q 0 0 0 rg BT 553.76 149.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.60 136.95 Td (value ) Tj ET Q q 0 0 0 rg BT 91.87 136.95 Td (over ) Tj ET Q q 0 0 0 rg BT 113.06 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 128.42 136.95 Td (related ) Tj ET Q q 0 0 0 rg BT 159.52 136.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 197.03 136.95 Td (value, ) Tj ET Q q 0 0 0 rg BT 224.92 136.95 Td (given ) Tj ET Q q 0 0 0 rg BT 250.78 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 266.14 136.95 Td (current ) Tj ET Q q 0 0 0 rg BT 298.41 136.95 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 348.17 136.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 390.93 136.95 Td (future ) Tj ET Q q 0 0 0 rg BT 418.53 136.95 Td (market ) Tj ET Q q 0 0 0 rg BT 450.22 136.95 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 499.12 136.95 Td (it ) Tj ET Q q 0 0 0 rg BT 507.49 136.95 Td (is ) Tj ET Q q 0 0 0 rg BT 517.02 136.95 Td (reasonably ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (possible ) Tj ET Q q 0 0 0 rg BT 86.58 124.35 Td (that ) Tj ET Q q 0 0 0 rg BT 104.99 124.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 126.89 124.35 Td (performance, ) Tj ET Q q 0 0 0 rg BT 185.23 124.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 211.22 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 228.46 124.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 255.62 124.35 Td (levels ) Tj ET Q q 0 0 0 rg BT 282.78 124.35 Td (may ) Tj ET Q q 0 0 0 rg BT 303.52 124.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 342.31 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 353.14 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 368.63 124.35 Td (near ) Tj ET Q q 0 0 0 rg BT 389.36 124.35 Td (term ) Tj ET Q q 0 0 0 rg BT 411.26 124.35 Td (such ) Tj ET Q q 0 0 0 rg BT 433.17 124.35 Td (that ) Tj ET Q q 0 0 0 rg BT 451.58 124.35 Td (actual ) Tj ET Q q 0 0 0 rg BT 479.31 124.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 500.63 124.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 526.62 124.35 Td (from ) Tj ET Q q 0 0 0 rg BT 549.69 124.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 80.73 111.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 141.10 111.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 173.49 111.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 200.06 111.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 241.19 111.75 Td (could ) Tj ET Q q 0 0 0 rg BT 267.74 111.75 Td (deviate ) Tj ET Q q 0 0 0 rg BT 301.29 111.75 Td (from ) Tj ET Q q 0 0 0 rg BT 324.93 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.99 111.75 Td (projections ) Tj ET Q q 0 0 0 rg BT 390.88 111.75 Td (by ) Tj ET Q q 0 0 0 rg BT 404.61 111.75 Td (more ) Tj ET Q q 0 0 0 rg BT 429.41 111.75 Td (than ) Tj ET Q q 0 0 0 rg BT 450.72 111.75 Td (4% ) Tj ET Q q 0 0 0 rg BT 467.95 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 486.34 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 502.39 111.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 526.04 111.75 Td (could ) Tj ET Q q 0 0 0 rg BT 552.59 111.75 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (deemed ) Tj ET Q q 0 0 0 rg BT 84.77 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 95.57 99.15 Td (be ) Tj ET Q q 0 0 0 rg BT 108.10 99.15 Td (impaired ) Tj ET Q q 0 0 0 rg BT 148.05 99.15 Td (by ) Tj ET Q q 0 0 0 rg BT 161.17 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 168.46 99.15 Td (material ) Tj ET Q q 0 0 0 rg BT 205.48 99.15 Td (amount.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.44 73.95 Td (domestic ) Tj ET Q q 0 0 0 rg BT 110.97 73.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 143.75 73.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 166.61 73.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 208.12 73.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 247.88 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 259.67 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 276.11 73.95 Td (Citigroup ) Tj ET Q q 0 0 0 rg BT 319.18 73.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 346.13 73.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 404.56 73.95 Td (\(�CAM�\) ) Tj ET Q q 0 0 0 rg BT 448.41 73.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 498.10 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 510.46 73.95 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 532.45 73.95 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (account ) Tj ET Q q 0 0 0 rg BT 83.89 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 97.88 61.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 160.27 61.35 Td (55% ) Tj ET Q q 0 0 0 rg BT 181.26 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 191.75 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 207.49 61.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 266.96 61.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 310.69 61.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 339.56 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 340.92 61.35 Td (As ) Tj ET Q q 0 0 0 rg BT 354.33 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 364.82 61.35 Td (December ) Tj ET Q q 0 0 0 rg BT 409.70 61.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 424.57 61.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 449.94 61.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 512.33 61.35 Td ($150 ) Tj ET Q q 0 0 0 rg BT 535.07 61.35 Td (billion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.30 48.75 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 90.07 48.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 131.78 48.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 172.32 48.75 Td (by ) Tj ET Q q 0 0 0 rg BT 185.46 48.75 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 239.42 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 257.03 48.75 Td (W) Tj ET Q q 0 0 0 rg BT 266.10 48.75 Td (estern ) Tj ET Q q 0 0 0 rg BT 293.23 48.75 Td (Asset, ) Tj ET Q q 0 0 0 rg BT 321.82 48.75 Td (are ) Tj ET Q q 0 0 0 rg BT 337.28 48.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 383.07 48.75 Td (with ) Tj ET Q q 0 0 0 rg BT 404.38 48.75 Td (this ) Tj ET Q q 0 0 0 rg BT 422.19 48.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 447.86 48.75 Td (with ) Tj ET Q q 0 0 0 rg BT 469.17 48.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 532.46 48.75 Td (35% ) Tj ET Q q 0 0 0 rg BT 554.34 48.75 Td (in ) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (77) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.19 741.75 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 108.46 741.75 Td (40% ) Tj ET Q q 0 0 0 rg BT 130.85 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 142.15 741.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 166.87 741.75 Td (income ) Tj ET Q q 0 0 0 rg BT 200.22 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 227.87 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 246.17 741.75 Td (25% ) Tj ET Q q 0 0 0 rg BT 268.55 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 279.86 741.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 317.90 741.75 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 348.16 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 350.61 741.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 393.42 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 410.56 741.75 Td (domestic ) Tj ET Q q 0 0 0 rg BT 451.61 741.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 483.91 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 510.38 741.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 542.67 741.75 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (maintained ) Tj ET Q q 0 0 0 rg BT 99.81 729.15 Td (strong ) Tj ET Q q 0 0 0 rg BT 129.71 729.15 Td (recent ) Tj ET Q q 0 0 0 rg BT 159.02 729.15 Td (market ) Tj ET Q q 0 0 0 rg BT 191.82 729.15 Td (performance, ) Tj ET Q q 0 0 0 rg BT 251.15 729.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 299.14 729.15 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 341.87 729.15 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 399.18 729.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 443.06 729.15 Td (market ) Tj ET Q q 0 0 0 rg BT 475.87 729.15 Td (conditions ) Tj ET Q q 0 0 0 rg BT 523.28 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 542.09 729.15 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 75.96 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 94.25 716.55 Td (risks ) Tj ET Q q 0 0 0 rg BT 117.22 716.55 Td (related ) Tj ET Q q 0 0 0 rg BT 148.91 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 160.21 716.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 200.08 716.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 246.35 716.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 283.30 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 294.60 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 310.56 716.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 349.27 716.55 Td (business, ) Tj ET Q q 0 0 0 rg BT 390.61 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 406.56 716.55 Td (reflected ) Tj ET Q q 0 0 0 rg BT 446.41 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 457.71 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 474.83 716.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 517.02 716.55 Td (discounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.30 703.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 91.69 703.95 Td (analyses. ) Tj ET Q q 0 0 0 rg BT 132.03 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 134.17 703.95 Td (Based ) Tj ET Q q 0 0 0 rg BT 161.97 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 174.61 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 190.75 703.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 231.96 703.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 279.59 703.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 300.39 703.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 321.78 703.95 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 362.12 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 377.09 703.95 Td (related ) Tj ET Q q 0 0 0 rg BT 407.79 703.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 424.50 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 449.39 703.95 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 490.58 703.95 Td (its ) Tj ET Q q 0 0 0 rg BT 502.64 703.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 539.77 703.95 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (by ) Tj ET Q q 0 0 0 rg BT 63.09 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 70.84 691.35 Td (material ) Tj ET Q q 0 0 0 rg BT 108.33 691.35 Td (amount. ) Tj ET Q q 0 0 0 rg BT 145.54 691.35 Td (For ) Tj ET Q q 0 0 0 rg BT 163.22 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 180.30 691.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 231.80 691.35 Td (test, ) Tj ET Q q 0 0 0 rg BT 252.10 691.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 273.85 691.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 300.27 691.35 Td (from ) Tj ET Q q 0 0 0 rg BT 323.77 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 339.69 691.35 Td (domestic ) Tj ET Q q 0 0 0 rg BT 380.69 691.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 412.94 691.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 435.28 691.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 476.27 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 492.18 691.35 Td (assumed ) Tj ET Q q 0 0 0 rg BT 531.43 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 542.69 691.35 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 79.59 678.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 111.44 678.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 133.37 678.75 Td (averaging ) Tj ET Q q 0 0 0 rg BT 176.87 678.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 239.62 678.75 Td (6%, ) Tj ET Q q 0 0 0 rg BT 258.34 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 275.61 678.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 304.52 678.75 Td (moderate ) Tj ET Q q 0 0 0 rg BT 345.23 678.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 371.83 678.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 405.44 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 415.71 678.75 Td (years ) Tj ET Q q 0 0 0 rg BT 439.96 678.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 447.32 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 464.58 678.75 Td (2. ) Tj ET Q q 0 0 0 rg BT 474.56 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 476.66 678.75 Td (Projected ) Tj ET Q q 0 0 0 rg BT 518.42 678.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 539.18 678.75 Td (flows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 76.32 666.15 Td (domestic ) Tj ET Q q 0 0 0 rg BT 116.86 666.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 148.65 666.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 170.52 666.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 211.04 666.15 Td (were ) Tj ET Q q 0 0 0 rg BT 234.07 666.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 282.19 666.15 Td (at ) Tj ET Q q 0 0 0 rg BT 292.39 666.15 Td (13.0%. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (T) Tj ET Q q 0 0 0 rg BT 55.54 640.95 Td (rade ) Tj ET Q q 0 0 0 rg BT 76.73 640.95 Td (names ) Tj ET Q q 0 0 0 rg BT 106.67 640.95 Td (account ) Tj ET Q q 0 0 0 rg BT 142.44 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 157.80 640.95 Td (2% ) Tj ET Q q 0 0 0 rg BT 174.91 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 186.78 640.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 247.62 640.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 292.73 640.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 320.34 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 338.62 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 354.56 640.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 396.75 640.95 Td (related ) Tj ET Q q 0 0 0 rg BT 428.43 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 439.71 640.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 472.57 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 490.85 640.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 525.46 640.95 Td (Partners, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 77.31 628.35 Td (had ) Tj ET Q q 0 0 0 rg BT 94.61 628.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 131.74 628.35 Td (values ) Tj ET Q q 0 0 0 rg BT 160.71 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 171.60 628.35 Td ($38 ) Tj ET Q q 0 0 0 rg BT 189.49 628.35 Td (million ) Tj ET Q q 0 0 0 rg BT 221.97 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 239.28 628.35 Td ($23 ) Tj ET Q q 0 0 0 rg BT 257.17 628.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 292.28 628.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 342.33 628.35 Td (. ) Tj ET Q q 0 0 0 rg BT 347.10 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 349.09 628.35 Td (W) Tj ET Q q 0 0 0 rg BT 358.16 628.35 Td (e ) Tj ET Q q 0 0 0 rg BT 364.96 628.35 Td (tested ) Tj ET Q q 0 0 0 rg BT 391.60 628.35 Td (these ) Tj ET Q q 0 0 0 rg BT 415.32 628.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 459.45 628.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 486.10 628.35 Td (using ) Tj ET Q q 0 0 0 rg BT 511.00 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 517.80 628.35 Td (relief ) Tj ET Q q 0 0 0 rg BT 542.09 628.35 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (royalty ) Tj ET Q q 0 0 0 rg BT 83.43 615.75 Td (approach ) Tj ET Q q 0 0 0 rg BT 126.10 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 145.44 615.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 195.12 615.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 217.97 615.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 241.40 615.75 Td (methods ) Tj ET Q q 0 0 0 rg BT 281.17 615.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 314.52 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 326.88 615.75 Td (those ) Tj ET Q q 0 0 0 rg BT 353.23 615.75 Td (described ) Tj ET Q q 0 0 0 rg BT 397.65 615.75 Td (above ) Tj ET Q q 0 0 0 rg BT 426.91 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 443.34 615.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 505.25 615.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 547.34 615.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 98.96 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 116.93 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 131.99 603.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 169.20 603.15 Td (value ) Tj ET Q q 0 0 0 rg BT 194.17 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 205.15 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 220.20 603.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 252.17 603.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 275.39 603.15 Td (name ) Tj ET Q q 0 0 0 rg BT 300.36 603.15 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 341.64 603.15 Td (its ) Tj ET Q q 0 0 0 rg BT 353.79 603.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 370.59 603.15 Td (value, ) Tj ET Q q 0 0 0 rg BT 398.18 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 426.07 603.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 461.54 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 471.94 603.15 Td (an ) Tj ET Q q 0 0 0 rg BT 484.08 603.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 534.71 603.15 Td (char) Tj ET Q q 0 0 0 rg BT 552.59 603.15 Td (ge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.43 590.55 Td ($17 ) Tj ET Q q 0 0 0 rg BT 78.36 590.55 Td (million. ) Tj ET Q q 0 0 0 rg BT 113.51 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 115.53 590.55 Td (The ) Tj ET Q q 0 0 0 rg BT 134.04 590.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 184.63 590.55 Td (char) Tj ET Q q 0 0 0 rg BT 202.51 590.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 214.60 590.55 Td (was ) Tj ET Q q 0 0 0 rg BT 233.11 590.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 274.37 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 289.38 590.55 Td (result ) Tj ET Q q 0 0 0 rg BT 314.89 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 325.82 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 332.66 590.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 370.98 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 381.33 590.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 420.83 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 438.17 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 445.02 590.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 486.85 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 497.20 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 512.21 590.55 Td (royalty ) Tj ET Q q 0 0 0 rg BT 544.14 590.55 Td (rate, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 92.20 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 99.34 577.95 Td (decline ) Tj ET Q q 0 0 0 rg BT 132.13 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 142.77 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 158.07 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 183.28 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 194.50 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 209.80 577.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 242.02 577.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 265.48 577.95 Td (name ) Tj ET Q q 0 0 0 rg BT 290.69 577.95 Td (due ) Tj ET Q q 0 0 0 rg BT 308.33 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 318.97 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 326.10 577.95 Td (change ) Tj ET Q q 0 0 0 rg BT 358.31 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 368.95 577.95 Td (branding ) Tj ET Q q 0 0 0 rg BT 408.75 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 426.38 577.95 Td (decline ) Tj ET Q q 0 0 0 rg BT 459.17 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 469.81 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 485.11 577.95 Td (use ) Tj ET Q q 0 0 0 rg BT 501.58 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 512.80 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 528.11 577.95 Td (separate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 81.54 565.35 Td (name ) Tj ET Q q 0 0 0 rg BT 106.58 565.35 Td (following ) Tj ET Q q 0 0 0 rg BT 149.71 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 164.84 565.35 Td (combination ) Tj ET Q q 0 0 0 rg BT 219.63 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 240.60 565.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 258.31 565.35 Td (rust. ) Tj ET Q q 0 0 0 rg BT 278.98 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 281.11 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 299.74 565.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 346.36 565.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 400.58 565.35 Td (used ) Tj ET Q q 0 0 0 rg BT 422.13 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 432.60 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 447.72 565.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 468.68 565.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 490.23 565.35 Td (analysis ) Tj ET Q q 0 0 0 rg BT 526.36 565.35 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (projection ) Tj ET Q q 0 0 0 rg BT 95.05 552.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 126.02 552.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 162.22 552.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 194.95 552.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 217.75 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 229.48 552.75 Td (3% ) Tj ET Q q 0 0 0 rg BT 246.45 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 257.60 552.75 Td (9% ) Tj ET Q q 0 0 0 rg BT 274.57 552.75 Td (\(average: ) Tj ET Q q 0 0 0 rg BT 316.61 552.75 Td (7%\), ) Tj ET Q q 0 0 0 rg BT 339.70 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 347.34 552.75 Td (royalty ) Tj ET Q q 0 0 0 rg BT 380.06 552.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 398.78 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 410.50 552.75 Td (1.5%, ) Tj ET Q q 0 0 0 rg BT 437.98 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 456.12 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 463.76 552.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 502.32 552.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 521.04 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 532.76 552.75 Td (16.0%. ) Tj ET Q q 0 0 0 rg BT 565.13 552.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (Future ) Tj ET Q q 0 0 0 rg BT 79.73 540.15 Td (decreases ) Tj ET Q q 0 0 0 rg BT 122.77 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 133.75 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 150.56 540.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 172.03 540.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 194.10 540.15 Td (projections ) Tj ET Q q 0 0 0 rg BT 243.57 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 255.13 540.15 Td (increases ) Tj ET Q q 0 0 0 rg BT 296.42 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 307.41 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 323.05 540.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 361.45 540.15 Td (rate, ) Tj ET Q q 0 0 0 rg BT 382.62 540.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 422.18 540.15 Td (from ) Tj ET Q q 0 0 0 rg BT 445.41 540.15 Td (actual ) Tj ET Q q 0 0 0 rg BT 473.29 540.15 Td (results, ) Tj ET Q q 0 0 0 rg BT 506.14 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 517.71 540.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.34 540.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 103.97 527.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 143.27 527.55 Td (from ) Tj ET Q q 0 0 0 rg BT 166.23 527.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 188.03 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 205.18 527.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 232.23 527.55 Td (levels, ) Tj ET Q q 0 0 0 rg BT 261.90 527.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 310.53 527.55 Td (performance, ) Tj ET Q q 0 0 0 rg BT 368.75 527.55 Td (market ) Tj ET Q q 0 0 0 rg BT 400.46 527.55 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 449.38 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 460.68 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 484.81 527.55 Td (factors, ) Tj ET Q q 0 0 0 rg BT 518.55 527.55 Td (may ) Tj ET Q q 0 0 0 rg BT 539.18 527.55 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.12 514.95 Td (further ) Tj ET Q q 0 0 0 rg BT 91.14 514.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 142.00 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 153.21 514.95 Td (this ) Tj ET Q q 0 0 0 rg BT 170.83 514.95 Td (asset. ) Tj ET Q q 0 0 0 rg BT 196.32 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 198.60 514.95 Td (There ) Tj ET Q q 0 0 0 rg BT 225.54 514.95 Td (can ) Tj ET Q q 0 0 0 rg BT 242.56 514.95 Td (be ) Tj ET Q q 0 0 0 rg BT 254.93 514.95 Td (no ) Tj ET Q q 0 0 0 rg BT 267.88 514.95 Td (assurance ) Tj ET Q q 0 0 0 rg BT 311.15 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 329.35 514.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 352.22 514.95 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 394.05 514.95 Td (market ) Tj ET Q q 0 0 0 rg BT 425.65 514.95 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 472.20 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 477.28 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 488.48 514.95 Td (other ) Tj ET Q q 0 0 0 rg BT 512.51 514.95 Td (factors, ) Tj ET Q q 0 0 0 rg BT 546.16 514.95 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (not ) Tj ET Q q 0 0 0 rg BT 65.14 502.35 Td (produce ) Tj ET Q q 0 0 0 rg BT 101.19 502.35 Td (an ) Tj ET Q q 0 0 0 rg BT 113.32 502.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.54 502.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 208.17 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 218.56 502.35 Td (this ) Tj ET Q q 0 0 0 rg BT 235.96 502.35 Td (asset. ) Tj ET Q q 0 0 0 rg BT 261.22 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 263.28 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 281.83 502.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 320.80 502.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 337.60 502.35 Td (values ) Tj ET Q q 0 0 0 rg BT 366.65 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 377.62 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 392.68 502.35 Td (other ) Tj ET Q q 0 0 0 rg BT 416.48 502.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 439.69 502.35 Td (names ) Tj ET Q q 0 0 0 rg BT 468.74 502.35 Td (significantly ) Tj ET Q q 0 0 0 rg BT 523.45 502.35 Td (exceeded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 489.75 Td (related ) Tj ET Q q 0 0 0 rg BT 96.14 489.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 133.75 489.75 Td (amounts.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 91.28 451.95 Td (is ) Tj ET Q q 0 0 0 rg BT 100.39 451.95 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 142.73 451.95 Td (at ) Tj ET Q q 0 0 0 rg BT 152.41 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 167.35 451.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 207.95 451.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 226.39 451.95 Td (level ) Tj ET Q q 0 0 0 rg BT 248.90 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 266.17 451.95 Td (is ) Tj ET Q q 0 0 0 rg BT 275.28 451.95 Td (considered ) Tj ET Q q 0 0 0 rg BT 322.88 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 337.23 451.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 387.74 451.95 Td (when ) Tj ET Q q 0 0 0 rg BT 412.59 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 427.53 451.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 464.62 451.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 498.22 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 509.08 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 524.02 451.95 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 68.66 439.35 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 104.72 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 120.38 439.35 Td (implied ) Tj ET Q q 0 0 0 rg BT 155.29 439.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 172.69 439.35 Td (value ) Tj ET Q q 0 0 0 rg BT 198.25 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 209.83 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 225.49 439.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 266.80 439.35 Td (unit. ) Tj ET Q q 0 0 0 rg BT 288.59 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 291.42 439.35 Td (In ) Tj ET Q q 0 0 0 rg BT 303.00 439.35 Td (estimating ) Tj ET Q q 0 0 0 rg BT 349.57 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 365.23 439.35 Td (implied ) Tj ET Q q 0 0 0 rg BT 400.14 439.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 417.54 439.35 Td (value ) Tj ET Q q 0 0 0 rg BT 443.10 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 454.68 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 470.33 439.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 511.65 439.35 Td (unit, ) Tj ET Q q 0 0 0 rg BT 533.44 439.35 Td (we ) Tj ET Q q 0 0 0 rg BT 548.51 439.35 Td (use ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 91.34 426.75 Td (techniques ) Tj ET Q q 0 0 0 rg BT 139.01 426.75 Td (based ) Tj ET Q q 0 0 0 rg BT 165.68 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 178.94 426.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 227.20 426.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 269.03 426.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 290.45 426.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 316.55 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 334.47 426.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 372.39 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 375.15 426.75 Td (multiples, ) Tj ET Q q 0 0 0 rg BT 419.63 426.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.56 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 462.49 426.75 Td (techniques ) Tj ET Q q 0 0 0 rg BT 510.16 426.75 Td (employed ) Tj ET Q q 0 0 0 rg BT 554.33 426.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 93.57 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 109.65 414.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 150.21 414.15 Td (price ) Tj ET Q q 0 0 0 rg BT 174.45 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 186.44 414.15 Td (an ) Tj ET Q q 0 0 0 rg BT 199.61 414.15 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 251.56 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 254.57 414.15 Td (W) Tj ET Q q 0 0 0 rg BT 263.64 414.15 Td (e ) Tj ET Q q 0 0 0 rg BT 271.56 414.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 310.96 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 322.38 414.15 Td (be ) Tj ET Q q 0 0 0 rg BT 335.54 414.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 376.69 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 388.69 414.15 Td (one ) Tj ET Q q 0 0 0 rg BT 407.10 414.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 438.21 414.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 464.80 414.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 522.86 414.15 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (segment. ) Tj ET Q q 0 0 0 rg BT 89.15 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 91.18 401.55 Td (Internal ) Tj ET Q q 0 0 0 rg BT 125.87 401.55 Td (management ) Tj ET Q q 0 0 0 rg BT 181.54 401.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 222.06 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 232.84 401.55 Td (discrete ) Tj ET Q q 0 0 0 rg BT 267.53 401.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 306.29 401.55 Td (information ) Tj ET Q q 0 0 0 rg BT 357.90 401.55 Td (regularly ) Tj ET Q q 0 0 0 rg BT 397.83 401.55 Td (received ) Tj ET Q q 0 0 0 rg BT 435.42 401.55 Td (by ) Tj ET Q q 0 0 0 rg BT 447.95 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 462.81 401.55 Td (chief ) Tj ET Q q 0 0 0 rg BT 485.83 401.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 527.52 401.55 Td (decision ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (maker) Tj ET Q q 0 0 0 rg BT 75.31 388.95 Td (, ) Tj ET Q q 0 0 0 rg BT 80.64 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 97.35 388.95 Td (Chief ) Tj ET Q q 0 0 0 rg BT 123.38 388.95 Td (Executive ) Tj ET Q q 0 0 0 rg BT 168.06 388.95 Td (Of) Tj ET Q q 0 0 0 rg BT 178.95 388.95 Td (ficer) Tj ET Q q 0 0 0 rg BT 197.77 388.95 Td (, ) Tj ET Q q 0 0 0 rg BT 203.10 388.95 Td (is ) Tj ET Q q 0 0 0 rg BT 212.80 388.95 Td (at ) Tj ET Q q 0 0 0 rg BT 223.09 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 238.62 388.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 294.39 388.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 325.08 388.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 351.12 388.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 408.64 388.95 Td (business ) Tj ET Q q 0 0 0 rg BT 446.93 388.95 Td (level. ) Tj ET Q q 0 0 0 rg BT 472.67 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 474.77 388.95 Td (As ) Tj ET Q q 0 0 0 rg BT 489.15 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 496.51 388.95 Td (result, ) Tj ET Q q 0 0 0 rg BT 525.17 388.95 Td (goodwill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (is ) Tj ET Q q 0 0 0 rg BT 59.22 376.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 98.67 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 116.55 376.35 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 159.49 376.35 Td (at ) Tj ET Q q 0 0 0 rg BT 169.79 376.35 Td (one ) Tj ET Q q 0 0 0 rg BT 187.67 376.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 218.37 376.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 244.42 376.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 301.95 376.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 343.16 376.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 362.21 376.35 Td (level. ) Tj ET Q q 0 0 0 rg BT 387.96 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 390.68 376.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 409.73 376.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 440.43 376.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 466.48 376.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 524.01 376.35 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 67.60 363.75 Td (consists ) Tj ET Q q 0 0 0 rg BT 102.63 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 113.14 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.73 363.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 169.16 363.75 Td (businesses ) Tj ET Q q 0 0 0 rg BT 215.26 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 225.77 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 241.54 363.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 263.71 363.75 Td (management ) Tj ET Q q 0 0 0 rg BT 319.13 363.75 Td (af) Tj ET Q q 0 0 0 rg BT 327.10 363.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 357.44 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 374.37 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 390.13 363.75 Td (centralized ) Tj ET Q q 0 0 0 rg BT 437.95 363.75 Td (global ) Tj ET Q q 0 0 0 rg BT 465.96 363.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 516.15 363.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 565.14 363.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.65 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 77.05 351.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 127.87 351.15 Td (testing ) Tj ET Q q 0 0 0 rg BT 158.27 351.15 Td (process, ) Tj ET Q q 0 0 0 rg BT 194.79 351.15 Td (all ) Tj ET Q q 0 0 0 rg BT 207.69 351.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 263.17 351.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 290.07 351.15 Td (\(except ) Tj ET Q q 0 0 0 rg BT 323.38 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 338.02 351.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 368.99 351.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 384.23 351.15 Td (benefits\) ) Tj ET Q q 0 0 0 rg BT 423.37 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 440.94 351.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 482.42 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 497.65 351.15 Td (allocated ) Tj ET Q q 0 0 0 rg BT 537.95 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 548.52 351.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (single ) Tj ET Q q 0 0 0 rg BT 77.11 338.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 107.66 338.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 133.53 338.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 190.87 338.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 231.89 338.55 Td (unit. ) Tj ET Q q 0 0 0 rg BT 253.38 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 255.91 338.55 Td (Similarly) Tj ET Q q 0 0 0 rg BT 294.31 338.55 Td (, ) Tj ET Q q 0 0 0 rg BT 299.47 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 314.83 338.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 356.42 338.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 398.60 338.55 Td (results ) Tj ET Q q 0 0 0 rg BT 428.55 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 439.83 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 455.19 338.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 496.20 338.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 515.07 338.55 Td (include ) Tj ET Q q 0 0 0 rg BT 548.51 338.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (holding ) Tj ET Q q 0 0 0 rg BT 85.00 325.95 Td (company ) Tj ET Q q 0 0 0 rg BT 126.91 325.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 169.97 325.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 194.39 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 212.97 325.95 Td (overhead, ) Tj ET Q q 0 0 0 rg BT 257.49 325.95 Td (including ) Tj ET Q q 0 0 0 rg BT 300.57 325.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 324.99 325.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 371.56 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 393.65 325.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 437.29 325.95 Td (management, ) Tj ET Q q 0 0 0 rg BT 496.98 325.95 Td (finance, ) Tj ET Q q 0 0 0 rg BT 533.92 325.95 Td (human ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (resources, ) Tj ET Q q 0 0 0 rg BT 94.40 313.35 Td (legal ) Tj ET Q q 0 0 0 rg BT 117.43 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 135.21 313.35 Td (compliance, ) Tj ET Q q 0 0 0 rg BT 188.86 313.35 Td (internal ) Tj ET Q q 0 0 0 rg BT 223.56 313.35 Td (audit ) Tj ET Q q 0 0 0 rg BT 247.18 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 264.96 313.35 Td (other ) Tj ET Q q 0 0 0 rg BT 289.16 313.35 Td (central ) Tj ET Q q 0 0 0 rg BT 320.35 313.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 362.62 313.35 Td (functions. ) Tj ET Q q 0 0 0 rg BT 406.95 313.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 92.30 288.15 Td (principally ) Tj ET Q q 0 0 0 rg BT 140.91 288.15 Td (originated ) Tj ET Q q 0 0 0 rg BT 186.61 288.15 Td (from ) Tj ET Q q 0 0 0 rg BT 210.15 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 226.11 288.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 279.40 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 291.28 288.15 Td (CAM, ) Tj ET Q q 0 0 0 rg BT 320.96 288.15 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 356.45 288.15 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 389.03 288.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 420.74 288.15 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 453.32 288.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 484.45 288.15 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 547.34 288.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (more ) Tj ET Q q 0 0 0 rg BT 73.66 275.55 Td (recently ) Tj ET Q q 0 0 0 rg BT 110.06 275.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 144.14 275.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 181.13 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 198.88 275.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 216.59 275.55 Td (rust. ) Tj ET Q q 0 0 0 rg BT 237.55 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 239.95 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 258.86 275.55 Td (value ) Tj ET Q q 0 0 0 rg BT 284.18 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 295.51 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 310.93 275.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 352.00 275.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 370.92 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 380.51 275.55 Td (based ) Tj ET Q q 0 0 0 rg BT 407.01 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 417.76 275.55 Td (part, ) Tj ET Q q 0 0 0 rg BT 439.29 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 452.38 275.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 494.03 275.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 549.68 275.55 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.92 262.95 Td (flows, ) Tj ET Q q 0 0 0 rg BT 99.63 262.95 Td (including ) Tj ET Q q 0 0 0 rg BT 142.05 262.95 Td (all ) Tj ET Q q 0 0 0 rg BT 155.31 262.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 176.72 262.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 202.82 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 214.32 262.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 241.58 262.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 282.23 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 293.16 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 309.92 262.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 341.84 262.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 370.55 262.95 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 418.79 262.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 444.89 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 462.80 262.95 Td (other ) Tj ET Q q 0 0 0 rg BT 487.14 262.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 536.54 262.95 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 250.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 97.33 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 108.12 250.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 145.14 250.35 Td (account ) Tj ET Q q 0 0 0 rg BT 180.42 250.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 207.54 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 218.91 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 235.53 250.35 Td (managers. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (Significant ) Tj ET Q q 0 0 0 rg BT 97.70 225.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 151.75 225.15 Td (used ) Tj ET Q q 0 0 0 rg BT 173.12 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 183.41 225.15 Td (assessing ) Tj ET Q q 0 0 0 rg BT 224.62 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 239.58 225.15 Td (implied ) Tj ET Q q 0 0 0 rg BT 273.78 225.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 290.48 225.15 Td (value ) Tj ET Q q 0 0 0 rg BT 315.34 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 326.21 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 341.17 225.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 381.78 225.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 400.24 225.15 Td (under ) Tj ET Q q 0 0 0 rg BT 426.27 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 441.23 225.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 488.84 225.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 509.63 225.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 531.00 225.15 Td (method ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (are ) Tj ET Q q 0 0 0 rg BT 65.07 212.55 Td (consistent ) Tj ET Q q 0 0 0 rg BT 109.82 212.55 Td (with ) Tj ET Q q 0 0 0 rg BT 131.23 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 146.81 212.55 Td (methodology ) Tj ET Q q 0 0 0 rg BT 204.98 212.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 247.97 212.55 Td (above ) Tj ET Q q 0 0 0 rg BT 275.80 212.55 Td (for ) Tj ET Q q 0 0 0 rg BT 290.79 212.55 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 351.27 212.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 396.01 212.55 Td (assets. ) Tj ET Q q 0 0 0 rg BT 425.88 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 428.03 212.55 Td (Also, ) Tj ET Q q 0 0 0 rg BT 453.24 212.55 Td (at ) Tj ET Q q 0 0 0 rg BT 463.57 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 479.15 212.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 520.38 212.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 539.47 212.55 Td (level, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (future ) Tj ET Q q 0 0 0 rg BT 77.20 199.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 119.46 199.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 143.09 199.95 Td (are ) Tj ET Q q 0 0 0 rg BT 158.53 199.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 201.40 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 219.18 199.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 274.88 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 296.17 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 311.62 199.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 353.31 199.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 395.59 199.95 Td (results ) Tj ET Q q 0 0 0 rg BT 425.63 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 437.00 199.95 Td (all ) Tj ET Q q 0 0 0 rg BT 450.12 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 466.74 199.95 Td (af) Tj ET Q q 0 0 0 rg BT 474.71 199.95 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 508.54 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 511.16 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 513.79 199.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Actual ) Tj ET Q q 0 0 0 rg BT 80.84 174.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 102.84 174.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 129.52 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 141.03 174.75 Td (any ) Tj ET Q q 0 0 0 rg BT 159.54 174.75 Td (one ) Tj ET Q q 0 0 0 rg BT 178.05 174.75 Td (period ) Tj ET Q q 0 0 0 rg BT 208.22 174.75 Td (may ) Tj ET Q q 0 0 0 rg BT 229.65 174.75 Td (vary ) Tj ET Q q 0 0 0 rg BT 251.65 174.75 Td (from ) Tj ET Q q 0 0 0 rg BT 275.41 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 291.58 174.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 333.99 174.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 356.00 174.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 382.68 174.75 Td (without ) Tj ET Q q 0 0 0 rg BT 418.11 174.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 458.20 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 469.72 174.75 Td (an ) Tj ET Q q 0 0 0 rg BT 482.97 174.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 534.72 174.75 Td (char) Tj ET Q q 0 0 0 rg BT 552.60 174.75 Td (ge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (because ) Tj ET Q q 0 0 0 rg BT 85.31 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 92.55 162.15 Td (variance ) Tj ET Q q 0 0 0 rg BT 130.69 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 141.44 162.15 Td (any ) Tj ET Q q 0 0 0 rg BT 159.19 162.15 Td (one ) Tj ET Q q 0 0 0 rg BT 176.93 162.15 Td (period ) Tj ET Q q 0 0 0 rg BT 206.34 162.15 Td (must ) Tj ET Q q 0 0 0 rg BT 229.34 162.15 Td (be ) Tj ET Q q 0 0 0 rg BT 241.83 162.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 289.90 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 300.65 162.15 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 352.81 162.15 Td (with ) Tj ET Q q 0 0 0 rg BT 374.06 162.15 Td (other ) Tj ET Q q 0 0 0 rg BT 398.21 162.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 452.72 162.15 Td (that ) Tj ET Q q 0 0 0 rg BT 471.05 162.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 502.20 162.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 543.85 162.15 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (Discount ) Tj ET Q q 0 0 0 rg BT 90.45 124.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 113.30 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 129.15 124.35 Td (based ) Tj ET Q q 0 0 0 rg BT 156.09 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 169.63 124.35 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 228.64 124.35 Td (weighted ) Tj ET Q q 0 0 0 rg BT 270.16 124.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 313.43 124.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 337.46 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 349.24 124.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 378.52 124.35 Td (using ) Tj ET Q q 0 0 0 rg BT 404.31 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 412.00 124.35 Td (market ) Tj ET Q q 0 0 0 rg BT 444.19 124.35 Td (participant ) Tj ET Q q 0 0 0 rg BT 492.12 124.35 Td (perspective, ) Tj ET Q q 0 0 0 rg BT 545.59 124.35 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 94.12 111.75 Td (with ) Tj ET Q q 0 0 0 rg BT 115.41 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 130.87 111.75 Td (methodology ) Tj ET Q q 0 0 0 rg BT 188.91 111.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 231.78 111.75 Td (above ) Tj ET Q q 0 0 0 rg BT 259.48 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 274.34 111.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 334.69 111.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 379.31 111.75 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 86.55 Td (e ) Tj ET Q q 0 0 0 rg BT 65.65 86.55 Td (also ) Tj ET Q q 0 0 0 rg BT 84.98 86.55 Td (perform ) Tj ET Q q 0 0 0 rg BT 121.22 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 128.30 86.55 Td (market-based ) Tj ET Q q 0 0 0 rg BT 187.27 86.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 228.77 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 239.93 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 256.35 86.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 297.25 86.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 316.01 86.55 Td (value, ) Tj ET Q q 0 0 0 rg BT 343.79 86.55 Td (which ) Tj ET Q q 0 0 0 rg BT 371.87 86.55 Td (applies ) Tj ET Q q 0 0 0 rg BT 404.03 86.55 Td (an ) Tj ET Q q 0 0 0 rg BT 416.36 86.55 Td (average ) Tj ET Q q 0 0 0 rg BT 451.42 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 462.58 86.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 500.50 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 502.91 86.55 Td (multiples ) Tj ET Q q 0 0 0 rg BT 544.42 86.55 Td (paid ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 61.02 73.95 Td (change ) Tj ET Q q 0 0 0 rg BT 94.10 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 106.19 73.95 Td (control ) Tj ET Q q 0 0 0 rg BT 139.28 73.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 192.79 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 208.38 73.95 Td (peer ) Tj ET Q q 0 0 0 rg BT 229.80 73.95 Td (companies ) Tj ET Q q 0 0 0 rg BT 278.05 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 289.57 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 306.91 73.95 Td (EBITDA. ) Tj ET Q q 0 0 0 rg BT 351.38 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 354.49 73.95 Td (The ) Tj ET Q q 0 0 0 rg BT 374.16 73.95 Td (results ) Tj ET Q q 0 0 0 rg BT 404.93 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 417.02 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 434.37 73.95 Td (two ) Tj ET Q q 0 0 0 rg BT 453.47 73.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 495.89 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 507.99 73.95 Td (value ) Tj ET Q q 0 0 0 rg BT 534.07 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 549.67 73.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 90.80 61.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 109.95 61.35 Td (\(the ) Tj ET Q q 0 0 0 rg BT 129.09 61.35 Td (discounted ) Tj ET Q q 0 0 0 rg BT 177.40 61.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 198.87 61.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 220.94 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 238.91 61.35 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 276.83 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 279.64 61.35 Td (multiple ) Tj ET Q q 0 0 0 rg BT 317.45 61.35 Td (analyses\) ) Tj ET Q q 0 0 0 rg BT 359.34 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 374.97 61.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 419.18 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 437.16 61.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 484.30 61.35 Td (dif) Tj ET Q q 0 0 0 rg BT 495.77 61.35 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 536.18 61.35 Td (if ) Tj ET Q q 0 0 0 rg BT 545.41 61.35 Td (any) Tj ET Q q 0 0 0 rg BT 559.89 61.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.87 48.75 Td (assessed ) Tj ET Q q 0 0 0 rg BT 103.01 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 113.73 48.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 158.27 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 173.65 48.75 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 239.18 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 250.48 48.75 Td (each ) Tj ET Q q 0 0 0 rg BT 272.27 48.75 Td (value ) Tj ET Q q 0 0 0 rg BT 297.57 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 315.28 48.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 351.66 48.75 Td (any ) Tj ET Q q 0 0 0 rg BT 369.37 48.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 418.01 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 428.73 48.75 Td (either ) Tj ET Q q 0 0 0 rg BT 455.19 48.75 Td (result ) Tj ET Q q 0 0 0 rg BT 481.07 48.75 Td (is ) Tj ET Q q 0 0 0 rg BT 490.63 48.75 Td (warranted. ) Tj ET Q q 0 0 0 rg BT 537.79 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 540.34 48.75 Td (Once ) Tj ET Q endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (78) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.05 741.75 Td (values ) Tj ET Q q 0 0 0 rg BT 94.59 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 110.13 741.75 Td (accepted, ) Tj ET Q q 0 0 0 rg BT 152.19 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 167.74 741.75 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 226.44 741.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 267.64 741.75 Td (average ) Tj ET Q q 0 0 0 rg BT 303.00 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 314.47 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 330.01 741.75 Td (two ) Tj ET Q q 0 0 0 rg BT 348.48 741.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 389.69 741.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 408.74 741.75 Td (valuations ) Tj ET Q q 0 0 0 rg BT 454.62 741.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 473.67 741.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 521.88 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 543.25 741.75 Td (flow ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.24 729.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 105.16 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 107.74 729.15 Td (multiple ) Tj ET Q q 0 0 0 rg BT 145.32 729.15 Td (analyses\) ) Tj ET Q q 0 0 0 rg BT 186.97 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 196.55 729.15 Td (used ) Tj ET Q q 0 0 0 rg BT 218.38 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 229.71 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 245.12 729.15 Td (implied ) Tj ET Q q 0 0 0 rg BT 279.78 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 296.94 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 322.26 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 333.58 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 350.16 729.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 380.75 729.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 406.67 729.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 464.06 729.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 505.13 729.15 Td (unit, ) Tj ET Q q 0 0 0 rg BT 526.68 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 554.92 729.15 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (December ) Tj ET Q q 0 0 0 rg BT 95.34 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 111.16 716.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 137.49 716.55 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 179.24 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 194.77 716.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 232.45 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 257.89 716.55 Td (by ) Tj ET Q q 0 0 0 rg BT 271.09 716.55 Td (14%, ) Tj ET Q q 0 0 0 rg BT 295.66 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 307.10 716.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 370.45 716.55 Td ($550 ) Tj ET Q q 0 0 0 rg BT 394.15 716.55 Td (million. ) Tj ET Q q 0 0 0 rg BT 429.81 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 432.51 716.55 Td (Considering ) Tj ET Q q 0 0 0 rg BT 486.54 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 502.07 716.55 Td (relative ) Tj ET Q q 0 0 0 rg BT 536.25 716.55 Td (merits ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.61 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 77.79 703.95 Td (details ) Tj ET Q q 0 0 0 rg BT 108.56 703.95 Td (involved ) Tj ET Q q 0 0 0 rg BT 148.67 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 160.19 703.95 Td (each ) Tj ET Q q 0 0 0 rg BT 182.79 703.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 225.22 703.95 Td (process, ) Tj ET Q q 0 0 0 rg BT 262.69 703.95 Td (we ) Tj ET Q q 0 0 0 rg BT 278.30 703.95 Td (used ) Tj ET Q q 0 0 0 rg BT 300.90 703.95 Td (an ) Tj ET Q q 0 0 0 rg BT 314.17 703.95 Td (equal ) Tj ET Q q 0 0 0 rg BT 340.27 703.95 Td (weighting ) Tj ET Q q 0 0 0 rg BT 385.63 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 397.73 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 413.92 703.95 Td (two ) Tj ET Q q 0 0 0 rg BT 433.03 703.95 Td (values ) Tj ET Q q 0 0 0 rg BT 463.22 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 478.82 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 495.01 703.95 Td (December ) Tj ET Q q 0 0 0 rg BT 541.50 703.95 Td (2016 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (testing. ) Tj ET Q q 0 0 0 rg BT 81.67 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 83.21 691.35 Td (Changes ) Tj ET Q q 0 0 0 rg BT 120.91 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 130.62 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 144.98 691.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 198.45 691.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 245.48 691.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 286.08 691.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 306.28 691.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 331.16 691.35 Td (from ) Tj ET Q q 0 0 0 rg BT 353.11 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 367.48 691.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 407.50 691.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 425.38 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 435.67 691.35 Td (its ) Tj ET Q q 0 0 0 rg BT 447.13 691.35 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 485.04 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 486.58 691.35 Td (multiple, ) Tj ET Q q 0 0 0 rg BT 525.75 691.35 Td (resulting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (from ) Tj ET Q q 0 0 0 rg BT 73.08 678.75 Td (market ) Tj ET Q q 0 0 0 rg BT 105.40 678.75 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 154.94 678.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 190.64 678.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 218.31 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 230.23 678.75 Td (other ) Tj ET Q q 0 0 0 rg BT 254.97 678.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 289.33 678.75 Td (could ) Tj ET Q q 0 0 0 rg BT 315.83 678.75 Td (result ) Tj ET Q q 0 0 0 rg BT 342.33 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 353.66 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 366.74 678.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 418.31 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 430.23 678.75 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 473.36 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 491.69 678.75 Td (such ) Tj ET Q q 0 0 0 rg BT 514.10 678.75 Td (impairment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (could ) Tj ET Q q 0 0 0 rg BT 75.45 666.15 Td (potentially ) Tj ET Q q 0 0 0 rg BT 122.99 666.15 Td (have ) Tj ET Q q 0 0 0 rg BT 145.43 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 152.72 666.15 Td (material ) Tj ET Q q 0 0 0 rg BT 189.74 666.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 220.94 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 234.07 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 250.69 666.15 Td (results ) Tj ET Q q 0 0 0 rg BT 280.73 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 292.10 666.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 338.46 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 356.25 666.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.60 666.15 Td (condition.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 640.95 Td (e ) Tj ET Q q 0 0 0 rg BT 66.60 640.95 Td (further ) Tj ET Q q 0 0 0 rg BT 98.54 640.95 Td (assess ) Tj ET Q q 0 0 0 rg BT 127.57 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 143.77 640.95 Td (accuracy ) Tj ET Q q 0 0 0 rg BT 184.44 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 196.55 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 212.75 640.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 254.61 640.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 274.31 640.95 Td (value ) Tj ET Q q 0 0 0 rg BT 300.42 640.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 351.02 640.95 Td (from ) Tj ET Q q 0 0 0 rg BT 374.80 640.95 Td (these ) Tj ET Q q 0 0 0 rg BT 399.74 640.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 442.18 640.95 Td (methods ) Tj ET Q q 0 0 0 rg BT 481.13 640.95 Td (by ) Tj ET Q q 0 0 0 rg BT 495.00 640.95 Td (comparing ) Tj ET Q q 0 0 0 rg BT 543.27 640.95 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (results ) Tj ET Q q 0 0 0 rg BT 79.88 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 91.02 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 107.99 628.35 Td (market ) Tj ET Q q 0 0 0 rg BT 140.11 628.35 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 199.63 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 210.77 628.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 255.72 628.35 Td (an ) Tj ET Q q 0 0 0 rg BT 268.60 628.35 Td (implied ) Tj ET Q q 0 0 0 rg BT 303.65 628.35 Td (control ) Tj ET Q q 0 0 0 rg BT 336.36 628.35 Td (premium. ) Tj ET Q q 0 0 0 rg BT 379.86 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 382.62 628.35 Td (The ) Tj ET Q q 0 0 0 rg BT 401.91 628.35 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 467.86 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 479.57 628.35 Td (this ) Tj ET Q q 0 0 0 rg BT 497.71 628.35 Td (implied ) Tj ET Q q 0 0 0 rg BT 532.76 628.35 Td (control ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 91.45 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 102.49 615.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 152.02 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 166.56 615.75 Td (comparing ) Tj ET Q q 0 0 0 rg BT 215.50 615.75 Td (it ) Tj ET Q q 0 0 0 rg BT 225.38 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 237.58 615.75 Td (control ) Tj ET Q q 0 0 0 rg BT 271.37 615.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 317.40 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 337.19 615.75 Td (have ) Tj ET Q q 0 0 0 rg BT 361.05 615.75 Td (been ) Tj ET Q q 0 0 0 rg BT 384.91 615.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 407.03 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 419.24 615.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 457.09 615.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 486.20 615.75 Td (change ) Tj ET Q q 0 0 0 rg BT 519.97 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 532.76 615.75 Td (control ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 104.90 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 107.33 603.15 Td (This ) Tj ET Q q 0 0 0 rg BT 128.63 603.15 Td (assessment ) Tj ET Q q 0 0 0 rg BT 177.91 603.15 Td (provides ) Tj ET Q q 0 0 0 rg BT 216.69 603.15 Td (evidence ) Tj ET Q q 0 0 0 rg BT 256.63 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 274.99 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 291.61 603.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 339.73 603.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 394.27 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 405.06 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 421.68 603.15 Td (analyses ) Tj ET Q q 0 0 0 rg BT 459.88 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 471.25 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 487.87 603.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 528.98 603.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 547.93 603.15 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (value ) Tj ET Q q 0 0 0 rg BT 74.86 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 90.31 590.55 Td (reasonable. ) Tj ET Q q 0 0 0 rg BT 140.45 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 143.07 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 145.70 590.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (In ) Tj ET Q q 0 0 0 rg BT 63.32 565.35 Td (calculating ) Tj ET Q q 0 0 0 rg BT 114.46 565.35 Td (our ) Tj ET Q q 0 0 0 rg BT 133.53 565.35 Td (market ) Tj ET Q q 0 0 0 rg BT 167.76 565.35 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 229.39 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 246.71 565.35 Td (these ) Tj ET Q q 0 0 0 rg BT 273.36 565.35 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 318.39 565.35 Td (market ) Tj ET Q q 0 0 0 rg BT 352.62 565.35 Td (volatility ) Tj ET Q q 0 0 0 rg BT 395.61 565.35 Td (can ) Tj ET Q q 0 0 0 rg BT 415.25 565.35 Td (have ) Tj ET Q q 0 0 0 rg BT 440.15 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 449.88 565.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 499.28 565.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 532.93 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 548.50 565.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (capitalization, ) Tj ET Q q 0 0 0 rg BT 110.98 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 128.44 552.75 Td (if ) Tj ET Q q 0 0 0 rg BT 137.15 552.75 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 189.89 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 204.43 552.75 Td (may ) Tj ET Q q 0 0 0 rg BT 224.80 552.75 Td (consider ) Tj ET Q q 0 0 0 rg BT 262.67 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 277.80 552.75 Td (average ) Tj ET Q q 0 0 0 rg BT 312.74 552.75 Td (market ) Tj ET Q q 0 0 0 rg BT 344.19 552.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 371.56 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 382.60 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 398.90 552.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 423.36 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 437.90 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 444.86 552.75 Td (period ) Tj ET Q q 0 0 0 rg BT 473.99 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 485.03 552.75 Td (one ) Tj ET Q q 0 0 0 rg BT 502.49 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 513.54 552.75 Td (two ) Tj ET Q q 0 0 0 rg BT 531.58 552.75 Td (months ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (before ) Tj ET Q q 0 0 0 rg BT 79.07 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 94.65 540.15 Td (test ) Tj ET Q q 0 0 0 rg BT 111.99 540.15 Td (date ) Tj ET Q q 0 0 0 rg BT 132.24 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 143.16 540.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 187.90 540.15 Td (market ) Tj ET Q q 0 0 0 rg BT 219.81 540.15 Td (capitalization. ) Tj ET Q q 0 0 0 rg BT 281.14 540.15 Td (A) Tj ET Q q 0 0 0 rg BT 288.14 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 290.90 540.15 Td (control ) Tj ET Q q 0 0 0 rg BT 323.39 540.15 Td (premium ) Tj ET Q q 0 0 0 rg BT 364.06 540.15 Td (arises ) Tj ET Q q 0 0 0 rg BT 390.72 540.15 Td (from ) Tj ET Q q 0 0 0 rg BT 413.89 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 429.47 540.15 Td (fact ) Tj ET Q q 0 0 0 rg BT 447.97 540.15 Td (that ) Tj ET Q q 0 0 0 rg BT 466.47 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 477.39 540.15 Td (an ) Tj ET Q q 0 0 0 rg BT 490.06 540.15 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 541.52 540.15 Td (there ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 59.00 527.55 Td (typically ) Tj ET Q q 0 0 0 rg BT 98.24 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 105.40 527.55 Td (premium ) Tj ET Q q 0 0 0 rg BT 145.81 527.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 166.39 527.55 Td (over ) Tj ET Q q 0 0 0 rg BT 187.55 527.55 Td (current ) Tj ET Q q 0 0 0 rg BT 219.78 527.55 Td (market ) Tj ET Q q 0 0 0 rg BT 251.43 527.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 279.00 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 290.25 527.55 Td (publicly ) Tj ET Q q 0 0 0 rg BT 327.16 527.55 Td (traded ) Tj ET Q q 0 0 0 rg BT 355.90 527.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 403.30 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 421.54 527.55 Td (relates ) Tj ET Q q 0 0 0 rg BT 451.44 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 462.11 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 477.44 527.55 Td (ability ) Tj ET Q q 0 0 0 rg BT 506.77 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 517.44 527.55 Td (control ) Tj ET Q q 0 0 0 rg BT 549.68 527.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 95.35 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 106.21 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 118.23 514.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 156.48 514.95 Td (company) Tj ET Q q 0 0 0 rg BT 194.29 514.95 Td (. ) Tj ET Q q 0 0 0 rg BT 199.02 514.95 Td (Further) Tj ET Q q 0 0 0 rg BT 229.51 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 234.25 514.95 Td (assessments ) Tj ET Q q 0 0 0 rg BT 287.11 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 297.96 514.95 Td (control ) Tj ET Q q 0 0 0 rg BT 329.82 514.95 Td (premiums ) Tj ET Q q 0 0 0 rg BT 373.92 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 384.20 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 399.14 514.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 421.66 514.95 Td (management ) Tj ET Q q 0 0 0 rg BT 477.41 514.95 Td (industry ) Tj ET Q q 0 0 0 rg BT 513.94 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 528.87 514.95 Td (dif) Tj ET Q q 0 0 0 rg BT 540.34 514.95 Td (ficult ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (because ) Tj ET Q q 0 0 0 rg BT 85.84 502.35 Td (many ) Tj ET Q q 0 0 0 rg BT 112.29 502.35 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 165.57 502.35 Td (involve ) Tj ET Q q 0 0 0 rg BT 200.18 502.35 Td (privately ) Tj ET Q q 0 0 0 rg BT 240.61 502.35 Td (held ) Tj ET Q q 0 0 0 rg BT 261.80 502.35 Td (companies, ) Tj ET Q q 0 0 0 rg BT 312.45 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 324.31 502.35 Td (involve ) Tj ET Q q 0 0 0 rg BT 358.92 502.35 Td (only ) Tj ET Q q 0 0 0 rg BT 380.70 502.35 Td (portions ) Tj ET Q q 0 0 0 rg BT 418.23 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 430.09 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 437.87 502.35 Td (public ) Tj ET Q q 0 0 0 rg BT 467.23 502.35 Td (company) Tj ET Q q 0 0 0 rg BT 505.04 502.35 Td (, ) Tj ET Q q 0 0 0 rg BT 510.78 502.35 Td (such ) Tj ET Q q 0 0 0 rg BT 533.14 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 552.00 502.35 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (control ) Tj ET Q q 0 0 0 rg BT 81.87 489.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 122.40 489.75 Td (can ) Tj ET Q q 0 0 0 rg BT 139.60 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 152.13 489.75 Td (calculated.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.49 464.55 Td (market ) Tj ET Q q 0 0 0 rg BT 113.49 464.55 Td (evidence ) Tj ET Q q 0 0 0 rg BT 153.64 464.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 196.71 464.55 Td (control ) Tj ET Q q 0 0 0 rg BT 229.30 464.55 Td (premiums ) Tj ET Q q 0 0 0 rg BT 274.14 464.55 Td (suggests ) Tj ET Q q 0 0 0 rg BT 312.57 464.55 Td (values ) Tj ET Q q 0 0 0 rg BT 342.23 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 353.82 464.55 Td (14% ) Tj ET Q q 0 0 0 rg BT 375.91 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 386.92 464.55 Td (54%, ) Tj ET Q q 0 0 0 rg BT 411.63 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 433.14 464.55 Td (an ) Tj ET Q q 0 0 0 rg BT 445.89 464.55 Td (average ) Tj ET Q q 0 0 0 rg BT 481.38 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 492.96 464.55 Td (34%, ) Tj ET Q q 0 0 0 rg BT 517.68 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 529.27 464.55 Td (realistic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 66.55 451.95 Td (common ) Tj ET Q q 0 0 0 rg BT 105.18 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 122.23 451.95 Td (we ) Tj ET Q q 0 0 0 rg BT 136.36 451.95 Td (believe ) Tj ET Q q 0 0 0 rg BT 168.57 451.95 Td (such ) Tj ET Q q 0 0 0 rg BT 189.70 451.95 Td (premiums ) Tj ET Q q 0 0 0 rg BT 233.59 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 243.64 451.95 Td (be ) Tj ET Q q 0 0 0 rg BT 255.44 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 261.99 451.95 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 308.77 451.95 Td (range ) Tj ET Q q 0 0 0 rg BT 333.98 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 344.61 451.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 385.58 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 399.71 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 415.59 451.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 443.73 451.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 470.98 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 472.87 451.95 Td (Based ) Tj ET Q q 0 0 0 rg BT 500.42 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 512.80 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 528.69 451.95 Td (analysis ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.89 439.35 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 130.32 439.35 Td (we ) Tj ET Q q 0 0 0 rg BT 145.79 439.35 Td (believe ) Tj ET Q q 0 0 0 rg BT 179.34 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 195.40 439.35 Td (implied ) Tj ET Q q 0 0 0 rg BT 230.71 439.35 Td (control ) Tj ET Q q 0 0 0 rg BT 263.68 439.35 Td (premium ) Tj ET Q q 0 0 0 rg BT 304.83 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 316.80 439.35 Td (43% ) Tj ET Q q 0 0 0 rg BT 339.28 439.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 389.74 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 403.48 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 420.70 439.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 462.42 439.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 481.99 439.35 Td (value ) Tj ET Q q 0 0 0 rg BT 507.96 439.35 Td (estimation ) Tj ET Q q 0 0 0 rg BT 554.94 439.35 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (December ) Tj ET Q q 0 0 0 rg BT 95.26 426.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 111.01 426.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 137.26 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 146.89 426.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 194.41 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 205.20 426.75 Td (relation ) Tj ET Q q 0 0 0 rg BT 239.90 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 250.69 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 266.15 426.75 Td (observed ) Tj ET Q q 0 0 0 rg BT 306.67 426.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 343.11 426.75 Td (market ) Tj ET Q q 0 0 0 rg BT 374.89 426.75 Td (control ) Tj ET Q q 0 0 0 rg BT 407.26 426.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 447.79 426.75 Td (values. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (Contingent Consideration Liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (In ) Tj ET Q q 0 0 0 rg BT 59.93 388.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 107.69 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 128.04 388.95 Td (business ) Tj ET Q q 0 0 0 rg BT 165.32 388.95 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 219.79 388.95 Td (we ) Tj ET Q q 0 0 0 rg BT 233.72 388.95 Td (may ) Tj ET Q q 0 0 0 rg BT 253.49 388.95 Td (be ) Tj ET Q q 0 0 0 rg BT 265.09 388.95 Td (required ) Tj ET Q q 0 0 0 rg BT 301.76 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 311.61 388.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 328.46 388.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 372.14 388.95 Td (future ) Tj ET Q q 0 0 0 rg BT 398.89 388.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 457.15 388.95 Td (based ) Tj ET Q q 0 0 0 rg BT 482.74 388.95 Td (on ) Tj ET Q q 0 0 0 rg BT 494.93 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 509.45 388.95 Td (achievement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.43 376.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 91.18 376.35 Td (designated ) Tj ET Q q 0 0 0 rg BT 138.27 376.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.19 376.35 Td (metrics. ) Tj ET Q q 0 0 0 rg BT 212.90 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 214.93 376.35 Td (W) Tj ET Q q 0 0 0 rg BT 224.00 376.35 Td (e ) Tj ET Q q 0 0 0 rg BT 230.85 376.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 268.02 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 283.04 376.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 299.79 376.35 Td (value ) Tj ET Q q 0 0 0 rg BT 324.72 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 335.65 376.35 Td (these ) Tj ET Q q 0 0 0 rg BT 359.41 376.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 398.34 376.35 Td (future ) Tj ET Q q 0 0 0 rg BT 425.59 376.35 Td (obligations ) Tj ET Q q 0 0 0 rg BT 474.45 376.35 Td (at ) Tj ET Q q 0 0 0 rg BT 484.21 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 499.22 376.35 Td (time ) Tj ET Q q 0 0 0 rg BT 520.07 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 526.92 376.35 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (combination ) Tj ET Q q 0 0 0 rg BT 104.68 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 114.38 363.75 Td (consummated ) Tj ET Q q 0 0 0 rg BT 175.39 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 193.25 363.75 Td (record ) Tj ET Q q 0 0 0 rg BT 222.76 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 230.11 363.75 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 279.47 363.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 338.73 363.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 374.09 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 384.95 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 400.47 363.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 458.57 363.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 495.08 363.75 Td (Sheet. ) Tj ET Q q 0 0 0 rg BT 523.73 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 526.42 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 528.92 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 547.94 363.75 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (values ) Tj ET Q q 0 0 0 rg BT 78.81 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 90.04 351.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 136.85 351.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 195.90 351.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 237.46 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 252.76 351.15 Td (revised ) Tj ET Q q 0 0 0 rg BT 285.57 351.15 Td (as ) Tj ET Q q 0 0 0 rg BT 296.80 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 308.03 351.15 Td (each ) Tj ET Q q 0 0 0 rg BT 329.75 351.15 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 370.13 351.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 411.10 351.15 Td (date. ) Tj ET Q q 0 0 0 rg BT 433.70 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 435.64 351.15 Td (As ) Tj ET Q q 0 0 0 rg BT 449.79 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 461.02 351.15 Td (March ) Tj ET Q q 0 0 0 rg BT 490.91 351.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 506.52 351.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 532.63 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 547.94 351.15 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (values ) Tj ET Q q 0 0 0 rg BT 78.00 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 88.43 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 104.10 338.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 150.10 338.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 208.35 338.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 249.11 338.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 291.59 338.55 Td ($36.8 ) Tj ET Q q 0 0 0 rg BT 316.89 338.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 351.53 338.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 385.28 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 395.13 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 410.80 338.55 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 462.64 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 473.07 338.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 502.75 338.55 Td (Infrastructure, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (Martin ) Tj ET Q q 0 0 0 rg BT 80.70 325.95 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 112.78 325.95 Td (QS ) Tj ET Q q 0 0 0 rg BT 128.83 325.95 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 172.57 325.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 214.27 325.95 Td (Guard ) Tj ET Q q 0 0 0 rg BT 243.13 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 260.92 325.95 Td (PK ) Tj ET Q q 0 0 0 rg BT 276.97 325.95 Td (Investments. ) Tj ET Q q 0 0 0 rg BT 332.96 325.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 303.35 Td (See ) Tj ET Q q 0 0 0 rg BT 69.43 303.35 Td (Note ) Tj ET Q q 0 0 0 rg BT 94.61 303.35 Td (18 ) Tj ET Q q 0 0 0 rg BT 109.87 303.35 Td (of ) Tj ET Q q 0 0 0 rg BT 123.39 303.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 152.65 303.35 Td (to ) Tj ET Q q 0 0 0 rg BT 165.58 303.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 225.76 303.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 269.60 303.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 320.45 303.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 365.45 303.35 Td (an ) Tj ET Q q 0 0 0 rg BT 380.13 303.35 Td ($1) Tj ET Q q 0 0 0 rg BT 390.24 303.35 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 408.13 303.35 Td (million ) Tj ET Q q 0 0 0 rg BT 443.23 303.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 487.65 303.35 Td (in ) Tj ET Q q 0 0 0 rg BT 500.58 303.35 Td (the ) Tj ET Q q 0 0 0 rg BT 518.18 303.35 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 290.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.69 290.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 143.98 290.75 Td (related ) Tj ET Q q 0 0 0 rg BT 175.17 290.75 Td (to ) Tj ET Q q 0 0 0 rg BT 185.96 290.75 Td (the ) Tj ET Q q 0 0 0 rg BT 201.42 290.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 250.12 290.75 Td (of ) Tj ET Q q 0 0 0 rg BT 261.49 290.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 292.12 290.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 351.88 290.75 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 401.17 290.75 Td (to ) Tj ET Q q 0 0 0 rg BT 411.96 290.75 Td (March ) Tj ET Q q 0 0 0 rg BT 441.99 290.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 457.74 290.75 Td (2017. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 268.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 268.15 Td (e ) Tj ET Q q 0 0 0 rg BT 67.15 268.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 106.06 268.15 Td (the ) Tj ET Q q 0 0 0 rg BT 122.81 268.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 141.30 268.15 Td (value ) Tj ET Q q 0 0 0 rg BT 167.96 268.15 Td (of ) Tj ET Q q 0 0 0 rg BT 180.63 268.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 228.87 268.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 289.36 268.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 332.36 268.15 Td (using ) Tj ET Q q 0 0 0 rg BT 359.04 268.15 Td (probability-weighted ) Tj ET Q q 0 0 0 rg BT 451.02 268.15 Td (modeling ) Tj ET Q q 0 0 0 rg BT 494.61 268.15 Td (specific ) Tj ET Q q 0 0 0 rg BT 531.18 268.15 Td (to ) Tj ET Q q 0 0 0 rg BT 543.26 268.15 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 255.55 Td (business ) Tj ET Q q 0 0 0 rg BT 87.74 255.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 136.47 255.55 Td (and ) Tj ET Q q 0 0 0 rg BT 154.28 255.55 Td (its ) Tj ET Q q 0 0 0 rg BT 166.85 255.55 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 221.97 255.55 Td (for ) Tj ET Q q 0 0 0 rg BT 236.87 255.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 283.84 255.55 Td (consideration. ) Tj ET Q q 0 0 0 rg BT 345.68 255.55 Td ( ) Tj ET Q q 0 0 0 rg BT 348.33 255.55 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 392.98 255.55 Td (payments ) Tj ET Q q 0 0 0 rg BT 435.87 255.55 Td (are ) Tj ET Q q 0 0 0 rg BT 451.34 255.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 499.48 255.55 Td (to ) Tj ET Q q 0 0 0 rg BT 510.30 255.55 Td (their ) Tj ET Q q 0 0 0 rg BT 532.19 255.55 Td (present ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 242.95 Td (value ) Tj ET Q q 0 0 0 rg BT 74.86 242.95 Td (at ) Tj ET Q q 0 0 0 rg BT 85.07 242.95 Td (the ) Tj ET Q q 0 0 0 rg BT 100.52 242.95 Td (measurement ) Tj ET Q q 0 0 0 rg BT 159.12 242.95 Td (date.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 220.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.42 220.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 101.60 220.35 Td (Currie ) Tj ET Q q 0 0 0 rg BT 132.03 220.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 172.94 220.35 Td (agreement ) Tj ET Q q 0 0 0 rg BT 220.26 220.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 257.68 220.35 Td (us ) Tj ET Q q 0 0 0 rg BT 270.62 220.35 Td (to ) Tj ET Q q 0 0 0 rg BT 282.38 220.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 301.14 220.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 346.73 220.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 406.90 220.35 Td (based ) Tj ET Q q 0 0 0 rg BT 434.41 220.35 Td (on ) Tj ET Q q 0 0 0 rg BT 448.50 220.35 Td (the ) Tj ET Q q 0 0 0 rg BT 464.93 220.35 Td (achievement ) Tj ET Q q 0 0 0 rg BT 521.59 220.35 Td (of ) Tj ET Q q 0 0 0 rg BT 533.93 220.35 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 207.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.56 207.75 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 124.42 207.75 Td (as ) Tj ET Q q 0 0 0 rg BT 135.50 207.75 Td (specified ) Tj ET Q q 0 0 0 rg BT 175.73 207.75 Td (in ) Tj ET Q q 0 0 0 rg BT 186.22 207.75 Td (the ) Tj ET Q q 0 0 0 rg BT 201.38 207.75 Td (share ) Tj ET Q q 0 0 0 rg BT 225.86 207.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 265.51 207.75 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 314.19 207.75 Td (at ) Tj ET Q q 0 0 0 rg BT 324.09 207.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 354.99 207.75 Td (future ) Tj ET Q q 0 0 0 rg BT 382.39 207.75 Td (dates ) Tj ET Q q 0 0 0 rg BT 406.29 207.75 Td (over ) Tj ET Q q 0 0 0 rg BT 427.28 207.75 Td (the ) Tj ET Q q 0 0 0 rg BT 442.43 207.75 Td (three ) Tj ET Q q 0 0 0 rg BT 465.75 207.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.24 207.75 Td (one-half ) Tj ET Q q 0 0 0 rg BT 520.55 207.75 Td (year ) Tj ET Q q 0 0 0 rg BT 540.95 207.75 Td (earn-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 195.15 Td (out ) Tj ET Q q 0 0 0 rg BT 64.91 195.15 Td (term. ) Tj ET Q q 0 0 0 rg BT 88.78 195.15 Td ( ) Tj ET Q q 0 0 0 rg BT 90.77 195.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 109.10 195.15 Td (modeling ) Tj ET Q q 0 0 0 rg BT 150.76 195.15 Td (of ) Tj ET Q q 0 0 0 rg BT 161.50 195.15 Td (the ) Tj ET Q q 0 0 0 rg BT 176.32 195.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 206.90 195.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 235.72 195.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 282.04 195.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 320.19 195.15 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 374.65 195.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 411.64 195.15 Td (Monte ) Tj ET Q q 0 0 0 rg BT 441.05 195.15 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 466.38 195.15 Td (simulation ) Tj ET Q q 0 0 0 rg BT 512.71 195.15 Td (of ) Tj ET Q q 0 0 0 rg BT 523.45 195.15 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 182.55 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 80.12 182.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 136.66 182.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 157.06 182.55 Td (and ) Tj ET Q q 0 0 0 rg BT 175.71 182.55 Td (product ) Tj ET Q q 0 0 0 rg BT 211.28 182.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 267.82 182.55 Td (to ) Tj ET Q q 0 0 0 rg BT 279.48 182.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 324.95 182.55 Td (the ) Tj ET Q q 0 0 0 rg BT 341.27 182.55 Td (related ) Tj ET Q q 0 0 0 rg BT 373.32 182.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 417.05 182.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 456.70 182.55 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 498.40 182.55 Td (If ) Tj ET Q q 0 0 0 rg BT 508.89 182.55 Td (the ) Tj ET Q q 0 0 0 rg BT 525.21 182.55 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 169.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 89.17 169.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 128.26 169.95 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 186.60 169.95 Td (change, ) Tj ET Q q 0 0 0 rg BT 222.46 169.95 Td (the ) Tj ET Q q 0 0 0 rg BT 238.80 169.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 286.63 169.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 346.71 169.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 389.30 169.95 Td (are ) Tj ET Q q 0 0 0 rg BT 405.63 169.95 Td (\(reduced\) ) Tj ET Q q 0 0 0 rg BT 449.36 169.95 Td (or ) Tj ET Q q 0 0 0 rg BT 461.61 169.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 504.76 169.95 Td (in ) Tj ET Q q 0 0 0 rg BT 516.44 169.95 Td (the ) Tj ET Q q 0 0 0 rg BT 532.78 169.95 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 157.35 Td (period, ) Tj ET Q q 0 0 0 rg BT 82.08 157.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 121.96 157.35 Td (in ) Tj ET Q q 0 0 0 rg BT 133.26 157.35 Td (a ) Tj ET Q q 0 0 0 rg BT 141.05 157.35 Td (\(gain\) ) Tj ET Q q 0 0 0 rg BT 169.25 157.35 Td (or ) Tj ET Q q 0 0 0 rg BT 181.13 157.35 Td (loss, ) Tj ET Q q 0 0 0 rg BT 203.23 157.35 Td (which ) Tj ET Q q 0 0 0 rg BT 232.02 157.35 Td (is ) Tj ET Q q 0 0 0 rg BT 242.15 157.35 Td (reflected ) Tj ET Q q 0 0 0 rg BT 282.01 157.35 Td (within ) Tj ET Q q 0 0 0 rg BT 311.97 157.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 339.01 157.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 381.80 157.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 418.75 157.35 Td (in ) Tj ET Q q 0 0 0 rg BT 430.04 157.35 Td (the ) Tj ET Q q 0 0 0 rg BT 446.00 157.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 504.55 157.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 553.76 157.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 82.91 144.75 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 114.28 144.75 Td ( ) Tj ET Q q 0 0 0 rg BT 116.20 144.75 Td (Significant ) Tj ET Q q 0 0 0 rg BT 164.20 144.75 Td (increases ) Tj ET Q q 0 0 0 rg BT 204.60 144.75 Td (\(decreases\) ) Tj ET Q q 0 0 0 rg BT 253.73 144.75 Td (in ) Tj ET Q q 0 0 0 rg BT 263.82 144.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 304.38 144.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 330.80 144.75 Td (or ) Tj ET Q q 0 0 0 rg BT 341.47 144.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 396.44 144.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 411.18 144.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 437.59 144.75 Td (for ) Tj ET Q q 0 0 0 rg BT 451.75 144.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 482.25 144.75 Td (Currie ) Tj ET Q q 0 0 0 rg BT 511.00 144.75 Td (would ) Tj ET Q q 0 0 0 rg BT 539.17 144.75 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 132.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.76 132.15 Td (significantly ) Tj ET Q q 0 0 0 rg BT 116.33 132.15 Td (higher ) Tj ET Q q 0 0 0 rg BT 146.25 132.15 Td (\(lower\) ) Tj ET Q q 0 0 0 rg BT 180.24 132.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 227.65 132.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 287.30 132.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 323.06 132.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 340.72 132.15 Td (value ) Tj ET Q q 0 0 0 rg BT 366.54 132.15 Td (and ) Tj ET Q q 0 0 0 rg BT 384.79 132.15 Td (the ) Tj ET Q q 0 0 0 rg BT 400.71 132.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 440.54 132.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 477.45 132.15 Td (could ) Tj ET Q q 0 0 0 rg BT 503.86 132.15 Td (be ) Tj ET Q q 0 0 0 rg BT 516.86 132.15 Td (material ) Tj ET Q q 0 0 0 rg BT 554.35 132.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 119.55 Td (our ) Tj ET Q q 0 0 0 rg BT 67.97 119.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 112.10 119.55 Td (results. ) Tj ET Q q 0 0 0 rg BT 146.61 119.55 Td ( ) Tj ET Q q 0 0 0 rg BT 150.76 119.55 Td (The ) Tj ET Q q 0 0 0 rg BT 171.56 119.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 204.04 119.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 265.65 119.55 Td (and ) Tj ET Q q 0 0 0 rg BT 285.28 119.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 303.18 119.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 346.15 119.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 387.93 119.55 Td (agreements ) Tj ET Q q 0 0 0 rg BT 440.22 119.55 Td (require ) Tj ET Q q 0 0 0 rg BT 474.42 119.55 Td (us ) Tj ET Q q 0 0 0 rg BT 488.23 119.55 Td (to ) Tj ET Q q 0 0 0 rg BT 500.88 119.55 Td (pay ) Tj ET Q q 0 0 0 rg BT 520.51 119.55 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 106.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.52 106.95 Td (based ) Tj ET Q q 0 0 0 rg BT 134.87 106.95 Td (on ) Tj ET Q q 0 0 0 rg BT 147.82 106.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 184.09 106.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 215.10 106.95 Td (future ) Tj ET Q q 0 0 0 rg BT 242.62 106.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 278.30 106.95 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 323.92 106.95 Td (are ) Tj ET Q q 0 0 0 rg BT 339.18 106.95 Td (achieved. ) Tj ET Q q 0 0 0 rg BT 381.57 106.95 Td ( ) Tj ET Q q 0 0 0 rg BT 384.02 106.95 Td (Likewise, ) Tj ET Q q 0 0 0 rg BT 427.58 106.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 474.35 106.95 Td (increases ) Tj ET Q q 0 0 0 rg BT 515.28 106.95 Td (\(decreases\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 94.35 Td (in ) Tj ET Q q 0 0 0 rg BT 59.62 94.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 100.64 94.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 135.83 94.35 Td (levels ) Tj ET Q q 0 0 0 rg BT 162.28 94.35 Td (for ) Tj ET Q q 0 0 0 rg BT 176.48 94.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 206.44 94.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 265.53 94.35 Td (and ) Tj ET Q q 0 0 0 rg BT 282.64 94.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 298.02 94.35 Td (Investors ) Tj ET Q q 0 0 0 rg BT 338.47 94.35 Td (would ) Tj ET Q q 0 0 0 rg BT 366.68 94.35 Td (result ) Tj ET Q q 0 0 0 rg BT 391.96 94.35 Td (in ) Tj ET Q q 0 0 0 rg BT 402.09 94.35 Td (significantly ) Tj ET Q q 0 0 0 rg BT 456.54 94.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 485.32 94.35 Td (\(lower\) ) Tj ET Q q 0 0 0 rg BT 518.17 94.35 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 81.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.69 81.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 143.98 81.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.18 81.75 Td (value ) Tj ET Q q 0 0 0 rg BT 186.54 81.75 Td (and ) Tj ET Q q 0 0 0 rg BT 204.33 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 219.78 81.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 259.15 81.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 295.60 81.75 Td (could ) Tj ET Q q 0 0 0 rg BT 321.55 81.75 Td (be ) Tj ET Q q 0 0 0 rg BT 334.08 81.75 Td (material ) Tj ET Q q 0 0 0 rg BT 371.11 81.75 Td (to ) Tj ET Q q 0 0 0 rg BT 381.90 81.75 Td (our ) Tj ET Q q 0 0 0 rg BT 398.52 81.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 440.80 81.75 Td (results.) Tj ET Q endstream endobj 163 0 obj <>] /Rotate 0 /Contents 164 0 R>> endobj 164 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (79) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Stock-Based Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.87 729.30 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 121.47 729.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 182.83 729.30 Td (plans ) Tj ET Q q 0 0 0 rg BT 208.03 729.30 Td (include ) Tj ET Q q 0 0 0 rg BT 241.98 729.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 267.18 729.30 Td (options, ) Tj ET Q q 0 0 0 rg BT 303.76 729.30 Td (an ) Tj ET Q q 0 0 0 rg BT 316.71 729.30 Td (employee ) Tj ET Q q 0 0 0 rg BT 360.57 729.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 385.77 729.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 426.12 729.30 Td (plan, ) Tj ET Q q 0 0 0 rg BT 449.86 729.30 Td (market-based ) Tj ET Q q 0 0 0 rg BT 509.46 729.30 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 80.45 716.70 Td (payable ) Tj ET Q q 0 0 0 rg BT 117.80 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 130.68 716.70 Td (common ) Tj ET Q q 0 0 0 rg BT 172.13 716.70 Td (stock, ) Tj ET Q q 0 0 0 rg BT 201.62 716.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 245.39 716.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 272.26 716.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 306.71 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 326.57 716.70 Td (units, ) Tj ET Q q 0 0 0 rg BT 354.33 716.70 Td (af) Tj ET Q q 0 0 0 rg BT 362.29 716.70 Td (filiate ) Tj ET Q q 0 0 0 rg BT 391.49 716.70 Td (management ) Tj ET Q q 0 0 0 rg BT 449.84 716.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.79 716.70 Td (plans ) Tj ET Q q 0 0 0 rg BT 507.66 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 527.53 716.70 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.15 704.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 145.14 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.64 704.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 182.76 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.09 704.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 213.67 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.00 704.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 254.49 704.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 315.15 704.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 342.27 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 356.85 704.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 380.18 704.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 408.76 704.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 440.83 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.33 704.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 493.02 704.10 Td (of) Tj ET Q q 0 0 0 rg BT 501.58 704.10 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 529.86 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 547.35 704.10 Td (key ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (employees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (In ) Tj ET Q q 0 0 0 rg BT 60.98 666.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 110.92 666.30 Td (with ) Tj ET Q q 0 0 0 rg BT 132.32 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 147.88 666.30 Td (applicable ) Tj ET Q q 0 0 0 rg BT 193.76 666.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 242.55 666.30 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 285.81 666.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 346.86 666.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 383.41 666.30 Td (for ) Tj ET Q q 0 0 0 rg BT 398.39 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 413.95 666.30 Td (years ) Tj ET Q q 0 0 0 rg BT 438.83 666.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 466.63 666.30 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 512.52 666.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 538.88 666.30 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.72 653.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 94.41 653.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 132.46 653.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 193.85 653.70 Td (cost ) Tj ET Q q 0 0 0 rg BT 213.82 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 229.13 653.70 Td (all ) Tj ET Q q 0 0 0 rg BT 242.69 653.70 Td (non-vested ) Tj ET Q q 0 0 0 rg BT 291.82 653.70 Td (share-based ) Tj ET Q q 0 0 0 rg BT 344.44 653.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 377.24 653.70 Td (at ) Tj ET Q q 0 0 0 rg BT 387.88 653.70 Td (their ) Tj ET Q q 0 0 0 rg BT 410.18 653.70 Td (grant ) Tj ET Q q 0 0 0 rg BT 434.82 653.70 Td (date ) Tj ET Q q 0 0 0 rg BT 455.37 653.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 473.01 653.70 Td (value ) Tj ET Q q 0 0 0 rg BT 498.81 653.70 Td (amortized ) Tj ET Q q 0 0 0 rg BT 543.85 653.70 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.02 641.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 110.26 641.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 143.28 641.10 Td (periods, ) Tj ET Q q 0 0 0 rg BT 179.51 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 207.86 641.10 Td (may ) Tj ET Q q 0 0 0 rg BT 228.62 641.10 Td (be ) Tj ET Q q 0 0 0 rg BT 241.22 641.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 277.14 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 292.07 641.10 Td (retirement-eligible ) Tj ET Q q 0 0 0 rg BT 372.89 641.10 Td (recipients, ) Tj ET Q q 0 0 0 rg BT 419.02 641.10 Td (on ) Tj ET Q q 0 0 0 rg BT 432.21 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.73 641.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 501.15 641.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 537.96 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 540.06 641.10 Td (Also, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (under ) Tj ET Q q 0 0 0 rg BT 77.43 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 94.28 628.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 144.37 628.50 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 188.92 628.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 211.60 628.50 Td (flows ) Tj ET Q q 0 0 0 rg BT 238.96 628.50 Td (related ) Tj ET Q q 0 0 0 rg BT 271.55 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 283.74 628.50 Td (income ) Tj ET Q q 0 0 0 rg BT 318.67 628.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 335.52 628.50 Td (deductions ) Tj ET Q q 0 0 0 rg BT 385.04 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 397.23 628.50 Td (excess ) Tj ET Q q 0 0 0 rg BT 428.66 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 441.43 628.50 Td (or ) Tj ET Q q 0 0 0 rg BT 454.20 628.50 Td (less ) Tj ET Q q 0 0 0 rg BT 473.98 628.50 Td (than ) Tj ET Q q 0 0 0 rg BT 496.08 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 512.93 628.50 Td (stock-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.45 615.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 146.89 615.90 Td (are ) Tj ET Q q 0 0 0 rg BT 162.33 615.90 Td (classified ) Tj ET Q q 0 0 0 rg BT 204.61 615.90 Td (as ) Tj ET Q q 0 0 0 rg BT 215.98 615.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 258.26 615.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 279.54 615.90 Td (flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 590.70 Td (e ) Tj ET Q q 0 0 0 rg BT 65.17 590.70 Td (granted ) Tj ET Q q 0 0 0 rg BT 98.59 590.70 Td (0.8 ) Tj ET Q q 0 0 0 rg BT 113.65 590.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 148.55 590.70 Td (0.9 ) Tj ET Q q 0 0 0 rg BT 163.61 590.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 198.50 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 215.60 590.70 Td (0.9 ) Tj ET Q q 0 0 0 rg BT 230.66 590.70 Td (million ) Tj ET Q q 0 0 0 rg BT 262.93 590.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 287.03 590.70 Td (options ) Tj ET Q q 0 0 0 rg BT 319.89 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 329.99 590.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 354.67 590.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 380.23 590.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 405.79 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 422.89 590.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 448.45 590.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 498.49 590.70 Td (. ) Tj ET Q q 0 0 0 rg BT 503.05 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 504.85 590.70 Td (W) Tj ET Q q 0 0 0 rg BT 513.92 590.70 Td (e ) Tj ET Q q 0 0 0 rg BT 520.52 590.70 Td (determine ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.62 578.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 81.48 578.10 Td (value ) Tj ET Q q 0 0 0 rg BT 106.51 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.54 578.10 Td (each ) Tj ET Q q 0 0 0 rg BT 139.06 578.10 Td (option ) Tj ET Q q 0 0 0 rg BT 168.19 578.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 192.05 578.10 Td (using ) Tj ET Q q 0 0 0 rg BT 217.09 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.21 578.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 295.15 578.10 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 357.52 578.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 388.68 578.10 Td (except ) Tj ET Q q 0 0 0 rg BT 418.36 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 432.90 578.10 Td (market-based ) Tj ET Q q 0 0 0 rg BT 491.74 578.10 Td (grants, ) Tj ET Q q 0 0 0 rg BT 522.32 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 536.85 578.10 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (we ) Tj ET Q q 0 0 0 rg BT 63.95 565.50 Td (use ) Tj ET Q q 0 0 0 rg BT 80.15 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 87.01 565.50 Td (Monte ) Tj ET Q q 0 0 0 rg BT 116.62 565.50 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 142.15 565.50 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 204.43 565.50 Td (model. ) Tj ET Q q 0 0 0 rg BT 235.50 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 237.71 565.50 Td (Both ) Tj ET Q q 0 0 0 rg BT 260.33 565.50 Td (models ) Tj ET Q q 0 0 0 rg BT 292.86 565.50 Td (require ) Tj ET Q q 0 0 0 rg BT 324.80 565.50 Td (management ) Tj ET Q q 0 0 0 rg BT 380.64 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 391.01 565.50 Td (develop ) Tj ET Q q 0 0 0 rg BT 426.45 565.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 467.73 565.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 510.17 565.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 540.93 565.50 Td (input ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (variables. ) Tj ET Q q 0 0 0 rg BT 93.10 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.96 552.90 Td (The ) Tj ET Q q 0 0 0 rg BT 115.36 552.90 Td (inputs ) Tj ET Q q 0 0 0 rg BT 144.11 552.90 Td (for ) Tj ET Q q 0 0 0 rg BT 159.44 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 175.34 552.90 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 239.07 552.90 Td (model ) Tj ET Q q 0 0 0 rg BT 268.40 552.90 Td (include: ) Tj ET Q q 0 0 0 rg BT 305.30 552.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 330.54 552.90 Td (price ) Tj ET Q q 0 0 0 rg BT 354.61 552.90 Td (on ) Tj ET Q q 0 0 0 rg BT 368.19 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 384.09 552.90 Td (date ) Tj ET Q q 0 0 0 rg BT 404.66 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 416.49 552.90 Td (grant, ) Tj ET Q q 0 0 0 rg BT 443.76 552.90 Td (exercise ) Tj ET Q q 0 0 0 rg BT 481.24 552.90 Td (price ) Tj ET Q q 0 0 0 rg BT 505.30 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 517.13 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 533.03 552.90 Td (option, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (dividend ) Tj ET Q q 0 0 0 rg BT 88.55 540.30 Td (yield, ) Tj ET Q q 0 0 0 rg BT 114.47 540.30 Td (volatility) Tj ET Q q 0 0 0 rg BT 151.70 540.30 Td (, ) Tj ET Q q 0 0 0 rg BT 156.63 540.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 196.24 540.30 Td (life ) Tj ET Q q 0 0 0 rg BT 212.53 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 229.99 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 245.12 540.30 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 282.98 540.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 316.19 540.30 Td (rate, ) Tj ET Q q 0 0 0 rg BT 336.85 540.30 Td (all ) Tj ET Q q 0 0 0 rg BT 349.65 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 360.70 540.30 Td (which, ) Tj ET Q q 0 0 0 rg BT 391.28 540.30 Td (with ) Tj ET Q q 0 0 0 rg BT 412.25 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 427.38 540.30 Td (exception ) Tj ET Q q 0 0 0 rg BT 470.50 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 481.55 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 496.67 540.30 Td (grant ) Tj ET Q q 0 0 0 rg BT 520.55 540.30 Td (date ) Tj ET Q q 0 0 0 rg BT 540.34 540.30 Td (stock ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (price ) Tj ET Q q 0 0 0 rg BT 73.30 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 91.27 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 106.91 527.70 Td (exercise ) Tj ET Q q 0 0 0 rg BT 144.11 527.70 Td (price, ) Tj ET Q q 0 0 0 rg BT 170.53 527.70 Td (require ) Tj ET Q q 0 0 0 rg BT 203.08 527.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 244.96 527.70 Td (or ) Tj ET Q q 0 0 0 rg BT 256.52 527.70 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 313.88 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 316.49 527.70 Td (W) Tj ET Q q 0 0 0 rg BT 325.56 527.70 Td (e ) Tj ET Q q 0 0 0 rg BT 333.03 527.70 Td (calculate ) Tj ET Q q 0 0 0 rg BT 373.14 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 388.78 527.70 Td (dividend ) Tj ET Q q 0 0 0 rg BT 428.34 527.70 Td (yield ) Tj ET Q q 0 0 0 rg BT 452.15 527.70 Td (based ) Tj ET Q q 0 0 0 rg BT 478.86 527.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 502.68 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 518.31 527.70 Td (average ) Tj ET Q q 0 0 0 rg BT 553.77 527.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.13 515.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 105.01 515.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 144.72 515.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 183.27 515.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 225.31 515.10 Td (over ) Tj ET Q q 0 0 0 rg BT 245.78 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 252.24 515.10 Td (term ) Tj ET Q q 0 0 0 rg BT 273.29 515.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 297.83 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.80 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.44 515.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 361.55 515.10 Td (life ) Tj ET Q q 0 0 0 rg BT 377.35 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.90 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.53 515.10 Td (options. ) Tj ET Q q 0 0 0 rg BT 437.88 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.56 515.10 Td (W) Tj ET Q q 0 0 0 rg BT 448.63 515.10 Td (e ) Tj ET Q q 0 0 0 rg BT 455.09 515.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 491.89 515.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 531.61 515.10 Td (equally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (weighted ) Tj ET Q q 0 0 0 rg BT 91.04 502.50 Td (between ) Tj ET Q q 0 0 0 rg BT 129.07 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 144.94 502.50 Td (historical ) Tj ET Q q 0 0 0 rg BT 187.07 502.50 Td (prices ) Tj ET Q q 0 0 0 rg BT 215.19 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 226.98 502.50 Td (our ) Tj ET Q q 0 0 0 rg BT 244.02 502.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 269.24 502.50 Td (over ) Tj ET Q q 0 0 0 rg BT 290.94 502.50 Td (a ) Tj ET Q q 0 0 0 rg BT 298.65 502.50 Td (period ) Tj ET Q q 0 0 0 rg BT 328.52 502.50 Td (equal ) Tj ET Q q 0 0 0 rg BT 354.31 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 365.52 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 381.40 502.50 Td (expected ) Tj ET Q q 0 0 0 rg BT 421.76 502.50 Td (life ) Tj ET Q q 0 0 0 rg BT 438.80 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 450.59 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 466.47 502.50 Td (option ) Tj ET Q q 0 0 0 rg BT 496.35 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 514.56 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 530.44 502.50 Td (implied ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (volatility ) Tj ET Q q 0 0 0 rg BT 90.40 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 102.12 489.90 Td (market ) Tj ET Q q 0 0 0 rg BT 134.25 489.90 Td (listed ) Tj ET Q q 0 0 0 rg BT 159.98 489.90 Td (options ) Tj ET Q q 0 0 0 rg BT 193.89 489.90 Td (at ) Tj ET Q q 0 0 0 rg BT 204.44 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 220.25 489.90 Td (date ) Tj ET Q q 0 0 0 rg BT 240.72 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 252.45 489.90 Td (grant. ) Tj ET Q q 0 0 0 rg BT 279.63 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 282.39 489.90 Td (The ) Tj ET Q q 0 0 0 rg BT 301.70 489.90 Td (expected ) Tj ET Q q 0 0 0 rg BT 341.99 489.90 Td (life ) Tj ET Q q 0 0 0 rg BT 358.96 489.90 Td (is ) Tj ET Q q 0 0 0 rg BT 368.94 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 384.75 489.90 Td (estimated ) Tj ET Q q 0 0 0 rg BT 427.97 489.90 Td (length ) Tj ET Q q 0 0 0 rg BT 457.19 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 468.92 489.90 Td (time ) Tj ET Q q 0 0 0 rg BT 490.56 489.90 Td (an ) Tj ET Q q 0 0 0 rg BT 503.46 489.90 Td (option ) Tj ET Q q 0 0 0 rg BT 533.27 489.90 Td (will ) Tj ET Q q 0 0 0 rg BT 552.59 489.90 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (held ) Tj ET Q q 0 0 0 rg BT 70.56 477.30 Td (before ) Tj ET Q q 0 0 0 rg BT 100.37 477.30 Td (it ) Tj ET Q q 0 0 0 rg BT 109.19 477.30 Td (is ) Tj ET Q q 0 0 0 rg BT 119.18 477.30 Td (either ) Tj ET Q q 0 0 0 rg BT 146.07 477.30 Td (exercised ) Tj ET Q q 0 0 0 rg BT 188.70 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 200.43 477.30 Td (canceled, ) Tj ET Q q 0 0 0 rg BT 242.76 477.30 Td (based ) Tj ET Q q 0 0 0 rg BT 269.65 477.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 293.64 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 310.62 477.30 Td (historical ) Tj ET Q q 0 0 0 rg BT 352.68 477.30 Td (option ) Tj ET Q q 0 0 0 rg BT 382.51 477.30 Td (exercise ) Tj ET Q q 0 0 0 rg BT 419.88 477.30 Td (experience. ) Tj ET Q q 0 0 0 rg BT 470.96 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 473.73 477.30 Td (The ) Tj ET Q q 0 0 0 rg BT 493.05 477.30 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 531.59 477.30 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 68.29 464.70 Td (is ) Tj ET Q q 0 0 0 rg BT 78.35 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 94.23 464.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 113.02 464.70 Td (available ) Tj ET Q q 0 0 0 rg BT 153.97 464.70 Td (for ) Tj ET Q q 0 0 0 rg BT 169.27 464.70 Td (zero-coupon ) Tj ET Q q 0 0 0 rg BT 224.80 464.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 246.52 464.70 Td (Government ) Tj ET Q q 0 0 0 rg BT 302.06 464.70 Td (issues ) Tj ET Q q 0 0 0 rg BT 330.20 464.70 Td (with ) Tj ET Q q 0 0 0 rg BT 351.93 464.70 Td (a ) Tj ET Q q 0 0 0 rg BT 359.64 464.70 Td (remaining ) Tj ET Q q 0 0 0 rg BT 405.27 464.70 Td (term ) Tj ET Q q 0 0 0 rg BT 427.56 464.70 Td (equal ) Tj ET Q q 0 0 0 rg BT 453.35 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 464.58 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 480.46 464.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 520.82 464.70 Td (life ) Tj ET Q q 0 0 0 rg BT 537.87 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 464.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (options ) Tj ET Q q 0 0 0 rg BT 82.45 452.10 Td (being ) Tj ET Q q 0 0 0 rg BT 107.80 452.10 Td (valued. ) Tj ET Q q 0 0 0 rg BT 140.44 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.46 452.10 Td (If ) Tj ET Q q 0 0 0 rg BT 151.48 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.75 452.10 Td (used ) Tj ET Q q 0 0 0 rg BT 187.02 452.10 Td (dif) Tj ET Q q 0 0 0 rg BT 198.50 452.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 225.01 452.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 262.61 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.81 452.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 309.82 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 325.84 452.10 Td (variables ) Tj ET Q q 0 0 0 rg BT 365.77 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 380.04 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.89 452.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 457.57 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.76 452.10 Td (Monte ) Tj ET Q q 0 0 0 rg BT 504.20 452.10 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 529.55 452.10 Td (models, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (or ) Tj ET Q q 0 0 0 rg BT 60.87 439.50 Td (if ) Tj ET Q q 0 0 0 rg BT 69.91 439.50 Td (we ) Tj ET Q q 0 0 0 rg BT 84.78 439.50 Td (used ) Tj ET Q q 0 0 0 rg BT 106.65 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 113.94 439.50 Td (dif) Tj ET Q q 0 0 0 rg BT 125.41 439.50 Td (ferent ) Tj ET Q q 0 0 0 rg BT 152.52 439.50 Td (type ) Tj ET Q q 0 0 0 rg BT 173.22 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 184.59 439.50 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 247.29 439.50 Td (model, ) Tj ET Q q 0 0 0 rg BT 278.79 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 294.24 439.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 311.44 439.50 Td (value ) Tj ET Q q 0 0 0 rg BT 336.80 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 348.17 439.50 Td (our ) Tj ET Q q 0 0 0 rg BT 364.79 439.50 Td (option ) Tj ET Q q 0 0 0 rg BT 394.25 439.50 Td (grants ) Tj ET Q q 0 0 0 rg BT 422.54 439.50 Td (might ) Tj ET Q q 0 0 0 rg BT 449.67 439.50 Td (be ) Tj ET Q q 0 0 0 rg BT 462.20 439.50 Td (dif) Tj ET Q q 0 0 0 rg BT 473.68 439.50 Td (ferent.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (During ) Tj ET Q q 0 0 0 rg BT 82.66 414.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 108.81 414.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 135.84 414.30 Td (we ) Tj ET Q q 0 0 0 rg BT 151.49 414.30 Td (implemented ) Tj ET Q q 0 0 0 rg BT 209.72 414.30 Td (an ) Tj ET Q q 0 0 0 rg BT 223.04 414.30 Td (af) Tj ET Q q 0 0 0 rg BT 231.01 414.30 Td (filiate ) Tj ET Q q 0 0 0 rg BT 258.91 414.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 288.56 414.30 Td (management ) Tj ET Q q 0 0 0 rg BT 345.62 414.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 367.11 414.30 Td (that ) Tj ET Q q 0 0 0 rg BT 386.26 414.30 Td (entitles ) Tj ET Q q 0 0 0 rg BT 420.00 414.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 451.97 414.30 Td (key ) Tj ET Q q 0 0 0 rg BT 470.54 414.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 518.85 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 531.01 414.30 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (Partners ) Tj ET Q q 0 0 0 rg BT 86.00 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 96.25 401.70 Td (participate ) Tj ET Q q 0 0 0 rg BT 142.65 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 152.90 401.70 Td (15% ) Tj ET Q q 0 0 0 rg BT 174.23 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 185.07 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 199.98 401.70 Td (future ) Tj ET Q q 0 0 0 rg BT 227.14 401.70 Td (growth, ) Tj ET Q q 0 0 0 rg BT 261.60 401.70 Td (if ) Tj ET Q q 0 0 0 rg BT 270.10 401.70 Td (any) Tj ET Q q 0 0 0 rg BT 284.58 401.70 Td (, ) Tj ET Q q 0 0 0 rg BT 289.29 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 300.12 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 315.04 401.70 Td (af) Tj ET Q q 0 0 0 rg BT 323.01 401.70 Td (filiate's ) Tj ET Q q 0 0 0 rg BT 355.56 401.70 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 399.04 401.70 Td (value ) Tj ET Q q 0 0 0 rg BT 423.87 401.70 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 459.20 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 469.45 401.70 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 519.35 401.70 Td (discounts\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 98.96 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.92 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.54 389.10 Td (date ) Tj ET Q q 0 0 0 rg BT 145.82 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.36 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.99 389.10 Td (grant. ) Tj ET Q q 0 0 0 rg BT 199.98 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.78 389.10 Td (During ) Tj ET Q q 0 0 0 rg BT 235.32 389.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 260.85 389.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 287.27 389.10 Td (we ) Tj ET Q q 0 0 0 rg BT 302.31 389.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 359.92 389.10 Td (an ) Tj ET Q q 0 0 0 rg BT 372.63 389.10 Td (af) Tj ET Q q 0 0 0 rg BT 380.60 389.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 407.88 389.10 Td (management ) Tj ET Q q 0 0 0 rg BT 464.32 389.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 493.36 389.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 514.23 389.10 Td (with ) Tj ET Q q 0 0 0 rg BT 535.69 389.10 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (which ) Tj ET Q q 0 0 0 rg BT 78.16 376.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 114.41 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 125.58 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 141.41 376.50 Td (issuance ) Tj ET Q q 0 0 0 rg BT 179.98 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 191.73 376.50 Td (minority ) Tj ET Q q 0 0 0 rg BT 230.90 376.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 260.15 376.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 298.15 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 309.32 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 325.15 376.50 Td (af) Tj ET Q q 0 0 0 rg BT 333.12 376.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 360.61 376.50 Td (to ) Tj ET Q q 0 0 0 rg BT 371.78 376.50 Td (its ) Tj ET Q q 0 0 0 rg BT 384.70 376.50 Td (management ) Tj ET Q q 0 0 0 rg BT 441.35 376.50 Td (team ) Tj ET Q q 0 0 0 rg BT 464.76 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 475.93 376.50 Td (both ) Tj ET Q q 0 0 0 rg BT 497.60 376.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 523.34 376.50 Td (2016 ) Tj ET Q q 0 0 0 rg BT 547.34 376.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 75.40 363.90 Td (2017. ) Tj ET Q q 0 0 0 rg BT 102.19 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 105.13 363.90 Td (These ) Tj ET Q q 0 0 0 rg BT 133.37 363.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 171.52 363.90 Td (allow ) Tj ET Q q 0 0 0 rg BT 198.02 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 214.01 363.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 248.08 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 259.42 363.90 Td (receive ) Tj ET Q q 0 0 0 rg BT 292.89 363.90 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 333.95 363.90 Td (distributions ) Tj ET Q q 0 0 0 rg BT 389.62 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 401.53 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 417.53 363.90 Td (af) Tj ET Q q 0 0 0 rg BT 425.50 363.90 Td (filiate's ) Tj ET Q q 0 0 0 rg BT 459.13 363.90 Td (net ) Tj ET Q q 0 0 0 rg BT 475.12 363.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 515.60 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 526.93 363.90 Td (amounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (equal ) Tj ET Q q 0 0 0 rg BT 76.34 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 88.62 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 105.55 351.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 155.12 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 167.97 351.30 Td (ownership ) Tj ET Q q 0 0 0 rg BT 215.82 351.30 Td (represented ) Tj ET Q q 0 0 0 rg BT 268.31 351.30 Td (by ) Tj ET Q q 0 0 0 rg BT 282.92 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 299.85 351.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 330.20 351.30 Td (they ) Tj ET Q q 0 0 0 rg BT 352.38 351.30 Td (hold. ) Tj ET Q q 0 0 0 rg BT 377.78 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 381.88 351.30 Td (During ) Tj ET Q q 0 0 0 rg BT 415.74 351.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 442.58 351.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 470.31 351.30 Td (we ) Tj ET Q q 0 0 0 rg BT 486.66 351.30 Td (also ) Tj ET Q q 0 0 0 rg BT 507.68 351.30 Td (implemented ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (management ) Tj ET Q q 0 0 0 rg BT 106.18 338.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 135.46 338.70 Td (plans ) Tj ET Q q 0 0 0 rg BT 160.67 338.70 Td (for ) Tj ET Q q 0 0 0 rg BT 175.94 338.70 Td (Permal ) Tj ET Q q 0 0 0 rg BT 208.72 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 226.92 338.70 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 281.27 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 299.47 338.70 Td (granted ) Tj ET Q q 0 0 0 rg BT 333.99 338.70 Td (units ) Tj ET Q q 0 0 0 rg BT 357.45 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 368.66 338.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 400.26 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 412.04 338.70 Td (their ) Tj ET Q q 0 0 0 rg BT 434.32 338.70 Td (employees ) Tj ET Q q 0 0 0 rg BT 482.26 338.70 Td (that ) Tj ET Q q 0 0 0 rg BT 501.04 338.70 Td (entitle ) Tj ET Q q 0 0 0 rg BT 530.32 338.70 Td (them ) Tj ET Q q 0 0 0 rg BT 554.35 338.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 95.67 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.69 326.10 Td (15% ) Tj ET Q q 0 0 0 rg BT 126.80 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.40 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.08 326.10 Td (future ) Tj ET Q q 0 0 0 rg BT 179.01 326.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 210.62 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.22 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.91 326.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 280.33 326.10 Td (af) Tj ET Q q 0 0 0 rg BT 288.29 326.10 Td (filiate's ) Tj ET Q q 0 0 0 rg BT 320.62 326.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 363.87 326.10 Td (value ) Tj ET Q q 0 0 0 rg BT 388.47 326.10 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 423.56 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.59 326.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 483.26 326.10 Td (discounts\). ) Tj ET Q q 0 0 0 rg BT 530.90 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 532.76 326.10 Td (During ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 74.22 313.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 99.83 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 109.98 313.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 158.02 313.50 Td (with ) Tj ET Q q 0 0 0 rg BT 178.67 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 193.48 313.50 Td (combination ) Tj ET Q q 0 0 0 rg BT 247.96 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 258.68 313.50 Td (Permal ) Tj ET Q q 0 0 0 rg BT 290.41 313.50 Td (with ) Tj ET Q q 0 0 0 rg BT 311.06 313.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 328.77 313.50 Td (rust, ) Tj ET Q q 0 0 0 rg BT 349.12 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 363.93 313.50 Td (Permal ) Tj ET Q q 0 0 0 rg BT 395.66 313.50 Td (management ) Tj ET Q q 0 0 0 rg BT 451.28 313.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 479.51 313.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 499.57 313.50 Td (was ) Tj ET Q q 0 0 0 rg BT 517.88 313.50 Td (liquidated. ) Tj ET Q q 0 0 0 rg BT 565.12 313.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (For ) Tj ET Q q 0 0 0 rg BT 66.10 300.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 110.10 300.90 Td (information ) Tj ET Q q 0 0 0 rg BT 161.69 300.90 Td (on ) Tj ET Q q 0 0 0 rg BT 174.21 300.90 Td (share-based ) Tj ET Q q 0 0 0 rg BT 225.78 300.90 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 288.74 300.90 Td (see ) Tj ET Q q 0 0 0 rg BT 304.16 300.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 330.67 300.90 Td (1 ) Tj ET Q q 0 0 0 rg BT 337.93 300.90 Td (and�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.72 300.90 Td (1) Tj ET Q q 0 0 0 rg BT 360.58 300.90 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.83 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 367.84 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 378.60 300.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 405.12 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 415.30 300.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 472.72 300.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 513.81 300.90 Td (Statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 275.70 Td (e ) Tj ET Q q 0 0 0 rg BT 66.53 275.70 Td (also ) Tj ET Q q 0 0 0 rg BT 86.74 275.70 Td (determine ) Tj ET Q q 0 0 0 rg BT 132.02 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 148.15 275.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 166.01 275.70 Td (value ) Tj ET Q q 0 0 0 rg BT 192.05 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 204.10 275.70 Td (option-like ) Tj ET Q q 0 0 0 rg BT 253.47 275.70 Td (af) Tj ET Q q 0 0 0 rg BT 261.44 275.70 Td (filiate ) Tj ET Q q 0 0 0 rg BT 289.22 275.70 Td (management ) Tj ET Q q 0 0 0 rg BT 346.17 275.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 375.71 275.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 397.09 275.70 Td (grants ) Tj ET Q q 0 0 0 rg BT 426.05 275.70 Td (using ) Tj ET Q q 0 0 0 rg BT 452.10 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 468.22 275.70 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 532.17 275.70 Td (option-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.31 263.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 112.24 263.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 144.05 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.28 263.10 Td (any ) Tj ET Q q 0 0 0 rg BT 171.50 263.10 Td (post-vesting ) Tj ET Q q 0 0 0 rg BT 224.90 263.10 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 268.38 263.10 Td (discounts. ) Tj ET Q q 0 0 0 rg BT 312.74 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.80 263.10 Td (Inputs ) Tj ET Q q 0 0 0 rg BT 343.12 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.35 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.24 263.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 430.96 263.10 Td (model ) Tj ET Q q 0 0 0 rg BT 459.27 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 474.15 263.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 515.27 263.10 Td (determined ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 59.95 250.50 Td (a ) Tj ET Q q 0 0 0 rg BT 66.90 250.50 Td (fashion ) Tj ET Q q 0 0 0 rg BT 100.10 250.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 131.55 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 142.00 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 157.12 250.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.98 250.50 Td (value ) Tj ET Q q 0 0 0 rg BT 199.00 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 210.03 250.50 Td (grants ) Tj ET Q q 0 0 0 rg BT 237.98 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 249.02 250.50 Td (options ) Tj ET Q q 0 0 0 rg BT 282.22 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 292.68 250.50 Td (our ) Tj ET Q q 0 0 0 rg BT 308.96 250.50 Td (own ) Tj ET Q q 0 0 0 rg BT 329.33 250.50 Td (stock, ) Tj ET Q q 0 0 0 rg BT 356.41 250.50 Td (described ) Tj ET Q q 0 0 0 rg BT 398.93 250.50 Td (above. ) Tj ET Q q 0 0 0 rg BT 428.91 250.50 Td ( ) Tj ET Q q 0 0 0 rg BT 431.20 250.50 Td (However) Tj ET Q q 0 0 0 rg BT 469.26 250.50 Td (, ) Tj ET Q q 0 0 0 rg BT 474.17 250.50 Td (because ) Tj ET Q q 0 0 0 rg BT 509.69 250.50 Td (our ) Tj ET Q q 0 0 0 rg BT 525.97 250.50 Td (af) Tj ET Q q 0 0 0 rg BT 533.94 250.50 Td (filiates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (are ) Tj ET Q q 0 0 0 rg BT 65.03 237.90 Td (private ) Tj ET Q q 0 0 0 rg BT 96.89 237.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 144.50 237.90 Td (without ) Tj ET Q q 0 0 0 rg BT 179.30 237.90 Td (quoted ) Tj ET Q q 0 0 0 rg BT 210.58 237.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 235.46 237.90 Td (prices, ) Tj ET Q q 0 0 0 rg BT 265.87 237.90 Td (we ) Tj ET Q q 0 0 0 rg BT 280.82 237.90 Td (utilize ) Tj ET Q q 0 0 0 rg BT 309.77 237.90 Td (discounted ) Tj ET Q q 0 0 0 rg BT 357.97 237.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 379.34 237.90 Td (flow ) Tj ET Q q 0 0 0 rg BT 401.29 237.90 Td (analyses ) Tj ET Q q 0 0 0 rg BT 439.58 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 457.45 237.90 Td (market-based ) Tj ET Q q 0 0 0 rg BT 516.71 237.90 Td (valuations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (similar ) Tj ET Q q 0 0 0 rg BT 81.22 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 91.94 225.30 Td (those ) Tj ET Q q 0 0 0 rg BT 116.66 225.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 159.47 225.30 Td (above ) Tj ET Q q 0 0 0 rg BT 187.09 225.30 Td (under ) Tj ET Q q 0 0 0 rg BT 213.56 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 228.94 225.30 Td (heading ) Tj ET Q q 0 0 0 rg BT 264.73 225.30 Td (�Intangible ) Tj ET Q q 0 0 0 rg BT 313.96 225.30 Td (Assets ) Tj ET Q q 0 0 0 rg BT 343.93 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 361.65 225.30 Td (Goodwill�, ) Tj ET Q q 0 0 0 rg BT 411.16 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 421.88 225.30 Td (determine ) Tj ET Q q 0 0 0 rg BT 466.42 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 481.80 225.30 Td (respective ) Tj ET Q q 0 0 0 rg BT 526.92 225.30 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 93.52 212.70 Td (values, ) Tj ET Q q 0 0 0 rg BT 125.60 212.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 157.96 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 168.76 212.70 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 219.19 212.70 Td (discounts ) Tj ET Q q 0 0 0 rg BT 261.49 212.70 Td (for ) Tj ET Q q 0 0 0 rg BT 276.35 212.70 Td (lack ) Tj ET Q q 0 0 0 rg BT 296.47 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 307.84 212.70 Td (control ) Tj ET Q q 0 0 0 rg BT 340.21 212.70 Td (and ) Tj ET Q q 0 0 0 rg BT 357.99 212.70 Td (marketability) Tj ET Q q 0 0 0 rg BT 413.29 212.70 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 91.89 187.50 Td (olling ) Tj ET Q q 0 0 0 rg BT 119.61 187.50 Td (Inter) Tj ET Q q 0 0 0 rg BT 142.16 187.50 Td (ests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 115.48 174.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 152.29 174.90 Td (include ) Tj ET Q q 0 0 0 rg BT 185.02 174.90 Td (af) Tj ET Q q 0 0 0 rg BT 192.98 174.90 Td (filiate ) Tj ET Q q 0 0 0 rg BT 219.29 174.90 Td (minority ) Tj ET Q q 0 0 0 rg BT 257.28 174.90 Td (interests, ) Tj ET Q q 0 0 0 rg BT 296.71 174.90 Td (third-party ) Tj ET Q q 0 0 0 rg BT 343.43 174.90 Td (investor ) Tj ET Q q 0 0 0 rg BT 379.08 174.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 407.15 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 417.13 174.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 472.02 174.90 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 516.42 174.90 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (products, ) Tj ET Q q 0 0 0 rg BT 91.00 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 108.87 162.30 Td (vested ) Tj ET Q q 0 0 0 rg BT 138.40 162.30 Td (af) Tj ET Q q 0 0 0 rg BT 146.37 162.30 Td (filiate ) Tj ET Q q 0 0 0 rg BT 173.57 162.30 Td (management ) Tj ET Q q 0 0 0 rg BT 229.93 162.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 258.88 162.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 279.67 162.30 Td (interests. ) Tj ET Q q 0 0 0 rg BT 320.00 162.30 Td ( ) Tj ET Q q 0 0 0 rg BT 322.71 162.30 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 389.58 162.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 427.29 162.30 Td (where ) Tj ET Q q 0 0 0 rg BT 455.65 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 471.19 162.30 Td (holder ) Tj ET Q q 0 0 0 rg BT 500.72 162.30 Td (may ) Tj ET Q q 0 0 0 rg BT 521.51 162.30 Td (be ) Tj ET Q q 0 0 0 rg BT 534.14 162.30 Td (able ) Tj ET Q q 0 0 0 rg BT 554.33 162.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (request ) Tj ET Q q 0 0 0 rg BT 82.74 149.70 Td (settlement ) Tj ET Q q 0 0 0 rg BT 128.82 149.70 Td (are ) Tj ET Q q 0 0 0 rg BT 144.56 149.70 Td (classified ) Tj ET Q q 0 0 0 rg BT 187.13 149.70 Td (as ) Tj ET Q q 0 0 0 rg BT 198.80 149.70 Td (redeemable, ) Tj ET Q q 0 0 0 rg BT 252.73 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 270.81 149.70 Td (are ) Tj ET Q q 0 0 0 rg BT 286.55 149.70 Td (reported ) Tj ET Q q 0 0 0 rg BT 324.45 149.70 Td (at ) Tj ET Q q 0 0 0 rg BT 334.95 149.70 Td (their ) Tj ET Q q 0 0 0 rg BT 357.12 149.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 400.28 149.70 Td (settlement ) Tj ET Q q 0 0 0 rg BT 446.35 149.70 Td (values. ) Tj ET Q q 0 0 0 rg BT 478.72 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 481.43 149.70 Td (When ) Tj ET Q q 0 0 0 rg BT 509.43 149.70 Td (settlement ) Tj ET Q q 0 0 0 rg BT 555.50 149.70 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (not ) Tj ET Q q 0 0 0 rg BT 65.06 137.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 104.51 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.82 137.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 140.29 137.10 Td (until ) Tj ET Q q 0 0 0 rg BT 161.68 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 168.48 137.10 Td (future ) Tj ET Q q 0 0 0 rg BT 195.70 137.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 217.96 137.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 253.92 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.23 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.20 137.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 318.65 137.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 363.95 137.10 Td (value ) Tj ET Q q 0 0 0 rg BT 388.83 137.10 Td (are ) Tj ET Q q 0 0 0 rg BT 403.79 137.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 451.99 137.10 Td (over ) Tj ET Q q 0 0 0 rg BT 472.79 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.76 137.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 533.06 137.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 565.14 137.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (Nonredeemable ) Tj ET Q q 0 0 0 rg BT 119.04 124.50 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 183.93 124.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 222.00 124.50 Td (do ) Tj ET Q q 0 0 0 rg BT 235.57 124.50 Td (not ) Tj ET Q q 0 0 0 rg BT 252.05 124.50 Td (permit ) Tj ET Q q 0 0 0 rg BT 282.53 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 298.43 124.50 Td (holder ) Tj ET Q q 0 0 0 rg BT 328.33 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 339.56 124.50 Td (request ) Tj ET Q q 0 0 0 rg BT 372.96 124.50 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 421.81 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 440.04 124.50 Td (are ) Tj ET Q q 0 0 0 rg BT 455.92 124.50 Td (reported ) Tj ET Q q 0 0 0 rg BT 493.98 124.50 Td (at ) Tj ET Q q 0 0 0 rg BT 504.62 124.50 Td (their ) Tj ET Q q 0 0 0 rg BT 526.94 124.50 Td (issuance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (value, ) Tj ET Q q 0 0 0 rg BT 77.49 111.90 Td (together ) Tj ET Q q 0 0 0 rg BT 114.52 111.90 Td (with ) Tj ET Q q 0 0 0 rg BT 135.81 111.90 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 193.85 111.90 Td (net ) Tj ET Q q 0 0 0 rg BT 209.30 111.90 Td (income ) Tj ET Q q 0 0 0 rg BT 242.83 111.90 Td (allocated ) Tj ET Q q 0 0 0 rg BT 283.35 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 294.15 111.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 358.60 111.90 Td (interests.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 86.70 Td (e ) Tj ET Q q 0 0 0 rg BT 66.72 86.70 Td (estimate ) Tj ET Q q 0 0 0 rg BT 105.19 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 121.50 86.70 Td (settlement ) Tj ET Q q 0 0 0 rg BT 168.14 86.70 Td (value ) Tj ET Q q 0 0 0 rg BT 194.37 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 206.60 86.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 271.91 86.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 310.39 86.70 Td (as ) Tj ET Q q 0 0 0 rg BT 322.62 86.70 Td (their ) Tj ET Q q 0 0 0 rg BT 345.35 86.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 363.40 86.70 Td (value. ) Tj ET Q q 0 0 0 rg BT 392.25 86.70 Td ( ) Tj ET Q q 0 0 0 rg BT 395.74 86.70 Td (For ) Tj ET Q q 0 0 0 rg BT 413.81 86.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 470.36 86.70 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 516.43 86.70 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 91.44 74.10 Td (where ) Tj ET Q q 0 0 0 rg BT 120.24 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.22 74.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 173.20 74.10 Td (may ) Tj ET Q q 0 0 0 rg BT 194.43 74.10 Td (request ) Tj ET Q q 0 0 0 rg BT 227.90 74.10 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 278.29 74.10 Td (at ) Tj ET Q q 0 0 0 rg BT 289.02 74.10 Td (any ) Tj ET Q q 0 0 0 rg BT 307.34 74.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 331.78 74.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 349.50 74.10 Td (value ) Tj ET Q q 0 0 0 rg BT 375.39 74.10 Td (is ) Tj ET Q q 0 0 0 rg BT 385.54 74.10 Td (based ) Tj ET Q q 0 0 0 rg BT 412.60 74.10 Td (on ) Tj ET Q q 0 0 0 rg BT 426.26 74.10 Td (market ) Tj ET Q q 0 0 0 rg BT 458.56 74.10 Td (quotes ) Tj ET Q q 0 0 0 rg BT 489.13 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.03 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.01 74.10 Td (underlying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 92.12 61.50 Td (held ) Tj ET Q q 0 0 0 rg BT 113.16 61.50 Td (by ) Tj ET Q q 0 0 0 rg BT 126.63 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 142.42 61.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 191.46 61.50 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 231.46 61.50 Td ( ) Tj ET Q q 0 0 0 rg BT 234.42 61.50 Td (For ) Tj ET Q q 0 0 0 rg BT 251.97 61.50 Td (af) Tj ET Q q 0 0 0 rg BT 259.94 61.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 287.39 61.50 Td (minority ) Tj ET Q q 0 0 0 rg BT 326.52 61.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 364.48 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 382.61 61.50 Td (af) Tj ET Q q 0 0 0 rg BT 390.57 61.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 418.03 61.50 Td (management ) Tj ET Q q 0 0 0 rg BT 474.64 61.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 503.85 61.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 524.89 61.50 Td (interests, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.05 48.90 Td (value ) Tj ET Q q 0 0 0 rg BT 90.77 48.90 Td (reflects ) Tj ET Q q 0 0 0 rg BT 123.65 48.90 Td (the ) Tj ET Q q 0 0 0 rg BT 138.46 48.90 Td (related ) Tj ET Q q 0 0 0 rg BT 169.01 48.90 Td (total ) Tj ET Q q 0 0 0 rg BT 189.65 48.90 Td (business ) Tj ET Q q 0 0 0 rg BT 227.22 48.90 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 270.60 48.90 Td (value, ) Tj ET Q q 0 0 0 rg BT 297.94 48.90 Td (after ) Tj ET Q q 0 0 0 rg BT 319.16 48.90 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 368.95 48.90 Td (discounts ) Tj ET Q q 0 0 0 rg BT 410.60 48.90 Td (for ) Tj ET Q q 0 0 0 rg BT 424.82 48.90 Td (lack ) Tj ET Q q 0 0 0 rg BT 444.29 48.90 Td (of ) Tj ET Q q 0 0 0 rg BT 455.02 48.90 Td (marketability ) Tj ET Q q 0 0 0 rg BT 512.98 48.90 Td (and ) Tj ET Q q 0 0 0 rg BT 530.13 48.90 Td (control. ) Tj ET Q q 0 0 0 rg BT 565.12 48.90 Td ( ) Tj ET Q endstream endobj 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (There ) Tj ET Q q 0 0 0 rg BT 75.80 741.75 Td (may ) Tj ET Q q 0 0 0 rg BT 95.70 741.75 Td (also ) Tj ET Q q 0 0 0 rg BT 114.44 741.75 Td (be ) Tj ET Q q 0 0 0 rg BT 126.17 741.75 Td (features ) Tj ET Q q 0 0 0 rg BT 161.22 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 171.79 741.75 Td (these ) Tj ET Q q 0 0 0 rg BT 195.19 741.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 223.25 741.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 262.69 741.75 Td (such ) Tj ET Q q 0 0 0 rg BT 283.76 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 294.33 741.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 332.90 741.75 Td (subordination, ) Tj ET Q q 0 0 0 rg BT 395.09 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 412.65 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 427.29 741.75 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 485.68 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 495.67 741.75 Td (their ) Tj ET Q q 0 0 0 rg BT 516.73 741.75 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 565.14 741.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.40 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 83.54 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 107.86 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 118.18 729.15 Td (option-like ) Tj ET Q q 0 0 0 rg BT 165.83 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 221.05 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 248.87 729.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 268.52 729.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 305.09 729.15 Td (also ) Tj ET Q q 0 0 0 rg BT 323.58 729.15 Td (relies ) Tj ET Q q 0 0 0 rg BT 347.89 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 359.96 729.15 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 422.19 729.15 Td (option ) Tj ET Q q 0 0 0 rg BT 450.60 729.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 481.92 729.15 Td (model ) Tj ET Q q 0 0 0 rg BT 509.74 729.15 Td (calculations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 716.55 Td (noted ) Tj ET Q q 0 0 0 rg BT 86.83 716.55 Td (above.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 85.18 691.35 Td (T) Tj ET Q q 0 0 0 rg BT 91.22 691.35 Td (axes) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 678.75 Td (e ) Tj ET Q q 0 0 0 rg BT 64.83 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 79.25 678.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 110.59 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 120.36 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 134.79 678.75 Td (income ) Tj ET Q q 0 0 0 rg BT 167.30 678.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 181.73 678.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 202.58 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 212.92 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 227.35 678.75 Td (federal, ) Tj ET Q q 0 0 0 rg BT 260.72 678.75 Td (state ) Tj ET Q q 0 0 0 rg BT 281.57 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 298.33 678.75 Td (local ) Tj ET Q q 0 0 0 rg BT 320.34 678.75 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 373.85 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.20 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 398.63 678.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 418.90 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 435.67 678.75 Td (numerous ) Tj ET Q q 0 0 0 rg BT 478.68 678.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 510.60 678.75 Td (jurisdictions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.60 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 89.19 666.15 Td (we ) Tj ET Q q 0 0 0 rg BT 104.36 666.15 Td (operate. ) Tj ET Q q 0 0 0 rg BT 140.81 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 143.53 666.15 Td (W) Tj ET Q q 0 0 0 rg BT 152.60 666.15 Td (e ) Tj ET Q q 0 0 0 rg BT 160.19 666.15 Td (file ) Tj ET Q q 0 0 0 rg BT 177.12 666.15 Td (income ) Tj ET Q q 0 0 0 rg BT 210.95 666.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 226.71 666.15 Td (returns ) Tj ET Q q 0 0 0 rg BT 258.80 666.15 Td (representing ) Tj ET Q q 0 0 0 rg BT 313.63 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 330.55 666.15 Td (filing ) Tj ET Q q 0 0 0 rg BT 356.23 666.15 Td (positions ) Tj ET Q q 0 0 0 rg BT 397.09 666.15 Td (with ) Tj ET Q q 0 0 0 rg BT 418.68 666.15 Td (each ) Tj ET Q q 0 0 0 rg BT 440.85 666.15 Td (relevant ) Tj ET Q q 0 0 0 rg BT 477.59 666.15 Td (jurisdiction. ) Tj ET Q q 0 0 0 rg BT 530.98 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 533.91 666.15 Td (Due ) Tj ET Q q 0 0 0 rg BT 554.33 666.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.32 653.55 Td (inherent ) Tj ET Q q 0 0 0 rg BT 100.72 653.55 Td (complexities ) Tj ET Q q 0 0 0 rg BT 156.37 653.55 Td (arising ) Tj ET Q q 0 0 0 rg BT 186.94 653.55 Td (from ) Tj ET Q q 0 0 0 rg BT 209.34 653.55 Td (conducting ) Tj ET Q q 0 0 0 rg BT 257.99 653.55 Td (business ) Tj ET Q q 0 0 0 rg BT 295.57 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 312.73 653.55 Td (being ) Tj ET Q q 0 0 0 rg BT 338.05 653.55 Td (taxed ) Tj ET Q q 0 0 0 rg BT 362.78 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 372.94 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 379.59 653.55 Td (substantial ) Tj ET Q q 0 0 0 rg BT 426.50 653.55 Td (number ) Tj ET Q q 0 0 0 rg BT 460.57 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 471.31 653.55 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 527.84 653.55 Td (we ) Tj ET Q q 0 0 0 rg BT 542.08 653.55 Td (must ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (make ) Tj ET Q q 0 0 0 rg BT 74.86 640.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 106.05 640.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 147.75 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 165.54 640.95 Td (judgments ) Tj ET Q q 0 0 0 rg BT 211.91 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 222.70 640.95 Td (determining ) Tj ET Q q 0 0 0 rg BT 276.07 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 292.69 640.95 Td (income ) Tj ET Q q 0 0 0 rg BT 326.22 640.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 341.67 640.95 Td (provision ) Tj ET Q q 0 0 0 rg BT 383.97 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 398.83 640.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 438.19 640.95 Td (statement ) Tj ET Q q 0 0 0 rg BT 481.05 640.95 Td (purposes.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (These ) Tj ET Q q 0 0 0 rg BT 76.84 615.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 118.18 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 135.60 615.75 Td (judgments ) Tj ET Q q 0 0 0 rg BT 181.62 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 196.70 615.75 Td (used ) Tj ET Q q 0 0 0 rg BT 218.21 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 228.64 615.75 Td (determining ) Tj ET Q q 0 0 0 rg BT 281.64 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 296.74 615.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 311.83 615.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 335.10 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 346.11 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 372.87 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.29 615.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 431.64 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 449.06 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 459.50 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 474.59 615.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 522.92 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 533.93 615.75 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.22 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 92.60 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 110.65 603.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 152.62 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 171.25 603.15 Td (arise ) Tj ET Q q 0 0 0 rg BT 193.96 603.15 Td (from ) Tj ET Q q 0 0 0 rg BT 217.26 603.15 Td (dif) Tj ET Q q 0 0 0 rg BT 228.73 603.15 Td (ferences ) Tj ET Q q 0 0 0 rg BT 266.59 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 277.65 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 293.36 603.15 Td (timing ) Tj ET Q q 0 0 0 rg BT 323.67 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 335.31 603.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 371.42 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 389.47 603.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 426.18 603.15 Td (recognition ) Tj ET Q q 0 0 0 rg BT 476.88 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 492.02 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 507.73 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 525.78 603.15 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (statement ) Tj ET Q q 0 0 0 rg BT 93.79 590.55 Td (purposes ) Tj ET Q q 0 0 0 rg BT 135.17 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 154.38 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 172.43 590.55 Td (intent ) Tj ET Q q 0 0 0 rg BT 200.40 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 219.61 590.55 Td (ability ) Tj ET Q q 0 0 0 rg BT 250.49 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 262.71 590.55 Td (implement ) Tj ET Q q 0 0 0 rg BT 311.67 590.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 344.28 590.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 361.16 590.55 Td (planning ) Tj ET Q q 0 0 0 rg BT 401.96 590.55 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 448.29 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 452.34 590.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 511.21 590.55 Td (assesses ) Tj ET Q q 0 0 0 rg BT 549.67 590.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 94.63 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 112.92 577.95 Td (we ) Tj ET Q q 0 0 0 rg BT 127.71 577.95 Td (will ) Tj ET Q q 0 0 0 rg BT 146.60 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 159.06 577.95 Td (able ) Tj ET Q q 0 0 0 rg BT 179.09 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 189.81 577.95 Td (realize ) Tj ET Q q 0 0 0 rg BT 220.33 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 236.88 577.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 274.40 577.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 289.77 577.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 319.45 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 321.99 577.95 Td (If ) Tj ET Q q 0 0 0 rg BT 331.54 577.95 Td (it ) Tj ET Q q 0 0 0 rg BT 339.92 577.95 Td (is ) Tj ET Q q 0 0 0 rg BT 349.47 577.95 Td (more ) Tj ET Q q 0 0 0 rg BT 373.59 577.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 400.06 577.95 Td (than ) Tj ET Q q 0 0 0 rg BT 420.68 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 436.65 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 454.94 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 470.32 577.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 507.84 577.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 523.21 577.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 546.17 577.95 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (not ) Tj ET Q q 0 0 0 rg BT 65.54 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 78.08 565.35 Td (realized, ) Tj ET Q q 0 0 0 rg BT 116.55 565.35 Td (then ) Tj ET Q q 0 0 0 rg BT 137.26 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 144.54 565.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 186.24 565.35 Td (allowance ) Tj ET Q q 0 0 0 rg BT 231.43 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 241.05 565.35 Td (established ) Tj ET Q q 0 0 0 rg BT 290.34 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 311.63 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 318.92 565.35 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 381.61 565.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 418.63 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 429.42 565.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 467.02 565.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 482.47 565.35 Td (provision.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 107.19 540.15 Td (all ) Tj ET Q q 0 0 0 rg BT 120.53 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 132.13 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 148.98 540.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 186.80 540.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 202.48 540.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 229.83 540.15 Td (relate ) Tj ET Q q 0 0 0 rg BT 255.99 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 267.01 540.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 288.53 540.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 320.52 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 338.54 540.15 Td (state, ) Tj ET Q q 0 0 0 rg BT 363.25 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 381.27 540.15 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 404.53 540.15 Td (taxing ) Tj ET Q q 0 0 0 rg BT 433.63 540.15 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 491.02 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 493.24 540.15 Td (As ) Tj ET Q q 0 0 0 rg BT 507.76 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 519.36 540.15 Td (March�31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 76.13 527.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 97.82 527.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 129.97 527.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 167.95 527.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 183.79 527.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 211.30 527.55 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 260.36 527.55 Td ($732�million, ) Tj ET Q q 0 0 0 rg BT 319.96 527.55 Td (realization ) Tj ET Q q 0 0 0 rg BT 367.28 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 379.04 527.55 Td (which ) Tj ET Q q 0 0 0 rg BT 407.71 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 417.72 527.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 458.04 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 469.22 527.55 Td (require ) Tj ET Q q 0 0 0 rg BT 501.96 527.55 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 523.34 527.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 553.77 527.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (future ) Tj ET Q q 0 0 0 rg BT 78.57 514.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 101.24 514.95 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 143.43 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 156.17 514.95 Td (which ) Tj ET Q q 0 0 0 rg BT 185.83 514.95 Td ($81) Tj ET Q q 0 0 0 rg BT 201.19 514.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 210.43 514.95 Td (million ) Tj ET Q q 0 0 0 rg BT 244.77 514.95 Td (must ) Tj ET Q q 0 0 0 rg BT 269.18 514.95 Td (be ) Tj ET Q q 0 0 0 rg BT 283.09 514.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 317.41 514.95 Td (sourced ) Tj ET Q q 0 0 0 rg BT 354.06 514.95 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 396.25 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 400.24 514.95 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 441.54 514.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 458.37 514.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 486.86 514.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 531.66 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 543.83 514.95 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 103.94 502.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 143.21 502.35 Td (from ) Tj ET Q q 0 0 0 rg BT 166.14 502.35 Td (net ) Tj ET Q q 0 0 0 rg BT 181.49 502.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.67 502.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 251.28 502.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 292.86 502.35 Td (expire ) Tj ET Q q 0 0 0 rg BT 321.62 502.35 Td (20�years ) Tj ET Q q 0 0 0 rg BT 359.42 502.35 Td (after ) Tj ET Q q 0 0 0 rg BT 381.18 502.35 Td (they ) Tj ET Q q 0 0 0 rg BT 401.78 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 417.12 502.35 Td (generated ) Tj ET Q q 0 0 0 rg BT 460.45 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 478.13 502.35 Td (those ) Tj ET Q q 0 0 0 rg BT 502.82 502.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 542.09 502.35 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 82.71 489.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.44 489.75 Td (credits ) Tj ET Q q 0 0 0 rg BT 129.32 489.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 171.27 489.75 Td (expire ) Tj ET Q q 0 0 0 rg BT 200.40 489.75 Td (10�years ) Tj ET Q q 0 0 0 rg BT 238.58 489.75 Td (after ) Tj ET Q q 0 0 0 rg BT 260.70 489.75 Td (they ) Tj ET Q q 0 0 0 rg BT 281.67 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 297.38 489.75 Td (generated. ) Tj ET Q q 0 0 0 rg BT 343.71 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 346.60 489.75 Td (Based ) Tj ET Q q 0 0 0 rg BT 375.15 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 388.55 489.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 430.52 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 442.15 489.75 Td (future ) Tj ET Q q 0 0 0 rg BT 470.12 489.75 Td (taxable ) Tj ET Q q 0 0 0 rg BT 503.33 489.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 539.75 489.75 Td (using ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 104.27 477.15 Td (consistent ) Tj ET Q q 0 0 0 rg BT 149.12 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 170.64 477.15 Td (those ) Tj ET Q q 0 0 0 rg BT 195.66 477.15 Td (used ) Tj ET Q q 0 0 0 rg BT 217.76 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 228.78 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 245.63 477.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 285.81 477.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 337.07 477.15 Td (testing, ) Tj ET Q q 0 0 0 rg BT 370.55 477.15 Td (it ) Tj ET Q q 0 0 0 rg BT 379.24 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 389.09 477.15 Td (more ) Tj ET Q q 0 0 0 rg BT 413.52 477.15 Td (likely ) Tj ET Q q 0 0 0 rg BT 440.28 477.15 Td (than ) Tj ET Q q 0 0 0 rg BT 461.21 477.15 Td (not ) Tj ET Q q 0 0 0 rg BT 477.48 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 496.08 477.15 Td (substantially ) Tj ET Q q 0 0 0 rg BT 552.01 477.15 Td (all ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.32 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 77.22 464.55 Td (current ) Tj ET Q q 0 0 0 rg BT 110.02 464.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 142.24 464.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 158.14 464.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 194.45 464.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 229.59 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 240.83 464.55 Td (net ) Tj ET Q q 0 0 0 rg BT 256.73 464.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 299.46 464.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 327.62 464.55 Td (will ) Tj ET Q q 0 0 0 rg BT 347.03 464.55 Td (be ) Tj ET Q q 0 0 0 rg BT 360.01 464.55 Td (realizable. ) Tj ET Q q 0 0 0 rg BT 406.51 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 409.36 464.55 Td (W) Tj ET Q q 0 0 0 rg BT 418.85 464.55 Td (ith ) Tj ET Q q 0 0 0 rg BT 433.01 464.55 Td (respect ) Tj ET Q q 0 0 0 rg BT 465.81 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 477.05 464.55 Td (those ) Tj ET Q q 0 0 0 rg BT 502.29 464.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 542.11 464.55 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 83.59 451.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 100.18 451.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 127.85 451.95 Td (carryforwards, ) Tj ET Q q 0 0 0 rg BT 193.12 451.95 Td (it ) Tj ET Q q 0 0 0 rg BT 202.72 451.95 Td (is ) Tj ET Q q 0 0 0 rg BT 213.49 451.95 Td (more ) Tj ET Q q 0 0 0 rg BT 238.83 451.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 266.51 451.95 Td (than ) Tj ET Q q 0 0 0 rg BT 288.35 451.95 Td (not ) Tj ET Q q 0 0 0 rg BT 305.53 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 325.04 451.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 341.63 451.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 378.64 451.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 414.47 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 426.40 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 443.00 451.95 Td (utilization ) Tj ET Q q 0 0 0 rg BT 489.34 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 501.85 451.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td ($6.1�million ) Tj ET Q q 0 0 0 rg BT 103.98 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 115.87 439.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 149.34 439.35 Td (taxes ) Tj ET Q q 0 0 0 rg BT 174.06 439.35 Td (as ) Tj ET Q q 0 0 0 rg BT 185.95 439.35 Td (credits ) Tj ET Q q 0 0 0 rg BT 217.08 439.35 Td (will ) Tj ET Q q 0 0 0 rg BT 236.56 439.35 Td (not ) Tj ET Q q 0 0 0 rg BT 253.12 439.35 Td (be ) Tj ET Q q 0 0 0 rg BT 266.18 439.35 Td (realized ) Tj ET Q q 0 0 0 rg BT 302.54 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 320.85 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 328.65 439.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 370.87 439.35 Td (allowance ) Tj ET Q q 0 0 0 rg BT 416.58 439.35 Td (has ) Tj ET Q q 0 0 0 rg BT 433.72 439.35 Td (been ) Tj ET Q q 0 0 0 rg BT 456.68 439.35 Td (established. ) Tj ET Q q 0 0 0 rg BT 509.11 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 512.25 439.35 Td (Further) Tj ET Q q 0 0 0 rg BT 542.74 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 548.51 439.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 90.52 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 107.62 426.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 161.49 426.75 Td (do ) Tj ET Q q 0 0 0 rg BT 173.93 426.75 Td (not ) Tj ET Q q 0 0 0 rg BT 189.29 426.75 Td (contemplate ) Tj ET Q q 0 0 0 rg BT 242.55 426.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 273.05 426.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 309.42 426.75 Td (future ) Tj ET Q q 0 0 0 rg BT 336.43 426.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 372.19 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 382.30 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 397.08 426.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 442.76 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 453.45 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 476.97 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 507.50 426.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 534.23 426.75 Td (which, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (under ) Tj ET Q q 0 0 0 rg BT 76.03 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 91.49 414.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 112.78 414.15 Td (Internal ) Tj ET Q q 0 0 0 rg BT 148.06 414.15 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 187.42 414.15 Td (Code, ) Tj ET Q q 0 0 0 rg BT 214.83 414.15 Td (could ) Tj ET Q q 0 0 0 rg BT 240.79 414.15 Td (limit ) Tj ET Q q 0 0 0 rg BT 263.25 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 279.87 414.15 Td (utilization ) Tj ET Q q 0 0 0 rg BT 325.07 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 336.44 414.15 Td (net ) Tj ET Q q 0 0 0 rg BT 351.90 414.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 394.17 414.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 413.14 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 430.92 414.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 463.87 414.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 479.32 414.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 505.85 414.15 Td (benefits.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (As ) Tj ET Q q 0 0 0 rg BT 62.85 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 73.27 388.95 Td (March ) Tj ET Q q 0 0 0 rg BT 102.35 388.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.16 388.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 142.46 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 156.96 388.95 Td (change ) Tj ET Q q 0 0 0 rg BT 188.37 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 198.22 388.95 Td (federal ) Tj ET Q q 0 0 0 rg BT 229.04 388.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 269.79 388.95 Td (allowances ) Tj ET Q q 0 0 0 rg BT 318.12 388.95 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 365.85 388.95 Td ($1) Tj ET Q q 0 0 0 rg BT 375.96 388.95 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 390.76 388.95 Td (million. ) Tj ET Q q 0 0 0 rg BT 425.40 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 426.96 388.95 Td (The ) Tj ET Q q 0 0 0 rg BT 444.96 388.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 482.78 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 492.62 388.95 Td (federal ) Tj ET Q q 0 0 0 rg BT 523.44 388.95 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (allowances ) Tj ET Q q 0 0 0 rg BT 98.26 376.35 Td (from ) Tj ET Q q 0 0 0 rg BT 120.79 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 135.73 376.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 158.25 376.35 Td (year ) Tj ET Q q 0 0 0 rg BT 178.43 376.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 219.62 376.35 Td (relates ) Tj ET Q q 0 0 0 rg BT 249.13 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 259.42 376.35 Td ($10.4 ) Tj ET Q q 0 0 0 rg BT 285.15 376.35 Td (million ) Tj ET Q q 0 0 0 rg BT 317.61 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 328.47 376.35 Td (expiring ) Tj ET Q q 0 0 0 rg BT 365.57 376.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 398.01 376.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 412.95 376.35 Td (credits ) Tj ET Q q 0 0 0 rg BT 443.05 376.35 Td (which ) Tj ET Q q 0 0 0 rg BT 470.83 376.35 Td (have ) Tj ET Q q 0 0 0 rg BT 492.76 376.35 Td (been ) Tj ET Q q 0 0 0 rg BT 514.70 376.35 Td (reclassified ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.97 363.75 Td (net ) Tj ET Q q 0 0 0 rg BT 77.11 363.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 120.07 363.75 Td (losses. ) Tj ET Q q 0 0 0 rg BT 151.08 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 154.15 363.75 Td (This ) Tj ET Q q 0 0 0 rg BT 176.12 363.75 Td (was ) Tj ET Q q 0 0 0 rg BT 195.76 363.75 Td (of) Tj ET Q q 0 0 0 rg BT 204.32 363.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 222.78 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 234.26 363.75 Td (part ) Tj ET Q q 0 0 0 rg BT 253.89 363.75 Td (by ) Tj ET Q q 0 0 0 rg BT 267.69 363.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 312.99 363.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 355.37 363.75 Td (allowances ) Tj ET Q q 0 0 0 rg BT 405.32 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 417.37 363.75 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 439.05 363.75 Td (million ) Tj ET Q q 0 0 0 rg BT 472.70 363.75 Td (related ) Tj ET Q q 0 0 0 rg BT 504.57 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 516.04 363.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 549.67 363.75 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (credits ) Tj ET Q q 0 0 0 rg BT 80.32 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 98.30 351.15 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 119.50 351.15 Td (million ) Tj ET Q q 0 0 0 rg BT 152.67 351.15 Td (related ) Tj ET Q q 0 0 0 rg BT 184.06 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 195.05 351.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 226.46 351.15 Td (Currie�) Tj ET Q q 0 0 0 rg BT 256.20 351.15 Td (s ) Tj ET Q q 0 0 0 rg BT 263.11 351.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 305.59 351.15 Td (losses. ) Tj ET Q q 0 0 0 rg BT 336.13 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 338.75 351.15 Td (There ) Tj ET Q q 0 0 0 rg BT 366.06 351.15 Td (was ) Tj ET Q q 0 0 0 rg BT 385.21 351.15 Td (also ) Tj ET Q q 0 0 0 rg BT 404.95 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 412.44 351.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 451.40 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 462.40 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 478.05 351.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 519.95 351.15 Td (allowance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 338.55 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 81.87 338.55 Td (million ) Tj ET Q q 0 0 0 rg BT 114.83 338.55 Td (related ) Tj ET Q q 0 0 0 rg BT 146.02 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 156.81 338.55 Td (charitable ) Tj ET Q q 0 0 0 rg BT 200.83 338.55 Td (contributions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.05 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 75.67 313.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 121.70 313.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 148.20 313.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 169.75 313.35 Td (state ) Tj ET Q q 0 0 0 rg BT 191.87 313.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 229.72 313.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 245.42 313.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 272.80 313.35 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 321.73 313.35 Td ($174 ) Tj ET Q q 0 0 0 rg BT 345.61 313.35 Td (million. ) Tj ET Q q 0 0 0 rg BT 381.45 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 384.32 313.35 Td (Due ) Tj ET Q q 0 0 0 rg BT 404.69 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 415.74 313.35 Td (limitations ) Tj ET Q q 0 0 0 rg BT 463.53 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 476.91 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 492.61 313.35 Td (utilization ) Tj ET Q q 0 0 0 rg BT 538.07 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.69 313.35 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.38 300.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 109.94 300.75 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 171.05 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 188.44 300.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 216.91 300.75 Td (into ) Tj ET Q q 0 0 0 rg BT 235.47 300.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 294.26 300.75 Td (state ) Tj ET Q q 0 0 0 rg BT 315.73 300.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 330.78 300.75 Td (planning ) Tj ET Q q 0 0 0 rg BT 369.75 300.75 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 414.26 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 429.31 300.75 Td (related ) Tj ET Q q 0 0 0 rg BT 460.10 300.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 501.40 300.75 Td (allowance ) Tj ET Q q 0 0 0 rg BT 546.18 300.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td ($29.1 ) Tj ET Q q 0 0 0 rg BT 76.97 288.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 113.78 288.15 Td (substantially ) Tj ET Q q 0 0 0 rg BT 170.70 288.15 Td (all ) Tj ET Q q 0 0 0 rg BT 185.05 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 197.64 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 227.14 288.15 Td (relates ) Tj ET Q q 0 0 0 rg BT 258.39 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 270.40 288.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 294.66 288.15 Td (years ) Tj ET Q q 0 0 0 rg BT 320.66 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 336.75 288.15 Td (state ) Tj ET Q q 0 0 0 rg BT 359.83 288.15 Td (net ) Tj ET Q q 0 0 0 rg BT 376.51 288.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 420.00 288.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 440.19 288.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 477.27 288.15 Td (generated ) Tj ET Q q 0 0 0 rg BT 521.93 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 533.94 288.15 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 104.45 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 115.65 275.55 Td (cases ) Tj ET Q q 0 0 0 rg BT 140.84 275.55 Td (where ) Tj ET Q q 0 0 0 rg BT 169.52 275.55 Td (it ) Tj ET Q q 0 0 0 rg BT 178.39 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 188.43 275.55 Td (more ) Tj ET Q q 0 0 0 rg BT 213.03 275.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 239.98 275.55 Td (that ) Tj ET Q q 0 0 0 rg BT 258.76 275.55 Td (these ) Tj ET Q q 0 0 0 rg BT 283.37 275.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 319.64 275.55 Td (will ) Tj ET Q q 0 0 0 rg BT 339.01 275.55 Td (not ) Tj ET Q q 0 0 0 rg BT 355.46 275.55 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 401.06 275.55 Td (be ) Tj ET Q q 0 0 0 rg BT 414.01 275.55 Td (realized. ) Tj ET Q q 0 0 0 rg BT 452.89 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 455.92 275.55 Td (Due ) Tj ET Q q 0 0 0 rg BT 476.45 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 487.65 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 503.51 275.55 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 553.77 275.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (future ) Tj ET Q q 0 0 0 rg BT 76.76 262.95 Td (state ) Tj ET Q q 0 0 0 rg BT 98.19 262.95 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 161.62 262.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 192.38 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 209.73 262.95 Td (future ) Tj ET Q q 0 0 0 rg BT 236.99 262.95 Td (ef) Tj ET Q q 0 0 0 rg BT 244.96 262.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 275.71 262.95 Td (state ) Tj ET Q q 0 0 0 rg BT 297.14 262.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 312.16 262.95 Td (rates, ) Tj ET Q q 0 0 0 rg BT 336.80 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 351.81 262.95 Td (value ) Tj ET Q q 0 0 0 rg BT 376.74 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 387.68 262.95 Td (state ) Tj ET Q q 0 0 0 rg BT 409.11 262.95 Td (net ) Tj ET Q q 0 0 0 rg BT 424.13 262.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 465.97 262.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 484.50 262.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 519.93 262.95 Td (ultimately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (realized ) Tj ET Q q 0 0 0 rg BT 85.35 250.35 Td (may ) Tj ET Q q 0 0 0 rg BT 106.05 250.35 Td (vary) Tj ET Q q 0 0 0 rg BT 124.03 250.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (For ) Tj ET Q q 0 0 0 rg BT 66.25 225.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 98.73 225.15 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 155.43 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 170.42 225.15 Td (net ) Tj ET Q q 0 0 0 rg BT 185.40 225.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 221.96 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 232.28 225.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 273.52 225.15 Td (allowances ) Tj ET Q q 0 0 0 rg BT 322.32 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 333.23 225.15 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 353.77 225.15 Td (million ) Tj ET Q q 0 0 0 rg BT 386.26 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 396.59 225.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 421.49 225.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 444.65 225.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 485.88 225.15 Td (relates ) Tj ET Q q 0 0 0 rg BT 515.44 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 525.77 225.15 Td (statutory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.86 212.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 104.30 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 122.09 212.55 Td (revised ) Tj ET Q q 0 0 0 rg BT 155.04 212.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 196.74 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 208.11 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 223.56 212.55 Td (realization ) Tj ET Q q 0 0 0 rg BT 270.49 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 281.87 212.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 319.46 212.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 334.92 212.55 Td (benefits.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 187.35 Td (o ) Tj ET Q q 0 0 0 rg BT 63.22 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 78.83 187.35 Td (extent ) Tj ET Q q 0 0 0 rg BT 107.27 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 124.06 187.35 Td (analysis ) Tj ET Q q 0 0 0 rg BT 160.67 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 172.21 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 187.82 187.35 Td (realization ) Tj ET Q q 0 0 0 rg BT 234.92 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 246.45 187.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 284.21 187.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 299.82 187.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 327.11 187.35 Td (relies ) Tj ET Q q 0 0 0 rg BT 352.63 187.35 Td (on ) Tj ET Q q 0 0 0 rg BT 365.92 187.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 403.68 187.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 419.29 187.35 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 463.79 187.35 Td (we ) Tj ET Q q 0 0 0 rg BT 478.82 187.35 Td (have ) Tj ET Q q 0 0 0 rg BT 501.42 187.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 549.69 187.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (timing, ) Tj ET Q q 0 0 0 rg BT 83.40 174.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 113.48 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 132.50 174.75 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 184.18 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 196.78 174.75 Td (reversals, ) Tj ET Q q 0 0 0 rg BT 240.57 174.75 Td (including ) Tj ET Q q 0 0 0 rg BT 284.08 174.75 Td (future ) Tj ET Q q 0 0 0 rg BT 313.01 174.75 Td (increases ) Tj ET Q q 0 0 0 rg BT 355.34 174.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 391.26 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 403.28 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 419.96 174.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 436.64 174.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 493.55 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 506.15 174.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 547.34 174.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 110.58 162.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 155.92 162.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 186.40 162.15 Td (as ) Tj ET Q q 0 0 0 rg BT 198.50 162.15 Td (well ) Tj ET Q q 0 0 0 rg BT 219.93 162.15 Td (as, ) Tj ET Q q 0 0 0 rg BT 234.66 162.15 Td (planning ) Tj ET Q q 0 0 0 rg BT 274.76 162.15 Td (strategies ) Tj ET Q q 0 0 0 rg BT 317.76 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 329.28 162.15 Td (measure ) Tj ET Q q 0 0 0 rg BT 367.62 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 386.13 162.15 Td (value ) Tj ET Q q 0 0 0 rg BT 412.22 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 428.40 162.15 Td (realizability ) Tj ET Q q 0 0 0 rg BT 481.90 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 494.00 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 511.35 162.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 549.68 162.15 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (assets. ) Tj ET Q q 0 0 0 rg BT 79.80 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 82.98 149.55 Td (In ) Tj ET Q q 0 0 0 rg BT 94.90 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 110.90 149.55 Td (event ) Tj ET Q q 0 0 0 rg BT 136.82 149.55 Td (we ) Tj ET Q q 0 0 0 rg BT 152.24 149.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 197.40 149.55 Td (all ) Tj ET Q q 0 0 0 rg BT 211.07 149.55 Td (or ) Tj ET Q q 0 0 0 rg BT 222.99 149.55 Td (any ) Tj ET Q q 0 0 0 rg BT 241.33 149.55 Td (portion ) Tj ET Q q 0 0 0 rg BT 274.83 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 286.76 149.55 Td (our ) Tj ET Q q 0 0 0 rg BT 303.93 149.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 342.08 149.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 358.08 149.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 385.76 149.55 Td (that ) Tj ET Q q 0 0 0 rg BT 404.68 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 420.67 149.55 Td (not ) Tj ET Q q 0 0 0 rg BT 437.27 149.55 Td (already ) Tj ET Q q 0 0 0 rg BT 471.34 149.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 504.26 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 515.60 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 523.44 149.55 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (allowance ) Tj ET Q q 0 0 0 rg BT 94.50 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 109.75 136.95 Td (not ) Tj ET Q q 0 0 0 rg BT 125.61 136.95 Td (realizable, ) Tj ET Q q 0 0 0 rg BT 171.48 136.95 Td (we ) Tj ET Q q 0 0 0 rg BT 186.16 136.95 Td (will ) Tj ET Q q 0 0 0 rg BT 204.93 136.95 Td (be ) Tj ET Q q 0 0 0 rg BT 217.28 136.95 Td (required ) Tj ET Q q 0 0 0 rg BT 254.70 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 265.30 136.95 Td (establish ) Tj ET Q q 0 0 0 rg BT 304.49 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 311.59 136.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 353.10 136.95 Td (allowance ) Tj ET Q q 0 0 0 rg BT 398.10 136.95 Td (by ) Tj ET Q q 0 0 0 rg BT 411.04 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 418.13 136.95 Td (char) Tj ET Q q 0 0 0 rg BT 436.01 136.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 448.36 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 458.97 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 474.23 136.95 Td (income ) Tj ET Q q 0 0 0 rg BT 507.58 136.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 522.84 136.95 Td (provision ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.36 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 75.88 124.35 Td (period ) Tj ET Q q 0 0 0 rg BT 105.40 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 116.27 124.35 Td (which ) Tj ET Q q 0 0 0 rg BT 144.62 124.35 Td (that ) Tj ET Q q 0 0 0 rg BT 163.06 124.35 Td (determination ) Tj ET Q q 0 0 0 rg BT 224.07 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 233.77 124.35 Td (made. ) Tj ET Q q 0 0 0 rg BT 261.83 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 264.33 124.35 Td (The ) Tj ET Q q 0 0 0 rg BT 283.35 124.35 Td (value ) Tj ET Q q 0 0 0 rg BT 308.78 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 320.22 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 336.91 124.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 374.58 124.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 390.10 124.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.29 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 432.80 124.35 Td (based ) Tj ET Q q 0 0 0 rg BT 459.41 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 472.60 124.35 Td (enacted ) Tj ET Q q 0 0 0 rg BT 507.35 124.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 549.69 124.35 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 71.63 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 86.19 111.75 Td (future ) Tj ET Q q 0 0 0 rg BT 113.57 111.75 Td (periods. ) Tj ET Q q 0 0 0 rg BT 149.42 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 151.73 111.75 Td (Legislative ) Tj ET Q q 0 0 0 rg BT 200.69 111.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 236.82 111.75 Td (related ) Tj ET Q q 0 0 0 rg BT 267.69 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 278.17 111.75 Td (these ) Tj ET Q q 0 0 0 rg BT 302.06 111.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 324.19 111.75 Td (would ) Tj ET Q q 0 0 0 rg BT 352.75 111.75 Td (require ) Tj ET Q q 0 0 0 rg BT 384.80 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 391.77 111.75 Td (remeasurement ) Tj ET Q q 0 0 0 rg BT 458.21 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 469.27 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 485.58 111.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 522.86 111.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 538.00 111.75 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 99.15 Td (period ) Tj ET Q q 0 0 0 rg BT 105.20 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 116.57 99.15 Td (enactment. ) Tj ET Q q 0 0 0 rg BT 164.96 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 167.59 99.15 Td (Depending ) Tj ET Q q 0 0 0 rg BT 216.28 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 229.41 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 244.86 99.15 Td (facts ) Tj ET Q q 0 0 0 rg BT 267.31 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 285.09 99.15 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 349.82 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 365.27 99.15 Td (char) Tj ET Q q 0 0 0 rg BT 383.15 99.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 395.69 99.15 Td (could ) Tj ET Q q 0 0 0 rg BT 421.64 99.15 Td (be ) Tj ET Q q 0 0 0 rg BT 434.18 99.15 Td (material ) Tj ET Q q 0 0 0 rg BT 471.20 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 481.99 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 498.61 99.15 Td (earnings.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.22 73.95 Td (calculation ) Tj ET Q q 0 0 0 rg BT 118.69 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 130.83 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 148.23 73.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 164.46 73.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 206.94 73.95 Td (involves ) Tj ET Q q 0 0 0 rg BT 245.92 73.95 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 302.96 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 314.53 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 330.76 73.95 Td (application ) Tj ET Q q 0 0 0 rg BT 380.81 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 392.95 73.95 Td (complex ) Tj ET Q q 0 0 0 rg BT 432.51 73.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 448.74 73.95 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 501.42 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 504.57 73.95 Td (W) Tj ET Q q 0 0 0 rg BT 513.64 73.95 Td (e ) Tj ET Q q 0 0 0 rg BT 521.70 73.95 Td (recognize ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 91.31 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 106.28 61.35 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 155.07 61.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 170.63 61.35 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 227.00 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 237.90 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 253.46 61.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 274.86 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 292.75 61.35 Td (other ) Tj ET Q q 0 0 0 rg BT 317.05 61.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 332.61 61.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 387.26 61.35 Td (based ) Tj ET Q q 0 0 0 rg BT 413.89 61.35 Td (on ) Tj ET Q q 0 0 0 rg BT 427.12 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 443.85 61.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 481.57 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 493.04 61.35 Td (whether) Tj ET Q q 0 0 0 rg BT 526.44 61.35 Td (, ) Tj ET Q q 0 0 0 rg BT 531.79 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 61.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 77.78 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 88.57 48.75 Td (which, ) Tj ET Q q 0 0 0 rg BT 119.48 48.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 164.10 48.75 Td (taxes ) Tj ET Q q 0 0 0 rg BT 188.30 48.75 Td (will ) Tj ET Q q 0 0 0 rg BT 207.26 48.75 Td (be ) Tj ET Q q 0 0 0 rg BT 219.80 48.75 Td (due. ) Tj ET Q q 0 0 0 rg BT 240.21 48.75 Td ( ) Tj ET Q endstream endobj 167 0 obj <>] /Rotate 0 /Contents 168 0 R>> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (81) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Currently ) Tj ET Q q 0 0 0 rg BT 92.72 741.75 Td (there ) Tj ET Q q 0 0 0 rg BT 116.68 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 132.47 741.75 Td (proposals ) Tj ET Q q 0 0 0 rg BT 175.69 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 186.84 741.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 242.30 741.75 Td (change ) Tj ET Q q 0 0 0 rg BT 275.01 741.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 296.66 741.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 328.78 741.75 Td (income ) Tj ET Q q 0 0 0 rg BT 362.66 741.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 378.46 741.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 401.85 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 430.48 741.75 Td (include ) Tj ET Q q 0 0 0 rg BT 464.36 741.75 Td (proposals ) Tj ET Q q 0 0 0 rg BT 507.59 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 518.73 741.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 549.68 741.75 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (rates, ) Tj ET Q q 0 0 0 rg BT 74.44 729.15 Td (limit ) Tj ET Q q 0 0 0 rg BT 96.76 729.15 Td (deductibility ) Tj ET Q q 0 0 0 rg BT 152.33 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 163.56 729.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 196.96 729.15 Td (expense, ) Tj ET Q q 0 0 0 rg BT 235.89 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 253.54 729.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 289.85 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 300.51 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 315.82 729.15 Td (taxation ) Tj ET Q q 0 0 0 rg BT 352.14 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 363.37 729.15 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 403.78 729.15 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 444.47 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 446.41 729.15 Td (Although ) Tj ET Q q 0 0 0 rg BT 488.56 729.15 Td (details ) Tj ET Q q 0 0 0 rg BT 518.46 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 533.77 729.15 Td (not ) Tj ET Q q 0 0 0 rg BT 549.68 729.15 Td (yet ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (available, ) Tj ET Q q 0 0 0 rg BT 92.56 716.55 Td (these ) Tj ET Q q 0 0 0 rg BT 116.68 716.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 153.04 716.55 Td (could ) Tj ET Q q 0 0 0 rg BT 178.90 716.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 210.02 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 225.39 716.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 262.91 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 288.19 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 299.48 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 316.01 716.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 353.52 716.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 368.89 716.55 Td (balances, ) Tj ET Q q 0 0 0 rg BT 410.21 716.55 Td (result ) Tj ET Q q 0 0 0 rg BT 436.07 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 446.78 716.55 Td (one ) Tj ET Q q 0 0 0 rg BT 464.48 716.55 Td (time ) Tj ET Q q 0 0 0 rg BT 485.69 716.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 506.89 716.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 522.25 716.55 Td (payments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (during ) Tj ET Q q 0 0 0 rg BT 79.25 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 86.25 703.95 Td (transitional ) Tj ET Q q 0 0 0 rg BT 135.83 703.95 Td (period, ) Tj ET Q q 0 0 0 rg BT 167.62 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 185.12 703.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 216.04 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 232.37 703.95 Td (ef) Tj ET Q q 0 0 0 rg BT 240.34 703.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 271.24 703.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 286.41 703.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 304.49 703.95 Td (going ) Tj ET Q q 0 0 0 rg BT 330.74 703.95 Td (forward. ) Tj ET Q q 0 0 0 rg BT 368.94 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 370.76 703.95 Td (At ) Tj ET Q q 0 0 0 rg BT 383.60 703.95 Td (this ) Tj ET Q q 0 0 0 rg BT 401.11 703.95 Td (time ) Tj ET Q q 0 0 0 rg BT 422.12 703.95 Td (there ) Tj ET Q q 0 0 0 rg BT 445.44 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 454.78 703.95 Td (insuf) Tj ET Q q 0 0 0 rg BT 475.60 703.95 Td (ficient ) Tj ET Q q 0 0 0 rg BT 504.75 703.95 Td (detail ) Tj ET Q q 0 0 0 rg BT 530.42 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 540.92 703.95 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (reform ) Tj ET Q q 0 0 0 rg BT 80.69 691.35 Td (proposals ) Tj ET Q q 0 0 0 rg BT 123.57 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 134.36 691.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 171.97 691.35 Td (their ) Tj ET Q q 0 0 0 rg BT 193.84 691.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 225.04 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 246.33 691.35 Td (any ) Tj ET Q q 0 0 0 rg BT 264.12 691.35 Td (certainty) Tj ET Q q 0 0 0 rg BT 300.17 691.35 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (RECENT) Tj ET Q q 0 0 0 rg BT 93.07 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 95.12 666.15 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 170.66 666.15 Td (DEVELOPMENTS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 640.95 Td (discussion ) Tj ET Q q 0 0 0 rg BT 113.67 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 125.04 640.95 Td (Recent ) Tj ET Q q 0 0 0 rg BT 156.24 640.95 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 207.85 640.95 Td (Developments ) Tj ET Q q 0 0 0 rg BT 271.13 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 281.92 640.95 Td (Note�1 ) Tj ET Q q 0 0 0 rg BT 312.83 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 324.20 640.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 351.33 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 362.12 640.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 420.16 640.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 461.86 640.95 Td (Statements.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (EFFECTS ) Tj ET Q q 0 0 0 rg BT 99.39 615.75 Td (OF) Tj ET Q q 0 0 0 rg BT 113.58 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 116.20 615.75 Td (INFLA) Tj ET Q q 0 0 0 rg BT 148.09 615.75 Td (TION) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (The ) Tj ET Q q 0 0 0 rg BT 67.41 590.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 84.73 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 95.06 590.55 Td (inflation ) Tj ET Q q 0 0 0 rg BT 132.22 590.55 Td (can ) Tj ET Q q 0 0 0 rg BT 148.38 590.55 Td (directly ) Tj ET Q q 0 0 0 rg BT 182.03 590.55 Td (af) Tj ET Q q 0 0 0 rg BT 190.00 590.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 207.32 590.55 Td (various ) Tj ET Q q 0 0 0 rg BT 239.82 590.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 281.93 590.55 Td (including ) Tj ET Q q 0 0 0 rg BT 323.18 590.55 Td (employee ) Tj ET Q q 0 0 0 rg BT 365.58 590.55 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 428.11 590.55 Td (communications ) Tj ET Q q 0 0 0 rg BT 499.10 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 515.84 590.55 Td (technology ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 66.89 577.95 Td (occupancy) Tj ET Q q 0 0 0 rg BT 111.10 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 115.95 577.95 Td (which ) Tj ET Q q 0 0 0 rg BT 143.84 577.95 Td (may ) Tj ET Q q 0 0 0 rg BT 164.15 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 179.80 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 191.94 577.95 Td (readily ) Tj ET Q q 0 0 0 rg BT 223.32 577.95 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 274.51 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 284.91 577.95 Td (char) Tj ET Q q 0 0 0 rg BT 302.79 577.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 319.01 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 333.49 577.95 Td (services ) Tj ET Q q 0 0 0 rg BT 369.53 577.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 409.09 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 421.82 577.95 Td (us. ) Tj ET Q q 0 0 0 rg BT 436.01 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 438.24 577.95 Td (Further) Tj ET Q q 0 0 0 rg BT 468.73 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 473.58 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 483.98 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 499.03 577.95 Td (extent ) Tj ET Q q 0 0 0 rg BT 526.92 577.95 Td (inflation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (adversely ) Tj ET Q q 0 0 0 rg BT 92.99 565.35 Td (af) Tj ET Q q 0 0 0 rg BT 100.96 565.35 Td (fects ) Tj ET Q q 0 0 0 rg BT 124.04 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 140.13 565.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 183.05 565.35 Td (markets, ) Tj ET Q q 0 0 0 rg BT 222.17 565.35 Td (it ) Tj ET Q q 0 0 0 rg BT 231.27 565.35 Td (may ) Tj ET Q q 0 0 0 rg BT 252.61 565.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 284.44 565.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 325.02 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 343.44 565.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 383.42 565.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 428.68 565.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 452.35 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 470.77 565.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 511.37 565.35 Td (values. ) Tj ET Q q 0 0 0 rg BT 544.08 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 547.34 565.35 Td (See ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 96.46 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 108.42 552.75 Td ("Market ) Tj ET Q q 0 0 0 rg BT 146.23 552.75 Td (Risk�� ) Tj ET Q q 0 0 0 rg BT 181.82 552.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 225.85 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 244.22 552.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 262.58 552.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 297.28 552.75 Td (\(Loss\)" ) Tj ET Q q 0 0 0 rg BT 331.60 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 349.97 552.75 Td ("Critical ) Tj ET Q q 0 0 0 rg BT 388.24 552.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 440.44 552.75 Td (Policies�� ) Tj ET Q q 0 0 0 rg BT 490.02 552.75 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 535.09 552.75 Td (Assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 540.15 Td (Goodwill" ) Tj ET Q q 0 0 0 rg BT 113.87 540.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 160.82 540.15 Td (discussed.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 514.95 Td (7A. ) Tj ET Q q 0 0 0 rg BT 98.21 514.95 Td (QUANTIT) Tj ET Q q 0 0 0 rg BT 146.44 514.95 Td (A) Tj ET Q q 0 0 0 rg BT 153.25 514.95 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 180.97 514.95 Td (AND ) Tj ET Q q 0 0 0 rg BT 206.34 514.95 Td (QUALIT) Tj ET Q q 0 0 0 rg BT 246.99 514.95 Td (A) Tj ET Q q 0 0 0 rg BT 253.79 514.95 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 282.09 514.95 Td (DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 358.25 514.95 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 395.40 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 398.03 514.95 Td (MARKET) Tj ET Q q 0 0 0 rg BT 445.09 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 447.72 514.95 Td (RISK.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (See "Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 233.28 489.75 Td (Analysis of Financial Condition and Results of Operations - Market Risk" for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (disclosures about market risk.) Tj ET Q endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (82) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (ITEM 8. FINANCIAL) Tj ET Q q 0 0 0 rg BT 149.56 741.90 Td ( ST) Tj ET Q q 0 0 0 rg BT 164.24 741.90 Td (A) Tj ET Q q 0 0 0 rg BT 171.05 741.90 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 224.44 741.90 Td (AND SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 320.79 741.90 Td (AR) Tj ET Q q 0 0 0 rg BT 335.59 741.90 Td (Y) Tj ET Q q 0 0 0 rg BT 342.78 741.90 Td ( DA) Tj ET Q q 0 0 0 rg BT 359.80 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 366.02 741.90 Td (A.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 225.90 716.70 Td (REPOR) Tj ET Q q 0 0 0 rg BT 262.28 716.70 Td (T) Tj ET Q q 0 0 0 rg BT 269.10 716.70 Td ( OF) Tj ET Q q 0 0 0 rg BT 285.91 716.70 Td ( MANAGEMENT) Tj ET Q q 0 0 0 rg BT 367.68 716.70 Td ( ON ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.80 704.10 Td (INTERNAL) Tj ET Q q 0 0 0 rg BT 225.65 704.10 Td ( CONTROL) Tj ET Q q 0 0 0 rg BT 280.79 704.10 Td ( OVER FINANCIAL) Tj ET Q q 0 0 0 rg BT 375.30 704.10 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 414.31 704.10 Td (TING) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (The ) Tj ET Q q 0 0 0 rg BT 67.54 678.90 Td (management ) Tj ET Q q 0 0 0 rg BT 122.91 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 133.37 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 156.67 678.90 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 208.25 678.90 Td (is ) Tj ET Q q 0 0 0 rg BT 216.97 678.90 Td (responsible ) Tj ET Q q 0 0 0 rg BT 266.52 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 280.48 678.90 Td (establishing ) Tj ET Q q 0 0 0 rg BT 332.36 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 349.24 678.90 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 401.12 678.90 Td (adequate ) Tj ET Q q 0 0 0 rg BT 440.15 678.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 473.94 678.90 Td (control ) Tj ET Q q 0 0 0 rg BT 505.40 678.90 Td (over ) Tj ET Q q 0 0 0 rg BT 525.77 678.90 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (reporting.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.68 641.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.85 641.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 145.52 641.10 Td (control ) Tj ET Q q 0 0 0 rg BT 177.87 641.10 Td (over ) Tj ET Q q 0 0 0 rg BT 199.14 641.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 238.47 641.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 279.57 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 289.18 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.44 641.10 Td (process ) Tj ET Q q 0 0 0 rg BT 330.54 641.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 370.47 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.25 641.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 415.93 641.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 463.43 641.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 506.84 641.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 549.68 641.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (reliability ) Tj ET Q q 0 0 0 rg BT 94.67 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 107.76 628.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 148.84 628.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 191.67 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 211.18 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 228.35 628.50 Td (preparation ) Tj ET Q q 0 0 0 rg BT 280.50 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 293.60 628.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 334.67 628.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 383.34 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 399.93 628.50 Td (external ) Tj ET Q q 0 0 0 rg BT 438.09 628.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 479.76 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 492.28 628.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 543.83 628.50 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 99.24 615.90 Td (principles ) Tj ET Q q 0 0 0 rg BT 144.31 615.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 187.05 615.90 Td (accepted ) Tj ET Q q 0 0 0 rg BT 227.44 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 239.27 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 255.77 615.90 Td (United ) Tj ET Q q 0 0 0 rg BT 288.02 615.90 Td (States ) Tj ET Q q 0 0 0 rg BT 316.77 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 328.38 615.90 Td (America. ) Tj ET Q q 0 0 0 rg BT 370.82 615.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 396.06 615.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 434.29 615.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 470.03 615.90 Td (control ) Tj ET Q q 0 0 0 rg BT 503.44 615.90 Td (over ) Tj ET Q q 0 0 0 rg BT 525.77 615.90 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 91.42 603.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 129.85 603.30 Td (those ) Tj ET Q q 0 0 0 rg BT 155.45 603.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 191.55 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 210.14 603.30 Td (procedures ) Tj ET Q q 0 0 0 rg BT 259.64 603.30 Td (that ) Tj ET Q q 0 0 0 rg BT 278.82 603.30 Td (\(i\)�pertain ) Tj ET Q q 0 0 0 rg BT 323.94 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 335.55 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 351.81 603.30 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 408.30 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 420.48 603.30 Td (records ) Tj ET Q q 0 0 0 rg BT 454.82 603.30 Td (that, ) Tj ET Q q 0 0 0 rg BT 476.62 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 488.23 603.30 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 536.55 603.30 Td (detail, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (accurately ) Tj ET Q q 0 0 0 rg BT 94.87 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 112.26 590.70 Td (fairly ) Tj ET Q q 0 0 0 rg BT 137.23 590.70 Td (reflect ) Tj ET Q q 0 0 0 rg BT 166.27 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 181.33 590.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 233.71 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 251.11 590.70 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 303.52 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 314.50 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 329.56 590.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 356.28 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 367.26 590.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 391.07 590.70 Td (Mason; ) Tj ET Q q 0 0 0 rg BT 424.80 590.70 Td (\(ii\)�provide ) Tj ET Q q 0 0 0 rg BT 474.56 590.70 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 521.69 590.70 Td (assurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (that ) Tj ET Q q 0 0 0 rg BT 68.89 578.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 122.69 578.10 Td (are ) Tj ET Q q 0 0 0 rg BT 139.16 578.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 179.53 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.92 578.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 236.38 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.19 578.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 279.25 578.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 330.71 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.10 578.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.48 578.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 431.45 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 443.26 578.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 494.12 578.10 Td (with ) Tj ET Q q 0 0 0 rg BT 516.43 578.10 Td (accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (principles ) Tj ET Q q 0 0 0 rg BT 93.51 565.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 135.17 565.50 Td (accepted ) Tj ET Q q 0 0 0 rg BT 174.49 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 185.26 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 200.68 565.50 Td (United ) Tj ET Q q 0 0 0 rg BT 231.86 565.50 Td (States ) Tj ET Q q 0 0 0 rg BT 259.54 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 270.32 565.50 Td (America, ) Tj ET Q q 0 0 0 rg BT 311.69 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 329.45 565.50 Td (that ) Tj ET Q q 0 0 0 rg BT 347.79 565.50 Td (receipts ) Tj ET Q q 0 0 0 rg BT 383.04 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 400.80 565.50 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 457.05 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 468.40 565.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 492.57 565.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 523.76 565.50 Td (are ) Tj ET Q q 0 0 0 rg BT 539.17 565.50 Td (being ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (made ) Tj ET Q q 0 0 0 rg BT 75.67 552.90 Td (only ) Tj ET Q q 0 0 0 rg BT 97.77 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 109.36 552.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 160.00 552.90 Td (with ) Tj ET Q q 0 0 0 rg BT 182.10 552.90 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 245.02 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 257.19 552.90 Td (management ) Tj ET Q q 0 0 0 rg BT 314.27 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 332.86 552.90 Td (directors ) Tj ET Q q 0 0 0 rg BT 373.03 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 385.20 552.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 410.21 552.90 Td (Mason; ) Tj ET Q q 0 0 0 rg BT 445.14 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 463.73 552.90 Td (\(iii\)�provide ) Tj ET Q q 0 0 0 rg BT 517.61 552.90 Td (reasonable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (assurance ) Tj ET Q q 0 0 0 rg BT 92.97 540.30 Td (regarding ) Tj ET Q q 0 0 0 rg BT 135.86 540.30 Td (prevention ) Tj ET Q q 0 0 0 rg BT 183.43 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 194.83 540.30 Td (timely ) Tj ET Q q 0 0 0 rg BT 224.32 540.30 Td (detection ) Tj ET Q q 0 0 0 rg BT 265.47 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 276.87 540.30 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 334.35 540.30 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 385.71 540.30 Td (use, ) Tj ET Q q 0 0 0 rg BT 404.99 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 416.40 540.30 Td (disposition ) Tj ET Q q 0 0 0 rg BT 465.15 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 476.55 540.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 500.79 540.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 538.01 540.30 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 67.87 527.70 Td (could ) Tj ET Q q 0 0 0 rg BT 93.82 527.70 Td (have ) Tj ET Q q 0 0 0 rg BT 116.27 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 123.56 527.70 Td (material ) Tj ET Q q 0 0 0 rg BT 160.58 527.70 Td (ef) Tj ET Q q 0 0 0 rg BT 168.55 527.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 186.91 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 200.03 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 215.49 527.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 254.84 527.70 Td (statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (Because ) Tj ET Q q 0 0 0 rg BT 87.04 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 98.34 502.50 Td (its ) Tj ET Q q 0 0 0 rg BT 110.82 502.50 Td (inherent ) Tj ET Q q 0 0 0 rg BT 147.78 502.50 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 197.88 502.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 232.51 502.50 Td (control ) Tj ET Q q 0 0 0 rg BT 264.81 502.50 Td (over ) Tj ET Q q 0 0 0 rg BT 286.02 502.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.31 502.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 366.36 502.50 Td (may ) Tj ET Q q 0 0 0 rg BT 386.99 502.50 Td (not ) Tj ET Q q 0 0 0 rg BT 402.97 502.50 Td (prevent ) Tj ET Q q 0 0 0 rg BT 437.01 502.50 Td (or ) Tj ET Q q 0 0 0 rg BT 448.31 502.50 Td (detect ) Tj ET Q q 0 0 0 rg BT 475.94 502.50 Td (misstatements. ) Tj ET Q q 0 0 0 rg BT 540.05 502.50 Td (Also, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (projections ) Tj ET Q q 0 0 0 rg BT 98.72 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 110.03 489.90 Td (any ) Tj ET Q q 0 0 0 rg BT 127.75 489.90 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 174.05 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 185.35 489.90 Td (ef) Tj ET Q q 0 0 0 rg BT 193.32 489.90 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 242.53 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 253.26 489.90 Td (future ) Tj ET Q q 0 0 0 rg BT 280.89 489.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 314.37 489.90 Td (are ) Tj ET Q q 0 0 0 rg BT 329.75 489.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 362.05 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 372.78 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 388.17 489.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 406.48 489.90 Td (that ) Tj ET Q q 0 0 0 rg BT 424.79 489.90 Td (controls ) Tj ET Q q 0 0 0 rg BT 461.18 489.90 Td (may ) Tj ET Q q 0 0 0 rg BT 481.82 489.90 Td (become ) Tj ET Q q 0 0 0 rg BT 517.03 489.90 Td (inadequate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (because ) Tj ET Q q 0 0 0 rg BT 85.35 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 96.73 477.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 133.17 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 143.96 477.30 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 192.96 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 204.33 477.30 Td (that ) Tj ET Q q 0 0 0 rg BT 222.70 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 238.16 477.30 Td (degree ) Tj ET Q q 0 0 0 rg BT 268.76 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 280.13 477.30 Td (compliance ) Tj ET Q q 0 0 0 rg BT 331.15 477.30 Td (with ) Tj ET Q q 0 0 0 rg BT 352.44 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 367.90 477.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 403.18 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 414.55 477.30 Td (procedures ) Tj ET Q q 0 0 0 rg BT 463.24 477.30 Td (may ) Tj ET Q q 0 0 0 rg BT 483.94 477.30 Td (deteriorate.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.62 452.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 146.51 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.65 452.10 Td (ef) Tj ET Q q 0 0 0 rg BT 170.62 452.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 220.57 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.63 452.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 257.51 452.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 295.38 452.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 330.76 452.10 Td (control ) Tj ET Q q 0 0 0 rg BT 363.82 452.10 Td (over ) Tj ET Q q 0 0 0 rg BT 385.78 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 425.82 452.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 467.62 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 479.68 452.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.73 452.10 Td (March ) Tj ET Q q 0 0 0 rg BT 522.45 452.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 452.10 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 452.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (based ) Tj ET Q q 0 0 0 rg BT 76.08 439.50 Td (on ) Tj ET Q q 0 0 0 rg BT 89.24 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 104.74 439.50 Td (framework ) Tj ET Q q 0 0 0 rg BT 153.47 439.50 Td (set ) Tj ET Q q 0 0 0 rg BT 167.80 439.50 Td (forth ) Tj ET Q q 0 0 0 rg BT 190.88 439.50 Td (by ) Tj ET Q q 0 0 0 rg BT 204.04 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 219.54 439.50 Td (Committee ) Tj ET Q q 0 0 0 rg BT 268.87 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 280.28 439.50 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 330.79 439.50 Td (Or) Tj ET Q q 0 0 0 rg BT 341.68 439.50 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 392.17 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 403.58 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 418.89 439.50 Td (T) Tj ET Q q 0 0 0 rg BT 424.93 439.50 Td (readway ) Tj ET Q q 0 0 0 rg BT 463.16 439.50 Td (Commission ) Tj ET Q q 0 0 0 rg BT 518.92 439.50 Td (\("COSO"\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (in ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 60.48 426.90 Td (Internal ) Tj ET Q q 0 0 0 rg BT 97.12 426.90 Td (Contr) Tj ET Q q 0 0 0 rg BT 121.23 426.90 Td (ol�� ) Tj ET Q q 0 0 0 rg BT 144.17 426.90 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 190.72 426.90 Td (Framework ) Tj ET Q q 0 0 0 rg BT 242.52 426.90 Td (\(2013\). ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.95 426.90 Td (Based ) Tj ET Q q 0 0 0 rg BT 304.42 426.90 Td (on ) Tj ET Q q 0 0 0 rg BT 317.73 426.90 Td (that ) Tj ET Q q 0 0 0 rg BT 336.29 426.90 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 388.38 426.90 Td (management ) Tj ET Q q 0 0 0 rg BT 444.84 426.90 Td (concluded ) Tj ET Q q 0 0 0 rg BT 490.80 426.90 Td (that, ) Tj ET Q q 0 0 0 rg BT 511.98 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 523.54 426.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.09 426.90 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.31 414.30 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.31 414.30 Td (, ) Tj ET Q q 0 0 0 rg BT 91.61 414.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 115.87 414.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 153.11 414.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 187.87 414.30 Td (control ) Tj ET Q q 0 0 0 rg BT 220.29 414.30 Td (over ) Tj ET Q q 0 0 0 rg BT 241.63 414.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.04 414.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 322.21 414.30 Td (is ) Tj ET Q q 0 0 0 rg BT 331.90 414.30 Td (ef) Tj ET Q q 0 0 0 rg BT 339.86 414.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 371.11 414.30 Td (based ) Tj ET Q q 0 0 0 rg BT 397.70 414.30 Td (on ) Tj ET Q q 0 0 0 rg BT 410.88 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 426.39 414.30 Td (criteria ) Tj ET Q q 0 0 0 rg BT 458.80 414.30 Td (established ) Tj ET Q q 0 0 0 rg BT 508.14 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 518.99 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 534.50 414.30 Td (COSO ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (framework.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (The ) Tj ET Q q 0 0 0 rg BT 69.42 376.50 Td (ef) Tj ET Q q 0 0 0 rg BT 77.38 376.50 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 127.62 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 139.96 376.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.12 376.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 203.27 376.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 238.94 376.50 Td (control ) Tj ET Q q 0 0 0 rg BT 272.27 376.50 Td (over ) Tj ET Q q 0 0 0 rg BT 294.52 376.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 334.84 376.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 376.92 376.50 Td (as ) Tj ET Q q 0 0 0 rg BT 389.25 376.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.59 376.50 Td (March ) Tj ET Q q 0 0 0 rg BT 432.58 376.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 449.30 376.50 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.30 376.50 Td (, ) Tj ET Q q 0 0 0 rg BT 476.52 376.50 Td (has ) Tj ET Q q 0 0 0 rg BT 494.10 376.50 Td (been ) Tj ET Q q 0 0 0 rg BT 517.51 376.50 Td (audited ) Tj ET Q q 0 0 0 rg BT 552.01 376.50 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (PricewaterhouseCoopers�LLP) Tj ET Q q 0 0 0 rg BT 174.02 363.90 Td (, ) Tj ET Q q 0 0 0 rg BT 179.28 363.90 Td (an ) Tj ET Q q 0 0 0 rg BT 191.82 363.90 Td (independent ) Tj ET Q q 0 0 0 rg BT 245.77 363.90 Td (registered ) Tj ET Q q 0 0 0 rg BT 289.80 363.90 Td (public ) Tj ET Q q 0 0 0 rg BT 318.68 363.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 367.38 363.90 Td (firm, ) Tj ET Q q 0 0 0 rg BT 390.72 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 402.10 363.90 Td (stated ) Tj ET Q q 0 0 0 rg BT 429.23 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 440.03 363.90 Td (their ) Tj ET Q q 0 0 0 rg BT 461.90 363.90 Td (report ) Tj ET Q q 0 0 0 rg BT 489.61 363.90 Td (appearing ) Tj ET Q q 0 0 0 rg BT 533.64 363.90 Td (herein, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (which ) Tj ET Q q 0 0 0 rg BT 77.59 351.30 Td (expresses ) Tj ET Q q 0 0 0 rg BT 120.26 351.30 Td (an ) Tj ET Q q 0 0 0 rg BT 132.60 351.30 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 182.84 351.30 Td (opinion ) Tj ET Q q 0 0 0 rg BT 217.36 351.30 Td (on ) Tj ET Q q 0 0 0 rg BT 230.29 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 245.54 351.30 Td (ef) Tj ET Q q 0 0 0 rg BT 253.51 351.30 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 302.59 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 313.76 351.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 337.77 351.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 374.76 351.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 409.26 351.30 Td (control ) Tj ET Q q 0 0 0 rg BT 441.43 351.30 Td (over ) Tj ET Q q 0 0 0 rg BT 462.51 351.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 501.67 351.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 542.59 351.30 Td (as ) Tj ET Q q 0 0 0 rg BT 553.77 351.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (March ) Tj ET Q q 0 0 0 rg BT 79.53 338.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.28 338.70 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.28 338.70 Td (.) Tj ET Q /GS0 gs q 125.00 0 0 28.00 49.50 293.10 cm /I3 Do Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 267.90 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 80.13 267.90 Td (A. Sullivan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 255.30 Td (Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 192.77 255.30 Td (ficer) Tj ET Q /GS0 gs q 100.00 0 0 50.00 49.50 188.30 cm /I4 Do Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 175.70 Td (Peter H. Nachtwey ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 163.10 Td (Senior Executive ) Tj ET Q q 0 0 0 rg BT 123.96 163.10 Td (V) Tj ET Q q 0 0 0 rg BT 130.91 163.10 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 283.80 163.10 Td (ficer) Tj ET Q endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (83) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 236.55 741.90 Td (REPOR) Tj ET Q q 0 0 0 rg BT 272.93 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 279.75 741.90 Td ( OF) Tj ET Q q 0 0 0 rg BT 296.56 741.90 Td ( INDEPENDENT) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 197.60 729.30 Td (REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 310.80 729.30 Td (ACCOUNTING FIRM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 704.10 Td (o ) Tj ET Q q 0 0 0 rg BT 63.06 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.51 704.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 106.79 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.17 704.10 Td (Directors) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 691.50 Td (Stockholders ) Tj ET Q q 0 0 0 rg BT 124.74 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 136.11 691.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 160.31 691.50 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 194.14 691.50 Td (Inc.:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (In ) Tj ET Q q 0 0 0 rg BT 61.66 666.30 Td (our ) Tj ET Q q 0 0 0 rg BT 79.06 666.30 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 117.18 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 133.42 666.30 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 198.06 666.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 254.54 666.30 Td (balance ) Tj ET Q q 0 0 0 rg BT 290.01 666.30 Td (sheets ) Tj ET Q q 0 0 0 rg BT 319.08 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 337.65 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 353.89 666.30 Td (related ) Tj ET Q q 0 0 0 rg BT 385.86 666.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 442.34 666.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 490.07 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 502.23 666.30 Td (income ) Tj ET Q q 0 0 0 rg BT 536.55 666.30 Td (\(loss\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 116.44 653.70 Td (income ) Tj ET Q q 0 0 0 rg BT 150.72 653.70 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 180.06 653.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 217.26 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 228.81 653.70 Td (stockholders�) Tj ET Q q 0 0 0 rg BT 284.60 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 287.98 653.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 317.60 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 336.14 653.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 358.18 653.70 Td (flows ) Tj ET Q q 0 0 0 rg BT 384.89 653.70 Td (present ) Tj ET Q q 0 0 0 rg BT 418.59 653.70 Td (fairly) Tj ET Q q 0 0 0 rg BT 440.65 653.70 Td (, ) Tj ET Q q 0 0 0 rg BT 446.65 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 458.20 653.70 Td (all ) Tj ET Q q 0 0 0 rg BT 472.07 653.70 Td (material ) Tj ET Q q 0 0 0 rg BT 509.85 653.70 Td (respects, ) Tj ET Q q 0 0 0 rg BT 549.67 653.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.21 641.10 Td (position ) Tj ET Q q 0 0 0 rg BT 126.03 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.76 641.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 162.32 641.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 196.51 641.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 215.52 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.66 641.10 Td (its ) Tj ET Q q 0 0 0 rg BT 246.57 641.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 299.13 641.10 Td (\(�the ) Tj ET Q q 0 0 0 rg BT 323.09 641.10 Td (Company�\) ) Tj ET Q q 0 0 0 rg BT 375.06 641.10 Td (at ) Tj ET Q q 0 0 0 rg BT 385.62 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 416.01 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 432.12 641.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 456.10 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.24 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 504.62 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 520.73 641.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 547.34 641.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 64.03 628.50 Td (results ) Tj ET Q q 0 0 0 rg BT 93.15 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 103.60 628.50 Td (their ) Tj ET Q q 0 0 0 rg BT 124.55 628.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 169.99 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 186.86 628.50 Td (their ) Tj ET Q q 0 0 0 rg BT 207.81 628.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 228.17 628.50 Td (flows ) Tj ET Q q 0 0 0 rg BT 253.21 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 267.15 628.50 Td (each ) Tj ET Q q 0 0 0 rg BT 288.09 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 298.54 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 313.07 628.50 Td (three ) Tj ET Q q 0 0 0 rg BT 335.76 628.50 Td (years ) Tj ET Q q 0 0 0 rg BT 359.62 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 369.50 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 384.03 628.50 Td (period ) Tj ET Q q 0 0 0 rg BT 412.56 628.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 439.33 628.50 Td (March ) Tj ET Q q 0 0 0 rg BT 468.44 628.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 483.27 628.50 Td (2017 ) Tj ET Q q 0 0 0 rg BT 505.98 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 515.85 628.50 Td (conformity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (with ) Tj ET Q q 0 0 0 rg BT 69.93 615.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 117.77 615.90 Td (principles ) Tj ET Q q 0 0 0 rg BT 160.94 615.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 201.77 615.90 Td (accepted ) Tj ET Q q 0 0 0 rg BT 240.26 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 250.19 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 264.78 615.90 Td (United ) Tj ET Q q 0 0 0 rg BT 295.13 615.90 Td (States ) Tj ET Q q 0 0 0 rg BT 321.98 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 332.10 615.90 Td (America. ) Tj ET Q q 0 0 0 rg BT 372.25 615.90 Td (Also ) Tj ET Q q 0 0 0 rg BT 393.85 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 403.79 615.90 Td (our ) Tj ET Q q 0 0 0 rg BT 419.55 615.90 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 456.02 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 470.62 615.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 513.22 615.90 Td (maintained, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 59.82 603.30 Td (all ) Tj ET Q q 0 0 0 rg BT 72.48 603.30 Td (material ) Tj ET Q q 0 0 0 rg BT 109.03 603.30 Td (respects, ) Tj ET Q q 0 0 0 rg BT 147.63 603.30 Td (ef) Tj ET Q q 0 0 0 rg BT 155.60 603.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 186.32 603.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 220.55 603.30 Td (control ) Tj ET Q q 0 0 0 rg BT 252.45 603.30 Td (over ) Tj ET Q q 0 0 0 rg BT 273.26 603.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.15 603.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 352.80 603.30 Td (as ) Tj ET Q q 0 0 0 rg BT 363.70 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 374.61 603.30 Td (March ) Tj ET Q q 0 0 0 rg BT 404.17 603.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 419.45 603.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 445.23 603.30 Td (based ) Tj ET Q q 0 0 0 rg BT 471.30 603.30 Td (on ) Tj ET Q q 0 0 0 rg BT 483.95 603.30 Td (criteria ) Tj ET Q q 0 0 0 rg BT 515.84 603.30 Td (established ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (in�) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 60.29 590.70 Td (Internal ) Tj ET Q q 0 0 0 rg BT 97.13 590.70 Td (Contr) Tj ET Q q 0 0 0 rg BT 121.25 590.70 Td (ol ) Tj ET Q q 0 0 0 rg BT 132.42 590.70 Td (- ) Tj ET Q q 0 0 0 rg BT 138.93 590.70 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 185.68 590.70 Td (Framework) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.67 590.70 Td (�) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 237.29 590.70 Td (2013) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 258.29 590.70 Td (�issued ) Tj ET Q q 0 0 0 rg BT 290.18 590.70 Td (by ) Tj ET Q q 0 0 0 rg BT 303.69 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 319.52 590.70 Td (Committee ) Tj ET Q q 0 0 0 rg BT 369.19 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 380.95 590.70 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 431.80 590.70 Td (Or) Tj ET Q q 0 0 0 rg BT 442.69 590.70 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 493.52 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 505.27 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 520.89 590.70 Td (T) Tj ET Q q 0 0 0 rg BT 526.94 590.70 Td (readway ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 105.24 578.10 Td (\(COSO\). ) Tj ET Q q 0 0 0 rg BT 145.33 578.10 Td (The ) Tj ET Q q 0 0 0 rg BT 164.30 578.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 213.76 578.10 Td (management ) Tj ET Q q 0 0 0 rg BT 270.05 578.10 Td (is ) Tj ET Q q 0 0 0 rg BT 279.70 578.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 330.18 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 345.07 578.10 Td (these ) Tj ET Q q 0 0 0 rg BT 369.29 578.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 408.67 578.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 458.27 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 473.16 578.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 525.97 578.10 Td (ef) Tj ET Q q 0 0 0 rg BT 533.93 578.10 Td (fective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 83.34 565.50 Td (control ) Tj ET Q q 0 0 0 rg BT 114.85 565.50 Td (over ) Tj ET Q q 0 0 0 rg BT 135.28 565.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 173.78 565.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 214.03 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 230.96 565.50 Td (for ) Tj ET Q q 0 0 0 rg BT 244.98 565.50 Td (its ) Tj ET Q q 0 0 0 rg BT 256.67 565.50 Td (assessment ) Tj ET Q q 0 0 0 rg BT 305.10 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 315.61 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 330.21 565.50 Td (ef) Tj ET Q q 0 0 0 rg BT 338.18 565.50 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 386.60 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 397.11 565.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 430.95 565.50 Td (control ) Tj ET Q q 0 0 0 rg BT 462.46 565.50 Td (over ) Tj ET Q q 0 0 0 rg BT 482.89 565.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 521.39 565.50 Td (reporting, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (included ) Tj ET Q q 0 0 0 rg BT 88.62 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 99.74 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 115.53 552.90 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 179.72 552.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 211.25 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 222.96 552.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 280.73 552.90 Td (on ) Tj ET Q q 0 0 0 rg BT 294.19 552.90 Td (Internal ) Tj ET Q q 0 0 0 rg BT 329.80 552.90 Td (Control ) Tj ET Q q 0 0 0 rg BT 364.85 552.90 Td (over ) Tj ET Q q 0 0 0 rg BT 386.46 552.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 428.50 552.90 Td (Reporting. ) Tj ET Q q 0 0 0 rg BT 476.08 552.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 495.37 552.90 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 555.49 552.90 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 60.53 540.30 Td (express ) Tj ET Q q 0 0 0 rg BT 94.88 540.30 Td (opinions ) Tj ET Q q 0 0 0 rg BT 133.92 540.30 Td (on ) Tj ET Q q 0 0 0 rg BT 147.28 540.30 Td (these ) Tj ET Q q 0 0 0 rg BT 171.72 540.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 211.31 540.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 258.50 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 276.52 540.30 Td (on ) Tj ET Q q 0 0 0 rg BT 289.88 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 305.57 540.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 355.24 540.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 390.18 540.30 Td (control ) Tj ET Q q 0 0 0 rg BT 422.78 540.30 Td (over ) Tj ET Q q 0 0 0 rg BT 444.30 540.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 483.89 540.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 525.25 540.30 Td (based ) Tj ET Q q 0 0 0 rg BT 552.02 540.30 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (our ) Tj ET Q q 0 0 0 rg BT 65.12 527.70 Td (integrated ) Tj ET Q q 0 0 0 rg BT 108.73 527.70 Td (audits. ) Tj ET Q q 0 0 0 rg BT 137.95 527.70 Td (W) Tj ET Q q 0 0 0 rg BT 147.02 527.70 Td (e ) Tj ET Q q 0 0 0 rg BT 153.31 527.70 Td (conducted ) Tj ET Q q 0 0 0 rg BT 198.09 527.70 Td (our ) Tj ET Q q 0 0 0 rg BT 213.71 527.70 Td (audits ) Tj ET Q q 0 0 0 rg BT 240.42 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 250.22 527.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 299.05 527.70 Td (with ) Tj ET Q q 0 0 0 rg BT 319.35 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 333.81 527.70 Td (standards ) Tj ET Q q 0 0 0 rg BT 375.09 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 385.47 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 399.92 527.70 Td (Public ) Tj ET Q q 0 0 0 rg BT 428.39 527.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 470.49 527.70 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 521.10 527.70 Td (Oversight ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 78.27 515.10 Td (\(United ) Tj ET Q q 0 0 0 rg BT 113.45 515.10 Td (States\). ) Tj ET Q q 0 0 0 rg BT 147.54 515.10 Td (Those ) Tj ET Q q 0 0 0 rg BT 176.31 515.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 219.08 515.10 Td (require ) Tj ET Q q 0 0 0 rg BT 251.92 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 270.77 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 286.12 515.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 307.31 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.58 515.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 362.50 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.44 515.10 Td (audits ) Tj ET Q q 0 0 0 rg BT 406.63 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.91 515.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 447.26 515.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 495.26 515.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 539.18 515.10 Td (about ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 86.98 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 103.47 502.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.86 502.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 191.84 502.50 Td (are ) Tj ET Q q 0 0 0 rg BT 208.32 502.50 Td (free ) Tj ET Q q 0 0 0 rg BT 228.30 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 240.71 502.50 Td (material ) Tj ET Q q 0 0 0 rg BT 278.76 502.50 Td (misstatement ) Tj ET Q q 0 0 0 rg BT 337.83 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 356.66 502.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 394.14 502.50 Td (ef) Tj ET Q q 0 0 0 rg BT 402.10 502.50 Td (fective ) Tj ET Q q 0 0 0 rg BT 434.33 502.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 470.06 502.50 Td (control ) Tj ET Q q 0 0 0 rg BT 503.46 502.50 Td (over ) Tj ET Q q 0 0 0 rg BT 525.78 502.50 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 90.29 489.90 Td (was ) Tj ET Q q 0 0 0 rg BT 108.93 489.90 Td (maintained ) Tj ET Q q 0 0 0 rg BT 157.89 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 168.36 489.90 Td (all ) Tj ET Q q 0 0 0 rg BT 181.16 489.90 Td (material ) Tj ET Q q 0 0 0 rg BT 217.87 489.90 Td (respects. ) Tj ET Q q 0 0 0 rg BT 256.62 489.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 275.25 489.90 Td (audits ) Tj ET Q q 0 0 0 rg BT 302.64 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 313.69 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 328.82 489.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 367.86 489.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 414.49 489.90 Td (included ) Tj ET Q q 0 0 0 rg BT 452.95 489.90 Td (examining, ) Tj ET Q q 0 0 0 rg BT 502.21 489.90 Td (on ) Tj ET Q q 0 0 0 rg BT 515.01 489.90 Td (a ) Tj ET Q q 0 0 0 rg BT 521.98 489.90 Td (test ) Tj ET Q q 0 0 0 rg BT 538.87 489.90 Td (basis, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (evidence ) Tj ET Q q 0 0 0 rg BT 89.61 477.30 Td (supporting ) Tj ET Q q 0 0 0 rg BT 137.34 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 152.97 477.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 191.36 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 209.32 477.30 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 258.79 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 269.76 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 285.39 477.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.93 477.30 Td (statements, ) Tj ET Q q 0 0 0 rg BT 374.68 477.30 Td (assessing ) Tj ET Q q 0 0 0 rg BT 416.57 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 432.21 477.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 481.08 477.30 Td (principles ) Tj ET Q q 0 0 0 rg BT 525.29 477.30 Td (used ) Tj ET Q q 0 0 0 rg BT 547.34 477.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 95.84 464.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 136.92 464.70 Td (made ) Tj ET Q q 0 0 0 rg BT 161.67 464.70 Td (by ) Tj ET Q q 0 0 0 rg BT 174.18 464.70 Td (management, ) Tj ET Q q 0 0 0 rg BT 232.46 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 249.64 464.70 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 295.38 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 310.22 464.70 Td (overall ) Tj ET Q q 0 0 0 rg BT 341.38 464.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 380.13 464.70 Td (statement ) Tj ET Q q 0 0 0 rg BT 422.38 464.70 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 478.33 464.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 496.67 464.70 Td (audit ) Tj ET Q q 0 0 0 rg BT 519.68 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 530.44 464.70 Td (internal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (control ) Tj ET Q q 0 0 0 rg BT 81.96 452.10 Td (over ) Tj ET Q q 0 0 0 rg BT 103.33 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 142.78 452.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 183.98 452.10 Td (included ) Tj ET Q q 0 0 0 rg BT 222.85 452.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 265.23 452.10 Td (an ) Tj ET Q q 0 0 0 rg BT 277.86 452.10 Td (understanding ) Tj ET Q q 0 0 0 rg BT 340.06 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.53 452.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 386.31 452.10 Td (control ) Tj ET Q q 0 0 0 rg BT 418.77 452.10 Td (over ) Tj ET Q q 0 0 0 rg BT 440.14 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 479.59 452.10 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 523.42 452.10 Td (assessing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 64.58 439.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 82.59 439.50 Td (that ) Tj ET Q q 0 0 0 rg BT 100.58 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 107.50 439.50 Td (material ) Tj ET Q q 0 0 0 rg BT 144.15 439.50 Td (weakness ) Tj ET Q q 0 0 0 rg BT 186.64 439.50 Td (exists, ) Tj ET Q q 0 0 0 rg BT 215.44 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 232.85 439.50 Td (testing ) Tj ET Q q 0 0 0 rg BT 263.11 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 280.52 439.50 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 326.51 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 341.59 439.50 Td (design ) Tj ET Q q 0 0 0 rg BT 371.26 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 388.67 439.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 430.58 439.50 Td (ef) Tj ET Q q 0 0 0 rg BT 438.54 439.50 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 487.45 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 498.45 439.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 532.77 439.50 Td (control ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (based ) Tj ET Q q 0 0 0 rg BT 76.46 426.90 Td (on ) Tj ET Q q 0 0 0 rg BT 90.01 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 105.89 426.90 Td (assessed ) Tj ET Q q 0 0 0 rg BT 144.52 426.90 Td (risk. ) Tj ET Q q 0 0 0 rg BT 165.95 426.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 185.33 426.90 Td (audits ) Tj ET Q q 0 0 0 rg BT 213.46 426.90 Td (also ) Tj ET Q q 0 0 0 rg BT 233.43 426.90 Td (included ) Tj ET Q q 0 0 0 rg BT 272.64 426.90 Td (performing ) Tj ET Q q 0 0 0 rg BT 322.92 426.90 Td (such ) Tj ET Q q 0 0 0 rg BT 345.22 426.90 Td (other ) Tj ET Q q 0 0 0 rg BT 369.85 426.90 Td (procedures ) Tj ET Q q 0 0 0 rg BT 418.96 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 430.76 426.90 Td (we ) Tj ET Q q 0 0 0 rg BT 446.06 426.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 494.59 426.90 Td (necessary ) Tj ET Q q 0 0 0 rg BT 538.46 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 426.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 114.04 414.30 Td (W) Tj ET Q q 0 0 0 rg BT 123.11 414.30 Td (e ) Tj ET Q q 0 0 0 rg BT 130.39 414.30 Td (believe ) Tj ET Q q 0 0 0 rg BT 163.33 414.30 Td (that ) Tj ET Q q 0 0 0 rg BT 181.70 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 198.33 414.30 Td (audits ) Tj ET Q q 0 0 0 rg BT 226.03 414.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 260.73 414.30 Td (a ) Tj ET Q q 0 0 0 rg BT 268.02 414.30 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 315.54 414.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 339.16 414.30 Td (for ) Tj ET Q q 0 0 0 rg BT 354.03 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 370.65 414.30 Td (opinions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.34 389.10 Td (company�) Tj ET Q q 0 0 0 rg BT 100.74 389.10 Td (s ) Tj ET Q q 0 0 0 rg BT 107.66 389.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 142.56 389.10 Td (control ) Tj ET Q q 0 0 0 rg BT 175.14 389.10 Td (over ) Tj ET Q q 0 0 0 rg BT 196.63 389.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 236.19 389.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 277.51 389.10 Td (is ) Tj ET Q q 0 0 0 rg BT 287.35 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 294.84 389.10 Td (process ) Tj ET Q q 0 0 0 rg BT 329.17 389.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 369.32 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.32 389.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 415.23 389.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 462.96 389.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 506.60 389.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 549.67 389.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (reliability ) Tj ET Q q 0 0 0 rg BT 91.96 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 102.33 376.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.70 376.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 180.82 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 197.61 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 212.07 376.50 Td (preparation ) Tj ET Q q 0 0 0 rg BT 261.52 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 271.90 376.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 310.26 376.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 356.22 376.50 Td (for ) Tj ET Q q 0 0 0 rg BT 370.09 376.50 Td (external ) Tj ET Q q 0 0 0 rg BT 405.54 376.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 444.50 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 454.30 376.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 503.15 376.50 Td (with ) Tj ET Q q 0 0 0 rg BT 523.45 376.50 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (accepted ) Tj ET Q q 0 0 0 rg BT 88.18 363.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 136.20 363.90 Td (principles. ) Tj ET Q q 0 0 0 rg BT 181.76 363.90 Td (A) Tj ET Q q 0 0 0 rg BT 188.76 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 190.72 363.90 Td (company�) Tj ET Q q 0 0 0 rg BT 232.12 363.90 Td (s ) Tj ET Q q 0 0 0 rg BT 238.16 363.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 272.19 363.90 Td (control ) Tj ET Q q 0 0 0 rg BT 303.89 363.90 Td (over ) Tj ET Q q 0 0 0 rg BT 324.50 363.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 363.19 363.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 403.63 363.90 Td (includes ) Tj ET Q q 0 0 0 rg BT 440.58 363.90 Td (those ) Tj ET Q q 0 0 0 rg BT 464.70 363.90 Td (policies ) Tj ET Q q 0 0 0 rg BT 499.32 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 516.44 363.90 Td (procedures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (that ) Tj ET Q q 0 0 0 rg BT 68.69 351.30 Td (\(i\)�pertain ) Tj ET Q q 0 0 0 rg BT 113.82 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 125.43 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 141.70 351.30 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 198.19 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 210.38 351.30 Td (records ) Tj ET Q q 0 0 0 rg BT 244.72 351.30 Td (that, ) Tj ET Q q 0 0 0 rg BT 266.53 351.30 Td (in ) Tj ET Q q 0 0 0 rg BT 278.14 351.30 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 326.48 351.30 Td (detail, ) Tj ET Q q 0 0 0 rg BT 355.87 351.30 Td (accurately ) Tj ET Q q 0 0 0 rg BT 402.44 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 421.05 351.30 Td (fairly ) Tj ET Q q 0 0 0 rg BT 447.23 351.30 Td (reflect ) Tj ET Q q 0 0 0 rg BT 477.48 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 493.75 351.30 Td (transactions ) Tj ET Q q 0 0 0 rg BT 547.34 351.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 102.64 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 114.35 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 130.14 338.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 157.60 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 169.30 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 185.09 338.70 Td (company; ) Tj ET Q q 0 0 0 rg BT 229.46 338.70 Td (\(ii\)�provide ) Tj ET Q q 0 0 0 rg BT 279.95 338.70 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 327.80 338.70 Td (assurance ) Tj ET Q q 0 0 0 rg BT 371.58 338.70 Td (that ) Tj ET Q q 0 0 0 rg BT 390.28 338.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 443.40 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 459.18 338.70 Td (recorded ) Tj ET Q q 0 0 0 rg BT 498.86 338.70 Td (as ) Tj ET Q q 0 0 0 rg BT 510.57 338.70 Td (necessary ) Tj ET Q q 0 0 0 rg BT 554.34 338.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 80.09 326.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 131.08 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.00 326.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.91 326.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 230.42 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.76 326.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 292.15 326.10 Td (with ) Tj ET Q q 0 0 0 rg BT 314.00 326.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 356.24 326.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 396.14 326.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 445.38 326.10 Td (principles, ) Tj ET Q q 0 0 0 rg BT 492.60 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.93 326.10 Td (that ) Tj ET Q q 0 0 0 rg BT 529.86 326.10 Td (receipts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.60 313.50 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 124.19 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 135.88 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 151.65 313.50 Td (company ) Tj ET Q q 0 0 0 rg BT 193.08 313.50 Td (are ) Tj ET Q q 0 0 0 rg BT 208.84 313.50 Td (being ) Tj ET Q q 0 0 0 rg BT 235.11 313.50 Td (made ) Tj ET Q q 0 0 0 rg BT 260.79 313.50 Td (only ) Tj ET Q q 0 0 0 rg BT 282.40 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 293.51 313.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 343.66 313.50 Td (with ) Tj ET Q q 0 0 0 rg BT 365.27 313.50 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 427.70 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 439.38 313.50 Td (management ) Tj ET Q q 0 0 0 rg BT 495.97 313.50 Td (and ) Tj ET Q q 0 0 0 rg BT 514.07 313.50 Td (directors ) Tj ET Q q 0 0 0 rg BT 553.75 313.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 65.10 300.90 Td (company; ) Tj ET Q q 0 0 0 rg BT 109.27 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 127.21 300.90 Td (\(iii\)�provide ) Tj ET Q q 0 0 0 rg BT 180.42 300.90 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 228.08 300.90 Td (assurance ) Tj ET Q q 0 0 0 rg BT 271.67 300.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 314.67 300.90 Td (prevention ) Tj ET Q q 0 0 0 rg BT 362.34 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 373.86 300.90 Td (timely ) Tj ET Q q 0 0 0 rg BT 403.46 300.90 Td (detection ) Tj ET Q q 0 0 0 rg BT 444.71 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 456.23 300.90 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 513.81 300.90 Td (acquisition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (use, ) Tj ET Q q 0 0 0 rg BT 68.75 288.30 Td (or ) Tj ET Q q 0 0 0 rg BT 80.12 288.30 Td (disposition ) Tj ET Q q 0 0 0 rg BT 128.84 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 140.21 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 155.66 288.30 Td (company�) Tj ET Q q 0 0 0 rg BT 197.07 288.30 Td (s ) Tj ET Q q 0 0 0 rg BT 203.78 288.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 230.90 288.30 Td (that ) Tj ET Q q 0 0 0 rg BT 249.27 288.30 Td (could ) Tj ET Q q 0 0 0 rg BT 275.23 288.30 Td (have ) Tj ET Q q 0 0 0 rg BT 297.67 288.30 Td (a ) Tj ET Q q 0 0 0 rg BT 304.96 288.30 Td (material ) Tj ET Q q 0 0 0 rg BT 341.98 288.30 Td (ef) Tj ET Q q 0 0 0 rg BT 349.95 288.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 368.31 288.30 Td (on ) Tj ET Q q 0 0 0 rg BT 381.43 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 396.89 288.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.24 288.30 Td (statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 87.04 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.34 263.10 Td (its ) Tj ET Q q 0 0 0 rg BT 110.82 263.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 147.78 263.10 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 197.88 263.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 232.51 263.10 Td (control ) Tj ET Q q 0 0 0 rg BT 264.81 263.10 Td (over ) Tj ET Q q 0 0 0 rg BT 286.02 263.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.31 263.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 366.36 263.10 Td (may ) Tj ET Q q 0 0 0 rg BT 386.99 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 402.97 263.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 437.01 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 448.31 263.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 475.94 263.10 Td (misstatements. ) Tj ET Q q 0 0 0 rg BT 540.05 263.10 Td (Also, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (projections ) Tj ET Q q 0 0 0 rg BT 98.72 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 110.03 250.50 Td (any ) Tj ET Q q 0 0 0 rg BT 127.75 250.50 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 174.05 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 185.35 250.50 Td (ef) Tj ET Q q 0 0 0 rg BT 193.32 250.50 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 242.53 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 253.26 250.50 Td (future ) Tj ET Q q 0 0 0 rg BT 280.89 250.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 314.37 250.50 Td (are ) Tj ET Q q 0 0 0 rg BT 329.75 250.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 362.05 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 372.78 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 388.17 250.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 406.48 250.50 Td (that ) Tj ET Q q 0 0 0 rg BT 424.79 250.50 Td (controls ) Tj ET Q q 0 0 0 rg BT 461.18 250.50 Td (may ) Tj ET Q q 0 0 0 rg BT 481.82 250.50 Td (become ) Tj ET Q q 0 0 0 rg BT 517.03 250.50 Td (inadequate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (because ) Tj ET Q q 0 0 0 rg BT 85.35 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 96.73 237.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 133.17 237.90 Td (in ) Tj ET Q q 0 0 0 rg BT 143.96 237.90 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 192.96 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 204.33 237.90 Td (that ) Tj ET Q q 0 0 0 rg BT 222.70 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 238.16 237.90 Td (degree ) Tj ET Q q 0 0 0 rg BT 268.76 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 280.13 237.90 Td (compliance ) Tj ET Q q 0 0 0 rg BT 331.15 237.90 Td (with ) Tj ET Q q 0 0 0 rg BT 352.44 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 367.90 237.90 Td (policies ) Tj ET Q q 0 0 0 rg BT 403.18 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 414.55 237.90 Td (procedures ) Tj ET Q q 0 0 0 rg BT 463.24 237.90 Td (may ) Tj ET Q q 0 0 0 rg BT 483.94 237.90 Td (deteriorate.) Tj ET Q /GS0 gs q 159.00 0 0 30.00 49.50 190.90 cm /I5 Do Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 165.70 Td (Baltimore, Maryland) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 153.10 Td (May 24, 2017 ) Tj ET Q endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 33.25 Td (84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.40 740.25 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.80 740.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.40 728.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 279.22 728.25 Td (TED BALANCE SHEETS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.55 716.25 Td (\(Dollars in thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 694.75 346.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 694.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 694.75 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 694.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 694.75 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 669.75 346.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 669.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 669.75 79.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 669.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 669.75 79.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 647.75 346.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 647.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 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1 rg /GS0 gs 483.50 228.75 79.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 206.75 346.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 206.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 206.75 79.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 206.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 206.75 79.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 184.75 346.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 184.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 184.75 79.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 184.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 184.75 79.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 162.75 346.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 162.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 162.75 79.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 162.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 162.75 79.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 140.75 346.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 140.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 140.75 79.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 140.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 140.75 79.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 694.75 m 396.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 694.75 m 479.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 694.75 m 562.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 559.75 m 396.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 559.75 m 479.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 559.75 m 562.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 548.75 m 396.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 559.75 m 479.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 548.75 m 479.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 559.75 m 562.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 548.75 m 562.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 548.75 m 479.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 548.75 m 562.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 482.75 m 396.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 482.75 m 479.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 482.75 m 562.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 471.75 m 396.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 482.75 m 479.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 471.75 m 479.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 482.75 m 562.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 471.75 m 562.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 369.75 m 396.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 369.75 m 479.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 369.75 m 562.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 358.75 m 396.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 369.75 m 479.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 358.75 m 479.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 369.75 m 562.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 358.75 m 562.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 358.75 m 479.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 358.75 m 562.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 303.75 m 396.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 303.75 m 479.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 303.75 m 562.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 292.75 m 396.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 303.75 m 479.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 292.75 m 479.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 303.75 m 562.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 292.75 m 562.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 173.75 m 396.5 173.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 173.75 m 479.5 173.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 173.75 m 562.5 173.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 173.75 m 479.5 173.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 173.75 m 562.5 173.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 151.75 m 396.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 151.75 m 479.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 151.75 m 562.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 140.75 m 396.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 129.75 m 396.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 140.75 m 479.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 129.75 m 479.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 140.75 m 562.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 129.75 m 562.5 129.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.70 697.20 Td (March 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.85 697.06 Td (March 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 685.20 Td (ASSETS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 672.06 Td (Current Assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 661.06 Td (Cash and cash equivalents) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.00 661.20 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 661.20 Td (733,709) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 661.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 661.06 Td (1,329,126) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 650.06 Td (Cash and cash equivalents of consolidated investment vehicles) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.50 650.20 Td (651) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 650.06 Td (297) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 639.06 Td (Restricted cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 639.20 Td (16,046) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 639.06 Td (19,580) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 628.06 Td (Receivables:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 617.06 Td (Investment advisory and related fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 617.20 Td (433,192) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 617.06 Td (334,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 606.06 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 606.20 Td (70,527) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 606.06 Td (74,694) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 595.06 Td (Investment securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 595.20 Td (423,619) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 595.06 Td (515,335) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 584.06 Td (Investment securities of consolidated investment vehicles) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 584.20 Td (49,901) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 584.06 Td (48,715) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 573.06 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 573.20 Td (74,102) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 573.06 Td (55,405) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 562.06 Td (Other current assets of consolidated investment vehicles) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 562.20 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 562.06 Td (6,970) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 95.00 551.06 Td (Total Current Assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 551.20 Td (1,801,747) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 551.06 Td (2,385,044) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 540.06 Td (Fixed assets, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 540.20 Td (159,662) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 540.06 Td (163,305) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 529.06 Td (Intangible assets, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 529.20 Td (4,034,380) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 529.06 Td (3,146,485) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 518.06 Td (Goodwill) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 518.20 Td (1,924,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 518.06 Td (1,479,516) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 507.06 Td (Deferred income taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 507.20 Td (202,843) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 507.06 Td (206,797) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 496.06 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 496.20 Td (156,907) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 496.06 Td (139,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 485.06 Td (Other assets of consolidated investment vehicles) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 485.20 Td (9,987) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 485.06 Td (84) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 474.20 Td (TOTAL ASSETS) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.00 474.20 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 474.20 Td (8,290,415) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 474.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 474.06 Td (7,520,446) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 462.20 Td (LIABILITIES AND STOCKHOLDERS� EQUITY) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 462.21 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 449.20 Td (LIABILITIES) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 438.06 Td (Current Liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 427.06 Td (Accrued compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.00 427.20 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 427.20 Td (486,679) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 427.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 427.06 Td (430,736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 416.06 Td (Accounts payable and accrued expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 416.20 Td (181,793) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 416.06 Td (201,572) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 405.06 Td (Short-term borrowings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 405.20 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 405.06 Td (40,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 394.06 Td (Contingent consideration) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 394.20 Td (22,316) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 394.06 Td (26,396) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 383.06 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 383.20 Td (117,863) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 383.06 Td (138,301) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 372.06 Td (Other current liabilities of consolidated investment vehicles) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.50 372.20 Td (736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 372.06 Td (4,548) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 95.00 361.06 Td (Total Current Liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 361.20 Td (809,387) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 361.06 Td (841,553) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 350.06 Td (Deferred compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 350.20 Td (87,757) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 350.06 Td (65,897) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 339.06 Td (Deferred income taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 339.20 Td (329,229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 339.06 Td (260,386) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 328.06 Td (Contingent consideration) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 328.20 Td (14,494) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 328.06 Td (58,189) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 317.06 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 317.20 Td (138,737) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 317.06 Td (141,886) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 306.06 Td (Long-term debt, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 306.20 Td (2,221,867) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 306.06 Td (1,740,985) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 295.20 Td (TOTAL LIABILITIES) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 295.20 Td (3,601,471) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 295.06 Td (3,108,896) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 283.20 Td (Commitments and Contingencies \(Note 8\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 269.20 Td (REDEEMABLE NONCONTROLLING INTERESTS) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 269.20 Td (677,772) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 269.21 Td (175,785) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 255.20 Td (STOCKHOLDERS' EQUITY) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 242.01 Td (Common stock, par value $.10; authorized 500,000,000 shares; issued 95,726,628 shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 233.01 Td (for March 2017 and 107,011,664 shares for March 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 233.20 Td (9,573) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 233.21 Td (10,701) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 220.06 Td (Additional paid-in capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 220.20 Td (2,385,726) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 220.06 Td (2,693,113) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 209.06 Td (Employee stock trust) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.25 209.20 Td (\(24,057) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 209.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 209.06 Td (\(26,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 209.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 198.06 Td (Deferred compensation employee stock trust) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 198.20 Td (24,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 198.06 Td (26,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 187.06 Td (Retained earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 187.20 Td (1,694,859) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 187.06 Td (1,576,242) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 176.06 Td (Accumulated other comprehensive loss, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.75 176.20 Td (\(106,784) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 176.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 176.06 Td (\(66,493) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 176.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.50 165.06 Td (Total stockholders' equity attributable to Legg Mason, Inc.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 165.20 Td (3,983,374) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 165.06 Td (4,213,563) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.50 154.06 Td (Nonredeemable noncontrolling interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 154.20 Td (27,798) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 154.06 Td (22,202) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 143.20 Td (TOTAL STOCKHOLDERS' EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 143.20 Td (4,011,172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 143.06 Td (4,235,765) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 132.20 Td (TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.00 132.20 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 132.20 Td (8,290,415) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 132.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 132.06 Td (7,520,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 120.65 Td (See Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 175 0 obj <>] /Rotate 0 /Contents 176 0 R>> endobj 176 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (85) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 205.60 741.90 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.82 741.90 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 177.25 729.30 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 240.07 729.30 Td (TED ST) Tj ET Q q 0 0 0 rg BT 276.35 729.30 Td (A) Tj ET Q q 0 0 0 rg BT 283.15 729.30 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 351.31 729.30 Td ( INCOME \(LOSS\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.50 716.70 Td (\(Dollars in thousands, except per share amounts\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 663.60 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 663.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 663.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 663.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 663.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 663.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 663.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 634.60 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 634.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 634.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 634.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 634.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 634.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 634.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 604.60 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 604.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 604.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 604.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 604.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 604.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 604.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 574.60 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 574.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 574.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 574.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 380.6 m 322.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 380.6 m 402.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 380.6 m 482.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 380.6 m 562.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 365.6 m 322.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 365.6 m 402.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 365.6 m 482.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 365.6 m 562.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 365.6 m 322.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 271.6 m 322.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 271.6 m 402.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 271.6 m 482.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 271.6 m 562.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 256.6 m 402.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 256.6 m 482.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 256.6 m 562.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 256.6 m 322.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 226.60000000000002 m 322.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 226.60000000000002 m 402.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 226.60000000000002 m 482.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 226.60000000000002 m 562.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 186.60000000000002 m 322.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 186.60000000000002 m 402.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 186.60000000000002 m 482.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 186.60000000000002 m 562.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 162.60000000000002 m 322.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 162.60000000000002 m 402.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 162.60000000000002 m 482.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 162.60000000000002 m 562.5 162.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 683.27 Td (Years Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.27 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.00 668.28 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 668.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 668.27 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 654.28 Td (OPERATING REVENUES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 639.27 Td (Investment advisory fees:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 624.27 Td (Separate accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 624.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 624.28 Td (925,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 624.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 624.27 Td (826,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 624.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 624.27 Td (824,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 609.27 Td (Funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 609.28 Td (1,482,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 609.27 Td (1,409,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 609.27 Td (1,544,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 594.27 Td (Performance fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 594.28 Td (108,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 594.27 Td (41,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 594.27 Td (83,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 579.27 Td (Distribution and service fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 579.28 Td (366,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 579.27 Td (381,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 579.27 Td (361,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 564.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 564.28 Td (4,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 564.27 Td (2,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 564.27 Td (5,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 549.27 Td (Total Operating Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 549.28 Td (2,886,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 549.27 Td (2,660,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 549.27 Td (2,819,106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 535.28 Td (OPERATING EXPENSES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 520.27 Td (Compensation and benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 520.28 Td (1,374,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 520.27 Td (1,172,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 520.27 Td (1,208,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 505.27 Td (Transition-related compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 505.28 Td (27,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 505.27 Td (32,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 505.27 Td (24,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 490.27 Td (Total Compensation and Benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 490.28 Td (1,401,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 490.27 Td (1,204,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 490.27 Td (1,232,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 475.27 Td (Distribution and servicing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 475.28 Td (499,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 475.27 Td (545,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 475.27 Td (594,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 460.27 Td (Communications and technology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 460.28 Td (208,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 460.27 Td (197,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 460.27 Td (182,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 445.27 Td (Occupancy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 445.28 Td (113,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 445.27 Td (122,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 445.27 Td (109,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 430.27 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 430.28 Td (26,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 430.27 Td (4,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 430.27 Td (2,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 415.27 Td (Impairment charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 415.28 Td (35,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 415.27 Td (371,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 415.27 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 400.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 400.28 Td (180,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 400.27 Td (163,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 400.27 Td (198,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 385.27 Td (Total Operating Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 385.28 Td (2,464,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 385.27 Td (2,610,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 385.27 Td (2,320,887) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 370.28 Td (OPERATING INCOME) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 370.28 Td (422,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 370.27 Td (50,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 370.27 Td (498,219) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 356.28 Td (NON-OPERATING INCOME \(EXPENSE\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 341.27 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 341.28 Td (6,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 341.27 Td (5,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 341.27 Td (7,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 326.27 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.80 326.33 Td (\(113,173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 326.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 326.32 Td (\(48,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 326.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 326.32 Td (\(58,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 326.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 311.27 Td (Other income \(expense\), net, including $107,074 debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 301.27 Td (extinguishment loss in fiscal 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 301.28 Td (41,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 301.32 Td (\(25,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 301.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 301.32 Td (\(85,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 301.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 286.27 Td (Non-operating income \(expense\) of consolidated investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 276.27 Td (vehicles, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 276.28 Td (13,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 276.32 Td (\(7,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 276.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 276.27 Td (5,888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.27 Td (Total Non-Operating Income \(Expense\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.80 261.33 Td (\(51,365) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 261.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 261.32 Td (\(76,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 261.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 261.32 Td (\(130,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 261.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 246.28 Td (INCOME \(LOSS\) BEFORE INCOME TAX PROVISION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 246.28 Td (370,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 246.32 Td (\(25,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 246.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 246.27 Td (367,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 231.27 Td (Income tax provision) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 231.28 Td (84,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 231.27 Td (7,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 231.27 Td (125,284) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 216.28 Td (NET INCOME \(LOSS\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 216.28 Td (286,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 216.32 Td (\(32,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 216.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 216.27 Td (242,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 201.27 Td (Less: Net income \(loss\) attributable to noncontrolling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 191.27 Td (interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 191.28 Td (59,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 191.32 Td (\(7,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 191.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 191.27 Td (5,629) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 177.28 Td (NET INCOME \(LOSS\) ATTRIBUTABLE TO LEGG) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 167.28 Td (MASON, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 167.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 167.28 Td (227,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 167.32 Td (\(25,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 167.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 167.27 Td (237,080) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 137.28 Td (NET INCOME \(LOSS\) PER SHARE ATTRIBUTABLE TO) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 127.28 Td (LEGG MASON, INC. SHAREHOLDERS:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 112.27 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 112.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 112.28 Td (2.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 112.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 112.32 Td (\(0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 112.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 112.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 112.27 Td (2.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 97.27 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 97.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 97.28 Td (2.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 97.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 97.32 Td (\(0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 97.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 97.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 97.27 Td (2.04) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 83.50 Td (See Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (86) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 205.60 741.90 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.82 741.90 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 128.95 729.30 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 191.77 729.30 Td (TED ST) Tj ET Q q 0 0 0 rg BT 228.05 729.30 Td (A) Tj ET Q q 0 0 0 rg BT 234.85 729.30 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 303.01 729.30 Td ( COMPREHENSIVE 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(Years Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 668.97 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.00 668.88 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 668.87 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 668.87 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 653.99 Td (NET INCOME \(LOSS\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 653.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 653.88 Td (286,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 653.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 653.92 Td (\(32,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 653.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 653.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 653.87 Td (242,709) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 638.97 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 623.97 Td (Foreign currency translation adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.80 623.93 Td (\(32,924) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 623.88 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 623.92 Td (\(8,525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 623.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 623.92 Td (\(88,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 623.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 608.47 Td (Reclassification of cumulative foreign currency) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 597.97 Td (translation on Legg Mason Poland sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 597.88 Td (2,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 597.87 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 597.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 582.97 Td (Unrealized losses on interest rate swap:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.00 567.47 Td (Unrealized losses on interest rate swap, net of tax) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 93.50 556.97 Td (benefit of $1,708) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.80 556.93 Td (\(2,718) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 556.88 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 556.87 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 556.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.00 541.47 Td (Reclassification adjustment for losses included in net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 98.00 530.97 Td (income, net of tax benefit of $1,708) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 530.88 Td (2,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 530.87 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 530.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 515.97 Td (Net unrealized losses on interest rate swap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 515.88 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 515.87 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 515.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 500.47 Td (Unrealized holding losses on investment securities, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 489.97 Td (of tax benefit of $3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 489.88 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 489.87 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 489.92 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 489.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 474.97 Td (Reclassification adjustment for losses on investment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 464.47 Td (securities included in net income, net of tax benefit of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 453.97 Td ($3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 453.88 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 453.87 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 453.87 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 438.47 Td (Unrealized gains on reverse treasury rate lock, net of tax) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 427.97 Td (provision of $233) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 427.88 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 427.87 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 427.87 Td (405) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 412.47 Td (Reclassification for realized gain on termination of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 401.97 Td (reverse treasury rate lock, net of tax provision of $233) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 401.88 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 401.87 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 401.92 Td (\(405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 401.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 386.97 Td (Reclassification of assets held for sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 386.88 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 386.87 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 386.92 Td (\(114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 386.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 371.47 Td (Net actuarial gains \(losses\) on defined benefit pension) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 360.97 Td (plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.80 360.93 Td (\(9,860) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 360.88 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 360.87 Td (2,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 360.92 Td (\(9,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 360.87 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 345.97 Td (Total other comprehensive loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.80 345.93 Td (\(40,291) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 345.88 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 345.92 Td (\(5,751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 345.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 345.92 Td (\(98,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 345.87 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 330.99 Td (COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 330.88 Td (246,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 330.92 Td (\(38,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 330.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 330.87 Td (144,018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 315.47 Td (Less: Comprehensive income \(loss\) attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 98.00 304.97 Td (noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 304.88 Td (59,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 304.92 Td (\(11,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 304.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 304.87 Td (5,629) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 290.49 Td (COMPREHENSIVE INCOME \(LOSS\) ATTRIBUTABLE) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 71.00 279.99 Td (TO LEGG MASON, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 279.88 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 279.88 Td (186,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 279.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 279.92 Td (\(26,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 279.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 279.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 279.87 Td (138,389) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (See Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (87) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 219.95 742.95 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.71 742.95 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 143.20 732.15 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 197.04 732.15 Td (TED ST) Tj ET Q q 0 0 0 rg BT 228.14 732.15 Td (A) Tj ET Q q 0 0 0 rg BT 233.97 732.15 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 292.39 732.15 Td ( CHANGES IN ST) Tj ET Q q 0 0 0 rg BT 364.50 732.15 Td (OCKHOLDERS�) Tj ET Q q 0 0 0 rg BT 431.34 732.15 Td ( EQUITY) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.00 721.35 Td (\(Dollars in thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 686.85 347.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 686.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 686.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 686.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 686.85 51.00 -12.00 re f /GS0 gs 0.8 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510.50 378.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 354.85 347.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 354.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 354.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 354.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 354.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 354.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 354.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 330.85 347.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 330.85 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 330.85 51.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 330.85 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 330.85 51.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 330.85 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 283.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 283.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 259.85 347.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 259.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 259.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 259.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 259.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 259.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 259.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 235.85 347.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 235.85 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 235.85 51.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 235.85 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 235.85 51.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 235.85 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 235.85 51.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 212.85 347.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 212.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 212.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 212.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 212.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 212.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 212.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 188.85 347.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 188.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 188.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 188.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 188.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 188.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 188.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 164.85 347.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 164.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 164.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 164.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 164.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 164.85 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 164.85 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 141.85 347.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 141.85 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 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698.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 698.85 m 451.5 698.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 698.85 m 455.5 698.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 698.85 m 506.5 698.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 698.85 m 510.5 698.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 698.85 m 561.5 698.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 686.85 m 396.5 686.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 698.85 m 400.5 698.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 686.85 m 451.5 686.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 686.85 m 506.5 686.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 698.85 m 561.5 698.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 686.85 m 561.5 686.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 591.85 m 451.5 591.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 591.85 m 561.5 591.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 591.85 m 396.5 591.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 579.85 m 396.5 579.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 591.85 m 451.5 591.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 579.85 m 451.5 579.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 591.85 m 506.5 591.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 579.85 m 506.5 579.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 591.85 m 561.5 591.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 579.85 m 561.5 579.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 460.85 m 451.5 460.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 460.85 m 506.5 460.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 460.85 m 561.5 460.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 460.85 m 396.5 460.85 l s 0 0 0 RG /GS0 gs 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389.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 389.85 m 396.5 389.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 342.85 m 396.5 342.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 342.85 m 451.5 342.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 342.85 m 506.5 342.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 342.85 m 561.5 342.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 342.85 m 396.5 342.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 330.85 m 396.5 330.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 330.85 m 451.5 330.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 330.85 m 506.5 330.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 330.85 m 561.5 330.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 330.85 m 396.5 330.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 247.85000000000002 m 396.5 247.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 247.85000000000002 m 451.5 247.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 247.85000000000002 m 506.5 247.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 247.85000000000002 m 561.5 247.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 247.85000000000002 m 396.5 247.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 235.85000000000002 m 396.5 235.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 235.85000000000002 m 451.5 235.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 235.85000000000002 m 506.5 235.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 235.85000000000002 m 561.5 235.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 235.85000000000002 m 396.5 235.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 164.85000000000002 m 396.5 164.85000000000002 l 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451.5 141.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 141.85000000000002 m 506.5 141.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 141.85000000000002 m 561.5 141.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 141.85000000000002 m 396.5 141.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 141.85000000000002 m 400.5 141.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 141.85000000000002 m 455.5 141.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 141.85000000000002 m 510.5 141.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 141.85000000000002 m 561.5 141.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 82.85000000000002 m 396.5 82.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 82.85000000000002 m 451.5 82.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 82.85000000000002 m 506.5 82.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 82.85000000000002 m 561.5 82.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 82.85000000000002 m 396.5 82.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 70.85000000000002 m 396.5 70.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 70.85000000000002 m 451.5 70.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 70.85000000000002 m 506.5 70.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 70.85000000000002 m 561.5 70.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 59.85000000000002 m 396.5 59.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 59.85000000000002 m 451.5 59.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 59.85000000000002 m 506.5 59.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 59.85000000000002 m 561.5 59.85000000000002 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 702.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.20 702.11 Td (Years Ended March 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 690.11 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.50 690.25 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 690.11 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.50 690.11 Td (2015) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 678.59 Td (STOCKHOLDERS' EQUITY ATTRIBUTABLE TO LEGG MASON, INC.) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 56.50 666.59 Td (COMMON STOCK) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 655.11 Td (Beginning balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.00 655.25 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.25 655.25 Td (10,701) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.00 655.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 655.11 Td (11,147) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.00 655.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 655.11 Td (11,717) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 643.11 Td (Stock options exercised) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 643.25 Td (32) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 643.11 Td (33) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 643.11 Td (71) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 631.11 Td (Deferred compensation employee stock trust) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.50 631.25 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.50 631.11 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 631.11 Td (5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 619.11 Td (Stock-based compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 619.25 Td (45) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 619.11 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 619.11 Td (94) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 607.11 Td (Employee tax withholdings by settlement of net share transactions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.00 607.25 Td (\(37) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 607.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 607.11 Td (\(41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 607.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 607.11 Td (\(47) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 607.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 595.11 Td (Shares repurchased and retired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 595.25 Td (\(1,170) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 595.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.50 595.11 Td (\(454) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 595.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 595.11 Td (\(693) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 595.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 583.11 Td (Ending balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.75 583.25 Td (9,573) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 583.11 Td (10,701) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 583.11 Td (11,147) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 56.50 571.59 Td (ADDITIONAL PAID-IN CAPITAL) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 560.11 Td (Beginning balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.00 560.25 Td (2,693,113) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.00 560.11 Td (2,844,441) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 560.11 Td (3,148,396) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 548.11 Td (Stock options exercised) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.75 548.25 Td (8,958) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.75 548.11 Td (9,482) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 548.11 Td (21,994) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 536.11 Td (Deferred compensation employee stock trust) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.50 536.25 Td (514) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.50 536.11 Td (505) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 536.11 Td (2,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 524.11 Td (Stock-based compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.25 524.25 Td (71,494) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 524.11 Td (65,373) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 524.11 Td (54,935) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 512.11 Td (Performance-based restricted share units related to the acquisition of Clarion Partners) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.25 512.25 Td (11,121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 512.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 512.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 500.11 Td (Additional tax benefit on Equity Unit exchange in fiscal 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 500.25 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.75 500.11 Td (9,173) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 500.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 488.11 Td (Employee tax withholdings by settlement of net share transactions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.25 488.25 Td (\(12,102) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 488.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.25 488.11 Td (\(21,596) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 488.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 488.11 Td (\(22,067) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 488.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 476.11 Td (Shares repurchased and retired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.75 476.25 Td (\(380,502) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 476.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.75 476.11 Td (\(209,178) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 476.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 476.11 Td (\(355,829) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 476.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 464.11 Td (Redeemable noncontrolling interest reclassification for affiliate management equity plans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 464.25 Td (\(6,870) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 464.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 464.11 Td (\(5,087) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 464.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 464.11 Td (\(5,206) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 464.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 452.11 Td (Ending balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.00 452.25 Td (2,385,726) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.00 452.11 Td (2,693,113) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 452.11 Td (2,844,441) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 56.50 440.59 Td (EMPLOYEE STOCK TRUST) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 429.11 Td (Beginning balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.25 429.25 Td (\(26,263) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 429.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.25 429.11 Td (\(29,570) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 429.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 429.11 Td (\(29,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 429.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 417.11 Td (Shares issued to plans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.50 417.25 Td (\(516) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 417.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.50 417.11 Td (\(507) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 417.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 417.11 Td (\(2,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 417.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 405.11 Td (Distributions and forfeitures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.75 405.25 Td (2,722) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.75 405.11 Td (3,814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 405.11 Td (2,575) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 393.11 Td (Ending balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.25 393.25 Td (\(24,057) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 393.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.25 393.11 Td (\(26,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 393.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 393.11 Td (\(29,570) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 393.11 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 56.50 381.59 Td (DEFERRED COMPENSATION EMPLOYEE STOCK TRUST) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 370.11 Td (Beginning balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.25 370.25 Td (26,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 370.11 Td (29,570) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 370.11 Td (29,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 358.11 Td (Shares issued to plans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.50 358.25 Td (516) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.50 358.11 Td (507) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 358.11 Td (2,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 346.11 Td (Distributions and forfeitures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 346.25 Td (\(2,722) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 346.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 346.11 Td (\(3,814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 346.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 346.11 Td (\(2,575) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 346.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 334.11 Td (Ending balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.25 334.25 Td (24,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 334.11 Td (26,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 334.11 Td (29,570) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 56.50 322.59 Td (RETAINED EARNINGS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 311.11 Td (Beginning balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.00 311.25 Td (1,576,242) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.00 311.11 Td (1,690,055) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 311.11 Td (1,526,662) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 299.11 Td (Net Income \(Loss\) Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.75 299.25 Td (227,256) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.25 299.11 Td (\(25,032) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 299.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 299.11 Td (237,080) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 287.11 Td (Dividends declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.25 287.25 Td (\(90,578) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 287.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.25 287.11 Td (\(87,818) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 287.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 287.11 Td (\(73,687) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 287.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 275.11 Td (Reclassifications to noncontrolling interest for:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.00 263.11 Td (EnTrustPermal combination) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.25 263.25 Td (\(15,500) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 263.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 263.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 263.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.00 251.11 Td (Net increase in estimated redemption value of affiliate management equity plans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 251.25 Td (\(2,561) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 251.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.50 251.11 Td (\(963) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 251.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 251.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 239.11 Td (Ending balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.00 239.25 Td (1,694,859) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.00 239.11 Td (1,576,242) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 239.11 Td (1,690,055) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 56.50 227.59 Td (ACCUMULATED OTHER COMPREHENSIVE INCOME \(LOSS\), NET) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 216.11 Td (Beginning balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.25 216.25 Td (\(66,493) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 216.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.25 216.11 Td (\(60,742) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 216.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 216.11 Td (37,949) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 204.11 Td (Net actuarial gains \(losses\) on defined benefit pension plan) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 204.25 Td (\(9,860) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 204.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.75 204.11 Td (2,774) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 204.11 Td (\(9,595) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 204.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 192.11 Td (Reclassification to assets held for sale) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 192.25 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 192.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 192.11 Td (\(114) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 192.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 180.11 Td (Foreign currency translation adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.25 180.25 Td (\(32,924) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 180.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 180.11 Td (\(8,525) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 180.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 180.11 Td (\(88,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 180.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 168.11 Td (Reclassification of cumulative foreign currency translation on Legg Mason Poland) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.75 168.25 Td (2,493) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 168.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 168.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 156.11 Td (Ending balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.75 156.25 Td (\(106,784) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 156.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.25 156.11 Td (\(66,493) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 156.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 156.11 Td (\(60,742) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 156.11 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 144.59 Td (TOTAL STOCKHOLDERS� EQUITY ATTRIBUTABLE TO LEGG MASON, INC.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.00 144.30 Td (3,983,374) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.00 144.16 Td (4,213,563) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 144.16 Td (4,484,901) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 56.50 133.59 Td (NONREDEEMABLE NONCONTROLLING INTEREST) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 122.11 Td (Beginning balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.25 122.25 Td (22,202) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 122.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 122.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 110.11 Td (Net income attributable to noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.75 110.25 Td (7,397) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.50 110.11 Td (802) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 110.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 98.11 Td (Grants of affiliate management equity plan interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.75 98.25 Td (4,600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 98.11 Td (21,400) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 98.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 86.11 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 86.25 Td (\(6,401) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 86.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 86.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 86.11 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.00 74.11 Td (Ending balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.25 74.25 Td (27,798) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 74.11 Td (22,202) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 74.11 Td (�) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 62.59 Td (TOTAL STOCKHOLDERS� EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.00 62.30 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.00 62.30 Td (4,011,172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.00 62.16 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.00 62.16 Td (4,235,765) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.00 62.16 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 62.16 Td (4,484,901) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 50.75 Td (See Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (88) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 205.60 741.90 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.82 741.90 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 182.75 729.30 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 245.57 729.30 Td (TED ST) Tj ET Q q 0 0 0 rg BT 281.85 729.30 Td (A) Tj ET Q q 0 0 0 rg BT 288.65 729.30 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 356.81 729.30 Td ( CASH FLOWS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.30 716.70 Td (\(Dollars in thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 648.60 347.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 648.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 648.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 648.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 618.60 347.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 618.60 4.00 -15.00 re f /GS0 gs 0.8 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232.60000000000002 m 451.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 217.60000000000002 m 451.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 232.60000000000002 m 506.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 217.60000000000002 m 506.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 232.60000000000002 m 561.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 217.60000000000002 m 561.5 217.60000000000002 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 683.37 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.50 683.27 Td (Years Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 668.37 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.00 668.39 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 668.37 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.00 668.37 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 653.39 Td (CASH FLOWS FROM OPERATING ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.00 653.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 638.37 Td (Net Income \(Loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.00 638.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.10 638.28 Td (286,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.00 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 638.32 Td (\(32,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 638.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.10 638.27 Td (242,709) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 623.37 Td (5.5% Senior Notes Due 2019:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 608.37 Td (Loss on extinguishments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 608.28 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 608.27 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.10 608.27 Td (107,074) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 593.37 Td (Allocation of redemption payments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 593.28 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 593.27 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 593.32 Td (\(98,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 593.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 577.87 Td (Adjustments to reconcile Net Income \(Loss\) to net cash provided by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 567.37 Td (operations:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 552.37 Td (Impairments of intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 552.28 Td (35,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.10 552.27 Td (371,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 552.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 537.37 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 537.28 Td (80,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 537.27 Td (60,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 537.27 Td (55,086) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 522.37 Td (Accretion and amortization of securities discounts and premiums, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 522.28 Td (5,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 522.27 Td (3,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 522.27 Td (4,275) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 507.37 Td (Stock-based compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 507.28 Td (93,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 507.27 Td (92,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 507.27 Td (66,245) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 492.37 Td (Net unrealized \(gains\) losses on investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 492.33 Td (\(33,088) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 492.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 492.27 Td (39,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 492.27 Td (24,058) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 477.37 Td (Net \(gains\) and earnings on investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 477.33 Td (\(9,717) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 477.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 477.32 Td (\(13,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 477.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 477.32 Td (\(37,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 477.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 462.37 Td (Net \(gains\) losses of consolidated investment vehicles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 462.33 Td (\(13,329) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 462.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 462.27 Td (2,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 462.32 Td 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10.00 Tf ET q 0 0 0 rg BT 480.15 417.27 Td (2,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 417.32 Td (\(12,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 417.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 402.37 Td (Decrease \(increase\) in assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 387.37 Td (Investment advisory and related fees receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 387.33 Td (\(28,921) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 387.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 387.27 Td (34,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 387.32 Td (\(28,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 387.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 372.37 Td (Net sales \(purchases\) of trading and other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 372.28 Td (98,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 372.32 Td (\(82,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 372.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 372.27 Td (47,357) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 357.37 Td (Other receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 357.33 Td (\(13,481) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 357.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 357.32 Td (\(9,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 357.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 357.27 Td (19,547) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 342.37 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 342.33 Td (\(11,766) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 342.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 342.27 Td (4,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 342.32 Td (\(9,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 342.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 327.37 Td (Assets of consolidated investment vehicles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 327.28 Td (45,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 327.32 Td (\(1,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 327.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.10 327.27 Td (114,934) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 312.37 Td (Increase \(decrease\) in liabilities:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 297.37 Td (Accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 297.28 Td (34,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 297.27 Td (30,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 297.32 Td (\(17,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 297.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 282.37 Td (Deferred compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 282.28 Td (22,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 282.27 Td (14,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 282.27 Td (10,314) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 267.37 Td (Accounts payable and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 267.33 Td (\(16,082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 267.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 267.32 Td (\(7,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 267.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 267.32 Td (\(14,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 267.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 252.37 Td (Other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 252.33 Td (\(51,027) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 252.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 252.32 Td (\(11,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 252.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 252.27 Td (1,182) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 237.37 Td (Other liabilities of consolidated 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 502.60 335.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 502.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 502.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 502.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 502.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 502.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 502.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.60 335.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 472.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 472.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 472.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 472.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 472.60 4.00 -15.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 503.50 412.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 412.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 382.60 335.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 382.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 382.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 382.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 382.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 382.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 382.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 352.60 335.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 352.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 352.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 352.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 352.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 352.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 352.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 322.60 335.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 322.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 322.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 322.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 322.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 322.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 322.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 292.60 335.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 292.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 292.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 292.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 292.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 292.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 292.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 262.60 335.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 262.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 262.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 262.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 262.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 262.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 262.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 232.60 335.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 232.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 232.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 232.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 232.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 232.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 232.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 202.60 335.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 202.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 202.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 202.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 202.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 202.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 202.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 663.6 m 444.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 663.6 m 448.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 663.6 m 503.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 663.6 m 507.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 663.6 m 562.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 648.6 m 385.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 648.6 m 444.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 663.6 m 503.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 648.6 m 503.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 663.6 m 562.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 648.6 m 562.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 648.6 m 385.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 648.6 m 444.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 648.6 m 503.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 648.6 m 562.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 532.6 m 385.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 517.6 m 385.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 532.6 m 444.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 517.6 m 444.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 532.6 m 503.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 517.6 m 503.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 532.6 m 562.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 517.6 m 562.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 517.6 m 385.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 322.6 m 385.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 322.6 m 444.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 322.6 m 562.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 322.6 m 385.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 307.6 m 385.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 322.6 m 444.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 307.6 m 444.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 322.6 m 503.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 307.6 m 503.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 322.6 m 562.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 307.6 m 562.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 307.6 m 444.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 307.6 m 503.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 307.6 m 562.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 262.6 m 503.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 262.6 m 562.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 262.6 m 385.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 247.60000000000002 m 385.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 262.6 m 444.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 247.60000000000002 m 444.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 262.6 m 503.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 247.60000000000002 m 503.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 262.6 m 562.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 247.60000000000002 m 562.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 247.60000000000002 m 444.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 247.60000000000002 m 503.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 247.60000000000002 m 562.5 247.60000000000002 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 668.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.15 668.37 Td (Years Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 653.37 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.00 653.39 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.00 653.37 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.00 653.37 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 638.39 Td (CASH FLOWS FROM INVESTING ACTIVITIES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 638.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 623.37 Td (Payments for fixed assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.00 623.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.10 623.39 Td (\(39,977) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 623.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 623.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.10 623.37 Td (\(40,330) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 623.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.00 623.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 623.37 Td (\(45,773) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 623.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 607.87 Td (Business investments and acquisitions, net of cash acquired of $33,547,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.50 597.37 Td ($9,667 and $29,830 in fiscal 2017, 2016 and 2015, respectively) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.00 597.39 Td (\(1,010,428) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 597.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.85 597.37 Td (\(234,053) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 597.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 597.37 Td (\(183,747) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 597.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 582.37 Td (Proceeds from sales of businesses and investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 411.60 582.39 Td (19,469) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.00 582.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 582.37 Td (47,001) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 567.37 Td (Change in restricted cash) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 567.39 Td (2,982) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.60 567.37 Td (21,065) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 567.37 Td (\(25,571) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 567.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 552.37 Td (Purchases of investment securities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 552.39 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.00 552.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 552.37 Td (\(2,641) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 552.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 537.37 Td (Returns of capital and proceeds from sales and maturities of investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 537.39 Td (8,289) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.85 537.37 Td (8,749) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 537.37 Td (2,688) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 522.39 Td (CASH USED IN INVESTING ACTIVITIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.00 522.39 Td (\(1,019,665) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 522.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.85 522.37 Td (\(244,569) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 522.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 522.37 Td (\(208,043) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 522.37 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 507.39 Td (CASH FLOWS FROM FINANCING ACTIVITIES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 507.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 492.37 Td (Net increase \(decrease\) in short-term borrowings) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.10 492.39 Td (\(40,000) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 492.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.60 492.37 Td (40,000) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 548.00 492.39 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 477.37 Td (Repayments of debt) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 477.39 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.00 477.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 477.37 Td (\(645,780) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 477.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 462.37 Td (Payment of contingent consideration) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 413.35 462.39 Td (\(6,587) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 462.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.10 462.37 Td (\(22,765) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 462.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 462.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 447.37 Td (Repayment of long-term debt of consolidated investment vehicles) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 447.39 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.00 447.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 447.37 Td (\(79,179) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 447.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 432.37 Td (Proceeds from issuance of long-term debt) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 432.39 Td (500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.35 432.37 Td (699,793) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 432.37 Td (658,769) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 417.37 Td (Debt issuance costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.10 417.39 Td (\(17,639) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 417.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.10 417.37 Td (\(13,539) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 417.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 417.37 Td (\(5,250) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 417.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 402.37 Td (Issuances of common stock for stock-based compensation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 402.39 Td (9,506) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.60 402.37 Td (10,022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 402.37 Td (24,288) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 387.37 Td (Employee tax withholdings by settlement of net share transactions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.10 387.39 Td (\(12,139) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 387.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.10 387.37 Td (\(21,637) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 387.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 387.37 Td (\(22,114) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 387.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 372.37 Td (Repurchases of common stock) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 372.39 Td (\(381,672) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 372.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.85 372.37 Td (\(209,632) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 372.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 372.37 Td (\(356,522) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 372.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 357.37 Td (Dividends paid) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.10 357.39 Td (\(87,897) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 357.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.10 357.37 Td (\(84,093) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 357.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 357.37 Td (\(70,815) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 357.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 342.37 Td (Distributions to affiliate noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.10 342.39 Td (\(35,862) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 342.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.35 342.37 Td (\(1,016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 342.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 342.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 327.37 Td (Net subscriptions/\(redemptions\) attributable to noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.10 327.39 Td (\(44,587) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 327.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.60 327.37 Td (68,639) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 327.37 Td (\(10,459) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 327.37 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 312.39 Td (CASH PROVIDED BY \(USED IN\) FINANCING ACTIVITIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 312.39 Td (\(116,877) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 312.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.35 312.37 Td (465,772) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 312.37 Td (\(507,062) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 312.37 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 297.39 Td (EFFECT OF EXCHANGE RATES ON CASH) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 297.39 Td (1,353) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.10 297.37 Td (\(16,080) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.50 297.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 297.37 Td (\(41,483) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 297.37 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 282.39 Td (NET INCREASE \(DECREASE\) IN CASH AND CASH EQUIVALENTS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 282.39 Td (\(595,417) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 282.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.35 282.37 Td (659,574) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 282.37 Td (\(188,470) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 282.37 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 267.39 Td (CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.50 267.39 Td (1,329,126) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.35 267.37 Td (669,552) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 267.37 Td (858,022) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 252.39 Td (CASH AND CASH EQUIVALENTS AT END OF PERIOD) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.00 252.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 252.39 Td (733,709) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 252.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.50 252.37 Td (1,329,126) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.00 252.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 252.37 Td (669,552) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 237.39 Td (SUPPLEMENTAL DISCLOSURE) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 222.37 Td (Cash paid for:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 207.37 Td (Income taxes, net of refunds of $\(1,014\), $\(4,689\) and $\(865\), respectively) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.00 207.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 411.60 207.39 Td (21,552) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 207.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.60 207.37 Td (23,743) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.00 207.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 207.37 Td (19,578) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 192.37 Td (Interest) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 192.39 Td (105,381) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.60 192.37 Td (49,393) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 192.37 Td (59,039) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 178.50 Td (See Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 185 0 obj <>] /Rotate 0 /Contents 186 0 R>> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (90) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 205.60 741.90 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.82 741.90 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 168.75 729.30 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 206.78 729.30 Td (T) Tj ET Q q 0 0 0 rg BT 213.60 729.30 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 287.21 729.30 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 370.35 729.30 Td ( ST) Tj ET Q q 0 0 0 rg BT 385.04 729.30 Td (A) Tj ET Q q 0 0 0 rg BT 391.84 729.30 Td (TEMENTS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 144.85 716.70 Td (\(Amounts in thousands, except per share amounts or unless otherwise noted\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.60 704.10 Td (March 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.38 704.10 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 54.75 678.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 678.90 Td (SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 129.83 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 131.87 678.90 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 207.42 678.90 Td (POLICIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 257.60 678.90 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 654.30 Td (Basis ) Tj ET Q q 0 0 0 rg BT 75.47 654.30 Td (of ) Tj ET Q q 0 0 0 rg BT 86.84 654.30 Td (Pr) Tj ET Q q 0 0 0 rg BT 97.73 654.30 Td (esentation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.44 641.70 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 125.67 641.70 Td (\("Parent"\) ) Tj ET Q q 0 0 0 rg BT 170.42 641.70 Td (and ) Tj ET Q q 0 0 0 rg BT 187.94 641.70 Td (its ) Tj ET Q q 0 0 0 rg BT 200.22 641.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 252.17 641.70 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 303.96 641.70 Td (, ) Tj ET Q q 0 0 0 rg BT 308.95 641.70 Td ("Legg ) Tj ET Q q 0 0 0 rg BT 337.17 641.70 Td (Mason" ) Tj ET Q q 0 0 0 rg BT 372.40 641.70 Td (or ) Tj ET Q q 0 0 0 rg BT 383.51 641.70 Td ("the ) Tj ET Q q 0 0 0 rg BT 402.99 641.70 Td (Company"\) ) Tj ET Q q 0 0 0 rg BT 453.97 641.70 Td (are ) Tj ET Q q 0 0 0 rg BT 469.15 641.70 Td (principally ) Tj ET Q q 0 0 0 rg BT 517.00 641.70 Td (engaged ) Tj ET Q q 0 0 0 rg BT 554.34 641.70 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 92.96 629.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 115.99 629.10 Td (management ) Tj ET Q q 0 0 0 rg BT 172.26 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.05 629.10 Td (related ) Tj ET Q q 0 0 0 rg BT 221.24 629.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 260.59 629.10 Td (services ) Tj ET Q q 0 0 0 rg BT 297.04 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.83 629.10 Td (individuals, ) Tj ET Q q 0 0 0 rg BT 359.75 629.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 411.67 629.10 Td (corporations ) Tj ET Q q 0 0 0 rg BT 466.79 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.57 629.10 Td (municipalities.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.86 603.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 124.97 603.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 164.73 603.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 212.09 603.90 Td (include ) Tj ET Q q 0 0 0 rg BT 246.03 603.90 Td (the ) Tj ET Q q 0 0 0 rg BT 261.90 603.90 Td (accounts ) Tj ET Q q 0 0 0 rg BT 301.67 603.90 Td (of ) Tj ET Q q 0 0 0 rg BT 313.45 603.90 Td (the ) Tj ET Q q 0 0 0 rg BT 329.31 603.90 Td (Parent ) Tj ET Q q 0 0 0 rg BT 359.17 603.90 Td (and ) Tj ET Q q 0 0 0 rg BT 377.37 603.90 Td (its ) Tj ET Q q 0 0 0 rg BT 390.33 603.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 442.94 603.90 Td (in ) Tj ET Q q 0 0 0 rg BT 454.14 603.90 Td (which ) Tj ET Q q 0 0 0 rg BT 482.84 603.90 Td (it ) Tj ET Q q 0 0 0 rg BT 491.71 603.90 Td (has ) Tj ET Q q 0 0 0 rg BT 508.74 603.90 Td (a ) Tj ET Q q 0 0 0 rg BT 516.44 603.90 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 591.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.94 591.30 Td (interest. ) Tj ET Q q 0 0 0 rg BT 125.18 591.30 Td ( ) Tj ET Q q 0 0 0 rg BT 127.89 591.30 Td (Generally) Tj ET Q q 0 0 0 rg BT 168.60 591.30 Td (, ) Tj ET Q q 0 0 0 rg BT 173.94 591.30 Td (an ) Tj ET Q q 0 0 0 rg BT 186.56 591.30 Td (entity ) Tj ET Q q 0 0 0 rg BT 213.18 591.30 Td (is ) Tj ET Q q 0 0 0 rg BT 222.89 591.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 271.08 591.30 Td (to ) Tj ET Q q 0 0 0 rg BT 281.96 591.30 Td (have ) Tj ET Q q 0 0 0 rg BT 304.49 591.30 Td (a ) Tj ET Q q 0 0 0 rg BT 311.86 591.30 Td (controlling ) Tj ET Q q 0 0 0 rg BT 360.64 591.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 400.08 591.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 433.70 591.30 Td (when ) Tj ET Q q 0 0 0 rg BT 459.15 591.30 Td (it ) Tj ET Q q 0 0 0 rg BT 467.69 591.30 Td (owns ) Tj ET Q q 0 0 0 rg BT 492.57 591.30 Td (a ) Tj ET Q q 0 0 0 rg BT 499.94 591.30 Td (majority ) Tj ET Q q 0 0 0 rg BT 538.22 591.30 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 591.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.70 Td (voting ) Tj ET Q q 0 0 0 rg BT 79.32 578.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 113.22 578.70 Td (in ) Tj ET Q q 0 0 0 rg BT 124.38 578.70 Td (an ) Tj ET Q q 0 0 0 rg BT 137.28 578.70 Td (entity) Tj ET Q q 0 0 0 rg BT 160.51 578.70 Td (. ) Tj ET Q q 0 0 0 rg BT 166.12 578.70 Td ( ) Tj ET Q q 0 0 0 rg BT 169.11 578.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 193.68 578.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 225.25 578.70 Td (is ) Tj ET Q q 0 0 0 rg BT 235.24 578.70 Td (also ) Tj ET Q q 0 0 0 rg BT 255.15 578.70 Td (required ) Tj ET Q q 0 0 0 rg BT 293.12 578.70 Td (to ) Tj ET Q q 0 0 0 rg BT 304.27 578.70 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 355.08 578.70 Td (any ) Tj ET Q q 0 0 0 rg BT 373.23 578.70 Td (variable ) Tj ET Q q 0 0 0 rg BT 410.04 578.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 443.93 578.70 Td (entity ) Tj ET Q q 0 0 0 rg BT 470.83 578.70 Td (\("VIE"\) ) Tj ET Q q 0 0 0 rg BT 506.88 578.70 Td (in ) Tj ET Q q 0 0 0 rg BT 518.04 578.70 Td (which ) Tj ET Q q 0 0 0 rg BT 546.69 578.70 Td (it ) Tj ET Q q 0 0 0 rg BT 555.51 578.70 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 98.24 566.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.67 566.10 Td (be ) Tj ET Q q 0 0 0 rg BT 122.84 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.93 566.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 175.42 566.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 221.96 566.10 Td (. ) Tj ET Q q 0 0 0 rg BT 227.85 566.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.11 566.10 Td (See ) Tj ET Q q 0 0 0 rg BT 249.53 566.10 Td ("Consolidation" ) Tj ET Q q 0 0 0 rg BT 320.28 566.10 Td (below ) Tj ET Q q 0 0 0 rg BT 349.20 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.62 566.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 391.29 566.10 Td (17 ) Tj ET Q q 0 0 0 rg BT 405.05 566.10 Td (for ) Tj ET Q q 0 0 0 rg BT 420.55 566.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.47 566.10 Td (further ) Tj ET Q q 0 0 0 rg BT 460.30 566.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 507.31 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.08 566.10 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 546.55 566.10 Td ( ) Tj ET Q q 0 0 0 rg BT 549.09 566.10 Td (All ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 553.50 Td (material ) Tj ET Q q 0 0 0 rg BT 86.52 553.50 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 146.88 553.50 Td (balances ) Tj ET Q q 0 0 0 rg BT 185.65 553.50 Td (and ) Tj ET Q q 0 0 0 rg BT 203.44 553.50 Td (transactions ) Tj ET Q q 0 0 0 rg BT 256.22 553.50 Td (have ) Tj ET Q q 0 0 0 rg BT 278.66 553.50 Td (been ) Tj ET Q q 0 0 0 rg BT 301.11 553.50 Td (eliminated.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.30 Td (Certain ) Tj ET Q q 0 0 0 rg BT 83.03 528.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 121.24 528.30 Td (in ) Tj ET Q q 0 0 0 rg BT 132.03 528.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 155.07 528.30 Td (year ) Tj ET Q q 0 0 0 rg BT 175.76 528.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 215.12 528.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 262.06 528.30 Td (have ) Tj ET Q q 0 0 0 rg BT 284.51 528.30 Td (been ) Tj ET Q q 0 0 0 rg BT 306.96 528.30 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 357.39 528.30 Td (to ) Tj ET Q q 0 0 0 rg BT 368.19 528.30 Td (conform ) Tj ET Q q 0 0 0 rg BT 406.38 528.30 Td (to ) Tj ET Q q 0 0 0 rg BT 417.17 528.30 Td (the ) Tj ET Q q 0 0 0 rg BT 432.63 528.30 Td (current ) Tj ET Q q 0 0 0 rg BT 464.98 528.30 Td (year ) Tj ET Q q 0 0 0 rg BT 485.68 528.30 Td (presentation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (All ) Tj ET Q q 0 0 0 rg BT 65.54 503.10 Td (references ) Tj ET Q q 0 0 0 rg BT 111.30 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.09 503.10 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.45 503.10 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.45 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 173.70 503.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 197.33 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.70 503.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 234.95 503.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 257.39 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.18 503.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 292.38 503.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 329.57 503.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 354.93 503.10 Td (year ) Tj ET Q q 0 0 0 rg BT 375.62 503.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 403.32 503.10 Td (March�31 ) Tj ET Q q 0 0 0 rg BT 446.47 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.85 503.10 Td (that ) Tj ET Q q 0 0 0 rg BT 476.22 503.10 Td (year) Tj ET Q q 0 0 0 rg BT 493.70 503.10 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 477.90 Td (Use ) Tj ET Q q 0 0 0 rg BT 68.46 477.90 Td (of ) Tj ET Q q 0 0 0 rg BT 79.83 477.90 Td (Estimates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 465.30 Td (The ) Tj ET Q q 0 0 0 rg BT 67.57 465.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 122.38 465.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.85 465.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 206.92 465.30 Td (are ) Tj ET Q q 0 0 0 rg BT 221.48 465.30 Td (prepared ) Tj ET Q q 0 0 0 rg BT 259.94 465.30 Td (in ) Tj ET Q q 0 0 0 rg BT 269.85 465.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 318.81 465.30 Td (with ) Tj ET Q q 0 0 0 rg BT 339.22 465.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 387.02 465.30 Td (principles ) Tj ET Q q 0 0 0 rg BT 430.17 465.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 470.98 465.30 Td (accepted ) Tj ET Q q 0 0 0 rg BT 509.44 465.30 Td (in ) Tj ET Q q 0 0 0 rg BT 519.35 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 533.92 465.30 Td (United ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.70 Td (States ) Tj ET Q q 0 0 0 rg BT 78.32 452.70 Td (of ) Tj ET Q q 0 0 0 rg BT 89.98 452.70 Td (America ) Tj ET Q q 0 0 0 rg BT 129.87 452.70 Td (and ) Tj ET Q q 0 0 0 rg BT 148.77 452.70 Td (the ) Tj ET Q q 0 0 0 rg BT 165.34 452.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 212.23 452.70 Td (rules ) Tj ET Q q 0 0 0 rg BT 236.38 452.70 Td (and ) Tj ET Q q 0 0 0 rg BT 255.28 452.70 Td (regulations ) Tj ET Q q 0 0 0 rg BT 305.67 452.70 Td (of ) Tj ET Q q 0 0 0 rg BT 318.16 452.70 Td (the ) Tj ET Q q 0 0 0 rg BT 334.73 452.70 Td (Securities ) Tj ET Q q 0 0 0 rg BT 379.88 452.70 Td (and ) Tj ET Q q 0 0 0 rg BT 398.78 452.70 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 443.91 452.70 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 503.38 452.70 Td (which ) Tj ET Q q 0 0 0 rg BT 532.78 452.70 Td (require ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (management ) Tj ET Q q 0 0 0 rg BT 106.10 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.22 440.10 Td (make ) Tj ET Q q 0 0 0 rg BT 142.92 440.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 197.80 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.91 440.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 257.94 440.10 Td (that ) Tj ET Q q 0 0 0 rg BT 276.64 440.10 Td (af) Tj ET Q q 0 0 0 rg BT 284.61 440.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 303.30 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.09 440.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 357.62 440.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 395.56 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 406.68 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.47 440.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 478.49 440.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 518.18 440.10 Td (statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.02 427.50 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 130.61 427.50 Td (notes, ) Tj ET Q q 0 0 0 rg BT 157.76 427.50 Td (including ) Tj ET Q q 0 0 0 rg BT 199.79 427.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 235.38 427.50 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 288.19 427.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 329.62 427.50 Td (of ) Tj ET Q q 0 0 0 rg BT 340.73 427.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.83 427.50 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 433.81 427.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 478.17 427.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 505.03 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 522.55 427.50 Td (goodwill, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.90 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 101.33 414.90 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 164.54 414.90 Td (and ) Tj ET Q q 0 0 0 rg BT 181.97 414.90 Td (income ) Tj ET Q q 0 0 0 rg BT 215.14 414.90 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 241.60 414.90 Td ( ) Tj ET Q q 0 0 0 rg BT 243.86 414.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 300.94 414.90 Td (believes ) Tj ET Q q 0 0 0 rg BT 337.61 414.90 Td (that ) Tj ET Q q 0 0 0 rg BT 355.62 414.90 Td (the ) Tj ET Q q 0 0 0 rg BT 370.71 414.90 Td (estimates ) Tj ET Q q 0 0 0 rg BT 412.05 414.90 Td (used ) Tj ET Q q 0 0 0 rg BT 433.56 414.90 Td (are ) Tj ET Q q 0 0 0 rg BT 448.64 414.90 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 498.42 414.90 Td (although ) Tj ET Q q 0 0 0 rg BT 537.43 414.90 Td (actual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 402.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 88.63 402.30 Td (could ) Tj ET Q q 0 0 0 rg BT 115.51 402.30 Td (dif) Tj ET Q q 0 0 0 rg BT 126.98 402.30 Td (fer ) Tj ET Q q 0 0 0 rg BT 142.18 402.30 Td (from ) Tj ET Q q 0 0 0 rg BT 166.14 402.30 Td (the ) Tj ET Q q 0 0 0 rg BT 182.52 402.30 Td (estimates ) Tj ET Q q 0 0 0 rg BT 225.14 402.30 Td (and ) Tj ET Q q 0 0 0 rg BT 243.85 402.30 Td (the ) Tj ET Q q 0 0 0 rg BT 260.22 402.30 Td (dif) Tj ET Q q 0 0 0 rg BT 271.70 402.30 Td (ferences ) Tj ET Q q 0 0 0 rg BT 310.22 402.30 Td (could ) Tj ET Q q 0 0 0 rg BT 337.09 402.30 Td (have ) Tj ET Q q 0 0 0 rg BT 360.46 402.30 Td (a ) Tj ET Q q 0 0 0 rg BT 368.67 402.30 Td (material ) Tj ET Q q 0 0 0 rg BT 406.62 402.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 438.74 402.30 Td (on ) Tj ET Q q 0 0 0 rg BT 452.79 402.30 Td (the ) Tj ET Q q 0 0 0 rg BT 469.16 402.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 525.78 402.30 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.70 Td (statements.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (Consolidation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 352.50 Td (In ) Tj ET Q q 0 0 0 rg BT 61.79 352.50 Td (the ) Tj ET Q q 0 0 0 rg BT 78.17 352.50 Td (normal ) Tj ET Q q 0 0 0 rg BT 111.46 352.50 Td (course ) Tj ET Q q 0 0 0 rg BT 142.41 352.50 Td (of ) Tj ET Q q 0 0 0 rg BT 154.71 352.50 Td (its ) Tj ET Q q 0 0 0 rg BT 168.18 352.50 Td (business, ) Tj ET Q q 0 0 0 rg BT 209.94 352.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 235.06 352.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 267.19 352.50 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 307.49 352.50 Td (and ) Tj ET Q q 0 0 0 rg BT 326.20 352.50 Td (manages ) Tj ET Q q 0 0 0 rg BT 366.49 352.50 Td (various ) Tj ET Q q 0 0 0 rg BT 400.95 352.50 Td (types ) Tj ET Q q 0 0 0 rg BT 426.66 352.50 Td (of ) Tj ET Q q 0 0 0 rg BT 438.95 352.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 488.58 352.50 Td (products. ) Tj ET Q q 0 0 0 rg BT 530.91 352.50 Td ( ) Tj ET Q q 0 0 0 rg BT 534.46 352.50 Td (For ) Tj ET Q q 0 0 0 rg BT 552.59 352.50 Td (its ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 339.90 Td (services, ) Tj ET Q q 0 0 0 rg BT 88.80 339.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 113.23 339.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 144.67 339.90 Td (is ) Tj ET Q q 0 0 0 rg BT 154.53 339.90 Td (entitled ) Tj ET Q q 0 0 0 rg BT 188.88 339.90 Td (to ) Tj ET Q q 0 0 0 rg BT 199.91 339.90 Td (receive ) Tj ET Q q 0 0 0 rg BT 233.07 339.90 Td (management ) Tj ET Q q 0 0 0 rg BT 289.57 339.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 309.33 339.90 Td (and ) Tj ET Q q 0 0 0 rg BT 327.35 339.90 Td (may ) Tj ET Q q 0 0 0 rg BT 348.29 339.90 Td (be ) Tj ET Q q 0 0 0 rg BT 361.05 339.90 Td (eligible, ) Tj ET Q q 0 0 0 rg BT 398.03 339.90 Td (under ) Tj ET Q q 0 0 0 rg BT 424.79 339.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 456.21 339.90 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 521.17 339.90 Td (to ) Tj ET Q q 0 0 0 rg BT 532.19 339.90 Td (receive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 327.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 93.48 327.30 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 149.71 327.30 Td (management ) Tj ET Q q 0 0 0 rg BT 205.34 327.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 224.23 327.30 Td (or ) Tj ET Q q 0 0 0 rg BT 234.97 327.30 Td (other ) Tj ET Q q 0 0 0 rg BT 258.53 327.30 Td (incentive ) Tj ET Q q 0 0 0 rg BT 299.00 327.30 Td (fees. ) Tj ET Q q 0 0 0 rg BT 320.52 327.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 344.08 327.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 380.63 327.30 Td (exposure ) Tj ET Q q 0 0 0 rg BT 420.52 327.30 Td (to ) Tj ET Q q 0 0 0 rg BT 430.68 327.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 448.42 327.30 Td (in ) Tj ET Q q 0 0 0 rg BT 458.57 327.30 Td (these ) Tj ET Q q 0 0 0 rg BT 482.13 327.30 Td (entities ) Tj ET Q q 0 0 0 rg BT 514.45 327.30 Td (is ) Tj ET Q q 0 0 0 rg BT 523.44 327.30 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 314.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 81.54 314.70 Td (to ) Tj ET Q q 0 0 0 rg BT 92.01 314.70 Td (any ) Tj ET Q q 0 0 0 rg BT 109.46 314.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 138.00 314.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 186.38 314.70 Td (it ) Tj ET Q q 0 0 0 rg BT 194.51 314.70 Td (has ) Tj ET Q q 0 0 0 rg BT 210.80 314.70 Td (made ) Tj ET Q q 0 0 0 rg BT 235.83 314.70 Td (or ) Tj ET Q q 0 0 0 rg BT 246.88 314.70 Td (is ) Tj ET Q q 0 0 0 rg BT 256.17 314.70 Td (required ) Tj ET Q q 0 0 0 rg BT 293.45 314.70 Td (to ) Tj ET Q q 0 0 0 rg BT 303.92 314.70 Td (make, ) Tj ET Q q 0 0 0 rg BT 331.57 314.70 Td (and ) Tj ET Q q 0 0 0 rg BT 349.03 314.70 Td (any ) Tj ET Q q 0 0 0 rg BT 366.49 314.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 396.76 314.70 Td (but ) Tj ET Q q 0 0 0 rg BT 412.47 314.70 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 463.16 314.70 Td (management ) Tj ET Q q 0 0 0 rg BT 519.10 314.70 Td (fees. ) Tj ET Q q 0 0 0 rg BT 540.93 314.70 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.07 302.10 Td (did ) Tj ET Q q 0 0 0 rg BT 95.47 302.10 Td (not ) Tj ET Q q 0 0 0 rg BT 110.87 302.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 127.43 302.10 Td (or ) Tj ET Q q 0 0 0 rg BT 138.16 302.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 172.21 302.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.27 302.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 246.75 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.90 302.10 Td (any ) Tj ET Q q 0 0 0 rg BT 274.04 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.77 302.10 Td (these ) Tj ET Q q 0 0 0 rg BT 308.33 302.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 356.39 302.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 397.16 302.10 Td (In ) Tj ET Q q 0 0 0 rg BT 407.89 302.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 457.08 302.10 Td (with ) Tj ET Q q 0 0 0 rg BT 477.74 302.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 516.45 302.10 Td (accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 289.50 Td (standards, ) Tj ET Q q 0 0 0 rg BT 94.41 289.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 118.62 289.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 149.84 289.50 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 204.37 289.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 235.57 289.50 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 280.78 289.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 329.49 289.50 Td (products, ) Tj ET Q q 0 0 0 rg BT 370.91 289.50 Td (some ) Tj ET Q q 0 0 0 rg BT 395.70 289.50 Td (of ) Tj ET Q q 0 0 0 rg BT 407.08 289.50 Td (which ) Tj ET Q q 0 0 0 rg BT 435.37 289.50 Td (are ) Tj ET Q q 0 0 0 rg BT 450.82 289.50 Td (designated ) Tj ET Q q 0 0 0 rg BT 498.36 289.50 Td (and ) Tj ET Q q 0 0 0 rg BT 516.15 289.50 Td (reported ) Tj ET Q q 0 0 0 rg BT 553.76 289.50 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 276.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 104.46 276.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 152.42 276.90 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 188.72 276.90 Td (\(�CIVs�\). ) Tj ET Q q 0 0 0 rg BT 231.58 276.90 Td (The ) Tj ET Q q 0 0 0 rg BT 249.79 276.90 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 308.26 276.90 Td (of ) Tj ET Q q 0 0 0 rg BT 318.89 276.90 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 363.36 276.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 411.32 276.90 Td (products, ) Tj ET Q q 0 0 0 rg BT 452.00 276.90 Td (including ) Tj ET Q q 0 0 0 rg BT 493.55 276.90 Td (those ) Tj ET Q q 0 0 0 rg BT 517.60 276.90 Td (designated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 264.30 Td (as ) Tj ET Q q 0 0 0 rg BT 60.42 264.30 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 87.39 264.30 Td (has ) Tj ET Q q 0 0 0 rg BT 103.56 264.30 Td (no ) Tj ET Q q 0 0 0 rg BT 116.23 264.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 146.98 264.30 Td (on ) Tj ET Q q 0 0 0 rg BT 159.66 264.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 176.99 264.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 210.65 264.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 239.17 264.30 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 292.09 264.30 Td (to ) Tj ET Q q 0 0 0 rg BT 302.43 264.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 326.18 264.30 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 359.56 264.30 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 377.76 264.30 Td (and ) Tj ET Q q 0 0 0 rg BT 395.10 264.30 Td (does ) Tj ET Q q 0 0 0 rg BT 416.52 264.30 Td (not ) Tj ET Q q 0 0 0 rg BT 432.11 264.30 Td (have ) Tj ET Q q 0 0 0 rg BT 454.11 264.30 Td (a ) Tj ET Q q 0 0 0 rg BT 460.94 264.30 Td (material ) Tj ET Q q 0 0 0 rg BT 497.51 264.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 528.26 264.30 Td (on ) Tj ET Q q 0 0 0 rg BT 540.93 264.30 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 251.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 85.63 251.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 140.28 251.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 181.50 251.70 Td (results. ) Tj ET Q q 0 0 0 rg BT 213.00 251.70 Td (The ) Tj ET Q q 0 0 0 rg BT 230.89 251.70 Td (change ) Tj ET Q q 0 0 0 rg BT 262.20 251.70 Td (in ) Tj ET Q q 0 0 0 rg BT 271.94 251.70 Td (the ) Tj ET Q q 0 0 0 rg BT 286.33 251.70 Td (value ) Tj ET Q q 0 0 0 rg BT 310.65 251.70 Td (of ) Tj ET Q q 0 0 0 rg BT 320.96 251.70 Td (all ) Tj ET Q q 0 0 0 rg BT 333.03 251.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 387.67 251.70 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 431.82 251.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 479.47 251.70 Td (products ) Tj ET Q q 0 0 0 rg BT 517.20 251.70 Td (is ) Tj ET Q q 0 0 0 rg BT 525.78 251.70 Td (recorded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 239.10 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 126.48 239.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 160.59 239.10 Td (\(Expense\) ) Tj ET Q q 0 0 0 rg BT 205.78 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.57 239.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 262.91 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 273.71 239.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 291.49 239.10 Td (income ) Tj ET Q q 0 0 0 rg BT 325.02 239.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 350.98 239.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 401.42 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.22 239.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 476.67 239.10 Td (interests.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.90 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.15 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 92.65 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 107.22 213.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 155.05 213.90 Td (products ) Tj ET Q q 0 0 0 rg BT 192.96 213.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 216.28 213.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 246.61 213.90 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 285.11 213.90 Td (and ) Tj ET Q q 0 0 0 rg BT 302.02 213.90 Td (manages ) Tj ET Q q 0 0 0 rg BT 340.50 213.90 Td (are ) Tj ET Q q 0 0 0 rg BT 355.07 213.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 402.30 213.90 Td (to ) Tj ET Q q 0 0 0 rg BT 412.21 213.90 Td (be ) Tj ET Q q 0 0 0 rg BT 423.74 213.90 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 447.07 213.90 Td (\(as ) Tj ET Q q 0 0 0 rg BT 461.06 213.90 Td (further ) Tj ET Q q 0 0 0 rg BT 491.37 213.90 Td (described ) Tj ET Q q 0 0 0 rg BT 533.35 213.90 Td (below\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 201.30 Td (while ) Tj ET Q q 0 0 0 rg BT 76.35 201.30 Td (others ) Tj ET Q q 0 0 0 rg BT 105.54 201.30 Td (are ) Tj ET Q q 0 0 0 rg BT 121.88 201.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 170.88 201.30 Td (to ) Tj ET Q q 0 0 0 rg BT 182.57 201.30 Td (be ) Tj ET Q q 0 0 0 rg BT 196.01 201.30 Td (voting ) Tj ET Q q 0 0 0 rg BT 226.37 201.30 Td (rights ) Tj ET Q q 0 0 0 rg BT 253.81 201.30 Td (entities ) Tj ET Q q 0 0 0 rg BT 287.66 201.30 Td (\(�VREs�\) ) Tj ET Q q 0 0 0 rg BT 332.58 201.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 365.85 201.30 Td (to ) Tj ET Q q 0 0 0 rg BT 377.54 201.30 Td (traditional ) Tj ET Q q 0 0 0 rg BT 424.22 201.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 484.32 201.30 Td (concepts ) Tj ET Q q 0 0 0 rg BT 524.58 201.30 Td (based ) Tj ET Q q 0 0 0 rg BT 552.01 201.30 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 188.70 Td (ownership ) Tj ET Q q 0 0 0 rg BT 95.12 188.70 Td (rights. ) Tj ET Q q 0 0 0 rg BT 123.53 188.70 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 169.74 188.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 217.69 188.70 Td (products ) Tj ET Q q 0 0 0 rg BT 255.72 188.70 Td (that ) Tj ET Q q 0 0 0 rg BT 273.34 188.70 Td (are ) Tj ET Q q 0 0 0 rg BT 288.03 188.70 Td (considered ) Tj ET Q q 0 0 0 rg BT 335.25 188.70 Td (VREs ) Tj ET Q q 0 0 0 rg BT 362.21 188.70 Td (are ) Tj ET Q q 0 0 0 rg BT 376.90 188.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 431.84 188.70 Td (if ) Tj ET Q q 0 0 0 rg BT 440.13 188.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 463.58 188.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 494.03 188.70 Td (has ) Tj ET Q q 0 0 0 rg BT 509.90 188.70 Td (a ) Tj ET Q q 0 0 0 rg BT 516.44 188.70 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.71 176.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 122.09 176.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.74 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.04 176.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 196.60 176.10 Td (vehicle, ) Tj ET Q q 0 0 0 rg BT 232.02 176.10 Td (absent ) Tj ET Q q 0 0 0 rg BT 261.32 176.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 311.04 176.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 347.35 176.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 373.75 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 384.39 176.10 Td (replace ) Tj ET Q q 0 0 0 rg BT 417.18 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.48 176.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 471.10 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.33 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.63 176.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 524.03 176.10 Td (\(kick-out ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 163.50 Td (rights\). ) Tj ET Q q 0 0 0 rg BT 82.71 163.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 107.46 163.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 139.22 163.50 Td (may ) Tj ET Q q 0 0 0 rg BT 160.48 163.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 182.90 163.50 Td (the ) Tj ET Q q 0 0 0 rg BT 198.90 163.50 Td (initial ) Tj ET Q q 0 0 0 rg BT 226.57 163.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 248.40 163.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 297.66 163.50 Td (in ) Tj ET Q q 0 0 0 rg BT 309.00 163.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 340.51 163.50 Td (VRE ) Tj ET Q q 0 0 0 rg BT 364.68 163.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 413.94 163.50 Td (products ) Tj ET Q q 0 0 0 rg BT 453.27 163.50 Td (to ) Tj ET Q q 0 0 0 rg BT 464.61 163.50 Td (generate ) Tj ET Q q 0 0 0 rg BT 503.35 163.50 Td (an ) Tj ET Q q 0 0 0 rg BT 516.43 163.50 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 150.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.43 150.90 Td (track ) Tj ET Q q 0 0 0 rg BT 129.30 150.90 Td (record ) Tj ET Q q 0 0 0 rg BT 159.00 150.90 Td (in ) Tj ET Q q 0 0 0 rg BT 170.05 150.90 Td (order ) Tj ET Q q 0 0 0 rg BT 195.08 150.90 Td (to ) Tj ET Q q 0 0 0 rg BT 206.14 150.90 Td (attract ) Tj ET Q q 0 0 0 rg BT 235.25 150.90 Td (third-party ) Tj ET Q q 0 0 0 rg BT 283.03 150.90 Td (investors ) Tj ET Q q 0 0 0 rg BT 323.83 150.90 Td (in ) Tj ET Q q 0 0 0 rg BT 334.88 150.90 Td (the ) Tj ET Q q 0 0 0 rg BT 350.59 150.90 Td (product. ) Tj ET Q q 0 0 0 rg BT 388.18 150.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 412.63 150.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 450.08 150.90 Td (initial ) Tj ET Q q 0 0 0 rg BT 477.46 150.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 526.42 150.90 Td (in ) Tj ET Q q 0 0 0 rg BT 537.47 150.90 Td (a ) Tj ET Q q 0 0 0 rg BT 545.01 150.90 Td (new ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 138.30 Td (product ) Tj ET Q q 0 0 0 rg BT 85.00 138.30 Td (typically ) Tj ET Q q 0 0 0 rg BT 125.17 138.30 Td (represents�100%�of ) Tj ET Q q 0 0 0 rg BT 209.65 138.30 Td (the ) Tj ET Q q 0 0 0 rg BT 225.90 138.30 Td (ownership ) Tj ET Q q 0 0 0 rg BT 273.07 138.30 Td (in ) Tj ET Q q 0 0 0 rg BT 284.66 138.30 Td (that ) Tj ET Q q 0 0 0 rg BT 303.83 138.30 Td (product. ) Tj ET Q q 0 0 0 rg BT 341.20 138.30 Td (As ) Tj ET Q q 0 0 0 rg BT 356.30 138.30 Td (further ) Tj ET Q q 0 0 0 rg BT 388.29 138.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 431.96 138.30 Td (below) Tj ET Q q 0 0 0 rg BT 456.94 138.30 Td (, ) Tj ET Q q 0 0 0 rg BT 462.99 138.30 Td (the ) Tj ET Q q 0 0 0 rg BT 479.24 138.30 Td (products ) Tj ET Q q 0 0 0 rg BT 518.83 138.30 Td (with ) Tj ET Q q 0 0 0 rg BT 540.92 138.30 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 125.70 Td (�seed ) Tj ET Q q 0 0 0 rg BT 75.16 125.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 105.48 125.70 Td (investments� ) Tj ET Q q 0 0 0 rg BT 162.65 125.70 Td (are ) Tj ET Q q 0 0 0 rg BT 177.80 125.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 233.21 125.70 Td (as ) Tj ET Q q 0 0 0 rg BT 244.30 125.70 Td (long ) Tj ET Q q 0 0 0 rg BT 265.31 125.70 Td (as ) Tj ET Q q 0 0 0 rg BT 276.39 125.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 300.31 125.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 331.23 125.70 Td (maintains ) Tj ET Q q 0 0 0 rg BT 374.40 125.70 Td (a ) Tj ET Q q 0 0 0 rg BT 381.40 125.70 Td (controlling ) Tj ET Q q 0 0 0 rg BT 429.81 125.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 468.88 125.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 502.13 125.70 Td (in ) Tj ET Q q 0 0 0 rg BT 512.64 125.70 Td (the ) Tj ET Q q 0 0 0 rg BT 527.80 125.70 Td (product, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (but ) Tj ET Q q 0 0 0 rg BT 65.51 113.10 Td (they ) Tj ET Q q 0 0 0 rg BT 86.19 113.10 Td (are ) Tj ET Q q 0 0 0 rg BT 101.60 113.10 Td (not ) Tj ET Q q 0 0 0 rg BT 117.61 113.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 165.11 113.10 Td (as ) Tj ET Q q 0 0 0 rg BT 176.46 113.10 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 201.22 113.10 Td (by ) Tj ET Q q 0 0 0 rg BT 214.32 113.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 238.49 113.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 269.67 113.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 298.51 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.94 113.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 362.61 113.10 Td (is ) Tj ET Q q 0 0 0 rg BT 372.21 113.10 Td (longer) Tj ET Q q 0 0 0 rg BT 398.82 113.10 Td (-term. ) Tj ET Q q 0 0 0 rg BT 426.21 113.10 Td (As ) Tj ET Q q 0 0 0 rg BT 440.48 113.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.82 113.10 Td (March ) Tj ET Q q 0 0 0 rg BT 481.82 113.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 497.54 113.10 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.54 113.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.13 113.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.89 113.10 Td (2016, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 100.50 Td (no ) Tj ET Q q 0 0 0 rg BT 62.63 100.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 118.13 100.50 Td (VREs ) Tj ET Q q 0 0 0 rg BT 145.84 100.50 Td (were ) Tj ET Q q 0 0 0 rg BT 168.87 100.50 Td (designated ) Tj ET Q q 0 0 0 rg BT 216.40 100.50 Td (as ) Tj ET Q q 0 0 0 rg BT 227.77 100.50 Td (CIVs.) Tj ET Q endstream endobj 187 0 obj <>] /Rotate 0 /Contents 188 0 R>> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (91) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 59.30 741.75 Td (VIE ) Tj ET Q q 0 0 0 rg BT 79.81 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 89.83 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 102.75 741.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 129.68 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 158.36 741.75 Td (does ) Tj ET Q q 0 0 0 rg BT 180.62 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 197.05 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 219.89 741.75 Td (adequate ) Tj ET Q q 0 0 0 rg BT 260.21 741.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 289.47 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 300.65 741.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 334.56 741.75 Td (its ) Tj ET Q q 0 0 0 rg BT 347.50 741.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 388.42 741.75 Td (without ) Tj ET Q q 0 0 0 rg BT 423.52 741.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 468.53 741.75 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 525.78 741.75 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (support; ) Tj ET Q q 0 0 0 rg BT 85.45 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 95.74 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 110.10 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 137.88 729.15 Td (investors, ) Tj ET Q q 0 0 0 rg BT 179.96 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 190.24 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 196.44 729.15 Td (group, ) Tj ET Q q 0 0 0 rg BT 225.09 729.15 Td (do ) Tj ET Q q 0 0 0 rg BT 237.13 729.15 Td (not ) Tj ET Q q 0 0 0 rg BT 252.08 729.15 Td (have ) Tj ET Q q 0 0 0 rg BT 273.44 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 287.80 729.15 Td (normal ) Tj ET Q q 0 0 0 rg BT 319.08 729.15 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 380.67 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 390.95 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 418.73 729.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 458.18 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 471.96 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 478.15 729.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 516.43 729.15 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 716.55 Td (interest. ) Tj ET Q q 0 0 0 rg BT 125.01 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 127.64 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 151.84 716.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 183.05 716.55 Td (must ) Tj ET Q q 0 0 0 rg BT 206.09 716.55 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 256.54 716.55 Td (any ) Tj ET Q q 0 0 0 rg BT 274.13 716.55 Td (VIE ) Tj ET Q q 0 0 0 rg BT 294.25 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 309.12 716.55 Td (which ) Tj ET Q q 0 0 0 rg BT 337.41 716.55 Td (it ) Tj ET Q q 0 0 0 rg BT 345.87 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 355.50 716.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 390.77 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 401.56 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 414.10 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 429.55 716.55 Td (primary ) Tj ET Q q 0 0 0 rg BT 465.42 716.55 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 511.95 716.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.41 691.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.30 691.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 158.72 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 169.22 691.35 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 193.72 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 204.80 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 215.88 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 245.62 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 261.08 691.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 284.41 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 301.91 691.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 325.24 691.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.91 691.35 Td ($28,300) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.03 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 380.37 691.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.86 691.35 Td ($13,641) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.99 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 436.94 691.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 486.99 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 491.95 691.35 Td (which ) Tj ET Q q 0 0 0 rg BT 519.94 691.35 Td (represents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (its ) Tj ET Q q 0 0 0 rg BT 63.06 678.75 Td (maximum ) Tj ET Q q 0 0 0 rg BT 109.29 678.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 128.68 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 141.07 678.75 Td (loss, ) Tj ET Q q 0 0 0 rg BT 163.67 678.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 208.72 678.75 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 260.76 678.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 300.56 678.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 323.73 678.75 Td (which ) Tj ET Q q 0 0 0 rg BT 353.03 678.75 Td (were ) Tj ET Q q 0 0 0 rg BT 377.08 678.75 Td (not ) Tj ET Q q 0 0 0 rg BT 394.13 678.75 Td (material. ) Tj ET Q q 0 0 0 rg BT 434.80 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 438.18 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 458.14 678.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 486.28 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 498.67 678.75 Td (these ) Tj ET Q q 0 0 0 rg BT 523.89 678.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 549.70 678.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 91.17 666.15 Td (comprised ) Tj ET Q q 0 0 0 rg BT 137.51 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 150.61 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 199.29 666.15 Td (securities. ) Tj ET Q q 0 0 0 rg BT 244.17 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 246.77 666.15 Td (Investors ) Tj ET Q q 0 0 0 rg BT 287.86 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 305.62 666.15 Td (creditors ) Tj ET Q q 0 0 0 rg BT 344.96 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 356.30 666.15 Td (these ) Tj ET Q q 0 0 0 rg BT 380.48 666.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 405.25 666.15 Td (have ) Tj ET Q q 0 0 0 rg BT 427.67 666.15 Td (no ) Tj ET Q q 0 0 0 rg BT 440.77 666.15 Td (recourse ) Tj ET Q q 0 0 0 rg BT 478.93 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 489.70 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 505.12 666.15 Td (general ) Tj ET Q q 0 0 0 rg BT 538.62 666.15 Td (credit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 60.87 653.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 87.99 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 99.37 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 123.57 653.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 154.77 653.55 Td (beyond ) Tj ET Q q 0 0 0 rg BT 188.31 653.55 Td (its ) Tj ET Q q 0 0 0 rg BT 200.86 653.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 249.56 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 260.35 653.55 Td (these ) Tj ET Q q 0 0 0 rg BT 284.55 653.55 Td (funds.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Updated ) Tj ET Q q 0 0 0 rg BT 88.29 628.35 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 151.21 628.35 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 204.02 628.35 Td (Guidance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.22 615.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 89.52 615.75 Td (April ) Tj ET Q q 0 0 0 rg BT 113.92 615.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 124.02 615.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 149.88 615.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 173.68 615.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 204.50 615.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 239.97 615.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 275.44 615.75 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 334.24 615.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 382.54 615.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 422.67 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 435.40 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 442.29 615.75 Td (modified ) Tj ET Q q 0 0 0 rg BT 482.43 615.75 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 538.89 615.75 Td (basis. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.40 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 93.89 603.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 129.79 603.15 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 172.98 603.15 Td (if ) Tj ET Q q 0 0 0 rg BT 182.06 603.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 214.47 603.15 Td (partners ) Tj ET Q q 0 0 0 rg BT 250.95 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 262.36 603.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 294.18 603.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 323.09 603.15 Td (holders ) Tj ET Q q 0 0 0 rg BT 356.66 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 367.49 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 374.81 603.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 420.06 603.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 468.80 603.15 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 501.78 603.15 Td (structured ) Tj ET Q q 0 0 0 rg BT 546.42 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 557.83 603.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 82.49 590.55 Td (partnership ) Tj ET Q q 0 0 0 rg BT 132.98 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 144.97 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 152.88 590.55 Td (similar ) Tj ET Q q 0 0 0 rg BT 185.29 590.55 Td (entity ) Tj ET Q q 0 0 0 rg BT 212.45 590.55 Td (do ) Tj ET Q q 0 0 0 rg BT 226.19 590.55 Td (not ) Tj ET Q q 0 0 0 rg BT 242.86 590.55 Td (have ) Tj ET Q q 0 0 0 rg BT 265.93 590.55 Td (either ) Tj ET Q q 0 0 0 rg BT 293.08 590.55 Td (substantive ) Tj ET Q q 0 0 0 rg BT 343.57 590.55 Td (kick-out ) Tj ET Q q 0 0 0 rg BT 381.81 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 393.80 590.55 Td (substantive ) Tj ET Q q 0 0 0 rg BT 444.29 590.55 Td (participation ) Tj ET Q q 0 0 0 rg BT 500.61 590.55 Td (rights ) Tj ET Q q 0 0 0 rg BT 527.77 590.55 Td (over ) Tj ET Q q 0 0 0 rg BT 549.67 590.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (general ) Tj ET Q q 0 0 0 rg BT 83.13 577.95 Td (partner) Tj ET Q q 0 0 0 rg BT 112.44 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 117.80 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 133.35 577.95 Td (entities ) Tj ET Q q 0 0 0 rg BT 166.41 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 181.77 577.95 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 208.70 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 210.83 577.95 Td (As ) Tj ET Q q 0 0 0 rg BT 225.23 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 232.62 577.95 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 268.03 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 285.92 577.95 Td (manager ) Tj ET Q q 0 0 0 rg BT 324.79 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 336.27 577.95 Td (an ) Tj ET Q q 0 0 0 rg BT 348.92 577.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 397.72 577.95 Td (vehicle, ) Tj ET Q q 0 0 0 rg BT 433.40 577.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 457.70 577.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 489.02 577.95 Td (may ) Tj ET Q q 0 0 0 rg BT 509.83 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 522.47 577.95 Td (deemed ) Tj ET Q q 0 0 0 rg BT 557.85 577.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (decision ) Tj ET Q q 0 0 0 rg BT 87.75 565.35 Td (maker ) Tj ET Q q 0 0 0 rg BT 117.25 565.35 Td (under ) Tj ET Q q 0 0 0 rg BT 144.42 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 160.51 565.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 209.83 565.35 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 253.62 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 256.88 565.35 Td (If ) Tj ET Q q 0 0 0 rg BT 267.13 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 283.22 565.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 303.39 565.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 324.73 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 336.15 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 344.08 565.35 Td (decision ) Tj ET Q q 0 0 0 rg BT 382.33 565.35 Td (maker ) Tj ET Q q 0 0 0 rg BT 411.83 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 427.90 565.35 Td (market-based, ) Tj ET Q q 0 0 0 rg BT 490.35 565.35 Td (such ) Tj ET Q q 0 0 0 rg BT 512.85 565.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 533.02 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 549.10 565.35 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 97.93 552.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 134.69 552.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 172.63 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 183.74 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 191.13 552.75 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 214.20 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 217.14 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 220.09 552.75 Td (Market-based ) Tj ET Q q 0 0 0 rg BT 280.76 552.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 300.61 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 316.37 552.75 Td (both ) Tj ET Q q 0 0 0 rg BT 337.98 552.75 Td (customary ) Tj ET Q q 0 0 0 rg BT 384.67 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 402.77 552.75 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 466.95 552.75 Td (with ) Tj ET Q q 0 0 0 rg BT 488.56 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 504.33 552.75 Td (level ) Tj ET Q q 0 0 0 rg BT 527.69 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 539.38 552.75 Td (ef) Tj ET Q q 0 0 0 rg BT 547.34 552.75 Td (fort ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (required ) Tj ET Q q 0 0 0 rg BT 87.46 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 102.69 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 118.49 540.15 Td (services ) Tj ET Q q 0 0 0 rg BT 155.29 540.15 Td (provided. ) Tj ET Q q 0 0 0 rg BT 198.22 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 200.54 540.15 Td (Additionally) Tj ET Q q 0 0 0 rg BT 252.94 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 258.55 540.15 Td (if ) Tj ET Q q 0 0 0 rg BT 267.94 540.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 311.74 540.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 349.71 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 360.86 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 368.50 540.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 414.06 540.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 463.12 540.15 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 496.42 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 512.21 540.15 Td (not ) Tj ET Q q 0 0 0 rg BT 528.61 540.15 Td (made ) Tj ET Q q 0 0 0 rg BT 554.33 540.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (circumvent ) Tj ET Q q 0 0 0 rg BT 99.65 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 115.39 527.55 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 174.88 527.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 215.69 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 233.77 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 249.50 527.55 Td (not ) Tj ET Q q 0 0 0 rg BT 265.83 527.55 Td (financed ) Tj ET Q q 0 0 0 rg BT 304.89 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 318.31 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 334.05 527.55 Td (sponsor) Tj ET Q q 0 0 0 rg BT 366.30 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 371.84 527.55 Td (they ) Tj ET Q q 0 0 0 rg BT 392.83 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 408.57 527.55 Td (not ) Tj ET Q q 0 0 0 rg BT 424.90 527.55 Td (included ) Tj ET Q q 0 0 0 rg BT 463.97 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 475.05 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 490.79 527.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 527.52 527.55 Td (interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 101.41 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 119.20 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 134.64 514.95 Td (not ) Tj ET Q q 0 0 0 rg BT 150.68 514.95 Td (included ) Tj ET Q q 0 0 0 rg BT 189.46 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 200.26 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 215.71 514.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 251.57 514.95 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 301.42 514.95 Td (determination.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 58.56 489.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 95.60 489.75 Td (maker ) Tj ET Q q 0 0 0 rg BT 123.89 489.75 Td (is ) Tj ET Q q 0 0 0 rg BT 132.95 489.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 167.65 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 177.87 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 189.84 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 196.55 489.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 231.84 489.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 281.12 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 291.92 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 298.48 489.75 Td (VIE ) Tj ET Q q 0 0 0 rg BT 318.03 489.75 Td (if ) Tj ET Q q 0 0 0 rg BT 326.50 489.75 Td (it ) Tj ET Q q 0 0 0 rg BT 334.38 489.75 Td (has ) Tj ET Q q 0 0 0 rg BT 350.43 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 365.31 489.75 Td (power ) Tj ET Q q 0 0 0 rg BT 393.61 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 403.83 489.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 429.79 489.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 469.74 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 487.54 489.75 Td (most ) Tj ET Q q 0 0 0 rg BT 510.02 489.75 Td (significantly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.60 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 95.96 477.15 Td (economic ) Tj ET Q q 0 0 0 rg BT 139.31 477.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 194.88 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 206.16 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 221.33 477.15 Td (VIE ) Tj ET Q q 0 0 0 rg BT 241.36 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 259.05 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 274.40 477.15 Td (obligation ) Tj ET Q q 0 0 0 rg BT 319.51 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 330.21 477.15 Td (absorb ) Tj ET Q q 0 0 0 rg BT 360.73 477.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 388.35 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 399.62 477.15 Td (receive ) Tj ET Q q 0 0 0 rg BT 432.46 477.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 468.23 477.15 Td (from ) Tj ET Q q 0 0 0 rg BT 491.17 477.15 Td (variable ) Tj ET Q q 0 0 0 rg BT 527.51 477.15 Td (interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (that ) Tj ET Q q 0 0 0 rg BT 67.92 464.55 Td (could ) Tj ET Q q 0 0 0 rg BT 93.93 464.55 Td (be ) Tj ET Q q 0 0 0 rg BT 106.51 464.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 153.51 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 164.36 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 179.67 464.55 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 202.46 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 205.14 464.55 Td (In ) Tj ET Q q 0 0 0 rg BT 216.56 464.55 Td (determining ) Tj ET Q q 0 0 0 rg BT 269.98 464.55 Td (whether ) Tj ET Q q 0 0 0 rg BT 306.47 464.55 Td (it ) Tj ET Q q 0 0 0 rg BT 314.98 464.55 Td (is ) Tj ET Q q 0 0 0 rg BT 324.66 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 340.17 464.55 Td (primary ) Tj ET Q q 0 0 0 rg BT 376.08 464.55 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 425.98 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 437.40 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 444.55 464.55 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 467.34 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 491.59 464.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 522.85 464.55 Td (considers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (both ) Tj ET Q q 0 0 0 rg BT 70.09 451.95 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 116.34 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 133.43 451.95 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 184.92 451.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 215.42 451.95 Td (such ) Tj ET Q q 0 0 0 rg BT 236.59 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 247.26 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 262.02 451.95 Td (voting ) Tj ET Q q 0 0 0 rg BT 290.78 451.95 Td (rights ) Tj ET Q q 0 0 0 rg BT 316.62 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 327.30 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 342.05 451.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 370.22 451.95 Td (holders, ) Tj ET Q q 0 0 0 rg BT 405.68 451.95 Td (guarantees, ) Tj ET Q q 0 0 0 rg BT 455.13 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 472.22 451.95 Td (implied ) Tj ET Q q 0 0 0 rg BT 506.22 451.95 Td (relationships. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (If ) Tj ET Q q 0 0 0 rg BT 59.12 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 66.40 439.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 81.85 439.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 102.55 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 113.34 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 120.63 439.35 Td (decision ) Tj ET Q q 0 0 0 rg BT 158.25 439.35 Td (maker ) Tj ET Q q 0 0 0 rg BT 187.11 439.35 Td (is ) Tj ET Q q 0 0 0 rg BT 196.73 439.35 Td (not ) Tj ET Q q 0 0 0 rg BT 212.78 439.35 Td (market-based, ) Tj ET Q q 0 0 0 rg BT 274.58 439.35 Td (it ) Tj ET Q q 0 0 0 rg BT 283.04 439.35 Td (will ) Tj ET Q q 0 0 0 rg BT 302.00 439.35 Td (be ) Tj ET Q q 0 0 0 rg BT 314.54 439.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 362.65 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 373.44 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 388.89 439.35 Td (primary ) Tj ET Q q 0 0 0 rg BT 424.76 439.35 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 474.60 439.35 Td (determination. ) Tj ET Q q 0 0 0 rg BT 538.17 439.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.37 414.15 Td (adoption ) Tj ET Q q 0 0 0 rg BT 107.66 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 118.96 414.15 Td (this ) Tj ET Q q 0 0 0 rg BT 136.68 414.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 185.29 414.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 225.74 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 237.03 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 247.76 414.15 Td (April ) Tj ET Q q 0 0 0 rg BT 272.47 414.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 282.89 414.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 309.07 414.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 344.85 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 355.57 414.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 386.68 414.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 431.80 414.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 480.43 414.15 Td (products ) Tj ET Q q 0 0 0 rg BT 519.14 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 537.43 414.15 Td (reside ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.17 401.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 92.99 401.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 124.66 401.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 146.41 401.55 Td (trusts ) Tj ET Q q 0 0 0 rg BT 171.66 401.55 Td (that ) Tj ET Q q 0 0 0 rg BT 189.91 401.55 Td (were ) Tj ET Q q 0 0 0 rg BT 212.81 401.55 Td (previously ) Tj ET Q q 0 0 0 rg BT 259.64 401.55 Td (accounted ) Tj ET Q q 0 0 0 rg BT 304.71 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 319.45 401.55 Td (as ) Tj ET Q q 0 0 0 rg BT 330.52 401.55 Td (VREs ) Tj ET Q q 0 0 0 rg BT 358.11 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 368.78 401.55 Td (be ) Tj ET Q q 0 0 0 rg BT 381.19 401.55 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 423.92 401.55 Td (as ) Tj ET Q q 0 0 0 rg BT 434.99 401.55 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 461.69 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 479.36 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 494.69 401.55 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 553.77 401.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (nine ) Tj ET Q q 0 0 0 rg BT 70.50 388.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 99.38 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 127.96 388.95 Td (were ) Tj ET Q q 0 0 0 rg BT 151.29 388.95 Td (also ) Tj ET Q q 0 0 0 rg BT 171.12 388.95 Td (designated ) Tj ET Q q 0 0 0 rg BT 218.95 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 230.62 388.95 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 258.34 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 261.26 388.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 290.42 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 306.17 388.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 342.33 388.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 391.32 388.95 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 434.77 388.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 459.27 388.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 490.77 388.95 Td (also ) Tj ET Q q 0 0 0 rg BT 510.61 388.95 Td (concluded ) Tj ET Q q 0 0 0 rg BT 556.68 388.95 Td (it ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (was ) Tj ET Q q 0 0 0 rg BT 68.75 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 84.50 376.35 Td (primary ) Tj ET Q q 0 0 0 rg BT 120.66 376.35 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 170.80 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 182.46 376.35 Td (one ) Tj ET Q q 0 0 0 rg BT 200.54 376.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 218.25 376.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 236.92 376.35 Td (Capital ) Tj ET Q q 0 0 0 rg BT 270.17 376.35 Td (\("EnT) Tj ET Q q 0 0 0 rg BT 295.66 376.35 Td (rust"\) ) Tj ET Q q 0 0 0 rg BT 322.12 376.35 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 367.62 376.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.61 376.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 438.57 376.35 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 461.61 376.35 Td (which ) Tj ET Q q 0 0 0 rg BT 490.19 376.35 Td (was ) Tj ET Q q 0 0 0 rg BT 509.44 376.35 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.56 363.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 115.36 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 122.93 363.75 Td (CIV) Tj ET Q q 0 0 0 rg BT 140.82 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 143.72 363.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 167.62 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 183.35 363.75 Td (mer) Tj ET Q q 0 0 0 rg BT 199.48 363.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 215.79 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 227.44 363.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 245.15 363.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 263.80 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 281.65 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 300.88 363.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 333.52 363.75 Td (Group, ) Tj ET Q q 0 0 0 rg BT 365.87 363.75 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 385.98 363.75 Td (\("Permal"\). ) Tj ET Q q 0 0 0 rg BT 436.81 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 439.50 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 458.73 363.75 Td (adoption ) Tj ET Q q 0 0 0 rg BT 498.38 363.75 Td (also ) Tj ET Q q 0 0 0 rg BT 518.19 363.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 554.33 363.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.32 351.15 Td (deconsolidation ) Tj ET Q q 0 0 0 rg BT 134.80 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 146.53 351.15 Td (13 ) Tj ET Q q 0 0 0 rg BT 160.02 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 171.76 351.15 Td (14 ) Tj ET Q q 0 0 0 rg BT 185.25 351.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 232.57 351.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 288.63 351.15 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 363.93 351.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 392.88 351.15 Td (as ) Tj ET Q q 0 0 0 rg BT 404.61 351.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 429.18 351.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 460.75 351.15 Td (no ) Tj ET Q q 0 0 0 rg BT 474.24 351.15 Td (longer ) Tj ET Q q 0 0 0 rg BT 504.06 351.15 Td (has ) Tj ET Q q 0 0 0 rg BT 521.04 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 528.70 351.15 Td (variable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 83.03 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 93.82 338.55 Td (those ) Tj ET Q q 0 0 0 rg BT 118.61 338.55 Td (13 ) Tj ET Q q 0 0 0 rg BT 131.74 338.55 Td (funds.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (As ) Tj ET Q q 0 0 0 rg BT 63.17 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 73.93 313.35 Td (March ) Tj ET Q q 0 0 0 rg BT 103.33 313.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 118.46 313.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 144.09 313.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 167.67 313.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 198.26 313.35 Td (no ) Tj ET Q q 0 0 0 rg BT 210.77 313.35 Td (longer ) Tj ET Q q 0 0 0 rg BT 239.60 313.35 Td (held ) Tj ET Q q 0 0 0 rg BT 259.68 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 266.35 313.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 312.67 313.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 351.41 313.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 384.32 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 394.49 313.35 Td (seven ) Tj ET Q q 0 0 0 rg BT 420.41 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 431.16 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 445.99 313.35 Td (above ) Tj ET Q q 0 0 0 rg BT 473.07 313.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 505.39 313.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 536.56 313.35 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.46 300.75 Td (therefore ) Tj ET Q q 0 0 0 rg BT 108.15 300.75 Td (concluded ) Tj ET Q q 0 0 0 rg BT 154.09 300.75 Td (it ) Tj ET Q q 0 0 0 rg BT 162.73 300.75 Td (was ) Tj ET Q q 0 0 0 rg BT 181.85 300.75 Td (no ) Tj ET Q q 0 0 0 rg BT 195.15 300.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 224.77 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 240.40 300.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 276.44 300.75 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 322.98 300.75 Td (. ) Tj ET Q q 0 0 0 rg BT 328.40 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 330.58 300.75 Td (As ) Tj ET Q q 0 0 0 rg BT 345.05 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 352.50 300.75 Td (result, ) Tj ET Q q 0 0 0 rg BT 381.26 300.75 Td (these ) Tj ET Q q 0 0 0 rg BT 405.63 300.75 Td (seven ) Tj ET Q q 0 0 0 rg BT 432.33 300.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 458.47 300.75 Td (were ) Tj ET Q q 0 0 0 rg BT 481.66 300.75 Td (not ) Tj ET Q q 0 0 0 rg BT 497.88 300.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 553.75 300.75 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.56 288.15 Td (March ) Tj ET Q q 0 0 0 rg BT 92.27 288.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.70 288.15 Td (2017. ) Tj ET Q q 0 0 0 rg BT 135.64 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 138.95 288.15 Td (In ) Tj ET Q q 0 0 0 rg BT 151.00 288.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 191.35 288.15 Td (during ) Tj ET Q q 0 0 0 rg BT 222.08 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 238.21 288.15 Td (year ) Tj ET Q q 0 0 0 rg BT 259.59 288.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 287.97 288.15 Td (March ) Tj ET Q q 0 0 0 rg BT 318.69 288.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 335.12 288.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 362.06 288.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 386.94 288.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 418.83 288.15 Td (concluded ) Tj ET Q q 0 0 0 rg BT 465.29 288.15 Td (that ) Tj ET Q q 0 0 0 rg BT 484.35 288.15 Td (it ) Tj ET Q q 0 0 0 rg BT 493.49 288.15 Td (was ) Tj ET Q q 0 0 0 rg BT 513.13 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 529.27 288.15 Td (primary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 99.35 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 110.72 275.55 Td (one ) Tj ET Q q 0 0 0 rg BT 128.50 275.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 173.12 275.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 206.07 275.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 237.85 275.55 Td (fund, ) Tj ET Q q 0 0 0 rg BT 262.35 275.55 Td (which ) Tj ET Q q 0 0 0 rg BT 290.64 275.55 Td (was ) Tj ET Q q 0 0 0 rg BT 309.59 275.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 365.29 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 383.07 275.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 430.60 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 441.97 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 449.26 275.55 Td (CIV) Tj ET Q q 0 0 0 rg BT 465.99 275.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.46 250.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.42 250.35 Td (also ) Tj ET Q q 0 0 0 rg BT 123.72 250.35 Td (concluded ) Tj ET Q q 0 0 0 rg BT 169.25 250.35 Td (it ) Tj ET Q q 0 0 0 rg BT 177.47 250.35 Td (was ) Tj ET Q q 0 0 0 rg BT 196.18 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 211.40 250.35 Td (primary ) Tj ET Q q 0 0 0 rg BT 247.02 250.35 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 296.62 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 307.75 250.35 Td (one ) Tj ET Q q 0 0 0 rg BT 325.29 250.35 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 370.26 250.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 418.72 250.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 440.17 250.35 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 462.68 250.35 Td (which ) Tj ET Q q 0 0 0 rg BT 490.72 250.35 Td (was ) Tj ET Q q 0 0 0 rg BT 509.43 250.35 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (\(and ) Tj ET Q q 0 0 0 rg BT 69.58 237.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 115.90 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 126.07 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 132.15 237.75 Td (CIV\) ) Tj ET Q q 0 0 0 rg BT 155.15 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 165.32 237.75 Td (of�March ) Tj ET Q q 0 0 0 rg BT 205.52 237.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 220.07 237.75 Td (2017. ) Tj ET Q q 0 0 0 rg BT 245.11 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 246.43 237.75 Td (This ) Tj ET Q q 0 0 0 rg BT 266.52 237.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 310.52 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 358.02 237.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 378.69 237.75 Td (was ) Tj ET Q q 0 0 0 rg BT 396.44 237.75 Td (also ) Tj ET Q q 0 0 0 rg BT 414.78 237.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 469.27 237.75 Td (under ) Tj ET Q q 0 0 0 rg BT 494.60 237.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 516.43 237.75 Td (accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 92.65 225.15 Td (as ) Tj ET Q q 0 0 0 rg BT 104.02 225.15 Td (further ) Tj ET Q q 0 0 0 rg BT 135.21 225.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 178.09 225.15 Td (below) Tj ET Q q 0 0 0 rg BT 203.07 225.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 199.95 Td (adoption ) Tj ET Q q 0 0 0 rg BT 107.77 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 119.12 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 134.54 199.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 170.38 199.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 219.05 199.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 259.55 199.95 Td (on ) Tj ET Q q 0 0 0 rg BT 272.65 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 288.07 199.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 346.09 199.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 382.50 199.95 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 408.43 199.95 Td (as ) Tj ET Q q 0 0 0 rg BT 419.78 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 431.12 199.95 Td (March ) Tj ET Q q 0 0 0 rg BT 461.13 199.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 476.85 199.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 503.08 199.95 Td (resulted ) Tj ET Q q 0 0 0 rg BT 538.91 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 199.95 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (reductions ) Tj ET Q q 0 0 0 rg BT 95.86 187.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.24 187.35 Td ($5,276) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.11 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 138.74 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 149.53 187.35 Td (assets, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.28 187.35 Td ($4,362) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 208.15 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 210.78 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 221.57 187.35 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 265.90 187.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.68 187.35 Td ($4,959) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.56 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 315.18 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 325.98 187.35 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 376.99 187.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 441.44 187.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 479.06 187.35 Td (from ) Tj ET Q q 0 0 0 rg BT 502.09 187.35 Td (CIVs.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (Prior ) Tj ET Q q 0 0 0 rg BT 74.88 162.15 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 137.80 162.15 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 190.61 162.15 Td (Guidance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.99 149.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 100.65 149.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 148.97 149.55 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 191.75 149.55 Td (for ) Tj ET Q q 0 0 0 rg BT 206.25 149.55 Td (most ) Tj ET Q q 0 0 0 rg BT 228.92 149.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 273.75 149.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 322.08 149.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 343.42 149.55 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 367.25 149.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 402.15 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 412.57 149.55 Td (be ) Tj ET Q q 0 0 0 rg BT 424.73 149.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 473.06 149.55 Td (companies, ) Tj ET Q q 0 0 0 rg BT 522.84 149.55 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (money ) Tj ET Q q 0 0 0 rg BT 80.48 136.95 Td (market ) Tj ET Q q 0 0 0 rg BT 112.04 136.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 140.40 136.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 164.38 136.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 195.37 136.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 245.01 136.95 Td (it ) Tj ET Q q 0 0 0 rg BT 253.25 136.95 Td (was ) Tj ET Q q 0 0 0 rg BT 271.98 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 287.21 136.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 322.86 136.95 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 372.48 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 383.63 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 390.53 136.95 Td (VIE ) Tj ET Q q 0 0 0 rg BT 410.42 136.95 Td (if ) Tj ET Q q 0 0 0 rg BT 419.24 136.95 Td (it ) Tj ET Q q 0 0 0 rg BT 427.48 136.95 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 467.79 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 474.86 136.95 Td (majority ) Tj ET Q q 0 0 0 rg BT 512.84 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 523.99 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 539.05 136.95 Td (VIE's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 88.50 124.35 Td (losses, ) Tj ET Q q 0 0 0 rg BT 117.91 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 128.35 124.35 Td (received ) Tj ET Q q 0 0 0 rg BT 165.60 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 171.95 124.35 Td (majority ) Tj ET Q q 0 0 0 rg BT 209.22 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 219.66 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 234.06 124.35 Td (VIE's ) Tj ET Q q 0 0 0 rg BT 259.23 124.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 298.23 124.35 Td (residual ) Tj ET Q q 0 0 0 rg BT 333.16 124.35 Td (returns, ) Tj ET Q q 0 0 0 rg BT 366.64 124.35 Td (if ) Tj ET Q q 0 0 0 rg BT 374.75 124.35 Td (any) Tj ET Q q 0 0 0 rg BT 389.23 124.35 Td (. ) Tj ET Q q 0 0 0 rg BT 393.54 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 395.24 124.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 418.51 124.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 454.76 124.35 Td (determination ) Tj ET Q q 0 0 0 rg BT 514.77 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 525.21 124.35 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (residual ) Tj ET Q q 0 0 0 rg BT 85.17 111.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 116.75 111.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 157.08 111.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 181.68 111.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 201.01 111.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 221.52 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 232.12 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 239.21 111.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 276.63 111.75 Td (maker ) Tj ET Q q 0 0 0 rg BT 305.29 111.75 Td (if ) Tj ET Q q 0 0 0 rg BT 314.13 111.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 345.13 111.75 Td (criteria ) Tj ET Q q 0 0 0 rg BT 377.28 111.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 411.78 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 422.38 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 437.63 111.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 456.97 111.75 Td (were ) Tj ET Q q 0 0 0 rg BT 479.80 111.75 Td (met. ) Tj ET Q q 0 0 0 rg BT 500.60 111.75 Td (In ) Tj ET Q q 0 0 0 rg BT 511.77 111.75 Td (determining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (whether ) Tj ET Q q 0 0 0 rg BT 86.12 99.15 Td (it ) Tj ET Q q 0 0 0 rg BT 94.76 99.15 Td (was ) Tj ET Q q 0 0 0 rg BT 113.90 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 129.53 99.15 Td (primary ) Tj ET Q q 0 0 0 rg BT 165.57 99.15 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 215.60 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 227.15 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 234.41 99.15 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 257.34 99.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 281.72 99.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 313.10 99.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 361.39 99.15 Td (both ) Tj ET Q q 0 0 0 rg BT 382.86 99.15 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 429.99 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 447.95 99.15 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 500.33 99.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 531.70 99.15 Td (such ) Tj ET Q q 0 0 0 rg BT 553.75 99.15 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.44 86.55 Td (voting ) Tj ET Q q 0 0 0 rg BT 95.38 86.55 Td (rights ) Tj ET Q q 0 0 0 rg BT 122.40 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 134.26 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 150.19 86.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 179.54 86.55 Td (holders, ) Tj ET Q q 0 0 0 rg BT 216.19 86.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 260.11 86.55 Td (participation ) Tj ET Q q 0 0 0 rg BT 316.28 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 328.14 86.55 Td (all ) Tj ET Q q 0 0 0 rg BT 341.74 86.55 Td (parties ) Tj ET Q q 0 0 0 rg BT 372.83 86.55 Td (\(including ) Tj ET Q q 0 0 0 rg BT 419.10 86.55 Td (how ) Tj ET Q q 0 0 0 rg BT 440.29 86.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 460.30 86.55 Td (were ) Tj ET Q q 0 0 0 rg BT 483.81 86.55 Td (earned ) Tj ET Q q 0 0 0 rg BT 514.90 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 533.16 86.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 554.35 86.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.70 73.95 Td (Mason\), ) Tj ET Q q 0 0 0 rg BT 111.03 73.95 Td (related ) Tj ET Q q 0 0 0 rg BT 142.22 73.95 Td (party ) Tj ET Q q 0 0 0 rg BT 166.42 73.95 Td (ownership, ) Tj ET Q q 0 0 0 rg BT 215.41 73.95 Td (guarantees, ) Tj ET Q q 0 0 0 rg BT 265.56 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 283.34 73.95 Td (implied ) Tj ET Q q 0 0 0 rg BT 318.05 73.95 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 376.96 73.95 Td ( ) Tj ET Q endstream endobj 189 0 obj <>] /Rotate 0 /Contents 190 0 R>> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.29 741.75 Td (other ) Tj ET Q q 0 0 0 rg BT 90.08 741.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 134.86 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 183.15 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 208.69 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 226.64 741.75 Td (did ) Tj ET Q q 0 0 0 rg BT 242.26 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 257.89 741.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 280.50 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.54 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 343.82 741.75 Td (company ) Tj ET Q q 0 0 0 rg BT 384.52 741.75 Td (criteria, ) Tj ET Q q 0 0 0 rg BT 419.08 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 442.86 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 473.65 741.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 523.09 741.75 Td (it ) Tj ET Q q 0 0 0 rg BT 531.13 741.75 Td (was ) Tj ET Q q 0 0 0 rg BT 549.67 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (primary ) Tj ET Q q 0 0 0 rg BT 85.24 729.15 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 134.96 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 146.21 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 153.19 729.15 Td (VIE ) Tj ET Q q 0 0 0 rg BT 173.18 729.15 Td (if ) Tj ET Q q 0 0 0 rg BT 182.10 729.15 Td (it ) Tj ET Q q 0 0 0 rg BT 190.43 729.15 Td (had ) Tj ET Q q 0 0 0 rg BT 208.09 729.15 Td (both ) Tj ET Q q 0 0 0 rg BT 229.26 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 244.59 729.15 Td (power ) Tj ET Q q 0 0 0 rg BT 273.33 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 284.00 729.15 Td (direct ) Tj ET Q q 0 0 0 rg BT 310.40 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 325.73 729.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 366.14 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 377.38 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 392.53 729.15 Td (VIE ) Tj ET Q q 0 0 0 rg BT 412.53 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 430.77 729.15 Td (most ) Tj ET Q q 0 0 0 rg BT 453.69 729.15 Td (significantly ) Tj ET Q q 0 0 0 rg BT 508.69 729.15 Td (impacted ) Tj ET Q q 0 0 0 rg BT 549.67 729.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (entity's ) Tj ET Q q 0 0 0 rg BT 82.74 716.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 126.91 716.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 183.32 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 201.83 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 218.01 716.55 Td (obligation ) Tj ET Q q 0 0 0 rg BT 263.95 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 275.47 716.55 Td (absorb ) Tj ET Q q 0 0 0 rg BT 306.81 716.55 Td (losses, ) Tj ET Q q 0 0 0 rg BT 337.88 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 349.98 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 366.16 716.55 Td (right ) Tj ET Q q 0 0 0 rg BT 389.34 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 400.86 716.55 Td (receive ) Tj ET Q q 0 0 0 rg BT 434.52 716.55 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 473.74 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 492.84 716.55 Td (could ) Tj ET Q q 0 0 0 rg BT 519.52 716.55 Td (have ) Tj ET Q q 0 0 0 rg BT 542.70 716.55 Td (been ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.45 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 107.24 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 122.51 703.95 Td (VIE.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.85 678.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.20 678.75 Td (concluded ) Tj ET Q q 0 0 0 rg BT 151.12 678.75 Td (it ) Tj ET Q q 0 0 0 rg BT 159.73 678.75 Td (was ) Tj ET Q q 0 0 0 rg BT 178.83 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.43 678.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 230.44 678.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 280.43 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 291.95 678.75 Td (one ) Tj ET Q q 0 0 0 rg BT 309.88 678.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 355.23 678.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 404.08 678.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 425.90 678.75 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 448.78 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 467.30 678.75 Td (was ) Tj ET Q q 0 0 0 rg BT 486.40 678.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 542.24 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 553.76 678.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 79.17 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 94.57 666.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 117.84 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 135.27 666.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 161.17 666.15 Td (despite ) Tj ET Q q 0 0 0 rg BT 193.18 666.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 239.77 666.15 Td (third-party ) Tj ET Q q 0 0 0 rg BT 286.94 666.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.38 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 349.82 666.15 Td (this ) Tj ET Q q 0 0 0 rg BT 367.26 666.15 Td (product. ) Tj ET Q q 0 0 0 rg BT 404.23 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 406.00 666.15 Td (Also, ) Tj ET Q q 0 0 0 rg BT 430.73 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 441.75 666.15 Td (of�March ) Tj ET Q q 0 0 0 rg BT 482.79 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 498.19 666.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 521.46 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 538.89 666.15 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.06 653.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.62 653.55 Td (concluded ) Tj ET Q q 0 0 0 rg BT 148.75 653.55 Td (it ) Tj ET Q q 0 0 0 rg BT 156.57 653.55 Td (was ) Tj ET Q q 0 0 0 rg BT 174.88 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 189.69 653.55 Td (primary ) Tj ET Q q 0 0 0 rg BT 224.91 653.55 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 274.11 653.55 Td (of�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.48 653.55 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.98 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 297.96 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 315.11 653.55 Td (17 ) Tj ET Q q 0 0 0 rg BT 327.59 653.55 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 401.88 653.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 429.82 653.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 479.86 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 484.47 653.55 Td (it ) Tj ET Q q 0 0 0 rg BT 492.29 653.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 536.85 653.55 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (were ) Tj ET Q q 0 0 0 rg BT 72.81 640.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 128.79 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 146.85 640.95 Td (designated ) Tj ET Q q 0 0 0 rg BT 194.66 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 206.32 640.95 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 234.02 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 236.29 640.95 Td (As ) Tj ET Q q 0 0 0 rg BT 250.86 640.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 294.02 640.95 Td (above, ) Tj ET Q q 0 0 0 rg BT 324.62 640.95 Td (ef) Tj ET Q q 0 0 0 rg BT 332.59 640.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 363.42 640.95 Td (April ) Tj ET Q q 0 0 0 rg BT 388.49 640.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 399.27 640.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 425.80 640.95 Td (under ) Tj ET Q q 0 0 0 rg BT 452.62 640.95 Td (new ) Tj ET Q q 0 0 0 rg BT 473.02 640.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.99 640.95 Td (guidance, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (all ) Tj ET Q q 0 0 0 rg BT 62.68 628.35 Td (but ) Tj ET Q q 0 0 0 rg BT 78.79 628.35 Td (one ) Tj ET Q q 0 0 0 rg BT 96.63 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 108.07 628.35 Td (those ) Tj ET Q q 0 0 0 rg BT 132.92 628.35 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 207.91 628.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 233.93 628.35 Td (no ) Tj ET Q q 0 0 0 rg BT 247.12 628.35 Td (longer ) Tj ET Q q 0 0 0 rg BT 276.63 628.35 Td (qualified ) Tj ET Q q 0 0 0 rg BT 316.64 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 327.88 628.35 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 354.77 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 372.61 628.35 Td (13 ) Tj ET Q q 0 0 0 rg BT 385.80 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 397.23 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 412.75 628.35 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 487.74 628.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 513.76 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 542.11 628.35 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 105.20 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 116.57 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 127.94 615.75 Td (March ) Tj ET Q q 0 0 0 rg BT 157.97 615.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.72 615.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 199.97 615.75 Td (were ) Tj ET Q q 0 0 0 rg BT 222.99 615.75 Td (therefore ) Tj ET Q q 0 0 0 rg BT 263.51 615.75 Td (deconsolidated.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.79 590.55 Td (of�March ) Tj ET Q q 0 0 0 rg BT 105.19 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.94 590.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 147.19 590.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 171.39 590.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 202.59 590.55 Td (had ) Tj ET Q q 0 0 0 rg BT 220.38 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 227.66 590.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 264.10 590.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 297.63 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 308.42 590.55 Td (three ) Tj ET Q q 0 0 0 rg BT 332.03 590.55 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 391.20 590.55 Td (loan ) Tj ET Q q 0 0 0 rg BT 411.90 590.55 Td (obligations ) Tj ET Q q 0 0 0 rg BT 461.19 590.55 Td (\("CLOs"\). ) Tj ET Q q 0 0 0 rg BT 507.09 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 509.72 590.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.92 590.55 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (concluded ) Tj ET Q q 0 0 0 rg BT 95.61 577.95 Td (it ) Tj ET Q q 0 0 0 rg BT 104.41 577.95 Td (was ) Tj ET Q q 0 0 0 rg BT 123.71 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 140.09 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 155.88 577.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 192.09 577.95 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 242.27 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 253.98 577.95 Td (these ) Tj ET Q q 0 0 0 rg BT 278.52 577.95 Td (CLOs, ) Tj ET Q q 0 0 0 rg BT 309.20 577.95 Td (which ) Tj ET Q q 0 0 0 rg BT 337.83 577.95 Td (were ) Tj ET Q q 0 0 0 rg BT 361.19 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 377.58 577.95 Td (consolidated, ) Tj ET Q q 0 0 0 rg BT 436.24 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 447.95 577.95 Td (it ) Tj ET Q q 0 0 0 rg BT 456.75 577.95 Td (held ) Tj ET Q q 0 0 0 rg BT 477.79 577.95 Td (no ) Tj ET Q q 0 0 0 rg BT 491.26 577.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 520.47 577.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 554.34 577.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (these ) Tj ET Q q 0 0 0 rg BT 73.44 565.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 121.89 565.35 Td (products ) Tj ET Q q 0 0 0 rg BT 160.41 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 177.94 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 193.13 565.35 Td (level ) Tj ET Q q 0 0 0 rg BT 215.91 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 227.02 565.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 246.29 565.35 Td (they ) Tj ET Q q 0 0 0 rg BT 266.73 565.35 Td (were ) Tj ET Q q 0 0 0 rg BT 289.50 565.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 329.18 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 339.71 565.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 357.24 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 367.77 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 391.71 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 422.66 565.35 Td (was ) Tj ET Q q 0 0 0 rg BT 441.36 565.35 Td (insignificant. ) Tj ET Q q 0 0 0 rg BT 498.84 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 501.21 565.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 529.81 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 545.01 565.35 Td (new ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 91.69 552.75 Td (ef) Tj ET Q q 0 0 0 rg BT 99.65 552.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 129.51 552.75 Td (April ) Tj ET Q q 0 0 0 rg BT 153.34 552.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 162.88 552.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 188.17 552.75 Td (these ) Tj ET Q q 0 0 0 rg BT 211.40 552.75 Td (CLOs ) Tj ET Q q 0 0 0 rg BT 238.15 552.75 Td (no ) Tj ET Q q 0 0 0 rg BT 250.32 552.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 278.80 552.75 Td (qualify ) Tj ET Q q 0 0 0 rg BT 310.21 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 320.50 552.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 343.74 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 353.57 552.75 Td (which ) Tj ET Q q 0 0 0 rg BT 380.89 552.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 404.13 552.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 434.38 552.75 Td (might ) Tj ET Q q 0 0 0 rg BT 460.54 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 472.12 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 478.44 552.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 513.34 552.75 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 559.88 552.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 527.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 94.41 527.55 Td (3 ) Tj ET Q q 0 0 0 rg BT 102.28 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 120.07 527.55 Td (17 ) Tj ET Q q 0 0 0 rg BT 133.19 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 148.06 527.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 192.68 527.55 Td (information ) Tj ET Q q 0 0 0 rg BT 244.88 527.55 Td (related ) Tj ET Q q 0 0 0 rg BT 276.07 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 286.67 527.55 Td (VIEs.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 74.88 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 94.44 502.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 119.82 502.35 Td (Equivalents) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.13 489.75 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 123.57 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 139.01 489.75 Td (highly ) Tj ET Q q 0 0 0 rg BT 168.47 489.75 Td (liquid ) Tj ET Q q 0 0 0 rg BT 195.60 489.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 248.39 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 269.68 489.75 Td (original ) Tj ET Q q 0 0 0 rg BT 304.97 489.75 Td (maturities ) Tj ET Q q 0 0 0 rg BT 349.58 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 360.96 489.75 Td (90�days ) Tj ET Q q 0 0 0 rg BT 395.95 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 407.33 489.75 Td (less.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 98.19 464.55 Td (Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 95.36 451.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 117.30 451.95 Td (represents ) Tj ET Q q 0 0 0 rg BT 163.15 451.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.10 451.95 Td (collateral ) Tj ET Q q 0 0 0 rg BT 227.44 451.95 Td (required ) Tj ET Q q 0 0 0 rg BT 265.71 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 281.24 451.95 Td (market ) Tj ET Q q 0 0 0 rg BT 313.68 451.95 Td (hedge ) Tj ET Q q 0 0 0 rg BT 342.04 451.95 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 401.88 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 420.33 451.95 Td (other ) Tj ET Q q 0 0 0 rg BT 445.19 451.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 467.14 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 486.17 451.95 Td (is ) Tj ET Q q 0 0 0 rg BT 496.46 451.95 Td (not ) Tj ET Q q 0 0 0 rg BT 513.16 451.95 Td (available ) Tj ET Q q 0 0 0 rg BT 554.34 451.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.70 439.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.91 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 119.78 439.35 Td (general ) Tj ET Q q 0 0 0 rg BT 153.30 439.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 195.56 439.35 Td (use.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 94.13 414.15 Td (Instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 106.59 401.55 Td (all ) Tj ET Q q 0 0 0 rg BT 119.34 401.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.33 401.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 209.58 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 224.66 401.55 Td (reflected ) Tj ET Q q 0 0 0 rg BT 263.64 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 274.06 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 289.14 401.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.13 401.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 374.71 401.55 Td (at ) Tj ET Q q 0 0 0 rg BT 384.54 401.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 401.37 401.55 Td (value ) Tj ET Q q 0 0 0 rg BT 426.37 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 437.37 401.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 475.21 401.55 Td (that ) Tj ET Q q 0 0 0 rg BT 493.21 401.55 Td (approximate ) Tj ET Q q 0 0 0 rg BT 547.94 401.55 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (value, ) Tj ET Q q 0 0 0 rg BT 77.49 388.95 Td (except ) Tj ET Q q 0 0 0 rg BT 107.51 388.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 131.71 388.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 168.90 388.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 212.93 388.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 233.63 388.95 Td (not ) Tj ET Q q 0 0 0 rg BT 249.68 388.95 Td (designated ) Tj ET Q q 0 0 0 rg BT 297.21 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 312.07 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 319.36 388.95 Td (hedging ) Tj ET Q q 0 0 0 rg BT 355.81 388.95 Td (transaction.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 404.50 388.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.14 363.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 107.37 363.75 Td (above ) Tj ET Q q 0 0 0 rg BT 135.41 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 146.56 363.75 Td ("Consolidation," ) Tj ET Q q 0 0 0 rg BT 219.65 363.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 269.27 363.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 291.49 363.75 Td (products ) Tj ET Q q 0 0 0 rg BT 330.63 363.75 Td (with ) Tj ET Q q 0 0 0 rg BT 352.27 363.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 373.90 363.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 404.86 363.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 458.00 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 473.80 363.75 Td (initially ) Tj ET Q q 0 0 0 rg BT 509.44 363.75 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.24 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 82.65 351.15 Td (individual ) Tj ET Q q 0 0 0 rg BT 127.81 351.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 170.04 351.15 Td (within ) Tj ET Q q 0 0 0 rg BT 199.45 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 214.86 351.15 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 254.19 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 269.58 351.15 Td (accounted ) Tj ET Q q 0 0 0 rg BT 314.72 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 329.54 351.15 Td (as ) Tj ET Q q 0 0 0 rg BT 340.87 351.15 Td (trading ) Tj ET Q q 0 0 0 rg BT 373.19 351.15 Td (investments. ) Tj ET Q q 0 0 0 rg BT 428.56 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 431.14 351.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 455.29 351.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 486.46 351.15 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 540.94 351.15 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (products ) Tj ET Q q 0 0 0 rg BT 88.76 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 100.60 338.55 Td (long ) Tj ET Q q 0 0 0 rg BT 122.37 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 134.22 338.55 Td (it ) Tj ET Q q 0 0 0 rg BT 143.15 338.55 Td (holds ) Tj ET Q q 0 0 0 rg BT 169.00 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 176.76 338.55 Td (controlling ) Tj ET Q q 0 0 0 rg BT 225.93 338.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 265.76 338.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 299.77 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 311.03 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 326.96 338.55 Td (product. ) Tj ET Q q 0 0 0 rg BT 364.76 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 367.86 338.55 Td (Upon ) Tj ET Q q 0 0 0 rg BT 394.29 338.55 Td (deconsolidation, ) Tj ET Q q 0 0 0 rg BT 466.50 338.55 Td (which ) Tj ET Q q 0 0 0 rg BT 495.26 338.55 Td (typically ) Tj ET Q q 0 0 0 rg BT 535.10 338.55 Td (occurs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (after ) Tj ET Q q 0 0 0 rg BT 72.05 325.95 Td (several ) Tj ET Q q 0 0 0 rg BT 105.11 325.95 Td (years, ) Tj ET Q q 0 0 0 rg BT 133.21 325.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 158.11 325.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 190.01 325.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 230.07 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 245.64 325.95 Td (its ) Tj ET Q q 0 0 0 rg BT 258.88 325.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 312.37 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 323.86 325.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 373.82 325.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 396.39 325.95 Td (products ) Tj ET Q q 0 0 0 rg BT 435.88 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 447.95 325.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 477.51 325.95 Td (method ) Tj ET Q q 0 0 0 rg BT 512.33 325.95 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (\(further ) Tj ET Q q 0 0 0 rg BT 83.90 313.35 Td (described ) Tj ET Q q 0 0 0 rg BT 126.47 313.35 Td (below\) ) Tj ET Q q 0 0 0 rg BT 157.97 313.35 Td (if ) Tj ET Q q 0 0 0 rg BT 166.72 313.35 Td (its ) Tj ET Q q 0 0 0 rg BT 178.98 313.35 Td (ownership ) Tj ET Q q 0 0 0 rg BT 225.06 313.35 Td (is ) Tj ET Q q 0 0 0 rg BT 234.40 313.35 Td (between ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.72 313.35 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.97 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 293.31 313.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.81 313.35 Td (50%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.05 313.35 Td (, ) Tj ET Q q 0 0 0 rg BT 335.02 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 346.10 313.35 Td (it ) Tj ET Q q 0 0 0 rg BT 354.27 313.35 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 397.43 313.35 Td (has ) Tj ET Q q 0 0 0 rg BT 413.77 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 428.93 313.35 Td (ability ) Tj ET Q q 0 0 0 rg BT 458.10 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 468.61 313.35 Td (significantly ) Tj ET Q q 0 0 0 rg BT 523.44 313.35 Td (influence ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.98 300.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 104.35 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 122.16 300.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 164.46 300.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 199.77 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 211.16 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.64 300.75 Td (investee. ) Tj ET Q q 0 0 0 rg BT 266.31 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 268.96 300.75 Td (For ) Tj ET Q q 0 0 0 rg BT 286.19 300.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 340.16 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 357.97 300.75 Td (LLCs, ) Tj ET Q q 0 0 0 rg BT 387.16 300.75 Td (where ) Tj ET Q q 0 0 0 rg BT 415.46 300.75 Td (third-party ) Tj ET Q q 0 0 0 rg BT 463.01 300.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 503.57 300.75 Td (may ) Tj ET Q q 0 0 0 rg BT 524.29 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 546.76 300.75 Td (less ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (ability ) Tj ET Q q 0 0 0 rg BT 78.42 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 88.67 288.15 Td (influence ) Tj ET Q q 0 0 0 rg BT 129.82 288.15 Td (operations, ) Tj ET Q q 0 0 0 rg BT 178.27 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 193.19 288.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 221.52 288.15 Td (method ) Tj ET Q q 0 0 0 rg BT 255.10 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 265.94 288.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 314.09 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 323.18 288.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 370.75 288.15 Td (if ) Tj ET Q q 0 0 0 rg BT 379.25 288.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 402.91 288.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 439.56 288.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 485.39 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 494.48 288.15 Td (greater ) Tj ET Q q 0 0 0 rg BT 525.71 288.15 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.88 288.15 Td (3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 288.15 Td (. ) Tj ET Q q 0 0 0 rg BT 565.13 288.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Changes ) Tj ET Q q 0 0 0 rg BT 88.21 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 98.93 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 114.31 275.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 131.43 275.55 Td (value ) Tj ET Q q 0 0 0 rg BT 156.72 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 168.02 275.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 217.21 275.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 239.01 275.55 Td (products ) Tj ET Q q 0 0 0 rg BT 277.72 275.55 Td (classified ) Tj ET Q q 0 0 0 rg BT 319.93 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 331.23 275.55 Td (trading ) Tj ET Q q 0 0 0 rg BT 363.52 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 374.82 275.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 403.61 275.55 Td (method ) Tj ET Q q 0 0 0 rg BT 437.66 275.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 490.37 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 505.74 275.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 554.35 275.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 76.03 262.95 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 137.56 262.95 Td (income ) Tj ET Q q 0 0 0 rg BT 171.09 262.95 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 217.15 262.95 Td (net, ) Tj ET Q q 0 0 0 rg BT 235.23 262.95 Td (on ) Tj ET Q q 0 0 0 rg BT 248.35 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 263.81 262.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 321.84 262.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 370.55 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 381.92 262.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 416.03 262.95 Td (\(Loss\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.12 240.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.74 240.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 144.85 240.35 Td (redeems ) Tj ET Q q 0 0 0 rg BT 181.87 240.35 Td (its ) Tj ET Q q 0 0 0 rg BT 193.84 240.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 246.04 240.35 Td (in ) Tj ET Q q 0 0 0 rg BT 256.25 240.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 304.94 240.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 326.23 240.35 Td (products ) Tj ET Q q 0 0 0 rg BT 364.43 240.35 Td (when ) Tj ET Q q 0 0 0 rg BT 389.22 240.35 Td (the ) Tj ET Q q 0 0 0 rg BT 404.09 240.35 Td (related ) Tj ET Q q 0 0 0 rg BT 434.69 240.35 Td (product ) Tj ET Q q 0 0 0 rg BT 468.81 240.35 Td (establishes ) Tj ET Q q 0 0 0 rg BT 516.34 240.35 Td (a ) Tj ET Q q 0 0 0 rg BT 523.05 240.35 Td (suf) Tj ET Q q 0 0 0 rg BT 535.69 240.35 Td (ficient ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 227.75 Td (track ) Tj ET Q q 0 0 0 rg BT 72.98 227.75 Td (record, ) Tj ET Q q 0 0 0 rg BT 104.91 227.75 Td (when ) Tj ET Q q 0 0 0 rg BT 130.15 227.75 Td (third-party ) Tj ET Q q 0 0 0 rg BT 177.54 227.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 230.20 227.75 Td (in ) Tj ET Q q 0 0 0 rg BT 240.86 227.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.18 227.75 Td (related ) Tj ET Q q 0 0 0 rg BT 287.24 227.75 Td (product ) Tj ET Q q 0 0 0 rg BT 321.81 227.75 Td (are ) Tj ET Q q 0 0 0 rg BT 337.12 227.75 Td (suf) Tj ET Q q 0 0 0 rg BT 349.76 227.75 Td (ficient ) Tj ET Q q 0 0 0 rg BT 379.08 227.75 Td (to ) Tj ET Q q 0 0 0 rg BT 389.74 227.75 Td (sustain ) Tj ET Q q 0 0 0 rg BT 421.40 227.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.72 227.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 469.28 227.75 Td (, ) Tj ET Q q 0 0 0 rg BT 474.40 227.75 Td (or ) Tj ET Q q 0 0 0 rg BT 485.63 227.75 Td (when ) Tj ET Q q 0 0 0 rg BT 510.87 227.75 Td (a ) Tj ET Q q 0 0 0 rg BT 518.03 227.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 555.51 227.75 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 215.15 Td (made ) Tj ET Q q 0 0 0 rg BT 75.01 215.15 Td (to ) Tj ET Q q 0 0 0 rg BT 85.96 215.15 Td (no ) Tj ET Q q 0 0 0 rg BT 99.23 215.15 Td (longer ) Tj ET Q q 0 0 0 rg BT 128.83 215.15 Td (pursue ) Tj ET Q q 0 0 0 rg BT 159.60 215.15 Td (the ) Tj ET Q q 0 0 0 rg BT 175.20 215.15 Td (strategy) Tj ET Q q 0 0 0 rg BT 207.76 215.15 Td (. ) Tj ET Q q 0 0 0 rg BT 213.16 215.15 Td ( ) Tj ET Q q 0 0 0 rg BT 215.73 215.15 Td (The ) Tj ET Q q 0 0 0 rg BT 234.83 215.15 Td (length ) Tj ET Q q 0 0 0 rg BT 263.85 215.15 Td (of ) Tj ET Q q 0 0 0 rg BT 275.38 215.15 Td (time ) Tj ET Q q 0 0 0 rg BT 296.81 215.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 321.16 215.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 352.52 215.15 Td (holds ) Tj ET Q q 0 0 0 rg BT 378.05 215.15 Td (a ) Tj ET Q q 0 0 0 rg BT 385.49 215.15 Td (majority ) Tj ET Q q 0 0 0 rg BT 423.84 215.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 457.52 215.15 Td (in ) Tj ET Q q 0 0 0 rg BT 468.46 215.15 Td (a ) Tj ET Q q 0 0 0 rg BT 475.90 215.15 Td (product ) Tj ET Q q 0 0 0 rg BT 510.75 215.15 Td (varies ) Tj ET Q q 0 0 0 rg BT 538.59 215.15 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 202.55 Td (on ) Tj ET Q q 0 0 0 rg BT 62.63 202.55 Td (a ) Tj ET Q q 0 0 0 rg BT 69.91 202.55 Td (number ) Tj ET Q q 0 0 0 rg BT 104.61 202.55 Td (of ) Tj ET Q q 0 0 0 rg BT 115.98 202.55 Td (factors, ) Tj ET Q q 0 0 0 rg BT 149.80 202.55 Td (such ) Tj ET Q q 0 0 0 rg BT 171.67 202.55 Td (as ) Tj ET Q q 0 0 0 rg BT 183.04 202.55 Td (market ) Tj ET Q q 0 0 0 rg BT 214.82 202.55 Td (demand, ) Tj ET Q q 0 0 0 rg BT 253.31 202.55 Td (market ) Tj ET Q q 0 0 0 rg BT 285.09 202.55 Td (conditions ) Tj ET Q q 0 0 0 rg BT 331.46 202.55 Td (and ) Tj ET Q q 0 0 0 rg BT 349.25 202.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 397.95 202.55 Td (performance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 179.95 Td (See ) Tj ET Q q 0 0 0 rg BT 67.63 179.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 95.09 179.95 Td (3 ) Tj ET Q q 0 0 0 rg BT 103.30 179.95 Td (and ) Tj ET Q q 0 0 0 rg BT 121.43 179.95 Td (17 ) Tj ET Q q 0 0 0 rg BT 134.89 179.95 Td (for ) Tj ET Q q 0 0 0 rg BT 150.10 179.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 195.06 179.95 Td (information ) Tj ET Q q 0 0 0 rg BT 247.60 179.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 290.79 179.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 315.33 179.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 352.86 179.95 Td (seed ) Tj ET Q q 0 0 0 rg BT 374.48 179.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 405.43 179.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 458.56 179.95 Td (and ) Tj ET Q q 0 0 0 rg BT 476.69 179.95 Td (the ) Tj ET Q q 0 0 0 rg BT 492.48 179.95 Td (determination ) Tj ET Q q 0 0 0 rg BT 553.76 179.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 167.35 Td (whether ) Tj ET Q q 0 0 0 rg BT 85.94 167.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 138.73 167.35 Td (in ) Tj ET Q q 0 0 0 rg BT 149.52 167.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 198.80 167.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 220.67 167.35 Td (products ) Tj ET Q q 0 0 0 rg BT 259.45 167.35 Td (represent ) Tj ET Q q 0 0 0 rg BT 300.37 167.35 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 327.20 167.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 377.24 167.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.60 144.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 95.36 144.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 148.03 144.75 Td (in ) Tj ET Q q 0 0 0 rg BT 158.71 144.75 Td (which ) Tj ET Q q 0 0 0 rg BT 186.89 144.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 210.97 144.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 242.07 144.75 Td (does ) Tj ET Q q 0 0 0 rg BT 263.83 144.75 Td (not ) Tj ET Q q 0 0 0 rg BT 279.76 144.75 Td (control ) Tj ET Q q 0 0 0 rg BT 312.01 144.75 Td (the ) Tj ET Q q 0 0 0 rg BT 327.35 144.75 Td (investee ) Tj ET Q q 0 0 0 rg BT 364.27 144.75 Td (and ) Tj ET Q q 0 0 0 rg BT 381.94 144.75 Td (is ) Tj ET Q q 0 0 0 rg BT 391.46 144.75 Td (not ) Tj ET Q q 0 0 0 rg BT 407.39 144.75 Td (the ) Tj ET Q q 0 0 0 rg BT 422.73 144.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 458.48 144.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 508.21 144.75 Td (of ) Tj ET Q q 0 0 0 rg BT 519.47 144.75 Td (a ) Tj ET Q q 0 0 0 rg BT 526.46 144.75 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 549.09 144.75 Td (but ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 132.15 Td (can ) Tj ET Q q 0 0 0 rg BT 67.54 132.15 Td (exert ) Tj ET Q q 0 0 0 rg BT 92.00 132.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 139.80 132.15 Td (influence ) Tj ET Q q 0 0 0 rg BT 182.33 132.15 Td (over ) Tj ET Q q 0 0 0 rg BT 204.46 132.15 Td (the ) Tj ET Q q 0 0 0 rg BT 220.76 132.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 260.97 132.15 Td (and ) Tj ET Q q 0 0 0 rg BT 279.60 132.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 322.72 132.15 Td (policies ) Tj ET Q q 0 0 0 rg BT 358.86 132.15 Td (of ) Tj ET Q q 0 0 0 rg BT 371.07 132.15 Td (the ) Tj ET Q q 0 0 0 rg BT 387.38 132.15 Td (investee, ) Tj ET Q q 0 0 0 rg BT 427.88 132.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 452.92 132.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 484.98 132.15 Td (follows ) Tj ET Q q 0 0 0 rg BT 519.95 132.15 Td (the ) Tj ET Q q 0 0 0 rg BT 536.25 132.15 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 119.55 Td (method ) Tj ET Q q 0 0 0 rg BT 83.54 119.55 Td (of ) Tj ET Q q 0 0 0 rg BT 94.83 119.55 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 146.07 119.55 Td ( ) Tj ET Q q 0 0 0 rg BT 148.43 119.55 Td (The ) Tj ET Q q 0 0 0 rg BT 167.30 119.55 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 213.58 119.55 Td (of ) Tj ET Q q 0 0 0 rg BT 224.87 119.55 Td (whether ) Tj ET Q q 0 0 0 rg BT 261.24 119.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 285.36 119.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 316.49 119.55 Td (can ) Tj ET Q q 0 0 0 rg BT 333.60 119.55 Td (exert ) Tj ET Q q 0 0 0 rg BT 357.13 119.55 Td (control ) Tj ET Q q 0 0 0 rg BT 389.42 119.55 Td (or ) Tj ET Q q 0 0 0 rg BT 400.71 119.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 447.58 119.55 Td (influence ) Tj ET Q q 0 0 0 rg BT 489.19 119.55 Td (over ) Tj ET Q q 0 0 0 rg BT 510.40 119.55 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 119.55 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 106.95 Td (and ) Tj ET Q q 0 0 0 rg BT 66.87 106.95 Td (operational ) Tj ET Q q 0 0 0 rg BT 116.32 106.95 Td (policies ) Tj ET Q q 0 0 0 rg BT 151.19 106.95 Td (of ) Tj ET Q q 0 0 0 rg BT 162.15 106.95 Td (an ) Tj ET Q q 0 0 0 rg BT 174.28 106.95 Td (investee ) Tj ET Q q 0 0 0 rg BT 210.89 106.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 246.92 106.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 293.46 106.95 Td (judgment ) Tj ET Q q 0 0 0 rg BT 335.34 106.95 Td (based ) Tj ET Q q 0 0 0 rg BT 361.46 106.95 Td (on ) Tj ET Q q 0 0 0 rg BT 374.17 106.95 Td (the ) Tj ET Q q 0 0 0 rg BT 389.21 106.95 Td (facts ) Tj ET Q q 0 0 0 rg BT 411.25 106.95 Td (and ) Tj ET Q q 0 0 0 rg BT 428.62 106.95 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 490.31 106.95 Td (surrounding ) Tj ET Q q 0 0 0 rg BT 543.27 106.95 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 94.35 Td (individual ) Tj ET Q q 0 0 0 rg BT 95.02 94.35 Td (investment. ) Tj ET Q q 0 0 0 rg BT 146.66 94.35 Td ( ) Tj ET Q q 0 0 0 rg BT 149.60 94.35 Td (Factors ) Tj ET Q q 0 0 0 rg BT 183.45 94.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 231.87 94.35 Td (in ) Tj ET Q q 0 0 0 rg BT 242.98 94.35 Td (these ) Tj ET Q q 0 0 0 rg BT 267.49 94.35 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 318.25 94.35 Td (may ) Tj ET Q q 0 0 0 rg BT 339.27 94.35 Td (include ) Tj ET Q q 0 0 0 rg BT 373.11 94.35 Td (investor ) Tj ET Q q 0 0 0 rg BT 409.88 94.35 Td (voting ) Tj ET Q q 0 0 0 rg BT 439.66 94.35 Td (or ) Tj ET Q q 0 0 0 rg BT 451.34 94.35 Td (other ) Tj ET Q q 0 0 0 rg BT 475.86 94.35 Td (rights, ) Tj ET Q q 0 0 0 rg BT 505.34 94.35 Td (any ) Tj ET Q q 0 0 0 rg BT 523.44 94.35 Td (influence ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 81.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.02 81.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.55 81.75 Td (may ) Tj ET Q q 0 0 0 rg BT 126.58 81.75 Td (have ) Tj ET Q q 0 0 0 rg BT 149.35 81.75 Td (on ) Tj ET Q q 0 0 0 rg BT 162.80 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 178.58 81.75 Td (governing ) Tj ET Q q 0 0 0 rg BT 224.10 81.75 Td (board ) Tj ET Q q 0 0 0 rg BT 250.95 81.75 Td (of ) Tj ET Q q 0 0 0 rg BT 262.65 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 278.42 81.75 Td (investee, ) Tj ET Q q 0 0 0 rg BT 318.40 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 334.18 81.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 357.53 81.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 384.40 81.75 Td (of ) Tj ET Q q 0 0 0 rg BT 396.09 81.75 Td (other ) Tj ET Q q 0 0 0 rg BT 420.62 81.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 461.48 81.75 Td (in ) Tj ET Q q 0 0 0 rg BT 472.60 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 488.37 81.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 515.23 81.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 554.34 81.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 69.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.08 69.15 Td (fund's ) Tj ET Q q 0 0 0 rg BT 93.05 69.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 135.45 69.15 Td (documents ) Tj ET Q q 0 0 0 rg BT 183.69 69.15 Td (and ) Tj ET Q q 0 0 0 rg BT 201.60 69.15 Td (the ) Tj ET Q q 0 0 0 rg BT 217.18 69.15 Td (relationship ) Tj ET Q q 0 0 0 rg BT 269.50 69.15 Td (between ) Tj ET Q q 0 0 0 rg BT 307.23 69.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 331.55 69.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 362.88 69.15 Td (and ) Tj ET Q q 0 0 0 rg BT 380.79 69.15 Td (other ) Tj ET Q q 0 0 0 rg BT 405.11 69.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 445.78 69.15 Td (in ) Tj ET Q q 0 0 0 rg BT 456.69 69.15 Td (the ) Tj ET Q q 0 0 0 rg BT 472.27 69.15 Td (entity) Tj ET Q q 0 0 0 rg BT 495.50 69.15 Td (. ) Tj ET Q q 0 0 0 rg BT 500.87 69.15 Td ( ) Tj ET Q q 0 0 0 rg BT 503.62 69.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 527.94 69.15 Td (Mason's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 56.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.26 56.55 Td (method ) Tj ET Q q 0 0 0 rg BT 112.28 56.55 Td (investees ) Tj ET Q q 0 0 0 rg BT 153.28 56.55 Td (that ) Tj ET Q q 0 0 0 rg BT 171.55 56.55 Td (are ) Tj ET Q q 0 0 0 rg BT 186.88 56.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 235.48 56.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 282.90 56.55 Td (record ) Tj ET Q q 0 0 0 rg BT 312.23 56.55 Td (their ) Tj ET Q q 0 0 0 rg BT 333.99 56.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 382.00 56.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 434.68 56.55 Td (at ) Tj ET Q q 0 0 0 rg BT 444.78 56.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 461.87 56.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 489.75 56.55 Td ( ) Tj ET Q q 0 0 0 rg BT 492.08 56.55 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 538.61 56.55 Td (under ) Tj ET Q endstream endobj 191 0 obj <>] /Rotate 0 /Contents 192 0 R>> endobj 192 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (93) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 63.89 741.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 91.71 741.75 Td (method ) Tj ET Q q 0 0 0 rg BT 124.77 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 135.08 741.75 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 185.34 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 208.48 741.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 244.61 741.75 Td (share ) Tj ET Q q 0 0 0 rg BT 268.33 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 278.64 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 293.04 741.75 Td (investee's ) Tj ET Q q 0 0 0 rg BT 334.99 741.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 382.04 741.75 Td (net ) Tj ET Q q 0 0 0 rg BT 396.44 741.75 Td (income ) Tj ET Q q 0 0 0 rg BT 428.91 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 439.22 741.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 457.13 741.75 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 519.94 741.75 Td (represents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.50 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 93.66 729.15 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 147.26 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 158.85 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 175.11 729.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 228.70 729.15 Td (held ) Tj ET Q q 0 0 0 rg BT 250.20 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 264.13 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 280.39 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 310.06 729.15 Td (method ) Tj ET Q q 0 0 0 rg BT 344.98 729.15 Td (investee. ) Tj ET Q q 0 0 0 rg BT 385.44 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 388.86 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 413.87 729.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 451.85 729.15 Td (share ) Tj ET Q q 0 0 0 rg BT 477.44 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 489.61 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 505.87 729.15 Td (investee's ) Tj ET Q q 0 0 0 rg BT 549.67 729.15 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (income ) Tj ET Q q 0 0 0 rg BT 82.84 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 94.02 716.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 112.80 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 122.23 716.55 Td (based ) Tj ET Q q 0 0 0 rg BT 148.58 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 161.51 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 176.77 716.55 Td (most ) Tj ET Q q 0 0 0 rg BT 199.63 716.55 Td (current ) Tj ET Q q 0 0 0 rg BT 231.79 716.55 Td (information ) Tj ET Q q 0 0 0 rg BT 283.80 716.55 Td (available ) Tj ET Q q 0 0 0 rg BT 324.13 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 341.72 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 351.16 716.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 390.32 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 401.50 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 408.60 716.55 Td (net ) Tj ET Q q 0 0 0 rg BT 423.86 716.55 Td (gain ) Tj ET Q q 0 0 0 rg BT 444.37 716.55 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 470.14 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 483.07 716.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 535.67 716.55 Td (within ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 77.01 703.95 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 139.51 703.95 Td (income ) Tj ET Q q 0 0 0 rg BT 174.02 703.95 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 221.05 703.95 Td (net. ) Tj ET Q q 0 0 0 rg BT 240.11 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 242.91 703.95 Td (A) Tj ET Q q 0 0 0 rg BT 249.92 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 253.52 703.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 287.45 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 299.80 703.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 338.97 703.95 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 374.65 703.95 Td (attributable ) Tj ET Q q 0 0 0 rg BT 426.07 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 437.83 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 463.01 703.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 501.17 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 531.02 703.95 Td (method ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 106.19 691.35 Td (has ) Tj ET Q q 0 0 0 rg BT 126.71 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 135.26 691.35 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 173.28 691.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 238.13 691.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 278.47 691.35 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 335.15 691.35 Td (under ) Tj ET Q q 0 0 0 rg BT 365.58 691.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 405.33 691.35 Td (sharing ) Tj ET Q q 0 0 0 rg BT 442.77 691.35 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 505.85 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 527.53 691.35 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.00 678.75 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 171.36 678.75 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 214.05 678.75 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 265.80 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 276.15 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 291.15 678.75 Td (market ) Tj ET Q q 0 0 0 rg BT 322.48 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 347.40 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 358.32 678.75 Td (these ) Tj ET Q q 0 0 0 rg BT 382.08 678.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 434.42 678.75 Td (will ) Tj ET Q q 0 0 0 rg BT 452.93 678.75 Td (not ) Tj ET Q q 0 0 0 rg BT 468.53 678.75 Td (have ) Tj ET Q q 0 0 0 rg BT 490.53 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 497.37 678.75 Td (material ) Tj ET Q q 0 0 0 rg BT 533.94 678.75 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 62.63 666.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 80.41 666.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 114.52 666.15 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 143.40 666.15 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 196.76 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 207.55 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 231.75 666.15 Td (Mason,�Inc.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 72.74 640.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.00 640.95 Td (also ) Tj ET Q q 0 0 0 rg BT 121.58 640.95 Td (holds ) Tj ET Q q 0 0 0 rg BT 146.00 640.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 165.75 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 182.58 640.95 Td (marketable ) Tj ET Q q 0 0 0 rg BT 230.89 640.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 258.80 640.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 310.64 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 337.97 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 352.45 640.95 Td (classified ) Tj ET Q q 0 0 0 rg BT 393.78 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 404.19 640.95 Td (trading. ) Tj ET Q q 0 0 0 rg BT 438.23 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 439.90 640.95 Td (Certain ) Tj ET Q q 0 0 0 rg BT 472.47 640.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 520.22 640.95 Td (securities, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (including ) Tj ET Q q 0 0 0 rg BT 92.48 628.35 Td (those ) Tj ET Q q 0 0 0 rg BT 117.97 628.35 Td (held ) Tj ET Q q 0 0 0 rg BT 139.37 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 153.19 628.35 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 181.30 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 197.44 628.35 Td (also ) Tj ET Q q 0 0 0 rg BT 217.67 628.35 Td (classified ) Tj ET Q q 0 0 0 rg BT 260.65 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 272.71 628.35 Td (trading ) Tj ET Q q 0 0 0 rg BT 305.77 628.35 Td (securities. ) Tj ET Q q 0 0 0 rg BT 351.37 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 354.45 628.35 Td (These ) Tj ET Q q 0 0 0 rg BT 382.84 628.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 436.33 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 452.47 628.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 492.51 628.35 Td (at ) Tj ET Q q 0 0 0 rg BT 503.41 628.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 521.30 628.35 Td (value ) Tj ET Q q 0 0 0 rg BT 547.36 628.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 95.01 615.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 118.96 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 135.91 615.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 162.78 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 177.39 615.75 Td (included ) Tj ET Q q 0 0 0 rg BT 215.33 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 225.28 615.75 Td (current ) Tj ET Q q 0 0 0 rg BT 256.80 615.75 Td (period ) Tj ET Q q 0 0 0 rg BT 285.41 615.75 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 325.40 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 327.18 615.75 Td (Realized ) Tj ET Q q 0 0 0 rg BT 365.70 615.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 389.65 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 406.60 615.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 433.47 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 447.50 615.75 Td (all ) Tj ET Q q 0 0 0 rg BT 459.79 615.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 511.74 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 526.34 615.75 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 603.15 Td (current ) Tj ET Q q 0 0 0 rg BT 92.65 603.15 Td (period ) Tj ET Q q 0 0 0 rg BT 122.10 603.15 Td (earnings.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Equity ) Tj ET Q q 0 0 0 rg BT 80.95 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 99.57 577.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 124.59 577.95 Td (income ) Tj ET Q q 0 0 0 rg BT 158.95 577.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 202.06 577.95 Td (classified ) Tj ET Q q 0 0 0 rg BT 245.17 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 257.37 577.95 Td (trading ) Tj ET Q q 0 0 0 rg BT 290.56 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 306.83 577.95 Td (valued ) Tj ET Q q 0 0 0 rg BT 338.28 577.95 Td (using ) Tj ET Q q 0 0 0 rg BT 364.48 577.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 398.27 577.95 Td (market ) Tj ET Q q 0 0 0 rg BT 430.87 577.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 459.40 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 475.09 577.95 Td (listed ) Tj ET Q q 0 0 0 rg BT 501.30 577.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 553.75 577.95 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (broker ) Tj ET Q q 0 0 0 rg BT 79.33 565.35 Td (price ) Tj ET Q q 0 0 0 rg BT 102.74 565.35 Td (quotations, ) Tj ET Q q 0 0 0 rg BT 151.54 565.35 Td (when ) Tj ET Q q 0 0 0 rg BT 176.70 565.35 Td (available. ) Tj ET Q q 0 0 0 rg BT 219.65 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 222.07 565.35 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 248.41 565.35 Td (income ) Tj ET Q q 0 0 0 rg BT 281.74 565.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 323.82 565.35 Td (may ) Tj ET Q q 0 0 0 rg BT 344.32 565.35 Td (also ) Tj ET Q q 0 0 0 rg BT 363.66 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 375.99 565.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 406.41 565.35 Td (using ) Tj ET Q q 0 0 0 rg BT 431.58 565.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 473.08 565.35 Td (models ) Tj ET Q q 0 0 0 rg BT 505.84 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 523.42 565.35 Td (estimates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (based ) Tj ET Q q 0 0 0 rg BT 76.03 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 89.16 552.75 Td (spreads ) Tj ET Q q 0 0 0 rg BT 123.27 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 134.07 552.75 Td (actively ) Tj ET Q q 0 0 0 rg BT 169.93 552.75 Td (traded ) Tj ET Q q 0 0 0 rg BT 198.79 552.75 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 248.06 552.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 268.76 552.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 320.38 552.75 Td (with ) Tj ET Q q 0 0 0 rg BT 341.68 552.75 Td (readily ) Tj ET Q q 0 0 0 rg BT 373.46 552.75 Td (available ) Tj ET Q q 0 0 0 rg BT 413.98 552.75 Td (market ) Tj ET Q q 0 0 0 rg BT 445.75 552.75 Td (prices.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.44 527.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.40 527.55 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 145.83 527.55 Td (its ) Tj ET Q q 0 0 0 rg BT 158.12 527.55 Td (non-trading ) Tj ET Q q 0 0 0 rg BT 209.48 527.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 257.93 527.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 299.95 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 314.57 527.55 Td ("other) Tj ET Q q 0 0 0 rg BT 340.22 527.55 Td (-than-temporary" ) Tj ET Q q 0 0 0 rg BT 415.10 527.55 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 468.50 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 470.87 527.55 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 522.22 527.55 Td (may ) Tj ET Q q 0 0 0 rg BT 542.67 527.55 Td (exist ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (when ) Tj ET Q q 0 0 0 rg BT 74.63 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 89.85 514.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 106.81 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 131.94 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 143.08 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 155.38 514.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 203.85 514.95 Td (security ) Tj ET Q q 0 0 0 rg BT 239.48 514.95 Td (has ) Tj ET Q q 0 0 0 rg BT 255.87 514.95 Td (been ) Tj ET Q q 0 0 0 rg BT 278.08 514.95 Td (below ) Tj ET Q q 0 0 0 rg BT 306.13 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 321.35 514.95 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 358.73 514.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 378.04 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 392.67 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 404.97 514.95 Td (extended ) Tj ET Q q 0 0 0 rg BT 445.26 514.95 Td (period ) Tj ET Q q 0 0 0 rg BT 474.48 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 485.62 514.95 Td (time. ) Tj ET Q q 0 0 0 rg BT 509.30 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 511.69 514.95 Td (If ) Tj ET Q q 0 0 0 rg BT 521.07 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 533.37 514.95 Td ("other) Tj ET Q q 0 0 0 rg BT 559.02 514.95 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (than-temporary" ) Tj ET Q q 0 0 0 rg BT 121.28 502.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 172.46 502.35 Td (is ) Tj ET Q q 0 0 0 rg BT 182.24 502.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 232.25 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 243.19 502.35 Td (exist, ) Tj ET Q q 0 0 0 rg BT 268.42 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 284.02 502.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 318.29 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 329.81 502.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 380.99 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 399.51 502.35 Td (relates ) Tj ET Q q 0 0 0 rg BT 429.68 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 440.62 502.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 467.30 502.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 495.16 502.35 Td (is ) Tj ET Q q 0 0 0 rg BT 504.94 502.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 553.77 502.35 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 57.67 489.75 Td (char) Tj ET Q q 0 0 0 rg BT 75.55 489.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 88.97 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 100.65 489.75 Td (income. ) Tj ET Q q 0 0 0 rg BT 137.69 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 140.42 489.75 Td (As ) Tj ET Q q 0 0 0 rg BT 155.60 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 167.86 489.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 214.52 489.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 241.65 489.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 268.79 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 287.46 489.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 314.59 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 330.93 489.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 365.93 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 378.19 489.75 Td (temporary ) Tj ET Q q 0 0 0 rg BT 424.85 489.75 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 472.08 489.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 500.68 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 516.43 489.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 91.78 477.15 Td (not ) Tj ET Q q 0 0 0 rg BT 107.82 477.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 156.50 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 167.30 477.15 Td (income ) Tj ET Q q 0 0 0 rg BT 200.83 477.15 Td (was ) Tj ET Q q 0 0 0 rg BT 219.78 477.15 Td (not ) Tj ET Q q 0 0 0 rg BT 235.82 477.15 Td (material.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (For ) Tj ET Q q 0 0 0 rg BT 66.84 451.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 119.75 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 130.67 451.95 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 163.76 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 175.25 451.95 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 236.90 451.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 279.30 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 294.30 451.95 Td (which ) Tj ET Q q 0 0 0 rg BT 322.71 451.95 Td (market ) Tj ET Q q 0 0 0 rg BT 354.61 451.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 382.44 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 393.93 451.95 Td (quotations ) Tj ET Q q 0 0 0 rg BT 440.43 451.95 Td (may ) Tj ET Q q 0 0 0 rg BT 461.26 451.95 Td (not ) Tj ET Q q 0 0 0 rg BT 477.43 451.95 Td (be ) Tj ET Q q 0 0 0 rg BT 490.09 451.95 Td (readily ) Tj ET Q q 0 0 0 rg BT 521.99 451.95 Td (available, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 106.82 439.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 149.57 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 166.08 439.35 Td (value ) Tj ET Q q 0 0 0 rg BT 192.50 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 204.92 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 221.42 439.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 264.76 439.35 Td (using ) Tj ET Q q 0 0 0 rg BT 291.19 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 299.52 439.35 Td (variety ) Tj ET Q q 0 0 0 rg BT 332.35 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 344.78 439.35 Td (methods ) Tj ET Q q 0 0 0 rg BT 384.04 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 402.88 439.35 Td (resources, ) Tj ET Q q 0 0 0 rg BT 448.83 439.35 Td (including ) Tj ET Q q 0 0 0 rg BT 492.17 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 508.67 439.35 Td (most ) Tj ET Q q 0 0 0 rg BT 532.77 439.35 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (available ) Tj ET Q q 0 0 0 rg BT 90.02 426.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 129.38 426.75 Td (information ) Tj ET Q q 0 0 0 rg BT 181.57 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 196.44 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 211.90 426.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 260.60 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 278.38 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 293.84 426.75 Td (industry) Tj ET Q q 0 0 0 rg BT 327.57 426.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (In ) Tj ET Q q 0 0 0 rg BT 61.76 401.55 Td (addition ) Tj ET Q q 0 0 0 rg BT 99.69 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 111.37 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 127.71 401.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.95 401.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 220.47 401.55 Td (described ) Tj ET Q q 0 0 0 rg BT 264.21 401.55 Td (above ) Tj ET Q q 0 0 0 rg BT 292.80 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 311.47 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 327.81 401.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 373.30 401.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 425.82 401.55 Td (described ) Tj ET Q q 0 0 0 rg BT 469.56 401.55 Td (below) Tj ET Q q 0 0 0 rg BT 494.54 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 500.68 401.55 Td (other ) Tj ET Q q 0 0 0 rg BT 525.77 401.55 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 100.43 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 118.10 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 132.84 388.95 Td (carried ) Tj ET Q q 0 0 0 rg BT 163.91 388.95 Td (at ) Tj ET Q q 0 0 0 rg BT 173.41 388.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 189.91 388.95 Td (value ) Tj ET Q q 0 0 0 rg BT 214.57 388.95 Td (or ) Tj ET Q q 0 0 0 rg BT 225.24 388.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 262.75 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 280.42 388.95 Td (approximate ) Tj ET Q q 0 0 0 rg BT 334.83 388.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 351.32 388.95 Td (value ) Tj ET Q q 0 0 0 rg BT 375.99 388.95 Td (include ) Tj ET Q q 0 0 0 rg BT 408.82 388.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 431.75 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 448.83 388.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 469.41 388.95 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 519.16 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 536.25 388.95 Td (Short-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (term ) Tj ET Q q 0 0 0 rg BT 71.85 376.35 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 125.41 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 128.29 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 147.72 376.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 165.40 376.35 Td (value ) Tj ET Q q 0 0 0 rg BT 191.24 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 203.09 376.35 Td (long-term ) Tj ET Q q 0 0 0 rg BT 247.60 376.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 268.79 376.35 Td (at ) Tj ET Q q 0 0 0 rg BT 279.47 376.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 325.73 376.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 349.84 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 368.10 376.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 394.83 376.35 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.00 376.35 Td ($2,264,867) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.25 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 494.35 376.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.62 376.35 Td ($1,773,852) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.87 376.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 363.75 Td (. ) Tj ET Q q 0 0 0 rg BT 104.95 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 107.72 363.75 Td (Except ) Tj ET Q q 0 0 0 rg BT 139.65 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 154.67 363.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 198.85 363.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 219.70 363.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 267.38 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 282.40 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 289.83 363.75 Td (hedging ) Tj ET Q q 0 0 0 rg BT 326.44 363.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 375.28 363.75 Td (as ) Tj ET Q q 0 0 0 rg BT 386.80 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 398.32 363.75 Td (March ) Tj ET Q q 0 0 0 rg BT 428.50 363.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 444.40 363.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 470.80 363.75 Td (these ) Tj ET Q q 0 0 0 rg BT 495.15 363.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 512.50 363.75 Td (values ) Tj ET Q q 0 0 0 rg BT 542.10 363.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 92.01 351.15 Td (using ) Tj ET Q q 0 0 0 rg BT 117.04 351.15 Td (publicly ) Tj ET Q q 0 0 0 rg BT 153.73 351.15 Td (quoted ) Tj ET Q q 0 0 0 rg BT 184.58 351.15 Td (market ) Tj ET Q q 0 0 0 rg BT 216.01 351.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 243.35 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 260.79 351.15 Td (were ) Tj ET Q q 0 0 0 rg BT 283.46 351.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 325.39 351.15 Td (as ) Tj ET Q q 0 0 0 rg BT 336.41 351.15 Td (Level ) Tj ET Q q 0 0 0 rg BT 362.59 351.15 Td (2 ) Tj ET Q q 0 0 0 rg BT 370.11 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 380.55 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 395.65 351.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 412.50 351.15 Td (value ) Tj ET Q q 0 0 0 rg BT 437.51 351.15 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 476.47 351.15 Td (, ) Tj ET Q q 0 0 0 rg BT 481.37 351.15 Td (as ) Tj ET Q q 0 0 0 rg BT 492.39 351.15 Td (described ) Tj ET Q q 0 0 0 rg BT 534.90 351.15 Td (below) Tj ET Q q 0 0 0 rg BT 559.88 351.15 Td (. ) Tj ET Q q 0 0 0 rg BT 565.13 351.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.67 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 74.91 338.55 Td (March ) Tj ET Q q 0 0 0 rg BT 104.81 338.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.43 338.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 146.56 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 161.88 338.55 Td (2.7% ) Tj ET Q q 0 0 0 rg BT 186.25 338.55 Td (Senior ) Tj ET Q q 0 0 0 rg BT 216.16 338.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 243.16 338.55 Td (due ) Tj ET Q q 0 0 0 rg BT 260.81 338.55 Td (2019 ) Tj ET Q q 0 0 0 rg BT 284.31 338.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 331.71 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 346.45 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 353.61 338.55 Td (hedging ) Tj ET Q q 0 0 0 rg BT 389.93 338.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 438.50 338.55 Td (were ) Tj ET Q q 0 0 0 rg BT 461.40 338.55 Td (valued ) Tj ET Q q 0 0 0 rg BT 491.88 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 503.13 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 518.45 338.55 Td (sum ) Tj ET Q q 0 0 0 rg BT 538.45 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 549.70 338.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (amortized ) Tj ET Q q 0 0 0 rg BT 94.04 325.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 113.51 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 124.82 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 140.21 325.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 160.85 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 178.57 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 193.95 325.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 211.08 325.95 Td (value ) Tj ET Q q 0 0 0 rg BT 236.38 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 247.69 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 263.08 325.95 Td (related ) Tj ET Q q 0 0 0 rg BT 294.20 325.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 327.67 325.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 345.96 325.95 Td (contract ) Tj ET Q q 0 0 0 rg BT 382.33 325.95 Td (designated ) Tj ET Q q 0 0 0 rg BT 429.80 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 444.60 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 451.82 325.95 Td (hedging ) Tj ET Q q 0 0 0 rg BT 488.21 325.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 536.83 325.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (approximates ) Tj ET Q q 0 0 0 rg BT 108.46 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 123.67 313.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 144.14 313.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.10 313.35 Td (value, ) Tj ET Q q 0 0 0 rg BT 188.85 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 206.40 313.35 Td (was ) Tj ET Q q 0 0 0 rg BT 225.11 313.35 Td (classified ) Tj ET Q q 0 0 0 rg BT 267.15 313.35 Td (as ) Tj ET Q q 0 0 0 rg BT 278.29 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 285.34 313.35 Td (Level ) Tj ET Q q 0 0 0 rg BT 311.63 313.35 Td (2 ) Tj ET Q q 0 0 0 rg BT 319.27 313.35 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 380.26 313.35 Td (as ) Tj ET Q q 0 0 0 rg BT 391.39 313.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 434.03 313.35 Td (below) Tj ET Q q 0 0 0 rg BT 459.01 313.35 Td (. ) Tj ET Q q 0 0 0 rg BT 464.02 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 466.41 313.35 Td (During ) Tj ET Q q 0 0 0 rg BT 498.54 313.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 523.67 313.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 549.68 313.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (related ) Tj ET Q q 0 0 0 rg BT 80.93 300.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 114.70 300.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 133.30 300.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 169.98 300.75 Td (was ) Tj ET Q q 0 0 0 rg BT 189.18 300.75 Td (terminated, ) Tj ET Q q 0 0 0 rg BT 239.57 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 257.60 300.75 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 300.98 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 312.59 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 324.20 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 354.47 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 370.46 300.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 396.96 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 412.65 300.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 430.09 300.75 Td (value ) Tj ET Q q 0 0 0 rg BT 455.69 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 467.31 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 483.00 300.75 Td (2.7% ) Tj ET Q q 0 0 0 rg BT 507.74 300.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 538.02 300.75 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (was ) Tj ET Q q 0 0 0 rg BT 68.46 288.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 111.32 288.15 Td (using ) Tj ET Q q 0 0 0 rg BT 136.70 288.15 Td (publicly ) Tj ET Q q 0 0 0 rg BT 173.74 288.15 Td (quoted ) Tj ET Q q 0 0 0 rg BT 204.94 288.15 Td (market ) Tj ET Q q 0 0 0 rg BT 236.72 288.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 264.41 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 282.20 288.15 Td (was ) Tj ET Q q 0 0 0 rg BT 301.15 288.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 343.43 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 354.80 288.15 Td (Level ) Tj ET Q q 0 0 0 rg BT 381.33 288.15 Td (2 ) Tj ET Q q 0 0 0 rg BT 389.21 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 400.00 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 415.45 288.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 432.65 288.15 Td (value ) Tj ET Q q 0 0 0 rg BT 458.01 288.15 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 496.97 288.15 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 98.77 262.95 Td (Instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.20 250.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 87.15 250.35 Td (values ) Tj ET Q q 0 0 0 rg BT 117.35 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 129.47 250.35 Td (derivative ) Tj ET Q q 0 0 0 rg BT 174.83 250.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 227.20 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 243.40 250.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 283.50 250.35 Td (as ) Tj ET Q q 0 0 0 rg BT 295.62 250.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 323.50 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 335.62 250.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 378.08 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 391.95 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 408.16 250.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 466.94 250.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 504.13 250.35 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 537.55 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 540.93 250.35 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.51 237.75 Td (has ) Tj ET Q q 0 0 0 rg BT 98.94 237.75 Td (used ) Tj ET Q q 0 0 0 rg BT 121.62 237.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 155.37 237.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 198.44 237.75 Td (forwards ) Tj ET Q q 0 0 0 rg BT 239.19 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 257.78 237.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 292.12 237.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 311.29 237.75 Td (swaps ) Tj ET Q q 0 0 0 rg BT 340.38 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 351.98 237.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 380.48 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 396.74 237.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 415.92 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 428.10 237.75 Td (movement ) Tj ET Q q 0 0 0 rg BT 475.85 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 487.45 237.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 530.52 237.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 553.77 237.75 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 83.49 225.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 106.40 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 119.98 225.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.80 225.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 187.38 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 205.63 225.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 247.79 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 261.38 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 269.12 225.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 301.96 225.15 Td (basis. ) Tj ET Q q 0 0 0 rg BT 328.67 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 331.07 225.15 Td (Also, ) Tj ET Q q 0 0 0 rg BT 356.62 225.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 381.28 225.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 412.95 225.15 Td (has ) Tj ET Q q 0 0 0 rg BT 430.03 225.15 Td (used ) Tj ET Q q 0 0 0 rg BT 452.36 225.15 Td (futures ) Tj ET Q q 0 0 0 rg BT 484.60 225.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 525.59 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 539.17 225.15 Td (index ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.46 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 86.25 212.55 Td (hedge ) Tj ET Q q 0 0 0 rg BT 113.95 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 129.40 212.55 Td (market ) Tj ET Q q 0 0 0 rg BT 161.18 212.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.55 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 190.92 212.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 222.11 212.55 Td (seed ) Tj ET Q q 0 0 0 rg BT 243.40 212.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 274.01 212.55 Td (investments. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (W) Tj ET Q q 0 0 0 rg BT 58.99 187.35 Td (ith ) Tj ET Q q 0 0 0 rg BT 71.95 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 86.65 187.35 Td (exception ) Tj ET Q q 0 0 0 rg BT 129.34 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 139.96 187.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 172.74 187.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 190.35 187.35 Td (swaps ) Tj ET Q q 0 0 0 rg BT 217.89 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 234.93 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 241.46 187.35 Td (reverse ) Tj ET Q q 0 0 0 rg BT 273.65 187.35 Td (treasury ) Tj ET Q q 0 0 0 rg BT 309.34 187.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 326.95 187.35 Td (lock ) Tj ET Q q 0 0 0 rg BT 346.90 187.35 Td (contract, ) Tj ET Q q 0 0 0 rg BT 385.21 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 395.84 187.35 Td (further ) Tj ET Q q 0 0 0 rg BT 426.28 187.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 468.40 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 478.44 187.35 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.73 187.35 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.98 187.35 Td (, ) Tj ET Q q 0 0 0 rg BT 510.48 187.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.92 187.35 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (has ) Tj ET Q q 0 0 0 rg BT 65.55 174.75 Td (not ) Tj ET Q q 0 0 0 rg BT 81.01 174.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 127.96 174.75 Td (any ) Tj ET Q q 0 0 0 rg BT 145.17 174.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 183.95 174.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 235.00 174.75 Td (for ) Tj ET Q q 0 0 0 rg BT 249.29 174.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 276.41 174.75 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 327.15 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 337.95 174.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 371.48 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 381.70 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 396.57 174.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 444.69 174.75 Td (literature, ) Tj ET Q q 0 0 0 rg BT 487.26 174.75 Td (during ) Tj ET Q q 0 0 0 rg BT 516.72 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 531.59 174.75 Td (periods ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (presented. ) Tj ET Q q 0 0 0 rg BT 94.22 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 95.95 162.15 Td (The ) Tj ET Q q 0 0 0 rg BT 114.13 162.15 Td (gains ) Tj ET Q q 0 0 0 rg BT 138.16 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 148.77 162.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 175.71 162.15 Td (on ) Tj ET Q q 0 0 0 rg BT 188.08 162.15 Td (derivative ) Tj ET Q q 0 0 0 rg BT 231.92 162.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 282.78 162.15 Td (not ) Tj ET Q q 0 0 0 rg BT 298.06 162.15 Td (designated ) Tj ET Q q 0 0 0 rg BT 344.82 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 358.93 162.15 Td (hedge ) Tj ET Q q 0 0 0 rg BT 385.86 162.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 433.79 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 448.47 162.15 Td (included ) Tj ET Q q 0 0 0 rg BT 486.48 162.15 Td (as ) Tj ET Q q 0 0 0 rg BT 497.09 162.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 522.86 162.15 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (income ) Tj ET Q q 0 0 0 rg BT 82.01 149.55 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 124.42 149.55 Td (or ) Tj ET Q q 0 0 0 rg BT 134.77 149.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 160.28 149.55 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 220.78 149.55 Td (income ) Tj ET Q q 0 0 0 rg BT 253.29 149.55 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 298.33 149.55 Td (net, ) Tj ET Q q 0 0 0 rg BT 315.38 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 325.15 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 339.58 149.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 396.60 149.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 444.28 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 454.63 149.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 487.72 149.55 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 518.77 149.55 Td (depending ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 62.80 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 78.43 136.95 Td (strategy) Tj ET Q q 0 0 0 rg BT 110.99 136.95 Td (. ) Tj ET Q q 0 0 0 rg BT 116.42 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 119.22 136.95 Td (Gains ) Tj ET Q q 0 0 0 rg BT 146.52 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 164.49 136.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 192.38 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 205.68 136.95 Td (derivative ) Tj ET Q q 0 0 0 rg BT 250.47 136.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 302.27 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 313.82 136.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 338.79 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 354.41 136.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 393.94 136.95 Td (as ) Tj ET Q q 0 0 0 rg BT 405.49 136.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 432.20 136.95 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 493.91 136.95 Td (income ) Tj ET Q q 0 0 0 rg BT 527.61 136.95 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 553.75 136.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 106.02 124.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 155.55 124.35 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 196.04 124.35 Td (net, ) Tj ET Q q 0 0 0 rg BT 214.94 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 226.56 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 242.84 124.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 301.71 124.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 351.24 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 363.44 124.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 398.38 124.35 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 431.29 124.35 Td (if ) Tj ET Q q 0 0 0 rg BT 441.16 124.35 Td (applicable. ) Tj ET Q q 0 0 0 rg BT 490.38 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 493.83 124.35 Td (See ) Tj ET Q q 0 0 0 rg BT 512.45 124.35 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.31 124.35 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 546.81 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 550.26 124.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 94.12 111.75 Td (information ) Tj ET Q q 0 0 0 rg BT 146.31 111.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 189.17 111.75 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 237.86 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 255.65 111.75 Td (hedging.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (Fair) Tj ET Q q 0 0 0 rg BT 68.55 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 70.99 86.55 Td (V) Tj ET Q q 0 0 0 rg BT 77.61 86.55 Td (alue ) Tj ET Q q 0 0 0 rg BT 98.90 86.55 Td (Measur) Tj ET Q q 0 0 0 rg BT 133.12 86.55 Td (ements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 101.09 73.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 141.58 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 156.43 73.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.60 73.95 Td (value ) Tj ET Q q 0 0 0 rg BT 198.93 73.95 Td (measurements ) Tj ET Q q 0 0 0 rg BT 261.60 73.95 Td (defines ) Tj ET Q q 0 0 0 rg BT 294.52 73.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 311.68 73.95 Td (value ) Tj ET Q q 0 0 0 rg BT 337.02 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 354.78 73.95 Td (establishes ) Tj ET Q q 0 0 0 rg BT 402.87 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 410.13 73.95 Td (framework ) Tj ET Q q 0 0 0 rg BT 458.79 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 473.63 73.95 Td (measuring ) Tj ET Q q 0 0 0 rg BT 519.97 73.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 537.14 73.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 565.13 73.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (Fair ) Tj ET Q q 0 0 0 rg BT 69.02 61.35 Td (value ) Tj ET Q q 0 0 0 rg BT 94.37 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 103.98 61.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 138.07 61.35 Td (as ) Tj ET Q q 0 0 0 rg BT 149.42 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 164.85 61.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 207.10 61.35 Td (price ) Tj ET Q q 0 0 0 rg BT 230.69 61.35 Td (that ) Tj ET Q q 0 0 0 rg BT 249.04 61.35 Td (would ) Tj ET Q q 0 0 0 rg BT 277.90 61.35 Td (be ) Tj ET Q q 0 0 0 rg BT 290.42 61.35 Td (received ) Tj ET Q q 0 0 0 rg BT 328.58 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 343.43 61.35 Td (an ) Tj ET Q q 0 0 0 rg BT 355.95 61.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 378.96 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 390.32 61.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 411.00 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 421.77 61.35 Td (transfer ) Tj ET Q q 0 0 0 rg BT 456.44 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 463.71 61.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 498.98 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 509.76 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 525.19 61.35 Td (principal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (or ) Tj ET Q q 0 0 0 rg BT 59.57 48.75 Td (most ) Tj ET Q q 0 0 0 rg BT 81.31 48.75 Td (advantageous ) Tj ET Q q 0 0 0 rg BT 139.77 48.75 Td (market ) Tj ET Q q 0 0 0 rg BT 170.24 48.75 Td (for ) Tj ET Q q 0 0 0 rg BT 183.80 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 197.95 48.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 219.68 48.75 Td (or ) Tj ET Q q 0 0 0 rg BT 229.75 48.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 263.73 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 273.22 48.75 Td (an ) Tj ET Q q 0 0 0 rg BT 284.45 48.75 Td (orderly ) Tj ET Q q 0 0 0 rg BT 316.09 48.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 363.47 48.75 Td (between ) Tj ET Q q 0 0 0 rg BT 399.78 48.75 Td (market ) Tj ET Q q 0 0 0 rg BT 430.25 48.75 Td (participants ) Tj ET Q q 0 0 0 rg BT 480.55 48.75 Td (on ) Tj ET Q q 0 0 0 rg BT 492.37 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 506.52 48.75 Td (measurement ) Tj ET Q endstream endobj 193 0 obj <>] /Rotate 0 /Contents 194 0 R>> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (94) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 72.52 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 75.43 741.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 104.58 741.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 153.55 741.75 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 196.98 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 204.55 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.03 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 247.67 741.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 306.56 741.75 Td (should ) Tj ET Q q 0 0 0 rg BT 337.47 741.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 367.19 741.75 Td (all ) Tj ET Q q 0 0 0 rg BT 380.59 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 392.24 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 407.98 741.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 462.81 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 481.46 741.75 Td (market ) Tj ET Q q 0 0 0 rg BT 513.52 741.75 Td (participants ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (would ) Tj ET Q q 0 0 0 rg BT 78.24 729.15 Td (use ) Tj ET Q q 0 0 0 rg BT 94.72 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 105.38 729.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 137.61 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 152.92 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 175.82 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 187.06 729.15 Td (liability) Tj ET Q q 0 0 0 rg BT 219.04 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 224.15 729.15 Td (including ) Tj ET Q q 0 0 0 rg BT 266.31 729.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 320.72 729.15 Td (about ) Tj ET Q q 0 0 0 rg BT 346.53 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 361.85 729.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 380.09 729.15 Td (inherent ) Tj ET Q q 0 0 0 rg BT 416.98 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 427.63 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 434.78 729.15 Td (particular ) Tj ET Q q 0 0 0 rg BT 477.50 729.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 519.06 729.15 Td (technique, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 716.55 Td (ef) Tj ET Q q 0 0 0 rg BT 72.92 716.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 91.28 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 102.65 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 109.94 716.55 Td (restriction ) Tj ET Q q 0 0 0 rg BT 155.13 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 168.26 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 183.71 716.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 202.66 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 214.03 716.55 Td (use ) Tj ET Q q 0 0 0 rg BT 230.66 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 242.03 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 254.56 716.55 Td (asset, ) Tj ET Q q 0 0 0 rg BT 280.23 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 298.01 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 313.46 716.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 331.84 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 343.21 716.55 Td (non-performance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.15 691.35 Td (objective ) Tj ET Q q 0 0 0 rg BT 108.96 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 120.03 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 136.93 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 162.00 691.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 210.39 691.35 Td (measurements ) Tj ET Q q 0 0 0 rg BT 272.78 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 282.11 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 292.60 691.35 Td (reflect, ) Tj ET Q q 0 0 0 rg BT 324.37 691.35 Td (at ) Tj ET Q q 0 0 0 rg BT 334.27 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 349.42 691.35 Td (date ) Tj ET Q q 0 0 0 rg BT 369.24 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 380.31 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 395.47 691.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 434.52 691.35 Td (statements, ) Tj ET Q q 0 0 0 rg BT 483.80 691.35 Td (how ) Tj ET Q q 0 0 0 rg BT 504.21 691.35 Td (much ) Tj ET Q q 0 0 0 rg BT 529.86 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 542.10 691.35 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (would ) Tj ET Q q 0 0 0 rg BT 77.69 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 89.54 678.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 108.99 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 123.17 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 133.28 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 145.13 678.75 Td (orderly ) Tj ET Q q 0 0 0 rg BT 177.39 678.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 225.40 678.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 239.58 678.75 Td (opposed ) Tj ET Q q 0 0 0 rg BT 276.52 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 286.63 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 293.23 678.75 Td (distressed ) Tj ET Q q 0 0 0 rg BT 336.58 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 347.27 678.75 Td (forced ) Tj ET Q q 0 0 0 rg BT 376.02 678.75 Td (transaction\) ) Tj ET Q q 0 0 0 rg BT 427.53 678.75 Td (under ) Tj ET Q q 0 0 0 rg BT 453.38 678.75 Td (current ) Tj ET Q q 0 0 0 rg BT 485.05 678.75 Td (market ) Tj ET Q q 0 0 0 rg BT 516.14 678.75 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 565.14 678.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (Specifically) Tj ET Q q 0 0 0 rg BT 98.97 666.15 Td (, ) Tj ET Q q 0 0 0 rg BT 103.94 666.15 Td (it ) Tj ET Q q 0 0 0 rg BT 112.12 666.15 Td (requires ) Tj ET Q q 0 0 0 rg BT 148.28 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 163.46 666.15 Td (use ) Tj ET Q q 0 0 0 rg BT 179.80 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 190.89 666.15 Td (judgment ) Tj ET Q q 0 0 0 rg BT 232.90 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 243.41 666.15 Td (ascertain ) Tj ET Q q 0 0 0 rg BT 283.07 666.15 Td (if ) Tj ET Q q 0 0 0 rg BT 291.83 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 298.84 666.15 Td (formerly ) Tj ET Q q 0 0 0 rg BT 337.92 666.15 Td (active ) Tj ET Q q 0 0 0 rg BT 365.33 666.15 Td (market ) Tj ET Q q 0 0 0 rg BT 396.83 666.15 Td (has ) Tj ET Q q 0 0 0 rg BT 413.17 666.15 Td (become ) Tj ET Q q 0 0 0 rg BT 448.17 666.15 Td (inactive ) Tj ET Q q 0 0 0 rg BT 483.75 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 501.25 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 511.77 666.15 Td (determining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.09 653.55 Td (values ) Tj ET Q q 0 0 0 rg BT 94.93 653.55 Td (when ) Tj ET Q q 0 0 0 rg BT 119.69 653.55 Td (markets ) Tj ET Q q 0 0 0 rg BT 154.94 653.55 Td (have ) Tj ET Q q 0 0 0 rg BT 176.78 653.55 Td (become ) Tj ET Q q 0 0 0 rg BT 211.45 653.55 Td (inactive. ) Tj ET Q q 0 0 0 rg BT 249.32 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 251.19 653.55 Td (This ) Tj ET Q q 0 0 0 rg BT 271.88 653.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 319.96 653.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 359.88 653.55 Td (also ) Tj ET Q q 0 0 0 rg BT 378.81 653.55 Td (relates ) Tj ET Q q 0 0 0 rg BT 408.22 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 418.41 653.55 Td (other) Tj ET Q q 0 0 0 rg BT 439.77 653.55 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 510.01 653.55 Td (impairments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.38 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 77.10 640.95 Td (intended ) Tj ET Q q 0 0 0 rg BT 115.97 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 126.86 640.95 Td (bring ) Tj ET Q q 0 0 0 rg BT 151.74 640.95 Td (greater ) Tj ET Q q 0 0 0 rg BT 183.60 640.95 Td (consistency ) Tj ET Q q 0 0 0 rg BT 235.31 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 246.19 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 261.74 640.95 Td (timing ) Tj ET Q q 0 0 0 rg BT 291.87 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 303.34 640.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 354.46 640.95 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 407.62 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 410.34 640.95 Td (It ) Tj ET Q q 0 0 0 rg BT 419.47 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 429.19 640.95 Td (also ) Tj ET Q q 0 0 0 rg BT 448.82 640.95 Td (intended ) Tj ET Q q 0 0 0 rg BT 487.70 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 498.58 640.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 533.37 640.95 Td (greater ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (clarity ) Tj ET Q q 0 0 0 rg BT 79.12 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 90.09 628.35 Td (investors ) Tj ET Q q 0 0 0 rg BT 130.80 628.35 Td (about ) Tj ET Q q 0 0 0 rg BT 156.93 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 172.56 628.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 199.26 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 217.22 628.35 Td (noncredit ) Tj ET Q q 0 0 0 rg BT 259.67 628.35 Td (components ) Tj ET Q q 0 0 0 rg BT 313.21 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 324.76 628.35 Td (impaired ) Tj ET Q q 0 0 0 rg BT 364.88 628.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 385.75 628.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 428.21 628.35 Td (that ) Tj ET Q q 0 0 0 rg BT 446.75 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 462.37 628.35 Td (not ) Tj ET Q q 0 0 0 rg BT 478.59 628.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 518.70 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 529.66 628.35 Td (be ) Tj ET Q q 0 0 0 rg BT 542.37 628.35 Td (sold. ) Tj ET Q q 0 0 0 rg BT 565.13 628.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.49 615.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 109.06 615.75 Td (also ) Tj ET Q q 0 0 0 rg BT 128.64 615.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 165.12 615.75 Td (timely ) Tj ET Q q 0 0 0 rg BT 194.62 615.75 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 243.95 615.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 286.84 615.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 326.82 615.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 348.14 615.75 Td (flows, ) Tj ET Q q 0 0 0 rg BT 376.77 615.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 403.34 615.75 Td (losses, ) Tj ET Q q 0 0 0 rg BT 433.72 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 451.54 615.75 Td (an ) Tj ET Q q 0 0 0 rg BT 464.12 615.75 Td (aging ) Tj ET Q q 0 0 0 rg BT 490.11 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 501.53 615.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 543.85 615.75 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 95.85 603.15 Td (losses.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Fair ) Tj ET Q q 0 0 0 rg BT 68.02 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 92.36 577.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 140.03 577.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 179.53 577.95 Td (also ) Tj ET Q q 0 0 0 rg BT 198.04 577.95 Td (establishes ) Tj ET Q q 0 0 0 rg BT 245.14 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 251.40 577.95 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 292.65 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 310.00 577.95 Td (prioritizes ) Tj ET Q q 0 0 0 rg BT 354.17 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 368.60 577.95 Td (inputs ) Tj ET Q q 0 0 0 rg BT 395.87 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 409.72 577.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 450.39 577.95 Td (techniques ) Tj ET Q q 0 0 0 rg BT 496.90 577.95 Td (used ) Tj ET Q q 0 0 0 rg BT 517.75 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 577.95 Td (measure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.69 565.35 Td (value. ) Tj ET Q q 0 0 0 rg BT 92.68 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 94.19 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 112.13 565.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 128.33 565.35 Td (value ) Tj ET Q q 0 0 0 rg BT 152.69 565.35 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 193.95 565.35 Td (gives ) Tj ET Q q 0 0 0 rg BT 217.74 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 232.19 565.35 Td (highest ) Tj ET Q q 0 0 0 rg BT 264.15 565.35 Td (priority ) Tj ET Q q 0 0 0 rg BT 297.26 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 307.05 565.35 Td (quoted ) Tj ET Q q 0 0 0 rg BT 337.25 565.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 363.95 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 373.74 565.35 Td (active ) Tj ET Q q 0 0 0 rg BT 400.43 565.35 Td (markets ) Tj ET Q q 0 0 0 rg BT 435.29 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 449.16 565.35 Td (identical ) Tj ET Q q 0 0 0 rg BT 486.93 565.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 513.05 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 523.42 565.35 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.74 552.75 Td (lowest ) Tj ET Q q 0 0 0 rg BT 112.78 552.75 Td (priority ) Tj ET Q q 0 0 0 rg BT 146.90 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 157.69 552.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 216.30 552.75 Td (inputs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.90 527.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 113.29 527.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 153.84 527.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 206.67 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 223.31 527.55 Td (measured ) Tj ET Q q 0 0 0 rg BT 267.37 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 286.35 527.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 325.16 527.55 Td (at ) Tj ET Q q 0 0 0 rg BT 336.56 527.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 354.96 527.55 Td (value ) Tj ET Q q 0 0 0 rg BT 381.52 527.55 Td (\(except ) Tj ET Q q 0 0 0 rg BT 416.24 527.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 438.14 527.55 Td (not ) Tj ET Q q 0 0 0 rg BT 455.39 527.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 504.11 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 520.18 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 528.67 527.55 Td (hedging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (transaction\) ) Tj ET Q q 0 0 0 rg BT 101.69 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 119.47 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 134.92 514.95 Td (classified ) Tj ET Q q 0 0 0 rg BT 177.20 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 194.98 514.95 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 236.69 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 247.48 514.95 Td (one ) Tj ET Q q 0 0 0 rg BT 265.26 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 276.64 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 292.09 514.95 Td (following ) Tj ET Q q 0 0 0 rg BT 335.55 514.95 Td (categories ) Tj ET Q q 0 0 0 rg BT 380.73 514.95 Td (\(the ) Tj ET Q q 0 0 0 rg BT 399.68 514.95 Td ("fair ) Tj ET Q q 0 0 0 rg BT 421.16 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 446.53 514.95 Td (hierarchy"\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 489.75 Td (Level�1�� ) Tj ET Q q 0 0 0 rg BT 133.49 489.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 175.65 489.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 227.74 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 243.08 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 271.83 489.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 299.99 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 315.89 489.75 Td (quoted ) Tj ET Q q 0 0 0 rg BT 347.56 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 358.82 489.75 Td (active ) Tj ET Q q 0 0 0 rg BT 386.97 489.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 425.93 489.75 Td (which, ) Tj ET Q q 0 0 0 rg BT 457.30 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 472.63 489.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 497.30 489.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 531.59 489.75 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 477.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 138.90 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 150.31 477.15 Td (publicly ) Tj ET Q q 0 0 0 rg BT 187.97 477.15 Td (traded ) Tj ET Q q 0 0 0 rg BT 217.44 477.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 249.84 477.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 276.42 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 298.33 477.15 Td (quoted ) Tj ET Q q 0 0 0 rg BT 330.14 477.15 Td (market ) Tj ET Q q 0 0 0 rg BT 362.54 477.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 390.85 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 409.25 477.15 Td (equities ) Tj ET Q q 0 0 0 rg BT 445.15 477.15 Td (listed ) Tj ET Q q 0 0 0 rg BT 471.14 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 482.55 477.15 Td (active ) Tj ET Q q 0 0 0 rg BT 510.85 477.15 Td (markets ) Tj ET Q q 0 0 0 rg BT 547.33 477.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 464.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 116.69 464.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 161.29 464.55 Td (instruments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 439.35 Td (Level�2�� ) Tj ET Q q 0 0 0 rg BT 133.76 439.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.20 439.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 228.56 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 244.16 439.35 Td (which ) Tj ET Q q 0 0 0 rg BT 273.19 439.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 301.62 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 317.80 439.35 Td (quoted ) Tj ET Q q 0 0 0 rg BT 349.74 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 365.34 439.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 397.86 439.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 425.72 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 444.24 439.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 486.69 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 498.21 439.35 Td (active ) Tj ET Q q 0 0 0 rg BT 526.64 439.35 Td (markets, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 426.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 113.13 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 128.51 426.75 Td (quoted ) Tj ET Q q 0 0 0 rg BT 159.65 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 174.45 426.75 Td (identical ) Tj ET Q q 0 0 0 rg BT 213.16 426.75 Td (or ) Tj ET Q q 0 0 0 rg BT 224.47 426.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 256.19 426.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.25 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 293.97 426.75 Td (inactive ) Tj ET Q q 0 0 0 rg BT 329.77 426.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 368.19 426.75 Td (or ) Tj ET Q q 0 0 0 rg BT 379.50 426.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 407.13 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 422.51 426.75 Td (based ) Tj ET Q q 0 0 0 rg BT 448.97 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 462.03 426.75 Td (observable ) Tj ET Q q 0 0 0 rg BT 510.08 426.75 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 540.93 426.75 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 414.15 Td (than ) Tj ET Q q 0 0 0 rg BT 106.10 414.15 Td (quoted ) Tj ET Q q 0 0 0 rg BT 137.19 414.15 Td (prices, ) Tj ET Q q 0 0 0 rg BT 167.41 414.15 Td (such ) Tj ET Q q 0 0 0 rg BT 189.17 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 200.44 414.15 Td (models ) Tj ET Q q 0 0 0 rg BT 233.29 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 244.56 414.15 Td (other ) Tj ET Q q 0 0 0 rg BT 268.65 414.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 310.24 414.15 Td (methodologies. ) Tj ET Q q 0 0 0 rg BT 377.21 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 379.73 414.15 Td (For ) Tj ET Q q 0 0 0 rg BT 396.84 414.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 420.93 414.15 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 454.66 414.15 Td (this ) Tj ET Q q 0 0 0 rg BT 472.35 414.15 Td (category ) Tj ET Q q 0 0 0 rg BT 511.01 414.15 Td (may ) Tj ET Q q 0 0 0 rg BT 531.61 414.15 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 401.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 109.70 401.55 Td (income ) Tj ET Q q 0 0 0 rg BT 143.23 401.55 Td (securities, ) Tj ET Q q 0 0 0 rg BT 188.13 401.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 219.32 401.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 268.59 401.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 290.47 401.55 Td (products ) Tj ET Q q 0 0 0 rg BT 329.25 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 347.04 401.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 378.23 401.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 422.26 401.55 Td (debt. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 376.35 Td (Level�3�� ) Tj ET Q q 0 0 0 rg BT 133.84 376.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.34 376.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 228.77 376.35 Td (for ) Tj ET Q q 0 0 0 rg BT 244.45 376.35 Td (which ) Tj ET Q q 0 0 0 rg BT 273.54 376.35 Td (values ) Tj ET Q q 0 0 0 rg BT 303.80 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 320.05 376.35 Td (based ) Tj ET Q q 0 0 0 rg BT 347.39 376.35 Td (on ) Tj ET Q q 0 0 0 rg BT 361.33 376.35 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 420.74 376.35 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 452.47 376.35 Td (including ) Tj ET Q q 0 0 0 rg BT 495.57 376.35 Td (those ) Tj ET Q q 0 0 0 rg BT 521.16 376.35 Td (for ) Tj ET Q q 0 0 0 rg BT 536.84 376.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 363.75 Td (there ) Tj ET Q q 0 0 0 rg BT 108.74 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 118.00 363.75 Td (little ) Tj ET Q q 0 0 0 rg BT 139.50 363.75 Td (or ) Tj ET Q q 0 0 0 rg BT 150.50 363.75 Td (no ) Tj ET Q q 0 0 0 rg BT 163.26 363.75 Td (market ) Tj ET Q q 0 0 0 rg BT 194.66 363.75 Td (activity) Tj ET Q q 0 0 0 rg BT 225.47 363.75 Td (. ) Tj ET Q q 0 0 0 rg BT 230.35 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 232.44 363.75 Td (This ) Tj ET Q q 0 0 0 rg BT 253.37 363.75 Td (category ) Tj ET Q q 0 0 0 rg BT 291.77 363.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 329.01 363.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 381.43 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 391.85 363.75 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 448.06 363.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 480.06 363.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 514.98 363.75 Td (companies, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 351.15 Td (private ) Tj ET Q q 0 0 0 rg BT 117.30 351.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 146.20 351.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 174.81 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 192.62 351.15 Td (real ) Tj ET Q q 0 0 0 rg BT 211.01 351.15 Td (estate ) Tj ET Q q 0 0 0 rg BT 237.57 351.15 Td (funds. ) Tj ET Q q 0 0 0 rg BT 266.18 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 268.64 351.15 Td (This ) Tj ET Q q 0 0 0 rg BT 289.96 351.15 Td (category ) Tj ET Q q 0 0 0 rg BT 328.75 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 349.48 351.15 Td (also ) Tj ET Q q 0 0 0 rg BT 369.05 351.15 Td (include ) Tj ET Q q 0 0 0 rg BT 402.61 351.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 433.82 351.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 483.12 351.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 505.02 351.15 Td (products ) Tj ET Q q 0 0 0 rg BT 543.83 351.15 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 338.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 135.95 338.55 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 185.23 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 203.01 338.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 249.96 338.55 Td (consideration.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.91 313.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 111.07 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 122.91 313.35 Td (an ) Tj ET Q q 0 0 0 rg BT 135.91 313.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 159.41 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 171.24 313.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 206.99 313.35 Td (may ) Tj ET Q q 0 0 0 rg BT 228.16 313.35 Td (involve ) Tj ET Q q 0 0 0 rg BT 262.74 313.35 Td (inputs ) Tj ET Q q 0 0 0 rg BT 291.50 313.35 Td (from ) Tj ET Q q 0 0 0 rg BT 315.00 313.35 Td (more ) Tj ET Q q 0 0 0 rg BT 339.66 313.35 Td (than ) Tj ET Q q 0 0 0 rg BT 360.83 313.35 Td (one ) Tj ET Q q 0 0 0 rg BT 379.08 313.35 Td (level ) Tj ET Q q 0 0 0 rg BT 402.57 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 414.41 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 430.32 313.35 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 469.28 313.35 Td (. ) Tj ET Q q 0 0 0 rg BT 475.00 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 477.86 313.35 Td (The ) Tj ET Q q 0 0 0 rg BT 497.27 313.35 Td (level ) Tj ET Q q 0 0 0 rg BT 520.77 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 532.02 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 547.94 313.35 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (value ) Tj ET Q q 0 0 0 rg BT 74.95 300.75 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 117.31 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 128.19 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 156.56 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 163.94 300.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.22 300.75 Td (value ) Tj ET Q q 0 0 0 rg BT 206.67 300.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 265.37 300.75 Td (falls ) Tj ET Q q 0 0 0 rg BT 286.16 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 297.04 300.75 Td (its ) Tj ET Q q 0 0 0 rg BT 309.67 300.75 Td (entirety ) Tj ET Q q 0 0 0 rg BT 344.46 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 354.17 300.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 404.12 300.75 Td (based ) Tj ET Q q 0 0 0 rg BT 430.74 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 443.95 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 459.49 300.75 Td (lowest ) Tj ET Q q 0 0 0 rg BT 489.62 300.75 Td (level ) Tj ET Q q 0 0 0 rg BT 512.74 300.75 Td (input ) Tj ET Q q 0 0 0 rg BT 537.04 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 555.50 300.75 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.45 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 107.24 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 122.69 288.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 139.89 288.15 Td (value ) Tj ET Q q 0 0 0 rg BT 165.25 288.15 Td (measurement ) Tj ET Q q 0 0 0 rg BT 223.86 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 234.65 288.15 Td (its ) Tj ET Q q 0 0 0 rg BT 247.20 288.15 Td (entirety) Tj ET Q q 0 0 0 rg BT 278.59 288.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (Certain ) Tj ET Q q 0 0 0 rg BT 83.30 262.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 132.84 262.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 154.98 262.95 Td (products ) Tj ET Q q 0 0 0 rg BT 194.04 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 212.09 262.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 265.15 262.95 Td (held ) Tj ET Q q 0 0 0 rg BT 286.12 262.95 Td (by ) Tj ET Q q 0 0 0 rg BT 299.52 262.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 324.58 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 340.29 262.95 Td (valued ) Tj ET Q q 0 0 0 rg BT 371.17 262.95 Td (at ) Tj ET Q q 0 0 0 rg BT 381.65 262.95 Td (net ) Tj ET Q q 0 0 0 rg BT 397.37 262.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 420.67 262.95 Td (value ) Tj ET Q q 0 0 0 rg BT 446.31 262.95 Td (\("NA) Tj ET Q q 0 0 0 rg BT 467.90 262.95 Td (V"\) ) Tj ET Q q 0 0 0 rg BT 486.16 262.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 536.29 262.95 Td (by ) Tj ET Q q 0 0 0 rg BT 549.68 262.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 95.47 250.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 117.53 250.35 Td (administrator) Tj ET Q q 0 0 0 rg BT 172.94 250.35 Td (. ) Tj ET Q q 0 0 0 rg BT 178.39 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 181.01 250.35 Td (These ) Tj ET Q q 0 0 0 rg BT 208.90 250.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 235.05 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 250.69 250.35 Td (typically ) Tj ET Q q 0 0 0 rg BT 290.26 250.35 Td (invested ) Tj ET Q q 0 0 0 rg BT 328.07 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 339.06 250.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 381.52 250.35 Td (traded ) Tj ET Q q 0 0 0 rg BT 410.58 250.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 463.56 250.35 Td (with ) Tj ET Q q 0 0 0 rg BT 485.05 250.35 Td (observable ) Tj ET Q q 0 0 0 rg BT 533.36 250.35 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (prices. ) Tj ET Q q 0 0 0 rg BT 79.59 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 81.81 237.75 Td (Their ) Tj ET Q q 0 0 0 rg BT 106.94 237.75 Td (valuations ) Tj ET Q q 0 0 0 rg BT 152.50 237.75 Td (may ) Tj ET Q q 0 0 0 rg BT 172.97 237.75 Td (be ) Tj ET Q q 0 0 0 rg BT 185.27 237.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 227.32 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 238.46 237.75 Td (Level�1, ) Tj ET Q q 0 0 0 rg BT 275.25 237.75 Td (Level�2 ) Tj ET Q q 0 0 0 rg BT 309.42 237.75 Td (or ) Tj ET Q q 0 0 0 rg BT 320.56 237.75 Td (Level�3 ) Tj ET Q q 0 0 0 rg BT 354.73 237.75 Td (based ) Tj ET Q q 0 0 0 rg BT 381.04 237.75 Td (on ) Tj ET Q q 0 0 0 rg BT 393.93 237.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 430.14 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.36 237.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 467.00 237.75 Td (is ) Tj ET Q q 0 0 0 rg BT 476.40 237.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 518.43 237.75 Td (traded, ) Tj ET Q q 0 0 0 rg BT 549.69 237.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (frequency ) Tj ET Q q 0 0 0 rg BT 94.80 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 106.86 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 123.01 225.15 Td (related ) Tj ET Q q 0 0 0 rg BT 154.90 225.15 Td (NA) Tj ET Q q 0 0 0 rg BT 168.71 225.15 Td (V) Tj ET Q q 0 0 0 rg BT 176.10 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 179.42 225.15 Td (determinations ) Tj ET Q q 0 0 0 rg BT 245.15 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 263.63 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 279.78 225.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 311.67 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 323.74 225.15 Td (redemption ) Tj ET Q q 0 0 0 rg BT 374.88 225.15 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 427.48 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 430.80 225.15 Td (For ) Tj ET Q q 0 0 0 rg BT 448.71 225.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 502.20 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 513.68 225.15 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 547.34 225.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 111.96 212.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 155.18 212.55 Td (\(private ) Tj ET Q q 0 0 0 rg BT 191.39 212.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 221.20 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 239.93 212.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 289.57 212.55 Td (partnerships\) ) Tj ET Q q 0 0 0 rg BT 347.95 212.55 Td (for ) Tj ET Q q 0 0 0 rg BT 363.76 212.55 Td (which ) Tj ET Q q 0 0 0 rg BT 392.99 212.55 Td (market ) Tj ET Q q 0 0 0 rg BT 425.70 212.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 454.34 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 466.65 212.55 Td (quotations ) Tj ET Q q 0 0 0 rg BT 513.96 212.55 Td (may ) Tj ET Q q 0 0 0 rg BT 535.61 212.55 Td (not ) Tj ET Q q 0 0 0 rg BT 552.59 212.55 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (readily ) Tj ET Q q 0 0 0 rg BT 80.98 199.95 Td (available, ) Tj ET Q q 0 0 0 rg BT 123.82 199.95 Td (management ) Tj ET Q q 0 0 0 rg BT 179.79 199.95 Td (must ) Tj ET Q q 0 0 0 rg BT 202.53 199.95 Td (estimate ) Tj ET Q q 0 0 0 rg BT 239.84 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 254.99 199.95 Td (value ) Tj ET Q q 0 0 0 rg BT 280.05 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 291.12 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 306.27 199.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.25 199.95 Td (using ) Tj ET Q q 0 0 0 rg BT 373.33 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 380.31 199.95 Td (variety ) Tj ET Q q 0 0 0 rg BT 411.79 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 422.86 199.95 Td (methods ) Tj ET Q q 0 0 0 rg BT 460.76 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 478.24 199.95 Td (resources, ) Tj ET Q q 0 0 0 rg BT 522.84 199.95 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.56 187.35 Td (most ) Tj ET Q q 0 0 0 rg BT 87.21 187.35 Td (current ) Tj ET Q q 0 0 0 rg BT 119.18 187.35 Td (available ) Tj ET Q q 0 0 0 rg BT 159.30 187.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.26 187.35 Td (information ) Tj ET Q q 0 0 0 rg BT 250.07 187.35 Td (for ) Tj ET Q q 0 0 0 rg BT 264.54 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 279.60 187.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 327.91 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 345.31 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 360.36 187.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 397.01 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 407.41 187.35 Td (which ) Tj ET Q q 0 0 0 rg BT 435.31 187.35 Td (it ) Tj ET Q q 0 0 0 rg BT 443.37 187.35 Td (applies ) Tj ET Q q 0 0 0 rg BT 475.35 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 485.75 187.35 Td (order ) Tj ET Q q 0 0 0 rg BT 510.13 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 520.53 187.35 Td (determine ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.00 174.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 95.30 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.01 174.75 Td (These ) Tj ET Q q 0 0 0 rg BT 126.02 174.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 168.02 174.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 211.19 174.75 Td (for ) Tj ET Q q 0 0 0 rg BT 226.36 174.75 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 259.63 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 277.72 174.75 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 339.54 174.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.13 174.75 Td (inherently ) Tj ET Q q 0 0 0 rg BT 427.63 174.75 Td (require ) Tj ET Q q 0 0 0 rg BT 460.29 174.75 Td (management's ) Tj ET Q q 0 0 0 rg BT 522.85 174.75 Td (judgment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 82.73 162.15 Td (therefore ) Tj ET Q q 0 0 0 rg BT 123.24 162.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 165.52 162.15 Td (as ) Tj ET Q q 0 0 0 rg BT 176.89 162.15 Td (Level�3.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Futures ) Tj ET Q q 0 0 0 rg BT 83.65 136.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 124.19 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 139.66 136.95 Td (valued ) Tj ET Q q 0 0 0 rg BT 170.29 136.95 Td (at ) Tj ET Q q 0 0 0 rg BT 180.51 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 195.99 136.95 Td (last ) Tj ET Q q 0 0 0 rg BT 213.21 136.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 259.02 136.95 Td (price ) Tj ET Q q 0 0 0 rg BT 282.65 136.95 Td (at ) Tj ET Q q 0 0 0 rg BT 292.87 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 308.34 136.95 Td (end ) Tj ET Q q 0 0 0 rg BT 326.15 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 337.54 136.95 Td (each ) Tj ET Q q 0 0 0 rg BT 359.42 136.95 Td (day ) Tj ET Q q 0 0 0 rg BT 377.23 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 390.37 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 405.84 136.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 448.13 136.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 471.78 136.95 Td (which ) Tj ET Q q 0 0 0 rg BT 500.08 136.95 Td (they ) Tj ET Q q 0 0 0 rg BT 520.81 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 536.27 136.95 Td (traded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 82.73 124.35 Td (classified ) Tj ET Q q 0 0 0 rg BT 125.01 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 136.38 124.35 Td (Level�1.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.32 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 70.12 99.15 Td (practical ) Tj ET Q q 0 0 0 rg BT 108.41 99.15 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 154.00 99.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 177.72 99.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 208.45 99.15 Td (relies ) Tj ET Q q 0 0 0 rg BT 233.34 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 245.99 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 260.96 99.15 Td (NA) Tj ET Q q 0 0 0 rg BT 274.77 99.15 Td (V) Tj ET Q q 0 0 0 rg BT 282.17 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 284.31 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 295.21 99.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 325.92 99.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 378.23 99.15 Td (as ) Tj ET Q q 0 0 0 rg BT 389.12 99.15 Td (their ) Tj ET Q q 0 0 0 rg BT 410.51 99.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 427.23 99.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 454.74 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 456.73 99.15 Td (The ) Tj ET Q q 0 0 0 rg BT 475.21 99.15 Td (NA) Tj ET Q q 0 0 0 rg BT 489.02 99.15 Td (Vs ) Tj ET Q q 0 0 0 rg BT 502.83 99.15 Td (that ) Tj ET Q q 0 0 0 rg BT 520.73 99.15 Td (have ) Tj ET Q q 0 0 0 rg BT 542.70 99.15 Td (been ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 88.90 86.55 Td (by ) Tj ET Q q 0 0 0 rg BT 101.48 86.55 Td (investees ) Tj ET Q q 0 0 0 rg BT 142.05 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 156.95 86.55 Td (derived ) Tj ET Q q 0 0 0 rg BT 190.52 86.55 Td (from ) Tj ET Q q 0 0 0 rg BT 213.01 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 227.92 86.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 244.57 86.55 Td (values ) Tj ET Q q 0 0 0 rg BT 273.47 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 284.30 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 299.21 86.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 346.78 86.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 399.02 86.55 Td (as ) Tj ET Q q 0 0 0 rg BT 409.85 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 420.68 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 435.59 86.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 476.16 86.55 Td (date. ) Tj ET Q q 0 0 0 rg BT 498.35 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 500.43 86.55 Td (Ef) Tj ET Q q 0 0 0 rg BT 510.15 86.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 540.34 86.55 Td (April ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 60.63 73.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 87.51 73.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 112.34 73.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 144.18 73.95 Td (retroactively ) Tj ET Q q 0 0 0 rg BT 200.49 73.95 Td (adopted ) Tj ET Q q 0 0 0 rg BT 236.99 73.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 273.48 73.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 322.81 73.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 363.96 73.95 Td (on ) Tj ET Q q 0 0 0 rg BT 377.72 73.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 395.54 73.95 Td (value ) Tj ET Q q 0 0 0 rg BT 421.54 73.95 Td (measurement ) Tj ET Q q 0 0 0 rg BT 480.77 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 509.69 73.95 Td (removed ) Tj ET Q q 0 0 0 rg BT 549.68 73.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (requirement ) Tj ET Q q 0 0 0 rg BT 103.06 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 114.07 61.35 Td (categorize ) Tj ET Q q 0 0 0 rg BT 160.04 61.35 Td (within ) Tj ET Q q 0 0 0 rg BT 189.71 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 205.38 61.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.78 61.35 Td (value ) Tj ET Q q 0 0 0 rg BT 248.36 61.35 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 290.84 61.35 Td (all ) Tj ET Q q 0 0 0 rg BT 304.17 61.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 357.17 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 372.25 61.35 Td (which ) Tj ET Q q 0 0 0 rg BT 400.75 61.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 418.15 61.35 Td (value ) Tj ET Q q 0 0 0 rg BT 443.73 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 453.57 61.35 Td (measured ) Tj ET Q q 0 0 0 rg BT 496.64 61.35 Td (using ) Tj ET Q q 0 0 0 rg BT 522.23 61.35 Td (NA) Tj ET Q q 0 0 0 rg BT 536.04 61.35 Td (V) Tj ET Q q 0 0 0 rg BT 543.44 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 546.27 61.35 Td (as ) Tj ET Q q 0 0 0 rg BT 557.85 61.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (practical ) Tj ET Q q 0 0 0 rg BT 88.27 48.75 Td (expedient.) Tj ET Q endstream endobj 195 0 obj <>] /Rotate 0 /Contents 196 0 R>> endobj 196 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (95) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Any ) Tj ET Q q 0 0 0 rg BT 70.21 729.15 Td (transfers ) Tj ET Q q 0 0 0 rg BT 108.98 729.15 Td (between ) Tj ET Q q 0 0 0 rg BT 146.59 729.15 Td (categories ) Tj ET Q q 0 0 0 rg BT 191.78 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 207.22 729.15 Td (measured ) Tj ET Q q 0 0 0 rg BT 250.08 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 260.28 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 275.73 729.15 Td (beginning ) Tj ET Q q 0 0 0 rg BT 320.35 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 331.73 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 347.18 729.15 Td (period.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (As ) Tj ET Q q 0 0 0 rg BT 63.99 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 71.46 703.95 Td (result ) Tj ET Q q 0 0 0 rg BT 97.61 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 109.17 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 124.82 703.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 173.72 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 185.28 703.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 219.59 703.95 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 259.44 703.95 Td (LLC ) Tj ET Q q 0 0 0 rg BT 282.09 703.95 Td (\("Clarion ) Tj ET Q q 0 0 0 rg BT 324.19 703.95 Td (Partners"\) ) Tj ET Q q 0 0 0 rg BT 369.20 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 379.56 703.95 Td (April ) Tj ET Q q 0 0 0 rg BT 404.54 703.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 430.98 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 455.38 703.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 486.78 703.95 Td (holds ) Tj ET Q q 0 0 0 rg BT 512.35 703.95 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 59.59 691.35 Td (real ) Tj ET Q q 0 0 0 rg BT 77.25 691.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 103.08 691.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 128.33 691.35 Td (structured ) Tj ET Q q 0 0 0 rg BT 172.24 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 182.92 691.35 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 236.16 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 253.25 691.35 Td (limited ) Tj ET Q q 0 0 0 rg BT 284.92 691.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 319.51 691.35 Td (companies, ) Tj ET Q q 0 0 0 rg BT 368.96 691.35 Td (which ) Tj ET Q q 0 0 0 rg BT 396.54 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 411.29 691.35 Td (classified ) Tj ET Q q 0 0 0 rg BT 452.86 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 463.53 691.35 Td (Level ) Tj ET Q q 0 0 0 rg BT 489.36 691.35 Td (3. ) Tj ET Q q 0 0 0 rg BT 499.16 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 500.94 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 519.19 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 535.69 691.35 Td (values ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.00 678.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 113.91 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 124.83 678.75 Td (real ) Tj ET Q q 0 0 0 rg BT 143.32 678.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 169.98 678.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 196.06 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 211.63 678.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 251.11 678.75 Td (giving ) Tj ET Q q 0 0 0 rg BT 280.70 678.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 340.01 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 350.93 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 366.51 678.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 402.80 678.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 422.46 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 440.38 678.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 463.54 678.75 Td (comparison ) Tj ET Q q 0 0 0 rg BT 515.28 678.75 Td (approaches ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.18 666.15 Td (estimating ) Tj ET Q q 0 0 0 rg BT 107.86 666.15 Td (property ) Tj ET Q q 0 0 0 rg BT 146.37 666.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 174.66 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 177.39 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 196.64 666.15 Td (income ) Tj ET Q q 0 0 0 rg BT 230.48 666.15 Td (approach ) Tj ET Q q 0 0 0 rg BT 271.90 666.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 313.91 666.15 Td (an ) Tj ET Q q 0 0 0 rg BT 326.75 666.15 Td (income ) Tj ET Q q 0 0 0 rg BT 360.59 666.15 Td (stream ) Tj ET Q q 0 0 0 rg BT 391.51 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 406.69 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 414.29 666.15 Td (property ) Tj ET Q q 0 0 0 rg BT 452.79 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 470.89 666.15 Td (discounts ) Tj ET Q q 0 0 0 rg BT 513.49 666.15 Td (this ) Tj ET Q q 0 0 0 rg BT 531.59 666.15 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (plus ) Tj ET Q q 0 0 0 rg BT 69.55 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 76.77 653.55 Td (reversion ) Tj ET Q q 0 0 0 rg BT 118.39 653.55 Td (\(presumed ) Tj ET Q q 0 0 0 rg BT 165.25 653.55 Td (sale\) ) Tj ET Q q 0 0 0 rg BT 187.63 653.55 Td (into ) Tj ET Q q 0 0 0 rg BT 206.51 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 213.72 653.55 Td (present ) Tj ET Q q 0 0 0 rg BT 246.60 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 271.89 653.55 Td (at ) Tj ET Q q 0 0 0 rg BT 282.02 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 289.23 653.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 307.53 653.55 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 345.07 653.55 Td (rate. ) Tj ET Q q 0 0 0 rg BT 365.98 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 368.15 653.55 Td (Y) Tj ET Q q 0 0 0 rg BT 375.16 653.55 Td (ield ) Tj ET Q q 0 0 0 rg BT 393.45 653.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 415.83 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 433.54 653.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 465.84 653.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 520.31 653.55 Td (utilized ) Tj ET Q q 0 0 0 rg BT 554.35 653.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (this ) Tj ET Q q 0 0 0 rg BT 67.64 640.95 Td (approach ) Tj ET Q q 0 0 0 rg BT 109.08 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 124.87 640.95 Td (derived ) Tj ET Q q 0 0 0 rg BT 159.32 640.95 Td (from ) Tj ET Q q 0 0 0 rg BT 182.69 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 214.81 640.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 267.93 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 279.64 640.95 Td (well ) Tj ET Q q 0 0 0 rg BT 300.69 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 312.40 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 336.94 640.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 376.64 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 394.77 640.95 Td (industry ) Tj ET Q q 0 0 0 rg BT 432.15 640.95 Td (data. ) Tj ET Q q 0 0 0 rg BT 455.01 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 474.31 640.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 512.85 640.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 531.55 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 640.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (exit ) Tj ET Q q 0 0 0 rg BT 68.26 628.35 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 127.83 628.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 146.58 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 162.41 628.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 209.74 628.35 Td (inputs ) Tj ET Q q 0 0 0 rg BT 238.43 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 249.61 628.35 Td (these ) Tj ET Q q 0 0 0 rg BT 274.19 628.35 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 322.77 628.35 Td (These ) Tj ET Q q 0 0 0 rg BT 350.86 628.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 373.69 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 389.52 628.35 Td (based ) Tj ET Q q 0 0 0 rg BT 416.44 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 429.95 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 445.79 628.35 Td (location, ) Tj ET Q q 0 0 0 rg BT 485.25 628.35 Td (type ) Tj ET Q q 0 0 0 rg BT 506.34 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 524.52 628.35 Td (nature ) Tj ET Q q 0 0 0 rg BT 553.77 628.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (each ) Tj ET Q q 0 0 0 rg BT 72.35 615.75 Td (property) Tj ET Q q 0 0 0 rg BT 107.24 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 113.48 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 132.25 615.75 Td (current ) Tj ET Q q 0 0 0 rg BT 165.60 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 184.38 615.75 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 234.06 615.75 Td (market ) Tj ET Q q 0 0 0 rg BT 266.83 615.75 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 316.82 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 320.17 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 340.11 615.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 360.64 615.75 Td (approach ) Tj ET Q q 0 0 0 rg BT 402.74 615.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 445.43 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 461.87 615.75 Td (replacement ) Tj ET Q q 0 0 0 rg BT 516.79 615.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 537.32 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 615.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (building ) Tj ET Q q 0 0 0 rg BT 86.89 603.15 Td (less ) Tj ET Q q 0 0 0 rg BT 105.02 603.15 Td (physical ) Tj ET Q q 0 0 0 rg BT 142.40 603.15 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 196.67 603.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 216.56 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 231.78 603.15 Td (land ) Tj ET Q q 0 0 0 rg BT 252.24 603.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 279.99 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 282.20 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 300.91 603.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 323.70 603.15 Td (comparison ) Tj ET Q q 0 0 0 rg BT 375.08 603.15 Td (approach ) Tj ET Q q 0 0 0 rg BT 415.94 603.15 Td (compares ) Tj ET Q q 0 0 0 rg BT 458.56 603.15 Td (recent ) Tj ET Q q 0 0 0 rg BT 486.59 603.15 Td (transactions ) Tj ET Q q 0 0 0 rg BT 539.12 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 603.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (appraised ) Tj ET Q q 0 0 0 rg BT 92.89 590.55 Td (property) Tj ET Q q 0 0 0 rg BT 127.78 590.55 Td (. ) Tj ET Q q 0 0 0 rg BT 132.87 590.55 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 189.12 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 205.09 590.55 Td (made ) Tj ET Q q 0 0 0 rg BT 230.99 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 246.39 590.55 Td (dissimilarities ) Tj ET Q q 0 0 0 rg BT 308.47 590.55 Td (which ) Tj ET Q q 0 0 0 rg BT 337.29 590.55 Td (typically ) Tj ET Q q 0 0 0 rg BT 377.19 590.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 412.43 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 420.25 590.55 Td (range ) Tj ET Q q 0 0 0 rg BT 446.72 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 458.63 590.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 487.15 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 490.31 590.55 Td (Many ) Tj ET Q q 0 0 0 rg BT 517.97 590.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 549.70 590.55 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (also ) Tj ET Q q 0 0 0 rg BT 70.26 577.95 Td (considered ) Tj ET Q q 0 0 0 rg BT 119.59 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 131.60 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 148.27 577.95 Td (determination ) Tj ET Q q 0 0 0 rg BT 210.43 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 223.03 577.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 241.44 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 268.03 577.95 Td (including, ) Tj ET Q q 0 0 0 rg BT 314.16 577.95 Td (but ) Tj ET Q q 0 0 0 rg BT 331.42 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 348.69 577.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 382.28 577.95 Td (to, ) Tj ET Q q 0 0 0 rg BT 396.92 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 413.59 577.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 457.09 577.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 479.59 577.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 506.77 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 525.78 577.95 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.42 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 115.03 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 129.73 565.35 Td (properties, ) Tj ET Q q 0 0 0 rg BT 176.21 565.35 Td (property ) Tj ET Q q 0 0 0 rg BT 213.65 565.35 Td (types ) Tj ET Q q 0 0 0 rg BT 237.68 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 254.71 565.35 Td (geographic ) Tj ET Q q 0 0 0 rg BT 303.22 565.35 Td (locations, ) Tj ET Q q 0 0 0 rg BT 345.62 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 360.32 565.35 Td (physical ) Tj ET Q q 0 0 0 rg BT 397.18 565.35 Td (condition ) Tj ET Q q 0 0 0 rg BT 438.71 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 449.32 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 464.02 565.35 Td (asset, ) Tj ET Q q 0 0 0 rg BT 488.92 565.35 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 533.36 565.35 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 109.75 552.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 135.88 552.75 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 182.14 552.75 Td (market ) Tj ET Q q 0 0 0 rg BT 214.98 552.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 254.25 552.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 280.39 552.75 Td (general ) Tj ET Q q 0 0 0 rg BT 314.98 552.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 359.48 552.75 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 409.54 552.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 454.05 552.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 501.49 552.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 537.83 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 552.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (market ) Tj ET Q q 0 0 0 rg BT 82.06 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 93.63 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 122.69 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 138.92 540.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 166.82 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 183.04 540.15 Td (located, ) Tj ET Q q 0 0 0 rg BT 219.39 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 237.95 540.15 Td (any ) Tj ET Q q 0 0 0 rg BT 256.51 540.15 Td (specific ) Tj ET Q q 0 0 0 rg BT 292.57 540.15 Td (rights ) Tj ET Q q 0 0 0 rg BT 319.89 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 332.04 540.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 358.77 540.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 405.32 540.15 Td (with ) Tj ET Q q 0 0 0 rg BT 427.39 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 443.62 540.15 Td (investment. ) Tj ET Q q 0 0 0 rg BT 495.73 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 499.13 540.15 Td (Because ) Tj ET Q q 0 0 0 rg BT 537.52 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 540.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (inherent ) Tj ET Q q 0 0 0 rg BT 85.67 527.55 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 141.08 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 151.60 527.55 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 195.06 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 209.66 527.55 Td (values ) Tj ET Q q 0 0 0 rg BT 238.25 527.55 Td (may ) Tj ET Q q 0 0 0 rg BT 258.10 527.55 Td (materially ) Tj ET Q q 0 0 0 rg BT 302.43 527.55 Td (dif) Tj ET Q q 0 0 0 rg BT 313.91 527.55 Td (fer ) Tj ET Q q 0 0 0 rg BT 327.33 527.55 Td (from ) Tj ET Q q 0 0 0 rg BT 349.51 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 364.10 527.55 Td (values ) Tj ET Q q 0 0 0 rg BT 392.69 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 410.21 527.55 Td (would ) Tj ET Q q 0 0 0 rg BT 438.23 527.55 Td (be ) Tj ET Q q 0 0 0 rg BT 449.90 527.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 498.90 527.55 Td (by ) Tj ET Q q 0 0 0 rg BT 511.17 527.55 Td (negotiations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (held ) Tj ET Q q 0 0 0 rg BT 70.20 514.95 Td (between ) Tj ET Q q 0 0 0 rg BT 107.81 514.95 Td (parties ) Tj ET Q q 0 0 0 rg BT 138.42 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 149.22 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 156.50 514.95 Td (sale ) Tj ET Q q 0 0 0 rg BT 175.45 514.95 Td (transaction.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 489.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.32 489.75 Td (3 ) Tj ET Q q 0 0 0 rg BT 98.20 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 113.07 489.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.68 489.75 Td (information ) Tj ET Q q 0 0 0 rg BT 209.88 489.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 252.74 489.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 269.93 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 295.30 489.75 Td (measurements.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 76.63 464.55 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 77.69 451.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 106.46 451.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 149.81 451.95 Td (consist ) Tj ET Q q 0 0 0 rg BT 183.25 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 196.27 451.95 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 247.49 451.95 Td (software ) Tj ET Q q 0 0 0 rg BT 287.92 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 307.35 451.95 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 351.28 451.95 Td (improvements. ) Tj ET Q q 0 0 0 rg BT 418.25 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 422.53 451.95 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 472.88 451.95 Td (consists ) Tj ET Q q 0 0 0 rg BT 510.40 451.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 553.75 451.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (communications ) Tj ET Q q 0 0 0 rg BT 120.66 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 137.58 439.35 Td (technology ) Tj ET Q q 0 0 0 rg BT 186.00 439.35 Td (hardware ) Tj ET Q q 0 0 0 rg BT 226.82 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 243.74 439.35 Td (furniture ) Tj ET Q q 0 0 0 rg BT 282.23 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 299.15 439.35 Td (fixtures. ) Tj ET Q q 0 0 0 rg BT 335.61 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 337.37 439.35 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 386.94 439.35 Td (software ) Tj ET Q q 0 0 0 rg BT 424.85 439.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 461.60 439.35 Td (both ) Tj ET Q q 0 0 0 rg BT 482.03 439.35 Td (purchased ) Tj ET Q q 0 0 0 rg BT 526.35 439.35 Td (software ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.21 426.75 Td (internally ) Tj ET Q q 0 0 0 rg BT 110.00 426.75 Td (developed ) Tj ET Q q 0 0 0 rg BT 155.71 426.75 Td (software. ) Tj ET Q q 0 0 0 rg BT 197.04 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 199.41 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 218.28 426.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 237.75 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.05 426.75 Td (software ) Tj ET Q q 0 0 0 rg BT 287.76 426.75 Td (used ) Tj ET Q q 0 0 0 rg BT 309.56 426.75 Td (under ) Tj ET Q q 0 0 0 rg BT 336.02 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 343.23 426.75 Td (service ) Tj ET Q q 0 0 0 rg BT 375.52 426.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 411.88 426.75 Td (where ) Tj ET Q q 0 0 0 rg BT 440.09 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 464.22 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 495.35 426.75 Td (does ) Tj ET Q q 0 0 0 rg BT 517.15 426.75 Td (not ) Tj ET Q q 0 0 0 rg BT 533.12 426.75 Td (own ) Tj ET Q q 0 0 0 rg BT 553.76 426.75 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (control ) Tj ET Q q 0 0 0 rg BT 80.65 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 94.89 414.15 Td (software ) Tj ET Q q 0 0 0 rg BT 132.45 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 140.87 414.15 Td (expensed ) Tj ET Q q 0 0 0 rg BT 181.34 414.15 Td (over ) Tj ET Q q 0 0 0 rg BT 201.41 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 215.65 414.15 Td (term ) Tj ET Q q 0 0 0 rg BT 236.30 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 246.46 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 260.70 414.15 Td (contract. ) Tj ET Q q 0 0 0 rg BT 298.55 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 299.96 414.15 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 325.28 414.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 351.19 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 365.42 414.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 401.81 414.15 Td (at ) Tj ET Q q 0 0 0 rg BT 410.80 414.15 Td (cost, ) Tj ET Q q 0 0 0 rg BT 431.75 414.15 Td (net ) Tj ET Q q 0 0 0 rg BT 445.99 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 456.15 414.15 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 510.61 414.15 Td (depreciation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 66.17 401.55 Td (amortization. ) Tj ET Q q 0 0 0 rg BT 123.38 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 124.89 401.55 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 180.63 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 197.31 401.55 Td (amortization ) Tj ET Q q 0 0 0 rg BT 251.88 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 266.22 401.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 314.96 401.55 Td (by ) Tj ET Q q 0 0 0 rg BT 326.97 401.55 Td (use ) Tj ET Q q 0 0 0 rg BT 342.49 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 352.75 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 367.09 401.55 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 419.34 401.55 Td (method. ) Tj ET Q q 0 0 0 rg BT 454.97 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 456.49 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 458.00 401.55 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 505.59 401.55 Td (is ) Tj ET Q q 0 0 0 rg BT 514.11 401.55 Td (depreciated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (over ) Tj ET Q q 0 0 0 rg BT 71.27 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 87.21 388.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 130.56 388.95 Td (useful ) Tj ET Q q 0 0 0 rg BT 159.33 388.95 Td (lives ) Tj ET Q q 0 0 0 rg BT 182.28 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 194.14 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 210.08 388.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 240.31 388.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 282.49 388.95 Td (ranging ) Tj ET Q q 0 0 0 rg BT 317.68 388.95 Td (from ) Tj ET Q q 0 0 0 rg BT 341.20 388.95 Td (three ) Tj ET Q q 0 0 0 rg BT 365.30 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 376.58 388.95 Td (eight ) Tj ET Q q 0 0 0 rg BT 400.68 388.95 Td (years. ) Tj ET Q q 0 0 0 rg BT 428.58 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 431.69 388.95 Td (Software ) Tj ET Q q 0 0 0 rg BT 472.71 388.95 Td (is ) Tj ET Q q 0 0 0 rg BT 482.82 388.95 Td (amortized ) Tj ET Q q 0 0 0 rg BT 527.91 388.95 Td (over ) Tj ET Q q 0 0 0 rg BT 549.68 388.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 92.51 376.35 Td (useful ) Tj ET Q q 0 0 0 rg BT 120.94 376.35 Td (lives ) Tj ET Q q 0 0 0 rg BT 143.54 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 155.06 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 170.66 376.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 200.56 376.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 242.39 376.35 Td (three ) Tj ET Q q 0 0 0 rg BT 266.15 376.35 Td (years. ) Tj ET Q q 0 0 0 rg BT 293.70 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 296.47 376.35 Td (Leasehold ) Tj ET Q q 0 0 0 rg BT 342.39 376.35 Td (improvements ) Tj ET Q q 0 0 0 rg BT 405.23 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 420.82 376.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 465.57 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 477.09 376.35 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 528.25 376.35 Td (over ) Tj ET Q q 0 0 0 rg BT 549.68 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 76.89 363.75 Td (term ) Tj ET Q q 0 0 0 rg BT 99.03 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 110.67 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 126.40 363.75 Td (lease ) Tj ET Q q 0 0 0 rg BT 150.28 363.75 Td (unless ) Tj ET Q q 0 0 0 rg BT 179.42 363.75 Td (options ) Tj ET Q q 0 0 0 rg BT 213.24 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 224.30 363.75 Td (extend ) Tj ET Q q 0 0 0 rg BT 255.19 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 270.90 363.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 297.71 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 308.77 363.75 Td (be ) Tj ET Q q 0 0 0 rg BT 321.58 363.75 Td (exercised. ) Tj ET Q q 0 0 0 rg BT 366.74 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 369.64 363.75 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 426.76 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 444.82 363.75 Td (repair ) Tj ET Q q 0 0 0 rg BT 472.19 363.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 496.09 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 511.80 363.75 Td (expensed ) Tj ET Q q 0 0 0 rg BT 553.77 363.75 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 89.60 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 92.09 351.15 Td (Internally ) Tj ET Q q 0 0 0 rg BT 135.40 351.15 Td (developed ) Tj ET Q q 0 0 0 rg BT 181.05 351.15 Td (software ) Tj ET Q q 0 0 0 rg BT 219.69 351.15 Td (is ) Tj ET Q q 0 0 0 rg BT 229.19 351.15 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 270.16 351.15 Td (periodically ) Tj ET Q q 0 0 0 rg BT 322.80 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 333.46 351.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 377.94 351.15 Td (if ) Tj ET Q q 0 0 0 rg BT 386.84 351.15 Td (there ) Tj ET Q q 0 0 0 rg BT 410.32 351.15 Td (is ) Tj ET Q q 0 0 0 rg BT 419.82 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 426.97 351.15 Td (change ) Tj ET Q q 0 0 0 rg BT 459.20 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 469.86 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 485.18 351.15 Td (useful ) Tj ET Q q 0 0 0 rg BT 513.33 351.15 Td (life, ) Tj ET Q q 0 0 0 rg BT 532.44 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 543.68 351.15 Td (if ) Tj ET Q q 0 0 0 rg BT 552.59 351.15 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.46 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 111.17 338.55 Td (value ) Tj ET Q q 0 0 0 rg BT 136.46 338.55 Td (may ) Tj ET Q q 0 0 0 rg BT 157.09 338.55 Td (exist. ) Tj ET Q q 0 0 0 rg BT 182.10 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 184.65 338.55 Td (If ) Tj ET Q q 0 0 0 rg BT 194.20 338.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 245.15 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 254.71 338.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 289.91 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 300.62 338.55 Td (exist, ) Tj ET Q q 0 0 0 rg BT 325.63 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 341.01 338.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 363.97 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 373.53 338.55 Td (written ) Tj ET Q q 0 0 0 rg BT 405.82 338.55 Td (down ) Tj ET Q q 0 0 0 rg BT 431.71 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 442.42 338.55 Td (its ) Tj ET Q q 0 0 0 rg BT 454.90 338.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 472.02 338.55 Td (value ) Tj ET Q q 0 0 0 rg BT 497.31 338.55 Td (or ) Tj ET Q q 0 0 0 rg BT 508.60 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 518.16 338.55 Td (written ) Tj ET Q q 0 0 0 rg BT 550.45 338.55 Td (of) Tj ET Q q 0 0 0 rg BT 559.01 338.55 Td (f ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (if ) Tj ET Q q 0 0 0 rg BT 58.54 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 73.99 325.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 97.03 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 106.66 325.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 156.51 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 167.31 325.95 Td (no ) Tj ET Q q 0 0 0 rg BT 180.43 325.95 Td (longer ) Tj ET Q q 0 0 0 rg BT 209.88 325.95 Td (have ) Tj ET Q q 0 0 0 rg BT 232.33 325.95 Td (any ) Tj ET Q q 0 0 0 rg BT 250.11 325.95 Td (value.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 97.64 300.75 Td (Assets ) Tj ET Q q 0 0 0 rg BT 128.27 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 147.82 300.75 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 72.45 288.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 108.38 288.15 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 157.57 288.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 200.93 288.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 226.80 288.15 Td (consist ) Tj ET Q q 0 0 0 rg BT 257.35 288.15 Td (principally ) Tj ET Q q 0 0 0 rg BT 304.21 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 314.33 288.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 336.11 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 391.13 288.15 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 433.02 288.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 472.30 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 481.84 288.15 Td (manage ) Tj ET Q q 0 0 0 rg BT 515.86 288.15 Td (proprietary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 81.68 275.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 108.02 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 119.78 275.55 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 186.94 275.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 215.91 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 234.08 275.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 258.08 275.55 Td (names ) Tj ET Q q 0 0 0 rg BT 287.92 275.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 327.68 275.55 Td (from ) Tj ET Q q 0 0 0 rg BT 351.10 275.55 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 406.91 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 409.92 275.55 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 455.50 275.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 483.01 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 498.85 275.55 Td (amortized ) Tj ET Q q 0 0 0 rg BT 543.84 275.55 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (their ) Tj ET Q q 0 0 0 rg BT 71.57 262.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 114.63 262.95 Td (useful ) Tj ET Q q 0 0 0 rg BT 143.11 262.95 Td (lives, ) Tj ET Q q 0 0 0 rg BT 168.39 262.95 Td (using ) Tj ET Q q 0 0 0 rg BT 193.97 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 209.62 262.95 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 263.19 262.95 Td (method, ) Tj ET Q q 0 0 0 rg BT 300.13 262.95 Td (unless ) Tj ET Q q 0 0 0 rg BT 329.20 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 344.86 262.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 368.09 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 377.92 262.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 427.97 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 438.96 262.95 Td (have ) Tj ET Q q 0 0 0 rg BT 461.61 262.95 Td (an ) Tj ET Q q 0 0 0 rg BT 474.34 262.95 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 517.41 262.95 Td (useful ) Tj ET Q q 0 0 0 rg BT 545.89 262.95 Td (life. ) Tj ET Q q 0 0 0 rg BT 565.13 262.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 76.36 250.35 Td (management ) Tj ET Q q 0 0 0 rg BT 133.54 250.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 174.97 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 191.32 250.35 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 244.40 250.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 289.93 250.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 317.95 250.35 Td (that ) Tj ET Q q 0 0 0 rg BT 337.23 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 353.58 250.35 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 402.58 250.35 Td (at ) Tj ET Q q 0 0 0 rg BT 413.69 250.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 463.29 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 481.99 250.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 527.50 250.35 Td (over ) Tj ET Q q 0 0 0 rg BT 549.68 250.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 89.33 237.75 Td (life ) Tj ET Q q 0 0 0 rg BT 105.85 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 117.12 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.48 237.75 Td (contract. ) Tj ET Q q 0 0 0 rg BT 171.44 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 173.78 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 192.63 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 217.90 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 229.17 237.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 269.59 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 280.28 237.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 315.46 237.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 342.48 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 353.17 237.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 402.35 237.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 428.20 237.75 Td (or ) Tj ET Q q 0 0 0 rg BT 439.47 237.75 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 506.14 237.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 532.00 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 549.69 237.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (value ) Tj ET Q q 0 0 0 rg BT 74.43 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 85.36 225.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 108.53 225.15 Td (names ) Tj ET Q q 0 0 0 rg BT 137.54 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 152.55 225.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 194.39 225.15 Td (as ) Tj ET Q q 0 0 0 rg BT 205.32 225.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 265.23 225.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 309.41 225.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 338.72 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 340.75 225.15 Td (The ) Tj ET Q q 0 0 0 rg BT 359.26 225.15 Td (assignment ) Tj ET Q q 0 0 0 rg BT 408.69 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 419.63 225.15 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 462.05 225.15 Td (lives ) Tj ET Q q 0 0 0 rg BT 484.07 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 494.42 225.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 543.26 225.15 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 89.82 212.55 Td (is ) Tj ET Q q 0 0 0 rg BT 99.24 212.55 Td (based ) Tj ET Q q 0 0 0 rg BT 125.56 212.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 148.98 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 164.22 212.55 Td (assumption ) Tj ET Q q 0 0 0 rg BT 214.47 212.55 Td (that ) Tj ET Q q 0 0 0 rg BT 232.63 212.55 Td (there ) Tj ET Q q 0 0 0 rg BT 256.03 212.55 Td (is ) Tj ET Q q 0 0 0 rg BT 265.45 212.55 Td (no ) Tj ET Q q 0 0 0 rg BT 278.37 212.55 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 328.59 212.55 Td (limit ) Tj ET Q q 0 0 0 rg BT 350.84 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 363.76 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 379.00 212.55 Td (contract ) Tj ET Q q 0 0 0 rg BT 415.23 212.55 Td (period ) Tj ET Q q 0 0 0 rg BT 444.47 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 455.05 212.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 490.12 212.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 539.18 212.55 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (due ) Tj ET Q q 0 0 0 rg BT 67.08 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 77.67 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 92.92 199.95 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 137.92 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 149.09 199.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 192.92 199.95 Td (renewal ) Tj ET Q q 0 0 0 rg BT 228.57 199.95 Td (at ) Tj ET Q q 0 0 0 rg BT 238.57 199.95 Td (little ) Tj ET Q q 0 0 0 rg BT 260.24 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 271.41 199.95 Td (no ) Tj ET Q q 0 0 0 rg BT 284.33 199.95 Td (cost. ) Tj ET Q q 0 0 0 rg BT 306.29 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 308.53 199.95 Td (The ) Tj ET Q q 0 0 0 rg BT 327.28 199.95 Td (assignment ) Tj ET Q q 0 0 0 rg BT 376.95 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 388.12 199.95 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 430.78 199.95 Td (lives ) Tj ET Q q 0 0 0 rg BT 453.03 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 463.62 199.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 487.02 199.95 Td (names ) Tj ET Q q 0 0 0 rg BT 516.27 199.95 Td (is ) Tj ET Q q 0 0 0 rg BT 525.70 199.95 Td (based ) Tj ET Q q 0 0 0 rg BT 552.03 199.95 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 187.35 Td (assumption ) Tj ET Q q 0 0 0 rg BT 115.41 187.35 Td (that ) Tj ET Q q 0 0 0 rg BT 133.78 187.35 Td (they ) Tj ET Q q 0 0 0 rg BT 154.49 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 169.93 187.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 209.87 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 220.66 187.35 Td (generate ) Tj ET Q q 0 0 0 rg BT 258.84 187.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 280.12 187.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 306.08 187.35 Td (indefinitely) Tj ET Q q 0 0 0 rg BT 353.80 187.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.94 162.15 Td (represents ) Tj ET Q q 0 0 0 rg BT 135.28 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 149.88 162.15 Td (residual ) Tj ET Q q 0 0 0 rg BT 184.89 162.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 218.15 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 228.67 162.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 276.52 162.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 295.21 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 305.15 162.15 Td (excess ) Tj ET Q q 0 0 0 rg BT 334.32 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 344.84 162.15 Td (identified ) Tj ET Q q 0 0 0 rg BT 386.85 162.15 Td (tangible ) Tj ET Q q 0 0 0 rg BT 422.45 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 439.38 162.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 483.14 162.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 509.41 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 526.34 162.15 Td (assumed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 94.84 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.47 149.55 Td (Indefinite-life ) Tj ET Q q 0 0 0 rg BT 160.41 149.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 206.04 149.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 234.17 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 252.96 149.55 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 293.93 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 310.38 149.55 Td (not ) Tj ET Q q 0 0 0 rg BT 327.44 149.55 Td (amortized ) Tj ET Q q 0 0 0 rg BT 373.05 149.55 Td (for ) Tj ET Q q 0 0 0 rg BT 388.93 149.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 429.29 149.55 Td (statement ) Tj ET Q q 0 0 0 rg BT 473.16 149.55 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 516.75 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 520.39 149.55 Td (Given ) Tj ET Q q 0 0 0 rg BT 549.68 149.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (relative ) Tj ET Q q 0 0 0 rg BT 84.01 136.95 Td (significance ) Tj ET Q q 0 0 0 rg BT 137.77 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 149.55 136.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 194.57 136.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 222.10 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 240.29 136.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 280.65 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 291.85 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 307.71 136.95 Td (Company's ) Tj ET Q q 0 0 0 rg BT 357.55 136.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 413.65 136.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 453.41 136.95 Td (statements, ) Tj ET Q q 0 0 0 rg BT 503.39 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 516.92 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 524.61 136.95 Td (quarterly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 73.44 124.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 97.96 124.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 129.48 124.35 Td (considers ) Tj ET Q q 0 0 0 rg BT 172.08 124.35 Td (if ) Tj ET Q q 0 0 0 rg BT 181.43 124.35 Td (triggering ) Tj ET Q q 0 0 0 rg BT 225.78 124.35 Td (events ) Tj ET Q q 0 0 0 rg BT 255.55 124.35 Td (have ) Tj ET Q q 0 0 0 rg BT 278.31 124.35 Td (occurred ) Tj ET Q q 0 0 0 rg BT 317.97 124.35 Td (that ) Tj ET Q q 0 0 0 rg BT 336.66 124.35 Td (may ) Tj ET Q q 0 0 0 rg BT 357.68 124.35 Td (indicate ) Tj ET Q q 0 0 0 rg BT 393.85 124.35 Td (that ) Tj ET Q q 0 0 0 rg BT 412.54 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 428.31 124.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 445.82 124.35 Td (values ) Tj ET Q q 0 0 0 rg BT 475.58 124.35 Td (have ) Tj ET Q q 0 0 0 rg BT 498.35 124.35 Td (declined ) Tj ET Q q 0 0 0 rg BT 536.85 124.35 Td (below ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (their ) Tj ET Q q 0 0 0 rg BT 71.69 111.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 117.21 111.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 155.14 111.75 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 196.30 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 199.04 111.75 Td (T) Tj ET Q q 0 0 0 rg BT 205.08 111.75 Td (riggering ) Tj ET Q q 0 0 0 rg BT 246.52 111.75 Td (events ) Tj ET Q q 0 0 0 rg BT 276.30 111.75 Td (may ) Tj ET Q q 0 0 0 rg BT 297.33 111.75 Td (include ) Tj ET Q q 0 0 0 rg BT 331.19 111.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 378.46 111.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 413.48 111.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 450.25 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 461.37 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 477.15 111.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 526.91 111.75 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 61.22 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 77.02 99.15 Td (legal ) Tj ET Q q 0 0 0 rg BT 100.40 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 112.12 99.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 158.25 99.15 Td (environment, ) Tj ET Q q 0 0 0 rg BT 216.91 99.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 236.23 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 247.95 99.15 Td (key ) Tj ET Q q 0 0 0 rg BT 266.08 99.15 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 312.50 99.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 359.80 99.15 Td (business ) Tj ET Q q 0 0 0 rg BT 398.36 99.15 Td (dispositions, ) Tj ET Q q 0 0 0 rg BT 454.14 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 465.86 99.15 Td (other ) Tj ET Q q 0 0 0 rg BT 490.41 99.15 Td (events, ) Tj ET Q q 0 0 0 rg BT 522.83 99.15 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 86.61 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 98.07 86.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 142.17 86.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 202.02 86.55 Td (with ) Tj ET Q q 0 0 0 rg BT 223.98 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 241.26 86.55 Td (af) Tj ET Q q 0 0 0 rg BT 249.23 86.55 Td (filiates ) Tj ET Q q 0 0 0 rg BT 281.10 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 300.13 86.55 Td (will ) Tj ET Q q 0 0 0 rg BT 319.76 86.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 351.62 86.55 Td (future ) Tj ET Q q 0 0 0 rg BT 379.98 86.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 422.93 86.55 Td (results. ) Tj ET Q q 0 0 0 rg BT 456.26 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 459.55 86.55 Td (If ) Tj ET Q q 0 0 0 rg BT 469.83 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 477.78 86.55 Td (triggering ) Tj ET Q q 0 0 0 rg BT 522.48 86.55 Td (event ) Tj ET Q q 0 0 0 rg BT 548.50 86.55 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 93.74 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 111.45 73.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 157.17 73.95 Td (will ) Tj ET Q q 0 0 0 rg BT 178.39 73.95 Td (perform ) Tj ET Q q 0 0 0 rg BT 217.10 73.95 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 271.56 73.95 Td (tests, ) Tj ET Q q 0 0 0 rg BT 297.74 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 328.28 73.95 Td (include ) Tj ET Q q 0 0 0 rg BT 364.08 73.95 Td (critical ) Tj ET Q q 0 0 0 rg BT 398.11 73.95 Td (reviews ) Tj ET Q q 0 0 0 rg BT 435.66 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 449.29 73.95 Td (all ) Tj ET Q q 0 0 0 rg BT 464.67 73.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 513.88 73.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 547.34 73.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 106.05 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 116.21 61.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 160.19 61.35 Td (if ) Tj ET Q q 0 0 0 rg BT 168.60 61.35 Td (any ) Tj ET Q q 0 0 0 rg BT 185.76 61.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 229.75 61.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 256.25 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 266.99 61.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 306.32 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 321.14 61.35 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 363.08 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 365.08 61.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 388.65 61.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 419.24 61.35 Td (considers ) Tj ET Q q 0 0 0 rg BT 460.89 61.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 491.46 61.35 Td (such ) Tj ET Q q 0 0 0 rg BT 512.70 61.35 Td (as ) Tj ET Q q 0 0 0 rg BT 523.45 61.35 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.01 48.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 95.20 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 112.21 48.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 147.29 48.75 Td (multiples, ) Tj ET Q q 0 0 0 rg BT 190.85 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 200.87 48.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 244.70 48.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 280.37 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.05 48.75 Td (value ) Tj ET Q q 0 0 0 rg BT 319.64 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 330.24 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 344.92 48.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 371.27 48.75 Td (is ) Tj ET Q q 0 0 0 rg BT 380.13 48.75 Td (impaired ) Tj ET Q q 0 0 0 rg BT 419.30 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 436.31 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 450.99 48.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 510.57 48.75 Td (assumptions ) Tj ET Q endstream endobj 197 0 obj <>] /Rotate 0 /Contents 198 0 R>> endobj 198 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (96) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.71 741.75 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 117.54 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 119.94 741.75 Td (If ) Tj ET Q q 0 0 0 rg BT 129.33 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 141.63 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 164.44 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 173.84 741.75 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 216.18 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.41 741.75 Td (dif) Tj ET Q q 0 0 0 rg BT 242.88 741.75 Td (ference ) Tj ET Q q 0 0 0 rg BT 276.16 741.75 Td (between ) Tj ET Q q 0 0 0 rg BT 313.54 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 328.76 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 353.90 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 365.04 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 380.26 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 403.07 741.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 442.19 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 455.08 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.31 741.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 525.77 741.75 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (statements ) Tj ET Q q 0 0 0 rg BT 96.54 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 114.41 729.15 Td (its ) Tj ET Q q 0 0 0 rg BT 127.04 729.15 Td (current ) Tj ET Q q 0 0 0 rg BT 159.48 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 176.76 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 202.21 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 211.93 729.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 260.70 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 272.15 729.15 Td (an ) Tj ET Q q 0 0 0 rg BT 284.78 729.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 321.31 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 332.18 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 347.72 729.15 Td (period ) Tj ET Q q 0 0 0 rg BT 377.26 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 388.14 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 416.51 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 432.05 729.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 483.16 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 492.88 729.15 Td (determined. ) Tj ET Q q 0 0 0 rg BT 545.45 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 548.16 729.15 Td (If ) Tj ET Q q 0 0 0 rg BT 557.86 729.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (triggering ) Tj ET Q q 0 0 0 rg BT 94.40 716.55 Td (event ) Tj ET Q q 0 0 0 rg BT 120.62 716.55 Td (has ) Tj ET Q q 0 0 0 rg BT 138.11 716.55 Td (not ) Tj ET Q q 0 0 0 rg BT 155.01 716.55 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 197.85 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 214.17 716.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 258.49 716.55 Td (performs ) Tj ET Q q 0 0 0 rg BT 299.88 716.55 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 352.94 716.55 Td (tests ) Tj ET Q q 0 0 0 rg BT 375.10 716.55 Td (annually ) Tj ET Q q 0 0 0 rg BT 414.74 716.55 Td (at ) Tj ET Q q 0 0 0 rg BT 425.81 716.55 Td (December ) Tj ET Q q 0 0 0 rg BT 472.44 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 489.05 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 504.79 716.55 Td (indefinite-life ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 93.06 703.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 119.13 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 135.86 703.95 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 177.39 703.95 Td (unless ) Tj ET Q q 0 0 0 rg BT 205.21 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 219.61 703.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 262.01 703.95 Td (can ) Tj ET Q q 0 0 0 rg BT 278.15 703.95 Td (qualitatively ) Tj ET Q q 0 0 0 rg BT 332.21 703.95 Td (conclude ) Tj ET Q q 0 0 0 rg BT 371.68 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 389.00 703.95 Td (it ) Tj ET Q q 0 0 0 rg BT 396.40 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 404.98 703.95 Td (more ) Tj ET Q q 0 0 0 rg BT 428.12 703.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 453.61 703.95 Td (than ) Tj ET Q q 0 0 0 rg BT 473.25 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 488.24 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 505.56 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 519.96 703.95 Td (respective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.30 691.35 Td (values ) Tj ET Q q 0 0 0 rg BT 95.35 691.35 Td (exceed ) Tj ET Q q 0 0 0 rg BT 126.72 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 141.78 691.35 Td (related ) Tj ET Q q 0 0 0 rg BT 172.57 691.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 209.78 691.35 Td (values. ) Tj ET Q q 0 0 0 rg BT 241.46 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 243.52 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 262.07 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 278.87 691.35 Td (values ) Tj ET Q q 0 0 0 rg BT 307.93 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 318.90 691.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 363.12 691.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 389.84 691.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 421.81 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 432.21 691.35 Td (amortization ) Tj ET Q q 0 0 0 rg BT 487.50 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 502.55 691.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 550.26 691.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.67 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 111.02 678.75 Td (each ) Tj ET Q q 0 0 0 rg BT 133.01 678.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 174.27 678.75 Td (period ) Tj ET Q q 0 0 0 rg BT 203.86 678.75 Td (using ) Tj ET Q q 0 0 0 rg BT 229.38 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 242.06 678.75 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 300.81 678.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 322.24 678.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 344.25 678.75 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 383.47 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 386.24 678.75 Td (For ) Tj ET Q q 0 0 0 rg BT 403.59 678.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 448.35 678.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 475.61 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 497.05 678.75 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 540.05 678.75 Td (lives, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.75 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 92.16 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 101.84 666.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 151.74 666.15 Td (from ) Tj ET Q q 0 0 0 rg BT 174.83 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 182.17 666.15 Td (market ) Tj ET Q q 0 0 0 rg BT 213.99 666.15 Td (participant's ) Tj ET Q q 0 0 0 rg BT 267.54 666.15 Td (perspective ) Tj ET Q q 0 0 0 rg BT 318.03 666.15 Td (based ) Tj ET Q q 0 0 0 rg BT 344.61 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 357.79 666.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 399.53 666.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 447.69 666.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 469.03 666.15 Td (flows, ) Tj ET Q q 0 0 0 rg BT 497.66 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 525.99 666.15 Td (take ) Tj ET Q q 0 0 0 rg BT 546.16 666.15 Td (into ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 109.22 653.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 151.45 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 163.35 653.55 Td (future ) Tj ET Q q 0 0 0 rg BT 191.57 653.55 Td (fees, ) Tj ET Q q 0 0 0 rg BT 214.26 653.55 Td (profit ) Tj ET Q q 0 0 0 rg BT 240.74 653.55 Td (mar) Tj ET Q q 0 0 0 rg BT 256.87 653.55 Td (gins, ) Tj ET Q q 0 0 0 rg BT 280.15 653.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 313.06 653.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 338.66 653.55 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 366.01 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 384.32 653.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 423.06 653.55 Td (rates. ) Tj ET Q q 0 0 0 rg BT 448.66 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 451.81 653.55 Td (Proprietary ) Tj ET Q q 0 0 0 rg BT 502.20 653.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 524.60 653.55 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 67.67 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 82.92 640.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 123.25 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 140.83 640.95 Td (operated ) Tj ET Q q 0 0 0 rg BT 179.41 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 190.58 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 197.67 640.95 Td (single ) Tj ET Q q 0 0 0 rg BT 225.18 640.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 243.94 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 261.53 640.95 Td (meet ) Tj ET Q q 0 0 0 rg BT 284.37 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 308.37 640.95 Td (criteria ) Tj ET Q q 0 0 0 rg BT 340.52 640.95 Td (may ) Tj ET Q q 0 0 0 rg BT 361.03 640.95 Td (be ) Tj ET Q q 0 0 0 rg BT 373.37 640.95 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 421.85 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 436.52 640.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 487.36 640.95 Td (testing. ) Tj ET Q q 0 0 0 rg BT 520.41 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 522.84 640.95 Td (Goodwill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 58.32 628.35 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 100.36 628.35 Td (at ) Tj ET Q q 0 0 0 rg BT 109.75 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 124.40 628.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 164.70 628.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 182.85 628.35 Td (level, ) Tj ET Q q 0 0 0 rg BT 207.70 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 224.67 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 233.49 628.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 280.79 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 294.85 628.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 345.07 628.35 Td (when ) Tj ET Q q 0 0 0 rg BT 369.63 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 384.27 628.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 421.07 628.35 Td (value ) Tj ET Q q 0 0 0 rg BT 445.62 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 456.18 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 470.82 628.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 511.13 628.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 529.28 628.35 Td (exceeds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.65 615.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 101.06 615.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 118.95 615.75 Td (value ) Tj ET Q q 0 0 0 rg BT 145.01 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 157.08 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 173.24 615.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 215.05 615.75 Td (unit. ) Tj ET Q q 0 0 0 rg BT 237.33 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 240.66 615.75 Td (In ) Tj ET Q q 0 0 0 rg BT 252.73 615.75 Td (estimating ) Tj ET Q q 0 0 0 rg BT 299.79 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.95 615.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 351.35 615.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 369.25 615.75 Td (value ) Tj ET Q q 0 0 0 rg BT 395.31 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 407.38 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.53 615.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 465.34 615.75 Td (unit, ) Tj ET Q q 0 0 0 rg BT 487.63 615.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 512.53 615.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 544.43 615.75 Td (uses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 91.83 603.15 Td (techniques ) Tj ET Q q 0 0 0 rg BT 139.99 603.15 Td (principally ) Tj ET Q q 0 0 0 rg BT 188.73 603.15 Td (based ) Tj ET Q q 0 0 0 rg BT 215.89 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 229.64 603.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 278.39 603.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 320.71 603.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 342.62 603.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 369.21 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 387.62 603.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 425.54 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 428.79 603.15 Td (multiples, ) Tj ET Q q 0 0 0 rg BT 473.76 603.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 506.18 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 517.60 603.15 Td (techniques ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (employed ) Tj ET Q q 0 0 0 rg BT 92.88 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 103.02 590.55 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 145.82 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 160.62 590.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 199.91 590.55 Td (price ) Tj ET Q q 0 0 0 rg BT 222.87 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 233.59 590.55 Td (an ) Tj ET Q q 0 0 0 rg BT 245.48 590.55 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 296.15 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 298.13 590.55 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 339.77 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 348.75 590.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 383.38 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 393.52 590.55 Td (be ) Tj ET Q q 0 0 0 rg BT 405.41 590.55 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 456.34 590.55 Td (at ) Tj ET Q q 0 0 0 rg BT 465.90 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 480.70 590.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 521.16 590.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 539.47 590.55 Td (level, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (which ) Tj ET Q q 0 0 0 rg BT 77.69 577.95 Td (is ) Tj ET Q q 0 0 0 rg BT 87.22 577.95 Td (also ) Tj ET Q q 0 0 0 rg BT 106.67 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 122.02 577.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 164.20 577.95 Td (segment ) Tj ET Q q 0 0 0 rg BT 201.73 577.95 Td (level ) Tj ET Q q 0 0 0 rg BT 224.66 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 242.94 577.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 267.04 577.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 298.15 577.95 Td (defines ) Tj ET Q q 0 0 0 rg BT 331.00 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 342.28 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 357.63 577.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 388.18 577.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 414.05 577.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 471.39 577.95 Td (segment. ) Tj ET Q q 0 0 0 rg BT 511.54 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 513.88 577.95 Td (This ) Tj ET Q q 0 0 0 rg BT 535.08 577.95 Td (results ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (from ) Tj ET Q q 0 0 0 rg BT 73.20 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 89.32 565.35 Td (fact ) Tj ET Q q 0 0 0 rg BT 108.35 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 127.39 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 143.51 565.35 Td (chief ) Tj ET Q q 0 0 0 rg BT 167.78 565.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 210.73 565.35 Td (decision ) Tj ET Q q 0 0 0 rg BT 249.01 565.35 Td (maker) Tj ET Q q 0 0 0 rg BT 274.83 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 280.74 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 305.61 565.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 343.46 565.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 370.08 565.35 Td (Executive ) Tj ET Q q 0 0 0 rg BT 415.35 565.35 Td (Of) Tj ET Q q 0 0 0 rg BT 426.24 565.35 Td (ficer) Tj ET Q q 0 0 0 rg BT 445.06 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 450.97 565.35 Td (regularly ) Tj ET Q q 0 0 0 rg BT 492.16 565.35 Td (receives ) Tj ET Q q 0 0 0 rg BT 529.85 565.35 Td (discrete ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.06 552.75 Td (information ) Tj ET Q q 0 0 0 rg BT 141.46 552.75 Td (at ) Tj ET Q q 0 0 0 rg BT 151.87 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 167.53 552.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 223.43 552.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 254.22 552.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 280.38 552.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 338.02 552.75 Td (business ) Tj ET Q q 0 0 0 rg BT 376.44 552.75 Td (level ) Tj ET Q q 0 0 0 rg BT 399.68 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 417.67 552.75 Td (does ) Tj ET Q q 0 0 0 rg BT 439.75 552.75 Td (not ) Tj ET Q q 0 0 0 rg BT 455.99 552.75 Td (regularly ) Tj ET Q q 0 0 0 rg BT 496.72 552.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 529.86 552.75 Td (discrete ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.49 540.15 Td (information, ) Tj ET Q q 0 0 0 rg BT 142.95 540.15 Td (such ) Tj ET Q q 0 0 0 rg BT 164.46 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 175.47 540.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 217.38 540.15 Td (results, ) Tj ET Q q 0 0 0 rg BT 249.68 540.15 Td (at ) Tj ET Q q 0 0 0 rg BT 259.52 540.15 Td (any ) Tj ET Q q 0 0 0 rg BT 276.95 540.15 Td (lower ) Tj ET Q q 0 0 0 rg BT 303.11 540.15 Td (level, ) Tj ET Q q 0 0 0 rg BT 328.41 540.15 Td (such ) Tj ET Q q 0 0 0 rg BT 349.92 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 360.92 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 376.01 540.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 398.69 540.15 Td (management ) Tj ET Q q 0 0 0 rg BT 454.59 540.15 Td (af) Tj ET Q q 0 0 0 rg BT 462.56 540.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 489.31 540.15 Td (level. ) Tj ET Q q 0 0 0 rg BT 514.10 540.15 Td (Allocations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.19 527.55 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 101.46 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 116.65 527.55 Td (management ) Tj ET Q q 0 0 0 rg BT 173.24 527.55 Td (restructures, ) Tj ET Q q 0 0 0 rg BT 227.78 527.55 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 283.51 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 301.61 527.55 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 354.73 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 370.49 527.55 Td (based ) Tj ET Q q 0 0 0 rg BT 397.34 527.55 Td (on ) Tj ET Q q 0 0 0 rg BT 410.78 527.55 Td (relative ) Tj ET Q q 0 0 0 rg BT 445.21 527.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 462.72 527.55 Td (values ) Tj ET Q q 0 0 0 rg BT 492.49 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 504.17 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 519.94 527.55 Td (respective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (businesses ) Tj ET Q q 0 0 0 rg BT 96.46 514.95 Td (restructured, ) Tj ET Q q 0 0 0 rg BT 151.85 514.95 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 193.25 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 204.62 514.95 Td (divested.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (See ) Tj ET Q q 0 0 0 rg BT 66.91 489.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 89.57 489.75 Td (5 ) Tj ET Q q 0 0 0 rg BT 97.08 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 111.57 489.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 155.81 489.75 Td (information ) Tj ET Q q 0 0 0 rg BT 207.64 489.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 250.12 489.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 294.36 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 321.11 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 338.52 489.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 378.11 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 395.52 489.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 418.18 489.75 Td (16 ) Tj ET Q q 0 0 0 rg BT 430.93 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 445.43 489.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 489.67 489.75 Td (business ) Tj ET Q q 0 0 0 rg BT 527.51 489.75 Td (segment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (information.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (Debt) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 96.94 439.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 117.56 439.35 Td (is ) Tj ET Q q 0 0 0 rg BT 127.11 439.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 166.37 439.35 Td (at ) Tj ET Q q 0 0 0 rg BT 176.49 439.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 221.01 439.35 Td (cost.� ) Tj ET Q q 0 0 0 rg BT 245.72 439.35 Td (Unamortized ) Tj ET Q q 0 0 0 rg BT 303.07 439.35 Td (premiums, ) Tj ET Q q 0 0 0 rg BT 350.23 439.35 Td (discounts, ) Tj ET Q q 0 0 0 rg BT 395.07 439.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 415.69 439.35 Td (issuance ) Tj ET Q q 0 0 0 rg BT 453.80 439.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 477.34 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 495.04 439.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 512.15 439.35 Td (value ) Tj ET Q q 0 0 0 rg BT 537.43 439.35 Td (hedge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 102.60 426.75 Td (related ) Tj ET Q q 0 0 0 rg BT 134.11 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 145.21 426.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 189.56 426.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 210.57 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 226.33 426.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 269.50 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 280.61 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 296.38 426.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 331.38 426.75 Td (sheet ) Tj ET Q q 0 0 0 rg BT 355.89 426.75 Td (as ) Tj ET Q q 0 0 0 rg BT 367.58 426.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 394.42 426.75 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 447.52 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 458.63 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 474.39 426.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 512.31 426.75 Td (value ) Tj ET Q q 0 0 0 rg BT 537.99 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 426.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 95.28 414.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 139.31 414.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 160.01 414.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 195.30 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 213.09 414.15 Td (amortized ) Tj ET Q q 0 0 0 rg BT 257.69 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 268.48 414.15 Td (Interest ) Tj ET Q q 0 0 0 rg BT 302.60 414.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 339.04 414.15 Td (over ) Tj ET Q q 0 0 0 rg BT 360.32 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 375.77 414.15 Td (legal ) Tj ET Q q 0 0 0 rg BT 398.81 414.15 Td (term ) Tj ET Q q 0 0 0 rg BT 420.67 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 432.04 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 447.50 414.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 493.27 414.15 Td (debt. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 102.30 388.95 Td (Consideration ) Tj ET Q q 0 0 0 rg BT 168.52 388.95 Td (Liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.82 376.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 109.47 376.35 Td (with ) Tj ET Q q 0 0 0 rg BT 130.71 376.35 Td (business ) Tj ET Q q 0 0 0 rg BT 168.88 376.35 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 224.25 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 248.40 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 279.56 376.35 Td (may ) Tj ET Q q 0 0 0 rg BT 300.22 376.35 Td (be ) Tj ET Q q 0 0 0 rg BT 312.70 376.35 Td (required ) Tj ET Q q 0 0 0 rg BT 350.26 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 361.01 376.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 378.75 376.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 423.32 376.35 Td (future ) Tj ET Q q 0 0 0 rg BT 450.96 376.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 510.11 376.35 Td (based ) Tj ET Q q 0 0 0 rg BT 536.59 376.35 Td (on ) Tj ET Q q 0 0 0 rg BT 549.67 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (achievement ) Tj ET Q q 0 0 0 rg BT 104.28 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 114.75 363.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 145.04 363.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 191.67 363.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.12 363.75 Td (metrics. ) Tj ET Q q 0 0 0 rg BT 265.38 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 267.10 363.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 290.40 363.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 320.71 363.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 361.51 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 376.06 363.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 392.35 363.75 Td (value ) Tj ET Q q 0 0 0 rg BT 416.82 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 427.29 363.75 Td (these ) Tj ET Q q 0 0 0 rg BT 450.59 363.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 489.05 363.75 Td (future ) Tj ET Q q 0 0 0 rg BT 515.85 363.75 Td (obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (at ) Tj ET Q q 0 0 0 rg BT 60.38 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 76.51 351.15 Td (time ) Tj ET Q q 0 0 0 rg BT 98.48 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 106.44 351.15 Td (business ) Tj ET Q q 0 0 0 rg BT 145.33 351.15 Td (combination ) Tj ET Q q 0 0 0 rg BT 201.13 351.15 Td (is ) Tj ET Q q 0 0 0 rg BT 211.44 351.15 Td (consummated ) Tj ET Q q 0 0 0 rg BT 273.06 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 291.52 351.15 Td (records ) Tj ET Q q 0 0 0 rg BT 325.73 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 333.69 351.15 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 383.66 351.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 443.53 351.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 479.50 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 490.97 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 507.10 351.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 85.94 338.55 Td (Sheet.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.79 313.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.08 313.35 Td (accretes ) Tj ET Q q 0 0 0 rg BT 141.59 313.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 188.63 313.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 247.91 313.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 289.70 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 300.58 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 316.12 313.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 356.14 313.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 395.00 313.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 433.30 313.35 Td (over ) Tj ET Q q 0 0 0 rg BT 454.67 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 470.20 313.35 Td (related ) Tj ET Q q 0 0 0 rg BT 501.48 313.35 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 539.17 313.35 Td (terms ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (until ) Tj ET Q q 0 0 0 rg BT 71.46 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 87.00 300.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 136.38 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 151.90 300.75 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 197.19 300.75 Td (paid, ) Tj ET Q q 0 0 0 rg BT 220.60 300.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 260.06 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 270.93 300.75 Td (Interest ) Tj ET Q q 0 0 0 rg BT 305.13 300.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 341.66 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 352.53 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.07 300.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 426.19 300.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 474.98 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 486.44 300.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 520.63 300.75 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 552.80 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 555.51 300.75 Td (If ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.30 288.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 105.57 288.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 144.70 288.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 183.25 288.15 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 241.04 288.15 Td (change, ) Tj ET Q q 0 0 0 rg BT 276.37 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 292.16 288.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 339.45 288.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 398.99 288.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 441.03 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 456.82 288.15 Td (\(reduced\) ) Tj ET Q q 0 0 0 rg BT 500.01 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 511.72 288.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 554.33 288.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 66.14 275.55 Td (current ) Tj ET Q q 0 0 0 rg BT 99.69 275.55 Td (period, ) Tj ET Q q 0 0 0 rg BT 132.95 275.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 173.51 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 185.49 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 193.96 275.55 Td (\(gain\) ) Tj ET Q q 0 0 0 rg BT 222.85 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 235.41 275.55 Td (loss, ) Tj ET Q q 0 0 0 rg BT 258.18 275.55 Td (which ) Tj ET Q q 0 0 0 rg BT 287.66 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 298.48 275.55 Td (reflected ) Tj ET Q q 0 0 0 rg BT 339.01 275.55 Td (within ) Tj ET Q q 0 0 0 rg BT 369.66 275.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 397.38 275.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 440.84 275.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 478.48 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 490.46 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 507.10 275.55 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 98.20 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 109.57 262.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 143.69 262.95 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 175.77 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 178.39 262.95 Td (See ) Tj ET Q q 0 0 0 rg BT 196.18 262.95 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.30 262.95 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.55 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 231.17 262.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.96 262.95 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.21 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 256.83 262.95 Td (for ) Tj ET Q q 0 0 0 rg BT 271.70 262.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 316.32 262.95 Td (information ) Tj ET Q q 0 0 0 rg BT 368.52 262.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 411.37 262.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 458.32 262.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 517.52 262.95 Td (liabilities.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.72 237.75 Td (ranslation ) Tj ET Q q 0 0 0 rg BT 103.86 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 115.23 237.75 Td (For) Tj ET Q q 0 0 0 rg BT 131.36 237.75 Td (eign ) Tj ET Q q 0 0 0 rg BT 152.66 237.75 Td (Curr) Tj ET Q q 0 0 0 rg BT 175.21 237.75 Td (encies) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (Assets ) Tj ET Q q 0 0 0 rg BT 79.57 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 97.38 225.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 139.11 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 150.51 225.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 183.48 225.15 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 235.71 225.15 Td (that ) Tj ET Q q 0 0 0 rg BT 254.10 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 269.57 225.15 Td (denominated ) Tj ET Q q 0 0 0 rg BT 326.45 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 337.27 225.15 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 377.84 225.15 Td (dollar ) Tj ET Q q 0 0 0 rg BT 404.98 225.15 Td (functional ) Tj ET Q q 0 0 0 rg BT 450.20 225.15 Td (currencies ) Tj ET Q q 0 0 0 rg BT 495.99 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 511.45 225.15 Td (translated ) Tj ET Q q 0 0 0 rg BT 554.92 225.15 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 91.32 212.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 113.33 212.55 Td (as ) Tj ET Q q 0 0 0 rg BT 124.26 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 135.18 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 150.19 212.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 207.79 212.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 243.78 212.55 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 269.29 212.55 Td (dates. ) Tj ET Q q 0 0 0 rg BT 295.68 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 297.86 212.55 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 340.86 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 358.20 212.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 398.29 212.55 Td (are ) Tj ET Q q 0 0 0 rg BT 413.29 212.55 Td (translated ) Tj ET Q q 0 0 0 rg BT 456.29 212.55 Td (at ) Tj ET Q q 0 0 0 rg BT 466.05 212.55 Td (average ) Tj ET Q q 0 0 0 rg BT 500.87 212.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 542.69 212.55 Td (rates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (during ) Tj ET Q q 0 0 0 rg BT 79.42 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 94.76 199.95 Td (period. ) Tj ET Q q 0 0 0 rg BT 126.72 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 129.05 199.95 Td (The ) Tj ET Q q 0 0 0 rg BT 147.88 199.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 172.56 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 183.81 199.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 211.41 199.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 250.67 199.95 Td (from ) Tj ET Q q 0 0 0 rg BT 273.59 199.95 Td (translating ) Tj ET Q q 0 0 0 rg BT 320.42 199.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 353.25 199.95 Td (currency ) Tj ET Q q 0 0 0 rg BT 392.49 199.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.73 199.95 Td (statements ) Tj ET Q q 0 0 0 rg BT 478.56 199.95 Td (into ) Tj ET Q q 0 0 0 rg BT 497.41 199.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 518.59 199.95 Td (dollars ) Tj ET Q q 0 0 0 rg BT 549.68 199.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (included ) Tj ET Q q 0 0 0 rg BT 90.28 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 103.07 187.35 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 162.66 187.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 193.53 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 213.31 187.35 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 281.50 187.35 Td (income ) Tj ET Q q 0 0 0 rg BT 317.03 187.35 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 347.61 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 352.23 187.35 Td (Gains ) Tj ET Q q 0 0 0 rg BT 381.35 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 394.72 187.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 424.43 187.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 465.80 187.35 Td (from ) Tj ET Q q 0 0 0 rg BT 490.83 187.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 525.78 187.35 Td (currency ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 102.28 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 117.72 174.75 Td (included ) Tj ET Q q 0 0 0 rg BT 156.50 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 167.30 174.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 185.08 174.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 219.19 174.75 Td (\(Loss\).) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 101.71 149.55 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 145.17 149.55 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.18 136.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.86 136.95 Td (earns ) Tj ET Q q 0 0 0 rg BT 128.12 136.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 176.30 136.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 214.56 136.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 233.57 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 246.17 136.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 272.77 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 283.04 136.95 Td (separately ) Tj ET Q q 0 0 0 rg BT 327.70 136.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 367.70 136.95 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 409.17 136.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 457.35 136.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 485.41 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 502.67 136.95 Td (other ) Tj ET Q q 0 0 0 rg BT 526.35 136.95 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 89.68 124.35 Td (for ) Tj ET Q q 0 0 0 rg BT 104.21 124.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 128.06 124.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 164.91 124.35 Td (clients. ) Tj ET Q q 0 0 0 rg BT 197.22 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 199.34 124.35 Td (These ) Tj ET Q q 0 0 0 rg BT 226.69 124.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 245.88 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 260.98 124.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 302.33 124.35 Td (based ) Tj ET Q q 0 0 0 rg BT 328.52 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 341.31 124.35 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 404.23 124.35 Td (percentages ) Tj ET Q q 0 0 0 rg BT 456.06 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 467.09 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 482.20 124.35 Td (market ) Tj ET Q q 0 0 0 rg BT 513.63 124.35 Td (value ) Tj ET Q q 0 0 0 rg BT 538.65 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 124.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.48 111.75 Td (under ) Tj ET Q q 0 0 0 rg BT 102.87 111.75 Td (management ) Tj ET Q q 0 0 0 rg BT 158.99 111.75 Td (\("AUM"\), ) Tj ET Q q 0 0 0 rg BT 204.17 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 221.81 111.75 Td (are ) Tj ET Q q 0 0 0 rg BT 237.11 111.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 285.65 111.75 Td (over ) Tj ET Q q 0 0 0 rg BT 306.79 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 322.10 111.75 Td (period ) Tj ET Q q 0 0 0 rg BT 351.40 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 362.05 111.75 Td (which ) Tj ET Q q 0 0 0 rg BT 390.19 111.75 Td (services ) Tj ET Q q 0 0 0 rg BT 426.49 111.75 Td (are ) Tj ET Q q 0 0 0 rg BT 441.79 111.75 Td (performed ) Tj ET Q q 0 0 0 rg BT 488.00 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 505.65 111.75 Td (may ) Tj ET Q q 0 0 0 rg BT 526.21 111.75 Td (be ) Tj ET Q q 0 0 0 rg BT 538.60 111.75 Td (billed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 59.85 99.15 Td (advance ) Tj ET Q q 0 0 0 rg BT 96.42 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 107.35 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 122.36 99.15 Td (period ) Tj ET Q q 0 0 0 rg BT 151.37 99.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 181.53 99.15 Td (based ) Tj ET Q q 0 0 0 rg BT 207.62 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 219.82 99.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 246.50 99.15 Td (at ) Tj ET Q q 0 0 0 rg BT 256.26 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 271.27 99.15 Td (beginning ) Tj ET Q q 0 0 0 rg BT 315.45 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 326.38 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 341.39 99.15 Td (billing ) Tj ET Q q 0 0 0 rg BT 370.99 99.15 Td (period ) Tj ET Q q 0 0 0 rg BT 399.99 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 410.34 99.15 Td (accordance ) Tj ET Q q 0 0 0 rg BT 459.74 99.15 Td (with ) Tj ET Q q 0 0 0 rg BT 480.58 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 495.59 99.15 Td (related ) Tj ET Q q 0 0 0 rg BT 526.34 99.15 Td (advisory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 92.23 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 94.43 86.55 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 133.37 86.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 178.72 86.55 Td (with ) Tj ET Q q 0 0 0 rg BT 199.59 86.55 Td (advance ) Tj ET Q q 0 0 0 rg BT 236.18 86.55 Td (billings ) Tj ET Q q 0 0 0 rg BT 269.89 86.55 Td (is ) Tj ET Q q 0 0 0 rg BT 279.10 86.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 316.27 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 333.64 86.55 Td (included ) Tj ET Q q 0 0 0 rg BT 371.99 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 382.36 86.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 408.47 86.55 Td (current ) Tj ET Q q 0 0 0 rg BT 440.41 86.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 481.69 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 492.06 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 507.09 86.55 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 85.92 73.95 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 115.93 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 133.70 73.95 Td (is ) Tj ET Q q 0 0 0 rg BT 143.30 73.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 191.96 73.95 Td (over ) Tj ET Q q 0 0 0 rg BT 213.22 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 228.65 73.95 Td (period ) Tj ET Q q 0 0 0 rg BT 258.08 73.95 Td (earned. ) Tj ET Q q 0 0 0 rg BT 291.28 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 293.88 73.95 Td (Performance ) Tj ET Q q 0 0 0 rg BT 350.13 73.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 369.63 73.95 Td (may ) Tj ET Q q 0 0 0 rg BT 390.31 73.95 Td (be ) Tj ET Q q 0 0 0 rg BT 402.82 73.95 Td (earned ) Tj ET Q q 0 0 0 rg BT 433.41 73.95 Td (on ) Tj ET Q q 0 0 0 rg BT 446.51 73.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 477.67 73.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 526.35 73.95 Td (advisory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 88.97 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 102.79 61.35 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 146.92 61.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 201.54 61.35 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 253.84 61.35 Td (on ) Tj ET Q q 0 0 0 rg BT 265.91 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 272.15 61.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 305.20 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 315.52 61.35 Td (absolute ) Tj ET Q q 0 0 0 rg BT 352.08 61.35 Td (basis, ) Tj ET Q q 0 0 0 rg BT 377.28 61.35 Td (depending ) Tj ET Q q 0 0 0 rg BT 422.59 61.35 Td (on ) Tj ET Q q 0 0 0 rg BT 434.66 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 449.06 61.35 Td (product, ) Tj ET Q q 0 0 0 rg BT 485.33 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 502.06 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 516.45 61.35 Td (recognized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (at ) Tj ET Q q 0 0 0 rg BT 59.23 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.22 48.75 Td (end ) Tj ET Q q 0 0 0 rg BT 91.53 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 102.43 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 117.42 48.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 172.62 48.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 230.75 48.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 262.36 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 264.04 48.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 315.84 48.75 Td (, ) Tj ET Q q 0 0 0 rg BT 320.62 48.75 Td (neither ) Tj ET Q q 0 0 0 rg BT 351.93 48.75 Td (advanced ) Tj ET Q q 0 0 0 rg BT 393.73 48.75 Td (billings ) Tj ET Q q 0 0 0 rg BT 427.39 48.75 Td (nor ) Tj ET Q q 0 0 0 rg BT 443.54 48.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 498.74 48.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 517.80 48.75 Td (are ) Tj ET Q q 0 0 0 rg BT 532.77 48.75 Td (subject ) Tj ET Q endstream endobj 199 0 obj <>] /Rotate 0 /Contents 200 0 R>> endobj 200 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (97) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.79 741.75 Td (reversal. ) Tj ET Q q 0 0 0 rg BT 97.77 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 99.74 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 118.19 741.75 Td (lar) Tj ET Q q 0 0 0 rg BT 129.07 741.75 Td (gest ) Tj ET Q q 0 0 0 rg BT 148.11 741.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 180.57 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.44 741.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 246.61 741.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 265.64 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 280.58 741.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 310.69 741.75 Td (based ) Tj ET Q q 0 0 0 rg BT 336.72 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 349.34 741.75 Td (12-month ) Tj ET Q q 0 0 0 rg BT 392.30 741.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 447.47 741.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 480.51 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 498.38 741.75 Td (end ) Tj ET Q q 0 0 0 rg BT 515.66 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 525.95 741.75 Td (dif) Tj ET Q q 0 0 0 rg BT 537.43 741.75 Td (fering ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (quarters ) Tj ET Q q 0 0 0 rg BT 85.93 729.15 Td (during ) Tj ET Q q 0 0 0 rg BT 115.95 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 131.38 729.15 Td (year) Tj ET Q q 0 0 0 rg BT 149.03 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 154.26 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 175.54 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 182.80 729.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 215.74 729.15 Td (also ) Tj ET Q q 0 0 0 rg BT 235.26 729.15 Td (based ) Tj ET Q q 0 0 0 rg BT 261.78 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 274.88 729.15 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 315.39 729.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 371.05 729.15 Td (periods. ) Tj ET Q q 0 0 0 rg BT 407.19 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 409.80 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 433.98 729.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 465.17 729.15 Td (also ) Tj ET Q q 0 0 0 rg BT 484.69 729.15 Td (earns ) Tj ET Q q 0 0 0 rg BT 509.45 729.15 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 69.03 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 82.15 716.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 129.09 716.55 Td (products ) Tj ET Q q 0 0 0 rg BT 167.87 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 186.25 716.55 Td (lock ) Tj ET Q q 0 0 0 rg BT 206.95 716.55 Td (at ) Tj ET Q q 0 0 0 rg BT 217.15 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 232.60 716.55 Td (end ) Tj ET Q q 0 0 0 rg BT 250.39 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 261.76 716.55 Td (varying ) Tj ET Q q 0 0 0 rg BT 296.46 716.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 345.16 716.55 Td (periods ) Tj ET Q q 0 0 0 rg BT 378.70 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 390.07 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 400.86 716.55 Td (multiple-year ) Tj ET Q q 0 0 0 rg BT 460.05 716.55 Td (intervals.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.19 691.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.89 691.35 Td (has ) Tj ET Q q 0 0 0 rg BT 120.00 691.35 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 179.29 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 193.65 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 208.59 691.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 249.78 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 260.18 691.35 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 289.42 691.35 Td (substantially ) Tj ET Q q 0 0 0 rg BT 344.62 691.35 Td (all ) Tj ET Q q 0 0 0 rg BT 357.23 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 368.09 691.35 Td (which ) Tj ET Q q 0 0 0 rg BT 395.87 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 404.99 691.35 Td (based ) Tj ET Q q 0 0 0 rg BT 431.01 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 443.63 691.35 Td (observable ) Tj ET Q q 0 0 0 rg BT 491.23 691.35 Td (market ) Tj ET Q q 0 0 0 rg BT 522.50 691.35 Td (data ) Tj ET Q q 0 0 0 rg BT 542.10 691.35 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 103.44 678.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 135.81 678.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 174.88 678.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 196.75 678.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 245.44 678.75 Td (agents, ) Tj ET Q q 0 0 0 rg BT 277.52 678.75 Td (custodians ) Tj ET Q q 0 0 0 rg BT 324.47 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 335.84 678.75 Td (brokers.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 106.97 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 126.52 653.55 Td (Service ) Tj ET Q q 0 0 0 rg BT 161.80 653.55 Td (Fees ) Tj ET Q q 0 0 0 rg BT 184.25 653.55 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 225.37 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 244.92 653.55 Td (Expense) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 103.26 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 121.42 640.95 Td (service ) Tj ET Q q 0 0 0 rg BT 154.16 640.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 174.07 640.95 Td (represent ) Tj ET Q q 0 0 0 rg BT 215.55 640.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 235.46 640.95 Td (earned ) Tj ET Q q 0 0 0 rg BT 266.44 640.95 Td (from ) Tj ET Q q 0 0 0 rg BT 289.86 640.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 316.20 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 327.37 640.95 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 372.36 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 388.19 640.95 Td (distributor ) Tj ET Q q 0 0 0 rg BT 434.94 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 450.19 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 466.02 640.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 490.03 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 501.78 640.95 Td (marketing ) Tj ET Q q 0 0 0 rg BT 547.36 640.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (selling ) Tj ET Q q 0 0 0 rg BT 80.00 628.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 101.75 628.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 130.50 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 148.16 628.35 Td (servicing ) Tj ET Q q 0 0 0 rg BT 189.15 628.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 238.30 628.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 264.14 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 281.80 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 297.13 628.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 338.69 628.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 388.43 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 399.68 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 406.84 628.35 Td (percentage ) Tj ET Q q 0 0 0 rg BT 454.81 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 466.06 628.35 Td (client ) Tj ET Q q 0 0 0 rg BT 491.89 628.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 521.52 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 524.02 628.35 Td (Reported ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 87.27 615.75 Td (also ) Tj ET Q q 0 0 0 rg BT 106.37 615.75 Td (include ) Tj ET Q q 0 0 0 rg BT 139.46 615.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 158.55 615.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 188.71 615.75 Td (from ) Tj ET Q q 0 0 0 rg BT 211.31 615.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 254.33 615.75 Td (client ) Tj ET Q q 0 0 0 rg BT 279.84 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 290.77 615.75 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 341.93 615.75 Td (servicing, ) Tj ET Q q 0 0 0 rg BT 385.23 615.75 Td (including ) Tj ET Q q 0 0 0 rg BT 427.08 615.75 Td (record ) Tj ET Q q 0 0 0 rg BT 456.08 615.75 Td (keeping ) Tj ET Q q 0 0 0 rg BT 491.51 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 502.44 615.75 Td (administrative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (services ) Tj ET Q q 0 0 0 rg BT 85.48 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 95.82 603.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 144.63 603.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 172.75 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 190.08 603.15 Td (non-discretionary ) Tj ET Q q 0 0 0 rg BT 266.31 603.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 304.63 603.15 Td (services ) Tj ET Q q 0 0 0 rg BT 340.62 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 355.03 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 381.69 603.15 Td (under ) Tj ET Q q 0 0 0 rg BT 407.77 603.15 Td (advisement. ) Tj ET Q q 0 0 0 rg BT 460.38 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 462.54 603.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 515.46 603.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 534.53 603.15 Td (earned ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 62.25 590.55 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 149.06 590.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 197.39 590.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 222.97 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 238.04 590.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 275.27 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 286.27 590.55 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 324.21 590.55 Td (When ) Tj ET Q q 0 0 0 rg BT 351.53 590.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 375.35 590.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 406.19 590.55 Td (enters ) Tj ET Q q 0 0 0 rg BT 433.51 590.55 Td (into ) Tj ET Q q 0 0 0 rg BT 452.09 590.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 510.90 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 531.82 590.55 Td (broker) Tj ET Q q 0 0 0 rg BT 559.01 590.55 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (dealers ) Tj ET Q q 0 0 0 rg BT 81.82 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 93.15 577.95 Td (other ) Tj ET Q q 0 0 0 rg BT 117.31 577.95 Td (third ) Tj ET Q q 0 0 0 rg BT 139.73 577.95 Td (parties ) Tj ET Q q 0 0 0 rg BT 170.30 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 181.05 577.95 Td (sell ) Tj ET Q q 0 0 0 rg BT 198.22 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 209.55 577.95 Td (market ) Tj ET Q q 0 0 0 rg BT 241.29 577.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 290.52 577.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 312.36 577.95 Td (shares, ) Tj ET Q q 0 0 0 rg BT 343.81 577.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 394.81 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 412.56 577.95 Td (servicing ) Tj ET Q q 0 0 0 rg BT 453.63 577.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 490.04 577.95 Td (is ) Tj ET Q q 0 0 0 rg BT 499.63 577.95 Td (accrued ) Tj ET Q q 0 0 0 rg BT 534.85 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 549.68 577.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 88.42 565.35 Td (owed ) Tj ET Q q 0 0 0 rg BT 114.51 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 126.02 565.35 Td (third ) Tj ET Q q 0 0 0 rg BT 149.19 565.35 Td (parties, ) Tj ET Q q 0 0 0 rg BT 183.15 565.35 Td (including ) Tj ET Q q 0 0 0 rg BT 226.15 565.35 Td (finders' ) Tj ET Q q 0 0 0 rg BT 260.54 565.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 280.79 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 299.29 565.35 Td (referral ) Tj ET Q q 0 0 0 rg BT 333.52 565.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 353.76 565.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 375.18 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 386.69 565.35 Td (unaf) Tj ET Q q 0 0 0 rg BT 405.16 565.35 Td (filiated ) Tj ET Q q 0 0 0 rg BT 438.24 565.35 Td (broker) Tj ET Q q 0 0 0 rg BT 465.43 565.35 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 502.00 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 514.09 565.35 Td (introducing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (parties. ) Tj ET Q q 0 0 0 rg BT 83.19 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.27 552.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 140.10 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 158.34 552.75 Td (servicing ) Tj ET Q q 0 0 0 rg BT 199.91 552.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 236.81 552.75 Td (also ) Tj ET Q q 0 0 0 rg BT 256.80 552.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 294.87 552.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 338.19 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 349.44 552.75 Td (third ) Tj ET Q q 0 0 0 rg BT 372.35 552.75 Td (parties ) Tj ET Q q 0 0 0 rg BT 403.42 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 418.74 552.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 450.38 552.75 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 502.44 552.75 Td (administrative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (services ) Tj ET Q q 0 0 0 rg BT 85.94 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 103.73 540.15 Td (sub-advisory ) Tj ET Q q 0 0 0 rg BT 160.60 540.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 180.13 540.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 200.83 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 211.62 540.15 Td (unaf) Tj ET Q q 0 0 0 rg BT 230.09 540.15 Td (filiated ) Tj ET Q q 0 0 0 rg BT 262.45 540.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 285.49 540.15 Td (managers.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Deferr) Tj ET Q q 0 0 0 rg BT 79.03 514.95 Td (ed ) Tj ET Q q 0 0 0 rg BT 92.16 514.95 Td (Sales ) Tj ET Q q 0 0 0 rg BT 117.54 514.95 Td (Commissions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Commissions ) Tj ET Q q 0 0 0 rg BT 108.50 502.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 128.39 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 138.37 502.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 176.91 502.35 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 238.78 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 248.76 502.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 296.64 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 317.12 502.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 339.35 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 349.90 502.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 380.28 502.35 Td (classes ) Tj ET Q q 0 0 0 rg BT 411.25 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 421.81 502.35 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 508.19 502.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 539.16 502.35 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.59 489.75 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 112.33 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 123.34 489.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 160.58 489.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 183.26 489.75 Td (commissions. ) Tj ET Q q 0 0 0 rg BT 243.00 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 245.10 489.75 Td (The ) Tj ET Q q 0 0 0 rg BT 263.70 489.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 286.38 489.75 Td (is ) Tj ET Q q 0 0 0 rg BT 295.65 489.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 339.90 489.75 Td (over ) Tj ET Q q 0 0 0 rg BT 360.82 489.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 394.00 489.75 Td (not ) Tj ET Q q 0 0 0 rg BT 409.69 489.75 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 454.52 489.75 Td (six ) Tj ET Q q 0 0 0 rg BT 469.04 489.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 496.09 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 524.02 489.75 Td (represent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 63.85 477.15 Td (periods ) Tj ET Q q 0 0 0 rg BT 96.28 477.15 Td (during ) Tj ET Q q 0 0 0 rg BT 125.21 477.15 Td (which ) Tj ET Q q 0 0 0 rg BT 152.39 477.15 Td (commissions ) Tj ET Q q 0 0 0 rg BT 208.75 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 223.09 477.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 263.68 477.15 Td (recovered ) Tj ET Q q 0 0 0 rg BT 306.58 477.15 Td (from ) Tj ET Q q 0 0 0 rg BT 328.51 477.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 378.45 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 395.13 477.15 Td (service ) Tj ET Q q 0 0 0 rg BT 426.39 477.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 440.72 477.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 479.56 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 496.24 477.15 Td (from ) Tj ET Q q 0 0 0 rg BT 518.17 477.15 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 86.46 464.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 108.85 464.55 Td (char) Tj ET Q q 0 0 0 rg BT 126.73 464.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 142.71 464.55 Td (\("CDSC"\) ) Tj ET Q q 0 0 0 rg BT 187.69 464.55 Td (received ) Tj ET Q q 0 0 0 rg BT 225.23 464.55 Td (from ) Tj ET Q q 0 0 0 rg BT 247.63 464.55 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 302.68 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 313.41 464.55 Td (those ) Tj ET Q q 0 0 0 rg BT 337.56 464.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 362.87 464.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 385.86 464.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 435.66 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 446.39 464.55 Td (their ) Tj ET Q q 0 0 0 rg BT 467.62 464.55 Td (shares. ) Tj ET Q q 0 0 0 rg BT 498.47 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 500.46 464.55 Td (CDSC ) Tj ET Q q 0 0 0 rg BT 529.87 464.55 Td (receipts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 64.97 451.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 104.35 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 115.75 451.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 166.82 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 184.64 451.95 Td (service ) Tj ET Q q 0 0 0 rg BT 217.02 451.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 232.49 451.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 268.38 451.95 Td (when ) Tj ET Q q 0 0 0 rg BT 293.77 451.95 Td (received ) Tj ET Q q 0 0 0 rg BT 331.98 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 349.80 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 357.11 451.95 Td (reduction ) Tj ET Q q 0 0 0 rg BT 399.42 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 410.82 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 426.30 451.95 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 481.43 451.95 Td (balance ) Tj ET Q q 0 0 0 rg BT 516.15 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 527.55 451.95 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 72.54 439.35 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 132.63 439.35 Td (with ) Tj ET Q q 0 0 0 rg BT 153.92 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 161.21 439.35 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 223.90 439.35 Td (expense.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 106.53 414.15 Td (periodically ) Tj ET Q q 0 0 0 rg BT 158.90 414.15 Td (tests ) Tj ET Q q 0 0 0 rg BT 179.79 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 194.84 414.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 232.03 414.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 254.66 414.15 Td (commission ) Tj ET Q q 0 0 0 rg BT 307.64 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 330.27 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 344.73 414.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 395.36 414.15 Td (by ) Tj ET Q q 0 0 0 rg BT 408.08 414.15 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 452.28 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 467.33 414.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 503.37 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 513.76 414.15 Td (value ) Tj ET Q q 0 0 0 rg BT 538.72 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 414.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (related ) Tj ET Q q 0 0 0 rg BT 80.51 401.55 Td (shares, ) Tj ET Q q 0 0 0 rg BT 111.82 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 127.09 401.55 Td (relevant ) Tj ET Q q 0 0 0 rg BT 163.35 401.55 Td (market ) Tj ET Q q 0 0 0 rg BT 194.95 401.55 Td (conditions ) Tj ET Q q 0 0 0 rg BT 241.14 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 258.74 401.55 Td (other ) Tj ET Q q 0 0 0 rg BT 282.76 401.55 Td (events ) Tj ET Q q 0 0 0 rg BT 312.03 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 329.64 401.55 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 391.56 401.55 Td (that ) Tj ET Q q 0 0 0 rg BT 409.75 401.55 Td (may ) Tj ET Q q 0 0 0 rg BT 430.27 401.55 Td (indicate ) Tj ET Q q 0 0 0 rg BT 465.95 401.55 Td (an ) Tj ET Q q 0 0 0 rg BT 478.30 401.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 529.15 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 539.76 401.55 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (has ) Tj ET Q q 0 0 0 rg BT 66.37 388.95 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 108.60 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.48 388.95 Td (If ) Tj ET Q q 0 0 0 rg BT 121.35 388.95 Td (these ) Tj ET Q q 0 0 0 rg BT 145.80 388.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 177.24 388.95 Td (indicate ) Tj ET Q q 0 0 0 rg BT 213.35 388.95 Td (an ) Tj ET Q q 0 0 0 rg BT 226.14 388.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 277.42 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 288.47 388.95 Td (value, ) Tj ET Q q 0 0 0 rg BT 316.71 388.95 Td (management ) Tj ET Q q 0 0 0 rg BT 373.23 388.95 Td (compares ) Tj ET Q q 0 0 0 rg BT 416.34 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 432.04 388.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 469.90 388.95 Td (value ) Tj ET Q q 0 0 0 rg BT 495.52 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 506.56 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 522.26 388.95 Td (estimated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 108.23 376.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 129.63 376.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 155.70 376.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 195.75 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 206.66 376.35 Td (be ) Tj ET Q q 0 0 0 rg BT 219.31 376.35 Td (generated ) Tj ET Q q 0 0 0 rg BT 262.85 376.35 Td (by ) Tj ET Q q 0 0 0 rg BT 276.09 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 291.66 376.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 314.81 376.35 Td (over ) Tj ET Q q 0 0 0 rg BT 336.21 376.35 Td (its ) Tj ET Q q 0 0 0 rg BT 348.87 376.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 394.18 376.35 Td (life. ) Tj ET Q q 0 0 0 rg BT 413.53 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 416.27 376.35 Td (If ) Tj ET Q q 0 0 0 rg BT 426.01 376.35 Td (management ) Tj ET Q q 0 0 0 rg BT 482.39 376.35 Td (determines ) Tj ET Q q 0 0 0 rg BT 531.20 376.35 Td (that ) Tj ET Q q 0 0 0 rg BT 549.68 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 87.36 363.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 110.67 363.75 Td (commission ) Tj ET Q q 0 0 0 rg BT 164.32 363.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 187.62 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 197.52 363.75 Td (not ) Tj ET Q q 0 0 0 rg BT 213.83 363.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 236.55 363.75 Td (recoverable, ) Tj ET Q q 0 0 0 rg BT 291.03 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 306.76 363.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 330.06 363.75 Td (will ) Tj ET Q q 0 0 0 rg BT 349.29 363.75 Td (be ) Tj ET Q q 0 0 0 rg BT 362.09 363.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 397.64 363.75 Td (impaired ) Tj ET Q q 0 0 0 rg BT 437.85 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 455.90 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 463.46 363.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 482.69 363.75 Td (will ) Tj ET Q q 0 0 0 rg BT 501.92 363.75 Td (be ) Tj ET Q q 0 0 0 rg BT 514.72 363.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 554.34 363.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 64.46 351.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 98.08 351.15 Td (by ) Tj ET Q q 0 0 0 rg BT 110.71 351.15 Td (which ) Tj ET Q q 0 0 0 rg BT 138.51 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 153.46 351.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 192.32 351.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 225.95 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 236.82 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 251.78 351.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 274.32 351.15 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 309.68 351.15 Td (its ) Tj ET Q q 0 0 0 rg BT 321.73 351.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 364.10 351.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 380.81 351.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 408.30 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 410.43 351.15 Td (For ) Tj ET Q q 0 0 0 rg BT 427.15 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 442.10 351.15 Td (years ) Tj ET Q q 0 0 0 rg BT 466.39 351.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 493.59 351.15 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 538.88 351.15 Td (2017, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 75.82 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 93.68 338.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 120.01 338.55 Td (no ) Tj ET Q q 0 0 0 rg BT 133.20 338.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 184.31 338.55 Td (char) Tj ET Q q 0 0 0 rg BT 202.19 338.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 218.88 338.55 Td (were ) Tj ET Q q 0 0 0 rg BT 241.98 338.55 Td (recorded. ) Tj ET Q q 0 0 0 rg BT 284.03 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 286.73 338.55 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 326.73 338.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 349.84 338.55 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 410.00 338.55 Td (included ) Tj ET Q q 0 0 0 rg BT 448.86 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 459.72 338.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 486.33 338.55 Td (non-current ) Tj ET Q q 0 0 0 rg BT 538.01 338.55 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 325.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 133.78 325.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 170.22 325.95 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 202.89 325.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.91 325.95 Td ($4,891) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.79 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 257.41 325.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.20 325.95 Td ($6,713) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.07 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 306.70 325.95 Td (at ) Tj ET Q q 0 0 0 rg BT 316.90 325.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 362.68 325.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 386.31 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 404.09 325.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 430.34 325.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 480.39 325.95 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 85.18 300.75 Td (T) Tj ET Q q 0 0 0 rg BT 91.22 300.75 Td (axes) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 89.04 288.15 Td (income ) Tj ET Q q 0 0 0 rg BT 122.17 288.15 Td (taxes ) Tj ET Q q 0 0 0 rg BT 145.98 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 161.03 288.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 200.58 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 215.05 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 230.11 288.15 Td (ef) Tj ET Q q 0 0 0 rg BT 238.08 288.15 Td (fects ) Tj ET Q q 0 0 0 rg BT 260.13 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 271.11 288.15 Td (temporary ) Tj ET Q q 0 0 0 rg BT 316.49 288.15 Td (dif) Tj ET Q q 0 0 0 rg BT 327.96 288.15 Td (ferences ) Tj ET Q q 0 0 0 rg BT 365.17 288.15 Td (between ) Tj ET Q q 0 0 0 rg BT 402.38 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 417.44 288.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 432.50 288.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 455.73 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 466.71 288.15 Td (an ) Tj ET Q q 0 0 0 rg BT 478.85 288.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 501.49 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 512.47 288.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 547.36 288.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (its ) Tj ET Q q 0 0 0 rg BT 63.22 275.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 102.00 275.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 137.29 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 149.26 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 165.88 275.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.41 275.55 Td (statements. ) Tj ET Q q 0 0 0 rg BT 257.16 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 260.96 275.55 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 302.06 275.55 Td (income ) Tj ET Q q 0 0 0 rg BT 336.76 275.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 353.39 275.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 381.69 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 398.30 275.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 431.84 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 443.81 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 452.27 275.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 495.14 275.55 Td (allowance ) Tj ET Q q 0 0 0 rg BT 541.50 275.55 Td (if, ) Tj ET Q q 0 0 0 rg BT 554.33 275.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (management's ) Tj ET Q q 0 0 0 rg BT 112.32 262.95 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 150.23 262.95 Td (it ) Tj ET Q q 0 0 0 rg BT 159.26 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 169.46 262.95 Td (more ) Tj ET Q q 0 0 0 rg BT 194.24 262.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 221.35 262.95 Td (than ) Tj ET Q q 0 0 0 rg BT 242.62 262.95 Td (not ) Tj ET Q q 0 0 0 rg BT 259.24 262.95 Td (that ) Tj ET Q q 0 0 0 rg BT 278.18 262.95 Td (these ) Tj ET Q q 0 0 0 rg BT 302.95 262.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 339.39 262.95 Td (will ) Tj ET Q q 0 0 0 rg BT 358.92 262.95 Td (not ) Tj ET Q q 0 0 0 rg BT 375.54 262.95 Td (be ) Tj ET Q q 0 0 0 rg BT 388.65 262.95 Td (realized. ) Tj ET Q q 0 0 0 rg BT 427.69 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 430.89 262.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 455.67 262.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 493.42 262.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 531.59 262.95 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (taxes ) Tj ET Q q 0 0 0 rg BT 75.48 250.35 Td (principally ) Tj ET Q q 0 0 0 rg BT 125.37 250.35 Td (relate ) Tj ET Q q 0 0 0 rg BT 153.08 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 165.65 250.35 Td (net ) Tj ET Q q 0 0 0 rg BT 182.88 250.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 226.94 250.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 247.68 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 267.24 250.35 Td (other ) Tj ET Q q 0 0 0 rg BT 293.22 250.35 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 352.42 250.35 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 392.69 250.35 Td (business ) Tj ET Q q 0 0 0 rg BT 432.68 250.35 Td (combinations, ) Tj ET Q q 0 0 0 rg BT 496.28 250.35 Td (amortization ) Tj ET Q q 0 0 0 rg BT 553.75 250.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 94.12 237.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.24 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 139.02 237.75 Td (accrued ) Tj ET Q q 0 0 0 rg BT 174.29 237.75 Td (compensation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.19 212.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 123.79 212.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 172.32 212.55 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 215.29 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 222.41 212.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 237.69 212.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 269.30 212.55 Td (should ) Tj ET Q q 0 0 0 rg BT 299.76 212.55 Td (only ) Tj ET Q q 0 0 0 rg BT 320.88 212.55 Td (be ) Tj ET Q q 0 0 0 rg BT 333.25 212.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 381.76 212.55 Td (if ) Tj ET Q q 0 0 0 rg BT 390.63 212.55 Td (it ) Tj ET Q q 0 0 0 rg BT 398.92 212.55 Td (is ) Tj ET Q q 0 0 0 rg BT 408.37 212.55 Td (more ) Tj ET Q q 0 0 0 rg BT 432.40 212.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 458.77 212.55 Td (than ) Tj ET Q q 0 0 0 rg BT 479.30 212.55 Td (not ) Tj ET Q q 0 0 0 rg BT 495.18 212.55 Td (that ) Tj ET Q q 0 0 0 rg BT 513.38 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 528.66 212.55 Td (position ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (will ) Tj ET Q q 0 0 0 rg BT 68.20 199.95 Td (be ) Tj ET Q q 0 0 0 rg BT 80.48 199.95 Td (sustained ) Tj ET Q q 0 0 0 rg BT 121.93 199.95 Td (based ) Tj ET Q q 0 0 0 rg BT 148.21 199.95 Td (on ) Tj ET Q q 0 0 0 rg BT 161.08 199.95 Td (its ) Tj ET Q q 0 0 0 rg BT 173.37 199.95 Td (technical ) Tj ET Q q 0 0 0 rg BT 213.63 199.95 Td (merits. ) Tj ET Q q 0 0 0 rg BT 244.87 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 246.72 199.95 Td (A) Tj ET Q q 0 0 0 rg BT 253.72 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 256.09 199.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 271.28 199.95 Td (position ) Tj ET Q q 0 0 0 rg BT 307.49 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 325.61 199.95 Td (meets ) Tj ET Q q 0 0 0 rg BT 352.47 199.95 Td (this ) Tj ET Q q 0 0 0 rg BT 370.01 199.95 Td (threshold ) Tj ET Q q 0 0 0 rg BT 411.46 199.95 Td (is ) Tj ET Q q 0 0 0 rg BT 420.83 199.95 Td (measured ) Tj ET Q q 0 0 0 rg BT 463.43 199.95 Td (as ) Tj ET Q q 0 0 0 rg BT 474.54 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 489.74 199.95 Td (lar) Tj ET Q q 0 0 0 rg BT 500.63 199.95 Td (gest ) Tj ET Q q 0 0 0 rg BT 519.91 199.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 553.77 199.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (benefit ) Tj ET Q q 0 0 0 rg BT 81.27 187.35 Td (that ) Tj ET Q q 0 0 0 rg BT 99.63 187.35 Td (has ) Tj ET Q q 0 0 0 rg BT 116.24 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 123.52 187.35 Td (greater ) Tj ET Q q 0 0 0 rg BT 155.27 187.35 Td (than ) Tj ET Q q 0 0 0 rg BT 175.97 187.35 Td (50% ) Tj ET Q q 0 0 0 rg BT 197.83 187.35 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 243.02 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 254.38 187.35 Td (being ) Tj ET Q q 0 0 0 rg BT 280.33 187.35 Td (realized ) Tj ET Q q 0 0 0 rg BT 316.17 187.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 339.78 187.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 385.55 187.35 Td (by ) Tj ET Q q 0 0 0 rg BT 398.67 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 414.11 187.35 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 464.53 187.35 Td (taxing ) Tj ET Q q 0 0 0 rg BT 493.39 187.35 Td (authority ) Tj ET Q q 0 0 0 rg BT 533.92 187.35 Td (having ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (full ) Tj ET Q q 0 0 0 rg BT 66.71 174.75 Td (knowledge ) Tj ET Q q 0 0 0 rg BT 115.40 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 126.77 174.75 Td (all ) Tj ET Q q 0 0 0 rg BT 139.90 174.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 176.33 174.75 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.87 149.55 Td (Company's ) Tj ET Q q 0 0 0 rg BT 118.72 149.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 167.83 149.55 Td (policy ) Tj ET Q q 0 0 0 rg BT 197.12 149.55 Td (is ) Tj ET Q q 0 0 0 rg BT 207.17 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 218.38 149.55 Td (classify ) Tj ET Q q 0 0 0 rg BT 253.50 149.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 287.45 149.55 Td (related ) Tj ET Q q 0 0 0 rg BT 319.06 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 330.27 149.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 346.14 149.55 Td (matters ) Tj ET Q q 0 0 0 rg BT 380.09 149.55 Td (as ) Tj ET Q q 0 0 0 rg BT 391.89 149.55 Td (Interest ) Tj ET Q q 0 0 0 rg BT 426.42 149.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 463.28 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 481.48 149.55 Td (related ) Tj ET Q q 0 0 0 rg BT 513.09 149.55 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 556.08 149.55 Td (if ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (any) Tj ET Q q 0 0 0 rg BT 63.98 136.95 Td (, ) Tj ET Q q 0 0 0 rg BT 69.23 136.95 Td (as ) Tj ET Q q 0 0 0 rg BT 80.60 136.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 107.13 136.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 149.41 136.95 Td (expense.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 111.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.32 111.75 Td (7 ) Tj ET Q q 0 0 0 rg BT 98.20 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 113.07 111.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.68 111.75 Td (information ) Tj ET Q q 0 0 0 rg BT 209.88 111.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 252.74 111.75 Td (income ) Tj ET Q q 0 0 0 rg BT 286.27 111.75 Td (taxes.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (Loss ) Tj ET Q q 0 0 0 rg BT 72.55 86.55 Td (Contingencies) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.65 73.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.81 73.95 Td (accrues ) Tj ET Q q 0 0 0 rg BT 138.85 73.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 180.50 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 195.32 73.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 214.23 73.95 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 274.54 73.95 Td (related ) Tj ET Q q 0 0 0 rg BT 305.68 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 316.42 73.95 Td (legal ) Tj ET Q q 0 0 0 rg BT 339.40 73.95 Td (actions, ) Tj ET Q q 0 0 0 rg BT 374.34 73.95 Td (investigations, ) Tj ET Q q 0 0 0 rg BT 437.87 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 455.60 73.95 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 511.54 73.95 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 553.76 73.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (legal ) Tj ET Q q 0 0 0 rg BT 72.15 61.35 Td (fees, ) Tj ET Q q 0 0 0 rg BT 93.93 61.35 Td (when ) Tj ET Q q 0 0 0 rg BT 118.92 61.35 Td (it ) Tj ET Q q 0 0 0 rg BT 127.00 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 136.25 61.35 Td (probable ) Tj ET Q q 0 0 0 rg BT 175.23 61.35 Td (that ) Tj ET Q q 0 0 0 rg BT 193.22 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 200.12 61.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 235.04 61.35 Td (has ) Tj ET Q q 0 0 0 rg BT 251.28 61.35 Td (been ) Tj ET Q q 0 0 0 rg BT 273.35 61.35 Td (incurred ) Tj ET Q q 0 0 0 rg BT 310.57 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 327.98 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 343.05 61.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 376.79 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 387.79 61.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 406.37 61.35 Td (can ) Tj ET Q q 0 0 0 rg BT 423.19 61.35 Td (be ) Tj ET Q q 0 0 0 rg BT 435.35 61.35 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 483.07 61.35 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 528.18 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 530.43 61.35 Td (Related ) Tj ET Q endstream endobj 201 0 obj <>] /Rotate 0 /Contents 202 0 R>> endobj 202 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (98) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (insurance ) Tj ET Q q 0 0 0 rg BT 92.04 741.75 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 137.49 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 152.62 741.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 191.66 741.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 236.53 741.75 Td (when ) Tj ET Q q 0 0 0 rg BT 261.59 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 276.72 741.75 Td (underwriter ) Tj ET Q q 0 0 0 rg BT 328.01 741.75 Td (has ) Tj ET Q q 0 0 0 rg BT 344.32 741.75 Td (confirmed ) Tj ET Q q 0 0 0 rg BT 389.78 741.75 Td (coverage ) Tj ET Q q 0 0 0 rg BT 429.98 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 441.04 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 448.01 741.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 482.97 741.75 Td (claim ) Tj ET Q q 0 0 0 rg BT 508.61 741.75 Td (amount. ) Tj ET Q q 0 0 0 rg BT 545.04 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 547.35 741.75 Td (See ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 72.54 729.15 Td (8 ) Tj ET Q q 0 0 0 rg BT 80.41 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 95.28 729.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 139.90 729.15 Td (information.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 107.55 703.95 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 72.44 691.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 108.37 691.35 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 159.30 691.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 218.99 691.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 255.35 691.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.88 691.35 Td (options, ) Tj ET Q q 0 0 0 rg BT 313.79 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 325.07 691.35 Td (employee ) Tj ET Q q 0 0 0 rg BT 367.25 691.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 390.78 691.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 429.47 691.35 Td (plan, ) Tj ET Q q 0 0 0 rg BT 451.53 691.35 Td (market-based ) Tj ET Q q 0 0 0 rg BT 509.46 691.35 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.25 678.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 111.42 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 121.10 678.75 Td (common ) Tj ET Q q 0 0 0 rg BT 159.35 678.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 185.66 678.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 226.23 678.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 249.91 678.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 281.16 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 297.83 678.75 Td (units, ) Tj ET Q q 0 0 0 rg BT 322.39 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 377.55 678.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 405.31 678.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 428.99 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 442.74 678.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 472.82 678.75 Td (af) Tj ET Q q 0 0 0 rg BT 480.79 678.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 510.87 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 527.55 678.75 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 109.84 666.15 Td (payable ) Tj ET Q q 0 0 0 rg BT 144.52 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 154.71 666.15 Td (stock. ) Tj ET Q q 0 0 0 rg BT 181.52 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 183.54 666.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 211.80 666.15 Td (its ) Tj ET Q q 0 0 0 rg BT 223.75 666.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 247.93 666.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 308.28 666.15 Td (plans, ) Tj ET Q q 0 0 0 rg BT 335.09 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 358.69 666.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 389.29 666.15 Td (issues ) Tj ET Q q 0 0 0 rg BT 416.40 666.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 444.67 666.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 476.43 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 486.62 666.15 Td (directors, ) Tj ET Q q 0 0 0 rg BT 528.00 666.15 Td (of) Tj ET Q q 0 0 0 rg BT 536.56 666.15 Td (ficers, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 653.55 Td (other ) Tj ET Q q 0 0 0 rg BT 91.49 653.55 Td (key ) Tj ET Q q 0 0 0 rg BT 109.27 653.55 Td (employees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.34 628.35 Td (accordance ) Tj ET Q q 0 0 0 rg BT 109.65 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 130.41 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 145.33 628.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 190.57 628.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 238.73 628.35 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 281.35 628.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 341.76 628.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 377.68 628.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 414.76 628.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 437.86 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 452.20 628.35 Td (all ) Tj ET Q q 0 0 0 rg BT 464.79 628.35 Td (non-vested ) Tj ET Q q 0 0 0 rg BT 512.95 628.35 Td (share-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 81.27 615.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 122.96 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 133.74 615.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 162.02 615.75 Td (at ) Tj ET Q q 0 0 0 rg BT 171.63 615.75 Td (their ) Tj ET Q q 0 0 0 rg BT 192.91 615.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 216.52 615.75 Td (date ) Tj ET Q q 0 0 0 rg BT 236.04 615.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 252.65 615.75 Td (value ) Tj ET Q q 0 0 0 rg BT 277.42 615.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 321.43 615.75 Td (over ) Tj ET Q q 0 0 0 rg BT 342.13 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 356.99 615.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 401.58 615.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 433.95 615.75 Td (periods, ) Tj ET Q q 0 0 0 rg BT 469.52 615.75 Td (which ) Tj ET Q q 0 0 0 rg BT 497.21 615.75 Td (may ) Tj ET Q q 0 0 0 rg BT 517.33 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 529.27 615.75 Td (reduced ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 65.13 603.15 Td (retirement-eligible ) Tj ET Q q 0 0 0 rg BT 146.64 603.15 Td (recipients, ) Tj ET Q q 0 0 0 rg BT 193.47 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 207.35 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 223.56 603.15 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 277.68 603.15 Td (method. ) Tj ET Q q 0 0 0 rg BT 315.18 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 318.32 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 338.03 603.15 Td (grant-date ) Tj ET Q q 0 0 0 rg BT 383.97 603.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 401.92 603.15 Td (value ) Tj ET Q q 0 0 0 rg BT 428.04 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 440.17 603.15 Td (equity-classified ) Tj ET Q q 0 0 0 rg BT 512.95 603.15 Td (share-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (awards ) Tj ET Q q 0 0 0 rg BT 82.33 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 104.09 590.55 Td (immediate ) Tj ET Q q 0 0 0 rg BT 151.50 590.55 Td (vesting ) Tj ET Q q 0 0 0 rg BT 184.93 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 195.02 590.55 Td (also ) Tj ET Q q 0 0 0 rg BT 215.03 590.55 Td (included ) Tj ET Q q 0 0 0 rg BT 254.28 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 265.54 590.55 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 329.30 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 347.55 590.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 383.88 590.55 Td (expense. ) Tj ET Q q 0 0 0 rg BT 423.42 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 426.51 590.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 451.18 590.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 482.86 590.55 Td (determines ) Tj ET Q q 0 0 0 rg BT 532.02 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 547.94 590.55 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 73.86 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 84.23 577.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 108.01 577.95 Td (options ) Tj ET Q q 0 0 0 rg BT 140.55 577.95 Td (using ) Tj ET Q q 0 0 0 rg BT 164.93 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 179.37 577.95 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 241.65 577.95 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 303.34 577.95 Td (model, ) Tj ET Q q 0 0 0 rg BT 333.83 577.95 Td (with ) Tj ET Q q 0 0 0 rg BT 354.12 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 368.57 577.95 Td (exception ) Tj ET Q q 0 0 0 rg BT 411.01 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 421.37 577.95 Td (market-based ) Tj ET Q q 0 0 0 rg BT 479.55 577.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 534.22 577.95 Td (grants, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 76.90 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 91.45 565.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 121.17 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 141.58 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 147.97 565.35 Td (Monte ) Tj ET Q q 0 0 0 rg BT 177.12 565.35 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 202.19 565.35 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 264.00 565.35 Td (model. ) Tj ET Q q 0 0 0 rg BT 294.60 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 296.34 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 319.65 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 349.97 565.35 Td (also ) Tj ET Q q 0 0 0 rg BT 368.62 565.35 Td (determines ) Tj ET Q q 0 0 0 rg BT 416.42 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 430.98 565.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 447.29 565.35 Td (value ) Tj ET Q q 0 0 0 rg BT 471.76 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 482.24 565.35 Td (option-like ) Tj ET Q q 0 0 0 rg BT 530.06 565.35 Td (af) Tj ET Q q 0 0 0 rg BT 538.02 565.35 Td (filiate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 107.63 552.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 138.37 552.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 160.94 552.75 Td (grants ) Tj ET Q q 0 0 0 rg BT 191.09 552.75 Td (using ) Tj ET Q q 0 0 0 rg BT 218.33 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.65 552.75 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 300.79 552.75 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 365.36 552.75 Td (model, ) Tj ET Q q 0 0 0 rg BT 398.72 552.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 432.95 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 445.61 552.75 Td (any ) Tj ET Q q 0 0 0 rg BT 465.26 552.75 Td (post-vesting ) Tj ET Q q 0 0 0 rg BT 521.08 552.75 Td (illiquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (discounts. ) Tj ET Q q 0 0 0 rg BT 94.42 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 97.04 540.15 Td (See ) Tj ET Q q 0 0 0 rg BT 114.83 540.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 137.87 540.15 Td (1) Tj ET Q q 0 0 0 rg BT 142.73 540.15 Td (1 ) Tj ET Q q 0 0 0 rg BT 150.60 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 165.47 540.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 210.09 540.15 Td (information ) Tj ET Q q 0 0 0 rg BT 262.28 540.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 305.14 540.15 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 357.33 540.15 Td (compensation.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 92.97 514.95 Td (Per) Tj ET Q q 0 0 0 rg BT 108.52 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.14 514.95 Td (Shar) Tj ET Q q 0 0 0 rg BT 132.54 514.95 Td (e) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Basic ) Tj ET Q q 0 0 0 rg BT 75.09 502.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 112.93 502.35 Td (per ) Tj ET Q q 0 0 0 rg BT 128.60 502.35 Td (share ) Tj ET Q q 0 0 0 rg BT 153.02 502.35 Td (attributable ) Tj ET Q q 0 0 0 rg BT 203.10 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 213.53 502.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 237.37 502.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 270.84 502.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 289.13 502.35 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 344.46 502.35 Td (\("EPS"\) ) Tj ET Q q 0 0 0 rg BT 380.39 502.35 Td (is ) Tj ET Q q 0 0 0 rg BT 389.65 502.35 Td (calculated ) Tj ET Q q 0 0 0 rg BT 434.47 502.35 Td (by ) Tj ET Q q 0 0 0 rg BT 447.24 502.35 Td (dividing ) Tj ET Q q 0 0 0 rg BT 484.50 502.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 501.93 502.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 535.68 502.35 Td (\(Loss\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 103.76 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 115.46 489.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 140.56 489.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 175.29 489.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 194.85 489.75 Td (\(adjusted ) Tj ET Q q 0 0 0 rg BT 236.87 489.75 Td (by ) Tj ET Q q 0 0 0 rg BT 250.89 489.75 Td (removing ) Tj ET Q q 0 0 0 rg BT 294.66 489.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 333.76 489.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 375.18 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 386.87 489.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 443.46 489.75 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 490.14 489.75 Td (by ) Tj ET Q q 0 0 0 rg BT 504.17 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 520.52 489.75 Td (weighted-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (average ) Tj ET Q q 0 0 0 rg BT 83.57 477.15 Td (number ) Tj ET Q q 0 0 0 rg BT 117.07 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 127.24 477.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 154.91 477.15 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 207.96 477.15 Td (which ) Tj ET Q q 0 0 0 rg BT 235.05 477.15 Td (excludes ) Tj ET Q q 0 0 0 rg BT 273.21 477.15 Td (participating ) Tj ET Q q 0 0 0 rg BT 327.70 477.15 Td (securities. ) Tj ET Q q 0 0 0 rg BT 371.41 477.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 394.41 477.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 424.42 477.15 Td (has ) Tj ET Q q 0 0 0 rg BT 439.84 477.15 Td (issued ) Tj ET Q q 0 0 0 rg BT 467.52 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 477.12 477.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 523.45 477.15 Td (restricted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.36 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 92.22 464.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 133.98 464.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 158.84 464.55 Td (units ) Tj ET Q q 0 0 0 rg BT 181.96 464.55 Td (that ) Tj ET Q q 0 0 0 rg BT 200.40 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 215.92 464.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 251.26 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 262.13 464.55 Td (be ) Tj ET Q q 0 0 0 rg BT 274.73 464.55 Td (participating ) Tj ET Q q 0 0 0 rg BT 330.50 464.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 372.85 464.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 395.95 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 406.82 464.55 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 442.47 464.55 Td (because ) Tj ET Q q 0 0 0 rg BT 478.40 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 493.92 464.55 Td (related ) Tj ET Q q 0 0 0 rg BT 525.18 464.55 Td (unvested ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 90.09 451.95 Td (shares/units ) Tj ET Q q 0 0 0 rg BT 141.20 451.95 Td (entitle ) Tj ET Q q 0 0 0 rg BT 168.97 451.95 Td (their ) Tj ET Q q 0 0 0 rg BT 189.74 451.95 Td (holder ) Tj ET Q q 0 0 0 rg BT 218.10 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 227.79 451.95 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 288.80 451.95 Td (dividend ) Tj ET Q q 0 0 0 rg BT 327.07 451.95 Td (rights. ) Tj ET Q q 0 0 0 rg BT 355.15 451.95 Td (In ) Tj ET Q q 0 0 0 rg BT 365.42 451.95 Td (this ) Tj ET Q q 0 0 0 rg BT 382.12 451.95 Td (circumstance, ) Tj ET Q q 0 0 0 rg BT 441.67 451.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 489.26 451.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 528.69 451.95 Td (requires ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 56.69 439.35 Td (�two-class ) Tj ET Q q 0 0 0 rg BT 103.53 439.35 Td (method� ) Tj ET Q q 0 0 0 rg BT 142.22 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 156.98 439.35 Td (EPS ) Tj ET Q q 0 0 0 rg BT 177.60 439.35 Td (calculations ) Tj ET Q q 0 0 0 rg BT 230.28 439.35 Td (that ) Tj ET Q q 0 0 0 rg BT 248.55 439.35 Td (excludes ) Tj ET Q q 0 0 0 rg BT 287.81 439.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 325.91 439.35 Td (\(potentially ) Tj ET Q q 0 0 0 rg BT 376.84 439.35 Td (both ) Tj ET Q q 0 0 0 rg BT 398.04 439.35 Td (distributed ) Tj ET Q q 0 0 0 rg BT 445.48 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 463.17 439.35 Td (undistributed\) ) Tj ET Q q 0 0 0 rg BT 524.60 439.35 Td (allocated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 426.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 115.98 426.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 158.26 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 176.05 426.75 Td (does ) Tj ET Q q 0 0 0 rg BT 197.92 426.75 Td (not ) Tj ET Q q 0 0 0 rg BT 213.96 426.75 Td (allocate ) Tj ET Q q 0 0 0 rg BT 249.23 426.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 276.94 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 287.74 426.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 343.43 426.75 Td (securities. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 84.45 401.55 Td (EPS ) Tj ET Q q 0 0 0 rg BT 106.00 401.55 Td (is ) Tj ET Q q 0 0 0 rg BT 116.45 401.55 Td (similar ) Tj ET Q q 0 0 0 rg BT 149.07 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 160.69 401.55 Td (basic ) Tj ET Q q 0 0 0 rg BT 185.72 401.55 Td (EPS, ) Tj ET Q q 0 0 0 rg BT 209.89 401.55 Td (but ) Tj ET Q q 0 0 0 rg BT 226.76 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 243.04 401.55 Td (ef) Tj ET Q q 0 0 0 rg BT 251.01 401.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 270.20 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 282.40 401.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 322.59 401.55 Td (common ) Tj ET Q q 0 0 0 rg BT 362.79 401.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 392.49 401.55 Td (is ) Tj ET Q q 0 0 0 rg BT 402.94 401.55 Td (included ) Tj ET Q q 0 0 0 rg BT 442.55 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 454.17 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 470.45 401.55 Td (calculation ) Tj ET Q q 0 0 0 rg BT 519.97 401.55 Td (unless ) Tj ET Q q 0 0 0 rg BT 549.67 401.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 89.59 388.95 Td (common ) Tj ET Q q 0 0 0 rg BT 129.69 388.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 159.27 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 175.44 388.95 Td (antidilutive. ) Tj ET Q q 0 0 0 rg BT 229.24 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 232.59 388.95 Td (For ) Tj ET Q q 0 0 0 rg BT 250.53 388.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 284.79 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 306.80 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 314.81 388.95 Td (net ) Tj ET Q q 0 0 0 rg BT 330.99 388.95 Td (loss, ) Tj ET Q q 0 0 0 rg BT 353.31 388.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 393.40 388.95 Td (common ) Tj ET Q q 0 0 0 rg BT 433.49 388.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 463.08 388.95 Td (other ) Tj ET Q q 0 0 0 rg BT 488.00 388.95 Td (than ) Tj ET Q q 0 0 0 rg BT 509.43 388.95 Td (participating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (securities, ) Tj ET Q q 0 0 0 rg BT 94.40 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 109.85 376.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 157.95 376.35 Td (antidilutive ) Tj ET Q q 0 0 0 rg BT 208.41 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 226.19 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 241.63 376.35 Td (excluded ) Tj ET Q q 0 0 0 rg BT 282.16 376.35 Td (from ) Tj ET Q q 0 0 0 rg BT 305.19 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 320.65 376.35 Td (calculation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 351.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.32 351.15 Td (12 ) Tj ET Q q 0 0 0 rg BT 103.45 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 118.32 351.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 162.93 351.15 Td (discussion ) Tj ET Q q 0 0 0 rg BT 209.31 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 220.68 351.15 Td (EPS.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 115.12 325.95 Td (Costs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.80 313.35 Td (further ) Tj ET Q q 0 0 0 rg BT 97.00 313.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 140.88 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 152.68 313.35 Td (Note ) Tj ET Q q 0 0 0 rg BT 176.73 313.35 Td (2, ) Tj ET Q q 0 0 0 rg BT 188.23 313.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 213.44 313.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 245.66 313.35 Td (restructured ) Tj ET Q q 0 0 0 rg BT 299.17 313.35 Td (The ) Tj ET Q q 0 0 0 rg BT 319.13 313.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 352.50 313.35 Td (Group, ) Tj ET Q q 0 0 0 rg BT 385.59 313.35 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 406.43 313.35 Td (\("Permal"\) ) Tj ET Q q 0 0 0 rg BT 455.37 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 471.24 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 487.70 313.35 Td (combination ) Tj ET Q q 0 0 0 rg BT 543.83 313.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 300.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 84.88 300.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 117.13 300.75 Td (\("EnT) Tj ET Q q 0 0 0 rg BT 142.63 300.75 Td (rust"\). ) Tj ET Q q 0 0 0 rg BT 170.71 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 172.49 300.75 Td (The ) Tj ET Q q 0 0 0 rg BT 190.74 300.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 213.67 300.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 258.74 300.75 Td (with ) Tj ET Q q 0 0 0 rg BT 279.33 300.75 Td (this ) Tj ET Q q 0 0 0 rg BT 296.43 300.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 352.00 300.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 393.00 300.75 Td (related ) Tj ET Q q 0 0 0 rg BT 423.49 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 433.58 300.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 476.32 300.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 526.65 300.75 Td (benefits, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (including ) Tj ET Q q 0 0 0 rg BT 91.73 288.15 Td (severance ) Tj ET Q q 0 0 0 rg BT 135.68 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 153.40 288.15 Td (retention ) Tj ET Q q 0 0 0 rg BT 193.29 288.15 Td (incentives, ) Tj ET Q q 0 0 0 rg BT 241.05 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 269.28 288.15 Td (were ) Tj ET Q q 0 0 0 rg BT 292.24 288.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 331.53 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 342.66 288.15 Td (T) Tj ET Q q 0 0 0 rg BT 348.70 288.15 Td (ransition-related ) Tj ET Q q 0 0 0 rg BT 420.08 288.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 480.96 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 491.69 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 507.09 288.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Statement ) Tj ET Q q 0 0 0 rg BT 94.39 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 106.03 275.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 140.41 275.55 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 172.77 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 190.82 275.55 Td (char) Tj ET Q q 0 0 0 rg BT 208.70 275.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 225.60 275.55 Td (for ) Tj ET Q q 0 0 0 rg BT 240.74 275.55 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 300.21 275.55 Td (leased ) Tj ET Q q 0 0 0 rg BT 329.34 275.55 Td (of) Tj ET Q q 0 0 0 rg BT 337.90 275.55 Td (fice ) Tj ET Q q 0 0 0 rg BT 356.53 275.55 Td (space, ) Tj ET Q q 0 0 0 rg BT 385.37 275.55 Td (which ) Tj ET Q q 0 0 0 rg BT 413.93 275.55 Td (were ) Tj ET Q q 0 0 0 rg BT 437.23 275.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 476.85 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 488.50 275.55 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 538.62 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 275.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 107.54 262.95 Td (Statement ) Tj ET Q q 0 0 0 rg BT 152.16 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 163.53 262.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 197.64 262.95 Td (\(Loss\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (Also, ) Tj ET Q q 0 0 0 rg BT 74.26 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 85.31 237.75 Td (further ) Tj ET Q q 0 0 0 rg BT 116.17 237.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 158.72 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 169.18 237.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 191.89 237.75 Td (2, ) Tj ET Q q 0 0 0 rg BT 202.07 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 212.53 237.75 Td (May ) Tj ET Q q 0 0 0 rg BT 234.08 237.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 260.00 237.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 283.87 237.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 314.76 237.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 353.20 237.75 Td (QS ) Tj ET Q q 0 0 0 rg BT 368.92 237.75 Td (Investors ) Tj ET Q q 0 0 0 rg BT 409.71 237.75 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 453.14 237.75 Td (LLC ) Tj ET Q q 0 0 0 rg BT 475.27 237.75 Td (\("QS ) Tj ET Q q 0 0 0 rg BT 498.78 237.75 Td (Investors"\) ) Tj ET Q q 0 0 0 rg BT 547.35 237.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (integrated ) Tj ET Q q 0 0 0 rg BT 94.30 225.15 Td (its ) Tj ET Q q 0 0 0 rg BT 107.04 225.15 Td (two ) Tj ET Q q 0 0 0 rg BT 125.61 225.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 161.68 225.15 Td (af) Tj ET Q q 0 0 0 rg BT 169.64 225.15 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 203.66 225.15 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 263.62 225.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 305.51 225.15 Td (Management, ) Tj ET Q q 0 0 0 rg BT 365.77 225.15 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 384.62 225.15 Td (\("Batterymarch"\) ) Tj ET Q q 0 0 0 rg BT 460.15 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 478.13 225.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 502.52 225.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 533.92 225.15 Td (Global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.90 212.55 Td (Allocation, ) Tj ET Q q 0 0 0 rg BT 124.50 212.55 Td (LLC ) Tj ET Q q 0 0 0 rg BT 146.99 212.55 Td (\("LMGAA"\) ) Tj ET Q q 0 0 0 rg BT 203.71 212.55 Td (into ) Tj ET Q q 0 0 0 rg BT 222.70 212.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 238.77 212.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 279.92 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 290.74 212.55 Td (leverage ) Tj ET Q q 0 0 0 rg BT 328.95 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 344.43 212.55 Td (best ) Tj ET Q q 0 0 0 rg BT 364.00 212.55 Td (aspects ) Tj ET Q q 0 0 0 rg BT 396.98 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 408.38 212.55 Td (each ) Tj ET Q q 0 0 0 rg BT 430.26 212.55 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 472.74 212.55 Td (. ) Tj ET Q q 0 0 0 rg BT 478.02 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 480.48 212.55 Td (The ) Tj ET Q q 0 0 0 rg BT 499.46 212.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 523.12 212.55 Td (related ) Tj ET Q q 0 0 0 rg BT 554.33 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 565.13 212.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (this ) Tj ET Q q 0 0 0 rg BT 66.58 199.95 Td (integration ) Tj ET Q q 0 0 0 rg BT 113.97 199.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 154.95 199.95 Td (related ) Tj ET Q q 0 0 0 rg BT 185.42 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 195.49 199.95 Td (employee ) Tj ET Q q 0 0 0 rg BT 238.21 199.95 Td (termination ) Tj ET Q q 0 0 0 rg BT 288.52 199.95 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 326.29 199.95 Td (including ) Tj ET Q q 0 0 0 rg BT 367.86 199.95 Td (severance ) Tj ET Q q 0 0 0 rg BT 411.15 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 428.21 199.95 Td (retention ) Tj ET Q q 0 0 0 rg BT 467.44 199.95 Td (incentives, ) Tj ET Q q 0 0 0 rg BT 514.54 199.95 Td (which ) Tj ET Q q 0 0 0 rg BT 542.10 199.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 88.85 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 100.03 187.35 Td (T) Tj ET Q q 0 0 0 rg BT 106.08 187.35 Td (ransition-related ) Tj ET Q q 0 0 0 rg BT 177.51 187.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 238.45 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 249.25 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 264.70 187.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 322.74 187.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 371.44 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 382.81 187.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 416.92 187.35 Td (\(Loss\).) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 91.89 162.15 Td (olling ) Tj ET Q q 0 0 0 rg BT 119.61 162.15 Td (Inter) Tj ET Q q 0 0 0 rg BT 142.16 162.15 Td (ests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 115.48 149.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 152.29 149.55 Td (include ) Tj ET Q q 0 0 0 rg BT 185.02 149.55 Td (af) Tj ET Q q 0 0 0 rg BT 192.98 149.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 219.29 149.55 Td (minority ) Tj ET Q q 0 0 0 rg BT 257.28 149.55 Td (interests, ) Tj ET Q q 0 0 0 rg BT 296.71 149.55 Td (third-party ) Tj ET Q q 0 0 0 rg BT 343.43 149.55 Td (investor ) Tj ET Q q 0 0 0 rg BT 379.08 149.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 407.15 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 417.13 149.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 472.02 149.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 516.42 149.55 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (products, ) Tj ET Q q 0 0 0 rg BT 91.55 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 109.98 136.95 Td (vested ) Tj ET Q q 0 0 0 rg BT 140.07 136.95 Td (af) Tj ET Q q 0 0 0 rg BT 148.03 136.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 175.79 136.95 Td (management ) Tj ET Q q 0 0 0 rg BT 232.70 136.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 262.21 136.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 283.55 136.95 Td (interests. ) Tj ET Q q 0 0 0 rg BT 324.43 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 327.70 136.95 Td (For ) Tj ET Q q 0 0 0 rg BT 345.55 136.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 370.98 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 389.41 136.95 Td (other ) Tj ET Q q 0 0 0 rg BT 414.25 136.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 470.58 136.95 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 516.43 136.95 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (products ) Tj ET Q q 0 0 0 rg BT 87.82 124.35 Td (with ) Tj ET Q q 0 0 0 rg BT 108.65 124.35 Td (third-party ) Tj ET Q q 0 0 0 rg BT 155.72 124.35 Td (investors, ) Tj ET Q q 0 0 0 rg BT 198.42 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 213.41 124.35 Td (related ) Tj ET Q q 0 0 0 rg BT 244.13 124.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 308.12 124.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 345.27 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 360.25 124.35 Td (classified ) Tj ET Q q 0 0 0 rg BT 402.07 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 412.98 124.35 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 463.52 124.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 527.51 124.35 Td (interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (if ) Tj ET Q q 0 0 0 rg BT 58.71 111.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 99.42 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 110.38 111.75 Td (these ) Tj ET Q q 0 0 0 rg BT 134.75 111.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 160.88 111.75 Td (may ) Tj ET Q q 0 0 0 rg BT 181.75 111.75 Td (request ) Tj ET Q q 0 0 0 rg BT 214.87 111.75 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 268.98 111.75 Td (at ) Tj ET Q q 0 0 0 rg BT 279.36 111.75 Td (any ) Tj ET Q q 0 0 0 rg BT 297.31 111.75 Td (time. ) Tj ET Q q 0 0 0 rg BT 321.39 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 323.57 111.75 Td (Also ) Tj ET Q q 0 0 0 rg BT 346.20 111.75 Td (included ) Tj ET Q q 0 0 0 rg BT 385.15 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 396.11 111.75 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 447.29 111.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 511.92 111.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 549.70 111.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (vested ) Tj ET Q q 0 0 0 rg BT 79.57 99.15 Td (af) Tj ET Q q 0 0 0 rg BT 87.54 99.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 115.27 99.15 Td (management ) Tj ET Q q 0 0 0 rg BT 172.15 99.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 201.64 99.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 222.96 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 241.37 99.15 Td (af) Tj ET Q q 0 0 0 rg BT 249.33 99.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 277.06 99.15 Td (minority ) Tj ET Q q 0 0 0 rg BT 316.47 99.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 354.71 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 370.20 99.15 Td (which ) Tj ET Q q 0 0 0 rg BT 399.10 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 415.17 99.15 Td (holder ) Tj ET Q q 0 0 0 rg BT 445.24 99.15 Td (may) Tj ET Q q 0 0 0 rg BT 462.63 99.15 Td (, ) Tj ET Q q 0 0 0 rg BT 468.50 99.15 Td (at ) Tj ET Q q 0 0 0 rg BT 479.32 99.15 Td (some ) Tj ET Q q 0 0 0 rg BT 504.73 99.15 Td (point, ) Tj ET Q q 0 0 0 rg BT 532.18 99.15 Td (request ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 95.54 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 107.17 86.55 Td (their ) Tj ET Q q 0 0 0 rg BT 129.30 86.55 Td (interests. ) Tj ET Q q 0 0 0 rg BT 169.80 86.55 Td (Redeemable ) Tj ET Q q 0 0 0 rg BT 224.58 86.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 289.29 86.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 327.17 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 342.87 86.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 380.74 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 391.79 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 407.51 86.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 465.81 86.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 502.51 86.55 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 532.81 86.55 Td (at ) Tj ET Q q 0 0 0 rg BT 543.27 86.55 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 93.90 73.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 141.22 73.95 Td (values. ) Tj ET Q q 0 0 0 rg BT 174.83 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 179.00 73.95 Td (Changes ) Tj ET Q q 0 0 0 rg BT 219.32 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 231.65 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 248.65 73.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 290.12 73.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 337.44 73.95 Td (values ) Tj ET Q q 0 0 0 rg BT 368.43 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 385.41 73.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 435.63 73.95 Td (over ) Tj ET Q q 0 0 0 rg BT 458.45 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 475.44 73.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 522.76 73.95 Td (period ) Tj ET Q q 0 0 0 rg BT 553.75 73.95 Td (as ) Tj ET Q q 0 0 0 rg BT 565.12 73.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 102.07 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 112.64 61.35 Td (retained ) Tj ET Q q 0 0 0 rg BT 148.85 61.35 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 189.45 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 191.85 61.35 Td (Nonredeemable ) Tj ET Q q 0 0 0 rg BT 260.72 61.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 324.95 61.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 362.34 61.35 Td (include ) Tj ET Q q 0 0 0 rg BT 395.65 61.35 Td (vested ) Tj ET Q q 0 0 0 rg BT 424.88 61.35 Td (af) Tj ET Q q 0 0 0 rg BT 432.85 61.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 459.74 61.35 Td (management ) Tj ET Q q 0 0 0 rg BT 515.78 61.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 544.43 61.35 Td (plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 87.31 48.75 Td (that ) Tj ET Q q 0 0 0 rg BT 105.88 48.75 Td (do ) Tj ET Q q 0 0 0 rg BT 119.20 48.75 Td (not ) Tj ET Q q 0 0 0 rg BT 135.44 48.75 Td (permit ) Tj ET Q q 0 0 0 rg BT 165.67 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 181.31 48.75 Td (holder ) Tj ET Q q 0 0 0 rg BT 210.96 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 221.94 48.75 Td (request ) Tj ET Q q 0 0 0 rg BT 255.09 48.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 301.06 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 312.63 48.75 Td (their ) Tj ET Q q 0 0 0 rg BT 334.69 48.75 Td (interests. ) Tj ET Q q 0 0 0 rg BT 375.13 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 377.95 48.75 Td (Nonredeemable ) Tj ET Q q 0 0 0 rg BT 447.24 48.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 511.88 48.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 549.70 48.75 Td (are ) Tj ET Q endstream endobj 203 0 obj <>] /Rotate 0 /Contents 204 0 R>> endobj 204 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (99) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 87.88 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 99.44 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 115.67 741.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 174.48 741.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 211.69 741.75 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 242.50 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 253.47 741.75 Td (their ) Tj ET Q q 0 0 0 rg BT 276.11 741.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 315.08 741.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 343.84 741.75 Td (together ) Tj ET Q q 0 0 0 rg BT 381.64 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 403.70 741.75 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 462.51 741.75 Td (net ) Tj ET Q q 0 0 0 rg BT 478.74 741.75 Td (income ) Tj ET Q q 0 0 0 rg BT 513.04 741.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 554.33 741.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.95 729.15 Td (interests. ) Tj ET Q q 0 0 0 rg BT 154.20 729.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.91 703.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 107.32 703.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 150.23 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 166.89 703.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 213.88 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 240.45 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 253.03 703.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 318.69 703.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 357.52 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 370.09 703.95 Td (their ) Tj ET Q q 0 0 0 rg BT 393.17 703.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 411.57 703.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 440.77 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 444.60 703.95 Td (For ) Tj ET Q q 0 0 0 rg BT 463.02 703.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.92 703.95 Td (sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.70 691.35 Td (products, ) Tj ET Q q 0 0 0 rg BT 140.61 691.35 Td (where ) Tj ET Q q 0 0 0 rg BT 169.38 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 185.33 691.35 Td (investor ) Tj ET Q q 0 0 0 rg BT 222.28 691.35 Td (may ) Tj ET Q q 0 0 0 rg BT 243.48 691.35 Td (request ) Tj ET Q q 0 0 0 rg BT 276.92 691.35 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 327.28 691.35 Td (at ) Tj ET Q q 0 0 0 rg BT 337.98 691.35 Td (any ) Tj ET Q q 0 0 0 rg BT 356.26 691.35 Td (time, ) Tj ET Q q 0 0 0 rg BT 380.67 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 398.36 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 424.22 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 434.34 691.35 Td (based ) Tj ET Q q 0 0 0 rg BT 461.37 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 474.99 691.35 Td (market ) Tj ET Q q 0 0 0 rg BT 507.27 691.35 Td (quotes ) Tj ET Q q 0 0 0 rg BT 537.80 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 691.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.03 678.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 138.73 678.75 Td (held ) Tj ET Q q 0 0 0 rg BT 158.85 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 171.39 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 186.25 678.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 234.37 678.75 Td (products. ) Tj ET Q q 0 0 0 rg BT 275.20 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 277.24 678.75 Td (For ) Tj ET Q q 0 0 0 rg BT 293.87 678.75 Td (af) Tj ET Q q 0 0 0 rg BT 301.83 678.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 328.36 678.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 366.57 678.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 403.60 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 420.81 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 476.49 678.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 504.78 678.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 524.90 678.75 Td (interests, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.05 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 90.77 666.15 Td (reflects ) Tj ET Q q 0 0 0 rg BT 123.65 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 138.46 666.15 Td (related ) Tj ET Q q 0 0 0 rg BT 169.01 666.15 Td (total ) Tj ET Q q 0 0 0 rg BT 189.65 666.15 Td (business ) Tj ET Q q 0 0 0 rg BT 227.22 666.15 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 270.60 666.15 Td (value, ) Tj ET Q q 0 0 0 rg BT 297.94 666.15 Td (after ) Tj ET Q q 0 0 0 rg BT 319.16 666.15 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 368.95 666.15 Td (discounts ) Tj ET Q q 0 0 0 rg BT 410.60 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 424.82 666.15 Td (lack ) Tj ET Q q 0 0 0 rg BT 444.29 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 455.02 666.15 Td (marketability ) Tj ET Q q 0 0 0 rg BT 512.98 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 530.13 666.15 Td (control. ) Tj ET Q q 0 0 0 rg BT 565.12 666.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (There ) Tj ET Q q 0 0 0 rg BT 75.80 653.55 Td (may ) Tj ET Q q 0 0 0 rg BT 95.70 653.55 Td (also ) Tj ET Q q 0 0 0 rg BT 114.44 653.55 Td (be ) Tj ET Q q 0 0 0 rg BT 126.17 653.55 Td (features ) Tj ET Q q 0 0 0 rg BT 161.22 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 171.79 653.55 Td (these ) Tj ET Q q 0 0 0 rg BT 195.19 653.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 223.25 653.55 Td (interests, ) Tj ET Q q 0 0 0 rg BT 262.69 653.55 Td (such ) Tj ET Q q 0 0 0 rg BT 283.76 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 294.33 653.55 Td (dividend ) Tj ET Q q 0 0 0 rg BT 332.90 653.55 Td (subordination, ) Tj ET Q q 0 0 0 rg BT 395.09 653.55 Td (that ) Tj ET Q q 0 0 0 rg BT 412.65 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 427.29 653.55 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 485.68 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 495.67 653.55 Td (their ) Tj ET Q q 0 0 0 rg BT 516.73 653.55 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 565.14 653.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 67.40 640.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 83.54 640.95 Td (value ) Tj ET Q q 0 0 0 rg BT 107.86 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 118.18 640.95 Td (option-like ) Tj ET Q q 0 0 0 rg BT 165.83 640.95 Td (management ) Tj ET Q q 0 0 0 rg BT 221.05 640.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 248.87 640.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 268.52 640.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 305.09 640.95 Td (also ) Tj ET Q q 0 0 0 rg BT 323.58 640.95 Td (relies ) Tj ET Q q 0 0 0 rg BT 347.89 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 359.96 640.95 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 422.19 640.95 Td (option ) Tj ET Q q 0 0 0 rg BT 450.60 640.95 Td (pricing ) Tj ET Q q 0 0 0 rg BT 481.92 640.95 Td (model ) Tj ET Q q 0 0 0 rg BT 509.74 640.95 Td (calculations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 66.62 628.35 Td (income ) Tj ET Q q 0 0 0 rg BT 99.48 628.35 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 124.76 628.35 Td (attributable ) Tj ET Q q 0 0 0 rg BT 174.54 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 184.66 628.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 248.44 628.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 285.39 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 295.51 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 310.29 628.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 367.66 628.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 415.69 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 426.39 628.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 459.83 628.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 488.62 628.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 525.57 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 540.35 628.35 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 615.75 Td (net ) Tj ET Q q 0 0 0 rg BT 76.32 615.75 Td (income ) Tj ET Q q 0 0 0 rg BT 109.86 615.75 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 135.81 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.19 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.64 615.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 207.82 615.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 253.61 615.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 294.13 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 304.93 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 320.38 615.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 359.17 615.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 392.70 615.75 Td (holders.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 590.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 590.55 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.82 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 103.45 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 118.32 590.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 162.93 590.55 Td (information ) Tj ET Q q 0 0 0 rg BT 215.13 590.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 257.99 590.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 322.44 590.55 Td (interests.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (Related Parties) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.28 552.75 Td (its ) Tj ET Q q 0 0 0 rg BT 78.39 552.75 Td (services ) Tj ET Q q 0 0 0 rg BT 114.41 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 124.77 552.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 169.54 552.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 217.81 552.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 245.96 552.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 269.73 552.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 300.50 552.75 Td (earns ) Tj ET Q q 0 0 0 rg BT 324.85 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 380.69 552.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 402.41 552.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 443.09 552.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 464.81 552.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 515.42 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 532.78 552.75 Td (service ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (fees, ) Tj ET Q q 0 0 0 rg BT 70.97 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 88.08 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 111.59 540.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 146.77 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 163.87 540.15 Td (incurs ) Tj ET Q q 0 0 0 rg BT 191.48 540.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 241.84 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 258.94 540.15 Td (servicing ) Tj ET Q q 0 0 0 rg BT 299.38 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 316.48 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 340.00 540.15 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 382.47 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 393.16 540.15 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 434.18 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 444.29 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 459.07 540.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 516.42 540.15 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.70 527.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 96.64 527.55 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 129.54 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 132.99 527.55 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 180.78 527.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 230.31 527.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 257.09 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 273.36 527.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 309.46 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 321.08 527.55 Td (be ) Tj ET Q q 0 0 0 rg BT 334.44 527.55 Td (af) Tj ET Q q 0 0 0 rg BT 342.41 527.55 Td (filiated ) Tj ET Q q 0 0 0 rg BT 375.60 527.55 Td (entities ) Tj ET Q q 0 0 0 rg BT 409.38 527.55 Td (under ) Tj ET Q q 0 0 0 rg BT 436.74 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 453.02 527.55 Td (related ) Tj ET Q q 0 0 0 rg BT 485.04 527.55 Td (party ) Tj ET Q q 0 0 0 rg BT 510.06 527.55 Td (definition ) Tj ET Q q 0 0 0 rg BT 554.34 527.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (relevant ) Tj ET Q q 0 0 0 rg BT 85.94 514.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 134.63 514.95 Td (guidance.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Recent ) Tj ET Q q 0 0 0 rg BT 82.45 489.75 Td (Accounting Developments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.32 477.15 Td (January ) Tj ET Q q 0 0 0 rg BT 95.05 477.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 120.76 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 135.66 477.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.35 477.15 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 227.42 477.15 Td (Standards ) Tj ET Q q 0 0 0 rg BT 270.91 477.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 298.64 477.15 Td (\("F) Tj ET Q q 0 0 0 rg BT 311.49 477.15 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 341.77 477.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 377.09 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 391.99 477.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 431.97 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 442.21 477.15 Td (simplify ) Tj ET Q q 0 0 0 rg BT 479.29 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 494.20 477.15 Td (test ) Tj ET Q q 0 0 0 rg BT 510.86 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 525.18 477.15 Td (goodwill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 102.74 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 104.79 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 123.33 464.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 158.78 464.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 198.89 464.55 Td (still ) Tj ET Q q 0 0 0 rg BT 216.86 464.55 Td (requires ) Tj ET Q q 0 0 0 rg BT 252.88 464.55 Td (entities ) Tj ET Q q 0 0 0 rg BT 285.42 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 295.80 464.55 Td (perform ) Tj ET Q q 0 0 0 rg BT 331.83 464.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 362.03 464.55 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 401.58 464.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 452.19 464.55 Td (tests ) Tj ET Q q 0 0 0 rg BT 473.07 464.55 Td (by ) Tj ET Q q 0 0 0 rg BT 485.78 464.55 Td (comparing ) Tj ET Q q 0 0 0 rg BT 532.90 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 547.94 464.55 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (value ) Tj ET Q q 0 0 0 rg BT 74.06 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 84.62 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 91.10 451.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 131.40 451.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 149.56 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 170.04 451.95 Td (its ) Tj ET Q q 0 0 0 rg BT 181.78 451.95 Td (related ) Tj ET Q q 0 0 0 rg BT 212.16 451.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 248.96 451.95 Td (amount, ) Tj ET Q q 0 0 0 rg BT 284.90 451.95 Td (but ) Tj ET Q q 0 0 0 rg BT 300.13 451.95 Td (it ) Tj ET Q q 0 0 0 rg BT 307.79 451.95 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 352.76 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 367.40 451.95 Td (requirement ) Tj ET Q q 0 0 0 rg BT 419.95 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 429.93 451.95 Td (potentially ) Tj ET Q q 0 0 0 rg BT 476.66 451.95 Td (calculate ) Tj ET Q q 0 0 0 rg BT 515.78 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 530.43 451.95 Td (implied ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.68 439.35 Td (value ) Tj ET Q q 0 0 0 rg BT 92.02 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 103.37 439.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 143.32 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 154.09 439.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 198.68 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 214.11 439.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 248.21 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 259.56 439.35 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 313.20 439.35 Td (if ) Tj ET Q q 0 0 0 rg BT 322.22 439.35 Td (any) Tj ET Q q 0 0 0 rg BT 336.70 439.35 Td (. ) Tj ET Q q 0 0 0 rg BT 341.93 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 344.54 439.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 373.38 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 388.82 439.35 Td (new ) Tj ET Q q 0 0 0 rg BT 408.92 439.35 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 452.05 439.35 Td (an ) Tj ET Q q 0 0 0 rg BT 464.56 439.35 Td (entity ) Tj ET Q q 0 0 0 rg BT 491.08 439.35 Td (should ) Tj ET Q q 0 0 0 rg BT 521.69 439.35 Td (recognize ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (an ) Tj ET Q q 0 0 0 rg BT 62.15 426.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 113.30 426.75 Td (char) Tj ET Q q 0 0 0 rg BT 131.17 426.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 143.83 426.75 Td (if ) Tj ET Q q 0 0 0 rg BT 152.98 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 168.55 426.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 209.78 426.75 Td (unit's ) Tj ET Q q 0 0 0 rg BT 234.83 426.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 272.55 426.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 306.79 426.75 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 342.76 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 358.33 426.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 399.56 426.75 Td (unit�) Tj ET Q q 0 0 0 rg BT 418.81 426.75 Td (s ) Tj ET Q q 0 0 0 rg BT 425.63 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 442.95 426.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 471.05 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 481.96 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 497.53 426.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 531.76 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 543.25 426.75 Td (such ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (excess.� ) Tj ET Q q 0 0 0 rg BT 85.36 414.15 Td (The ) Tj ET Q q 0 0 0 rg BT 105.14 414.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 146.49 414.15 Td (will ) Tj ET Q q 0 0 0 rg BT 166.28 414.15 Td (be ) Tj ET Q q 0 0 0 rg BT 179.64 414.15 Td (ef) Tj ET Q q 0 0 0 rg BT 187.61 414.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 219.63 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 231.25 414.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 257.44 414.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 284.52 414.15 Td (with ) Tj ET Q q 0 0 0 rg BT 306.64 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 322.92 414.15 Td (option ) Tj ET Q q 0 0 0 rg BT 353.21 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 368.90 414.15 Td (early ) Tj ET Q q 0 0 0 rg BT 393.34 414.15 Td (adoption ) Tj ET Q q 0 0 0 rg BT 433.54 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 445.16 414.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 471.35 414.15 Td (2018. ) Tj ET Q q 0 0 0 rg BT 498.43 414.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 523.46 414.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 555.50 414.15 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 95.86 401.55 Td (its ) Tj ET Q q 0 0 0 rg BT 108.41 401.55 Td (adoption.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (In ) Tj ET Q q 0 0 0 rg BT 59.99 376.35 Td (August ) Tj ET Q q 0 0 0 rg BT 92.55 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 109.95 376.35 Td (November ) Tj ET Q q 0 0 0 rg BT 156.50 376.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 182.35 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 197.41 376.35 Td (F) Tj ET Q q 0 0 0 rg BT 202.47 376.35 Td (ASB ) Tj ET Q q 0 0 0 rg BT 225.13 376.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 260.60 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 275.66 376.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 315.79 376.35 Td (on ) Tj ET Q q 0 0 0 rg BT 328.52 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 343.58 376.35 Td (classification ) Tj ET Q q 0 0 0 rg BT 401.21 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 412.19 376.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 442.99 376.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 463.88 376.35 Td (receipts, ) Tj ET Q q 0 0 0 rg BT 501.38 376.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 522.27 376.35 Td (payments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.77 363.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 109.94 363.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 131.71 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 142.99 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 158.92 363.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 202.27 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 214.13 363.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 235.90 363.75 Td (flows. ) Tj ET Q q 0 0 0 rg BT 264.74 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 284.17 363.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 320.52 363.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 361.53 363.75 Td (addresses ) Tj ET Q q 0 0 0 rg BT 404.88 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.81 363.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 462.41 363.75 Td (classification ) Tj ET Q q 0 0 0 rg BT 520.92 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 532.78 363.75 Td (several ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (specific ) Tj ET Q q 0 0 0 rg BT 86.10 351.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 108.72 351.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 131.92 351.15 Td (items, ) Tj ET Q q 0 0 0 rg BT 161.25 351.15 Td (including ) Tj ET Q q 0 0 0 rg BT 204.87 351.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 247.88 351.15 Td (cash, ) Tj ET Q q 0 0 0 rg BT 273.12 351.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 295.15 351.15 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 348.67 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 361.37 351.15 Td (extinguishment ) Tj ET Q q 0 0 0 rg BT 430.07 351.15 Td (costs, ) Tj ET Q q 0 0 0 rg BT 457.65 351.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.93 351.15 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (payments, ) Tj ET Q q 0 0 0 rg BT 94.14 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 111.08 338.55 Td (distributions ) Tj ET Q q 0 0 0 rg BT 165.36 338.55 Td (received ) Tj ET Q q 0 0 0 rg BT 202.69 338.55 Td (from ) Tj ET Q q 0 0 0 rg BT 224.88 338.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 252.90 338.55 Td (method ) Tj ET Q q 0 0 0 rg BT 286.17 338.55 Td (investees, ) Tj ET Q q 0 0 0 rg BT 329.06 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 349.50 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 364.11 338.55 Td (objective ) Tj ET Q q 0 0 0 rg BT 404.37 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 414.89 338.55 Td (reducing ) Tj ET Q q 0 0 0 rg BT 453.40 338.55 Td (diversity ) Tj ET Q q 0 0 0 rg BT 491.92 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 501.87 338.55 Td (practice ) Tj ET Q q 0 0 0 rg BT 536.86 338.55 Td (where ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (no ) Tj ET Q q 0 0 0 rg BT 62.79 325.95 Td (specific ) Tj ET Q q 0 0 0 rg BT 98.23 325.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 138.92 325.95 Td (exists, ) Tj ET Q q 0 0 0 rg BT 168.25 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 179.79 325.95 Td (current ) Tj ET Q q 0 0 0 rg BT 212.31 325.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 253.00 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 262.80 325.95 Td (unclear) Tj ET Q q 0 0 0 rg BT 293.12 325.95 Td (. ) Tj ET Q q 0 0 0 rg BT 298.33 325.95 Td (The ) Tj ET Q q 0 0 0 rg BT 317.44 325.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 353.47 325.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 394.16 325.95 Td (will ) Tj ET Q q 0 0 0 rg BT 413.29 325.95 Td (be ) Tj ET Q q 0 0 0 rg BT 425.99 325.95 Td (ef) Tj ET Q q 0 0 0 rg BT 433.96 325.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 465.31 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 476.27 325.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 501.80 325.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 528.22 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 549.67 325.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (option ) Tj ET Q q 0 0 0 rg BT 78.96 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 93.83 313.35 Td (early ) Tj ET Q q 0 0 0 rg BT 117.44 313.35 Td (adoption. ) Tj ET Q q 0 0 0 rg BT 159.43 313.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 183.63 313.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 214.84 313.35 Td (is ) Tj ET Q q 0 0 0 rg BT 224.47 313.35 Td (currently ) Tj ET Q q 0 0 0 rg BT 265.00 313.35 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 311.35 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 326.81 313.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 358.01 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 369.38 313.35 Td (its ) Tj ET Q q 0 0 0 rg BT 381.92 313.35 Td (adoption.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 286.95 Td (I) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.16 286.95 Td (n ) Tj ET Q q 0 0 0 rg BT 60.60 286.95 Td (March ) Tj ET Q q 0 0 0 rg BT 90.19 286.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 116.00 286.95 Td (the ) Tj ET Q q 0 0 0 rg BT 131.02 286.95 Td (F) Tj ET Q q 0 0 0 rg BT 136.08 286.95 Td (ASB ) Tj ET Q q 0 0 0 rg BT 158.69 286.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 194.12 286.95 Td (the ) Tj ET Q q 0 0 0 rg BT 209.13 286.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 249.22 286.95 Td (on ) Tj ET Q q 0 0 0 rg BT 261.90 286.95 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 313.66 286.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 374.17 286.95 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 425.04 286.95 Td ( ) Tj ET Q q 0 0 0 rg BT 427.07 286.95 Td (The ) Tj ET Q q 0 0 0 rg BT 445.58 286.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 481.01 286.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 521.09 286.95 Td (simplifies ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 274.35 Td (several ) Tj ET Q q 0 0 0 rg BT 82.03 274.35 Td (aspects ) Tj ET Q q 0 0 0 rg BT 115.14 274.35 Td (of ) Tj ET Q q 0 0 0 rg BT 126.68 274.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 175.54 274.35 Td (for ) Tj ET Q q 0 0 0 rg BT 190.58 274.35 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 242.94 274.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 304.05 274.35 Td (including ) Tj ET Q q 0 0 0 rg BT 346.51 274.35 Td (the ) Tj ET Q q 0 0 0 rg BT 362.13 274.35 Td (income ) Tj ET Q q 0 0 0 rg BT 395.83 274.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 411.45 274.35 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 474.59 274.35 Td (classification ) Tj ET Q q 0 0 0 rg BT 532.79 274.35 Td (criteria ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 261.75 Td (for ) Tj ET Q q 0 0 0 rg BT 64.82 261.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 97.63 261.75 Td (as ) Tj ET Q q 0 0 0 rg BT 109.44 261.75 Td (either ) Tj ET Q q 0 0 0 rg BT 136.42 261.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 165.74 261.75 Td (or ) Tj ET Q q 0 0 0 rg BT 177.56 261.75 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 222.33 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 240.57 261.75 Td (classification ) Tj ET Q q 0 0 0 rg BT 299.04 261.75 Td (of ) Tj ET Q q 0 0 0 rg BT 310.86 261.75 Td (related ) Tj ET Q q 0 0 0 rg BT 342.49 261.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 381.15 261.75 Td (in ) Tj ET Q q 0 0 0 rg BT 392.39 261.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 439.78 261.75 Td (of ) Tj ET Q q 0 0 0 rg BT 451.60 261.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 473.33 261.75 Td (flows. ) Tj ET Q q 0 0 0 rg BT 502.36 261.75 Td ( ) Tj ET Q q 0 0 0 rg BT 505.21 261.75 Td (The ) Tj ET Q q 0 0 0 rg BT 524.61 261.75 Td (guidance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 249.15 Td (will ) Tj ET Q q 0 0 0 rg BT 69.32 249.15 Td (be ) Tj ET Q q 0 0 0 rg BT 82.71 249.15 Td (ef) Tj ET Q q 0 0 0 rg BT 90.68 249.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 122.72 249.15 Td (in ) Tj ET Q q 0 0 0 rg BT 134.37 249.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 160.59 249.15 Td (2018. ) Tj ET Q q 0 0 0 rg BT 187.70 249.15 Td ( ) Tj ET Q q 0 0 0 rg BT 191.18 249.15 Td (In ) Tj ET Q q 0 0 0 rg BT 203.41 249.15 Td (accordance ) Tj ET Q q 0 0 0 rg BT 254.10 249.15 Td (with ) Tj ET Q q 0 0 0 rg BT 276.25 249.15 Td (the ) Tj ET Q q 0 0 0 rg BT 292.56 249.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 329.28 249.15 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 373.28 249.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 398.34 249.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 430.41 249.15 Td (will ) Tj ET Q q 0 0 0 rg BT 450.22 249.15 Td (record ) Tj ET Q q 0 0 0 rg BT 480.52 249.15 Td (a ) Tj ET Q q 0 0 0 rg BT 488.66 249.15 Td (cumulative-ef) Tj ET Q q 0 0 0 rg BT 546.78 249.15 Td (fect ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 236.55 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 98.19 236.55 Td (of ) Tj ET Q q 0 0 0 rg BT 109.55 236.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 172.81 236.55 Td ($22,600 ) Tj ET Q q 0 0 0 rg BT 209.55 236.55 Td (as ) Tj ET Q q 0 0 0 rg BT 220.91 236.55 Td (an ) Tj ET Q q 0 0 0 rg BT 233.44 236.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 270.44 236.55 Td (to ) Tj ET Q q 0 0 0 rg BT 281.22 236.55 Td (both ) Tj ET Q q 0 0 0 rg BT 302.50 236.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 340.09 236.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 355.53 236.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 382.64 236.55 Td (and ) Tj ET Q q 0 0 0 rg BT 400.41 236.55 Td (Retained ) Tj ET Q q 0 0 0 rg BT 440.35 236.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 478.53 236.55 Td (on ) Tj ET Q q 0 0 0 rg BT 491.65 236.55 Td (the ) Tj ET Q q 0 0 0 rg BT 507.09 236.55 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 223.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 85.85 223.95 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 111.71 223.95 Td (as ) Tj ET Q q 0 0 0 rg BT 122.99 223.95 Td (of ) Tj ET Q q 0 0 0 rg BT 133.71 223.95 Td (April ) Tj ET Q q 0 0 0 rg BT 158.41 223.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 168.82 223.95 Td (2018 ) Tj ET Q q 0 0 0 rg BT 192.36 223.95 Td (for ) Tj ET Q q 0 0 0 rg BT 207.13 223.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 222.50 223.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 258.27 223.95 Td (that ) Tj ET Q q 0 0 0 rg BT 276.55 223.95 Td (were ) Tj ET Q q 0 0 0 rg BT 299.48 223.95 Td (not ) Tj ET Q q 0 0 0 rg BT 315.44 223.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 362.30 223.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 410.89 223.95 Td (due ) Tj ET Q q 0 0 0 rg BT 428.58 223.95 Td (to ) Tj ET Q q 0 0 0 rg BT 439.29 223.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 463.39 223.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 500.49 223.95 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 549.68 223.95 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 211.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 68.65 211.35 Td (position. ) Tj ET Q q 0 0 0 rg BT 107.93 211.35 Td ( ) Tj ET Q q 0 0 0 rg BT 110.53 211.35 Td (The ) Tj ET Q q 0 0 0 rg BT 129.67 211.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 165.72 211.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 206.43 211.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 243.06 211.35 Td (all ) Tj ET Q q 0 0 0 rg BT 256.37 211.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 286.58 211.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 302.22 211.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 338.27 211.35 Td (and ) Tj ET Q q 0 0 0 rg BT 356.24 211.35 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 409.19 211.35 Td (to ) Tj ET Q q 0 0 0 rg BT 420.17 211.35 Td (be ) Tj ET Q q 0 0 0 rg BT 432.89 211.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 481.76 211.35 Td (as ) Tj ET Q q 0 0 0 rg BT 493.32 211.35 Td (discrete ) Tj ET Q q 0 0 0 rg BT 528.78 211.35 Td (items ) Tj ET Q q 0 0 0 rg BT 554.34 211.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 198.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.44 198.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.73 198.75 Td (provision ) Tj ET Q q 0 0 0 rg BT 140.86 198.75 Td (in ) Tj ET Q q 0 0 0 rg BT 151.48 198.75 Td (the ) Tj ET Q q 0 0 0 rg BT 166.77 198.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 224.64 198.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 273.18 198.75 Td (of ) Tj ET Q q 0 0 0 rg BT 284.38 198.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 318.33 198.75 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 347.62 198.75 Td (in ) Tj ET Q q 0 0 0 rg BT 358.24 198.75 Td (the ) Tj ET Q q 0 0 0 rg BT 373.53 198.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 414.48 198.75 Td (period ) Tj ET Q q 0 0 0 rg BT 443.76 198.75 Td (in ) Tj ET Q q 0 0 0 rg BT 454.38 198.75 Td (which ) Tj ET Q q 0 0 0 rg BT 482.50 198.75 Td (they ) Tj ET Q q 0 0 0 rg BT 503.04 198.75 Td (occur) Tj ET Q q 0 0 0 rg BT 525.94 198.75 Td (, ) Tj ET Q q 0 0 0 rg BT 531.02 198.75 Td (thereby ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 186.15 Td (increasing ) Tj ET Q q 0 0 0 rg BT 95.56 186.15 Td (the ) Tj ET Q q 0 0 0 rg BT 111.31 186.15 Td (volatility ) Tj ET Q q 0 0 0 rg BT 152.13 186.15 Td (of ) Tj ET Q q 0 0 0 rg BT 163.79 186.15 Td (the ) Tj ET Q q 0 0 0 rg BT 179.54 186.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 213.94 186.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 229.68 186.15 Td (provision ) Tj ET Q q 0 0 0 rg BT 272.26 186.15 Td (as ) Tj ET Q q 0 0 0 rg BT 283.92 186.15 Td (a ) Tj ET Q q 0 0 0 rg BT 291.49 186.15 Td (result ) Tj ET Q q 0 0 0 rg BT 317.74 186.15 Td (of ) Tj ET Q q 0 0 0 rg BT 329.40 186.15 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 381.88 186.15 Td (in ) Tj ET Q q 0 0 0 rg BT 392.96 186.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 417.45 186.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 454.93 186.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 480.01 186.15 Td (price. ) Tj ET Q q 0 0 0 rg BT 506.53 186.15 Td ( ) Tj ET Q q 0 0 0 rg BT 509.44 186.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.93 186.15 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 173.55 Td (expects ) Tj ET Q q 0 0 0 rg BT 83.79 173.55 Td (to ) Tj ET Q q 0 0 0 rg BT 94.76 173.55 Td (record ) Tj ET Q q 0 0 0 rg BT 124.37 173.55 Td (a ) Tj ET Q q 0 0 0 rg BT 131.84 173.55 Td (related ) Tj ET Q q 0 0 0 rg BT 163.20 173.55 Td (discrete ) Tj ET Q q 0 0 0 rg BT 198.65 173.55 Td (income ) Tj ET Q q 0 0 0 rg BT 232.36 173.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 247.99 173.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 284.61 173.55 Td (of ) Tj ET Q q 0 0 0 rg BT 296.16 173.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 359.61 173.55 Td ($2,500 ) Tj ET Q q 0 0 0 rg BT 391.29 173.55 Td (during ) Tj ET Q q 0 0 0 rg BT 421.50 173.55 Td (the ) Tj ET Q q 0 0 0 rg BT 437.13 173.55 Td (first ) Tj ET Q q 0 0 0 rg BT 456.85 173.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 489.38 173.55 Td (of ) Tj ET Q q 0 0 0 rg BT 500.93 173.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 526.47 173.55 Td (2018 ) Tj ET Q q 0 0 0 rg BT 550.27 173.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 160.95 Td (vested ) Tj ET Q q 0 0 0 rg BT 78.95 160.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 103.74 160.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 136.10 160.95 Td (with ) Tj ET Q q 0 0 0 rg BT 157.40 160.95 Td (a ) Tj ET Q q 0 0 0 rg BT 164.68 160.95 Td (grant ) Tj ET Q q 0 0 0 rg BT 188.88 160.95 Td (date ) Tj ET Q q 0 0 0 rg BT 208.99 160.95 Td (exercise ) Tj ET Q q 0 0 0 rg BT 246.01 160.95 Td (price ) Tj ET Q q 0 0 0 rg BT 269.62 160.95 Td (higher ) Tj ET Q q 0 0 0 rg BT 299.07 160.95 Td (than ) Tj ET Q q 0 0 0 rg BT 319.78 160.95 Td (the ) Tj ET Q q 0 0 0 rg BT 335.23 160.95 Td (vesting ) Tj ET Q q 0 0 0 rg BT 368.19 160.95 Td (date ) Tj ET Q q 0 0 0 rg BT 388.30 160.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 413.09 160.95 Td (prices.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 135.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.27 135.75 Td (February ) Tj ET Q q 0 0 0 rg BT 102.19 135.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 128.84 135.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.69 135.75 Td (F) Tj ET Q q 0 0 0 rg BT 149.75 135.75 Td (ASB ) Tj ET Q q 0 0 0 rg BT 173.20 135.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 209.46 135.75 Td (the ) Tj ET Q q 0 0 0 rg BT 225.30 135.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 266.23 135.75 Td (on ) Tj ET Q q 0 0 0 rg BT 279.75 135.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 328.83 135.75 Td (for ) Tj ET Q q 0 0 0 rg BT 344.10 135.75 Td (leases. ) Tj ET Q q 0 0 0 rg BT 374.82 135.75 Td ( ) Tj ET Q q 0 0 0 rg BT 377.62 135.75 Td (The ) Tj ET Q q 0 0 0 rg BT 396.97 135.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 433.23 135.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 474.15 135.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 510.98 135.75 Td (that ) Tj ET Q q 0 0 0 rg BT 529.75 135.75 Td (a ) Tj ET Q q 0 0 0 rg BT 537.43 135.75 Td (lessee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 123.15 Td (shall ) Tj ET Q q 0 0 0 rg BT 71.61 123.15 Td (recognize ) Tj ET Q q 0 0 0 rg BT 114.69 123.15 Td (the ) Tj ET Q q 0 0 0 rg BT 129.80 123.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 156.57 123.15 Td (and ) Tj ET Q q 0 0 0 rg BT 174.01 123.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 215.36 123.15 Td (that ) Tj ET Q q 0 0 0 rg BT 233.39 123.15 Td (arise ) Tj ET Q q 0 0 0 rg BT 255.48 123.15 Td (from ) Tj ET Q q 0 0 0 rg BT 278.17 123.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 301.43 123.15 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 356.49 123.15 Td ( ) Tj ET Q q 0 0 0 rg BT 358.26 123.15 Td (A) Tj ET Q q 0 0 0 rg BT 365.27 123.15 Td ( ) Tj ET Q q 0 0 0 rg BT 367.54 123.15 Td (lessee ) Tj ET Q q 0 0 0 rg BT 394.89 123.15 Td (will ) Tj ET Q q 0 0 0 rg BT 413.50 123.15 Td (recognize ) Tj ET Q q 0 0 0 rg BT 456.59 123.15 Td (a ) Tj ET Q q 0 0 0 rg BT 463.52 123.15 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 515.37 123.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 538.06 123.15 Td (to ) Tj ET Q q 0 0 0 rg BT 548.50 123.15 Td (use ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 110.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.33 110.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 113.82 110.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 137.23 110.55 Td (and ) Tj ET Q q 0 0 0 rg BT 155.39 110.55 Td (a ) Tj ET Q q 0 0 0 rg BT 163.06 110.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 198.72 110.55 Td (representing ) Tj ET Q q 0 0 0 rg BT 253.62 110.55 Td (the ) Tj ET Q q 0 0 0 rg BT 269.45 110.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 293.43 110.55 Td (payments. ) Tj ET Q q 0 0 0 rg BT 339.30 110.55 Td ( ) Tj ET Q q 0 0 0 rg BT 342.09 110.55 Td (The ) Tj ET Q q 0 0 0 rg BT 361.41 110.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 397.65 110.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 438.55 110.55 Td (also ) Tj ET Q q 0 0 0 rg BT 458.47 110.55 Td (requires ) Tj ET Q q 0 0 0 rg BT 495.28 110.55 Td (an ) Tj ET Q q 0 0 0 rg BT 508.20 110.55 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 554.93 110.55 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 97.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.11 97.95 Td (inception ) Tj ET Q q 0 0 0 rg BT 106.98 97.95 Td (of ) Tj ET Q q 0 0 0 rg BT 118.51 97.95 Td (a ) Tj ET Q q 0 0 0 rg BT 125.96 97.95 Td (service ) Tj ET Q q 0 0 0 rg BT 158.47 97.95 Td (or ) Tj ET Q q 0 0 0 rg BT 170.01 97.95 Td (other ) Tj ET Q q 0 0 0 rg BT 194.37 97.95 Td (contract, ) Tj ET Q q 0 0 0 rg BT 233.59 97.95 Td (to ) Tj ET Q q 0 0 0 rg BT 244.55 97.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 289.32 97.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 325.92 97.95 Td (the ) Tj ET Q q 0 0 0 rg BT 341.54 97.95 Td (contract ) Tj ET Q q 0 0 0 rg BT 378.14 97.95 Td (is ) Tj ET Q q 0 0 0 rg BT 387.93 97.95 Td (or ) Tj ET Q q 0 0 0 rg BT 399.46 97.95 Td (contains ) Tj ET Q q 0 0 0 rg BT 437.24 97.95 Td (a ) Tj ET Q q 0 0 0 rg BT 444.69 97.95 Td (lease. ) Tj ET Q q 0 0 0 rg BT 471.08 97.95 Td ( ) Tj ET Q q 0 0 0 rg BT 473.67 97.95 Td (The ) Tj ET Q q 0 0 0 rg BT 492.78 97.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 533.47 97.95 Td (will ) Tj ET Q q 0 0 0 rg BT 552.59 97.95 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 85.35 Td (ef) Tj ET Q q 0 0 0 rg BT 57.47 85.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.66 85.35 Td (in ) Tj ET Q q 0 0 0 rg BT 99.45 85.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 124.81 85.35 Td (2020. ) Tj ET Q q 0 0 0 rg BT 151.06 85.35 Td ( ) Tj ET Q q 0 0 0 rg BT 153.69 85.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 177.89 85.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 209.10 85.35 Td (is ) Tj ET Q q 0 0 0 rg BT 218.73 85.35 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 265.08 85.35 Td (the ) Tj ET Q q 0 0 0 rg BT 280.54 85.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 311.74 85.35 Td (of ) Tj ET Q q 0 0 0 rg BT 323.11 85.35 Td (its ) Tj ET Q q 0 0 0 rg BT 335.65 85.35 Td (adoption. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 60.75 Td (In ) Tj ET Q q 0 0 0 rg BT 59.75 60.75 Td (May ) Tj ET Q q 0 0 0 rg BT 80.49 60.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 105.62 60.75 Td (the ) Tj ET Q q 0 0 0 rg BT 119.94 60.75 Td (F) Tj ET Q q 0 0 0 rg BT 125.01 60.75 Td (ASB ) Tj ET Q q 0 0 0 rg BT 146.93 60.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 181.67 60.75 Td (the ) Tj ET Q q 0 0 0 rg BT 196.00 60.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 235.40 60.75 Td (on ) Tj ET Q q 0 0 0 rg BT 247.40 60.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 282.12 60.75 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 333.96 60.75 Td (The ) Tj ET Q q 0 0 0 rg BT 351.78 60.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 386.52 60.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 425.92 60.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 463.58 60.75 Td (a ) Tj ET Q q 0 0 0 rg BT 469.74 60.75 Td (single, ) Tj ET Q q 0 0 0 rg BT 498.95 60.75 Td (comprehensive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 84.74 48.15 Td (recognition ) Tj ET Q q 0 0 0 rg BT 134.56 48.15 Td (model ) Tj ET Q q 0 0 0 rg BT 162.82 48.15 Td (for ) Tj ET Q q 0 0 0 rg BT 177.07 48.15 Td (all ) Tj ET Q q 0 0 0 rg BT 189.57 48.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 229.48 48.15 Td (with ) Tj ET Q q 0 0 0 rg BT 250.15 48.15 Td (customers, ) Tj ET Q q 0 0 0 rg BT 297.36 48.15 Td (improves ) Tj ET Q q 0 0 0 rg BT 338.45 48.15 Td (comparability ) Tj ET Q q 0 0 0 rg BT 398.77 48.15 Td (and ) Tj ET Q q 0 0 0 rg BT 415.94 48.15 Td (removes ) Tj ET Q q 0 0 0 rg BT 453.52 48.15 Td (inconsistencies ) Tj ET Q q 0 0 0 rg BT 519.10 48.15 Td (in ) Tj ET Q q 0 0 0 rg BT 529.27 48.15 Td (revenue ) Tj ET Q endstream endobj 205 0 obj <>] /Rotate 0 /Contents 206 0 R>> endobj 206 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (recognition ) Tj ET Q q 0 0 0 rg BT 99.11 741.75 Td (practices ) Tj ET Q q 0 0 0 rg BT 138.21 741.75 Td (across ) Tj ET Q q 0 0 0 rg BT 166.24 741.75 Td (entities, ) Tj ET Q q 0 0 0 rg BT 200.99 741.75 Td (industries, ) Tj ET Q q 0 0 0 rg BT 246.23 741.75 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 302.57 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 319.52 741.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 349.29 741.75 Td (markets. ) Tj ET Q q 0 0 0 rg BT 386.82 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 404.93 741.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 444.62 741.75 Td (also ) Tj ET Q q 0 0 0 rg BT 463.33 741.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 498.94 741.75 Td (comprehensive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 99.85 729.15 Td (about ) Tj ET Q q 0 0 0 rg BT 126.87 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 143.38 729.15 Td (nature, ) Tj ET Q q 0 0 0 rg BT 175.93 729.15 Td (timing, ) Tj ET Q q 0 0 0 rg BT 209.66 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 228.51 729.15 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 279.43 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 291.86 729.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 328.78 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 347.63 729.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 369.97 729.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 396.99 729.15 Td (arising ) Tj ET Q q 0 0 0 rg BT 429.26 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 453.36 729.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 494.94 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 517.30 729.15 Td (customers, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (including ) Tj ET Q q 0 0 0 rg BT 92.59 716.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 140.35 716.55 Td (judgments ) Tj ET Q q 0 0 0 rg BT 187.53 716.55 Td (made ) Tj ET Q q 0 0 0 rg BT 213.70 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 225.29 716.55 Td (applying ) Tj ET Q q 0 0 0 rg BT 265.47 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 281.73 716.55 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 325.68 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 329.11 716.55 Td (In ) Tj ET Q q 0 0 0 rg BT 341.29 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 372.12 716.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 399.18 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 415.44 716.55 Td (F) Tj ET Q q 0 0 0 rg BT 420.50 716.55 Td (ASB ) Tj ET Q q 0 0 0 rg BT 444.35 716.55 Td (further ) Tj ET Q q 0 0 0 rg BT 476.35 716.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 513.02 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 529.28 716.55 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 89.81 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 102.73 703.95 Td (determining ) Tj ET Q q 0 0 0 rg BT 155.88 703.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 192.12 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 202.70 703.95 Td (report ) Tj ET Q q 0 0 0 rg BT 230.18 703.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 265.83 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 278.74 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 285.82 703.95 Td (gross ) Tj ET Q q 0 0 0 rg BT 310.40 703.95 Td (versus ) Tj ET Q q 0 0 0 rg BT 339.65 703.95 Td (net ) Tj ET Q q 0 0 0 rg BT 354.89 703.95 Td (basis. ) Tj ET Q q 0 0 0 rg BT 380.76 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 399.50 703.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 435.15 703.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 475.47 703.95 Td (clarifies ) Tj ET Q q 0 0 0 rg BT 511.70 703.95 Td (how ) Tj ET Q q 0 0 0 rg BT 532.19 703.95 Td (entities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 86.66 691.35 Td (principal ) Tj ET Q q 0 0 0 rg BT 126.16 691.35 Td (versus ) Tj ET Q q 0 0 0 rg BT 155.17 691.35 Td (agent ) Tj ET Q q 0 0 0 rg BT 180.08 691.35 Td (aspects ) Tj ET Q q 0 0 0 rg BT 212.58 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 223.51 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 238.52 691.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 273.93 691.35 Td (recognition ) Tj ET Q q 0 0 0 rg BT 323.93 691.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 364.00 691.35 Td (issued ) Tj ET Q q 0 0 0 rg BT 392.43 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 402.78 691.35 Td (May ) Tj ET Q q 0 0 0 rg BT 424.21 691.35 Td (2014. ) Tj ET Q q 0 0 0 rg BT 449.85 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 468.36 691.35 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 514.27 691.35 Td (will ) Tj ET Q q 0 0 0 rg BT 532.79 691.35 Td (require ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 82.83 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 94.00 678.75 Td (identify ) Tj ET Q q 0 0 0 rg BT 129.66 678.75 Td (all ) Tj ET Q q 0 0 0 rg BT 143.15 678.75 Td (goods ) Tj ET Q q 0 0 0 rg BT 171.24 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 182.99 678.75 Td (services ) Tj ET Q q 0 0 0 rg BT 219.81 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 230.97 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 243.88 678.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 284.21 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 295.38 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 311.21 678.75 Td (customer) Tj ET Q q 0 0 0 rg BT 349.28 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 354.90 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 373.06 678.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 418.04 678.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 454.86 678.75 Td (they ) Tj ET Q q 0 0 0 rg BT 475.94 678.75 Td (obtain ) Tj ET Q q 0 0 0 rg BT 505.19 678.75 Td (control ) Tj ET Q q 0 0 0 rg BT 537.93 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 678.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (good ) Tj ET Q q 0 0 0 rg BT 73.14 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 84.52 666.15 Td (service ) Tj ET Q q 0 0 0 rg BT 116.89 666.15 Td (before ) Tj ET Q q 0 0 0 rg BT 146.34 666.15 Td (it ) Tj ET Q q 0 0 0 rg BT 154.82 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 164.46 666.15 Td (transferred ) Tj ET Q q 0 0 0 rg BT 212.57 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 223.37 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 238.84 666.15 Td (customer) Tj ET Q q 0 0 0 rg BT 276.91 666.15 Td (, ) Tj ET Q q 0 0 0 rg BT 282.17 666.15 Td (where ) Tj ET Q q 0 0 0 rg BT 310.46 666.15 Td (control ) Tj ET Q q 0 0 0 rg BT 342.84 666.15 Td (would ) Tj ET Q q 0 0 0 rg BT 371.73 666.15 Td (suggest ) Tj ET Q q 0 0 0 rg BT 405.87 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 413.16 666.15 Td (principal ) Tj ET Q q 0 0 0 rg BT 453.12 666.15 Td (relationship, ) Tj ET Q q 0 0 0 rg BT 507.96 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 536.26 666.15 Td (would ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (be ) Tj ET Q q 0 0 0 rg BT 62.72 653.55 Td (accounted ) Tj ET Q q 0 0 0 rg BT 108.58 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 124.13 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 137.94 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 145.90 653.55 Td (gross ) Tj ET Q q 0 0 0 rg BT 171.38 653.55 Td (basis. ) Tj ET Q q 0 0 0 rg BT 198.31 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 223.19 653.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 255.08 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 265.39 653.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 306.59 653.55 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 351.89 653.55 Td (its ) Tj ET Q 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0 0 0 rg BT 191.59 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 199.71 577.95 Td (net ) Tj ET Q q 0 0 0 rg BT 215.99 577.95 Td (presentation, ) Tj ET Q q 0 0 0 rg BT 273.40 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 285.60 577.95 Td (vice ) Tj ET Q q 0 0 0 rg BT 306.55 577.95 Td (versa. ) Tj ET Q q 0 0 0 rg BT 334.79 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 338.00 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 357.78 577.95 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 404.98 577.95 Td (is ) Tj ET Q q 0 0 0 rg BT 415.44 577.95 Td (ongoing, ) Tj ET Q q 0 0 0 rg BT 455.94 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 474.56 577.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 499.60 577.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 531.64 577.95 Td (has ) Tj ET Q q 0 0 0 rg BT 549.10 577.95 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 99.88 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 115.85 565.35 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 153.41 565.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 185.13 565.35 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142.24 552.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 152.74 552.75 Td (2018.) Tj ET Q endstream endobj 207 0 obj <>] /Rotate 0 /Contents 208 0 R>> endobj 208 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (101) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.25 729.15 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 59.92 729.15 Td (ACQUISTIONS ) Tj ET Q q 0 0 0 rg BT 135.49 729.15 Td (AND ) Tj ET Q q 0 0 0 rg BT 160.86 729.15 Td (DISPOSITIONS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 235.56 729.15 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (Acquisitions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.62 691.35 Td (following 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0.9333333333333333 1 rg /GS0 gs 501.50 425.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 388.25 157.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 388.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 388.25 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 388.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 388.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 388.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 388.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 388.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 388.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 388.25 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 388.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 351.25 157.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 351.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 351.25 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 351.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 351.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 351.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 351.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 351.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 351.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 351.25 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 351.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 323.25 157.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 323.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 323.25 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 323.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 323.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 323.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 323.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 323.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 323.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 323.25 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 323.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 295.25 157.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 295.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 295.25 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 295.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 295.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 295.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 295.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 295.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 295.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 295.25 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 295.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 267.25 157.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 267.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 267.25 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 267.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 267.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 267.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 267.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 267.25 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 267.25 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 267.25 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 267.25 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 627.25 m 206.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 627.25 m 268.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 627.25 m 341.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 627.25 m 415.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 627.25 m 489.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 627.25 m 561.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 604.25 m 206.5 604.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 627.25 m 268.5 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 604.25 m 268.5 604.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 604.25 m 341.5 604.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 604.25 m 415.5 604.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 604.25 m 489.5 604.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 604.25 m 561.5 604.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 509.25 m 268.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 509.25 m 341.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 509.25 m 415.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 509.25 m 489.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 509.25 m 561.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 509.25 m 206.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 495.25 m 206.5 495.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 509.25 m 268.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 495.25 m 268.5 495.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 509.25 m 341.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 495.25 m 341.5 495.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 509.25 m 415.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 495.25 m 415.5 495.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 509.25 m 489.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 495.25 m 489.5 495.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 509.25 m 561.5 509.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 495.25 m 561.5 495.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 481.25 m 206.5 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 481.25 m 268.5 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 481.25 m 341.5 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 481.25 m 415.5 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 467.25 m 206.5 467.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 467.25 m 268.5 467.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 467.25 m 341.5 467.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 467.25 m 415.5 467.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 481.25 m 489.5 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 467.25 m 489.5 467.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 481.25 m 561.5 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 467.25 m 561.5 467.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 281.25 m 206.5 281.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 281.25 m 268.5 281.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 281.25 m 341.5 281.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 281.25 m 415.5 281.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 281.25 m 489.5 281.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 281.25 m 561.5 281.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 281.25 m 561.5 281.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 267.25 m 561.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 267.25 m 206.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 254.25 m 206.5 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 252.25 m 206.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 267.25 m 268.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 254.25 m 268.5 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 252.25 m 268.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 267.25 m 341.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 254.25 m 341.5 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 252.25 m 341.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 267.25 m 415.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 254.25 m 415.5 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 252.25 m 415.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 267.25 m 489.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 254.25 m 489.5 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 252.25 m 489.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 267.25 m 561.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 254.25 m 561.5 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 252.25 m 561.5 252.25 l s BT /F1 9.50 Tf ET q 0 0 0 rg BT 223.85 641.31 Td (EnT) Tj ET Q q 0 0 0 rg BT 239.87 641.31 Td (rust ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 221.65 631.81 Td (Capital) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 249.09 636.12 Td (\(1\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 297.25 641.31 Td (Clarion ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 292.30 631.81 Td (Partners) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 323.43 636.12 Td (\(1\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 372.30 650.81 Td (RARE) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 359.15 641.31 Td (Infrastructure) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 369.95 631.81 Td (Limited) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 432.70 650.81 Td (Martin Currie) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 438.40 641.31 Td (\(Holdings\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 443.95 631.81 Td (Limited) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 506.30 650.81 Td (QS Investors) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 512.35 641.31 Td (Holdings,) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 522.00 631.81 Td (LLC) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.00 608.82 Td (Acquisition Date) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 225.50 618.16 Td (May 2,) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 229.50 608.66 Td (2016) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 294.30 618.16 Td (April 13,) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 302.00 608.66 Td (2016) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 362.55 618.16 Td (October 21,) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 375.50 608.66 Td (2015) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 438.95 618.16 Td (October 1,) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 449.50 608.66 Td (2014) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 515.15 618.16 Td (May 31,) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.30 608.66 Td ( 2014) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.00 579.82 Td (Purchase price) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 565.81 Td (Cash) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 213.00 565.81 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 233.90 565.81 Td (400,000) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 285.00 565.81 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 306.90 565.81 Td (631,476) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 358.00 565.81 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 380.90 565.81 Td (213,739) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 432.00 565.81 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 454.90 565.81 Td (202,577) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 504.00 565.81 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 531.65 565.81 Td (11,000) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 551.81 Td (Estimated contingent consideration) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 255.30 552.01 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 328.30 552.01 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 385.65 552.01 Td (25,000) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 459.65 552.01 Td (75,211) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 531.65 552.01 Td (13,370) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 537.31 Td (Performance-based Legg Mason) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 74.50 527.81 Td (restricted share units) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 255.30 527.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 311.65 527.81 Td (11,121) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 402.30 527.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 476.30 527.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 548.30 527.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 513.81 Td (Minority equity interest transferred) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 233.90 513.81 Td (140,000) Tj ET Q BT /F1 6.17 Tf ET q 0 0 0 rg BT 271.00 518.71 Td (\(2\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 328.30 513.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 402.30 513.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 476.30 513.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 548.30 513.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 499.81 Td (Total consideration) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 233.90 499.81 Td (540,000) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 306.90 499.81 Td (642,597) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 380.90 499.81 Td (238,739) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 454.90 499.81 Td (277,788) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 531.65 499.81 Td (24,370) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.00 485.82 Td (Fair value of noncontrolling interests) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 233.90 485.81 Td (247,700) Tj ET Q BT /F1 6.17 Tf ET q 0 0 0 rg BT 271.00 490.71 Td (\(2\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 306.90 485.81 Td (105,300) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 385.65 485.81 Td (62,722) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 476.30 485.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 548.30 485.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.00 471.81 Td (Total) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 233.90 471.81 Td (787,700) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 306.90 471.81 Td (747,897) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 380.90 471.81 Td (301,461) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 454.90 471.81 Td (277,788) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 531.65 471.81 Td (24,370) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.00 457.82 Td (Identifiable assets and liabilities) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 443.81 Td (Cash) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 243.40 443.81 Td (8,236) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 311.65 443.81 Td (25,307) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 390.40 443.81 Td (9,667) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 459.65 443.81 Td (29,389) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 543.55 443.81 Td (441) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 429.81 Td (Investments) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 238.65 429.81 Td (16,220) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 311.65 429.81 Td (22,285) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 402.30 429.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 476.30 429.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.40 429.81 Td (3,281) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 415.81 Td (Receivables) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 238.65 415.81 Td (20,820) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 311.65 415.81 Td (53,657) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 390.40 415.81 Td (6,612) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 476.30 415.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.40 415.81 Td (2,699) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 402.16 Td (Indefinite-life intangible fund) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 74.50 392.66 Td (management contracts) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 233.90 392.81 Td (262,300) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 306.90 392.81 Td (505,200) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 380.90 392.81 Td (122,755) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 454.90 392.81 Td (135,321) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 548.30 392.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 378.81 Td (Indefinite-life trade name) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 243.40 378.81 Td (7,400) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 311.65 378.81 Td (23,100) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 390.40 378.81 Td (4,766) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 464.40 378.81 Td (7,130) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 548.30 378.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 365.16 Td (Amortizable intangible asset) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 74.50 355.66 Td (management contracts) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 238.65 355.81 Td (65,500) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 306.90 355.81 Td (102,800) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 385.65 355.81 Td (67,877) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 459.65 355.81 Td (15,234) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.40 355.81 Td (7,060) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 341.81 Td (Fixed assets) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 243.40 341.81 Td (4,479) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 316.40 341.81 Td (8,255) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 397.55 341.81 Td (673) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 471.55 341.81 Td (784) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 543.55 341.81 Td (599) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 327.81 Td (Other current assets \(liabilities\), net) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 243.40 327.81 Td (1,030) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 308.50 327.81 Td (\(25,585) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 337.80 327.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 382.50 327.81 Td (\(10,605) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 411.80 327.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 476.30 327.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 548.30 327.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 313.81 Td (Liabilities, net) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 240.25 313.81 Td (\(8,823) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 264.80 313.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 308.50 313.81 Td (\(10,579) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 337.80 313.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 387.25 313.81 Td (\(3,948) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 411.80 313.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 461.25 313.81 Td (\(4,388) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 485.80 313.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 533.25 313.81 Td (\(6,620) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 557.80 313.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 299.81 Td (Pension liability) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 255.30 299.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 328.30 299.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 402.30 299.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 456.50 299.81 Td (\(32,433) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 485.80 299.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 548.30 299.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 65.50 285.81 Td (Deferred tax liabilities) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 255.30 285.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 308.50 285.81 Td (\(36,788) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 337.80 285.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 382.50 285.81 Td (\(58,619) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 411.80 285.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 456.50 285.81 Td (\(31,537) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 485.80 285.81 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 548.30 285.81 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.00 271.81 Td (Total identifiable assets and liabilities) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 233.90 271.81 Td (377,162) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 306.90 271.81 Td (667,652) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 380.90 271.81 Td (139,178) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 454.90 271.81 Td (119,500) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.40 271.81 Td (7,460) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.00 257.82 Td (Goodwill) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 213.00 257.81 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 233.90 257.81 Td (410,538) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 285.00 257.81 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 311.65 257.81 Td (80,245) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 358.00 257.81 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 380.90 257.81 Td (162,283) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 432.00 257.81 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 454.90 257.81 Td (158,288) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 504.00 257.81 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 531.65 257.81 Td (16,910) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 244.15 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 244.15 Td (Subject to measurement period adjustments, including for amounts ultimately realized.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 234.55 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 68.00 234.55 Td (Post combination EnT) Tj ET Q q 0 0 0 rg BT 139.27 234.55 Td (rustPermal noncontrolling interest of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.25 234.55 Td ($403,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.25 234.55 Td ( also includes a fair value reclassification of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.86 234.55 Td ($15,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.86 234.55 Td ( from retained earnings.) Tj ET Q endstream endobj 209 0 obj <>] /Rotate 0 /Contents 210 0 R>> endobj 210 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (102) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (EnT) Tj ET Q q 0 0 0 rg BT 68.87 741.90 Td (rust ) Tj ET Q q 0 0 0 rg BT 88.42 741.90 Td (Capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (On ) Tj ET Q q 0 0 0 rg BT 65.21 729.30 Td (May ) Tj ET Q q 0 0 0 rg BT 86.83 729.30 Td (2, ) Tj ET Q q 0 0 0 rg BT 97.08 729.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 123.08 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 147.02 729.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 177.98 729.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 216.50 729.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 234.21 729.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 252.34 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 269.87 729.30 Td (combined ) Tj ET Q q 0 0 0 rg BT 313.65 729.30 Td (it ) Tj ET Q q 0 0 0 rg BT 321.86 729.30 Td (with ) Tj ET Q q 0 0 0 rg BT 342.90 729.30 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 377.64 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 401.59 729.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 438.53 729.30 Td (existing ) Tj ET Q q 0 0 0 rg BT 474.15 729.30 Td (hedge ) Tj ET Q q 0 0 0 rg BT 501.60 729.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 523.22 729.30 Td (platform, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 61.57 716.70 Td (form ) Tj ET Q q 0 0 0 rg BT 85.39 716.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 103.10 716.70 Td (rustPermal. ) Tj ET Q q 0 0 0 rg BT 154.62 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 158.02 716.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 175.73 716.70 Td (rust, ) Tj ET Q q 0 0 0 rg BT 197.51 716.70 Td (an ) Tj ET Q q 0 0 0 rg BT 210.83 716.70 Td (alternative ) Tj ET Q q 0 0 0 rg BT 258.54 716.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 282.36 716.70 Td (management ) Tj ET Q q 0 0 0 rg BT 339.40 716.70 Td (firm ) Tj ET Q q 0 0 0 rg BT 360.89 716.70 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 423.76 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 435.33 716.70 Td (New ) Tj ET Q q 0 0 0 rg BT 458.05 716.70 Td (Y) Tj ET Q q 0 0 0 rg BT 464.58 716.70 Td (ork, ) Tj ET Q q 0 0 0 rg BT 484.61 716.70 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.18 716.70 Td ($9,600,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.43 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 553.83 716.70 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 77.84 704.10 Td (under ) Tj ET Q q 0 0 0 rg BT 105.09 704.10 Td (management ) Tj ET Q q 0 0 0 rg BT 162.08 704.10 Td (\("AUM"\) ) Tj ET Q q 0 0 0 rg BT 205.49 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.99 704.10 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.98 704.10 Td ($2,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.23 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 338.58 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.09 704.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 377.93 704.10 Td (under ) Tj ET Q q 0 0 0 rg BT 405.18 704.10 Td (advisement ) Tj ET Q q 0 0 0 rg BT 456.34 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.84 704.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 523.10 704.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 554.42 704.10 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (closing, ) Tj ET Q q 0 0 0 rg BT 86.72 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 105.64 691.50 Td (lar) Tj ET Q q 0 0 0 rg BT 116.52 691.50 Td (gely ) Tj ET Q q 0 0 0 rg BT 138.36 691.50 Td (complementary ) Tj ET Q q 0 0 0 rg BT 207.43 691.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 257.27 691.50 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 303.31 691.50 Td (investor ) Tj ET Q q 0 0 0 rg BT 340.90 691.50 Td (base, ) Tj ET Q q 0 0 0 rg BT 365.94 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 384.87 691.50 Td (business ) Tj ET Q q 0 0 0 rg BT 424.21 691.50 Td (mix ) Tj ET Q q 0 0 0 rg BT 444.31 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 456.24 691.50 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 492.37 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 495.85 691.50 Td (The ) Tj ET Q q 0 0 0 rg BT 515.94 691.50 Td (transaction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (included ) Tj ET Q q 0 0 0 rg BT 88.71 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 95.92 678.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 117.13 678.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 155.83 678.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 167.13 678.90 Td ($400,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 206.51 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 211.68 678.90 Td (which ) Tj ET Q q 0 0 0 rg BT 239.89 678.90 Td (was ) Tj ET Q q 0 0 0 rg BT 258.77 678.90 Td (funded ) Tj ET Q q 0 0 0 rg BT 290.48 678.90 Td (with ) Tj ET Q q 0 0 0 rg BT 311.70 678.90 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 362.08 678.90 Td (under ) Tj ET Q q 0 0 0 rg BT 388.54 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 412.67 678.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 449.78 678.90 Td (revolving ) Tj ET Q q 0 0 0 rg BT 492.57 678.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 519.03 678.90 Td (facility) Tj ET Q q 0 0 0 rg BT 548.08 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 553.26 678.90 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (well ) Tj ET Q q 0 0 0 rg BT 71.00 666.30 Td (as ) Tj ET Q q 0 0 0 rg BT 82.67 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 90.25 666.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 123.51 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 135.18 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 150.93 666.30 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 191.16 666.30 Td (from ) Tj ET Q q 0 0 0 rg BT 214.50 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 230.25 666.30 Td (issuance ) Tj ET Q q 0 0 0 rg BT 268.74 666.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.41 666.30 Td ($450,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.79 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 322.71 666.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.38 666.30 Td (4.75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.50 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 364.42 666.30 Td (Senior ) Tj ET Q q 0 0 0 rg BT 394.76 666.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 422.18 666.30 Td (due ) Tj ET Q q 0 0 0 rg BT 440.26 666.30 Td (2026 ) Tj ET Q q 0 0 0 rg BT 464.18 666.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 483.43 666.30 Td ("2026 ) Tj ET Q q 0 0 0 rg BT 511.64 666.30 Td (Notes"\) ) Tj ET Q q 0 0 0 rg BT 546.84 666.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.38 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 653.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.38 653.70 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.75 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 139.88 653.70 Td (Junior ) Tj ET Q q 0 0 0 rg BT 169.26 653.70 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 228.39 653.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 256.01 653.70 Td (due ) Tj ET Q q 0 0 0 rg BT 274.30 653.70 Td (2056 ) Tj ET Q q 0 0 0 rg BT 298.43 653.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 317.89 653.70 Td ("6.375% ) Tj ET Q q 0 0 0 rg BT 357.68 653.70 Td (2056 ) Tj ET Q q 0 0 0 rg BT 381.81 653.70 Td (Notes"\) ) Tj ET Q q 0 0 0 rg BT 417.22 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 428.51 653.70 Td (March ) Tj ET Q q 0 0 0 rg BT 459.05 653.70 Td (2016. ) Tj ET Q q 0 0 0 rg BT 485.80 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 488.24 653.70 Td (As ) Tj ET Q q 0 0 0 rg BT 503.04 653.70 Td (a ) Tj ET Q q 0 0 0 rg BT 510.83 653.70 Td (result ) Tj ET Q q 0 0 0 rg BT 537.29 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 653.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (combination, ) Tj ET Q q 0 0 0 rg BT 108.05 641.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 132.56 641.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 164.08 641.10 Td (owns ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.19 641.10 Td (65%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 208.44 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 211.37 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.06 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.82 641.10 Td (new ) Tj ET Q q 0 0 0 rg BT 259.25 641.10 Td (entity) Tj ET Q q 0 0 0 rg BT 282.48 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 288.04 641.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 305.75 641.10 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 356.81 641.10 Td (with ) Tj ET Q q 0 0 0 rg BT 378.41 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.18 641.10 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.68 641.10 Td (35%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.93 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.87 641.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 492.80 641.10 Td (by ) Tj ET Q q 0 0 0 rg BT 506.23 641.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 523.94 641.10 Td (rust's ) Tj ET Q q 0 0 0 rg BT 548.61 641.10 Td (co-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (founder ) Tj ET Q q 0 0 0 rg BT 84.66 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 101.82 628.50 Td (managing ) Tj ET Q q 0 0 0 rg BT 145.24 628.50 Td (partner) Tj ET Q q 0 0 0 rg BT 174.39 628.50 Td (. ) Tj ET Q q 0 0 0 rg BT 179.02 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 180.88 628.50 Td (The ) Tj ET Q q 0 0 0 rg BT 199.21 628.50 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 263.04 628.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 300.04 628.50 Td (can ) Tj ET Q q 0 0 0 rg BT 316.61 628.50 Td (be ) Tj ET Q q 0 0 0 rg BT 328.53 628.50 Td (put ) Tj ET Q q 0 0 0 rg BT 343.95 628.50 Td (by ) Tj ET Q q 0 0 0 rg BT 356.46 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 371.29 628.50 Td (holder ) Tj ET Q q 0 0 0 rg BT 400.12 628.50 Td (or ) Tj ET Q q 0 0 0 rg BT 410.87 628.50 Td (called ) Tj ET Q q 0 0 0 rg BT 437.94 628.50 Td (by ) Tj ET Q q 0 0 0 rg BT 450.45 628.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 474.03 628.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 504.62 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 518.86 628.50 Td (settlement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (at ) Tj ET Q q 0 0 0 rg BT 60.42 615.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 77.83 615.90 Td (value ) Tj ET Q q 0 0 0 rg BT 103.40 615.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 135.98 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 146.99 615.90 Td (various ) Tj ET Q q 0 0 0 rg BT 180.74 615.90 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 229.95 615.90 Td (including ) Tj ET Q q 0 0 0 rg BT 272.45 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 288.12 615.90 Td (passage ) Tj ET Q q 0 0 0 rg BT 323.61 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 335.19 615.90 Td (time. ) Tj ET Q q 0 0 0 rg BT 359.32 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 361.95 615.90 Td (The ) Tj ET Q q 0 0 0 rg BT 381.11 615.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 398.52 615.90 Td (value ) Tj ET Q q 0 0 0 rg BT 424.10 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 435.69 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 451.35 615.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 516.02 615.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 553.85 615.90 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 64.64 603.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 121.86 603.30 Td (Balance ) Tj ET Q q 0 0 0 rg BT 157.49 603.30 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 182.62 603.30 Td (reflects ) Tj ET Q q 0 0 0 rg BT 215.33 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 229.97 603.30 Td (total ) Tj ET Q q 0 0 0 rg BT 250.44 603.30 Td (business ) Tj ET Q q 0 0 0 rg BT 287.84 603.30 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 331.05 603.30 Td (value ) Tj ET Q q 0 0 0 rg BT 355.59 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 366.15 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 380.79 603.30 Td (combined ) Tj ET Q q 0 0 0 rg BT 424.01 603.30 Td (entity) Tj ET Q q 0 0 0 rg BT 447.24 603.30 Td (, ) Tj ET Q q 0 0 0 rg BT 451.67 603.30 Td (after ) Tj ET Q q 0 0 0 rg BT 472.71 603.30 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 522.33 603.30 Td (discounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (for ) Tj ET Q q 0 0 0 rg BT 64.87 590.70 Td (lack ) Tj ET Q q 0 0 0 rg BT 84.98 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 96.35 590.70 Td (marketability ) Tj ET Q q 0 0 0 rg BT 154.96 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 172.75 590.70 Td (control.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (The ) Tj ET Q q 0 0 0 rg BT 69.17 565.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 86.59 565.50 Td (value ) Tj ET Q q 0 0 0 rg BT 112.18 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 123.78 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 139.46 565.50 Td (acquired ) Tj ET Q q 0 0 0 rg BT 178.45 565.50 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 230.86 565.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 275.70 565.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 298.96 565.50 Td (management ) Tj ET Q q 0 0 0 rg BT 355.45 565.50 Td (contracts ) Tj ET Q q 0 0 0 rg BT 396.20 565.50 Td (has ) Tj ET Q q 0 0 0 rg BT 413.05 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 420.56 565.50 Td (useful ) Tj ET Q q 0 0 0 rg BT 449.07 565.50 Td (life ) Tj ET Q q 0 0 0 rg BT 465.91 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 477.51 565.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 541.00 565.50 Td (eight ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (years ) Tj ET Q q 0 0 0 rg BT 75.30 552.90 Td (at ) Tj ET Q q 0 0 0 rg BT 86.02 552.90 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 137.87 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 141.02 552.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 182.07 552.90 Td (price ) Tj ET Q q 0 0 0 rg BT 206.20 552.90 Td (allocated ) Tj ET Q q 0 0 0 rg BT 247.24 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 258.55 552.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 303.69 552.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 331.33 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 349.64 552.90 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 390.12 552.90 Td (is ) Tj ET Q q 0 0 0 rg BT 400.27 552.90 Td (expected ) Tj ET Q q 0 0 0 rg BT 440.72 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 452.04 552.90 Td (be ) Tj ET Q q 0 0 0 rg BT 465.09 552.90 Td (deductible ) Tj ET Q q 0 0 0 rg BT 511.97 552.90 Td (for ) Tj ET Q q 0 0 0 rg BT 527.36 552.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 549.18 552.90 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (purposes ) Tj ET Q q 0 0 0 rg BT 89.96 540.30 Td (over ) Tj ET Q q 0 0 0 rg BT 111.24 540.30 Td (a ) Tj ET Q q 0 0 0 rg BT 118.52 540.30 Td (period ) Tj ET Q q 0 0 0 rg BT 147.97 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 159.34 540.30 Td (15 ) Tj ET Q q 0 0 0 rg BT 172.47 540.30 Td (years. ) Tj ET Q q 0 0 0 rg BT 199.87 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 202.50 540.30 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 244.79 540.30 Td (is ) Tj ET Q q 0 0 0 rg BT 254.42 540.30 Td (principally ) Tj ET Q q 0 0 0 rg BT 302.53 540.30 Td (attributable ) Tj ET Q q 0 0 0 rg BT 352.97 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 363.77 540.30 Td (syner) Tj ET Q q 0 0 0 rg BT 386.32 540.30 Td (gies ) Tj ET Q q 0 0 0 rg BT 405.86 540.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 445.80 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 456.59 540.30 Td (arise ) Tj ET Q q 0 0 0 rg BT 479.04 540.30 Td (with ) Tj ET Q q 0 0 0 rg BT 500.33 540.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 518.04 540.30 Td (rust.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 106.52 515.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 148.47 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.01 515.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.29 515.10 Td (values ) Tj ET Q q 0 0 0 rg BT 207.83 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.28 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.82 515.10 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 292.26 515.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 335.96 515.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 356.92 515.10 Td (management ) Tj ET Q q 0 0 0 rg BT 412.27 515.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 454.51 515.10 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 513.94 515.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 536.64 515.10 Td (name, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 68.86 502.50 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 122.12 502.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 167.81 502.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 191.92 502.50 Td (management ) Tj ET Q q 0 0 0 rg BT 249.27 502.50 Td (contracts ) Tj ET Q q 0 0 0 rg BT 290.87 502.50 Td (based ) Tj ET Q q 0 0 0 rg BT 318.48 502.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 343.18 502.50 Td (discounted ) Tj ET Q q 0 0 0 rg BT 392.37 502.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.73 502.50 Td (flow ) Tj ET Q q 0 0 0 rg BT 437.67 502.50 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 479.57 502.50 Td (using ) Tj ET Q q 0 0 0 rg BT 506.03 502.50 Td (unobservable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (market ) Tj ET Q q 0 0 0 rg BT 82.30 489.90 Td (data ) Tj ET Q q 0 0 0 rg BT 102.94 489.90 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 134.39 489.90 Td (which ) Tj ET Q q 0 0 0 rg BT 163.20 489.90 Td (are ) Tj ET Q q 0 0 0 rg BT 179.17 489.90 Td (Level ) Tj ET Q q 0 0 0 rg BT 206.22 489.90 Td (3 ) Tj ET Q q 0 0 0 rg BT 214.62 489.90 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 280.46 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 283.39 489.90 Td (The ) Tj ET Q q 0 0 0 rg BT 302.86 489.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 350.34 489.90 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 405.41 489.90 Td (used ) Tj ET Q q 0 0 0 rg BT 427.81 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 439.12 489.90 Td (these ) Tj ET Q q 0 0 0 rg BT 463.85 489.90 Td (analyses ) Tj ET Q q 0 0 0 rg BT 502.57 489.90 Td (at ) Tj ET Q q 0 0 0 rg BT 513.30 489.90 Td (acquisition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (including ) Tj ET Q q 0 0 0 rg BT 92.29 477.30 Td (projected ) Tj ET Q q 0 0 0 rg BT 133.98 477.30 Td (annual ) Tj ET Q q 0 0 0 rg BT 164.59 477.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.87 477.30 Td (flows, ) Tj ET Q q 0 0 0 rg BT 214.46 477.30 Td (projected ) Tj ET Q q 0 0 0 rg BT 255.57 477.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 282.69 477.30 Td (growth ) Tj ET Q q 0 0 0 rg BT 315.07 477.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 337.51 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 355.30 477.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 393.50 477.30 Td (rates, ) Tj ET Q q 0 0 0 rg BT 418.58 477.30 Td (are ) Tj ET Q q 0 0 0 rg BT 434.02 477.30 Td (summarized ) Tj ET Q q 0 0 0 rg BT 487.96 477.30 Td (as ) Tj ET Q q 0 0 0 rg BT 499.33 477.30 Td (follows: ) Tj ET Q q 0 0 0 rg BT 536.38 477.30 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 451.80 224.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 451.80 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 451.80 202.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 451.80 8.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 451.80 74.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 410.80 224.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 410.80 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 410.80 202.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 410.80 8.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 410.80 74.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 406.80 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 406.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 406.80 202.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 406.80 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 406.80 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 451.8 m 479.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 451.8 m 561.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 391.8 m 479.5 391.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 391.8 m 561.5 391.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 391.8 m 479.5 391.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 391.8 m 561.5 391.8 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.90 456.57 Td (Projected Cash Flow Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 456.57 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 441.07 Td (Indefinite-life intangible fund management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 430.57 Td (contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.90 430.57 Td (\(1\)% to 5% \(weighted-average: 4%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 430.57 Td (14.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 416.02 Td (Indefinite-life trade name) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.75 415.57 Td (6% to 14% \(weighted-average: 6%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 415.57 Td (14.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.85 396.57 Td (Projected AUM Growth / \(Attrition\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 396.57 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 381.57 Td (Amortizable intangible asset management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.15 381.57 Td (10% / \(13\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 381.57 Td (13.5%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 75.37 352.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 112.37 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.56 352.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 170.65 352.10 Td (with ) Tj ET Q q 0 0 0 rg BT 191.34 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.19 352.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 254.28 352.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.05 352.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 282.76 352.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 300.53 352.10 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.96 352.10 Td ($7,046) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.83 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 353.85 352.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.03 352.10 Td ($3,492) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.91 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.93 352.10 Td (during ) Tj ET Q q 0 0 0 rg BT 431.37 352.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.22 352.10 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.31 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.34 352.10 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.43 352.10 Td (March ) Tj ET Q q 0 0 0 rg BT 525.85 352.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 541.00 352.10 Td (2017) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 339.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.79 339.50 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.79 339.50 Td (, ) Tj ET Q q 0 0 0 rg BT 94.04 339.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 144.08 339.50 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 314.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.51 314.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 107.42 314.30 Td (results ) Tj ET Q q 0 0 0 rg BT 137.02 314.30 Td (of ) Tj ET Q q 0 0 0 rg BT 147.95 314.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 165.66 314.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 183.59 314.30 Td (included ) Tj ET Q q 0 0 0 rg BT 221.93 314.30 Td (in ) Tj ET Q q 0 0 0 rg BT 232.28 314.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 256.04 314.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 292.78 314.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 348.03 314.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.95 314.30 Td (results ) Tj ET Q q 0 0 0 rg BT 416.55 314.30 Td (for ) Tj ET Q q 0 0 0 rg BT 430.97 314.30 Td (the ) Tj ET Q q 0 0 0 rg BT 445.98 314.30 Td (year ) Tj ET Q q 0 0 0 rg BT 466.23 314.30 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.49 314.30 Td (March ) Tj ET Q q 0 0 0 rg BT 523.07 314.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.38 314.30 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 314.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 301.70 Td (include ) Tj ET Q q 0 0 0 rg BT 84.19 301.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 124.79 301.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.82 301.70 Td ($1) Tj ET Q q 0 0 0 rg BT 146.93 301.70 Td (15,327) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.81 301.70 Td ( ) Tj ET Q q 0 0 0 rg BT 179.09 301.70 Td (and ) Tj ET Q q 0 0 0 rg BT 197.54 301.70 Td (currently ) Tj ET Q q 0 0 0 rg BT 238.72 301.70 Td (does ) Tj ET Q q 0 0 0 rg BT 261.26 301.70 Td (not ) Tj ET Q q 0 0 0 rg BT 277.96 301.70 Td (have ) Tj ET Q q 0 0 0 rg BT 301.07 301.70 Td (a ) Tj ET Q q 0 0 0 rg BT 309.01 301.70 Td (material ) Tj ET Q q 0 0 0 rg BT 346.69 301.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 378.55 301.70 Td (on ) Tj ET Q q 0 0 0 rg BT 392.34 301.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 410.79 301.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 445.56 301.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 474.95 301.70 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 528.97 301.70 Td (to ) Tj ET Q q 0 0 0 rg BT 540.42 301.70 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 83.83 289.10 Td (Inc.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.90 Td (In ) Tj ET Q q 0 0 0 rg BT 61.89 263.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 111.10 263.90 Td (with ) Tj ET Q q 0 0 0 rg BT 132.91 263.90 Td (the ) Tj ET Q q 0 0 0 rg BT 148.89 263.90 Td (combination, ) Tj ET Q q 0 0 0 rg BT 207.15 263.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 231.86 263.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 263.59 263.90 Td (incurred ) Tj ET Q q 0 0 0 rg BT 301.72 263.90 Td (total ) Tj ET Q q 0 0 0 rg BT 323.53 263.90 Td (char) Tj ET Q q 0 0 0 rg BT 341.40 263.90 Td (ges ) Tj ET Q q 0 0 0 rg BT 358.54 263.90 Td (for ) Tj ET Q q 0 0 0 rg BT 373.93 263.90 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 430.73 263.90 Td (and ) Tj ET Q q 0 0 0 rg BT 449.03 263.90 Td (transition ) Tj ET Q q 0 0 0 rg BT 491.84 263.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 515.98 263.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.87 263.90 Td ($85,081) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 562.00 263.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 251.30 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.03 251.30 Td (March ) Tj ET Q q 0 0 0 rg BT 116.80 251.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 133.29 251.30 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 154.29 251.30 Td (, ) Tj ET Q q 0 0 0 rg BT 160.28 251.30 Td (which ) Tj ET Q q 0 0 0 rg BT 189.31 251.30 Td (includes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.67 251.30 Td ($41,785) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.79 251.30 Td ( ) Tj ET Q q 0 0 0 rg BT 265.16 251.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 314.58 251.30 Td (during ) Tj ET Q q 0 0 0 rg BT 345.36 251.30 Td (the ) Tj ET Q q 0 0 0 rg BT 361.55 251.30 Td (year ) Tj ET Q q 0 0 0 rg BT 382.99 251.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 411.42 251.30 Td (March ) Tj ET Q q 0 0 0 rg BT 442.19 251.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 458.68 251.30 Td (2017. ) Tj ET Q q 0 0 0 rg BT 485.68 251.30 Td ( ) Tj ET Q q 0 0 0 rg BT 488.80 251.30 Td (These ) Tj ET Q q 0 0 0 rg BT 517.24 251.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 541.60 251.30 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 238.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 90.96 238.70 Td (comprised ) Tj ET Q q 0 0 0 rg BT 136.59 238.70 Td (of ) Tj ET Q q 0 0 0 rg BT 147.23 238.70 Td (char) Tj ET Q q 0 0 0 rg BT 165.11 238.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 180.99 238.70 Td (for ) Tj ET Q q 0 0 0 rg BT 195.12 238.70 Td (employee ) Tj ET Q q 0 0 0 rg BT 237.83 238.70 Td (termination ) Tj ET Q q 0 0 0 rg BT 288.12 238.70 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 325.88 238.70 Td (including ) Tj ET Q q 0 0 0 rg BT 367.43 238.70 Td (severance ) Tj ET Q q 0 0 0 rg BT 410.71 238.70 Td (and ) Tj ET Q q 0 0 0 rg BT 427.76 238.70 Td (retention ) Tj ET Q q 0 0 0 rg BT 466.96 238.70 Td (incentives, ) Tj ET Q q 0 0 0 rg BT 514.05 238.70 Td (which ) Tj ET Q q 0 0 0 rg BT 541.60 238.70 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 88.11 226.10 Td (as ) Tj ET Q q 0 0 0 rg BT 98.15 226.10 Td (T) Tj ET Q q 0 0 0 rg BT 104.19 226.10 Td (ransition-related ) Tj ET Q q 0 0 0 rg BT 174.38 226.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 236.72 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.27 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.48 226.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 317.29 226.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 364.75 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.88 226.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 407.76 226.10 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 438.60 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.14 226.10 Td (real ) Tj ET Q q 0 0 0 rg BT 472.27 226.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 497.56 226.10 Td (related ) Tj ET Q q 0 0 0 rg BT 527.51 226.10 Td (char) Tj ET Q q 0 0 0 rg BT 545.39 226.10 Td (ges, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 213.50 Td (which ) Tj ET Q q 0 0 0 rg BT 77.32 213.50 Td (were ) Tj ET Q q 0 0 0 rg BT 99.38 213.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 137.76 213.50 Td (as ) Tj ET Q q 0 0 0 rg BT 148.17 213.50 Td (Occupancy) Tj ET Q q 0 0 0 rg BT 194.71 213.50 Td (, ) Tj ET Q q 0 0 0 rg BT 199.00 213.50 Td (in ) Tj ET Q q 0 0 0 rg BT 208.82 213.50 Td (the ) Tj ET Q q 0 0 0 rg BT 223.31 213.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 280.38 213.50 Td (Statements ) Tj ET Q q 0 0 0 rg BT 328.12 213.50 Td (of ) Tj ET Q q 0 0 0 rg BT 338.52 213.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 371.67 213.50 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 402.78 213.50 Td ( ) Tj ET Q q 0 0 0 rg BT 404.32 213.50 Td (While ) Tj ET Q q 0 0 0 rg BT 431.64 213.50 Td (the ) Tj ET Q q 0 0 0 rg BT 446.12 213.50 Td (combination ) Tj ET Q q 0 0 0 rg BT 500.27 213.50 Td (is ) Tj ET Q q 0 0 0 rg BT 508.94 213.50 Td (substantially ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.90 Td (complete, ) Tj ET Q q 0 0 0 rg BT 93.73 200.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 117.93 200.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 149.14 200.90 Td (expects ) Tj ET Q q 0 0 0 rg BT 183.25 200.90 Td (to ) Tj ET Q q 0 0 0 rg BT 194.05 200.90 Td (incur ) Tj ET Q q 0 0 0 rg BT 218.25 200.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 262.86 200.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 286.49 200.90 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.19 200.90 Td ($5,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.07 200.90 Td ( ) Tj ET Q q 0 0 0 rg BT 352.69 200.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.49 200.90 Td ($6,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.36 200.90 Td ( ) Tj ET Q q 0 0 0 rg BT 394.99 200.90 Td (during ) Tj ET Q q 0 0 0 rg BT 425.02 200.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 450.39 200.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 474.01 200.90 Td (and ) Tj ET Q q 0 0 0 rg BT 491.80 200.90 Td (2019.) Tj ET Q endstream endobj 211 0 obj <>] /Rotate 0 /Contents 212 0 R>> endobj 212 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (103) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.50 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 91.09 741.75 Td (below ) Tj ET Q q 0 0 0 rg BT 118.93 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 155.51 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 162.35 741.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 203.61 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 214.53 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 250.53 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 260.87 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.88 741.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 331.71 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 349.04 741.75 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 422.94 741.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 457.79 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 480.38 741.75 Td (December ) Tj ET Q q 0 0 0 rg BT 525.69 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 541.00 741.75 Td (2015 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.29 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 115.32 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 131.07 729.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 152.07 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 157.32 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 175.10 729.15 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 224.38 729.15 Td (char) Tj ET Q q 0 0 0 rg BT 242.26 729.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 258.88 729.15 Td (incurred ) Tj ET Q q 0 0 0 rg BT 296.49 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 307.28 729.15 Td (date:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 703.65 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 703.65 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 703.65 11.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 703.65 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 703.65 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 703.65 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 675.65 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 675.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 675.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 675.65 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 675.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 675.65 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 675.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 645.65 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 645.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 645.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 645.65 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 645.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 645.65 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 645.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 615.65 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 615.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 615.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 615.65 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 615.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 615.65 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 615.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 578.65 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 578.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 578.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 578.65 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 578.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 578.65 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 578.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 548.65 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 548.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 548.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 548.65 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 548.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 548.65 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 548.65 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 703.65 m 300.5 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 703.65 m 381.5 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 703.65 m 469.5 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 703.65 m 562.5 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 660.65 m 300.5 660.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 660.65 m 381.5 660.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 660.65 m 469.5 660.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 660.65 m 562.5 660.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 615.65 m 300.5 615.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 615.65 m 381.5 615.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 615.65 m 469.5 615.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 615.65 m 562.5 615.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 615.65 m 300.5 615.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 600.65 m 300.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 600.65 m 381.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 600.65 m 469.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 600.65 m 562.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 548.65 m 300.5 548.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 548.65 m 381.5 548.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 548.65 m 469.5 548.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 548.65 m 562.5 548.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 533.65 m 300.5 533.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 533.65 m 381.5 533.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 533.65 m 469.5 533.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 533.65 m 562.5 533.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 510.65 m 300.5 510.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 510.65 m 381.5 510.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 510.65 m 469.5 510.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 510.65 m 562.5 510.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.15 708.42 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.50 708.42 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.75 708.42 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 693.87 Td (Balance as of December 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.00 693.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.00 693.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.00 693.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 693.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.00 693.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 693.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 679.87 Td (Accrued charges) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.60 679.87 Td (31,581) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.85 679.87 Td (9,981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.00 681.60 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 679.87 Td (41,562) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 665.42 Td (Payments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.10 665.42 Td (\(21,938) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.50 665.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.35 665.42 Td (\(2,097) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.50 665.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 665.42 Td (\(24,035) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 665.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 650.42 Td (Balance as of March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.85 650.42 Td (9,643) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.85 650.42 Td (7,884) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 650.42 Td (17,527) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 635.42 Td (Accrued charges) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.60 635.42 Td (22,891) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.60 635.42 Td (11,075) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.00 637.60 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 635.42 Td (33,966) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 620.42 Td (Payments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.10 620.42 Td (\(29,211) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.50 620.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.10 620.42 Td (\(12,408) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.50 620.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 620.42 Td (\(41,619) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 620.42 Td (\)) Tj ET Q BT /F2 10.50 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 612.55 131.05 -9.38 re f /GS0 gs q 0 0 0 rg BT 53.00 605.44 Td (Balance as of Mar) Tj ET Q q 0 0 0 rg BT 134.17 605.44 Td (ch 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 307.00 605.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 353.85 605.44 Td (3,323) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.00 605.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.85 605.44 Td (6,551) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 488.00 605.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.85 605.44 Td (9,874) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 583.42 Td (Non-cash char) Tj ET Q q 0 0 0 rg BT 113.74 583.42 Td (ges) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 127.74 588.18 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 568.42 Td ( Year ended March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.00 568.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.75 568.42 Td (591) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.00 568.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.85 568.42 Td (1,143) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.00 568.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 568.42 Td (1,734) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 553.44 Td ( Year ended March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 353.85 553.44 Td (4,423) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.85 553.44 Td (3,396) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.85 553.44 Td (7,819) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 538.42 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.00 538.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.85 538.42 Td (5,014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.00 538.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.85 538.42 Td (4,539) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.00 538.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 538.42 Td (9,553) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 515.44 Td (Cumulative charges incurred through March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 307.00 515.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 348.60 515.44 Td (59,486) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.00 515.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 436.60 515.44 Td (25,595) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 488.00 515.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.60 515.44 Td (85,081) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 500.95 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 62.04 500.95 Td ( ) Tj ET Q q 0 0 0 rg BT 64.16 500.95 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 500.95 Td (Includes ) Tj ET Q q 0 0 0 rg BT 97.09 500.95 Td (lease ) Tj ET Q q 0 0 0 rg BT 115.07 500.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 129.51 500.95 Td (reserve ) Tj ET Q q 0 0 0 rg BT 154.59 500.95 Td (for ) Tj ET Q q 0 0 0 rg BT 165.91 500.95 Td (space ) Tj ET Q q 0 0 0 rg BT 185.66 500.95 Td (permanently ) Tj ET Q q 0 0 0 rg BT 227.64 500.95 Td (abandoned ) Tj ET Q q 0 0 0 rg BT 264.28 500.95 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.93 500.95 Td ($9,069) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.93 500.95 Td ( ) Tj ET Q q 0 0 0 rg BT 296.92 500.95 Td (for ) Tj ET Q q 0 0 0 rg BT 308.24 500.95 Td (the ) Tj ET Q q 0 0 0 rg BT 320.00 500.95 Td (year ) Tj ET Q q 0 0 0 rg BT 335.75 500.95 Td (ended ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.85 500.95 Td (March ) Tj ET Q q 0 0 0 rg BT 379.71 500.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 391.70 500.95 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.70 500.95 Td (, ) Tj ET Q q 0 0 0 rg BT 411.69 500.95 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.23 500.95 Td ($7,212) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.23 500.95 Td ( ) Tj ET Q q 0 0 0 rg BT 449.22 500.95 Td (for ) Tj ET Q q 0 0 0 rg BT 460.54 500.95 Td (the ) Tj ET Q q 0 0 0 rg BT 472.30 500.95 Td (year ) Tj ET Q q 0 0 0 rg BT 488.06 500.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 509.15 500.95 Td (March ) Tj ET Q q 0 0 0 rg BT 532.02 500.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 544.00 500.95 Td (2016.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 490.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 62.04 490.75 Td ( ) Tj ET Q q 0 0 0 rg BT 64.16 490.75 Td ( ) Tj ET Q q 0 0 0 rg BT 68.00 490.75 Td (Includes ) Tj ET Q q 0 0 0 rg BT 98.92 490.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 141.17 490.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 190.51 490.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 220.01 490.75 Td (and ) Tj ET Q q 0 0 0 rg BT 234.41 490.75 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 274.75 490.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 294.34 490.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 312.99 490.75 Td (depreciation.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 465.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 85.89 465.55 Td (Partners) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.95 Td (On ) Tj ET Q q 0 0 0 rg BT 65.91 452.95 Td (April ) Tj ET Q q 0 0 0 rg BT 92.03 452.95 Td (13, ) Tj ET Q q 0 0 0 rg BT 109.10 452.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 136.68 452.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 162.21 452.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 194.74 452.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 234.84 452.95 Td (a ) Tj ET Q q 0 0 0 rg BT 243.45 452.95 Td (majority ) Tj ET Q q 0 0 0 rg BT 282.98 452.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 313.18 452.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 348.03 452.95 Td (in ) Tj ET Q q 0 0 0 rg BT 360.15 452.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 395.60 452.95 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 436.58 452.95 Td (a ) Tj ET Q q 0 0 0 rg BT 445.19 452.95 Td (diversified ) Tj ET Q q 0 0 0 rg BT 494.05 452.95 Td (real ) Tj ET Q q 0 0 0 rg BT 513.74 452.95 Td (estate ) Tj ET Q q 0 0 0 rg BT 541.59 452.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 440.35 Td (management ) Tj ET Q q 0 0 0 rg BT 106.15 440.35 Td (firm ) Tj ET Q q 0 0 0 rg BT 126.74 440.35 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 188.72 440.35 Td (in ) Tj ET Q q 0 0 0 rg BT 199.39 440.35 Td (New ) Tj ET Q q 0 0 0 rg BT 221.36 440.35 Td (Y) Tj ET Q q 0 0 0 rg BT 227.89 440.35 Td (ork. ) Tj ET Q q 0 0 0 rg BT 247.02 440.35 Td ( ) Tj ET Q q 0 0 0 rg BT 249.53 440.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 283.54 440.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 320.45 440.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 360.86 440.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.02 440.35 Td ($41,500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.52 440.35 Td ( ) Tj ET Q q 0 0 0 rg BT 479.03 440.35 Td (in ) Tj ET Q q 0 0 0 rg BT 489.15 440.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 516.17 440.35 Td (on ) Tj ET Q q 0 0 0 rg BT 529.18 440.35 Td (the ) Tj ET Q q 0 0 0 rg BT 544.51 440.35 Td (date ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 427.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.19 427.75 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 110.33 427.75 Td ( ) Tj ET Q q 0 0 0 rg BT 111.77 427.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 134.79 427.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 164.81 427.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 202.40 427.75 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.75 427.75 Td (82%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.00 427.75 Td ( ) Tj ET Q q 0 0 0 rg BT 234.44 427.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 279.62 427.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 311.97 427.75 Td (in ) Tj ET Q q 0 0 0 rg BT 321.58 427.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 354.52 427.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 390.36 427.75 Td (for ) Tj ET Q q 0 0 0 rg BT 404.05 427.75 Td (a ) Tj ET Q q 0 0 0 rg BT 410.15 427.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 430.25 427.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 467.85 427.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.03 427.75 Td ($631,476) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.41 427.75 Td ( ) Tj ET Q q 0 0 0 rg BT 518.85 427.75 Td (\(including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 415.15 Td (a ) Tj ET Q q 0 0 0 rg BT 57.13 415.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 95.76 415.15 Td (for ) Tj ET Q q 0 0 0 rg BT 110.47 415.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 131.60 415.15 Td (delivered ) Tj ET Q q 0 0 0 rg BT 173.13 415.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 184.35 415.15 Td ($36,772) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 218.47 415.15 Td ( ) Tj ET Q q 0 0 0 rg BT 220.94 415.15 Td (and ) Tj ET Q q 0 0 0 rg BT 238.57 415.15 Td (co-investments ) Tj ET Q q 0 0 0 rg BT 304.61 415.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.83 415.15 Td ($16,210) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.95 415.15 Td (\), ) Tj ET Q q 0 0 0 rg BT 358.54 415.15 Td (which ) Tj ET Q q 0 0 0 rg BT 386.68 415.15 Td (was ) Tj ET Q q 0 0 0 rg BT 405.48 415.15 Td (funded ) Tj ET Q q 0 0 0 rg BT 437.10 415.15 Td (with ) Tj ET Q q 0 0 0 rg BT 458.24 415.15 Td (a ) Tj ET Q q 0 0 0 rg BT 465.37 415.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 498.17 415.15 Td (of ) Tj ET Q q 0 0 0 rg BT 509.39 415.15 Td (the ) Tj ET Q q 0 0 0 rg BT 524.69 415.15 Td (proceeds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 402.55 Td (from ) Tj ET Q q 0 0 0 rg BT 73.16 402.55 Td (the ) Tj ET Q q 0 0 0 rg BT 88.74 402.55 Td (issuance ) Tj ET Q q 0 0 0 rg BT 127.06 402.55 Td (of ) Tj ET Q q 0 0 0 rg BT 138.56 402.55 Td (the ) Tj ET Q q 0 0 0 rg BT 154.13 402.55 Td (2026 ) Tj ET Q q 0 0 0 rg BT 177.88 402.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 205.13 402.55 Td (and ) Tj ET Q q 0 0 0 rg BT 223.04 402.55 Td (the ) Tj ET Q q 0 0 0 rg BT 238.62 402.55 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 273.74 402.55 Td (2056 ) Tj ET Q q 0 0 0 rg BT 297.49 402.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 324.74 402.55 Td (in ) Tj ET Q q 0 0 0 rg BT 335.65 402.55 Td (March ) Tj ET Q q 0 0 0 rg BT 365.81 402.55 Td (2016. ) Tj ET Q q 0 0 0 rg BT 392.18 402.55 Td ( ) Tj ET Q q 0 0 0 rg BT 394.73 402.55 Td (The ) Tj ET Q q 0 0 0 rg BT 413.81 402.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 448.05 402.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 485.21 402.55 Td (management ) Tj ET Q q 0 0 0 rg BT 541.60 402.55 Td (team ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.95 Td (retained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.40 389.95 Td (18%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 105.64 389.95 Td ( ) Tj ET Q q 0 0 0 rg BT 108.23 389.95 Td (of ) Tj ET Q q 0 0 0 rg BT 119.56 389.95 Td (the ) Tj ET Q q 0 0 0 rg BT 134.97 389.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 186.55 389.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 215.38 389.95 Td (in ) Tj ET Q q 0 0 0 rg BT 226.14 389.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 260.21 389.95 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 299.83 389.95 Td ( ) Tj ET Q q 0 0 0 rg BT 302.23 389.95 Td (The ) Tj ET Q q 0 0 0 rg BT 321.14 389.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 355.22 389.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 392.21 389.95 Td (management ) Tj ET Q q 0 0 0 rg BT 448.44 389.95 Td (team ) Tj ET Q q 0 0 0 rg BT 471.43 389.95 Td (also ) Tj ET Q q 0 0 0 rg BT 490.93 389.95 Td (retained ) Tj ET Q q 0 0 0 rg BT 527.33 389.95 Td (rights ) Tj ET Q q 0 0 0 rg BT 553.83 389.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 377.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.36 377.35 Td (full ) Tj ET Q q 0 0 0 rg BT 80.47 377.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 113.50 377.35 Td (of ) Tj ET Q q 0 0 0 rg BT 123.77 377.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 178.35 377.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 192.70 377.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 231.55 377.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 261.06 377.35 Td (on ) Tj ET Q q 0 0 0 rg BT 273.09 377.35 Td (historic ) Tj ET Q q 0 0 0 rg BT 305.77 377.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 331.81 377.35 Td (in ) Tj ET Q q 0 0 0 rg BT 341.50 377.35 Td (place ) Tj ET Q q 0 0 0 rg BT 365.18 377.35 Td (as ) Tj ET Q q 0 0 0 rg BT 375.46 377.35 Td (of ) Tj ET Q q 0 0 0 rg BT 385.74 377.35 Td (the ) Tj ET Q q 0 0 0 rg BT 400.10 377.35 Td (closing ) Tj ET Q q 0 0 0 rg BT 431.96 377.35 Td (of ) Tj ET Q q 0 0 0 rg BT 442.24 377.35 Td (the ) Tj ET Q q 0 0 0 rg BT 456.59 377.35 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 506.83 377.35 Td ( ) Tj ET Q q 0 0 0 rg BT 508.36 377.35 Td (Performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 364.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 70.38 364.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 101.84 364.75 Td (on ) Tj ET Q q 0 0 0 rg BT 115.82 364.75 Td (this ) Tj ET Q q 0 0 0 rg BT 134.47 364.75 Td (historic ) Tj ET Q q 0 0 0 rg BT 168.68 364.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 196.66 364.75 Td (are ) Tj ET Q q 0 0 0 rg BT 212.95 364.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 236.26 364.75 Td (passed ) Tj ET Q q 0 0 0 rg BT 267.74 364.75 Td (through, ) Tj ET Q q 0 0 0 rg BT 306.50 364.75 Td (per ) Tj ET Q q 0 0 0 rg BT 323.39 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 339.70 364.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 366.50 364.75 Td (of ) Tj ET Q q 0 0 0 rg BT 378.73 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 395.03 364.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 444.59 364.75 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 494.42 364.75 Td (and ) Tj ET Q q 0 0 0 rg BT 513.06 364.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 553.26 364.75 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 352.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 111.63 352.15 Td (expense. ) Tj ET Q q 0 0 0 rg BT 151.39 352.15 Td ( ) Tj ET Q q 0 0 0 rg BT 154.70 352.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 179.58 352.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 211.48 352.15 Td (expects ) Tj ET Q q 0 0 0 rg BT 246.27 352.15 Td (the ) Tj ET Q q 0 0 0 rg BT 262.41 352.15 Td (full ) Tj ET Q q 0 0 0 rg BT 280.30 352.15 Td (pass ) Tj ET Q q 0 0 0 rg BT 301.70 352.15 Td (through ) Tj ET Q q 0 0 0 rg BT 337.67 352.15 Td (of ) Tj ET Q q 0 0 0 rg BT 349.73 352.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 406.09 352.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 426.30 352.15 Td (to ) Tj ET Q q 0 0 0 rg BT 437.78 352.15 Td (phase ) Tj ET Q q 0 0 0 rg BT 465.00 352.15 Td (out ) Tj ET Q q 0 0 0 rg BT 481.73 352.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 545.69 352.15 Td (five ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 339.55 Td (years ) Tj ET Q q 0 0 0 rg BT 73.48 339.55 Td (post-closing. ) Tj ET Q q 0 0 0 rg BT 128.77 339.55 Td ( ) Tj ET Q q 0 0 0 rg BT 130.00 339.55 Td (The ) Tj ET Q q 0 0 0 rg BT 147.65 339.55 Td (firm's ) Tj ET Q q 0 0 0 rg BT 173.04 339.55 Td (previous ) Tj ET Q q 0 0 0 rg BT 210.53 339.55 Td (majority ) Tj ET Q q 0 0 0 rg BT 247.43 339.55 Td (owner ) Tj ET Q q 0 0 0 rg BT 275.00 339.55 Td (sold ) Tj ET Q q 0 0 0 rg BT 293.83 339.55 Td (its ) Tj ET Q q 0 0 0 rg BT 305.08 339.55 Td (entire ) Tj ET Q q 0 0 0 rg BT 330.31 339.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 375.39 339.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 407.62 339.55 Td (in ) Tj ET Q q 0 0 0 rg BT 417.12 339.55 Td (the ) Tj ET Q q 0 0 0 rg BT 431.27 339.55 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 481.29 339.55 Td ( ) Tj ET Q q 0 0 0 rg BT 482.52 339.55 Td (The ) Tj ET Q q 0 0 0 rg BT 500.18 339.55 Td (noncontrolling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 87.04 326.95 Td (held ) Tj ET Q q 0 0 0 rg BT 107.16 326.95 Td (by ) Tj ET Q q 0 0 0 rg BT 119.70 326.95 Td (the ) Tj ET Q q 0 0 0 rg BT 134.57 326.95 Td (management ) Tj ET Q q 0 0 0 rg BT 190.25 326.95 Td (team ) Tj ET Q q 0 0 0 rg BT 212.70 326.95 Td (can ) Tj ET Q q 0 0 0 rg BT 229.32 326.95 Td (be ) Tj ET Q q 0 0 0 rg BT 241.27 326.95 Td (put ) Tj ET Q q 0 0 0 rg BT 256.73 326.95 Td (by ) Tj ET Q q 0 0 0 rg BT 269.27 326.95 Td (the ) Tj ET Q q 0 0 0 rg BT 284.14 326.95 Td (holders ) Tj ET Q q 0 0 0 rg BT 317.09 326.95 Td (or ) Tj ET Q q 0 0 0 rg BT 327.88 326.95 Td (called ) Tj ET Q q 0 0 0 rg BT 354.99 326.95 Td (by ) Tj ET Q q 0 0 0 rg BT 367.53 326.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 391.15 326.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 421.77 326.95 Td (for ) Tj ET Q q 0 0 0 rg BT 436.06 326.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 481.26 326.95 Td (at ) Tj ET Q q 0 0 0 rg BT 490.88 326.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 507.49 326.95 Td (value ) Tj ET Q q 0 0 0 rg BT 532.27 326.95 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 314.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.35 314.35 Td (various ) Tj ET Q q 0 0 0 rg BT 93.45 314.35 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 142.01 314.35 Td (including ) Tj ET Q q 0 0 0 rg BT 183.86 314.35 Td (the ) Tj ET Q q 0 0 0 rg BT 198.87 314.35 Td (passage ) Tj ET Q q 0 0 0 rg BT 233.71 314.35 Td (of ) Tj ET Q q 0 0 0 rg BT 244.64 314.35 Td (time. ) Tj ET Q q 0 0 0 rg BT 268.12 314.35 Td ( ) Tj ET Q q 0 0 0 rg BT 270.15 314.35 Td (The ) Tj ET Q q 0 0 0 rg BT 288.66 314.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 305.41 314.35 Td (value ) Tj ET Q q 0 0 0 rg BT 330.34 314.35 Td (of ) Tj ET Q q 0 0 0 rg BT 341.27 314.35 Td (the ) Tj ET Q q 0 0 0 rg BT 356.28 314.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 420.30 314.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 457.47 314.35 Td (reflects ) Tj ET Q q 0 0 0 rg BT 490.56 314.35 Td (the ) Tj ET Q q 0 0 0 rg BT 505.57 314.35 Td (total ) Tj ET Q q 0 0 0 rg BT 526.42 314.35 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 301.75 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 94.02 301.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 122.01 301.75 Td (after ) Tj ET Q q 0 0 0 rg BT 143.87 301.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 194.30 301.75 Td (discounts ) Tj ET Q q 0 0 0 rg BT 236.60 301.75 Td (for ) Tj ET Q q 0 0 0 rg BT 251.46 301.75 Td (lack ) Tj ET Q q 0 0 0 rg BT 271.58 301.75 Td (of ) Tj ET Q q 0 0 0 rg BT 282.95 301.75 Td (marketability ) Tj ET Q q 0 0 0 rg BT 341.56 301.75 Td (and ) Tj ET Q q 0 0 0 rg BT 359.34 301.75 Td (control.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 276.55 Td (Upon ) Tj ET Q q 0 0 0 rg BT 75.51 276.55 Td (the ) Tj ET Q q 0 0 0 rg BT 90.52 276.55 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 141.40 276.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.15 276.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 195.91 276.55 Td (also ) Tj ET Q q 0 0 0 rg BT 215.00 276.55 Td (granted ) Tj ET Q q 0 0 0 rg BT 248.67 276.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 279.41 276.55 Td (key ) Tj ET Q q 0 0 0 rg BT 296.75 276.55 Td (employees ) Tj ET Q q 0 0 0 rg BT 343.83 276.55 Td (of ) Tj ET Q q 0 0 0 rg BT 354.75 276.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 388.42 276.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 425.01 276.55 Td (a ) Tj ET Q q 0 0 0 rg BT 431.85 276.55 Td (total ) Tj ET Q q 0 0 0 rg BT 452.69 276.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.61 276.55 Td (716) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.36 276.55 Td ( ) Tj ET Q q 0 0 0 rg BT 481.54 276.55 Td (performance-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.54 263.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.10 263.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 148.13 263.95 Td (share ) Tj ET Q q 0 0 0 rg BT 173.26 263.95 Td (units ) Tj ET Q q 0 0 0 rg BT 196.65 263.95 Td (with ) Tj ET Q q 0 0 0 rg BT 218.28 263.95 Td (an ) Tj ET Q q 0 0 0 rg BT 231.16 263.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 274.94 263.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 292.48 263.95 Td (value ) Tj ET Q q 0 0 0 rg BT 318.19 263.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.91 263.95 Td ($1) Tj ET Q q 0 0 0 rg BT 340.02 263.95 Td (1,121) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.64 263.95 Td (, ) Tj ET Q q 0 0 0 rg BT 369.24 263.95 Td (which ) Tj ET Q q 0 0 0 rg BT 397.87 263.95 Td (vest ) Tj ET Q q 0 0 0 rg BT 417.75 263.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 441.72 263.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 476.19 263.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 513.56 263.95 Td (achieving ) Tj ET Q q 0 0 0 rg BT 557.35 263.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 251.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.67 251.35 Td (level ) Tj ET Q q 0 0 0 rg BT 103.18 251.35 Td (of ) Tj ET Q q 0 0 0 rg BT 114.03 251.35 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 157.25 251.35 Td (as ) Tj ET Q q 0 0 0 rg BT 168.10 251.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 201.69 251.35 Td (in ) Tj ET Q q 0 0 0 rg BT 211.96 251.35 Td (the ) Tj ET Q q 0 0 0 rg BT 226.89 251.35 Td (award ) Tj ET Q q 0 0 0 rg BT 254.65 251.35 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 307.19 251.35 Td (within ) Tj ET Q q 0 0 0 rg BT 336.12 251.35 Td (a ) Tj ET Q q 0 0 0 rg BT 342.89 251.35 Td (designated ) Tj ET Q q 0 0 0 rg BT 389.90 251.35 Td (period ) Tj ET Q q 0 0 0 rg BT 418.82 251.35 Td (after ) Tj ET Q q 0 0 0 rg BT 440.16 251.35 Td (the ) Tj ET Q q 0 0 0 rg BT 455.09 251.35 Td (closing ) Tj ET Q q 0 0 0 rg BT 487.53 251.35 Td (of ) Tj ET Q q 0 0 0 rg BT 498.38 251.35 Td (the ) Tj ET Q q 0 0 0 rg BT 513.31 251.35 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 564.64 251.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 238.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.61 238.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 111.69 238.75 Td (value ) Tj ET Q q 0 0 0 rg BT 136.72 238.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.74 238.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.85 238.75 Td (award ) Tj ET Q q 0 0 0 rg BT 190.79 238.75 Td (was ) Tj ET Q q 0 0 0 rg BT 209.40 238.75 Td (included ) Tj ET Q q 0 0 0 rg BT 247.84 238.75 Td (in ) Tj ET Q q 0 0 0 rg BT 258.29 238.75 Td (the ) Tj ET Q q 0 0 0 rg BT 273.40 238.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 312.99 238.75 Td (price ) Tj ET Q q 0 0 0 rg BT 336.26 238.75 Td (and ) Tj ET Q q 0 0 0 rg BT 353.70 238.75 Td (was ) Tj ET Q q 0 0 0 rg BT 372.31 238.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 421.83 238.75 Td (as ) Tj ET Q q 0 0 0 rg BT 432.85 238.75 Td (of ) Tj ET Q q 0 0 0 rg BT 443.88 238.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.99 238.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 482.85 238.75 Td (date ) Tj ET Q q 0 0 0 rg BT 502.62 238.75 Td (using ) Tj ET Q q 0 0 0 rg BT 527.66 238.75 Td (a ) Tj ET Q q 0 0 0 rg BT 534.60 238.75 Td (Monte ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 226.15 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 75.95 226.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 108.32 226.15 Td (model ) Tj ET Q q 0 0 0 rg BT 137.19 226.15 Td (with ) Tj ET Q q 0 0 0 rg BT 158.48 226.15 Td (the ) Tj ET Q q 0 0 0 rg BT 173.94 226.15 Td (following ) Tj ET Q q 0 0 0 rg BT 217.39 226.15 Td (assumptions:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 215.65 414.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 215.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 215.65 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 185.65 414.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 185.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 185.65 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 155.65 414.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 155.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 155.65 94.00 -15.00 re f /GS0 gs BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 205.42 Td (Long-term EBITDA growth rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.10 205.42 Td (6.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.25 205.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 190.42 Td (Risk-free interest rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.10 190.42 Td (2.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.25 190.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 175.42 Td (Expected volatility:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 160.42 Td ( Legg Mason) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 160.42 Td (38.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.25 160.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 145.42 Td ( Clarion Partners) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 145.42 Td (30.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.25 145.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 115.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.00 115.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 109.32 115.95 Td (with ) Tj ET Q q 0 0 0 rg BT 130.24 115.95 Td (the ) Tj ET Q q 0 0 0 rg BT 145.32 115.95 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 196.27 115.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 220.10 115.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 250.93 115.95 Td (also ) Tj ET Q q 0 0 0 rg BT 270.10 115.95 Td (implemented ) Tj ET Q q 0 0 0 rg BT 327.17 115.95 Td (an ) Tj ET Q q 0 0 0 rg BT 339.34 115.95 Td (af) Tj ET Q q 0 0 0 rg BT 347.31 115.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 374.05 115.95 Td (management ) Tj ET Q q 0 0 0 rg BT 429.95 115.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 458.45 115.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 478.78 115.95 Td (for ) Tj ET Q q 0 0 0 rg BT 493.27 115.95 Td (the ) Tj ET Q q 0 0 0 rg BT 508.35 115.95 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 103.35 Td (team ) Tj ET Q q 0 0 0 rg BT 73.50 103.35 Td (of ) Tj ET Q q 0 0 0 rg BT 85.33 103.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 119.92 103.35 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 160.04 103.35 Td (which ) Tj ET Q q 0 0 0 rg BT 188.79 103.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 225.12 103.35 Td (in ) Tj ET Q q 0 0 0 rg BT 236.38 103.35 Td (a ) Tj ET Q q 0 0 0 rg BT 244.13 103.35 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 285.13 103.35 Td (char) Tj ET Q q 0 0 0 rg BT 303.01 103.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 316.01 103.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.84 103.35 Td ($15,200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.97 103.35 Td ( ) Tj ET Q q 0 0 0 rg BT 365.06 103.35 Td (in ) Tj ET Q q 0 0 0 rg BT 376.32 103.35 Td (the ) Tj ET Q q 0 0 0 rg BT 392.24 103.35 Td (three ) Tj ET Q q 0 0 0 rg BT 416.31 103.35 Td (months ) Tj ET Q q 0 0 0 rg BT 450.32 103.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 478.48 103.35 Td (June ) Tj ET Q q 0 0 0 rg BT 500.82 103.35 Td (30, ) Tj ET Q q 0 0 0 rg BT 517.04 103.35 Td (2016. ) Tj ET Q q 0 0 0 rg BT 543.75 103.35 Td ( ) Tj ET Q q 0 0 0 rg BT 546.84 103.35 Td (See ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 90.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.04 90.75 Td (1) Tj ET Q q 0 0 0 rg BT 77.90 90.75 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.15 90.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.77 90.75 Td (for ) Tj ET Q q 0 0 0 rg BT 100.64 90.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 145.26 90.75 Td (information ) Tj ET Q q 0 0 0 rg BT 197.45 90.75 Td (related ) Tj ET Q q 0 0 0 rg BT 228.64 90.75 Td (to ) Tj ET Q q 0 0 0 rg BT 239.44 90.75 Td (the ) Tj ET Q q 0 0 0 rg BT 254.89 90.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 289.01 90.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 326.04 90.75 Td (management ) Tj ET Q q 0 0 0 rg BT 382.31 90.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 411.18 90.75 Td (plan.) Tj ET Q endstream endobj 213 0 obj <>] /Rotate 0 /Contents 214 0 R>> endobj 214 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (104) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.47 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 108.99 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 119.53 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 134.14 741.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 172.08 741.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 223.42 741.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 267.20 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 289.40 741.75 Td (management ) Tj ET Q q 0 0 0 rg BT 344.83 741.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 384.52 741.75 Td (had ) Tj ET Q q 0 0 0 rg BT 401.46 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 413.16 741.75 Td (average ) Tj ET Q q 0 0 0 rg BT 447.59 741.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 475.03 741.75 Td (life ) Tj ET Q q 0 0 0 rg BT 490.81 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 501.35 741.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (10 ) Tj ET Q q 0 0 0 rg BT 63.37 729.15 Td (years ) Tj ET Q q 0 0 0 rg BT 88.39 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 98.84 729.15 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 150.41 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 152.65 729.15 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 219.09 729.15 Td (82% ) Tj ET Q q 0 0 0 rg BT 241.21 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 252.82 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 268.52 729.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 308.71 729.15 Td (price ) Tj ET Q q 0 0 0 rg BT 332.56 729.15 Td (allocated ) Tj ET Q q 0 0 0 rg BT 373.33 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 384.36 729.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 429.22 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 456.59 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 474.62 729.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 514.83 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 524.70 729.15 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.67 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 73.08 716.55 Td (deductible ) Tj ET Q q 0 0 0 rg BT 119.32 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 134.06 716.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 155.24 716.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 170.57 716.55 Td (purposes ) Tj ET Q q 0 0 0 rg BT 210.40 716.55 Td (over ) Tj ET Q q 0 0 0 rg BT 231.56 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 238.72 716.55 Td (period ) Tj ET Q q 0 0 0 rg BT 268.05 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 279.30 716.55 Td (15 ) Tj ET Q q 0 0 0 rg BT 292.30 716.55 Td (years. ) Tj ET Q q 0 0 0 rg BT 319.58 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 322.08 716.55 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 364.25 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 373.76 716.55 Td (principally ) Tj ET Q q 0 0 0 rg BT 421.75 716.55 Td (attributable ) Tj ET Q q 0 0 0 rg BT 472.07 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 482.74 716.55 Td (syner) Tj ET Q q 0 0 0 rg BT 505.29 716.55 Td (gies ) Tj ET Q q 0 0 0 rg BT 524.71 716.55 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.79 703.95 Td (arise ) Tj ET Q q 0 0 0 rg BT 83.24 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 104.53 703.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 138.65 703.95 Td (Partners.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 106.52 678.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 148.47 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.01 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.29 678.75 Td (values ) Tj ET Q q 0 0 0 rg BT 207.83 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 218.28 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 232.82 678.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 292.26 678.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 335.96 678.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 356.92 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 412.27 678.75 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 454.51 678.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 513.94 678.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 536.64 678.75 Td (name, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 68.86 666.15 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 122.12 666.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 167.81 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 191.92 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 249.27 666.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 290.87 666.15 Td (based ) Tj ET Q q 0 0 0 rg BT 318.48 666.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 343.18 666.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 392.37 666.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.73 666.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 437.67 666.15 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 479.57 666.15 Td (using ) Tj ET Q q 0 0 0 rg BT 506.03 666.15 Td (unobservable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (market ) Tj ET Q q 0 0 0 rg BT 82.30 653.55 Td (data ) Tj ET Q q 0 0 0 rg BT 102.94 653.55 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 134.39 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 163.20 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 179.17 653.55 Td (Level ) Tj ET Q q 0 0 0 rg BT 206.22 653.55 Td (3 ) Tj ET Q q 0 0 0 rg BT 214.62 653.55 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 280.46 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 283.39 653.55 Td (The ) Tj ET Q q 0 0 0 rg BT 302.86 653.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 350.34 653.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 405.41 653.55 Td (used ) Tj ET Q q 0 0 0 rg BT 427.81 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 439.12 653.55 Td (these ) Tj ET Q q 0 0 0 rg BT 463.85 653.55 Td (analyses ) Tj ET Q q 0 0 0 rg BT 502.57 653.55 Td (at ) Tj ET Q q 0 0 0 rg BT 513.30 653.55 Td (acquisition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (including ) Tj ET Q q 0 0 0 rg BT 92.29 640.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 133.98 640.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 164.59 640.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.87 640.95 Td (flows, ) Tj ET Q q 0 0 0 rg BT 214.46 640.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 255.57 640.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 282.69 640.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 315.07 640.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 337.51 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 355.30 640.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 393.50 640.95 Td (rates, ) Tj ET Q q 0 0 0 rg BT 418.58 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 434.02 640.95 Td (summarized ) Tj ET Q q 0 0 0 rg BT 487.96 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 499.33 640.95 Td (follows: ) Tj ET Q q 0 0 0 rg BT 536.38 640.95 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 615.45 253.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 615.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 615.45 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 615.45 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 615.45 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 585.45 253.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 585.45 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 585.45 174.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 585.45 8.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 585.45 73.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 581.45 253.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 581.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 581.45 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 581.45 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 581.45 73.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 615.45 m 480.5 615.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 615.45 m 561.5 615.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 566.45 m 480.5 566.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 566.45 m 561.5 566.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 566.45 m 480.5 566.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 566.45 m 561.5 566.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.90 620.22 Td (Projected Cash Flow Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.60 620.22 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 605.22 Td (Indefinite-life intangible fund management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 317.75 605.22 Td (6% to 20% \(weighted-average: 6%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.90 605.22 Td (13.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 590.22 Td (Indefinite-life trade name) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 317.75 590.22 Td (5% to 17% \(weighted-average: 6%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.90 590.22 Td (13.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.85 571.22 Td (Projected AUM Growth / \(Attrition\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.60 571.22 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 556.22 Td (Amortizable intangible asset management contracts:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.75 556.22 Td (7% / \(10\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.90 556.22 Td (13.4%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 526.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.86 526.75 Td (addition ) Tj ET Q q 0 0 0 rg BT 99.39 526.75 Td (to ) Tj ET Q q 0 0 0 rg BT 110.67 526.75 Td (the ) Tj ET Q q 0 0 0 rg BT 126.61 526.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 174.05 526.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 217.41 526.75 Td (char) Tj ET Q q 0 0 0 rg BT 235.29 526.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 248.31 526.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.17 526.75 Td ($15,200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.30 526.75 Td ( ) Tj ET Q q 0 0 0 rg BT 297.41 526.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 335.51 526.75 Td (in ) Tj ET Q q 0 0 0 rg BT 346.79 526.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 395.97 526.75 Td (with ) Tj ET Q q 0 0 0 rg BT 417.75 526.75 Td (the ) Tj ET Q q 0 0 0 rg BT 433.69 526.75 Td (implementation ) Tj ET Q q 0 0 0 rg BT 502.71 526.75 Td (of ) Tj ET Q q 0 0 0 rg BT 514.57 526.75 Td (the ) Tj ET Q q 0 0 0 rg BT 530.51 526.75 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 88.35 514.15 Td (management ) Tj ET Q q 0 0 0 rg BT 145.94 514.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 176.13 514.15 Td (plan, ) Tj ET Q q 0 0 0 rg BT 200.78 514.15 Td (during ) Tj ET Q q 0 0 0 rg BT 232.14 514.15 Td (the ) Tj ET Q q 0 0 0 rg BT 248.91 514.15 Td (years ) Tj ET Q q 0 0 0 rg BT 275.01 514.15 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.02 514.15 Td (March ) Tj ET Q q 0 0 0 rg BT 335.37 514.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 352.44 514.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.44 514.15 Td ( ) Tj ET Q q 0 0 0 rg BT 377.38 514.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.49 514.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.49 514.15 Td (, ) Tj ET Q q 0 0 0 rg BT 424.05 514.15 Td (there ) Tj ET Q q 0 0 0 rg BT 448.98 514.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.33 514.15 Td ($10,757) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.45 514.15 Td ( ) Tj ET Q q 0 0 0 rg BT 511.40 514.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.50 514.15 Td ($2,807) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 514.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 501.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 501.55 Td (, ) Tj ET Q q 0 0 0 rg BT 105.30 501.55 Td (of ) Tj ET Q q 0 0 0 rg BT 116.67 501.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 140.29 501.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 177.90 501.55 Td (in ) Tj ET Q q 0 0 0 rg BT 188.69 501.55 Td (connection ) Tj ET Q q 0 0 0 rg BT 237.39 501.55 Td (with ) Tj ET Q q 0 0 0 rg BT 258.68 501.55 Td (the ) Tj ET Q q 0 0 0 rg BT 274.13 501.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 322.83 501.55 Td (of ) Tj ET Q q 0 0 0 rg BT 334.21 501.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 368.33 501.55 Td (Partners.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 476.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.89 476.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 108.19 476.35 Td (results ) Tj ET Q q 0 0 0 rg BT 138.17 476.35 Td (of ) Tj ET Q q 0 0 0 rg BT 149.48 476.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 183.54 476.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 220.51 476.35 Td (included ) Tj ET Q q 0 0 0 rg BT 259.23 476.35 Td (in ) Tj ET Q q 0 0 0 rg BT 269.96 476.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 294.10 476.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 331.23 476.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 386.87 476.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 426.16 476.35 Td (results ) Tj ET Q q 0 0 0 rg BT 456.14 476.35 Td (for ) Tj ET Q q 0 0 0 rg BT 470.95 476.35 Td (the ) Tj ET Q q 0 0 0 rg BT 486.34 476.35 Td (year ) Tj ET Q q 0 0 0 rg BT 506.98 476.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.61 476.35 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 463.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.53 463.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.53 463.75 Td (, ) Tj ET Q q 0 0 0 rg BT 91.56 463.75 Td (include ) Tj ET Q q 0 0 0 rg BT 124.87 463.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 164.59 463.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.75 463.75 Td ($249,468) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.12 463.75 Td ( ) Tj ET Q q 0 0 0 rg BT 217.53 463.75 Td (and ) Tj ET Q q 0 0 0 rg BT 235.09 463.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 275.40 463.75 Td (does ) Tj ET Q q 0 0 0 rg BT 297.05 463.75 Td (not ) Tj ET Q q 0 0 0 rg BT 312.88 463.75 Td (have ) Tj ET Q q 0 0 0 rg BT 335.10 463.75 Td (a ) Tj ET Q q 0 0 0 rg BT 342.17 463.75 Td (material ) Tj ET Q q 0 0 0 rg BT 378.97 463.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 409.95 463.75 Td (to ) Tj ET Q q 0 0 0 rg BT 420.53 463.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 438.09 463.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 471.98 463.75 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 500.69 463.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 553.83 463.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.20 451.15 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 108.03 451.15 Td (Inc.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 425.95 Td (Pro ) Tj ET Q q 0 0 0 rg BT 68.38 425.95 Td (Forma ) Tj ET Q q 0 0 0 rg BT 100.76 425.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 145.98 425.95 Td (Information) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 413.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.14 413.35 Td (following ) Tj ET Q q 0 0 0 rg BT 112.79 413.35 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 157.02 413.35 Td (pro ) Tj ET Q q 0 0 0 rg BT 173.83 413.35 Td (forma ) Tj ET Q q 0 0 0 rg BT 201.72 413.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 241.27 413.35 Td (information ) Tj ET Q q 0 0 0 rg BT 293.66 413.35 Td (presents ) Tj ET Q q 0 0 0 rg BT 330.88 413.35 Td (the ) Tj ET Q q 0 0 0 rg BT 346.53 413.35 Td (combined ) Tj ET Q q 0 0 0 rg BT 390.75 413.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 430.30 413.35 Td (results ) Tj ET Q q 0 0 0 rg BT 460.53 413.35 Td (of ) Tj ET Q q 0 0 0 rg BT 472.10 413.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 496.49 413.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 530.51 413.35 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 400.75 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 90.57 400.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.28 400.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 126.99 400.75 Td (rust, ) Tj ET Q q 0 0 0 rg BT 148.90 400.75 Td (as ) Tj ET Q q 0 0 0 rg BT 161.19 400.75 Td (though ) Tj ET Q q 0 0 0 rg BT 193.90 400.75 Td (the ) Tj ET Q q 0 0 0 rg BT 210.27 400.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 263.98 400.75 Td (had ) Tj ET Q q 0 0 0 rg BT 282.68 400.75 Td (occurred ) Tj ET Q q 0 0 0 rg BT 322.94 400.75 Td (as ) Tj ET Q q 0 0 0 rg BT 335.23 400.75 Td (of ) Tj ET Q q 0 0 0 rg BT 346.74 400.75 Td (April ) Tj ET Q q 0 0 0 rg BT 372.45 400.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 383.86 400.75 Td (2015. ) Tj ET Q q 0 0 0 rg BT 411.03 400.75 Td ( ) Tj ET Q q 0 0 0 rg BT 414.31 400.75 Td (The ) Tj ET Q q 0 0 0 rg BT 434.18 400.75 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 479.13 400.75 Td (pro ) Tj ET Q q 0 0 0 rg BT 496.67 400.75 Td (forma ) Tj ET Q q 0 0 0 rg BT 525.28 400.75 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.15 Td (information ) Tj ET Q q 0 0 0 rg BT 103.09 388.15 Td (reflects ) Tj ET Q q 0 0 0 rg BT 137.51 388.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 169.59 388.15 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 223.28 388.15 Td (for ) Tj ET Q q 0 0 0 rg BT 239.04 388.15 Td (amortization ) Tj ET Q q 0 0 0 rg BT 295.62 388.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 332.96 388.15 Td (related ) Tj ET Q q 0 0 0 rg BT 365.04 388.15 Td (to ) Tj ET Q q 0 0 0 rg BT 376.73 388.15 Td (the ) Tj ET Q q 0 0 0 rg BT 393.08 388.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 411.17 388.15 Td (value ) Tj ET Q q 0 0 0 rg BT 437.43 388.15 Td (of ) Tj ET Q q 0 0 0 rg BT 449.69 388.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 489.36 388.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 534.87 388.15 Td (assets, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 375.55 Td (acquisition- ) Tj ET Q q 0 0 0 rg BT 101.69 375.55 Td (and ) Tj ET Q q 0 0 0 rg BT 118.96 375.55 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 192.80 375.55 Td (costs, ) Tj ET Q q 0 0 0 rg BT 218.54 375.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 251.56 375.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 287.50 375.55 Td (related ) Tj ET Q q 0 0 0 rg BT 318.18 375.55 Td (to ) Tj ET Q q 0 0 0 rg BT 328.46 375.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 348.65 375.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 385.75 375.55 Td (to ) Tj ET Q q 0 0 0 rg BT 396.03 375.55 Td (finance ) Tj ET Q q 0 0 0 rg BT 429.04 375.55 Td (the ) Tj ET Q q 0 0 0 rg BT 443.98 375.55 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 498.89 375.55 Td (and ) Tj ET Q q 0 0 0 rg BT 516.16 375.55 Td (the ) Tj ET Q q 0 0 0 rg BT 531.11 375.55 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 362.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.04 362.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 95.83 362.95 Td (of ) Tj ET Q q 0 0 0 rg BT 106.80 362.95 Td (the ) Tj ET Q q 0 0 0 rg BT 121.84 362.95 Td (pro ) Tj ET Q q 0 0 0 rg BT 138.05 362.95 Td (forma ) Tj ET Q q 0 0 0 rg BT 165.34 362.95 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 220.35 362.95 Td ( ) Tj ET Q q 0 0 0 rg BT 222.40 362.95 Td (The ) Tj ET Q q 0 0 0 rg BT 240.94 362.95 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 284.57 362.95 Td (pro ) Tj ET Q q 0 0 0 rg BT 300.78 362.95 Td (forma ) Tj ET Q q 0 0 0 rg BT 328.07 362.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 367.02 362.95 Td (information ) Tj ET Q q 0 0 0 rg BT 418.81 362.95 Td (is ) Tj ET Q q 0 0 0 rg BT 428.03 362.95 Td (for ) Tj ET Q q 0 0 0 rg BT 442.48 362.95 Td (informational ) Tj ET Q q 0 0 0 rg BT 501.85 362.95 Td (purposes ) Tj ET Q q 0 0 0 rg BT 541.40 362.95 Td (only) Tj ET Q q 0 0 0 rg BT 559.39 362.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 350.35 Td (excludes ) Tj ET Q q 0 0 0 rg BT 89.05 350.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 130.43 350.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 149.67 350.35 Td (savings, ) Tj ET Q q 0 0 0 rg BT 186.11 350.35 Td (and ) Tj ET Q q 0 0 0 rg BT 203.59 350.35 Td (is ) Tj ET Q q 0 0 0 rg BT 212.91 350.35 Td (not ) Tj ET Q q 0 0 0 rg BT 228.64 350.35 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 277.61 350.35 Td (indicative ) Tj ET Q q 0 0 0 rg BT 321.33 350.35 Td (of ) Tj ET Q q 0 0 0 rg BT 332.39 350.35 Td (the ) Tj ET Q q 0 0 0 rg BT 347.54 350.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.58 350.35 Td (results ) Tj ET Q q 0 0 0 rg BT 416.32 350.35 Td (that ) Tj ET Q q 0 0 0 rg BT 434.38 350.35 Td (would ) Tj ET Q q 0 0 0 rg BT 462.95 350.35 Td (have ) Tj ET Q q 0 0 0 rg BT 485.09 350.35 Td (been ) Tj ET Q q 0 0 0 rg BT 507.23 350.35 Td (achieved ) Tj ET Q q 0 0 0 rg BT 546.85 350.35 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 337.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 337.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 118.24 337.75 Td (actually ) Tj ET Q q 0 0 0 rg BT 154.10 337.75 Td (occurred ) Tj ET Q q 0 0 0 rg BT 193.45 337.75 Td (at ) Tj ET Q q 0 0 0 rg BT 203.65 337.75 Td (the ) Tj ET Q q 0 0 0 rg BT 219.11 337.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 263.73 337.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.10 337.75 Td (the ) Tj ET Q q 0 0 0 rg BT 290.55 337.75 Td (first ) Tj ET Q q 0 0 0 rg BT 310.09 337.75 Td (period ) Tj ET Q q 0 0 0 rg BT 339.54 337.75 Td (presented. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 297.25 332.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 297.25 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 297.25 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 297.25 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 297.25 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 267.25 332.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 267.25 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 267.25 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 267.25 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 267.25 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 237.25 332.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 237.25 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 237.25 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 237.25 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 237.25 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 312.25 m 471.5 312.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 312.25 m 481.5 312.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 312.25 m 561.5 312.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 297.25 m 381.5 297.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 297.25 m 471.5 297.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 297.25 m 561.5 297.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 297.25 m 561.5 297.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.65 317.02 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.50 302.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.50 302.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 287.02 Td (Revenues) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.00 287.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.50 287.04 Td (2,904,253) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.00 287.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 287.02 Td (2,977,612) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 272.02 Td (Net Income \(Loss\) Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.35 272.04 Td (272,985) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 272.02 Td (\(79,347) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 272.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 257.02 Td (Net Income \(Loss\) Per Share Attributable to Legg Mason, Inc. Shareholders:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 242.02 Td (Basic) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.00 242.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.10 242.04 Td (2.63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.00 242.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.60 242.02 Td (\(0.74) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 242.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 227.02 Td (Diluted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.00 227.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.10 227.04 Td (2.62) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.00 227.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.60 227.02 Td (\(0.74) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 227.02 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 80.64 199.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 145.12 199.95 Td (Limited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (On ) Tj ET Q q 0 0 0 rg BT 68.34 187.35 Td (October ) Tj ET Q q 0 0 0 rg BT 107.66 187.35 Td (21, ) Tj ET Q q 0 0 0 rg BT 126.29 187.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 155.42 187.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 182.50 187.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 216.59 187.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 258.24 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 268.40 187.35 Td (majority ) Tj ET Q q 0 0 0 rg BT 309.48 187.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 341.23 187.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 377.64 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 391.32 187.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 424.82 187.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 487.46 187.35 Td (Limited ) Tj ET Q q 0 0 0 rg BT 526.21 187.35 Td (\("RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (Infrastructure"\). ) Tj ET Q q 0 0 0 rg BT 121.48 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 125.41 174.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 157.35 174.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 218.41 174.75 Td (specializes ) Tj ET Q q 0 0 0 rg BT 267.83 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 279.93 174.75 Td (global ) Tj ET Q q 0 0 0 rg BT 310.10 174.75 Td (listed ) Tj ET Q q 0 0 0 rg BT 336.79 174.75 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 397.28 174.75 Td (security ) Tj ET Q q 0 0 0 rg BT 434.45 174.75 Td (investing, ) Tj ET Q q 0 0 0 rg BT 479.50 174.75 Td (is ) Tj ET Q q 0 0 0 rg BT 490.44 174.75 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 553.84 174.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (Sydney) Tj ET Q q 0 0 0 rg BT 80.82 162.15 Td (, ) Tj ET Q q 0 0 0 rg BT 86.03 162.15 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 130.46 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 148.94 162.15 Td (had ) Tj ET Q q 0 0 0 rg BT 167.42 162.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.39 162.15 Td ($6,800,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.64 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 281.96 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 292.71 162.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 320.53 162.15 Td (at ) Tj ET Q q 0 0 0 rg BT 331.43 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 347.57 162.15 Td (closing ) Tj ET Q q 0 0 0 rg BT 381.22 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 393.29 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 409.44 162.15 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 461.45 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 464.77 162.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 494.32 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 510.47 162.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 537.12 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 162.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (related ) Tj ET Q q 0 0 0 rg BT 81.65 149.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 130.81 149.55 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 184.34 149.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 209.00 149.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 240.68 149.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 279.91 149.55 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.66 149.55 Td (75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.91 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 310.00 149.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 356.83 149.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 390.83 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 402.09 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 418.01 149.55 Td (firm, ) Tj ET Q q 0 0 0 rg BT 441.80 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 457.72 149.55 Td (firm's ) Tj ET Q q 0 0 0 rg BT 484.87 149.55 Td (management ) Tj ET Q q 0 0 0 rg BT 541.60 149.55 Td (team ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (retained ) Tj ET Q q 0 0 0 rg BT 85.55 136.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.94 136.95 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 111.19 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 112.92 136.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 140.90 136.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.54 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 190.31 136.95 Td (The ) Tj ET Q q 0 0 0 rg BT 208.24 136.95 Td (T) Tj ET Q q 0 0 0 rg BT 214.28 136.95 Td (reasury ) Tj ET Q q 0 0 0 rg BT 246.92 136.95 Td (Group ) Tj ET Q q 0 0 0 rg BT 275.48 136.95 Td (\(subsequently ) Tj ET Q q 0 0 0 rg BT 335.54 136.95 Td (renamed ) Tj ET Q q 0 0 0 rg BT 373.42 136.95 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 404.30 136.95 Td (Current ) Tj ET Q q 0 0 0 rg BT 438.11 136.95 Td (Group\), ) Tj ET Q q 0 0 0 rg BT 472.80 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 479.19 136.95 Td (continuing ) Tj ET Q q 0 0 0 rg BT 525.83 136.95 Td (minority ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (owner) Tj ET Q q 0 0 0 rg BT 75.82 124.35 Td (, ) Tj ET Q q 0 0 0 rg BT 81.13 124.35 Td (retained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 117.63 124.35 Td (10%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.88 124.35 Td (. ) Tj ET Q q 0 0 0 rg BT 142.19 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 144.69 124.35 Td (The ) Tj ET Q q 0 0 0 rg BT 163.70 124.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 212.47 124.35 Td (required ) Tj ET Q q 0 0 0 rg BT 250.14 124.35 Td (an ) Tj ET Q q 0 0 0 rg BT 262.73 124.35 Td (initial ) Tj ET Q q 0 0 0 rg BT 289.92 124.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 311.27 124.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 350.11 124.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.54 124.35 Td ($213,739) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.92 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 403.61 124.35 Td (\(using ) Tj ET Q q 0 0 0 rg BT 432.55 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 448.06 124.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 481.07 124.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 523.40 124.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 541.83 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 553.26 124.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (October ) Tj ET Q q 0 0 0 rg BT 88.14 111.75 Td (21, ) Tj ET Q q 0 0 0 rg BT 105.59 111.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 130.91 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 147.47 111.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 164.62 111.75 Td (296,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.75 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 202.11 111.75 Td (Australian ) Tj ET Q q 0 0 0 rg BT 250.17 111.75 Td (dollar ) Tj ET Q q 0 0 0 rg BT 278.99 111.75 Td (payment\), ) Tj ET Q q 0 0 0 rg BT 325.59 111.75 Td (which ) Tj ET Q q 0 0 0 rg BT 355.57 111.75 Td (was ) Tj ET Q q 0 0 0 rg BT 376.22 111.75 Td (funded ) Tj ET Q q 0 0 0 rg BT 409.70 111.75 Td (with ) Tj ET Q q 0 0 0 rg BT 432.69 111.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.66 111.75 Td ($40,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.78 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 536.10 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 111.75 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 99.78 99.15 Td (under ) Tj ET Q q 0 0 0 rg BT 125.63 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 140.41 99.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 189.16 99.15 Td (previous ) Tj ET Q q 0 0 0 rg BT 227.27 99.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 269.46 99.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 295.31 99.15 Td (facility) Tj ET Q q 0 0 0 rg BT 324.37 99.15 Td (, ) Tj ET Q q 0 0 0 rg BT 328.94 99.15 Td (as ) Tj ET Q q 0 0 0 rg BT 339.63 99.15 Td (well ) Tj ET Q q 0 0 0 rg BT 359.66 99.15 Td (as ) Tj ET Q q 0 0 0 rg BT 370.35 99.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 405.55 99.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 426.15 99.15 Td (resources. ) Tj ET Q q 0 0 0 rg BT 470.37 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 472.32 99.15 Td (In ) Tj ET Q q 0 0 0 rg BT 482.58 99.15 Td (August ) Tj ET Q q 0 0 0 rg BT 514.87 99.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 540.44 99.15 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.92 86.55 Td (executed ) Tj ET Q q 0 0 0 rg BT 120.56 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 127.56 86.55 Td (currency ) Tj ET Q q 0 0 0 rg BT 166.62 86.55 Td (forward ) Tj ET Q q 0 0 0 rg BT 202.19 86.55 Td (contract ) Tj ET Q q 0 0 0 rg BT 238.34 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 248.84 86.55 Td (economically ) Tj ET Q q 0 0 0 rg BT 307.74 86.55 Td (hedge ) Tj ET Q q 0 0 0 rg BT 335.15 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 350.31 86.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 368.40 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 379.48 86.55 Td (movement ) Tj ET Q q 0 0 0 rg BT 426.14 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 436.64 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 451.80 86.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 493.78 86.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 511.85 86.55 Td (between ) Tj ET Q q 0 0 0 rg BT 549.17 86.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 71.55 73.95 Td (dollar ) Tj ET Q q 0 0 0 rg BT 98.93 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 116.97 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 132.04 73.95 Td (Australian ) Tj ET Q q 0 0 0 rg BT 178.66 73.95 Td (dollar ) Tj ET Q q 0 0 0 rg BT 206.04 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 217.09 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 245.63 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 261.34 73.95 Td (initial ) Tj ET Q q 0 0 0 rg BT 288.72 73.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 310.26 73.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 349.29 73.95 Td (was ) Tj ET Q q 0 0 0 rg BT 368.51 73.95 Td (denominated. ) Tj ET Q q 0 0 0 rg BT 428.25 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 430.92 73.95 Td (This ) Tj ET Q q 0 0 0 rg BT 452.47 73.95 Td (currency ) Tj ET Q q 0 0 0 rg BT 492.08 73.95 Td (forward ) Tj ET Q q 0 0 0 rg BT 528.19 73.95 Td (contract ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (was ) Tj ET Q q 0 0 0 rg BT 70.20 61.35 Td (closed ) Tj ET Q q 0 0 0 rg BT 100.89 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 112.93 61.35 Td (October ) Tj ET Q q 0 0 0 rg BT 150.62 61.35 Td (2015. ) Tj ET Q q 0 0 0 rg BT 178.11 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 181.98 61.35 Td (See ) Tj ET Q q 0 0 0 rg BT 201.01 61.35 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.30 61.35 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 235.80 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 239.67 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 255.78 61.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 301.64 61.35 Td (information ) Tj ET Q q 0 0 0 rg BT 355.08 61.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 399.18 61.35 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 449.12 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 468.15 61.35 Td (hedging. ) Tj ET Q q 0 0 0 rg BT 508.47 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 512.34 61.35 Td (In ) Tj ET Q q 0 0 0 rg BT 524.96 61.35 Td (addition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 97.61 48.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 157.47 48.75 Td (may ) Tj ET Q q 0 0 0 rg BT 178.83 48.75 Td (be ) Tj ET Q q 0 0 0 rg BT 192.03 48.75 Td (due ) Tj ET Q q 0 0 0 rg BT 210.48 48.75 Td (March ) Tj ET Q q 0 0 0 rg BT 241.17 48.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 257.58 48.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 284.50 48.75 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 337.35 48.75 Td (up ) Tj ET Q q 0 0 0 rg BT 351.13 48.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.59 48.75 Td ($81,063) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.71 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 400.00 48.75 Td (\(using ) Tj ET Q q 0 0 0 rg BT 429.54 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.66 48.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 479.26 48.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 522.19 48.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 541.22 48.75 Td (as ) Tj ET Q q 0 0 0 rg BT 553.25 48.75 Td (of ) Tj ET Q endstream endobj 215 0 obj <>] /Rotate 0 /Contents 216 0 R>> endobj 216 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (105) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 81.91 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 99.54 741.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 120.54 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 127.68 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 144.43 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 161.76 741.75 Td (maximum ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 208.85 741.75 Td (106,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.98 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 246.49 741.75 Td (Australian ) Tj ET Q q 0 0 0 rg BT 294.74 741.75 Td (dollar ) Tj ET Q q 0 0 0 rg BT 323.74 741.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 359.74 741.75 Td (per ) Tj ET Q q 0 0 0 rg BT 377.66 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 394.99 741.75 Td (related ) Tj ET Q q 0 0 0 rg BT 428.06 741.75 Td (agreements\), ) Tj ET Q q 0 0 0 rg BT 486.50 741.75 Td (dependent ) Tj ET Q q 0 0 0 rg BT 534.16 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 549.17 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (achievement ) Tj ET Q q 0 0 0 rg BT 104.98 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 115.65 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 146.14 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 160.90 729.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 196.05 729.15 Td (tar) Tj ET Q q 0 0 0 rg BT 206.93 729.15 Td (gets, ) Tj ET Q q 0 0 0 rg BT 228.40 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 245.48 729.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 277.15 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 287.25 729.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 325.91 729.15 Td (catch-up ) Tj ET Q q 0 0 0 rg BT 363.98 729.15 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 416.07 729.15 Td (extending ) Tj ET Q q 0 0 0 rg BT 459.40 729.15 Td (through ) Tj ET Q q 0 0 0 rg BT 493.99 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 523.32 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.37 729.15 Td (2019. ) Tj ET Q q 0 0 0 rg BT 564.62 729.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.75 716.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 117.24 716.55 Td (also ) Tj ET Q q 0 0 0 rg BT 136.58 716.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 176.33 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 190.99 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 198.08 716.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 237.24 716.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 283.99 716.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 322.57 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 333.74 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 344.91 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 374.74 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 390.29 716.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 416.34 716.55 Td (however ) Tj ET Q q 0 0 0 rg BT 454.91 716.55 Td (no ) Tj ET Q q 0 0 0 rg BT 467.84 716.55 Td (such ) Tj ET Q q 0 0 0 rg BT 489.51 716.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 528.09 716.55 Td (was ) Tj ET Q q 0 0 0 rg BT 546.84 716.55 Td (due ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (based ) Tj ET Q q 0 0 0 rg BT 76.53 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 89.66 703.95 Td (relevant ) Tj ET Q q 0 0 0 rg BT 126.10 703.95 Td (net ) Tj ET Q q 0 0 0 rg BT 141.55 703.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 177.40 703.95 Td (tar) Tj ET Q q 0 0 0 rg BT 188.29 703.95 Td (gets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.03 678.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 133.57 678.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 171.27 678.75 Td (can ) Tj ET Q q 0 0 0 rg BT 188.55 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 201.17 678.75 Td (put ) Tj ET Q q 0 0 0 rg BT 217.30 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 230.50 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 246.04 678.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 279.66 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 291.12 678.75 Td (called ) Tj ET Q q 0 0 0 rg BT 318.89 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 332.10 678.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 356.38 678.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 387.67 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 402.63 678.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 448.49 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 458.78 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 476.06 678.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 504.13 678.75 Td (except ) Tj ET Q q 0 0 0 rg BT 534.24 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 549.19 678.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (non-management ) Tj ET Q q 0 0 0 rg BT 126.39 666.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 160.22 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 172.47 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 188.80 666.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 254.13 666.15 Td (interests, ) Tj ET Q q 0 0 0 rg BT 295.25 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 324.41 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 340.73 666.15 Td (callable ) Tj ET Q q 0 0 0 rg BT 376.87 666.15 Td (at ) Tj ET Q q 0 0 0 rg BT 387.95 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 396.11 666.15 Td (pre-agreed ) Tj ET Q q 0 0 0 rg BT 444.49 666.15 Td (formula, ) Tj ET Q q 0 0 0 rg BT 483.86 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 496.11 666.15 Td (specified ) Tj ET Q q 0 0 0 rg BT 537.51 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 549.17 666.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 102.26 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 103.96 653.55 Td (The ) Tj ET Q q 0 0 0 rg BT 122.11 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 138.51 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 163.07 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 173.65 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 188.30 653.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 251.95 653.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 288.77 653.55 Td (reflects ) Tj ET Q q 0 0 0 rg BT 321.50 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 336.15 653.55 Td (total ) Tj ET Q q 0 0 0 rg BT 356.64 653.55 Td (business ) Tj ET Q q 0 0 0 rg BT 394.06 653.55 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 437.28 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 461.84 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 472.42 653.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 502.25 653.55 Td (Infrastructure, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (after ) Tj ET Q q 0 0 0 rg BT 71.86 640.95 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 122.29 640.95 Td (discounts ) Tj ET Q q 0 0 0 rg BT 164.59 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 179.45 640.95 Td (lack ) Tj ET Q q 0 0 0 rg BT 199.57 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 210.94 640.95 Td (marketability ) Tj ET Q q 0 0 0 rg BT 269.55 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 287.33 640.95 Td (control.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.43 615.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 85.10 615.75 Td (value ) Tj ET Q q 0 0 0 rg BT 109.95 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 120.80 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 135.73 615.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 173.98 615.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 225.65 615.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 269.74 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 292.26 615.75 Td (management ) Tj ET Q q 0 0 0 rg BT 348.01 615.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 388.01 615.75 Td (had ) Tj ET Q q 0 0 0 rg BT 405.28 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 412.04 615.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 439.81 615.75 Td (life ) Tj ET Q q 0 0 0 rg BT 455.90 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 466.76 615.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 479.36 615.75 Td (years ) Tj ET Q q 0 0 0 rg BT 503.62 615.75 Td (at ) Tj ET Q q 0 0 0 rg BT 513.30 615.75 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 564.63 615.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 91.43 603.15 Td (price ) Tj ET Q q 0 0 0 rg BT 115.94 603.15 Td (allocated ) Tj ET Q q 0 0 0 rg BT 157.36 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 169.05 603.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 214.57 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 242.59 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 261.28 603.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 302.14 603.15 Td (is ) Tj ET Q q 0 0 0 rg BT 312.67 603.15 Td (not ) Tj ET Q q 0 0 0 rg BT 329.61 603.15 Td (deductible ) Tj ET Q q 0 0 0 rg BT 376.87 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 391.86 603.15 Td (Australian ) Tj ET Q q 0 0 0 rg BT 439.12 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 455.48 603.15 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 498.96 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 502.48 603.15 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 545.67 603.15 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (principally ) Tj ET Q q 0 0 0 rg BT 98.11 590.55 Td (attributable ) Tj ET Q q 0 0 0 rg BT 148.55 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 159.35 590.55 Td (syner) Tj ET Q q 0 0 0 rg BT 181.90 590.55 Td (gies ) Tj ET Q q 0 0 0 rg BT 201.44 590.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 241.38 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 252.17 590.55 Td (arise ) Tj ET Q q 0 0 0 rg BT 274.61 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 295.91 590.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 326.54 590.55 Td (Infrastructure.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 106.52 565.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 148.47 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 163.01 565.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.29 565.35 Td (values ) Tj ET Q q 0 0 0 rg BT 207.83 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 218.28 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 232.82 565.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 292.26 565.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 335.96 565.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 356.92 565.35 Td (management ) Tj ET Q q 0 0 0 rg BT 412.27 565.35 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 454.51 565.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 513.94 565.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 536.64 565.35 Td (name, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 68.86 552.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 122.12 552.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 167.81 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 191.92 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 249.27 552.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 290.87 552.75 Td (based ) Tj ET Q q 0 0 0 rg BT 318.48 552.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 343.18 552.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 392.37 552.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.73 552.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 437.67 552.75 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 479.57 552.75 Td (using ) Tj ET Q q 0 0 0 rg BT 506.03 552.75 Td (unobservable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (market ) Tj ET Q q 0 0 0 rg BT 82.30 540.15 Td (data ) Tj ET Q q 0 0 0 rg BT 102.94 540.15 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 134.39 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 163.20 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 179.17 540.15 Td (Level ) Tj ET Q q 0 0 0 rg BT 206.22 540.15 Td (3 ) Tj ET Q q 0 0 0 rg BT 214.62 540.15 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 280.46 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 283.39 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 302.86 540.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 350.34 540.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 405.41 540.15 Td (used ) Tj ET Q q 0 0 0 rg BT 427.81 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 439.12 540.15 Td (these ) Tj ET Q q 0 0 0 rg BT 463.85 540.15 Td (analyses ) Tj ET Q q 0 0 0 rg BT 502.57 540.15 Td (at ) Tj ET Q q 0 0 0 rg BT 513.30 540.15 Td (acquisition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (including ) Tj ET Q q 0 0 0 rg BT 92.29 527.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 133.98 527.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 164.59 527.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.87 527.55 Td (flows, ) Tj ET Q q 0 0 0 rg BT 214.46 527.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 255.57 527.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 282.69 527.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 315.07 527.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 337.51 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 355.30 527.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 393.50 527.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 418.58 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 434.02 527.55 Td (summarized ) Tj ET Q q 0 0 0 rg BT 487.96 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 499.33 527.55 Td (follows: ) Tj ET Q q 0 0 0 rg BT 536.38 527.55 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 502.05 224.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 502.05 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 502.05 202.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 502.05 8.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 502.05 74.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 457.05 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 457.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 457.05 202.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 457.05 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 457.05 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 502.05 m 479.5 502.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 502.05 m 561.5 502.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 457.05 m 479.5 457.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 457.05 m 561.5 457.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 457.05 m 479.5 457.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 457.05 m 561.5 457.05 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.90 506.82 Td (Projected Cash Flow Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 506.82 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 491.32 Td (Indefinite-life intangible fund management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 480.82 Td (contracts and indefinite-life trade name) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 480.82 Td (Up to 10% \(weighted-average: 7%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 480.82 Td (16.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.85 461.82 Td (Projected AUM Growth / \(Attrition\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 461.82 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 446.82 Td (Amortizable intangible asset management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 356.40 446.82 Td (7% / \(8\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 446.82 Td (16.5%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 417.35 Td (During ) Tj ET Q q 0 0 0 rg BT 81.19 417.35 Td (the ) Tj ET Q q 0 0 0 rg BT 95.46 417.35 Td (year ) Tj ET Q q 0 0 0 rg BT 114.97 417.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 141.48 417.35 Td (March ) Tj ET Q q 0 0 0 rg BT 170.32 417.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 184.89 417.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 209.96 417.35 Td (the ) Tj ET Q q 0 0 0 rg BT 224.22 417.35 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 275.22 417.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 318.66 417.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 340.51 417.35 Td (management ) Tj ET Q q 0 0 0 rg BT 395.59 417.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 434.94 417.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 456.79 417.35 Td (was ) Tj ET Q q 0 0 0 rg BT 474.56 417.35 Td (impaired ) Tj ET Q q 0 0 0 rg BT 513.32 417.35 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.26 417.35 Td ($18,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.39 417.35 Td (. ) Tj ET Q q 0 0 0 rg BT 564.64 417.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 404.75 Td (See ) Tj ET Q q 0 0 0 rg BT 67.79 404.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.82 404.75 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.07 404.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.70 404.75 Td (for ) Tj ET Q q 0 0 0 rg BT 113.57 404.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.18 404.75 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 379.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 379.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 85.08 379.55 Td (value ) Tj ET Q q 0 0 0 rg BT 109.91 379.55 Td (of ) Tj ET Q q 0 0 0 rg BT 120.74 379.55 Td (the ) Tj ET Q q 0 0 0 rg BT 135.66 379.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 182.08 379.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 240.73 379.55 Td (was ) Tj ET Q q 0 0 0 rg BT 259.15 379.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 301.48 379.55 Td (using ) Tj ET Q q 0 0 0 rg BT 326.33 379.55 Td (Monte ) Tj ET Q q 0 0 0 rg BT 355.83 379.55 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 381.25 379.55 Td (simulation ) Tj ET Q q 0 0 0 rg BT 427.67 379.55 Td (in ) Tj ET Q q 0 0 0 rg BT 437.93 379.55 Td (a ) Tj ET Q q 0 0 0 rg BT 444.68 379.55 Td (risk-neutral ) Tj ET Q q 0 0 0 rg BT 495.17 379.55 Td (framework ) Tj ET Q q 0 0 0 rg BT 543.33 379.55 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 366.95 Td (various ) Tj ET Q q 0 0 0 rg BT 82.55 366.95 Td (observable ) Tj ET Q q 0 0 0 rg BT 129.67 366.95 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 159.61 366.95 Td (as ) Tj ET Q q 0 0 0 rg BT 170.00 366.95 Td (well ) Tj ET Q q 0 0 0 rg BT 189.72 366.95 Td (as, ) Tj ET Q q 0 0 0 rg BT 202.73 366.95 Td (with ) Tj ET Q q 0 0 0 rg BT 223.04 366.95 Td (various ) Tj ET Q q 0 0 0 rg BT 255.59 366.95 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 313.21 366.95 Td (data ) Tj ET Q q 0 0 0 rg BT 332.34 366.95 Td (inputs ) Tj ET Q q 0 0 0 rg BT 359.66 366.95 Td (which ) Tj ET Q q 0 0 0 rg BT 386.96 366.95 Td (are ) Tj ET Q q 0 0 0 rg BT 401.42 366.95 Td (Level ) Tj ET Q q 0 0 0 rg BT 426.96 366.95 Td (3 ) Tj ET Q q 0 0 0 rg BT 433.85 366.95 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 498.18 366.95 Td ( ) Tj ET Q q 0 0 0 rg BT 499.70 366.95 Td (The ) Tj ET Q q 0 0 0 rg BT 517.67 366.95 Td (simulation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 354.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 97.28 354.35 Td (variables, ) Tj ET Q q 0 0 0 rg BT 139.60 354.35 Td (including ) Tj ET Q q 0 0 0 rg BT 180.67 354.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 206.97 354.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 238.51 354.35 Td (and ) Tj ET Q q 0 0 0 rg BT 255.47 354.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 310.32 354.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 324.94 354.35 Td (levels. ) Tj ET Q q 0 0 0 rg BT 353.85 354.35 Td ( ) Tj ET Q q 0 0 0 rg BT 355.65 354.35 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 401.79 354.35 Td (with ) Tj ET Q q 0 0 0 rg BT 422.26 354.35 Td (risk-neutral ) Tj ET Q q 0 0 0 rg BT 472.45 354.35 Td (framework, ) Tj ET Q q 0 0 0 rg BT 522.94 354.35 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 341.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.48 341.75 Td (and ) Tj ET Q q 0 0 0 rg BT 93.62 341.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 148.65 341.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 167.53 341.75 Td (were ) Tj ET Q q 0 0 0 rg BT 189.91 341.75 Td (dampened ) Tj ET Q q 0 0 0 rg BT 235.03 341.75 Td (by ) Tj ET Q q 0 0 0 rg BT 247.51 341.75 Td (a ) Tj ET Q q 0 0 0 rg BT 254.15 341.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 291.11 341.75 Td (of ) Tj ET Q q 0 0 0 rg BT 301.83 341.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 319.56 341.75 Td (referred ) Tj ET Q q 0 0 0 rg BT 354.76 341.75 Td (to ) Tj ET Q q 0 0 0 rg BT 364.90 341.75 Td (as ) Tj ET Q q 0 0 0 rg BT 375.63 341.75 Td ('market ) Tj ET Q q 0 0 0 rg BT 408.65 341.75 Td (price ) Tj ET Q q 0 0 0 rg BT 431.61 341.75 Td (of ) Tj ET Q q 0 0 0 rg BT 442.34 341.75 Td (risk' ) Tj ET Q q 0 0 0 rg BT 461.96 341.75 Td (to ) Tj ET Q q 0 0 0 rg BT 472.10 341.75 Td (account ) Tj ET Q q 0 0 0 rg BT 506.73 341.75 Td (for ) Tj ET Q q 0 0 0 rg BT 520.95 341.75 Td (its ) Tj ET Q q 0 0 0 rg BT 532.85 341.75 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 329.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 71.08 329.15 Td (or ) Tj ET Q q 0 0 0 rg BT 85.16 329.15 Td (systematic ) Tj ET Q q 0 0 0 rg BT 134.82 329.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 155.90 329.15 Td (before ) Tj ET Q q 0 0 0 rg BT 188.05 329.15 Td (calculating ) Tj ET Q q 0 0 0 rg BT 239.44 329.15 Td (the ) Tj ET Q q 0 0 0 rg BT 257.60 329.15 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 297.92 329.15 Td (payments. ) Tj ET Q q 0 0 0 rg BT 346.12 329.15 Td ( ) Tj ET Q q 0 0 0 rg BT 351.07 329.15 Td (These ) Tj ET Q q 0 0 0 rg BT 381.47 329.15 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 421.79 329.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 467.36 329.15 Td (were ) Tj ET Q q 0 0 0 rg BT 493.09 329.15 Td (then ) Tj ET Q q 0 0 0 rg BT 516.51 329.15 Td (discounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 316.55 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 113.85 316.55 Td (with ) Tj ET Q q 0 0 0 rg BT 135.15 316.55 Td (their ) Tj ET Q q 0 0 0 rg BT 157.01 316.55 Td (timing. ) Tj ET Q q 0 0 0 rg BT 189.68 316.55 Td ( ) Tj ET Q q 0 0 0 rg BT 191.73 316.55 Td (A) Tj ET Q q 0 0 0 rg BT 198.73 316.55 Td ( ) Tj ET Q q 0 0 0 rg BT 201.36 316.55 Td (summary ) Tj ET Q q 0 0 0 rg BT 243.06 316.55 Td (of ) Tj ET Q q 0 0 0 rg BT 254.43 316.55 Td (various ) Tj ET Q q 0 0 0 rg BT 287.97 316.55 Td (assumption ) Tj ET Q q 0 0 0 rg BT 338.43 316.55 Td (values ) Tj ET Q q 0 0 0 rg BT 367.88 316.55 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 306.05 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 306.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 306.05 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 276.05 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 276.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 276.05 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 246.05 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 246.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 246.05 218.00 -15.00 re f /GS0 gs BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 295.82 Td (AUM growth rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.15 295.82 Td (Weighted-average: 7%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 280.82 Td (Performance fee growth rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.15 280.82 Td (Weighted-average: 3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 265.82 Td (Projected AUM and performance fee market price of risk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.05 265.82 Td (6.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 250.82 Td (AUM volatility) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.40 250.82 Td (20.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 235.82 Td (Earn-out payment discount rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.05 235.82 Td (1.9%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 206.95 Td (Significant ) Tj ET Q q 0 0 0 rg BT 99.95 206.95 Td (increases ) Tj ET Q q 0 0 0 rg BT 142.29 206.95 Td (\(decreases\) ) Tj ET Q q 0 0 0 rg BT 193.38 206.95 Td (in ) Tj ET Q q 0 0 0 rg BT 205.41 206.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 247.49 206.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 275.86 206.95 Td (or ) Tj ET Q q 0 0 0 rg BT 288.48 206.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 345.40 206.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 366.17 206.95 Td (would ) Tj ET Q q 0 0 0 rg BT 396.29 206.95 Td (result ) Tj ET Q q 0 0 0 rg BT 423.48 206.95 Td (in ) Tj ET Q q 0 0 0 rg BT 435.52 206.95 Td (a ) Tj ET Q q 0 0 0 rg BT 444.05 206.95 Td (significantly ) Tj ET Q q 0 0 0 rg BT 500.41 206.95 Td (higher ) Tj ET Q q 0 0 0 rg BT 531.10 206.95 Td (\(lower\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 194.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.95 194.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 156.14 194.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 191.43 194.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.63 194.35 Td (value.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 169.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.64 169.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 115.28 169.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 174.16 169.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 209.14 169.15 Td (established ) Tj ET Q q 0 0 0 rg BT 258.11 169.15 Td (at ) Tj ET Q q 0 0 0 rg BT 268.00 169.15 Td (closing ) Tj ET Q q 0 0 0 rg BT 300.64 169.15 Td (had ) Tj ET Q q 0 0 0 rg BT 318.12 169.15 Td (an ) Tj ET Q q 0 0 0 rg BT 330.34 169.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 378.73 169.15 Td (date ) Tj ET Q q 0 0 0 rg BT 398.53 169.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 415.42 169.15 Td (value ) Tj ET Q q 0 0 0 rg BT 440.47 169.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.53 169.15 Td ($25,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.66 169.15 Td ( ) Tj ET Q q 0 0 0 rg BT 487.97 169.15 Td (\(using ) Tj ET Q q 0 0 0 rg BT 516.53 169.15 Td (the ) Tj ET Q q 0 0 0 rg BT 531.68 169.15 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 156.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 92.48 156.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 111.05 156.55 Td (as ) Tj ET Q q 0 0 0 rg BT 122.63 156.55 Td (of ) Tj ET Q q 0 0 0 rg BT 134.21 156.55 Td (October ) Tj ET Q q 0 0 0 rg BT 170.86 156.55 Td (21, ) Tj ET Q q 0 0 0 rg BT 186.82 156.55 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 216.77 156.55 Td ( ) Tj ET Q q 0 0 0 rg BT 218.98 156.55 Td (As ) Tj ET Q q 0 0 0 rg BT 233.49 156.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.07 156.55 Td (March ) Tj ET Q q 0 0 0 rg BT 275.31 156.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.26 156.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.26 156.55 Td (, ) Tj ET Q q 0 0 0 rg BT 317.72 156.55 Td (the ) Tj ET Q q 0 0 0 rg BT 333.39 156.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 350.79 156.55 Td (value ) Tj ET Q q 0 0 0 rg BT 376.36 156.55 Td (of ) Tj ET Q q 0 0 0 rg BT 387.94 156.55 Td (the ) Tj ET Q q 0 0 0 rg BT 403.61 156.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 450.76 156.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 510.17 156.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 545.66 156.55 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 143.95 Td ($17,444) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 143.95 Td (, ) Tj ET Q q 0 0 0 rg BT 89.01 143.95 Td (a ) Tj ET Q q 0 0 0 rg BT 95.93 143.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 134.32 143.95 Td (of ) Tj ET Q q 0 0 0 rg BT 145.33 143.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.58 143.95 Td ($9,701) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 176.46 143.95 Td ( ) Tj ET Q q 0 0 0 rg BT 178.72 143.95 Td (from ) Tj ET Q q 0 0 0 rg BT 201.39 143.95 Td (March ) Tj ET Q q 0 0 0 rg BT 231.05 143.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 246.43 143.95 Td (2016. ) Tj ET Q q 0 0 0 rg BT 272.32 143.95 Td ( ) Tj ET Q q 0 0 0 rg BT 274.57 143.95 Td (During ) Tj ET Q q 0 0 0 rg BT 306.58 143.95 Td (the ) Tj ET Q q 0 0 0 rg BT 321.67 143.95 Td (year ) Tj ET Q q 0 0 0 rg BT 341.99 143.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 369.32 143.95 Td (March ) Tj ET Q q 0 0 0 rg BT 398.98 143.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 414.37 143.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 440.25 143.95 Td (reductions ) Tj ET Q q 0 0 0 rg BT 486.25 143.95 Td (in ) Tj ET Q q 0 0 0 rg BT 496.67 143.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 537.50 143.95 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 131.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.21 131.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 106.57 131.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 141.86 131.35 Td (in ) Tj ET Q q 0 0 0 rg BT 152.07 131.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 158.78 131.35 Td ($10,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.90 131.35 Td ( ) Tj ET Q q 0 0 0 rg BT 194.95 131.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 236.65 131.35 Td (in ) Tj ET Q q 0 0 0 rg BT 246.86 131.35 Td (the ) Tj ET Q q 0 0 0 rg BT 261.74 131.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 304.02 131.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 350.39 131.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 409.01 131.35 Td (liability) Tj ET Q q 0 0 0 rg BT 440.99 131.35 Td (, ) Tj ET Q q 0 0 0 rg BT 445.66 131.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 484.44 131.35 Td (as ) Tj ET Q q 0 0 0 rg BT 495.23 131.35 Td (a ) Tj ET Q q 0 0 0 rg BT 501.94 131.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 527.89 131.35 Td (to ) Tj ET Q q 0 0 0 rg BT 538.10 131.35 Td (Other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 118.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.93 118.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 128.03 118.75 Td (in ) Tj ET Q q 0 0 0 rg BT 138.47 118.75 Td (the ) Tj ET Q q 0 0 0 rg BT 153.58 118.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 211.27 118.75 Td (Statement ) Tj ET Q q 0 0 0 rg BT 255.54 118.75 Td (of ) Tj ET Q q 0 0 0 rg BT 266.56 118.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 300.33 118.75 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 332.06 118.75 Td ( ) Tj ET Q q 0 0 0 rg BT 334.17 118.75 Td (The ) Tj ET Q q 0 0 0 rg BT 352.78 118.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 394.71 118.75 Td (was ) Tj ET Q q 0 0 0 rg BT 413.31 118.75 Td (of) Tj ET Q q 0 0 0 rg BT 421.87 118.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 439.31 118.75 Td (in ) Tj ET Q q 0 0 0 rg BT 449.76 118.75 Td (part ) Tj ET Q q 0 0 0 rg BT 468.36 118.75 Td (by ) Tj ET Q q 0 0 0 rg BT 481.14 118.75 Td (an ) Tj ET Q q 0 0 0 rg BT 493.32 118.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 530.00 118.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.02 118.75 Td ($299) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 106.15 Td (attributable ) Tj ET Q q 0 0 0 rg BT 100.75 106.15 Td (to ) Tj ET Q q 0 0 0 rg BT 111.86 106.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 148.61 106.15 Td (in ) Tj ET Q q 0 0 0 rg BT 159.72 106.15 Td (the ) Tj ET Q q 0 0 0 rg BT 175.48 106.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 218.06 106.15 Td (rate, ) Tj ET Q q 0 0 0 rg BT 239.36 106.15 Td (which ) Tj ET Q q 0 0 0 rg BT 267.95 106.15 Td (is ) Tj ET Q q 0 0 0 rg BT 277.89 106.15 Td (included ) Tj ET Q q 0 0 0 rg BT 316.99 106.15 Td (in ) Tj ET Q q 0 0 0 rg BT 327.44 106.15 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 386.36 106.15 Td (other ) Tj ET Q q 0 0 0 rg BT 410.87 106.15 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 477.37 106.15 Td (loss, ) Tj ET Q q 0 0 0 rg BT 499.27 106.15 Td (net, ) Tj ET Q q 0 0 0 rg BT 517.66 106.15 Td (as ) Tj ET Q q 0 0 0 rg BT 529.34 106.15 Td (Foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 93.55 Td (currency ) Tj ET Q q 0 0 0 rg BT 90.64 93.55 Td (translation ) Tj ET Q q 0 0 0 rg BT 138.89 93.55 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 191.51 93.55 Td (and ) Tj ET Q q 0 0 0 rg BT 210.59 93.55 Td (accretion. ) Tj ET Q q 0 0 0 rg BT 255.60 93.55 Td ( ) Tj ET Q q 0 0 0 rg BT 259.24 93.55 Td (The ) Tj ET Q q 0 0 0 rg BT 279.48 93.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 327.72 93.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 388.21 93.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 424.79 93.55 Td (is ) Tj ET Q q 0 0 0 rg BT 435.72 93.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 476.36 93.55 Td (at ) Tj ET Q q 0 0 0 rg BT 487.86 93.55 Td (an ) Tj ET Q q 0 0 0 rg BT 501.69 93.55 Td (entity ) Tj ET Q q 0 0 0 rg BT 529.52 93.55 Td (with ) Tj ET Q q 0 0 0 rg BT 552.10 93.55 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 80.95 Td (Australian ) Tj ET Q q 0 0 0 rg BT 96.66 80.95 Td (dollar ) Tj ET Q q 0 0 0 rg BT 124.08 80.95 Td (functional ) Tj ET Q q 0 0 0 rg BT 169.57 80.95 Td (currency) Tj ET Q q 0 0 0 rg BT 205.61 80.95 Td (, ) Tj ET Q q 0 0 0 rg BT 211.16 80.95 Td (such ) Tj ET Q q 0 0 0 rg BT 233.33 80.95 Td (that ) Tj ET Q q 0 0 0 rg BT 252.00 80.95 Td (related ) Tj ET Q q 0 0 0 rg BT 283.48 80.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 320.22 80.95 Td (in ) Tj ET Q q 0 0 0 rg BT 331.31 80.95 Td (the ) Tj ET Q q 0 0 0 rg BT 347.06 80.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 389.63 80.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 408.29 80.95 Td (do ) Tj ET Q q 0 0 0 rg BT 421.71 80.95 Td (not ) Tj ET Q q 0 0 0 rg BT 438.05 80.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 469.55 80.95 Td (net ) Tj ET Q q 0 0 0 rg BT 485.30 80.95 Td (income ) Tj ET Q q 0 0 0 rg BT 519.12 80.95 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 548.01 80.95 Td ( ) Tj ET Q q 0 0 0 rg BT 550.93 80.95 Td (Of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 68.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.27 68.35 Td (total ) Tj ET Q q 0 0 0 rg BT 84.38 68.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 130.14 68.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 188.15 68.35 Td (liability) Tj ET Q q 0 0 0 rg BT 220.13 68.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.20 68.35 Td ($7,791) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.08 68.35 Td ( ) Tj ET Q q 0 0 0 rg BT 254.52 68.35 Td (is ) Tj ET Q q 0 0 0 rg BT 262.96 68.35 Td (included ) Tj ET Q q 0 0 0 rg BT 300.56 68.35 Td (in ) Tj ET Q q 0 0 0 rg BT 310.17 68.35 Td (current ) Tj ET Q q 0 0 0 rg BT 341.34 68.35 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 389.45 68.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 447.46 68.35 Td (in ) Tj ET Q q 0 0 0 rg BT 457.07 68.35 Td (the ) Tj ET Q q 0 0 0 rg BT 471.34 68.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 528.20 68.35 Td (Balance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 55.75 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 75.95 55.75 Td (as ) Tj ET Q q 0 0 0 rg BT 87.33 55.75 Td (of ) Tj ET Q q 0 0 0 rg BT 98.70 55.75 Td (March ) Tj ET Q q 0 0 0 rg BT 128.73 55.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 144.48 55.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 170.73 55.75 Td (with ) Tj ET Q q 0 0 0 rg BT 192.02 55.75 Td (the ) Tj ET Q q 0 0 0 rg BT 207.47 55.75 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.67 55.75 Td ($9,653) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.54 55.75 Td ( ) Tj ET Q q 0 0 0 rg BT 284.17 55.75 Td (included ) Tj ET Q q 0 0 0 rg BT 322.95 55.75 Td (in ) Tj ET Q q 0 0 0 rg BT 333.74 55.75 Td (non-current ) Tj ET Q q 0 0 0 rg BT 385.35 55.75 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 434.64 55.75 Td (consideration.) Tj ET Q endstream endobj 217 0 obj <>] /Rotate 0 /Contents 218 0 R>> endobj 218 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (106) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.85 741.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.20 741.75 Td (has ) Tj ET Q q 0 0 0 rg BT 125.72 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 140.66 741.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 182.41 741.75 Td (pro ) Tj ET Q q 0 0 0 rg BT 197.93 741.75 Td (forma ) Tj ET Q q 0 0 0 rg BT 224.52 741.75 Td (combined ) Tj ET Q q 0 0 0 rg BT 267.45 741.75 Td (results ) Tj ET Q q 0 0 0 rg BT 296.39 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.65 741.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 351.91 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 365.68 741.75 Td (this ) Tj ET Q q 0 0 0 rg BT 382.37 741.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 429.97 741.75 Td (because ) Tj ET Q q 0 0 0 rg BT 464.72 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 479.07 741.75 Td (results ) Tj ET Q q 0 0 0 rg BT 508.01 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.28 741.75 Td (operations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 61.15 729.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 98.54 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 109.11 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 124.35 729.15 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 187.98 729.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 245.80 729.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 294.28 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 305.44 729.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 339.33 729.15 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 368.56 729.15 Td (would ) Tj ET Q q 0 0 0 rg BT 397.22 729.15 Td (not ) Tj ET Q q 0 0 0 rg BT 413.04 729.15 Td (have ) Tj ET Q q 0 0 0 rg BT 435.27 729.15 Td (been ) Tj ET Q q 0 0 0 rg BT 457.50 729.15 Td (materially ) Tj ET Q q 0 0 0 rg BT 502.47 729.15 Td (dif) Tj ET Q q 0 0 0 rg BT 513.94 729.15 Td (ferent. ) Tj ET Q q 0 0 0 rg BT 543.46 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 545.69 729.15 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.27 716.55 Td (results ) Tj ET Q q 0 0 0 rg BT 119.23 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 130.52 716.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 161.07 716.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 220.75 716.55 Td (included ) Tj ET Q q 0 0 0 rg BT 259.45 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 270.16 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 294.27 716.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 331.38 716.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 386.99 716.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 426.27 716.55 Td (results ) Tj ET Q q 0 0 0 rg BT 456.23 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 471.01 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 486.38 716.55 Td (year ) Tj ET Q q 0 0 0 rg BT 506.99 716.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 534.61 716.55 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.10 703.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 90.70 703.95 Td (include ) Tj ET Q q 0 0 0 rg BT 123.58 703.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 162.87 703.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 173.59 703.95 Td ($18,420) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.71 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 209.69 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 226.82 703.95 Td (did ) Tj ET Q q 0 0 0 rg BT 242.21 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 257.61 703.95 Td (have ) Tj ET Q q 0 0 0 rg BT 279.40 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 286.04 703.95 Td (material ) Tj ET Q q 0 0 0 rg BT 322.41 703.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 352.96 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 365.43 703.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 382.57 703.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 416.02 703.95 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 444.39 703.95 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 497.11 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 507.25 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 530.80 703.95 Td (Mason, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (Inc.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (See ) Tj ET Q q 0 0 0 rg BT 66.58 666.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.41 666.15 Td (18 ) Tj ET Q q 0 0 0 rg BT 100.33 666.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 141.99 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 156.23 666.15 Td (aggregate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.46 666.15 Td ($34,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.59 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 234.01 666.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 283.83 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 294.00 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 308.25 666.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 337.67 666.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 396.23 666.15 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 447.21 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 469.04 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 524.11 666.15 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 73.88 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 92.50 653.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 116.96 653.55 Td (name ) Tj ET Q q 0 0 0 rg BT 143.16 653.55 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 204.35 653.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 249.81 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 273.69 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 292.31 653.55 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.69 653.55 Td ($1) Tj ET Q q 0 0 0 rg BT 315.80 653.55 Td (1,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.42 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 342.89 653.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 386.01 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 397.64 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 413.94 653.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 457.64 653.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.43 653.55 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 85.29 640.95 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 134.58 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 145.37 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 175.40 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 191.15 640.95 Td (2017.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 82.97 615.75 Td (Currie ) Tj ET Q q 0 0 0 rg BT 114.19 615.75 Td (\(Holdings\) ) Tj ET Q q 0 0 0 rg BT 163.49 615.75 Td (Limited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (On ) Tj ET Q q 0 0 0 rg BT 65.81 603.15 Td (October ) Tj ET Q q 0 0 0 rg BT 102.60 603.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 113.44 603.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 140.04 603.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 164.59 603.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 196.14 603.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 235.26 603.15 Td (all ) Tj ET Q q 0 0 0 rg BT 248.73 603.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 300.70 603.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.92 603.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 367.88 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 379.60 603.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 411.15 603.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 440.95 603.15 Td (\(Holdings\) ) Tj ET Q q 0 0 0 rg BT 489.42 603.15 Td (Limited ) Tj ET Q q 0 0 0 rg BT 525.64 603.15 Td (\("Martin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (Currie"\), ) Tj ET Q q 0 0 0 rg BT 90.42 590.55 Td (an ) Tj ET Q q 0 0 0 rg BT 103.52 590.55 Td (international ) Tj ET Q q 0 0 0 rg BT 159.78 590.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 189.22 590.55 Td (specialist ) Tj ET Q q 0 0 0 rg BT 231.48 590.55 Td (based ) Tj ET Q q 0 0 0 rg BT 258.58 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 269.94 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 285.96 590.55 Td (United ) Tj ET Q q 0 0 0 rg BT 317.73 590.55 Td (Kingdom. ) Tj ET Q q 0 0 0 rg BT 363.21 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 366.17 590.55 Td (The ) Tj ET Q q 0 0 0 rg BT 385.68 590.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 434.95 590.55 Td (required ) Tj ET Q q 0 0 0 rg BT 473.12 590.55 Td (an ) Tj ET Q q 0 0 0 rg BT 486.23 590.55 Td (initial ) Tj ET Q q 0 0 0 rg BT 513.91 590.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 553.26 590.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td ($202,577) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.38 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 91.49 577.95 Td (\(using ) Tj ET Q q 0 0 0 rg BT 119.86 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 134.81 577.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 167.25 577.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 209.01 577.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 226.86 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 237.72 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 248.59 577.95 Td (October ) Tj ET Q q 0 0 0 rg BT 284.52 577.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 294.52 577.95 Td (2014 ) Tj ET Q q 0 0 0 rg BT 317.63 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 332.00 577.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.94 577.95 Td (�125,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.32 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 388.43 577.95 Td (contract ) Tj ET Q q 0 0 0 rg BT 424.36 577.95 Td (amount\), ) Tj ET Q q 0 0 0 rg BT 464.10 577.95 Td (which ) Tj ET Q q 0 0 0 rg BT 491.88 577.95 Td (was ) Tj ET Q q 0 0 0 rg BT 510.33 577.95 Td (funded ) Tj ET Q q 0 0 0 rg BT 541.60 577.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 86.46 565.35 Td (cash. ) Tj ET Q q 0 0 0 rg BT 110.94 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.15 565.35 Td (In ) Tj ET Q q 0 0 0 rg BT 126.10 565.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 166.34 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 174.21 565.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 221.74 565.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 281.51 565.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 320.88 565.35 Td (may ) Tj ET Q q 0 0 0 rg BT 342.16 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 355.27 565.35 Td (due ) Tj ET Q q 0 0 0 rg BT 373.64 565.35 Td (March ) Tj ET Q q 0 0 0 rg BT 404.25 565.35 Td (31 ) Tj ET Q q 0 0 0 rg BT 417.96 565.35 Td (following ) Tj ET Q q 0 0 0 rg BT 461.99 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 478.03 565.35 Td (third ) Tj ET Q q 0 0 0 rg BT 501.06 565.35 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 553.25 565.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (closing, ) Tj ET Q q 0 0 0 rg BT 85.14 552.75 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 136.89 552.75 Td (up ) Tj ET Q q 0 0 0 rg BT 149.58 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 159.93 552.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.76 552.75 Td ($407,403) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.14 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 264.32 552.75 Td (\(using ) Tj ET Q q 0 0 0 rg BT 292.76 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 307.77 552.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 340.28 552.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 382.11 552.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 400.03 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 410.96 552.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.90 552.75 Td (March ) Tj ET Q q 0 0 0 rg BT 451.48 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 466.80 552.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.80 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 489.98 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 504.41 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 519.42 552.75 Td (maximum ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (�325,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.38 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 92.13 540.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 128.69 540.15 Td (amount\), ) Tj ET Q q 0 0 0 rg BT 169.06 540.15 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 209.72 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 221.21 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 236.79 540.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 275.70 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 287.20 540.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 318.51 540.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 358.00 540.15 Td (pension ) Tj ET Q q 0 0 0 rg BT 393.42 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 411.33 540.15 Td (other ) Tj ET Q q 0 0 0 rg BT 435.65 540.15 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 487.70 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 505.61 540.15 Td (dependent ) Tj ET Q q 0 0 0 rg BT 551.51 540.15 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.73 527.55 Td (achievement ) Tj ET Q q 0 0 0 rg BT 119.68 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 130.33 527.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 160.79 527.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 199.42 527.55 Td (metrics ) Tj ET Q q 0 0 0 rg BT 232.22 527.55 Td (at ) Tj ET Q q 0 0 0 rg BT 241.70 527.55 Td (March ) Tj ET Q q 0 0 0 rg BT 271.00 527.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 286.02 527.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 311.55 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 322.19 527.55 Td (specified ) Tj ET Q q 0 0 0 rg BT 361.99 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 372.06 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 386.78 527.55 Td (share ) Tj ET Q q 0 0 0 rg BT 410.84 527.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 450.05 527.55 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 498.30 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 500.06 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 518.28 527.55 Td (agreement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (also ) Tj ET Q q 0 0 0 rg BT 69.47 514.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 109.36 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 124.16 514.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 163.46 514.95 Td (first ) Tj ET Q q 0 0 0 rg BT 182.94 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 200.66 514.95 Td (second ) Tj ET Q q 0 0 0 rg BT 232.37 514.95 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 283.91 514.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 330.80 514.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 373.60 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 384.90 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 396.21 514.95 Td (March ) Tj ET Q q 0 0 0 rg BT 426.17 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 441.86 514.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 465.42 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 483.14 514.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 509.32 514.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.37 514.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (however ) Tj ET Q q 0 0 0 rg BT 88.78 502.35 Td (no ) Tj ET Q q 0 0 0 rg BT 101.90 502.35 Td (such ) Tj ET Q q 0 0 0 rg BT 123.77 502.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 166.64 502.35 Td (were ) Tj ET Q q 0 0 0 rg BT 189.67 502.35 Td (due ) Tj ET Q q 0 0 0 rg BT 207.45 502.35 Td (based ) Tj ET Q q 0 0 0 rg BT 233.98 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 247.11 502.35 Td (relevant ) Tj ET Q q 0 0 0 rg BT 283.55 502.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 322.90 502.35 Td (metrics.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.77 477.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 85.78 477.15 Td (value ) Tj ET Q q 0 0 0 rg BT 110.96 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 122.15 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 137.42 477.15 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 189.42 477.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 233.85 477.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 256.71 477.15 Td (management ) Tj ET Q q 0 0 0 rg BT 312.79 477.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 353.14 477.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 375.99 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 385.43 477.15 Td (being ) Tj ET Q q 0 0 0 rg BT 411.20 477.15 Td (amortized ) Tj ET Q q 0 0 0 rg BT 455.63 477.15 Td (over ) Tj ET Q q 0 0 0 rg BT 476.73 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 483.83 477.15 Td (period ) Tj ET Q q 0 0 0 rg BT 513.10 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 524.28 477.15 Td (12 ) Tj ET Q q 0 0 0 rg BT 537.23 477.15 Td (years. ) Tj ET Q q 0 0 0 rg BT 564.63 477.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 92.00 464.55 Td (is ) Tj ET Q q 0 0 0 rg BT 101.34 464.55 Td (principally ) Tj ET Q q 0 0 0 rg BT 149.17 464.55 Td (attributable ) Tj ET Q q 0 0 0 rg BT 199.32 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 209.82 464.55 Td (syner) Tj ET Q q 0 0 0 rg BT 232.38 464.55 Td (gies ) Tj ET Q q 0 0 0 rg BT 251.63 464.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 291.27 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 301.77 464.55 Td (arise ) Tj ET Q q 0 0 0 rg BT 323.93 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 344.93 464.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 375.85 464.55 Td (Currie. ) Tj ET Q q 0 0 0 rg BT 407.63 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 409.80 464.55 Td (These ) Tj ET Q q 0 0 0 rg BT 437.21 464.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 475.69 464.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 520.02 464.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 546.85 464.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 89.96 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 105.40 451.95 Td (not ) Tj ET Q q 0 0 0 rg BT 121.45 451.95 Td (deductible ) Tj ET Q q 0 0 0 rg BT 167.81 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 182.67 451.95 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 205.71 451.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 221.17 451.95 Td (purposes.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 106.52 426.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 148.47 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.01 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.29 426.75 Td (values ) Tj ET Q q 0 0 0 rg BT 207.83 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 218.28 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 232.82 426.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 292.26 426.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 335.96 426.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 356.92 426.75 Td (management ) Tj ET Q q 0 0 0 rg BT 412.27 426.75 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 454.51 426.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 513.94 426.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 536.64 426.75 Td (name, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 68.86 414.15 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 122.12 414.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 167.81 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 191.92 414.15 Td (management ) Tj ET Q q 0 0 0 rg BT 249.27 414.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 290.87 414.15 Td (based ) Tj ET Q q 0 0 0 rg BT 318.48 414.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 343.18 414.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 392.37 414.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.73 414.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 437.67 414.15 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 479.57 414.15 Td (using ) Tj ET Q q 0 0 0 rg BT 506.03 414.15 Td (unobservable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (market ) Tj ET Q q 0 0 0 rg BT 82.30 401.55 Td (data ) Tj ET Q q 0 0 0 rg BT 102.94 401.55 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 134.39 401.55 Td (which ) Tj ET Q q 0 0 0 rg BT 163.20 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 179.17 401.55 Td (Level ) Tj ET Q q 0 0 0 rg BT 206.22 401.55 Td (3 ) Tj ET Q q 0 0 0 rg BT 214.62 401.55 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 280.46 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 283.39 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 302.86 401.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 350.34 401.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 405.41 401.55 Td (used ) Tj ET Q q 0 0 0 rg BT 427.81 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 439.12 401.55 Td (these ) Tj ET Q q 0 0 0 rg BT 463.85 401.55 Td (analyses ) Tj ET Q q 0 0 0 rg BT 502.57 401.55 Td (at ) Tj ET Q q 0 0 0 rg BT 513.30 401.55 Td (acquisition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (including ) Tj ET Q q 0 0 0 rg BT 92.29 388.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 133.98 388.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 164.59 388.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.87 388.95 Td (flows, ) Tj ET Q q 0 0 0 rg BT 214.46 388.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 255.57 388.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 282.69 388.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 315.07 388.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 337.51 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 355.30 388.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 393.50 388.95 Td (rates, ) Tj ET Q q 0 0 0 rg BT 418.58 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 434.02 388.95 Td (summarized ) Tj ET Q q 0 0 0 rg BT 487.96 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 499.33 388.95 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 363.45 224.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 363.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 363.45 202.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 363.45 8.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 363.45 74.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 318.45 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 318.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 318.45 202.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 318.45 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 318.45 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 363.45 m 479.5 363.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 363.45 m 561.5 363.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 318.45 m 479.5 318.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 318.45 m 561.5 318.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 318.45 m 479.5 318.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 318.45 m 561.5 318.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.90 368.22 Td (Projected Cash Flow Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 368.22 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 352.72 Td (Indefinite-life intangible fund management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 342.22 Td (contracts and indefinite-life trade name) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.90 342.22 Td (Up to 25% \(weighted-average: 11%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 342.22 Td (15.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.85 323.22 Td (Projected AUM Growth / \(Attrition\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 323.22 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 308.22 Td (Amortizable intangible asset management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.75 308.22 Td (6% / \(17\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 308.22 Td (15.0%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 278.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.00 278.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.25 278.75 Td (value ) Tj ET Q q 0 0 0 rg BT 108.66 278.75 Td (of ) Tj ET Q q 0 0 0 rg BT 119.08 278.75 Td (the ) Tj ET Q q 0 0 0 rg BT 133.59 278.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 179.58 278.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 237.83 278.75 Td (was ) Tj ET Q q 0 0 0 rg BT 255.83 278.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 297.74 278.75 Td (using ) Tj ET Q q 0 0 0 rg BT 322.17 278.75 Td (Monte ) Tj ET Q q 0 0 0 rg BT 351.26 278.75 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 376.26 278.75 Td (simulation ) Tj ET Q q 0 0 0 rg BT 422.27 278.75 Td (with ) Tj ET Q q 0 0 0 rg BT 442.62 278.75 Td (various ) Tj ET Q q 0 0 0 rg BT 475.20 278.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 532.86 278.75 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 266.15 Td (data ) Tj ET Q q 0 0 0 rg BT 70.18 266.15 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 101.18 266.15 Td (which ) Tj ET Q q 0 0 0 rg BT 129.53 266.15 Td (are ) Tj ET Q q 0 0 0 rg BT 145.05 266.15 Td (Level ) Tj ET Q q 0 0 0 rg BT 171.64 266.15 Td (3 ) Tj ET Q q 0 0 0 rg BT 179.59 266.15 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 244.97 266.15 Td ( ) Tj ET Q q 0 0 0 rg BT 247.47 266.15 Td (The ) Tj ET Q q 0 0 0 rg BT 266.49 266.15 Td (simulation ) Tj ET Q q 0 0 0 rg BT 313.52 266.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 361.70 266.15 Td (variables, ) Tj ET Q q 0 0 0 rg BT 404.92 266.15 Td (including ) Tj ET Q q 0 0 0 rg BT 446.69 266.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 473.88 266.15 Td (growth, ) Tj ET Q q 0 0 0 rg BT 508.95 266.15 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 253.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 65.11 253.55 Td (levels ) Tj ET Q q 0 0 0 rg BT 91.90 253.55 Td (and ) Tj ET Q q 0 0 0 rg BT 109.35 253.55 Td (relevant ) Tj ET Q q 0 0 0 rg BT 145.46 253.55 Td (product ) Tj ET Q q 0 0 0 rg BT 179.83 253.55 Td (performance. ) Tj ET Q q 0 0 0 rg BT 237.80 253.55 Td ( ) Tj ET Q q 0 0 0 rg BT 240.10 253.55 Td (Projected ) Tj ET Q q 0 0 0 rg BT 281.54 253.55 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 310.96 253.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 366.30 253.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 385.50 253.55 Td (and ) Tj ET Q q 0 0 0 rg BT 402.96 253.55 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 440.23 253.55 Td (payments ) Tj ET Q q 0 0 0 rg BT 482.77 253.55 Td (were ) Tj ET Q q 0 0 0 rg BT 505.47 253.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 553.25 253.55 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 240.95 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 103.06 240.95 Td ( ) Tj ET Q q 0 0 0 rg BT 105.11 240.95 Td (A) Tj ET Q q 0 0 0 rg BT 112.11 240.95 Td ( ) Tj ET Q q 0 0 0 rg BT 114.73 240.95 Td (summary ) Tj ET Q q 0 0 0 rg BT 156.44 240.95 Td (of ) Tj ET Q q 0 0 0 rg BT 167.81 240.95 Td (various ) Tj ET Q q 0 0 0 rg BT 201.35 240.95 Td (assumption ) Tj ET Q q 0 0 0 rg BT 251.81 240.95 Td (values ) Tj ET Q q 0 0 0 rg BT 281.26 240.95 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 230.45 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 230.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 230.45 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 200.45 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 200.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 200.45 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 170.45 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 170.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 170.45 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 140.45 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 140.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 140.45 218.00 -15.00 re f /GS0 gs BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 220.22 Td (AUM growth rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.50 220.22 Td (Weighted-average: 14%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 205.22 Td (Performance fee growth rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.50 205.22 Td (Weighted-average: 15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 190.22 Td (Discount rates:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 175.22 Td ( Projected AUM) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.40 175.22 Td (13.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 160.22 Td ( Projected performance fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.40 160.22 Td (15.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 145.22 Td ( Earn-out payments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.05 145.22 Td (1.3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 130.22 Td (AUM volatility) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.40 130.22 Td (18.8%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 100.75 Td (Significant ) Tj ET Q q 0 0 0 rg BT 98.11 100.75 Td (future ) Tj ET Q q 0 0 0 rg BT 125.22 100.75 Td (increases ) Tj ET Q q 0 0 0 rg BT 165.73 100.75 Td (\(decreases\) ) Tj ET Q q 0 0 0 rg BT 214.98 100.75 Td (in ) Tj ET Q q 0 0 0 rg BT 225.18 100.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 265.83 100.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 292.37 100.75 Td (or ) Tj ET Q q 0 0 0 rg BT 303.15 100.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 358.23 100.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 377.17 100.75 Td (would ) Tj ET Q q 0 0 0 rg BT 405.46 100.75 Td (result ) Tj ET Q q 0 0 0 rg BT 430.82 100.75 Td (in ) Tj ET Q q 0 0 0 rg BT 441.02 100.75 Td (a ) Tj ET Q q 0 0 0 rg BT 447.72 100.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 502.24 100.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 531.10 100.75 Td (\(lower\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 88.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.95 88.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 156.14 88.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 191.43 88.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.63 88.15 Td (value.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 62.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.66 62.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 115.32 62.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 174.23 62.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 209.23 62.95 Td (established ) Tj ET Q q 0 0 0 rg BT 258.22 62.95 Td (at ) Tj ET Q q 0 0 0 rg BT 268.14 62.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 300.80 62.95 Td (had ) Tj ET Q q 0 0 0 rg BT 318.30 62.95 Td (an ) Tj ET Q q 0 0 0 rg BT 330.55 62.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 378.96 62.95 Td (date ) Tj ET Q q 0 0 0 rg BT 398.79 62.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 415.69 62.95 Td (value ) Tj ET Q q 0 0 0 rg BT 440.77 62.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.85 62.95 Td ($75,21) Tj ET Q q 0 0 0 rg BT 480.34 62.95 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.59 62.95 Td ( ) Tj ET Q q 0 0 0 rg BT 487.92 62.95 Td (\(using ) Tj ET Q q 0 0 0 rg BT 516.51 62.95 Td (the ) Tj ET Q q 0 0 0 rg BT 531.68 62.95 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 50.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 92.15 50.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 110.39 50.35 Td (as ) Tj ET Q q 0 0 0 rg BT 121.65 50.35 Td (of ) Tj ET Q q 0 0 0 rg BT 132.90 50.35 Td (October ) Tj ET Q q 0 0 0 rg BT 169.23 50.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 179.61 50.35 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 209.24 50.35 Td ( ) Tj ET Q q 0 0 0 rg BT 211.19 50.35 Td (Actual ) Tj ET Q q 0 0 0 rg BT 241.69 50.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 284.44 50.35 Td (to ) Tj ET Q q 0 0 0 rg BT 295.11 50.35 Td (be ) Tj ET Q q 0 0 0 rg BT 307.53 50.35 Td (made ) Tj ET Q q 0 0 0 rg BT 332.78 50.35 Td (may ) Tj ET Q q 0 0 0 rg BT 353.36 50.35 Td (also ) Tj ET Q q 0 0 0 rg BT 372.78 50.35 Td (include ) Tj ET Q q 0 0 0 rg BT 406.20 50.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 444.29 50.35 Td (for ) Tj ET Q q 0 0 0 rg BT 459.04 50.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 490.11 50.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 529.36 50.35 Td (pension ) Tj ET Q endstream endobj 219 0 obj <>] /Rotate 0 /Contents 220 0 R>> endobj 220 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (107) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.36 741.75 Td (other ) Tj ET Q q 0 0 0 rg BT 91.14 741.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 140.01 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 157.96 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 172.98 741.75 Td (accounted ) Tj ET Q q 0 0 0 rg BT 217.74 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 232.18 741.75 Td (separately) Tj ET Q q 0 0 0 rg BT 274.06 741.75 Td (. ) Tj ET Q q 0 0 0 rg BT 278.89 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 280.61 741.75 Td (As ) Tj ET Q q 0 0 0 rg BT 294.48 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.43 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 335.03 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 350.36 741.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.36 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 376.19 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.22 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 407.99 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 432.93 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 443.88 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.91 741.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.44 741.75 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 85.34 729.15 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.35 729.15 Td ($12,018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.48 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 143.78 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 151.12 729.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 189.94 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.36 729.15 Td ($29,204) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 235.49 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 238.17 729.15 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.25 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 291.34 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 307.14 729.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.14 729.15 Td (. ) Tj ET Q q 0 0 0 rg BT 333.44 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 336.12 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 338.80 729.15 Td (During ) Tj ET Q q 0 0 0 rg BT 371.23 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 386.73 729.15 Td (year ) Tj ET Q q 0 0 0 rg BT 407.48 729.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 435.23 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 465.31 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 481.12 729.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 507.42 729.15 Td (reductions ) Tj ET Q q 0 0 0 rg BT 553.84 729.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 91.53 716.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 119.19 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 137.52 716.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 193.73 716.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 213.80 716.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 250.20 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 261.53 716.55 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.36 716.55 Td ($25,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.48 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 306.65 716.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 349.46 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 360.79 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 376.79 716.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 420.19 716.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 467.68 716.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 527.41 716.55 Td (liability) Tj ET Q q 0 0 0 rg BT 559.39 716.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 89.48 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 100.97 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 108.38 703.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 135.04 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 145.96 703.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 172.61 703.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 215.02 703.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 251.59 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 262.50 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 278.08 703.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 336.25 703.95 Td (Statement ) Tj ET Q q 0 0 0 rg BT 380.99 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 392.49 703.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 426.72 703.95 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 458.93 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 461.48 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 480.55 703.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 525.88 703.95 Td (decrease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.86 691.35 Td ($4,204) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.73 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 93.84 691.35 Td (was ) Tj ET Q q 0 0 0 rg BT 113.28 691.35 Td (attributable ) Tj ET Q q 0 0 0 rg BT 164.21 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 175.48 691.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 212.41 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 223.69 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 239.62 691.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 282.38 691.35 Td (rate, ) Tj ET Q q 0 0 0 rg BT 303.85 691.35 Td (which ) Tj ET Q q 0 0 0 rg BT 332.62 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 342.73 691.35 Td (included ) Tj ET Q q 0 0 0 rg BT 382.00 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 392.59 691.35 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 451.67 691.35 Td (other ) Tj ET Q q 0 0 0 rg BT 476.36 691.35 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 543.03 691.35 Td (loss, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (net, ) Tj ET Q q 0 0 0 rg BT 68.73 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 80.75 678.75 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 116.69 678.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 156.70 678.75 Td (translation ) Tj ET Q q 0 0 0 rg BT 204.30 678.75 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 256.27 678.75 Td (net ) Tj ET Q q 0 0 0 rg BT 272.38 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 284.40 678.75 Td (accretion. ) Tj ET Q q 0 0 0 rg BT 328.78 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 331.82 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 351.42 678.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 399.02 678.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 458.86 678.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 494.80 678.75 Td (was ) Tj ET Q q 0 0 0 rg BT 514.41 678.75 Td (included ) Tj ET Q q 0 0 0 rg BT 553.84 678.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (current ) Tj ET Q q 0 0 0 rg BT 82.22 666.15 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 131.37 666.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 190.42 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 201.07 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 216.39 666.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 274.29 666.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 310.59 666.15 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 336.40 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 347.63 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 358.86 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 388.75 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 404.36 666.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 430.47 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 448.12 666.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 487.33 666.15 Td (at ) Tj ET Q q 0 0 0 rg BT 497.39 666.15 Td (an ) Tj ET Q q 0 0 0 rg BT 509.79 666.15 Td (entity ) Tj ET Q q 0 0 0 rg BT 536.19 666.15 Td (with ) Tj ET Q q 0 0 0 rg BT 557.34 666.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (British ) Tj ET Q q 0 0 0 rg BT 81.21 653.55 Td (pound ) Tj ET Q q 0 0 0 rg BT 110.09 653.55 Td (functional ) Tj ET Q q 0 0 0 rg BT 155.28 653.55 Td (currency) Tj ET Q q 0 0 0 rg BT 191.33 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 196.58 653.55 Td (such ) Tj ET Q q 0 0 0 rg BT 218.45 653.55 Td (that ) Tj ET Q q 0 0 0 rg BT 236.82 653.55 Td (related ) Tj ET Q q 0 0 0 rg BT 268.01 653.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 304.45 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 315.24 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 330.70 653.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 372.97 653.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 391.33 653.55 Td (do ) Tj ET Q q 0 0 0 rg BT 404.45 653.55 Td (not ) Tj ET Q q 0 0 0 rg BT 420.49 653.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 451.69 653.55 Td (net ) Tj ET Q q 0 0 0 rg BT 467.15 653.55 Td (income ) Tj ET Q q 0 0 0 rg BT 500.68 653.55 Td (\(loss\). ) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (Martin ) Tj ET Q q 0 0 0 rg BT 81.79 628.35 Td (Currie ) Tj ET Q q 0 0 0 rg BT 112.42 628.35 Td (Defined ) Tj ET Q q 0 0 0 rg BT 148.29 628.35 Td (Benefit ) Tj ET Q q 0 0 0 rg BT 180.65 628.35 Td (Pension ) Tj ET Q q 0 0 0 rg BT 217.10 628.35 Td (Plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 81.51 615.75 Td (Currie ) Tj ET Q q 0 0 0 rg BT 111.27 615.75 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 150.95 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 158.54 615.75 Td (retirement ) Tj ET Q q 0 0 0 rg BT 204.62 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 222.71 615.75 Td (death ) Tj ET Q q 0 0 0 rg BT 248.38 615.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 284.55 615.75 Td (plan, ) Tj ET Q q 0 0 0 rg BT 308.19 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 315.78 615.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 350.20 615.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 382.28 615.75 Td (pension ) Tj ET Q q 0 0 0 rg BT 417.88 615.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 438.88 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 460.48 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 487.91 615.75 Td (held ) Tj ET Q q 0 0 0 rg BT 508.92 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 520.02 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 527.61 615.75 Td (separate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (trustee-administered ) Tj ET Q q 0 0 0 rg BT 138.25 603.15 Td (fund. ) Tj ET Q q 0 0 0 rg BT 162.66 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 165.19 603.15 Td (Plan ) Tj ET Q q 0 0 0 rg BT 186.39 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 213.42 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 228.77 603.15 Td (measured ) Tj ET Q q 0 0 0 rg BT 271.54 603.15 Td (at ) Tj ET Q q 0 0 0 rg BT 281.65 603.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 298.75 603.15 Td (value ) Tj ET Q q 0 0 0 rg BT 324.02 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 341.72 603.15 Td (comprised ) Tj ET Q q 0 0 0 rg BT 387.99 603.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.27 603.15 Td (65%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.52 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 421.05 603.15 Td (equities ) Tj ET Q q 0 0 0 rg BT 456.24 603.15 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 486.17 603.15 Td (1\) ) Tj ET Q q 0 0 0 rg BT 497.45 603.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.15 603.15 Td (35%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.39 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 536.92 603.15 Td (bonds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 79.98 590.55 Td (2\) ) Tj ET Q q 0 0 0 rg BT 91.31 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 102.65 590.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 113.98 590.55 Td (March ) Tj ET Q q 0 0 0 rg BT 143.96 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 159.67 590.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.67 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 185.88 590.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.63 590.55 Td (60%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.87 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 225.46 590.55 Td (equities ) Tj ET Q q 0 0 0 rg BT 260.70 590.55 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 290.68 590.55 Td (1\) ) Tj ET Q q 0 0 0 rg BT 302.02 590.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.76 590.55 Td (40%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.01 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 341.59 590.55 Td (bonds ) Tj ET Q q 0 0 0 rg BT 369.26 590.55 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 399.24 590.55 Td (2\) ) Tj ET Q q 0 0 0 rg BT 410.57 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 421.91 590.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.24 590.55 Td (March ) Tj ET Q q 0 0 0 rg BT 463.22 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 478.93 590.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.93 590.55 Td (. ) Tj ET Q q 0 0 0 rg BT 505.14 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 507.16 590.55 Td (Assumptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (used ) Tj ET Q q 0 0 0 rg BT 72.06 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 83.03 577.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 127.82 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 143.46 577.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 183.58 577.95 Td (return ) Tj ET Q q 0 0 0 rg BT 211.46 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 224.77 577.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 245.66 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 272.97 577.95 Td (tar) Tj ET Q q 0 0 0 rg BT 283.85 577.95 Td (gets ) Tj ET Q q 0 0 0 rg BT 303.58 577.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 311.05 577.95 Td (60%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.29 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 333.10 577.95 Td (/ ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.83 577.95 Td (40%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.08 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 360.89 577.95 Td (equity/bond ) Tj ET Q q 0 0 0 rg BT 413.86 577.95 Td (allocation ) Tj ET Q q 0 0 0 rg BT 458.07 577.95 Td (with ) Tj ET Q q 0 0 0 rg BT 479.55 577.95 Td (reference ) Tj ET Q q 0 0 0 rg BT 521.40 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 532.38 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 548.02 577.95 Td (15-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (year ) Tj ET Q q 0 0 0 rg BT 71.52 565.35 Td (FTSE ) Tj ET Q q 0 0 0 rg BT 99.48 565.35 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 123.35 565.35 Td (Gilt ) Tj ET Q q 0 0 0 rg BT 143.14 565.35 Td (yield ) Tj ET Q q 0 0 0 rg BT 167.59 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 183.28 565.35 Td (equities ) Tj ET Q q 0 0 0 rg BT 219.40 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 238.01 565.35 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 261.88 565.35 Td (long-dated ) Tj ET Q q 0 0 0 rg BT 310.24 565.35 Td (bond ) Tj ET Q q 0 0 0 rg BT 334.69 565.35 Td (yields ) Tj ET Q q 0 0 0 rg BT 363.23 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 378.92 565.35 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 410.09 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 413.54 565.35 Td (Plan ) Tj ET Q q 0 0 0 rg BT 435.66 565.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 478.19 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 494.46 565.35 Td (measured ) Tj ET Q q 0 0 0 rg BT 538.15 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 552.10 565.35 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 88.50 552.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 111.86 552.75 Td (using ) Tj ET Q q 0 0 0 rg BT 136.98 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 152.17 552.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 193.59 552.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 212.29 552.75 Td (method ) Tj ET Q q 0 0 0 rg BT 246.14 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 263.67 552.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 311.52 552.75 Td (at ) Tj ET Q q 0 0 0 rg BT 321.46 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 328.48 552.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 346.58 552.75 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 392.67 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 403.20 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 418.39 552.75 Td (current ) Tj ET Q q 0 0 0 rg BT 450.48 552.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 468.58 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 481.44 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 488.46 552.75 Td (high ) Tj ET Q q 0 0 0 rg BT 509.49 552.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 541.01 552.75 Td (bond ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.42 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 75.50 540.15 Td (local ) Tj ET Q q 0 0 0 rg BT 98.16 540.15 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 120.83 540.15 Td (market ) Tj ET Q q 0 0 0 rg BT 152.23 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 169.64 540.15 Td (currency) Tj ET Q q 0 0 0 rg BT 205.69 540.15 Td (. ) Tj ET Q q 0 0 0 rg BT 210.56 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 212.65 540.15 Td (There ) Tj ET Q q 0 0 0 rg BT 239.39 540.15 Td (were ) Tj ET Q q 0 0 0 rg BT 262.04 540.15 Td (no ) Tj ET Q q 0 0 0 rg BT 274.79 540.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 321.37 540.15 Td (concentrations ) Tj ET Q q 0 0 0 rg BT 384.85 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 395.85 540.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 413.85 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 424.27 540.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 444.60 540.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 471.35 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 482.35 540.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.35 540.15 Td (March ) Tj ET Q q 0 0 0 rg BT 523.00 540.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.38 540.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 540.15 Td (. ) Tj ET Q q 0 0 0 rg BT 564.63 540.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.03 527.55 Td (most ) Tj ET Q q 0 0 0 rg BT 92.15 527.55 Td (recent ) Tj ET Q q 0 0 0 rg BT 120.49 527.55 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 159.34 527.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 201.11 527.55 Td (was ) Tj ET Q q 0 0 0 rg BT 220.14 527.55 Td (performed ) Tj ET Q q 0 0 0 rg BT 266.57 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 278.02 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 289.47 527.55 Td (May ) Tj ET Q q 0 0 0 rg BT 311.41 527.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 327.24 527.55 Td (2013, ) Tj ET Q q 0 0 0 rg BT 353.56 527.55 Td (which ) Tj ET Q q 0 0 0 rg BT 381.93 527.55 Td (was ) Tj ET Q q 0 0 0 rg BT 400.96 527.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 436.90 527.55 Td (through ) Tj ET Q q 0 0 0 rg BT 472.26 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 487.79 527.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 536.57 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 554.43 527.55 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 99.18 514.95 Td (balance ) Tj ET Q q 0 0 0 rg BT 133.75 514.95 Td (sheet ) Tj ET Q q 0 0 0 rg BT 157.84 514.95 Td (dates. ) Tj ET Q q 0 0 0 rg BT 184.55 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 186.51 514.95 Td (Accrual ) Tj ET Q q 0 0 0 rg BT 222.25 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 233.51 514.95 Td (service ) Tj ET Q q 0 0 0 rg BT 265.76 514.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 292.18 514.95 Td (under ) Tj ET Q q 0 0 0 rg BT 318.60 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 333.94 514.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 354.53 514.95 Td (ceased ) Tj ET Q q 0 0 0 rg BT 385.02 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 398.04 514.95 Td (October ) Tj ET Q q 0 0 0 rg BT 434.37 514.95 Td (3, ) Tj ET Q q 0 0 0 rg BT 444.76 514.95 Td (2014. ) Tj ET Q q 0 0 0 rg BT 470.90 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 473.41 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 497.50 514.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 528.60 514.95 Td (uses ) Tj ET Q q 0 0 0 rg BT 549.19 514.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (corridor ) Tj ET Q q 0 0 0 rg BT 87.50 502.35 Td (approach ) Tj ET Q q 0 0 0 rg BT 129.66 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 141.51 502.35 Td (account ) Tj ET Q q 0 0 0 rg BT 177.85 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 193.77 502.35 Td (this ) Tj ET Q q 0 0 0 rg BT 212.63 502.35 Td (plan. ) Tj ET Q q 0 0 0 rg BT 237.02 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 240.70 502.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 270.62 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 287.14 502.35 Td (corridor ) Tj ET Q q 0 0 0 rg BT 324.64 502.35 Td (approach, ) Tj ET Q q 0 0 0 rg BT 369.42 502.35 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 409.25 502.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 435.10 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 453.94 502.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 482.71 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 496.90 502.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 518.66 502.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 546.84 502.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 91.71 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 107.16 489.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 144.77 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 162.56 489.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 200.18 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 211.56 489.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 238.10 489.75 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 304.29 489.75 Td (income ) Tj ET Q q 0 0 0 rg BT 337.83 489.75 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 366.42 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 369.05 489.75 Td (However) Tj ET Q q 0 0 0 rg BT 407.12 489.75 Td (, ) Tj ET Q q 0 0 0 rg BT 412.37 489.75 Td (if ) Tj ET Q q 0 0 0 rg BT 421.42 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 431.63 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.09 489.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 491.72 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 503.10 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 518.56 489.75 Td (next ) Tj ET Q q 0 0 0 rg BT 539.27 489.75 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (year) Tj ET Q q 0 0 0 rg BT 67.65 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 72.19 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 86.94 477.15 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 125.01 477.15 Td (gains ) Tj ET Q q 0 0 0 rg BT 149.09 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 166.17 477.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 193.18 477.15 Td (exceed ) Tj ET Q q 0 0 0 rg BT 224.25 477.15 Td (10% ) Tj ET Q q 0 0 0 rg BT 245.42 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 256.08 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 270.83 477.15 Td (greater ) Tj ET Q q 0 0 0 rg BT 301.90 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 312.56 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 327.31 477.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 343.81 477.15 Td (value ) Tj ET Q q 0 0 0 rg BT 368.47 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 379.13 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 393.88 477.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 413.88 477.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 440.30 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 450.97 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 465.72 477.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 485.72 477.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 516.79 477.15 Td (obligation, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 464.55 Td (excess ) Tj ET Q q 0 0 0 rg BT 95.48 464.55 Td (will ) Tj ET Q q 0 0 0 rg BT 114.44 464.55 Td (be ) Tj ET Q q 0 0 0 rg BT 126.98 464.55 Td (amortized ) Tj ET Q q 0 0 0 rg BT 171.58 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 182.96 464.55 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 246.25 464.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 282.69 464.55 Td (over ) Tj ET Q q 0 0 0 rg BT 303.97 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 319.42 464.55 Td (recovery ) Tj ET Q q 0 0 0 rg BT 358.77 464.55 Td (period ) Tj ET Q q 0 0 0 rg BT 388.22 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 399.60 464.55 Td (15 ) Tj ET Q q 0 0 0 rg BT 412.72 464.55 Td (years. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.07 439.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 106.56 439.35 Td (net ) Tj ET Q q 0 0 0 rg BT 121.14 439.35 Td (benefit ) Tj ET Q q 0 0 0 rg BT 152.04 439.35 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 198.99 439.35 Td (comprised ) Tj ET Q q 0 0 0 rg BT 244.48 439.35 Td (as ) Tj ET Q q 0 0 0 rg BT 254.97 439.35 Td (follows, ) Tj ET Q q 0 0 0 rg BT 290.85 439.35 Td (is ) Tj ET Q q 0 0 0 rg BT 299.60 439.35 Td (included ) Tj ET Q q 0 0 0 rg BT 337.50 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 347.42 439.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.99 439.35 Td (March ) Tj ET Q q 0 0 0 rg BT 391.14 439.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 406.01 439.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.01 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 428.76 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 445.67 439.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 471.04 439.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 528.20 439.35 Td (Balance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 80.04 426.75 Td (as ) Tj ET Q q 0 0 0 rg BT 91.41 426.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 117.94 426.75 Td (non-current ) Tj ET Q q 0 0 0 rg BT 169.55 426.75 Td (liabilities:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 401.25 322.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 401.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 401.25 91.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 401.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 401.25 91.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 360.25 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 360.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 360.25 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 360.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 360.25 91.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 401.25 m 371.5 401.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 401.25 m 466.5 401.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 401.25 m 561.5 401.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 401.25 m 561.5 401.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 360.25 m 371.5 360.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 360.25 m 466.5 360.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 360.25 m 561.5 360.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 345.25 m 371.5 345.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 345.25 m 466.5 345.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 345.25 m 561.5 345.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.00 406.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 406.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 390.52 Td (Fair value of plan assets \(at 5.4% and 5.2%, respectively, expected) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 380.02 Td (weighted-average long-term return\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.00 380.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.60 380.04 Td (59,623) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 380.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 380.02 Td (57,253) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 365.02 Td (Benefit obligation \(at 2.7% and 3.6%, respectively, discount rate\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.10 365.04 Td (\(97,137) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.50 365.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 365.02 Td (\(90,010) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 365.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 350.02 Td (Unfunded status \(excess of benefit obligation over plan assets\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.00 350.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.10 350.04 Td (\(37,514) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.50 350.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 350.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 350.02 Td (\(32,757) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 350.02 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 321.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 321.15 Td (change ) Tj ET Q q 0 0 0 rg BT 101.31 321.15 Td (in ) Tj ET Q q 0 0 0 rg BT 112.10 321.15 Td (the ) Tj ET Q q 0 0 0 rg BT 127.55 321.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 159.33 321.15 Td (obligation ) Tj ET Q q 0 0 0 rg BT 204.54 321.15 Td (is ) Tj ET Q q 0 0 0 rg BT 214.16 321.15 Td (summarized ) Tj ET Q q 0 0 0 rg BT 268.11 321.15 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 280.65 323.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 280.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 280.65 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 280.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 280.65 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 250.65 323.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 250.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 250.65 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 250.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 250.65 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 220.65 323.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 220.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 220.65 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 220.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 220.65 91.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 295.65 m 372.5 295.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 295.65 m 466.5 295.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 295.65 m 470.5 295.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 295.65 m 561.5 295.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 280.65 m 372.5 280.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 280.65 m 466.5 280.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 280.65 m 561.5 280.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 205.64999999999998 m 372.5 205.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 205.64999999999998 m 466.5 205.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 205.64999999999998 m 561.5 205.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 205.64999999999998 m 372.5 205.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 190.64999999999998 m 372.5 190.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 205.64999999999998 m 466.5 205.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 190.64999999999998 m 466.5 190.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 205.64999999999998 m 561.5 205.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 190.64999999999998 m 561.5 190.64999999999998 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.00 300.42 Td (Years ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.50 285.44 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 285.42 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 270.42 Td (Beginning benefit obligation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.00 270.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.60 270.44 Td (90,010) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 270.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 270.42 Td (98,110) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 255.42 Td (Interest costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 438.85 255.44 Td (2,904) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 255.42 Td (3,268) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 240.42 Td (Actuarial \(gain\) loss) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.60 240.44 Td (18,308) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 240.42 Td (\(6,922) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 240.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 225.42 Td (Benefits paid) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.35 225.44 Td (\(1,946) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.50 225.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 225.42 Td (\(1,524) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 225.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 210.42 Td (Exchange rate changes) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.10 210.44 Td (\(12,139) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.50 210.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 210.42 Td (\(2,922) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 210.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 195.42 Td (Ending benefit obligation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.00 195.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.60 195.44 Td (97,137) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 195.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 195.42 Td (90,010) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 221 0 obj <>] /Rotate 0 /Contents 222 0 R>> endobj 222 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (108) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 741.75 Td (change ) Tj ET Q q 0 0 0 rg BT 101.31 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.10 741.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 132.80 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 159.93 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 169.55 741.75 Td (summarized ) Tj ET Q q 0 0 0 rg BT 223.50 741.75 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 701.25 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 701.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 701.25 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 701.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 701.25 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 671.25 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 671.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 671.25 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 671.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 671.25 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 641.25 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 641.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 641.25 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 641.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 641.25 91.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 716.25 m 371.5 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 716.25 m 466.5 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 716.25 m 470.5 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 716.25 m 561.5 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 701.25 m 371.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 701.25 m 466.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 701.25 m 561.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 626.25 m 371.5 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 626.25 m 466.5 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 626.25 m 470.5 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 626.25 m 561.5 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 626.25 m 371.5 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 611.25 m 371.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 626.25 m 466.5 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 611.25 m 466.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 626.25 m 470.5 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 626.25 m 561.5 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 611.25 m 561.5 611.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.50 721.02 Td (Years ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.00 706.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 706.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 691.02 Td (Beginning plan assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.00 691.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.60 691.04 Td (57,253) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 691.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 691.02 Td (59,404) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 676.02 Td (Actual return on plan assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.60 676.04 Td (10,019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.25 676.02 Td (\(984) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 676.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 661.02 Td (Employer contributions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 438.85 661.04 Td (1,945) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 661.02 Td (2,262) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 646.02 Td (Benefits paid) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.35 646.04 Td (\(1,946) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.50 646.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 646.02 Td (\(1,524) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 646.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 631.02 Td (Exchange rate changes) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.35 631.04 Td (\(7,648) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.50 631.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 631.02 Td (\(1,905) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 631.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 616.02 Td (Ending plan assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.00 616.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.60 616.04 Td (59,623) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 616.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 616.02 Td (57,253) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 586.55 Td (For ) Tj ET Q q 0 0 0 rg BT 67.81 586.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.86 586.55 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 106.02 586.55 Td ( ) Tj ET Q q 0 0 0 rg BT 109.24 586.55 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 137.54 586.55 Td (March ) Tj ET Q q 0 0 0 rg BT 168.17 586.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 184.52 586.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 205.52 586.55 Td ( ) Tj ET Q q 0 0 0 rg BT 208.75 586.55 Td (and ) Tj ET Q q 0 0 0 rg BT 227.13 586.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 253.98 586.55 Td (a ) Tj ET Q q 0 0 0 rg BT 261.87 586.55 Td (net ) Tj ET Q q 0 0 0 rg BT 277.92 586.55 Td (periodic ) Tj ET Q q 0 0 0 rg BT 315.55 586.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 347.93 586.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 368.07 586.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.04 586.55 Td ($93) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.79 586.55 Td ( ) Tj ET Q q 0 0 0 rg BT 399.01 586.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.40 586.55 Td ($92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.15 586.55 Td (, ) Tj ET Q q 0 0 0 rg BT 439.00 586.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 489.04 586.55 Td (, ) Tj ET Q q 0 0 0 rg BT 494.89 586.55 Td (was ) Tj ET Q q 0 0 0 rg BT 514.45 586.55 Td (included ) Tj ET Q q 0 0 0 rg BT 553.83 586.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 573.95 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 113.29 573.95 Td (and ) Tj ET Q q 0 0 0 rg BT 131.07 573.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 166.94 573.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 203.38 573.95 Td (in ) Tj ET Q q 0 0 0 rg BT 214.17 573.95 Td (the ) Tj ET Q q 0 0 0 rg BT 229.63 573.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 287.67 573.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 336.37 573.95 Td (of ) Tj ET Q q 0 0 0 rg BT 347.74 573.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 381.85 573.95 Td (\(Loss\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 548.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 548.75 Td (components ) Tj ET Q q 0 0 0 rg BT 122.32 548.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.69 548.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.14 548.75 Td (net ) Tj ET Q q 0 0 0 rg BT 164.60 548.75 Td (periodic ) Tj ET Q q 0 0 0 rg BT 201.62 548.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 220.59 548.75 Td (\(gain\) ) Tj ET Q q 0 0 0 rg BT 248.28 548.75 Td (for ) Tj ET Q q 0 0 0 rg BT 263.15 548.75 Td (the ) Tj ET Q q 0 0 0 rg BT 278.61 548.75 Td (years ) Tj ET Q q 0 0 0 rg BT 303.39 548.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 331.08 548.75 Td (March ) Tj ET Q q 0 0 0 rg BT 361.11 548.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.86 548.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 400.49 548.75 Td (and ) Tj ET Q q 0 0 0 rg BT 418.27 548.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 444.52 548.75 Td (are ) Tj ET Q q 0 0 0 rg BT 459.96 548.75 Td (as ) Tj ET Q q 0 0 0 rg BT 471.34 548.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 523.25 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 523.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 523.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 523.25 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 523.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 493.25 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 493.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 493.25 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 493.25 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 493.25 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 523.25 m 350.5 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 523.25 m 454.5 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 523.25 m 562.5 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 523.25 m 562.5 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 493.25 m 350.5 493.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 478.25 m 350.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 493.25 m 454.5 493.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 478.25 m 454.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 493.25 m 562.5 493.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 478.25 m 562.5 478.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.50 528.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.50 528.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 513.02 Td (Interest costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 357.00 513.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.85 513.04 Td (2,904) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.00 513.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 513.02 Td (3,268) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 498.02 Td (Expected return on plan assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 498.04 Td (\(2,811) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 450.50 498.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 498.02 Td (\(3,176) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 498.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 483.02 Td (Net periodic benefit cost) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 357.00 483.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.00 483.04 Td (93) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.00 483.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 483.02 Td (92) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 454.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.07 454.15 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 105.12 454.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 132.12 454.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 142.78 454.15 Td ($16,681) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 176.90 454.15 Td ( ) Tj ET Q q 0 0 0 rg BT 178.81 454.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.88 454.15 Td ($6,821) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.76 454.15 Td ( ) Tj ET Q q 0 0 0 rg BT 226.67 454.15 Td (were ) Tj ET Q q 0 0 0 rg BT 248.98 454.15 Td (included ) Tj ET Q q 0 0 0 rg BT 287.04 454.15 Td (in ) Tj ET Q q 0 0 0 rg BT 296.70 454.15 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 354.58 454.15 Td (other ) Tj ET Q q 0 0 0 rg BT 378.07 454.15 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 443.54 454.15 Td (loss, ) Tj ET Q q 0 0 0 rg BT 464.41 454.15 Td (net, ) Tj ET Q q 0 0 0 rg BT 481.78 454.15 Td (in ) Tj ET Q q 0 0 0 rg BT 491.85 454.15 Td (the ) Tj ET Q q 0 0 0 rg BT 506.59 454.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 441.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 86.44 441.55 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 116.48 441.55 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.68 441.55 Td (March ) Tj ET Q q 0 0 0 rg BT 156.71 441.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.46 441.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 193.46 441.55 Td ( ) Tj ET Q q 0 0 0 rg BT 196.09 441.55 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.87 441.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.87 441.55 Td (, ) Tj ET Q q 0 0 0 rg BT 239.12 441.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 289.17 441.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 416.95 Td (As ) Tj ET Q q 0 0 0 rg BT 64.29 416.95 Td (of ) Tj ET Q q 0 0 0 rg BT 75.67 416.95 Td (March ) Tj ET Q q 0 0 0 rg BT 105.70 416.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.45 416.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 147.70 416.95 Td (the ) Tj ET Q q 0 0 0 rg BT 163.15 416.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 183.85 416.95 Td (expects ) Tj ET Q q 0 0 0 rg BT 217.96 416.95 Td (to ) Tj ET Q q 0 0 0 rg BT 228.75 416.95 Td (make ) Tj ET Q q 0 0 0 rg BT 254.12 416.95 Td (benefit ) Tj ET Q q 0 0 0 rg BT 285.90 416.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 328.76 416.95 Td (over ) Tj ET Q q 0 0 0 rg BT 350.05 416.95 Td (the ) Tj ET Q q 0 0 0 rg BT 365.50 416.95 Td (next ) Tj ET Q q 0 0 0 rg BT 386.20 416.95 Td (10 ) Tj ET Q q 0 0 0 rg BT 399.33 416.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 424.69 416.95 Td (years ) Tj ET Q q 0 0 0 rg BT 449.47 416.95 Td (as ) Tj ET Q q 0 0 0 rg BT 460.84 416.95 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 406.45 446.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 406.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 406.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 376.45 446.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 376.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 376.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 346.45 446.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 346.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 346.45 60.00 -15.00 re f /GS0 gs BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 396.22 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.00 396.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.75 396.22 Td (916) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 381.22 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 381.22 Td (1,114) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 366.22 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 366.22 Td (1,099) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 351.22 Td (2021) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 351.22 Td (1,346) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 336.22 Td (2022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 336.22 Td (1,771) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 321.22 Td (2023 - 2027) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.60 321.22 Td (11,381) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 292.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.18 292.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 116.37 292.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 175.79 292.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 218.89 292.35 Td (may ) Tj ET Q q 0 0 0 rg BT 239.83 292.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 274.76 292.35 Td (some ) Tj ET Q q 0 0 0 rg BT 299.78 292.35 Td (funding ) Tj ET Q q 0 0 0 rg BT 335.31 292.35 Td (of ) Tj ET Q q 0 0 0 rg BT 346.91 292.35 Td (the ) Tj ET Q q 0 0 0 rg BT 362.60 292.35 Td (net ) Tj ET Q q 0 0 0 rg BT 378.29 292.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 399.22 292.35 Td (benefit ) Tj ET Q q 0 0 0 rg BT 431.23 292.35 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 479.30 292.35 Td (through ) Tj ET Q q 0 0 0 rg BT 514.82 292.35 Td (a ) Tj ET Q q 0 0 0 rg BT 522.34 292.35 Td (provision ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 279.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.42 279.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.92 279.75 Td (share ) Tj ET Q q 0 0 0 rg BT 101.75 279.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 141.74 279.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 188.14 279.75 Td (requiring ) Tj ET Q q 0 0 0 rg BT 229.30 279.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 260.54 279.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 298.79 279.75 Td (to ) Tj ET Q q 0 0 0 rg BT 309.63 279.75 Td (be ) Tj ET Q q 0 0 0 rg BT 322.22 279.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 342.97 279.75 Td (to ) Tj ET Q q 0 0 0 rg BT 353.81 279.75 Td (the ) Tj ET Q q 0 0 0 rg BT 369.31 279.75 Td (plan. ) Tj ET Q q 0 0 0 rg BT 392.69 279.75 Td ( ) Tj ET Q q 0 0 0 rg BT 394.77 279.75 Td (Any ) Tj ET Q q 0 0 0 rg BT 415.53 279.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 462.53 279.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 521.77 279.75 Td (payments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 267.15 Td (to ) Tj ET Q q 0 0 0 rg BT 61.17 267.15 Td (the ) Tj ET Q q 0 0 0 rg BT 77.01 267.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 98.09 267.15 Td (are ) Tj ET Q q 0 0 0 rg BT 113.92 267.15 Td (based ) Tj ET Q q 0 0 0 rg BT 140.83 267.15 Td (on ) Tj ET Q q 0 0 0 rg BT 154.34 267.15 Td (determination ) Tj ET Q q 0 0 0 rg BT 215.66 267.15 Td (of ) Tj ET Q q 0 0 0 rg BT 227.42 267.15 Td (the ) Tj ET Q q 0 0 0 rg BT 243.25 267.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 264.34 267.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 296.50 267.15 Td (obligation ) Tj ET Q q 0 0 0 rg BT 342.08 267.15 Td (under ) Tj ET Q q 0 0 0 rg BT 369.00 267.15 Td (local ) Tj ET Q q 0 0 0 rg BT 392.41 267.15 Td (technical ) Tj ET Q q 0 0 0 rg BT 433.31 267.15 Td (provisions ) Tj ET Q q 0 0 0 rg BT 480.07 267.15 Td (utilized ) Tj ET Q q 0 0 0 rg BT 514.57 267.15 Td (by ) Tj ET Q q 0 0 0 rg BT 528.08 267.15 Td (the ) Tj ET Q q 0 0 0 rg BT 543.91 267.15 Td (plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 254.55 Td (trustees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 229.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.90 229.35 Td (Pensions ) Tj ET Q q 0 0 0 rg BT 108.81 229.35 Td (Regulator ) Tj ET Q q 0 0 0 rg BT 152.79 229.35 Td (in ) Tj ET Q q 0 0 0 rg BT 163.53 229.35 Td (the ) Tj ET Q q 0 0 0 rg BT 178.93 229.35 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 201.92 229.35 Td (\("the ) Tj ET Q q 0 0 0 rg BT 225.10 229.35 Td (Regulator"\), ) Tj ET Q q 0 0 0 rg BT 279.49 229.35 Td (is ) Tj ET Q q 0 0 0 rg BT 289.06 229.35 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 333.62 229.35 Td (the ) Tj ET Q q 0 0 0 rg BT 349.02 229.35 Td (pension ) Tj ET Q q 0 0 0 rg BT 384.26 229.35 Td (plan's ) Tj ET Q q 0 0 0 rg BT 410.89 229.35 Td (current ) Tj ET Q q 0 0 0 rg BT 443.19 229.35 Td (structure ) Tj ET Q q 0 0 0 rg BT 482.50 229.35 Td (and ) Tj ET Q q 0 0 0 rg BT 500.23 229.35 Td (funding ) Tj ET Q q 0 0 0 rg BT 535.47 229.35 Td (status. ) Tj ET Q q 0 0 0 rg BT 564.64 229.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 216.75 Td (While ) Tj ET Q q 0 0 0 rg BT 78.15 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 93.46 216.75 Td (review ) Tj ET Q q 0 0 0 rg BT 124.52 216.75 Td (is ) Tj ET Q q 0 0 0 rg BT 134.02 216.75 Td (still ) Tj ET Q q 0 0 0 rg BT 152.26 216.75 Td (in ) Tj ET Q q 0 0 0 rg BT 162.92 216.75 Td (process, ) Tj ET Q q 0 0 0 rg BT 199.53 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.85 216.75 Td (Regulator ) Tj ET Q q 0 0 0 rg BT 258.74 216.75 Td (has ) Tj ET Q q 0 0 0 rg BT 275.23 216.75 Td (expressed ) Tj ET Q q 0 0 0 rg BT 319.12 216.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 350.18 216.75 Td (concerns ) Tj ET Q q 0 0 0 rg BT 389.98 216.75 Td (that ) Tj ET Q q 0 0 0 rg BT 408.22 216.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 428.78 216.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 481.43 216.75 Td (ef) Tj ET Q q 0 0 0 rg BT 489.40 216.75 Td (fected ) Tj ET Q q 0 0 0 rg BT 517.53 216.75 Td (around ) Tj ET Q q 0 0 0 rg BT 549.18 216.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 204.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 99.73 204.15 Td (closing ) Tj ET Q q 0 0 0 rg BT 133.71 204.15 Td (were ) Tj ET Q q 0 0 0 rg BT 157.76 204.15 Td (detrimental ) Tj ET Q q 0 0 0 rg BT 209.22 204.15 Td (to ) Tj ET Q q 0 0 0 rg BT 221.04 204.15 Td (the ) Tj ET Q q 0 0 0 rg BT 237.52 204.15 Td (plan. ) Tj ET Q q 0 0 0 rg BT 261.87 204.15 Td ( ) Tj ET Q q 0 0 0 rg BT 265.25 204.15 Td (While ) Tj ET Q q 0 0 0 rg BT 294.56 204.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 326.79 204.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 357.26 204.15 Td (and ) Tj ET Q q 0 0 0 rg BT 376.07 204.15 Td (the ) Tj ET Q q 0 0 0 rg BT 392.55 204.15 Td (trustees ) Tj ET Q q 0 0 0 rg BT 428.27 204.15 Td (of ) Tj ET Q q 0 0 0 rg BT 440.67 204.15 Td (the ) Tj ET Q q 0 0 0 rg BT 457.14 204.15 Td (pension ) Tj ET Q q 0 0 0 rg BT 493.46 204.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 515.18 204.15 Td (dispute ) Tj ET Q q 0 0 0 rg BT 549.17 204.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 191.55 Td (Regulator's ) Tj ET Q q 0 0 0 rg BT 99.74 191.55 Td (concerns, ) Tj ET Q q 0 0 0 rg BT 142.04 191.55 Td (they ) Tj ET Q q 0 0 0 rg BT 162.47 191.55 Td (are ) Tj ET Q q 0 0 0 rg BT 177.65 191.55 Td (cooperating ) Tj ET Q q 0 0 0 rg BT 229.57 191.55 Td (with ) Tj ET Q q 0 0 0 rg BT 250.59 191.55 Td (the ) Tj ET Q q 0 0 0 rg BT 265.78 191.55 Td (Regulator ) Tj ET Q q 0 0 0 rg BT 309.54 191.55 Td (on ) Tj ET Q q 0 0 0 rg BT 322.40 191.55 Td (a ) Tj ET Q q 0 0 0 rg BT 329.42 191.55 Td (revised ) Tj ET Q q 0 0 0 rg BT 362.10 191.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 382.53 191.55 Td (structure, ) Tj ET Q q 0 0 0 rg BT 424.25 191.55 Td (which ) Tj ET Q q 0 0 0 rg BT 452.27 191.55 Td (will ) Tj ET Q q 0 0 0 rg BT 470.96 191.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 497.23 191.55 Td (result ) Tj ET Q q 0 0 0 rg BT 522.91 191.55 Td (in ) Tj ET Q q 0 0 0 rg BT 533.44 191.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 178.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 86.88 178.95 Td (to ) Tj ET Q q 0 0 0 rg BT 98.11 178.95 Td (the ) Tj ET Q q 0 0 0 rg BT 114.00 178.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 135.14 178.95 Td (structure, ) Tj ET Q q 0 0 0 rg BT 177.56 178.95 Td (including ) Tj ET Q q 0 0 0 rg BT 220.29 178.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 265.34 178.95 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 313.30 178.95 Td (and ) Tj ET Q q 0 0 0 rg BT 331.52 178.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 371.32 178.95 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 421.59 178.95 Td (funding ) Tj ET Q q 0 0 0 rg BT 457.32 178.95 Td (of ) Tj ET Q q 0 0 0 rg BT 469.13 178.95 Td (a ) Tj ET Q q 0 0 0 rg BT 476.85 178.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 510.24 178.95 Td (of ) Tj ET Q q 0 0 0 rg BT 522.05 178.95 Td (the ) Tj ET Q q 0 0 0 rg BT 537.94 178.95 Td (plan's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 166.35 Td (benefit ) Tj ET Q q 0 0 0 rg BT 82.41 166.35 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 134.95 166.35 Td ( ) Tj ET Q q 0 0 0 rg BT 137.49 166.35 Td (Absent ) Tj ET Q q 0 0 0 rg BT 170.49 166.35 Td (funding ) Tj ET Q q 0 0 0 rg BT 206.40 166.35 Td (from ) Tj ET Q q 0 0 0 rg BT 230.07 166.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 277.64 166.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 337.46 166.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 380.96 166.35 Td (or ) Tj ET Q q 0 0 0 rg BT 392.96 166.35 Td (any ) Tj ET Q q 0 0 0 rg BT 411.37 166.35 Td (requirement ) Tj ET Q q 0 0 0 rg BT 465.35 166.35 Td (from ) Tj ET Q q 0 0 0 rg BT 489.02 166.35 Td (the ) Tj ET Q q 0 0 0 rg BT 505.10 166.35 Td (Regulator ) Tj ET Q q 0 0 0 rg BT 549.76 166.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 153.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 94.44 153.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 137.13 153.75 Td (or ) Tj ET Q q 0 0 0 rg BT 148.32 153.75 Td (guarantees, ) Tj ET Q q 0 0 0 rg BT 198.28 153.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 229.31 153.75 Td (Currie ) Tj ET Q q 0 0 0 rg BT 258.58 153.75 Td (expects ) Tj ET Q q 0 0 0 rg BT 292.51 153.75 Td (to ) Tj ET Q q 0 0 0 rg BT 303.12 153.75 Td (contribute ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.14 153.75 Td ($1,880) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.01 153.75 Td ( ) Tj ET Q q 0 0 0 rg BT 379.46 153.75 Td (to ) Tj ET Q q 0 0 0 rg BT 390.07 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.35 153.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 425.87 153.75 Td (during ) Tj ET Q q 0 0 0 rg BT 455.73 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 471.00 153.75 Td (year ) Tj ET Q q 0 0 0 rg BT 491.52 153.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 519.03 153.75 Td (March ) Tj ET Q q 0 0 0 rg BT 548.88 153.75 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 141.15 Td (2018.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 116.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.92 116.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 115.83 116.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 174.99 116.55 Td (provisions ) Tj ET Q q 0 0 0 rg BT 221.33 116.55 Td (of ) Tj ET Q q 0 0 0 rg BT 232.67 116.55 Td (the ) Tj ET Q q 0 0 0 rg BT 248.09 116.55 Td (share ) Tj ET Q q 0 0 0 rg BT 272.83 116.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 312.74 116.55 Td (agreement ) Tj ET Q q 0 0 0 rg BT 359.05 116.55 Td (also ) Tj ET Q q 0 0 0 rg BT 378.56 116.55 Td (require ) Tj ET Q q 0 0 0 rg BT 410.88 116.55 Td (a ) Tj ET Q q 0 0 0 rg BT 418.13 116.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 465.62 116.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 513.68 116.55 Td (of ) Tj ET Q q 0 0 0 rg BT 525.02 116.55 Td (the ) Tj ET Q q 0 0 0 rg BT 540.44 116.55 Td (earn-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 103.95 Td (out ) Tj ET Q q 0 0 0 rg BT 66.34 103.95 Td (payments, ) Tj ET Q q 0 0 0 rg BT 112.13 103.95 Td (net ) Tj ET Q q 0 0 0 rg BT 127.88 103.95 Td (of ) Tj ET Q q 0 0 0 rg BT 139.55 103.95 Td (any ) Tj ET Q q 0 0 0 rg BT 157.63 103.95 Td (pension ) Tj ET Q q 0 0 0 rg BT 193.22 103.95 Td (contribution, ) Tj ET Q q 0 0 0 rg BT 250.09 103.95 Td (to ) Tj ET Q q 0 0 0 rg BT 261.18 103.95 Td (be ) Tj ET Q q 0 0 0 rg BT 274.02 103.95 Td (allocated ) Tj ET Q q 0 0 0 rg BT 314.83 103.95 Td (to ) Tj ET Q q 0 0 0 rg BT 325.92 103.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 348.09 103.95 Td (an ) Tj ET Q q 0 0 0 rg BT 360.93 103.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 402.33 103.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 423.33 103.95 Td (for ) Tj ET Q q 0 0 0 rg BT 438.50 103.95 Td (Martin ) Tj ET Q q 0 0 0 rg BT 470.00 103.95 Td (Currie's ) Tj ET Q q 0 0 0 rg BT 505.73 103.95 Td (management. ) Tj ET Q q 0 0 0 rg BT 564.62 103.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 91.35 Td (No ) Tj ET Q q 0 0 0 rg BT 64.93 91.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 107.26 91.35 Td (to ) Tj ET Q q 0 0 0 rg BT 117.52 91.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 164.52 91.35 Td (under ) Tj ET Q q 0 0 0 rg BT 190.52 91.35 Td (the ) Tj ET Q q 0 0 0 rg BT 205.44 91.35 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 260.01 91.35 Td (will ) Tj ET Q q 0 0 0 rg BT 278.43 91.35 Td (be ) Tj ET Q q 0 0 0 rg BT 290.44 91.35 Td (made ) Tj ET Q q 0 0 0 rg BT 315.27 91.35 Td (until ) Tj ET Q q 0 0 0 rg BT 336.62 91.35 Td (the ) Tj ET Q q 0 0 0 rg BT 351.54 91.35 Td (end ) Tj ET Q q 0 0 0 rg BT 368.79 91.35 Td (of ) Tj ET Q q 0 0 0 rg BT 379.63 91.35 Td (the ) Tj ET Q q 0 0 0 rg BT 394.55 91.35 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 431.63 91.35 Td (period. ) Tj ET Q q 0 0 0 rg BT 463.17 91.35 Td ( ) Tj ET Q q 0 0 0 rg BT 465.11 91.35 Td (The ) Tj ET Q q 0 0 0 rg BT 483.53 91.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 525.86 91.35 Td (payment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 78.75 Td (\(adjusted ) Tj ET Q q 0 0 0 rg BT 91.11 78.75 Td (quarterly\) ) Tj ET Q q 0 0 0 rg BT 135.14 78.75 Td (is ) Tj ET Q q 0 0 0 rg BT 144.76 78.75 Td (being ) Tj ET Q q 0 0 0 rg BT 170.72 78.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 215.32 78.75 Td (over ) Tj ET Q q 0 0 0 rg BT 236.61 78.75 Td (the ) Tj ET Q q 0 0 0 rg BT 252.06 78.75 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 289.67 78.75 Td (term.) Tj ET Q endstream endobj 223 0 obj <>] /Rotate 0 /Contents 224 0 R>> endobj 224 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (109) Tj ET Q BT /F4 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.48 729.15 Td (December ) Tj ET Q q 0 0 0 rg BT 105.34 729.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 130.70 729.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 161.01 729.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 189.56 729.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 227.43 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 257.73 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.95 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 294.43 729.15 Td (PK ) Tj ET Q q 0 0 0 rg BT 309.58 729.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 357.97 729.15 Td (Management, ) Tj ET Q q 0 0 0 rg BT 417.14 729.15 Td (LLP) Tj ET Q q 0 0 0 rg BT 435.41 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 437.14 729.15 Td (\("PK ) Tj ET Q q 0 0 0 rg BT 460.08 729.15 Td (Investments"\), ) Tj ET Q q 0 0 0 rg BT 522.96 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 529.35 729.15 Td (London ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (based ) Tj ET Q q 0 0 0 rg BT 75.60 716.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 103.54 716.55 Td (manager) Tj ET Q q 0 0 0 rg BT 139.27 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 143.59 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 157.52 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 169.13 716.55 Td (initial ) Tj ET Q q 0 0 0 rg BT 195.32 716.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 215.67 716.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 253.52 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.97 716.55 Td ($4,981) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.84 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 294.53 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 311.39 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 322.99 716.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 364.93 716.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 410.95 716.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 448.80 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.24 716.55 Td ($2,507) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.11 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 489.81 716.55 Td (due ) Tj ET Q q 0 0 0 rg BT 506.66 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 518.86 716.55 Td (December ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 66.63 703.95 Td (2017. ) Tj ET Q q 0 0 0 rg BT 93.77 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 97.02 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 116.86 703.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 151.86 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 164.12 703.95 Td (any ) Tj ET Q q 0 0 0 rg BT 182.79 703.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 220.71 703.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 268.54 703.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 308.21 703.95 Td (will ) Tj ET Q q 0 0 0 rg BT 328.05 703.95 Td (be ) Tj ET Q q 0 0 0 rg BT 341.47 703.95 Td (based ) Tj ET Q q 0 0 0 rg BT 368.89 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 382.90 703.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 414.97 703.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 455.21 703.95 Td (metrics. ) Tj ET Q q 0 0 0 rg BT 492.25 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 495.51 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 515.34 703.95 Td (initial ) Tj ET Q q 0 0 0 rg BT 543.35 703.95 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 88.82 691.35 Td (was ) Tj ET Q q 0 0 0 rg BT 107.81 691.35 Td (funded ) Tj ET Q q 0 0 0 rg BT 139.62 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 160.95 691.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 196.86 691.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 218.18 691.35 Td (resources. ) Tj ET Q q 0 0 0 rg BT 263.11 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 265.77 691.35 Td (In ) Tj ET Q q 0 0 0 rg BT 277.18 691.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 325.90 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 347.23 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 362.72 691.35 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 414.08 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 438.31 691.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 469.56 691.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 518.27 691.35 Td (indefinite-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (life ) Tj ET Q q 0 0 0 rg BT 66.62 678.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 111.23 678.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 133.10 678.75 Td (management ) Tj ET Q q 0 0 0 rg BT 189.38 678.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 229.90 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 247.69 678.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 287.65 678.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.02 678.75 Td ($6,619) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.89 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 330.52 678.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.30 678.75 Td ($827) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.30 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 374.55 678.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 424.60 678.75 Td (.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 66.05 653.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 108.35 653.55 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 153.28 653.55 Td (LLC) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.72 640.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 90.25 640.95 Td (May ) Tj ET Q q 0 0 0 rg BT 111.47 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 126.56 640.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 152.15 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 175.69 640.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 206.24 640.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 244.36 640.95 Td (all ) Tj ET Q q 0 0 0 rg BT 256.82 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 267.53 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 282.33 640.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 333.30 640.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 361.51 640.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 398.47 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 409.18 640.95 Td (QS ) Tj ET Q q 0 0 0 rg BT 424.57 640.95 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 467.66 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 474.29 640.95 Td (customized ) Tj ET Q q 0 0 0 rg BT 524.08 640.95 Td (solutions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.83 628.35 Td (global ) Tj ET Q q 0 0 0 rg BT 96.75 628.35 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 148.99 628.35 Td (equities ) Tj ET Q q 0 0 0 rg BT 184.33 628.35 Td (provider) Tj ET Q q 0 0 0 rg BT 219.32 628.35 Td (. ) Tj ET Q q 0 0 0 rg BT 224.61 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 227.09 628.35 Td (The ) Tj ET Q q 0 0 0 rg BT 246.09 628.35 Td (initial ) Tj ET Q q 0 0 0 rg BT 273.26 628.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 313.25 628.35 Td (price ) Tj ET Q q 0 0 0 rg BT 336.91 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 355.91 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 363.24 628.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 384.57 628.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 423.40 628.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.82 628.35 Td ($1) Tj ET Q q 0 0 0 rg BT 444.93 628.35 Td (1,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.56 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 473.85 628.35 Td (funded ) Tj ET Q q 0 0 0 rg BT 505.68 628.35 Td (from ) Tj ET Q q 0 0 0 rg BT 528.77 628.35 Td (existing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (cash. ) Tj ET Q q 0 0 0 rg BT 73.24 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 75.20 615.75 Td (In ) Tj ET Q q 0 0 0 rg BT 85.47 615.75 Td (August ) Tj ET Q q 0 0 0 rg BT 117.76 615.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 143.34 615.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 166.88 615.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 197.42 615.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 217.45 615.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 263.73 615.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 322.26 615.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.96 615.75 Td ($6,587) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.84 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 363.79 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 377.99 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 392.78 615.75 Td (second ) Tj ET Q q 0 0 0 rg BT 423.89 615.75 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 474.83 615.75 Td (payment. ) Tj ET Q q 0 0 0 rg BT 515.57 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 517.09 615.75 Td (Additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (contingent ) Tj ET Q q 0 0 0 rg BT 97.58 603.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 157.40 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 169.40 603.15 Td (up ) Tj ET Q q 0 0 0 rg BT 183.16 603.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.58 603.15 Td ($20,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.70 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 231.96 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 247.45 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 263.54 603.15 Td (fourth ) Tj ET Q q 0 0 0 rg BT 292.45 603.15 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 344.69 603.15 Td (payment, ) Tj ET Q q 0 0 0 rg BT 386.72 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 405.14 603.15 Td (up ) Tj ET Q q 0 0 0 rg BT 418.89 603.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.31 603.15 Td ($3,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.19 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 462.44 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 477.94 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 485.85 603.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 525.85 603.15 Td (catch-up ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 98.28 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 112.73 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 127.76 590.55 Td (second ) Tj ET Q q 0 0 0 rg BT 159.12 590.55 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 210.30 590.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 248.66 590.55 Td (shortfall, ) Tj ET Q q 0 0 0 rg BT 288.48 590.55 Td (may ) Tj ET Q q 0 0 0 rg BT 308.76 590.55 Td (be ) Tj ET Q q 0 0 0 rg BT 320.88 590.55 Td (due ) Tj ET Q q 0 0 0 rg BT 338.24 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 348.61 590.55 Td (July ) Tj ET Q q 0 0 0 rg BT 368.32 590.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 394.15 590.55 Td (dependent ) Tj ET Q q 0 0 0 rg BT 439.50 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 452.20 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 467.23 590.55 Td (achievement ) Tj ET Q q 0 0 0 rg BT 522.49 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 533.44 590.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (net ) Tj ET Q q 0 0 0 rg BT 65.45 577.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 101.31 577.95 Td (tar) Tj ET Q q 0 0 0 rg BT 112.19 577.95 Td (gets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.24 552.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.72 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 109.37 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 120.03 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 134.77 552.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 186.24 552.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 230.14 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 252.46 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 308.02 552.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 347.83 552.75 Td (had ) Tj ET Q q 0 0 0 rg BT 364.90 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 371.47 552.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 399.04 552.75 Td (life ) Tj ET Q q 0 0 0 rg BT 414.95 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 425.60 552.75 Td (10 ) Tj ET Q q 0 0 0 rg BT 438.02 552.75 Td (years ) Tj ET Q q 0 0 0 rg BT 462.08 552.75 Td (at ) Tj ET Q q 0 0 0 rg BT 471.57 552.75 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 522.18 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 524.10 552.75 Td (Purchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (price ) Tj ET Q q 0 0 0 rg BT 72.54 540.15 Td (allocated ) Tj ET Q q 0 0 0 rg BT 111.98 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 121.70 540.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 160.58 540.15 Td (is ) Tj ET Q q 0 0 0 rg BT 169.14 540.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 208.00 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 217.71 540.15 Td (be ) Tj ET Q q 0 0 0 rg BT 229.17 540.15 Td (deductible ) Tj ET Q q 0 0 0 rg BT 274.46 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 288.25 540.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 308.47 540.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 322.85 540.15 Td (purposes ) Tj ET Q q 0 0 0 rg BT 361.73 540.15 Td (over ) Tj ET Q q 0 0 0 rg BT 381.94 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 388.15 540.15 Td (period ) Tj ET Q q 0 0 0 rg BT 416.52 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 426.82 540.15 Td (15 ) Tj ET Q q 0 0 0 rg BT 438.87 540.15 Td (years. ) Tj ET Q q 0 0 0 rg BT 465.20 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 466.75 540.15 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 507.97 540.15 Td (is ) Tj ET Q q 0 0 0 rg BT 516.52 540.15 Td (principally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (attributable ) Tj ET Q q 0 0 0 rg BT 100.44 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 111.23 527.55 Td (syner) Tj ET Q q 0 0 0 rg BT 133.79 527.55 Td (gies ) Tj ET Q q 0 0 0 rg BT 153.33 527.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 193.26 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 204.05 527.55 Td (arise ) Tj ET Q q 0 0 0 rg BT 226.50 527.55 Td (with ) Tj ET Q q 0 0 0 rg BT 247.79 527.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 263.84 527.55 Td (Investors.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.65 502.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 150.73 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 166.40 502.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 183.81 502.35 Td (values ) Tj ET Q q 0 0 0 rg BT 213.47 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 225.06 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 240.72 502.35 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 293.12 502.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 337.95 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 361.20 502.35 Td (management ) Tj ET Q q 0 0 0 rg BT 417.69 502.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 458.42 502.35 Td (based ) Tj ET Q q 0 0 0 rg BT 485.17 502.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 509.01 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 516.51 502.35 Td (discounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 71.26 489.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 93.11 489.75 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 132.17 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 149.93 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 165.36 489.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 212.29 489.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 271.46 489.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 311.37 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 322.14 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 334.66 489.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 355.34 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 373.10 489.75 Td (discounted, ) Tj ET Q q 0 0 0 rg BT 423.82 489.75 Td (based ) Tj ET Q q 0 0 0 rg BT 450.33 489.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 473.94 489.75 Td (probability-weighted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 85.43 477.15 Td (projections, ) Tj ET Q q 0 0 0 rg BT 136.92 477.15 Td (using ) Tj ET Q q 0 0 0 rg BT 161.88 477.15 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 220.07 477.15 Td (market ) Tj ET Q q 0 0 0 rg BT 251.43 477.15 Td (data ) Tj ET Q q 0 0 0 rg BT 271.12 477.15 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 301.63 477.15 Td (which ) Tj ET Q q 0 0 0 rg BT 329.49 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 344.52 477.15 Td (Level ) Tj ET Q q 0 0 0 rg BT 370.63 477.15 Td (3 ) Tj ET Q q 0 0 0 rg BT 378.08 477.15 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 442.98 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 445.03 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 463.56 477.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 510.09 477.15 Td (assumptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (used ) Tj ET Q q 0 0 0 rg BT 71.55 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 82.01 464.55 Td (these ) Tj ET Q q 0 0 0 rg BT 105.88 464.55 Td (analyses ) Tj ET Q q 0 0 0 rg BT 143.76 464.55 Td (at ) Tj ET Q q 0 0 0 rg BT 153.63 464.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 202.01 464.55 Td (including ) Tj ET Q q 0 0 0 rg BT 243.97 464.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 285.33 464.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 315.62 464.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 336.57 464.55 Td (flows, ) Tj ET Q q 0 0 0 rg BT 364.83 464.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 404.44 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 421.90 464.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 459.78 464.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 484.53 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 499.65 464.55 Td (summarized ) Tj ET Q q 0 0 0 rg BT 553.26 464.55 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (follows: ) Tj ET Q q 0 0 0 rg BT 87.04 451.95 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 426.45 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 426.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 426.45 202.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 426.45 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 426.45 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 392.45 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 392.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 392.45 202.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 392.45 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 392.45 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 426.45 m 479.5 426.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 426.45 m 561.5 426.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 426.45 m 479.5 426.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 392.45 m 479.5 392.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 392.45 m 561.5 392.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.90 431.22 Td (Projected Cash Flow Attrition, Net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 431.22 Td (Discount Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 416.22 Td (Amortizable intangible asset management contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.90 416.22 Td (\(10.0\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.40 416.22 Td (15.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.15 397.22 Td (Projected Revenue Growth Rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.05 397.22 Td (Discount Rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 382.22 Td (Contingent consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.75 382.22 Td (0% to 10% \(weighted-average: 6%\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.00 382.22 Td (1.2% / 2.1%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 352.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.07 352.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.23 352.75 Td (March ) Tj ET Q q 0 0 0 rg BT 105.03 352.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.56 352.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.56 352.75 Td (, ) Tj ET Q q 0 0 0 rg BT 146.59 352.75 Td (the ) Tj ET Q q 0 0 0 rg BT 161.83 352.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 178.80 352.75 Td (value ) Tj ET Q q 0 0 0 rg BT 203.95 352.75 Td (of ) Tj ET Q q 0 0 0 rg BT 215.10 352.75 Td (the ) Tj ET Q q 0 0 0 rg BT 230.33 352.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 277.06 352.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 336.03 352.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 371.10 352.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.84 352.75 Td ($4,841) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.71 352.75 Td (, ) Tj ET Q q 0 0 0 rg BT 423.74 352.75 Td (a ) Tj ET Q q 0 0 0 rg BT 430.81 352.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 469.35 352.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 352.75 Td ($8,908) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.37 352.75 Td ( ) Tj ET Q q 0 0 0 rg BT 511.78 352.75 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.59 352.75 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 340.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.40 340.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.40 340.15 Td (, ) Tj ET Q q 0 0 0 rg BT 91.29 340.15 Td (which ) Tj ET Q q 0 0 0 rg BT 119.22 340.15 Td (reflects ) Tj ET Q q 0 0 0 rg BT 152.39 340.15 Td (the ) Tj ET Q q 0 0 0 rg BT 167.49 340.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 205.91 340.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 248.43 340.15 Td (above, ) Tj ET Q q 0 0 0 rg BT 278.40 340.15 Td (of) Tj ET Q q 0 0 0 rg BT 286.95 340.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 304.38 340.15 Td (in ) Tj ET Q q 0 0 0 rg BT 314.82 340.15 Td (part ) Tj ET Q q 0 0 0 rg BT 333.42 340.15 Td (by ) Tj ET Q q 0 0 0 rg BT 346.19 340.15 Td (accretion. ) Tj ET Q q 0 0 0 rg BT 389.56 340.15 Td ( ) Tj ET Q q 0 0 0 rg BT 391.83 340.15 Td (In ) Tj ET Q q 0 0 0 rg BT 402.84 340.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 442.15 340.15 Td (during ) Tj ET Q q 0 0 0 rg BT 471.83 340.15 Td (the ) Tj ET Q q 0 0 0 rg BT 486.93 340.15 Td (year ) Tj ET Q q 0 0 0 rg BT 507.27 340.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 534.61 340.15 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 327.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 66.71 327.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 93.92 327.55 Td (a ) Tj ET Q q 0 0 0 rg BT 102.16 327.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 145.40 327.55 Td (in ) Tj ET Q q 0 0 0 rg BT 157.15 327.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 199.80 327.55 Td (net ) Tj ET Q q 0 0 0 rg BT 216.21 327.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 253.02 327.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 289.85 327.55 Td (in ) Tj ET Q q 0 0 0 rg BT 301.60 327.55 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.84 327.55 Td ($2,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.72 327.55 Td ( ) Tj ET Q q 0 0 0 rg BT 342.30 327.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 385.54 327.55 Td (in ) Tj ET Q q 0 0 0 rg BT 397.29 327.55 Td (the ) Tj ET Q q 0 0 0 rg BT 413.70 327.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 457.52 327.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.43 327.55 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 314.95 Td (liability) Tj ET Q q 0 0 0 rg BT 81.98 314.95 Td (, ) Tj ET Q q 0 0 0 rg BT 87.35 314.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 126.81 314.95 Td (as ) Tj ET Q q 0 0 0 rg BT 138.29 314.95 Td (a ) Tj ET Q q 0 0 0 rg BT 145.69 314.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 172.33 314.95 Td (to ) Tj ET Q q 0 0 0 rg BT 183.24 314.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 209.88 314.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 252.27 314.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 288.83 314.95 Td (in ) Tj ET Q q 0 0 0 rg BT 299.74 314.95 Td (the ) Tj ET Q q 0 0 0 rg BT 315.30 314.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 373.45 314.95 Td (Statement ) Tj ET Q q 0 0 0 rg BT 418.18 314.95 Td (of ) Tj ET Q q 0 0 0 rg BT 429.67 314.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 463.89 314.95 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 496.08 314.95 Td ( ) Tj ET Q q 0 0 0 rg BT 498.62 314.95 Td (The ) Tj ET Q q 0 0 0 rg BT 517.69 314.95 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 302.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.66 302.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 143.43 302.35 Td (was ) Tj ET Q q 0 0 0 rg BT 161.85 302.35 Td (included ) Tj ET Q q 0 0 0 rg BT 200.11 302.35 Td (in ) Tj ET Q q 0 0 0 rg BT 210.37 302.35 Td (non-current ) Tj ET Q q 0 0 0 rg BT 261.45 302.35 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 310.21 302.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 368.88 302.35 Td (in ) Tj ET Q q 0 0 0 rg BT 379.14 302.35 Td (the ) Tj ET Q q 0 0 0 rg BT 394.07 302.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 451.58 302.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 487.49 302.35 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 512.91 302.35 Td (as ) Tj ET Q q 0 0 0 rg BT 523.76 302.35 Td (of ) Tj ET Q q 0 0 0 rg BT 534.60 302.35 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 289.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.75 289.75 Td (2017.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 264.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.47 264.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.94 264.55 Td (integrated ) Tj ET Q q 0 0 0 rg BT 150.82 264.55 Td (two ) Tj ET Q q 0 0 0 rg BT 169.46 264.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 205.60 264.55 Td (af) Tj ET Q q 0 0 0 rg BT 213.57 264.55 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 247.66 264.55 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 307.70 264.55 Td (and ) Tj ET Q q 0 0 0 rg BT 325.75 264.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 350.22 264.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 381.70 264.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 412.53 264.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 438.12 264.55 Td (Allocation, ) Tj ET Q q 0 0 0 rg BT 487.96 264.55 Td (into ) Tj ET Q q 0 0 0 rg BT 507.19 264.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 523.51 264.55 Td (Investors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 251.95 Td (to ) Tj ET Q q 0 0 0 rg BT 61.02 251.95 Td (capture ) Tj ET Q q 0 0 0 rg BT 94.76 251.95 Td (syner) Tj ET Q q 0 0 0 rg BT 117.32 251.95 Td (gies ) Tj ET Q q 0 0 0 rg BT 137.08 251.95 Td (and ) Tj ET Q q 0 0 0 rg BT 155.10 251.95 Td (leverage ) Tj ET Q q 0 0 0 rg BT 193.50 251.95 Td (the ) Tj ET Q q 0 0 0 rg BT 209.18 251.95 Td (best ) Tj ET Q q 0 0 0 rg BT 228.95 251.95 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 279.61 251.95 Td (of ) Tj ET Q q 0 0 0 rg BT 291.21 251.95 Td (each ) Tj ET Q q 0 0 0 rg BT 313.29 251.95 Td (entity) Tj ET Q q 0 0 0 rg BT 336.52 251.95 Td (. ) Tj ET Q q 0 0 0 rg BT 342.00 251.95 Td ( ) Tj ET Q q 0 0 0 rg BT 344.85 251.95 Td (In ) Tj ET Q q 0 0 0 rg BT 356.45 251.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 405.37 251.95 Td (with ) Tj ET Q q 0 0 0 rg BT 426.88 251.95 Td (the ) Tj ET Q q 0 0 0 rg BT 442.56 251.95 Td (integration, ) Tj ET Q q 0 0 0 rg BT 493.53 251.95 Td (total ) Tj ET Q q 0 0 0 rg BT 515.04 251.95 Td (char) Tj ET Q q 0 0 0 rg BT 532.92 251.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 549.77 251.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 239.35 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 106.03 239.35 Td (and ) Tj ET Q q 0 0 0 rg BT 123.57 239.35 Td (transition ) Tj ET Q q 0 0 0 rg BT 165.62 239.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 189.00 239.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 200.12 239.35 Td ($38,404) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.25 239.35 Td ( ) Tj ET Q q 0 0 0 rg BT 236.63 239.35 Td (were ) Tj ET Q q 0 0 0 rg BT 259.41 239.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 307.85 239.35 Td (through ) Tj ET Q q 0 0 0 rg BT 342.89 239.35 Td (the ) Tj ET Q q 0 0 0 rg BT 358.10 239.35 Td (completion ) Tj ET Q q 0 0 0 rg BT 407.72 239.35 Td (of ) Tj ET Q q 0 0 0 rg BT 418.85 239.35 Td (the ) Tj ET Q q 0 0 0 rg BT 434.06 239.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 454.52 239.35 Td (in ) Tj ET Q q 0 0 0 rg BT 465.06 239.35 Td (March ) Tj ET Q q 0 0 0 rg BT 494.85 239.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 510.35 239.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 536.36 239.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 226.75 Td (includes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 87.41 226.75 Td ($35,846) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.53 226.75 Td ( ) Tj ET Q q 0 0 0 rg BT 123.95 226.75 Td (for ) Tj ET Q q 0 0 0 rg BT 138.61 226.75 Td (the ) Tj ET Q q 0 0 0 rg BT 153.85 226.75 Td (year ) Tj ET Q q 0 0 0 rg BT 174.34 226.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 201.82 226.75 Td (March ) Tj ET Q q 0 0 0 rg BT 231.64 226.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 247.19 226.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 273.23 226.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 314.72 226.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 353.86 226.75 Td (in ) Tj ET Q q 0 0 0 rg BT 364.44 226.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 427.52 226.75 Td (and ) Tj ET Q q 0 0 0 rg BT 445.10 226.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 480.75 226.75 Td (in ) Tj ET Q q 0 0 0 rg BT 491.34 226.75 Td (the ) Tj ET Q q 0 0 0 rg BT 506.58 226.75 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 214.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 97.92 214.15 Td (of ) Tj ET Q q 0 0 0 rg BT 108.51 214.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 141.84 214.15 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 173.13 214.15 Td ( ) Tj ET Q q 0 0 0 rg BT 174.84 214.15 Td (These ) Tj ET Q q 0 0 0 rg BT 201.75 214.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 224.60 214.15 Td (were ) Tj ET Q q 0 0 0 rg BT 246.84 214.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 287.76 214.15 Td (comprised ) Tj ET Q q 0 0 0 rg BT 333.34 214.15 Td (of ) Tj ET Q q 0 0 0 rg BT 343.93 214.15 Td (char) Tj ET Q q 0 0 0 rg BT 361.80 214.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 377.64 214.15 Td (for ) Tj ET Q q 0 0 0 rg BT 391.73 214.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 434.39 214.15 Td (termination ) Tj ET Q q 0 0 0 rg BT 484.63 214.15 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 522.34 214.15 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 201.55 Td (severance ) Tj ET Q q 0 0 0 rg BT 94.23 201.55 Td (and ) Tj ET Q q 0 0 0 rg BT 112.23 201.55 Td (retention ) Tj ET Q q 0 0 0 rg BT 152.39 201.55 Td (incentives, ) Tj ET Q q 0 0 0 rg BT 200.43 201.55 Td (as ) Tj ET Q q 0 0 0 rg BT 212.02 201.55 Td (well ) Tj ET Q q 0 0 0 rg BT 232.94 201.55 Td (as ) Tj ET Q q 0 0 0 rg BT 244.53 201.55 Td (real ) Tj ET Q q 0 0 0 rg BT 263.11 201.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 289.85 201.55 Td (related ) Tj ET Q q 0 0 0 rg BT 321.26 201.55 Td (char) Tj ET Q q 0 0 0 rg BT 339.13 201.55 Td (ges. ) Tj ET Q q 0 0 0 rg BT 357.97 201.55 Td (Any ) Tj ET Q q 0 0 0 rg BT 378.90 201.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 423.73 201.55 Td (char) Tj ET Q q 0 0 0 rg BT 441.61 201.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 458.45 201.55 Td (related ) Tj ET Q q 0 0 0 rg BT 489.85 201.55 Td (to ) Tj ET Q q 0 0 0 rg BT 500.86 201.55 Td (the ) Tj ET Q q 0 0 0 rg BT 516.53 201.55 Td (integration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 188.95 Td (are ) Tj ET Q q 0 0 0 rg BT 65.44 188.95 Td (not ) Tj ET Q q 0 0 0 rg BT 81.49 188.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 121.42 188.95 Td (to ) Tj ET Q q 0 0 0 rg BT 132.21 188.95 Td (be ) Tj ET Q q 0 0 0 rg BT 144.75 188.95 Td (material.) Tj ET Q endstream endobj 225 0 obj <>] /Rotate 0 /Contents 226 0 R>> endobj 226 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.50 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 91.09 741.75 Td (below ) Tj ET Q q 0 0 0 rg BT 118.93 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 155.51 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 162.35 741.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 203.61 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 214.53 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 250.53 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 260.87 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.88 741.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 331.71 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 349.04 741.75 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 422.94 741.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 457.79 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 480.38 741.75 Td (December ) Tj ET Q q 0 0 0 rg BT 525.69 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 541.00 741.75 Td (2013 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (through ) Tj ET Q q 0 0 0 rg BT 85.29 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 115.32 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 131.07 729.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 157.32 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 175.10 729.15 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 224.38 729.15 Td (char) Tj ET Q q 0 0 0 rg BT 242.26 729.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 258.88 729.15 Td (incurred ) Tj ET Q q 0 0 0 rg BT 296.49 729.15 Td (through ) Tj ET Q q 0 0 0 rg BT 331.78 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 347.23 729.15 Td (completion ) Tj ET Q q 0 0 0 rg BT 397.10 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 408.47 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 423.92 729.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 444.62 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 455.42 729.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 480.78 729.15 Td (2015:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 703.65 244.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 703.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 703.65 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 703.65 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 703.65 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 703.65 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 703.65 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 675.65 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 675.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 675.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 675.65 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 675.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 675.65 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 675.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 645.65 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 645.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 645.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 645.65 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 645.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 645.65 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 645.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 615.65 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 615.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 615.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 615.65 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 615.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 615.65 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 615.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.65 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 585.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 585.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 585.65 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 585.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 585.65 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 585.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 555.65 244.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 555.65 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 555.65 77.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 555.65 15.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 555.65 77.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 555.65 16.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 555.65 77.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 518.65 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 518.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 518.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 518.65 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 518.65 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 518.65 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 518.65 77.00 -15.00 re f /GS0 gs 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s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 675.65 m 467.5 675.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 675.65 m 560.5 675.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 675.65 m 467.5 675.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 675.65 m 560.5 675.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 630.65 m 294.5 630.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 630.65 m 375.5 630.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 630.65 m 467.5 630.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 630.65 m 560.5 630.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 630.65 m 294.5 630.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 630.65 m 467.5 630.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 630.65 m 560.5 630.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 600.65 m 294.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 600.65 m 375.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 600.65 m 467.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 600.65 m 560.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 600.65 m 294.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 600.65 m 375.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 600.65 m 467.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 600.65 m 560.5 600.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 570.65 m 294.5 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 570.65 m 375.5 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 570.65 m 467.5 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 570.65 m 560.5 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 570.65 m 294.5 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 555.65 m 294.5 555.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 555.65 m 375.5 555.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 570.65 m 467.5 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 555.65 m 467.5 555.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 570.65 m 560.5 570.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 555.65 m 560.5 555.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 503.65 m 375.5 503.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 503.65 m 467.5 503.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 503.65 m 560.5 503.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 503.65 m 294.5 503.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 488.65 m 294.5 488.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 488.65 m 375.5 488.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 488.65 m 467.5 488.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 488.65 m 560.5 488.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 457.65 m 294.5 457.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 457.65 m 375.5 457.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 457.65 m 467.5 457.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 457.65 m 560.5 457.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.15 708.42 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.50 708.42 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.75 708.42 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 693.87 Td (Balance as of December 31, 2013) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.00 693.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.00 693.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.00 693.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.00 693.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.00 693.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 546.00 693.87 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 679.87 Td (Accrued charges) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.85 679.87 Td (2,161) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.75 679.87 Td (111) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 679.87 Td (2,272) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 665.42 Td (Balance as of March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.85 665.42 Td (2,161) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.75 665.42 Td (111) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 665.42 Td (2,272) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 650.42 Td (Accrued charges) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.60 650.42 Td (22,897) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.85 650.42 Td (9,720) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.00 652.60 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.60 650.42 Td (32,617) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 635.42 Td (Payments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.10 635.42 Td (\(24,658) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.50 635.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.35 635.42 Td (\(3,940) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 635.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.10 635.42 Td (\(28,598) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.50 635.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 620.42 Td (Balance as of March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.75 620.42 Td (400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.85 620.42 Td (5,891) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 620.42 Td (6,291) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 605.42 Td (Payments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.25 605.42 Td (\(400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.50 605.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.35 605.42 Td (\(2,148) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 605.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.35 605.42 Td (\(2,548) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.50 605.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 590.42 Td (Balance as of March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.00 590.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.85 590.42 Td (3,743) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 590.42 Td (3,743) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 575.42 Td (Payments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.00 575.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.35 575.42 Td (\(1,522) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 575.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.35 575.42 Td (\(1,522) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.50 575.42 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 560.44 Td (Balance as of March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 301.00 560.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 361.00 560.44 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 560.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.85 560.44 Td (2,221) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 486.00 560.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 532.85 560.44 Td (2,221) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 538.42 Td (Non-cash char) Tj ET Q q 0 0 0 rg BT 113.74 538.42 Td (ges) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 127.74 543.18 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 523.42 Td ( Year ended March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.00 523.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.00 523.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.00 523.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.75 523.42 Td (286) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.00 523.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.75 523.42 Td (286) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 508.42 Td ( Year ended March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.85 508.42 Td (1,659) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.85 508.42 Td (1,570) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 508.42 Td (3,229) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 493.42 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.00 493.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.85 493.42 Td (1,659) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.00 493.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.85 493.42 Td (1,856) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.00 493.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 493.42 Td (3,515) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 462.42 Td (Cumulative charges incurred through March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.00 462.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.60 462.42 Td (26,717) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.00 462.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.60 462.42 Td (11,687) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.00 462.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.60 462.42 Td (38,404) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 448.55 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 448.55 Td (Includes ) Tj ET Q q 0 0 0 rg BT 97.10 448.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 115.09 448.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 129.54 448.55 Td (reserve ) Tj ET Q q 0 0 0 rg BT 154.63 448.55 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.30 448.55 Td ($6,760) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 448.55 Td ( ) Tj ET Q q 0 0 0 rg BT 187.30 448.55 Td (for ) Tj ET Q q 0 0 0 rg BT 198.63 448.55 Td (space ) Tj ET Q q 0 0 0 rg BT 218.39 448.55 Td (permanently ) Tj ET Q q 0 0 0 rg BT 260.38 448.55 Td (abandoned. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 438.95 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 438.95 Td (Includes ) Tj ET Q q 0 0 0 rg BT 97.10 438.95 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 136.87 438.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 183.30 438.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 211.07 438.95 Td (and ) Tj ET Q q 0 0 0 rg BT 224.62 438.95 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 262.58 438.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 281.02 438.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 298.57 438.95 Td (depreciation.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 413.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 95.22 413.75 Td (Guard, ) Tj ET Q q 0 0 0 rg BT 128.48 413.75 Td (LLC) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.15 Td (On ) Tj ET Q q 0 0 0 rg BT 65.22 401.15 Td (August ) Tj ET Q q 0 0 0 rg BT 98.61 401.15 Td (17, ) Tj ET Q q 0 0 0 rg BT 114.79 401.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 141.48 401.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 166.11 401.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 197.75 401.15 Td (acquired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 236.96 401.15 Td (82%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.20 401.15 Td ( ) Tj ET Q q 0 0 0 rg BT 259.26 401.15 Td (of ) Tj ET Q q 0 0 0 rg BT 271.07 401.15 Td (the ) Tj ET Q q 0 0 0 rg BT 286.95 401.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 316.26 401.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 354.31 401.15 Td (in ) Tj ET Q q 0 0 0 rg BT 365.53 401.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 407.67 401.15 Td (Guard, ) Tj ET Q q 0 0 0 rg BT 439.59 401.15 Td (LLC ) Tj ET Q q 0 0 0 rg BT 462.48 401.15 Td (\("Financial ) Tj ET Q q 0 0 0 rg BT 512.39 401.15 Td (Guard"\), ) Tj ET Q q 0 0 0 rg BT 552.10 401.15 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.55 Td (online ) Tj ET Q q 0 0 0 rg BT 79.65 388.55 Td (registered ) Tj ET Q q 0 0 0 rg BT 124.45 388.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 173.94 388.55 Td (advisor ) Tj ET Q q 0 0 0 rg BT 208.25 388.55 Td (and ) Tj ET Q q 0 0 0 rg BT 226.82 388.55 Td (technology-enabled ) Tj ET Q q 0 0 0 rg BT 313.03 388.55 Td (wealth ) Tj ET Q q 0 0 0 rg BT 344.42 388.55 Td (management ) Tj ET Q q 0 0 0 rg BT 401.47 388.55 Td (and ) Tj ET Q q 0 0 0 rg BT 420.04 388.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 469.52 388.55 Td (advice ) Tj ET Q q 0 0 0 rg BT 500.33 388.55 Td (platform. ) Tj ET Q q 0 0 0 rg BT 542.52 388.55 Td ( ) Tj ET Q q 0 0 0 rg BT 545.68 388.55 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 375.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 98.79 375.95 Td (required ) Tj ET Q q 0 0 0 rg BT 136.48 375.95 Td (an ) Tj ET Q q 0 0 0 rg BT 149.10 375.95 Td (initial ) Tj ET Q q 0 0 0 rg BT 176.31 375.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 197.67 375.95 Td (payment, ) Tj ET Q q 0 0 0 rg BT 239.16 375.95 Td (which ) Tj ET Q q 0 0 0 rg BT 267.53 375.95 Td (was ) Tj ET Q q 0 0 0 rg BT 286.57 375.95 Td (funded ) Tj ET Q q 0 0 0 rg BT 318.44 375.95 Td (with ) Tj ET Q q 0 0 0 rg BT 339.82 375.95 Td (existing ) Tj ET Q q 0 0 0 rg BT 375.78 375.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 397.14 375.95 Td (resources, ) Tj ET Q q 0 0 0 rg BT 442.13 375.95 Td (and ) Tj ET Q q 0 0 0 rg BT 460.00 375.95 Td (a ) Tj ET Q q 0 0 0 rg BT 467.37 375.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 514.40 375.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 553.27 375.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.35 Td (up ) Tj ET Q q 0 0 0 rg BT 63.43 363.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.53 363.35 Td ($3,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.40 363.35 Td ( ) Tj ET Q q 0 0 0 rg BT 106.33 363.35 Td (based ) Tj ET Q q 0 0 0 rg BT 133.17 363.35 Td (on ) Tj ET Q q 0 0 0 rg BT 146.60 363.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 178.09 363.35 Td (metrics ) Tj ET Q q 0 0 0 rg BT 211.93 363.35 Td (within ) Tj ET Q q 0 0 0 rg BT 241.70 363.35 Td (the ) Tj ET Q q 0 0 0 rg BT 257.46 363.35 Td (first ) Tj ET Q q 0 0 0 rg BT 277.30 363.35 Td (year ) Tj ET Q q 0 0 0 rg BT 298.30 363.35 Td (after ) Tj ET Q q 0 0 0 rg BT 320.46 363.35 Td (the ) Tj ET Q q 0 0 0 rg BT 336.22 363.35 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 387.85 363.35 Td ( ) Tj ET Q q 0 0 0 rg BT 390.78 363.35 Td (In ) Tj ET Q q 0 0 0 rg BT 402.46 363.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 451.46 363.35 Td (with ) Tj ET Q q 0 0 0 rg BT 473.05 363.35 Td (the ) Tj ET Q q 0 0 0 rg BT 488.81 363.35 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 540.44 363.35 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 350.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.85 350.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 129.18 350.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 160.01 350.75 Td (business ) Tj ET Q q 0 0 0 rg BT 197.87 350.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 224.64 350.75 Td (and ) Tj ET Q q 0 0 0 rg BT 242.07 350.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 281.68 350.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.69 350.75 Td ($1) Tj ET Q q 0 0 0 rg BT 302.80 350.75 Td (1,995) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.43 350.75 Td (. ) Tj ET Q q 0 0 0 rg BT 331.32 350.75 Td ( ) Tj ET Q q 0 0 0 rg BT 333.59 350.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 357.44 350.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 388.29 350.75 Td (also ) Tj ET Q q 0 0 0 rg BT 407.48 350.75 Td (committed ) Tj ET Q q 0 0 0 rg BT 454.65 350.75 Td (to ) Tj ET Q q 0 0 0 rg BT 465.09 350.75 Td (contribute ) Tj ET Q q 0 0 0 rg BT 509.93 350.75 Td (up ) Tj ET Q q 0 0 0 rg BT 522.70 350.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.14 350.75 Td ($5,000) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.75 338.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 106.75 338.15 Td (working ) Tj ET Q q 0 0 0 rg BT 144.76 338.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 175.75 338.15 Td (to ) Tj ET Q q 0 0 0 rg BT 186.92 338.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 229.00 338.15 Td (Guard, ) Tj ET Q q 0 0 0 rg BT 260.87 338.15 Td (to ) Tj ET Q q 0 0 0 rg BT 272.05 338.15 Td (be ) Tj ET Q q 0 0 0 rg BT 284.97 338.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 306.05 338.15 Td (over ) Tj ET Q q 0 0 0 rg BT 327.71 338.15 Td (the ) Tj ET Q q 0 0 0 rg BT 343.55 338.15 Td (two ) Tj ET Q q 0 0 0 rg BT 362.31 338.15 Td (year ) Tj ET Q q 0 0 0 rg BT 383.38 338.15 Td (period ) Tj ET Q q 0 0 0 rg BT 413.21 338.15 Td (following ) Tj ET Q q 0 0 0 rg BT 457.05 338.15 Td (the ) Tj ET Q q 0 0 0 rg BT 472.89 338.15 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 524.60 338.15 Td (of ) Tj ET Q q 0 0 0 rg BT 536.35 338.15 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.55 Td ($1,250) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.88 325.55 Td ( ) Tj ET Q q 0 0 0 rg BT 82.55 325.55 Td (has ) Tj ET Q q 0 0 0 rg BT 100.22 325.55 Td (been ) Tj ET Q q 0 0 0 rg BT 123.71 325.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 145.46 325.55 Td (as ) Tj ET Q q 0 0 0 rg BT 157.88 325.55 Td (of ) Tj ET Q q 0 0 0 rg BT 170.30 325.55 Td (March ) Tj ET Q q 0 0 0 rg BT 201.38 325.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 218.17 325.55 Td (2017. ) Tj ET Q q 0 0 0 rg BT 245.47 325.55 Td ( ) Tj ET Q q 0 0 0 rg BT 249.14 325.55 Td (During ) Tj ET Q q 0 0 0 rg BT 282.56 325.55 Td (the ) Tj ET Q q 0 0 0 rg BT 299.06 325.55 Td (year ) Tj ET Q q 0 0 0 rg BT 320.80 325.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 349.55 325.55 Td (March ) Tj ET Q q 0 0 0 rg BT 380.62 325.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 397.42 325.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 424.72 325.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.22 325.55 Td ($2,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.09 325.55 Td ( ) Tj ET Q q 0 0 0 rg BT 473.77 325.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 517.68 325.55 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 312.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 109.19 312.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 148.54 312.95 Td (at ) Tj ET Q q 0 0 0 rg BT 158.75 312.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 207.45 312.95 Td (was ) Tj ET Q q 0 0 0 rg BT 226.40 312.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 262.26 312.95 Td (to ) Tj ET Q q 0 0 0 rg BT 273.05 312.95 Td (zero. ) Tj ET Q endstream endobj 227 0 obj <>] /Rotate 0 /Contents 228 0 R>> endobj 228 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.36 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 308.22 31.25 Td (1) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 94.62 741.90 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 151.79 741.90 Td (LLC) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (On ) Tj ET Q q 0 0 0 rg BT 65.24 729.30 Td (January ) Tj ET Q q 0 0 0 rg BT 100.30 729.30 Td (22, ) Tj ET Q q 0 0 0 rg BT 115.84 729.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 141.87 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.85 729.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 196.84 729.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 235.40 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 242.47 729.30 Td (minority ) Tj ET Q q 0 0 0 rg BT 281.04 729.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 309.70 729.30 Td (position ) Tj ET Q q 0 0 0 rg BT 345.94 729.30 Td (in ) Tj ET Q q 0 0 0 rg BT 356.52 729.30 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 398.58 729.30 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 454.36 729.30 Td (LLC ) Tj ET Q q 0 0 0 rg BT 476.60 729.30 Td (\("Precidian"\), ) Tj ET Q q 0 0 0 rg BT 536.85 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 543.92 729.30 Td (firm ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (specializing ) Tj ET Q q 0 0 0 rg BT 103.12 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 114.26 716.70 Td (creating ) Tj ET Q q 0 0 0 rg BT 151.05 716.70 Td (innovative ) Tj ET Q q 0 0 0 rg BT 198.34 716.70 Td (products ) Tj ET Q q 0 0 0 rg BT 237.48 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 255.61 716.70 Td (solutions ) Tj ET Q q 0 0 0 rg BT 296.51 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 314.64 716.70 Td (solving ) Tj ET Q q 0 0 0 rg BT 348.53 716.70 Td (market ) Tj ET Q q 0 0 0 rg BT 380.66 716.70 Td (structure ) Tj ET Q q 0 0 0 rg BT 420.37 716.70 Td (issues, ) Tj ET Q q 0 0 0 rg BT 451.05 716.70 Td (particularly ) Tj ET Q q 0 0 0 rg BT 502.42 716.70 Td (with ) Tj ET Q q 0 0 0 rg BT 524.06 716.70 Td (regard ) Tj ET Q q 0 0 0 rg BT 553.84 716.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 704.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 109.28 704.10 Td (T) Tj ET Q q 0 0 0 rg BT 115.33 704.10 Td (raded ) Tj ET Q q 0 0 0 rg BT 141.27 704.10 Td (Funds ) Tj ET Q q 0 0 0 rg BT 169.57 704.10 Td (marketplace.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.12 678.90 Td (transaction ) Tj ET Q q 0 0 0 rg BT 115.98 678.90 Td (required ) Tj ET Q q 0 0 0 rg BT 152.76 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 159.22 678.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 179.67 678.90 Td (payment, ) Tj ET Q q 0 0 0 rg BT 220.25 678.90 Td (which ) Tj ET Q q 0 0 0 rg BT 247.71 678.90 Td (was ) Tj ET Q q 0 0 0 rg BT 265.83 678.90 Td (funded ) Tj ET Q q 0 0 0 rg BT 296.79 678.90 Td (from ) Tj ET Q q 0 0 0 rg BT 318.99 678.90 Td (existing ) Tj ET Q q 0 0 0 rg BT 354.04 678.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 374.49 678.90 Td (resources. ) Tj ET Q q 0 0 0 rg BT 418.56 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 420.36 678.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 448.39 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 463.02 678.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 488.14 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 498.68 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 513.31 678.90 Td (transaction, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.88 666.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.76 666.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 143.21 666.30 Td (series ) Tj ET Q q 0 0 0 rg BT 169.42 666.30 Td (B ) Tj ET Q q 0 0 0 rg BT 178.72 666.30 Td (preferred ) Tj ET Q q 0 0 0 rg BT 219.49 666.30 Td (units ) Tj ET Q q 0 0 0 rg BT 242.21 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 253.26 666.30 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 295.21 666.30 Td (that ) Tj ET Q q 0 0 0 rg BT 313.26 666.30 Td (entitle ) Tj ET Q q 0 0 0 rg BT 341.80 666.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 365.68 666.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 396.56 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 407.03 666.30 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.98 666.30 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.22 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 491.53 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 502.57 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 517.70 666.30 Td (voting ) Tj ET Q q 0 0 0 rg BT 546.84 666.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 93.04 653.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 130.27 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 141.24 653.70 Td (Precidian, ) Tj ET Q q 0 0 0 rg BT 185.75 653.70 Td (along ) Tj ET Q q 0 0 0 rg BT 211.30 653.70 Td (with ) Tj ET Q q 0 0 0 rg BT 232.20 653.70 Td (customary ) Tj ET Q q 0 0 0 rg BT 278.16 653.70 Td (preferred ) Tj ET Q q 0 0 0 rg BT 318.86 653.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 347.33 653.70 Td (protections. ) Tj ET Q q 0 0 0 rg BT 398.84 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 400.58 653.70 Td (At ) Tj ET Q q 0 0 0 rg BT 413.31 653.70 Td (its ) Tj ET Q q 0 0 0 rg BT 425.45 653.70 Td (sole ) Tj ET Q q 0 0 0 rg BT 444.60 653.70 Td (option ) Tj ET Q q 0 0 0 rg BT 473.66 653.70 Td (during ) Tj ET Q q 0 0 0 rg BT 503.30 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 518.36 653.70 Td (48 ) Tj ET Q q 0 0 0 rg BT 531.08 653.70 Td (months ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (following ) Tj ET Q q 0 0 0 rg BT 93.16 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.32 641.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 135.15 641.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 183.55 641.10 Td (or) Tj ET Q q 0 0 0 rg BT 191.88 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 196.83 641.10 Td (if ) Tj ET Q q 0 0 0 rg BT 205.58 641.10 Td (earlier) Tj ET Q q 0 0 0 rg BT 231.97 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 236.92 641.10 Td (within ) Tj ET Q q 0 0 0 rg BT 266.08 641.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 286.49 641.10 Td (months ) Tj ET Q q 0 0 0 rg BT 319.74 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.82 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.97 641.10 Td (SEC's ) Tj ET Q q 0 0 0 rg BT 373.54 641.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 412.60 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.68 641.10 Td (Precidian's ) Tj ET Q q 0 0 0 rg BT 471.64 641.10 Td (application ) Tj ET Q q 0 0 0 rg BT 520.62 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.12 641.10 Td (operate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (its ) Tj ET Q q 0 0 0 rg BT 61.98 628.50 Td (active ) Tj ET Q q 0 0 0 rg BT 89.11 628.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 117.41 628.50 Td (product. ) Tj ET Q q 0 0 0 rg BT 154.17 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 156.23 628.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 179.86 628.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 210.50 628.50 Td (may) Tj ET Q q 0 0 0 rg BT 227.90 628.50 Td (, ) Tj ET Q q 0 0 0 rg BT 232.58 628.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 264.39 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 274.61 628.50 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 324.50 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 335.30 628.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 365.92 628.50 Td (closing ) Tj ET Q q 0 0 0 rg BT 398.32 628.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 444.13 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 461.35 628.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 484.40 628.50 Td (payment ) Tj ET Q q 0 0 0 rg BT 522.62 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 533.43 628.50 Td (further ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 111.82 615.90 Td (convert ) Tj ET Q q 0 0 0 rg BT 145.93 615.90 Td (its ) Tj ET Q q 0 0 0 rg BT 158.47 615.90 Td (preferred ) Tj ET Q q 0 0 0 rg BT 199.57 615.90 Td (units ) Tj ET Q q 0 0 0 rg BT 222.61 615.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.41 615.90 Td (75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.65 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 255.28 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 266.65 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 282.10 615.90 Td (common ) Tj ET Q q 0 0 0 rg BT 321.47 615.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 350.34 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 361.72 615.90 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 403.99 615.90 Td (on ) Tj ET Q q 0 0 0 rg BT 417.12 615.90 Td (a ) Tj ET Q q 0 0 0 rg BT 424.40 615.90 Td (fully ) Tj ET Q q 0 0 0 rg BT 446.86 615.90 Td (diluted ) Tj ET Q q 0 0 0 rg BT 478.65 615.90 Td (basis.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.21 590.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.43 590.70 Td (accounts ) Tj ET Q q 0 0 0 rg BT 144.81 590.70 Td (for ) Tj ET Q q 0 0 0 rg BT 159.69 590.70 Td (its ) Tj ET Q q 0 0 0 rg BT 172.25 590.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.96 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 231.77 590.70 Td (Precidian, ) Tj ET Q q 0 0 0 rg BT 276.68 590.70 Td (which ) Tj ET Q q 0 0 0 rg BT 304.98 590.70 Td (is ) Tj ET Q q 0 0 0 rg BT 314.62 590.70 Td (included ) Tj ET Q q 0 0 0 rg BT 353.42 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 364.22 590.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 390.77 590.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.90 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 428.71 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 444.18 590.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 502.23 590.70 Td (Balance ) Tj ET Q q 0 0 0 rg BT 538.68 590.70 Td (Sheet ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 61.37 578.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.74 578.10 Td (March ) Tj ET Q q 0 0 0 rg BT 102.77 578.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 118.52 578.10 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 139.52 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.15 578.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 159.93 578.10 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.93 578.10 Td (, ) Tj ET Q q 0 0 0 rg BT 186.18 578.10 Td (under ) Tj ET Q q 0 0 0 rg BT 212.72 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.17 578.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 257.04 578.10 Td (method ) Tj ET Q q 0 0 0 rg BT 291.16 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.53 578.10 Td (accounting.) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (Fauchier ) Tj ET Q q 0 0 0 rg BT 92.88 552.90 Td (Partners ) Tj ET Q q 0 0 0 rg BT 132.85 552.90 Td (Management, ) Tj ET Q q 0 0 0 rg BT 195.27 552.90 Td (Limited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (On ) Tj ET Q q 0 0 0 rg BT 67.04 540.30 Td (March ) Tj ET Q q 0 0 0 rg BT 98.66 540.30 Td (13, ) Tj ET Q q 0 0 0 rg BT 115.99 540.30 Td (2013, ) Tj ET Q q 0 0 0 rg BT 143.82 540.30 Td (Permal ) Tj ET Q q 0 0 0 rg BT 177.77 540.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 218.13 540.30 Td (all ) Tj ET Q q 0 0 0 rg BT 232.83 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 245.79 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 262.83 540.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 316.04 540.30 Td (share ) Tj ET Q q 0 0 0 rg BT 342.40 540.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 374.59 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 387.55 540.30 Td (Fauchier ) Tj ET Q q 0 0 0 rg BT 428.49 540.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 467.11 540.30 Td (Management, ) Tj ET Q q 0 0 0 rg BT 528.76 540.30 Td (Limited ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (\("Fauchier"\), ) Tj ET Q q 0 0 0 rg BT 106.76 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 113.25 527.70 Td (European ) Tj ET Q q 0 0 0 rg BT 155.32 527.70 Td (based ) Tj ET Q q 0 0 0 rg BT 181.06 527.70 Td (manager ) Tj ET Q q 0 0 0 rg BT 219.04 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 229.62 527.70 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 295.59 527.70 Td (funds. ) Tj ET Q q 0 0 0 rg BT 323.39 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 325.09 527.70 Td (The ) Tj ET Q q 0 0 0 rg BT 343.24 527.70 Td (initial ) Tj ET Q q 0 0 0 rg BT 369.57 527.70 Td (purchase ) Tj ET Q q 0 0 0 rg BT 408.72 527.70 Td (price ) Tj ET Q q 0 0 0 rg BT 431.54 527.70 Td (was ) Tj ET Q q 0 0 0 rg BT 449.70 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 456.20 527.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 476.69 527.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 514.68 527.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.26 527.70 Td ($63,433) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 527.70 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (which ) Tj ET Q q 0 0 0 rg BT 78.46 515.10 Td (was ) Tj ET Q q 0 0 0 rg BT 97.59 515.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 129.55 515.10 Td (from ) Tj ET Q q 0 0 0 rg BT 152.76 515.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 188.81 515.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 210.27 515.10 Td (resources. ) Tj ET Q q 0 0 0 rg BT 255.34 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 258.15 515.10 Td (In ) Tj ET Q q 0 0 0 rg BT 269.69 515.10 Td (May ) Tj ET Q q 0 0 0 rg BT 291.74 515.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 318.17 515.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 342.54 515.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 373.93 515.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 394.81 515.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 441.93 515.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 501.30 515.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.85 515.10 Td ($22,765) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 546.97 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 549.77 515.10 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.43 502.50 Td (second ) Tj ET Q q 0 0 0 rg BT 97.19 502.50 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 148.76 502.50 Td (payment. ) Tj ET Q q 0 0 0 rg BT 190.14 502.50 Td ( ) Tj ET Q q 0 0 0 rg BT 192.56 502.50 Td (The ) Tj ET Q q 0 0 0 rg BT 211.48 502.50 Td (agreement ) Tj ET Q q 0 0 0 rg BT 257.80 502.50 Td (also ) Tj ET Q q 0 0 0 rg BT 277.32 502.50 Td (provided ) Tj ET Q q 0 0 0 rg BT 317.24 502.50 Td (for ) Tj ET Q q 0 0 0 rg BT 332.09 502.50 Td (a ) Tj ET Q q 0 0 0 rg BT 339.35 502.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 378.69 502.50 Td (fourth ) Tj ET Q q 0 0 0 rg BT 406.95 502.50 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 458.53 502.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.45 502.50 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (payment, ) Tj ET Q q 0 0 0 rg BT 90.85 489.90 Td (however) Tj ET Q q 0 0 0 rg BT 126.58 489.90 Td (, ) Tj ET Q q 0 0 0 rg BT 131.27 489.90 Td (no ) Tj ET Q q 0 0 0 rg BT 143.84 489.90 Td (such ) Tj ET Q q 0 0 0 rg BT 165.15 489.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 203.38 489.90 Td (was ) Tj ET Q q 0 0 0 rg BT 221.77 489.90 Td (due ) Tj ET Q q 0 0 0 rg BT 239.00 489.90 Td (based ) Tj ET Q q 0 0 0 rg BT 264.98 489.90 Td (on ) Tj ET Q q 0 0 0 rg BT 277.54 489.90 Td (relevant ) Tj ET Q q 0 0 0 rg BT 313.43 489.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 352.22 489.90 Td (metrics ) Tj ET Q q 0 0 0 rg BT 385.20 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 402.43 489.90 Td (no ) Tj ET Q q 0 0 0 rg BT 414.99 489.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 459.05 489.90 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.44 489.90 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (will ) Tj ET Q q 0 0 0 rg BT 68.96 477.30 Td (be ) Tj ET Q q 0 0 0 rg BT 81.50 477.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 102.20 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 112.99 477.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 161.68 477.30 Td (with ) Tj ET Q q 0 0 0 rg BT 182.98 477.30 Td (this ) Tj ET Q q 0 0 0 rg BT 200.77 477.30 Td (acquisition.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (Dispositions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td (On ) Tj ET Q q 0 0 0 rg BT 64.94 439.50 Td (December ) Tj ET Q q 0 0 0 rg BT 110.18 439.50 Td (23, ) Tj ET Q q 0 0 0 rg BT 125.42 439.50 Td (2016 ) Tj ET Q q 0 0 0 rg BT 148.52 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 165.79 439.50 Td (March ) Tj ET Q q 0 0 0 rg BT 195.30 439.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 210.53 439.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 236.26 439.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 259.94 439.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 290.63 439.50 Td (sold ) Tj ET Q q 0 0 0 rg BT 310.24 439.50 Td (all ) Tj ET Q q 0 0 0 rg BT 322.84 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 333.69 439.50 Td (its ) Tj ET Q q 0 0 0 rg BT 345.72 439.50 Td (ownership ) Tj ET Q q 0 0 0 rg BT 391.57 439.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 428.67 439.50 Td (in ) Tj ET Q q 0 0 0 rg BT 438.94 439.50 Td (each ) Tj ET Q q 0 0 0 rg BT 460.28 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 471.13 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 477.90 439.50 Td (small ) Tj ET Q q 0 0 0 rg BT 502.76 439.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 531.11 439.50 Td (advisor ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 61.08 426.90 Td (Poland ) Tj ET Q q 0 0 0 rg BT 93.16 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 111.24 426.90 Td (a ) Tj ET Q q 0 0 0 rg BT 118.81 426.90 Td (small ) Tj ET Q q 0 0 0 rg BT 144.48 426.90 Td (Boston-based ) Tj ET Q q 0 0 0 rg BT 204.56 426.90 Td (private ) Tj ET Q q 0 0 0 rg BT 236.62 426.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 265.78 426.90 Td (advisor) Tj ET Q q 0 0 0 rg BT 296.11 426.90 Td (. ) Tj ET Q q 0 0 0 rg BT 301.65 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 303.93 426.90 Td (Also, ) Tj ET Q q 0 0 0 rg BT 329.30 426.90 Td (on ) Tj ET Q q 0 0 0 rg BT 342.72 426.90 Td (February ) Tj ET Q q 0 0 0 rg BT 383.54 426.90 Td (24, ) Tj ET Q q 0 0 0 rg BT 399.58 426.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 426.11 426.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 450.60 426.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 482.10 426.90 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 527.01 426.90 Td (its ) Tj ET Q q 0 0 0 rg BT 539.84 426.90 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.69 414.30 Td (a ) Tj ET Q q 0 0 0 rg BT 69.30 414.30 Td (small ) Tj ET Q q 0 0 0 rg BT 94.99 414.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 124.18 414.30 Td (advisory ) Tj ET Q q 0 0 0 rg BT 163.29 414.30 Td (joint ) Tj ET Q q 0 0 0 rg BT 185.49 414.30 Td (venture. ) Tj ET Q q 0 0 0 rg BT 222.54 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 225.49 414.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 243.60 414.30 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 283.86 414.30 Td (from ) Tj ET Q q 0 0 0 rg BT 307.21 414.30 Td (these ) Tj ET Q q 0 0 0 rg BT 331.73 414.30 Td (transactions ) Tj ET Q q 0 0 0 rg BT 384.83 414.30 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.18 414.30 Td ($19,469) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 442.30 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 445.25 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 463.35 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 479.13 414.30 Td (transactions ) Tj ET Q q 0 0 0 rg BT 532.23 414.30 Td (did ) Tj ET Q q 0 0 0 rg BT 548.59 414.30 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (have ) Tj ET Q q 0 0 0 rg BT 72.45 401.70 Td (a ) Tj ET Q q 0 0 0 rg BT 79.73 401.70 Td (material ) Tj ET Q q 0 0 0 rg BT 116.76 401.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 147.95 401.70 Td (on ) Tj ET Q q 0 0 0 rg BT 161.08 401.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 185.28 401.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 222.47 401.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 278.16 401.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 317.52 401.70 Td (condition ) Tj ET Q q 0 0 0 rg BT 359.81 401.70 Td (or ) Tj ET Q q 0 0 0 rg BT 371.18 401.70 Td (results ) Tj ET Q q 0 0 0 rg BT 401.22 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 412.59 401.70 Td (operations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (On ) Tj ET Q q 0 0 0 rg BT 65.62 376.50 Td (November ) Tj ET Q q 0 0 0 rg BT 112.73 376.50 Td (7, ) Tj ET Q q 0 0 0 rg BT 123.40 376.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 149.81 376.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 174.18 376.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 205.55 376.50 Td (completed ) Tj ET Q q 0 0 0 rg BT 252.08 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 267.70 376.50 Td (previously ) Tj ET Q q 0 0 0 rg BT 314.82 376.50 Td (announced ) Tj ET Q q 0 0 0 rg BT 363.09 376.50 Td (sale ) Tj ET Q q 0 0 0 rg BT 382.20 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 393.74 376.50 Td (all ) Tj ET Q q 0 0 0 rg BT 407.03 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 418.56 376.50 Td (its ) Tj ET Q q 0 0 0 rg BT 431.28 376.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 460.31 376.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 498.10 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 509.05 376.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.42 376.50 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 100.02 363.90 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 137.80 363.90 Td (& ) Tj ET Q q 0 0 0 rg BT 149.08 363.90 Td (T) Tj ET Q q 0 0 0 rg BT 155.13 363.90 Td (rust ) Tj ET Q q 0 0 0 rg BT 174.24 363.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 218.44 363.90 Td (N.A. ) Tj ET Q q 0 0 0 rg BT 242.21 363.90 Td (\("LMIC"\) ) Tj ET Q q 0 0 0 rg BT 287.39 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 303.00 363.90 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 343.67 363.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.78 363.90 Td ($47,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.91 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 393.27 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 404.80 363.90 Td (Stifel ) Tj ET Q q 0 0 0 rg BT 430.91 363.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 473.34 363.90 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 533.43 363.90 Td (Global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (W) Tj ET Q q 0 0 0 rg BT 59.07 351.30 Td (ealth ) Tj ET Q q 0 0 0 rg BT 82.26 351.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 139.85 351.30 Td (segment. ) Tj ET Q q 0 0 0 rg BT 180.25 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 182.83 351.30 Td (The ) Tj ET Q q 0 0 0 rg BT 201.93 351.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 221.04 351.30 Td (did ) Tj ET Q q 0 0 0 rg BT 237.24 351.30 Td (not ) Tj ET Q q 0 0 0 rg BT 253.43 351.30 Td (have ) Tj ET Q q 0 0 0 rg BT 276.04 351.30 Td (a ) Tj ET Q q 0 0 0 rg BT 283.48 351.30 Td (material ) Tj ET Q q 0 0 0 rg BT 320.66 351.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 352.01 351.30 Td (on ) Tj ET Q q 0 0 0 rg BT 365.29 351.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 389.64 351.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 426.99 351.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 482.84 351.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 522.35 351.30 Td (condition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (or ) Tj ET Q q 0 0 0 rg BT 61.37 338.70 Td (results ) Tj ET Q q 0 0 0 rg BT 91.41 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 102.78 338.70 Td (operations.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 54.75 313.50 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 313.50 Td (INVESTMENTS ) Tj ET Q q 0 0 0 rg BT 138.49 313.50 Td (AND F) Tj ET Q q 0 0 0 rg BT 169.49 313.50 Td (AIR ) Tj ET Q q 0 0 0 rg BT 191.18 313.50 Td (V) Tj ET Q q 0 0 0 rg BT 197.41 313.50 Td (ALUES OF) Tj ET Q q 0 0 0 rg BT 249.24 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 251.29 313.50 Td (ASSETS ) Tj ET Q q 0 0 0 rg BT 292.44 313.50 Td (AND LIABILITIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 382.60 313.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (The ) Tj ET Q q 0 0 0 rg BT 69.24 288.30 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 119.31 288.30 Td (below ) Tj ET Q q 0 0 0 rg BT 148.38 288.30 Td (include ) Tj ET Q q 0 0 0 rg BT 182.70 288.30 Td (details ) Tj ET Q q 0 0 0 rg BT 213.52 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 225.68 288.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 250.67 288.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 288.64 288.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.79 288.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 356.70 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 375.27 288.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 415.41 288.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 457.91 288.30 Td (that ) Tj ET Q q 0 0 0 rg BT 477.06 288.30 Td (are ) Tj ET Q q 0 0 0 rg BT 493.29 288.30 Td (measured ) Tj ET Q q 0 0 0 rg BT 536.94 288.30 Td (at ) Tj ET Q q 0 0 0 rg BT 547.93 288.30 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (value, ) Tj ET Q q 0 0 0 rg BT 76.33 275.70 Td (excluding ) Tj ET Q q 0 0 0 rg BT 119.21 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 133.50 275.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.70 275.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.67 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 214.30 275.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.50 275.70 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 293.05 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 303.26 275.70 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 329.53 275.70 Td ( ) Tj ET Q q 0 0 0 rg BT 331.00 275.70 Td (See ) Tj ET Q q 0 0 0 rg BT 347.63 275.70 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.51 275.70 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.01 275.70 Td (, ) Tj ET Q q 0 0 0 rg BT 383.99 275.70 Td (V) Tj ET Q q 0 0 0 rg BT 390.41 275.70 Td (ariable ) Tj ET Q q 0 0 0 rg BT 420.44 275.70 Td (Interest ) Tj ET Q q 0 0 0 rg BT 453.40 275.70 Td (Entities ) Tj ET Q q 0 0 0 rg BT 486.95 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 503.58 275.70 Td (Consolidation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 263.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 109.96 263.10 Td (V) Tj ET Q q 0 0 0 rg BT 116.38 263.10 Td (ehicles, ) Tj ET Q q 0 0 0 rg BT 150.79 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 165.65 263.10 Td (information ) Tj ET Q q 0 0 0 rg BT 217.85 263.10 Td (related ) Tj ET Q q 0 0 0 rg BT 249.04 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 259.83 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.29 263.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 302.41 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.20 263.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 361.90 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.27 263.10 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 398.07 263.10 Td (that ) Tj ET Q q 0 0 0 rg BT 416.44 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 431.88 263.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 474.74 263.10 Td (at ) Tj ET Q q 0 0 0 rg BT 484.94 263.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 502.14 263.10 Td (value.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.22 237.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 89.54 237.90 Td (April ) Tj ET Q q 0 0 0 rg BT 113.96 237.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 124.09 237.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 149.98 237.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 173.81 237.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 204.65 237.90 Td (adopted ) Tj ET Q q 0 0 0 rg BT 240.14 237.90 Td (updated ) Tj ET Q q 0 0 0 rg BT 275.63 237.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 323.96 237.90 Td (guidance ) Tj ET Q q 0 0 0 rg BT 364.11 237.90 Td (on ) Tj ET Q q 0 0 0 rg BT 376.87 237.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 393.70 237.90 Td (value ) Tj ET Q q 0 0 0 rg BT 418.69 237.90 Td (measurement ) Tj ET Q q 0 0 0 rg BT 476.92 237.90 Td (which ) Tj ET Q q 0 0 0 rg BT 504.84 237.90 Td (removed ) Tj ET Q q 0 0 0 rg BT 543.83 237.90 Td (both ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 65.09 225.30 Td (requirement ) Tj ET Q q 0 0 0 rg BT 118.58 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 129.51 225.30 Td (categorize ) Tj ET Q q 0 0 0 rg BT 175.40 225.30 Td (within ) Tj ET Q q 0 0 0 rg BT 205.00 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 220.59 225.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 237.92 225.30 Td (value ) Tj ET Q q 0 0 0 rg BT 263.42 225.30 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 305.82 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 323.74 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 339.33 225.30 Td (requirement ) Tj ET Q q 0 0 0 rg BT 392.82 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 403.75 225.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 438.58 225.30 Td (related ) Tj ET Q q 0 0 0 rg BT 469.91 225.30 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 515.84 225.30 Td (disclosures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 212.70 Td (all ) Tj ET Q q 0 0 0 rg BT 77.50 212.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 130.29 212.70 Td (for ) Tj ET Q q 0 0 0 rg BT 145.16 212.70 Td (which ) Tj ET Q q 0 0 0 rg BT 173.45 212.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 190.65 212.70 Td (value ) Tj ET Q q 0 0 0 rg BT 216.02 212.70 Td (is ) Tj ET Q q 0 0 0 rg BT 225.65 212.70 Td (measured ) Tj ET Q q 0 0 0 rg BT 268.51 212.70 Td (using ) Tj ET Q q 0 0 0 rg BT 293.90 212.70 Td (NA) Tj ET Q q 0 0 0 rg BT 307.71 212.70 Td (V) Tj ET Q q 0 0 0 rg BT 315.10 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 317.73 212.70 Td (as ) Tj ET Q q 0 0 0 rg BT 329.11 212.70 Td (a ) Tj ET Q q 0 0 0 rg BT 336.40 212.70 Td (practical ) Tj ET Q q 0 0 0 rg BT 375.17 212.70 Td (expedient. ) Tj ET Q q 0 0 0 rg BT 421.24 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 423.68 212.70 Td (The ) Tj ET Q q 0 0 0 rg BT 442.63 212.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 476.75 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 488.13 212.70 Td (these ) Tj ET Q q 0 0 0 rg BT 512.33 212.70 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.70 200.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 99.97 200.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 144.73 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.09 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.11 200.10 Td (following ) Tj ET Q q 0 0 0 rg BT 213.14 200.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 239.82 200.10 Td (as ) Tj ET Q q 0 0 0 rg BT 250.77 200.10 Td (a ) Tj ET Q q 0 0 0 rg BT 257.62 200.10 Td (reconciling ) Tj ET Q q 0 0 0 rg BT 307.05 200.10 Td (item ) Tj ET Q q 0 0 0 rg BT 327.90 200.10 Td (between ) Tj ET Q q 0 0 0 rg BT 365.08 200.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 417.44 200.10 Td (included ) Tj ET Q q 0 0 0 rg BT 455.79 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.15 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.17 200.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 497.94 200.10 Td (value ) Tj ET Q q 0 0 0 rg BT 522.87 200.10 Td (hierarchy ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.17 187.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 119.83 187.50 Td (reported ) Tj ET Q q 0 0 0 rg BT 157.32 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 167.99 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 183.32 187.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 241.24 187.50 Td (Balance ) Tj ET Q q 0 0 0 rg BT 277.56 187.50 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 310.10 187.50 Td ( ) Tj ET Q q 0 0 0 rg BT 312.43 187.50 Td (The ) Tj ET Q q 0 0 0 rg BT 331.26 187.50 Td (updated ) Tj ET Q q 0 0 0 rg BT 367.00 187.50 Td (guidance ) Tj ET Q q 0 0 0 rg BT 407.40 187.50 Td (was ) Tj ET Q q 0 0 0 rg BT 426.24 187.50 Td (adopted ) Tj ET Q q 0 0 0 rg BT 461.98 187.50 Td (on ) Tj ET Q q 0 0 0 rg BT 474.99 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 482.15 187.50 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 538.88 187.50 Td (basis, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 92.51 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 107.83 174.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 156.40 174.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 194.47 174.90 Td (for ) Tj ET Q q 0 0 0 rg BT 209.20 174.90 Td (which ) Tj ET Q q 0 0 0 rg BT 237.36 174.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 254.42 174.90 Td (value ) Tj ET Q q 0 0 0 rg BT 279.65 174.90 Td (is ) Tj ET Q q 0 0 0 rg BT 289.15 174.90 Td (measured ) Tj ET Q q 0 0 0 rg BT 331.87 174.90 Td (using ) Tj ET Q q 0 0 0 rg BT 357.12 174.90 Td (NA) Tj ET Q q 0 0 0 rg BT 370.93 174.90 Td (V) Tj ET Q q 0 0 0 rg BT 378.32 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 380.81 174.90 Td (as ) Tj ET Q q 0 0 0 rg BT 392.05 174.90 Td (a ) Tj ET Q q 0 0 0 rg BT 399.20 174.90 Td (practical ) Tj ET Q q 0 0 0 rg BT 437.84 174.90 Td (expedient ) Tj ET Q q 0 0 0 rg BT 481.15 174.90 Td (have ) Tj ET Q q 0 0 0 rg BT 503.46 174.90 Td (been ) Tj ET Q q 0 0 0 rg BT 525.77 174.90 Td (removed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (from ) Tj ET Q q 0 0 0 rg BT 72.54 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 87.99 162.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 105.19 162.30 Td (value ) Tj ET Q q 0 0 0 rg BT 130.55 162.30 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 172.82 162.30 Td (for ) Tj ET Q q 0 0 0 rg BT 187.68 162.30 Td (all ) Tj ET Q q 0 0 0 rg BT 200.81 162.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 234.34 162.30 Td (presented.) 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BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.50 627.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 495.80 627.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 515.50 627.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 527.40 627.82 Td (403,585) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 69.50 613.81 Td (Time deposits and other) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 292.80 613.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 350.15 613.82 Td (35,835) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 435.80 613.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 495.80 613.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.15 613.82 Td (35,835) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 599.81 Td (Total cash equivalents) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 271.40 599.82 Td (403,585) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 350.15 599.82 Td (35,835) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 435.80 599.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 495.80 599.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET 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Tf ET q 0 0 0 rg BT 276.15 548.82 Td (39,177) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 354.90 548.82 Td (2,724) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 435.80 548.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 495.80 548.82 Td (11) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.15 548.82 Td (41,912) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 535.16 Td (T) Tj ET Q q 0 0 0 rg BT 62.97 535.16 Td (rading investments relating to long-term ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 66.50 525.66 Td (incentive compensation plans) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 178.89 529.97 Td (\(4\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 271.40 525.82 Td (150,576) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 366.80 525.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 435.80 525.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 491.05 525.82 Td (327) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 527.40 525.82 Td (150,903) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 512.16 Td (Equity 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Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 423.90 456.82 Td (1,337) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 483.90 456.82 Td (6,292) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 536.90 456.82 Td (7,629) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 441.81 Td (T) Tj ET Q q 0 0 0 rg BT 62.64 441.81 Td (otal current investments) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 153.92 446.12 Td (\(6\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 271.40 441.82 Td (330,778) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 350.15 441.82 Td (80,501) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 423.90 441.82 Td (1,337) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 479.15 441.82 Td (11,003) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 527.40 441.82 Td (423,619) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 428.16 Td (Equity method investments in partnerships ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 66.50 418.66 Td (and LLCs:) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 106.87 422.97 Td (\(6\)\(8\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 404.81 Td (Seed capital investments) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 175.42 409.12 Td (\(6\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 292.80 404.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 366.80 404.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 431.05 404.82 Td (752) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 479.15 404.82 Td (22,712) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.15 404.82 Td (23,464) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 390.31 Td (Seed capital investments in real estate) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 90.50 380.81 Td (funds) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 292.80 380.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 366.80 380.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 419.15 380.82 Td (26,909) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 495.80 380.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.15 380.82 Td (26,909) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 366.81 Td (Other proprietary fund products) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 292.80 366.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 366.80 366.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 423.90 366.82 Td (1,646) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 479.15 366.82 Td (15,617) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.15 366.82 Td (17,263) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 352.81 Td (Investments in partnerships and LLCs:) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 204.73 357.12 Td (\(7\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 338.81 Td (Seed capital investments) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 292.80 338.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 366.80 338.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 435.80 338.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 483.90 338.82 Td (3,440) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 536.90 338.82 Td (3,440) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 324.31 Td 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(\(7\)\(8\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 280.90 286.82 Td (2,718) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 366.80 286.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 435.80 286.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 495.80 286.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 536.90 286.82 Td (2,718) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 272.81 Td (Other investments) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 126.89 277.12 Td (\(7\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 292.80 272.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 366.80 272.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 431.05 272.82 Td (113) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 495.80 272.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 544.05 272.82 Td (113) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 258.81 Td (Total) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 238.50 258.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 271.40 258.82 Td (737,081) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 312.50 258.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 345.40 258.82 Td (116,435) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 386.50 258.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 419.15 258.82 Td (41,897) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.50 258.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 479.15 258.82 Td (52,772) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 515.50 258.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 527.40 258.82 Td (948,185) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 51.50 244.82 Td (Liabilities:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 230.81 Td (Contingent consideration liabilities) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 191.01 235.12 Td (\(9\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 238.50 230.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 292.80 230.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 312.50 230.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 366.80 230.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 386.50 230.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 416.00 230.82 Td (\(36,810) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 445.30 230.82 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.50 230.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 495.80 230.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 515.50 230.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 529.00 230.82 Td (\(36,810) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.30 230.82 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 216.81 Td (Derivative liabilities) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 135.33 221.12 Td (\(7\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 277.75 216.82 Td (\(4,522) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 302.30 216.82 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 366.80 216.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 435.80 216.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 495.80 216.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 533.75 216.82 Td (\(4,522) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.30 216.82 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 202.81 Td (Total) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 238.50 202.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 277.75 202.82 Td (\(4,522) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 302.30 202.82 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 312.50 202.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 366.80 202.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 386.50 202.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 416.00 202.82 Td (\(36,810) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 445.30 202.82 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.50 202.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 495.80 202.82 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 515.50 202.82 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 529.00 202.82 Td (\(41,332) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.30 202.82 Td (\)) Tj ET Q BT /F1 10.00 Tf 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384.00 293.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 293.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 293.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 293.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 293.50 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 734.5 m 306 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 734.5 m 310 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 734.5 m 380 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 734.5 m 384 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 734.5 m 449 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 734.5 m 453 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 734.5 m 508 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 734.5 m 512 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 734.5 m 562 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 693.5 m 232 693.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 693.5 m 306 693.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 693.5 m 380 693.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 693.5 m 449 693.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 693.5 m 508 693.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 693.5 m 562 693.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 637.5 m 306 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 637.5 m 380 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 637.5 m 449 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 637.5 m 508 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 637.5 m 232 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 623.5 m 232 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 637.5 m 306 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 623.5 m 306 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 637.5 m 380 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 623.5 m 380 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 637.5 m 449 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 623.5 m 449 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 637.5 m 508 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 623.5 m 508 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 637.5 m 562 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 623.5 m 562 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 623.5 m 232 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 480.5 m 232 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 480.5 m 306 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 480.5 m 380 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 480.5 m 449 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 480.5 m 508 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 480.5 m 562 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 466.5 m 232 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 466.5 m 306 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 466.5 m 380 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 466.5 m 449 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 466.5 m 508 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 480.5 m 562 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 466.5 m 562 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 466.5 m 232 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 335.5 m 232 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 335.5 m 306 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 335.5 m 380 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 335.5 m 449 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 335.5 m 508 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 335.5 m 562 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 321.5 m 232 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 321.5 m 306 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 335.5 m 380 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 321.5 m 380 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 335.5 m 449 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 321.5 m 449 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 335.5 m 508 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 321.5 m 508 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 335.5 m 562 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 321.5 m 562 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 279.5 m 306 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 279.5 m 380 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 279.5 m 449 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 279.5 m 508 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 279.5 m 562 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 279.5 m 232 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 265.5 m 232 265.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 279.5 m 306 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 265.5 m 306 265.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 279.5 m 380 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 265.5 m 380 265.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 279.5 m 449 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 265.5 m 449 265.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 279.5 m 508 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 265.5 m 508 265.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 265.5 m 562 265.5 l s BT /F1 9.50 Tf ET q 0 0 0 rg BT 356.65 739.06 Td (As of March 31, 2016) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 698.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 239.10 717.06 Td (Quoted prices in) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 242.90 707.56 Td (active markets) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 252.95 698.06 Td (\(Level 1\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 312.70 725.41 Td (Significant other) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 323.90 715.91 Td (observable) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 332.85 706.41 Td (inputs) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 326.95 696.91 Td (\(Level 2\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 395.15 725.41 Td (Significant) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 390.65 715.91 Td (unobservable) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 404.35 706.41 Td (inputs) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 398.45 696.91 Td (\(Level 3\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 457.00 717.06 Td (Investments) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 457.15 707.56 Td (measured at) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 470.40 698.06 Td (NAV) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 526.80 698.06 Td (Total) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 51.50 684.07 Td (Assets:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 670.06 Td (Cash equivalents:) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 124.78 674.37 Td (\(1\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 69.50 656.06 Td (Money market funds) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 238.50 656.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 264.25 656.06 Td (1,057,916) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 312.50 656.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 366.80 656.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 386.50 656.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 435.80 656.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 455.50 656.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.80 656.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 514.50 656.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.25 656.06 Td (1,057,916) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 69.50 642.06 Td (Time deposits and other) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 292.80 642.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 350.15 642.06 Td (35,265) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 435.80 642.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.80 642.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 642.06 Td (35,265) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 628.06 Td (Total cash equivalents) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 264.25 628.06 Td (1,057,916) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 350.15 628.06 Td (35,265) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 435.80 628.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.80 628.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.25 628.06 Td (1,093,181) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 614.41 Td (T) Tj ET Q q 0 0 0 rg BT 62.97 614.41 Td (rading investments of proprietary fund ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 66.50 604.91 Td (products and other trading investments:) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 216.89 609.22 Td (\(2\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 591.06 Td (Seed capital investments) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 271.40 591.06 Td (205,608) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 345.40 591.06 Td (102,021) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 440.55 591.06 Td (3) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 478.15 591.06 Td (18,304) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 591.06 Td (325,936) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 83.00 577.06 Td (Other) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 104.63 581.37 Td (\(3\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 276.15 577.06 Td (65,112) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 354.90 577.06 Td (2,331) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 435.80 577.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.80 577.06 Td (21) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 577.06 Td (67,464) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 563.41 Td (T) Tj ET Q q 0 0 0 rg BT 62.97 563.41 Td (rading investments relating to long-term ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 66.50 553.91 Td (incentive compensation plans) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 178.89 558.22 Td (\(4\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 271.40 554.06 Td (105,568) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 366.80 554.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 435.80 554.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 490.05 554.06 Td (996) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 554.06 Td (106,564) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 540.41 Td (Equity method investments relating to ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 66.50 530.91 Td (proprietary fund products and long-term ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 66.50 521.41 Td (incentive compensation plans:) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 181.53 525.72 Td (\(5\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 508.06 Td (Seed capital investments) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 280.90 508.06 Td (1,329) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 354.90 508.06 Td (7,575) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 435.80 508.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.80 508.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.90 508.06 Td (8,904) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 494.41 Td (Investments related to long-term) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 90.50 484.91 Td (incentive compensation plans) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 292.80 485.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 366.80 485.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 435.80 485.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 482.90 485.06 Td (6,467) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.90 485.06 Td (6,467) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 471.06 Td (T) Tj ET Q q 0 0 0 rg BT 62.64 471.06 Td (otal current investments) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 153.92 475.37 Td (\(6\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 271.40 471.06 Td (377,617) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 345.40 471.06 Td (111,927) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 440.55 471.06 Td (3) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 478.15 471.06 Td (25,788) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 527.40 471.06 Td (515,335) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 457.41 Td (Equity method investments in partnerships ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 66.50 447.91 Td (and LLCs:) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 106.87 452.22 Td (\(5\)\(7\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 434.06 Td (Seed capital investments) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 292.80 434.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 366.80 434.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 431.05 434.06 Td (627) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 478.15 434.06 Td (19,812) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.15 434.06 Td (20,439) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 420.06 Td (Other proprietary fund products) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 292.80 420.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 366.80 420.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 435.80 420.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 482.90 420.06 Td (9,434) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.90 420.06 Td (9,434) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 406.06 Td (Investments in partnerships and LLCs:) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 204.73 410.37 Td (\(7\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 391.56 Td (Investments related to long-term) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 90.50 382.06 Td (incentive compensation plans) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 292.80 382.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 366.80 382.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 423.90 382.06 Td (7,501) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.80 382.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.90 382.06 Td (7,501) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 81.50 368.06 Td (Other proprietary fund products) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 292.80 368.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 366.80 368.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 423.90 368.06 Td (4,807) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 482.90 368.06 Td (3,124) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.90 368.06 Td (7,931) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 354.06 Td (Derivative assets) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 122.13 358.37 Td (\(7\)\(8\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 280.90 354.06 Td (1,051) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 354.90 354.06 Td (7,599) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 435.80 354.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.80 354.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 536.90 354.06 Td (8,650) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 340.06 Td (Other investments) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 126.89 344.37 Td (\(7\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 292.80 340.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 366.80 340.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 435.80 340.06 Td (83) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.80 340.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 548.80 340.06 Td (83) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 326.06 Td (Total) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 238.50 326.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 264.25 326.06 Td (1,436,584) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 312.50 326.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 345.40 326.06 Td (154,791) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 386.50 326.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 419.15 326.06 Td (13,021) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 455.50 326.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 478.15 326.06 Td (58,158) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 514.50 326.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 520.25 326.06 Td (1,662,554) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 51.50 312.07 Td (Liabilities:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 298.06 Td (Contingent consideration liabilities) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 191.01 302.37 Td (\(9\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 238.50 298.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 292.80 298.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 312.50 298.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 366.80 298.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 386.50 298.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 416.00 298.06 Td (\(84,585) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 445.30 298.06 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 455.50 298.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.80 298.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 514.50 298.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 529.00 298.06 Td (\(84,585) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 558.30 298.06 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 284.06 Td (Derivative liabilities) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 135.33 288.37 Td (\(8\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 273.00 284.06 Td (\(18,079) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 302.30 284.06 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 366.80 284.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 435.80 284.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.80 284.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 529.00 284.06 Td (\(18,079) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 558.30 284.06 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 51.50 270.06 Td (Total) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 238.50 270.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 273.00 270.06 Td (\(18,079) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 302.30 270.06 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 312.50 270.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 366.80 270.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 386.50 270.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 416.00 270.06 Td (\(84,585) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 445.30 270.06 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 455.50 270.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 494.80 270.06 Td (�) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 514.50 270.06 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 524.25 270.06 Td (\(102,664) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 558.30 270.06 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 256.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 256.40 Td (Cash ) Tj ET Q q 0 0 0 rg BT 85.38 256.40 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 123.70 256.40 Td (include ) Tj ET Q q 0 0 0 rg BT 149.13 256.40 Td (highly ) Tj ET Q q 0 0 0 rg BT 171.46 256.40 Td (liquid ) Tj ET Q q 0 0 0 rg BT 192.01 256.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 232.12 256.40 Td (with ) Tj ET Q q 0 0 0 rg BT 248.22 256.40 Td (original ) Tj ET Q q 0 0 0 rg BT 274.99 256.40 Td (maturities ) Tj ET Q q 0 0 0 rg BT 308.86 256.40 Td (of ) Tj ET Q q 0 0 0 rg BT 317.41 256.40 Td (90 ) Tj ET Q q 0 0 0 rg BT 327.30 256.40 Td (days ) Tj ET Q q 0 0 0 rg BT 343.84 256.40 Td (or ) Tj ET Q q 0 0 0 rg BT 352.39 256.40 Td (less. ) Tj ET Q q 0 0 0 rg BT 368.28 256.40 Td ( ) Tj ET Q q 0 0 0 rg BT 370.16 256.40 Td (Cash ) Tj ET Q q 0 0 0 rg BT 388.04 256.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 428.15 256.40 Td (in ) Tj ET Q q 0 0 0 rg BT 436.25 256.40 Td (actively ) Tj ET Q q 0 0 0 rg BT 463.46 256.40 Td (traded ) Tj ET Q q 0 0 0 rg BT 485.33 256.40 Td (money ) Tj ET Q q 0 0 0 rg BT 508.99 256.40 Td (market ) Tj ET Q q 0 0 0 rg BT 533.08 256.40 Td (funds ) Tj ET Q q 0 0 0 rg BT 552.74 256.40 Td (are ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 246.80 Td (classified ) Tj ET Q q 0 0 0 rg BT 99.67 246.80 Td (as ) Tj ET Q q 0 0 0 rg BT 108.28 246.80 Td (Level ) Tj ET Q q 0 0 0 rg BT 128.45 246.80 Td (1.��Cash ) Tj ET Q q 0 0 0 rg BT 156.40 246.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 196.58 246.80 Td (in ) Tj ET Q q 0 0 0 rg BT 204.75 246.80 Td (time ) Tj ET Q q 0 0 0 rg BT 220.92 246.80 Td (deposits ) Tj ET Q q 0 0 0 rg BT 249.10 246.80 Td (and ) Tj ET Q q 0 0 0 rg BT 262.61 246.80 Td (other ) Tj ET Q q 0 0 0 rg BT 281.00 246.80 Td (are ) Tj ET Q q 0 0 0 rg BT 292.72 246.80 Td (measured ) Tj ET Q q 0 0 0 rg BT 325.32 246.80 Td (at ) Tj ET Q q 0 0 0 rg BT 333.05 246.80 Td (amortized ) Tj ET Q q 0 0 0 rg BT 366.99 246.80 Td (cost, ) Tj ET Q q 0 0 0 rg BT 383.83 246.80 Td (which ) Tj ET Q q 0 0 0 rg BT 405.34 246.80 Td (approximates ) Tj ET Q q 0 0 0 rg BT 450.39 246.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.44 246.80 Td (value ) Tj ET Q q 0 0 0 rg BT 482.72 246.80 Td (because ) Tj ET Q q 0 0 0 rg BT 509.99 246.80 Td (of ) Tj ET Q q 0 0 0 rg BT 518.61 246.80 Td (the ) Tj ET Q q 0 0 0 rg BT 530.34 246.80 Td (short ) Tj ET Q q 0 0 0 rg BT 548.29 246.80 Td (time ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 237.20 Td (between ) Tj ET Q q 0 0 0 rg BT 96.15 237.20 Td (purchase ) Tj ET Q q 0 0 0 rg BT 126.58 237.20 Td (of ) Tj ET Q q 0 0 0 rg BT 135.25 237.20 Td (the ) Tj ET Q q 0 0 0 rg BT 147.02 237.20 Td (instrument ) Tj ET Q q 0 0 0 rg BT 183.24 237.20 Td (and ) Tj ET Q q 0 0 0 rg BT 196.79 237.20 Td (its ) Tj ET Q q 0 0 0 rg BT 206.35 237.20 Td (expected ) Tj ET Q q 0 0 0 rg BT 236.77 237.20 Td (realization, ) Tj ET Q q 0 0 0 rg BT 274.53 237.20 Td (and ) Tj ET Q q 0 0 0 rg BT 288.08 237.20 Td (are ) Tj ET Q q 0 0 0 rg BT 299.85 237.20 Td (classified ) Tj ET Q q 0 0 0 rg BT 332.06 237.20 Td (as ) Tj ET Q q 0 0 0 rg BT 340.72 237.20 Td (Level ) Tj ET Q q 0 0 0 rg BT 360.93 237.20 Td (2.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 227.60 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 227.60 Td (T) Tj ET Q q 0 0 0 rg BT 72.11 227.60 Td (rading ) Tj ET Q q 0 0 0 rg BT 93.78 227.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 133.24 227.60 Td (of ) Tj ET Q q 0 0 0 rg BT 141.15 227.60 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 177.93 227.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 193.83 227.60 Td (products ) Tj ET Q q 0 0 0 rg BT 222.63 227.60 Td (and ) Tj ET Q q 0 0 0 rg BT 235.42 227.60 Td (other ) Tj ET Q q 0 0 0 rg BT 253.10 227.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 277.00 227.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 316.46 227.60 Td (consist ) Tj ET Q q 0 0 0 rg BT 339.92 227.60 Td (of ) Tj ET Q q 0 0 0 rg BT 347.83 227.60 Td (approximately ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.28 227.60 Td (79%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.94 227.60 Td ( ) Tj ET Q q 0 0 0 rg BT 411.18 227.60 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.97 227.60 Td (21%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.64 227.60 Td ( ) Tj ET Q q 0 0 0 rg BT 439.88 227.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 461.12 227.60 Td (and ) Tj ET Q q 0 0 0 rg BT 473.91 227.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 488.92 227.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 522.38 227.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.50 227.60 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 218.00 Td (as ) Tj ET Q q 0 0 0 rg BT 76.16 218.00 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 84.83 218.00 Td (March ) Tj ET Q q 0 0 0 rg BT 107.71 218.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.71 218.00 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.71 218.00 Td (, ) Tj ET Q q 0 0 0 rg BT 139.71 218.00 Td (and ) Tj ET Q q 0 0 0 rg BT 153.26 218.00 Td (approximately ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.46 218.00 Td (68%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.13 218.00 Td ( ) Tj ET Q q 0 0 0 rg BT 218.13 218.00 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.68 218.00 Td (32%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.34 218.00 Td ( ) Tj ET Q q 0 0 0 rg BT 248.34 218.00 Td (equity ) Tj ET Q q 0 0 0 rg BT 270.34 218.00 Td (and ) Tj ET Q q 0 0 0 rg BT 283.89 218.00 Td (debt ) Tj ET Q q 0 0 0 rg BT 299.66 218.00 Td (securities, ) Tj ET Q q 0 0 0 rg BT 333.88 218.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 372.00 218.00 Td (, ) Tj ET Q q 0 0 0 rg BT 376.00 218.00 Td (as ) Tj ET Q q 0 0 0 rg BT 384.67 218.00 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.33 218.00 Td (March ) Tj ET Q q 0 0 0 rg BT 416.21 218.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 428.21 218.00 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.21 218.00 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 208.40 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 208.40 Td (Includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.11 208.40 Td ($26,854) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 122.11 208.40 Td ( ) Tj ET Q q 0 0 0 rg BT 123.61 208.40 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.66 208.40 Td ($54,392) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 162.66 208.40 Td ( ) Tj ET Q q 0 0 0 rg BT 164.17 208.40 Td (in ) Tj ET Q q 0 0 0 rg BT 171.89 208.40 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 220.50 208.40 Td (interests ) Tj ET Q q 0 0 0 rg BT 248.67 208.40 Td (associated ) Tj ET Q q 0 0 0 rg BT 283.05 208.40 Td (with ) Tj ET Q q 0 0 0 rg BT 298.77 208.40 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 340.71 208.40 Td (seed ) Tj ET Q q 0 0 0 rg BT 356.43 208.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 393.04 208.40 Td (products ) Tj ET Q q 0 0 0 rg BT 422.09 208.40 Td (as ) Tj ET Q q 0 0 0 rg BT 430.26 208.40 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.43 208.40 Td (March ) Tj ET Q q 0 0 0 rg BT 460.81 208.40 Td (31, ) Tj ET Q q 0 0 0 rg BT 472.32 208.40 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.32 208.40 Td ( ) Tj ET Q q 0 0 0 rg BT 489.82 208.40 Td (and ) Tj ET Q q 0 0 0 rg BT 502.88 208.40 Td (2016, ) Tj ET Q q 0 0 0 rg BT 522.38 208.40 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.51 208.40 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 198.80 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 198.80 Td (Primarily ) Tj ET Q q 0 0 0 rg BT 100.10 198.80 Td (mutual ) Tj ET Q q 0 0 0 rg BT 124.69 198.80 Td (funds ) Tj ET Q q 0 0 0 rg BT 144.85 198.80 Td (where ) Tj ET Q q 0 0 0 rg BT 166.77 198.80 Td (there ) Tj ET Q q 0 0 0 rg BT 185.13 198.80 Td (is ) Tj ET Q q 0 0 0 rg BT 192.84 198.80 Td (minimal ) Tj ET Q q 0 0 0 rg BT 221.88 198.80 Td (market ) Tj ET Q q 0 0 0 rg BT 246.47 198.80 Td (risk ) Tj ET Q q 0 0 0 rg BT 260.85 198.80 Td (to ) Tj ET Q q 0 0 0 rg BT 269.45 198.80 Td (the ) Tj ET Q q 0 0 0 rg BT 281.60 198.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 315.09 198.80 Td (as ) Tj ET Q q 0 0 0 rg BT 324.13 198.80 Td (any ) Tj ET Q q 0 0 0 rg BT 338.05 198.80 Td (change ) Tj ET Q q 0 0 0 rg BT 363.08 198.80 Td (in ) Tj ET Q q 0 0 0 rg BT 371.68 198.80 Td (value ) Tj ET Q q 0 0 0 rg BT 391.38 198.80 Td (is ) Tj ET Q q 0 0 0 rg BT 399.10 198.80 Td (primarily ) Tj ET Q q 0 0 0 rg BT 431.24 198.80 Td (of) Tj ET Q q 0 0 0 rg BT 437.76 198.80 Td (fset ) Tj ET Q q 0 0 0 rg BT 451.69 198.80 Td (by ) Tj ET Q q 0 0 0 rg BT 462.07 198.80 Td (an ) Tj ET Q q 0 0 0 rg BT 472.00 198.80 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 509.48 198.80 Td (to ) Tj ET Q q 0 0 0 rg BT 518.08 198.80 Td (compensation ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 189.20 Td (expense ) Tj ET Q q 0 0 0 rg BT 95.27 189.20 Td (and ) Tj ET Q q 0 0 0 rg BT 108.82 189.20 Td (related ) Tj ET Q q 0 0 0 rg BT 132.58 189.20 Td (deferred ) Tj ET Q q 0 0 0 rg BT 161.22 189.20 Td (compensation ) Tj ET Q q 0 0 0 rg BT 207.66 189.20 Td (liability) Tj ET Q q 0 0 0 rg BT 232.02 189.20 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 179.60 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 179.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 92.91 179.60 Td (of ) Tj ET Q q 0 0 0 rg BT 101.44 179.60 Td (Legg ) Tj ET Q q 0 0 0 rg BT 119.74 179.60 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 147.93 179.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 169.79 179.60 Td (method ) Tj ET Q q 0 0 0 rg BT 195.65 179.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 235.73 179.60 Td (are ) Tj ET Q q 0 0 0 rg BT 247.36 179.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 284.32 179.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 320.40 179.60 Td (that ) Tj ET Q q 0 0 0 rg BT 334.25 179.60 Td (record ) Tj ET Q q 0 0 0 rg BT 356.55 179.60 Td (underlying ) Tj ET Q q 0 0 0 rg BT 393.07 179.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 433.15 179.60 Td (at ) Tj ET Q q 0 0 0 rg BT 440.79 179.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 453.75 179.60 Td (value. ) Tj ET Q q 0 0 0 rg BT 474.94 179.60 Td ( ) Tj ET Q q 0 0 0 rg BT 476.66 179.60 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 512.06 179.60 Td (the ) Tj ET Q q 0 0 0 rg BT 523.69 179.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.66 179.60 Td (value ) Tj ET Q q 0 0 0 rg BT 555.84 179.60 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 170.00 Td (these ) Tj ET Q q 0 0 0 rg BT 85.76 170.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 125.79 170.00 Td (is ) Tj ET Q q 0 0 0 rg BT 132.95 170.00 Td (measured ) Tj ET Q q 0 0 0 rg BT 165.42 170.00 Td (using ) Tj ET Q q 0 0 0 rg BT 184.58 170.00 Td (Legg ) Tj ET Q q 0 0 0 rg BT 202.83 170.00 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 230.99 170.00 Td (share ) Tj ET Q q 0 0 0 rg BT 249.68 170.00 Td (of ) Tj ET Q q 0 0 0 rg BT 258.17 170.00 Td (the ) Tj ET Q q 0 0 0 rg BT 269.76 170.00 Td (investee's ) Tj ET Q q 0 0 0 rg BT 302.34 170.00 Td (underlying ) Tj ET Q q 0 0 0 rg BT 338.82 170.00 Td (net ) Tj ET Q q 0 0 0 rg BT 350.42 170.00 Td (income ) Tj ET Q q 0 0 0 rg BT 375.78 170.00 Td (or ) Tj ET Q q 0 0 0 rg BT 384.27 170.00 Td (loss, ) Tj ET Q q 0 0 0 rg BT 400.54 170.00 Td (which ) Tj ET Q q 0 0 0 rg BT 421.91 170.00 Td (is ) Tj ET Q q 0 0 0 rg BT 429.06 170.00 Td (predominately ) Tj ET Q q 0 0 0 rg BT 477.09 170.00 Td (representative ) Tj ET Q q 0 0 0 rg BT 523.77 170.00 Td (of ) Tj ET Q q 0 0 0 rg BT 532.25 170.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 545.17 170.00 Td (value ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 160.40 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 107.72 160.40 Td (in ) Tj ET Q q 0 0 0 rg BT 115.94 160.40 Td (the ) Tj ET Q q 0 0 0 rg BT 127.71 160.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 167.93 160.40 Td (held ) Tj ET Q q 0 0 0 rg BT 183.71 160.40 Td (by ) Tj ET Q q 0 0 0 rg BT 193.71 160.40 Td (the ) Tj ET Q q 0 0 0 rg BT 205.48 160.40 Td (equity ) Tj ET Q q 0 0 0 rg BT 227.48 160.40 Td (method ) Tj ET Q q 0 0 0 rg BT 253.47 160.40 Td (investee. ) Tj ET Q q 0 0 0 rg BT 283.68 160.40 Td ( ) Tj ET Q q 0 0 0 rg BT 285.68 160.40 Td (Other ) Tj ET Q q 0 0 0 rg BT 305.90 160.40 Td (equity ) Tj ET Q q 0 0 0 rg BT 327.89 160.40 Td (method ) Tj ET Q q 0 0 0 rg BT 353.89 160.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 394.11 160.40 Td (are ) Tj ET Q q 0 0 0 rg BT 405.88 160.40 Td (excluded ) Tj ET Q q 0 0 0 rg BT 436.75 160.40 Td (from ) Tj ET Q q 0 0 0 rg BT 454.30 160.40 Td (the ) Tj ET Q q 0 0 0 rg BT 466.07 160.40 Td (tables ) Tj ET Q q 0 0 0 rg BT 486.73 160.40 Td (above.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 150.80 Td (\(6\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 150.80 Td (Excludes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 98.50 150.80 Td ($28,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 124.50 150.80 Td ( ) Tj ET Q q 0 0 0 rg BT 126.18 150.80 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 139.41 150.80 Td ($13,641) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.41 150.80 Td ( ) Tj ET Q q 0 0 0 rg BT 167.09 150.80 Td (of ) Tj ET Q q 0 0 0 rg BT 175.43 150.80 Td (seed ) Tj ET Q q 0 0 0 rg BT 191.33 150.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 214.33 150.80 Td (as ) Tj ET Q q 0 0 0 rg BT 222.67 150.80 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.01 150.80 Td (March ) Tj ET Q q 0 0 0 rg BT 253.57 150.80 Td (31, ) Tj ET Q q 0 0 0 rg BT 265.25 150.80 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.25 150.80 Td (, ) Tj ET Q q 0 0 0 rg BT 284.93 150.80 Td (and ) Tj ET Q q 0 0 0 rg BT 298.16 150.80 Td (2016, ) Tj ET Q q 0 0 0 rg BT 317.83 150.80 Td (respectively) Tj ET Q q 0 0 0 rg BT 355.96 150.80 Td (, ) Tj ET Q q 0 0 0 rg BT 359.64 150.80 Td (which ) Tj ET Q q 0 0 0 rg BT 380.87 150.80 Td (is ) Tj ET Q q 0 0 0 rg BT 387.89 150.80 Td (related ) Tj ET Q q 0 0 0 rg BT 411.33 150.80 Td (to ) Tj ET Q q 0 0 0 rg BT 419.23 150.80 Td (Legg ) Tj ET Q q 0 0 0 rg BT 437.34 150.80 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 465.35 150.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 505.25 150.80 Td (in ) Tj ET Q q 0 0 0 rg BT 513.15 150.80 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 533.72 150.80 Td (See ) Tj ET Q q 0 0 0 rg BT 546.95 150.80 Td (Note ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 141.20 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.50 141.20 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 131.60 Td (\(7\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 131.60 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 98.84 131.60 Td (are ) Tj ET Q q 0 0 0 rg BT 110.60 131.60 Td (included ) Tj ET Q q 0 0 0 rg BT 140.15 131.60 Td (in ) Tj ET Q q 0 0 0 rg BT 148.37 131.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 168.59 131.60 Td (non-current ) Tj ET Q q 0 0 0 rg BT 207.90 131.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 228.57 131.60 Td (in ) Tj ET Q q 0 0 0 rg BT 236.79 131.60 Td (the ) Tj ET Q q 0 0 0 rg BT 248.56 131.60 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 292.78 131.60 Td (Balance ) Tj ET Q q 0 0 0 rg BT 320.54 131.60 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 343.43 131.60 Td (for ) Tj ET Q q 0 0 0 rg BT 354.76 131.60 Td (each ) Tj ET Q q 0 0 0 rg BT 371.41 131.60 Td (of ) Tj ET Q q 0 0 0 rg BT 380.07 131.60 Td (the ) Tj ET Q q 0 0 0 rg BT 391.85 131.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 417.40 131.60 Td (presented.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 122.00 Td (\(8\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 122.00 Td (See ) Tj ET Q q 0 0 0 rg BT 81.05 122.00 Td (Note ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 98.60 122.00 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 106.60 122.00 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 112.40 Td (\(9\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 112.40 Td (See ) Tj ET Q q 0 0 0 rg BT 81.05 112.40 Td (Note ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 98.60 112.40 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 102.60 112.40 Td ( ) Tj ET Q q 0 0 0 rg BT 104.60 112.40 Td (and ) Tj ET Q q 0 0 0 rg BT 118.15 112.40 Td (Note ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.70 112.40 Td (8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 139.70 112.40 Td (.) Tj ET Q endstream endobj 233 0 obj <>] /Rotate 0 /Contents 234 0 R>> endobj 234 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Proprietary ) Tj ET Q q 0 0 0 rg BT 100.08 741.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 122.66 741.75 Td (products ) Tj ET Q q 0 0 0 rg BT 162.16 741.75 Td (include ) Tj ET Q q 0 0 0 rg BT 196.41 741.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 218.41 741.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 249.73 741.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 303.24 741.75 Td (made ) Tj ET Q q 0 0 0 rg BT 329.32 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 343.16 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 368.07 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 400.00 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 411.50 741.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 434.09 741.75 Td (new ) Tj ET Q q 0 0 0 rg BT 454.93 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 504.34 741.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 547.34 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (products. ) Tj ET Q q 0 0 0 rg BT 90.62 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 92.96 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 116.87 729.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 147.79 729.15 Td (had ) Tj ET Q q 0 0 0 rg BT 165.29 729.15 Td (seed ) Tj ET Q q 0 0 0 rg BT 186.28 729.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 216.60 729.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 269.10 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 279.61 729.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 328.59 729.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 350.17 729.15 Td (products, ) Tj ET Q q 0 0 0 rg BT 391.29 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 419.29 729.15 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.20 729.15 Td ($305,288) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.58 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 491.91 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.41 729.15 Td ($368,920) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.79 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 553.75 729.15 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.77 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 92.70 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 109.35 716.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 130.35 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 133.88 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 152.56 716.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 179.71 716.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 229.76 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 235.91 716.55 Td (which ) Tj ET Q q 0 0 0 rg BT 265.09 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 281.44 716.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 338.04 716.55 Td (comprised ) Tj ET Q q 0 0 0 rg BT 385.31 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 397.58 716.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 451.27 716.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.96 716.55 Td (57) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.46 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 476.98 716.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 503.84 716.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.53 716.55 Td (63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.03 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 536.55 716.55 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 104.48 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 122.54 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 137.67 703.95 Td (individually ) Tj ET Q q 0 0 0 rg BT 190.73 703.95 Td (greater ) Tj ET Q q 0 0 0 rg BT 222.19 703.95 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.58 703.95 Td ($1,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.45 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 276.39 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 293.86 703.95 Td (together ) Tj ET Q q 0 0 0 rg BT 330.58 703.95 Td (comprise ) Tj ET Q q 0 0 0 rg BT 371.38 703.95 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.35 703.95 Td (90%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.60 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 413.91 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 424.97 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 440.11 703.95 Td (total ) Tj ET Q q 0 0 0 rg BT 461.09 703.95 Td (seed ) Tj ET Q q 0 0 0 rg BT 482.06 703.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 512.35 703.95 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (at ) Tj ET Q q 0 0 0 rg BT 59.70 691.35 Td (each ) Tj ET Q q 0 0 0 rg BT 81.56 691.35 Td (period ) Tj ET Q q 0 0 0 rg BT 111.01 691.35 Td (end.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (See ) Tj ET Q q 0 0 0 rg BT 66.30 666.15 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 92.43 666.15 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.68 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 99.32 666.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.11 666.15 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.61 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 128.25 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 142.13 666.15 Td (information ) Tj ET Q q 0 0 0 rg BT 193.34 666.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 235.20 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 249.67 666.15 Td (determination ) Tj ET Q q 0 0 0 rg BT 309.62 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 320.00 666.15 Td (whether ) Tj ET Q q 0 0 0 rg BT 355.46 666.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 407.26 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 417.06 666.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 465.34 666.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 486.22 666.15 Td (products ) Tj ET Q q 0 0 0 rg BT 524.02 666.15 Td (represent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 73.71 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 91.49 653.55 Td (consolidation.) 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Q q 0 0 0 rg BT 200.76 729.15 Td (derived ) Tj ET Q q 0 0 0 rg BT 234.32 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 256.81 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 271.72 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 288.37 729.15 Td (values ) Tj ET Q q 0 0 0 rg BT 317.28 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 328.10 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 343.01 729.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 390.58 729.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 442.82 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 453.65 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 464.48 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 479.38 729.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 524.02 729.15 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (dates.��) Tj ET Q q 0 0 0 rg BT 78.76 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 98.26 716.55 Td (following ) Tj ET Q q 0 0 0 rg BT 142.27 716.55 Td (table ) Tj ET Q q 0 0 0 rg BT 165.85 716.55 Td (summarizes, ) Tj ET Q q 0 0 0 rg BT 221.81 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 233.73 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.65 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 276.23 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 292.54 716.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 313.54 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 316.71 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 335.05 716.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 361.85 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 377.85 716.55 Td (nature ) Tj ET Q q 0 0 0 rg BT 407.27 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 419.19 716.55 Td (these ) Tj ET Q q 0 0 0 rg BT 443.94 716.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 497.28 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 515.62 716.55 Td (any ) Tj ET Q q 0 0 0 rg BT 533.95 716.55 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 97.62 703.95 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 146.91 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 158.28 703.95 Td (other ) Tj ET Q q 0 0 0 rg BT 182.48 703.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 213.67 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 241.96 703.95 Td (may ) Tj ET Q q 0 0 0 rg BT 262.66 703.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 293.86 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 309.31 703.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 346.34 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 371.71 703.95 Td (realized:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 652.45 67.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 117.00 652.45 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.00 652.45 124.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 652.45 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 652.45 68.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 652.45 16.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 652.45 69.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 652.45 16.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 652.45 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0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 678.45 m 402 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 678.45 m 488 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 678.45 m 504 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 678.45 m 563 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 652.45 m 117 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 121 652.45 m 245 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 678.45 m 317 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 652.45 m 317 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 652.45 m 402 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 652.45 m 488 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 652.45 m 563 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 652.45 m 402 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 468.45 m 117 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 454.45 m 117 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 121 468.45 m 245 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 121 454.45 m 245 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 468.45 m 317 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 454.45 m 317 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 468.45 m 402 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 454.45 m 402 454.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 468.45 m 488 468.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 454.45 m 488 454.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 683.22 Td (Fair Value Determined Using NAV) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.40 683.24 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 487.70 683.24 Td (ch 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.05 667.72 Td (Category of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.65 657.22 Td (Investment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.35 657.22 Td (Investment Strategy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 259.55 667.74 Td (Mar) Tj ET Q q 0 0 0 rg BT 279.18 667.74 Td (ch 31, ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 272.00 657.24 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.40 667.72 Td (March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 356.50 657.22 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.50 657.22 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 667.74 Td (Unfunded) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.70 657.24 Td (Commitments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 508.45 667.74 Td (Remaining) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 520.90 657.24 Td (Term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 610.72 Td (Funds-of-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 600.22 Td (hedge funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 642.22 Td (Global macro, fixed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 631.72 Td 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0 rg BT 123.50 564.22 Td (income - hedge, relative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 553.72 Td (value arbitrage, European) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 543.22 Td (hedge) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.10 543.24 Td (10,107) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.10 543.22 Td (11,403) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.50 543.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.10 543.24 Td (20,000) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 525.95 543.24 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 527.72 Td (Private equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 517.22 Td (funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 517.22 Td (Long/short equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.10 517.24 Td (17,612) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.50 516.70 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.10 517.22 Td (20,471) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.35 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510.35 473.24 Td (V) Tj ET Q q 0 0 0 rg BT 516.97 473.24 Td (arious ) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 547.60 478.00 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 458.67 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.50 458.67 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.50 458.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.10 458.84 Td (52,772) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.50 458.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.10 458.67 Td (58,158) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.50 458.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.10 458.84 Td (27,236) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.00 458.84 Td (�) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (n/a - not applicable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 434.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 434.55 Td (Liquidation ) Tj ET Q q 0 0 0 rg BT 109.19 434.55 Td (restrictions: ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 151.35 434.55 Td (1%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 162.69 434.55 Td ( ) Tj ET Q q 0 0 0 rg BT 164.71 434.55 Td (daily ) Tj ET Q q 0 0 0 rg BT 183.74 434.55 Td (redemption, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 226.61 434.55 Td (1) Tj ET Q q 0 0 0 rg BT 230.54 434.55 Td (1%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 241.87 434.55 Td ( ) Tj ET Q q 0 0 0 rg BT 243.90 434.55 Td (monthly ) Tj ET Q q 0 0 0 rg BT 274.27 434.55 Td (redemption, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 317.13 434.55 Td (12%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 332.72 434.55 Td ( ) Tj ET Q q 0 0 0 rg BT 334.75 434.55 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 367.46 434.55 Td (redemption, ) Tj ET Q q 0 0 0 rg BT 410.32 434.55 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.63 434.55 Td (76%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 440.21 434.55 Td ( ) Tj ET Q q 0 0 0 rg BT 442.24 434.55 Td (are ) Tj ET Q q 0 0 0 rg BT 454.64 434.55 Td (not ) Tj ET Q q 0 0 0 rg BT 467.53 434.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 493.64 434.55 Td (to ) Tj ET Q q 0 0 0 rg BT 502.28 434.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 543.02 434.55 Td (or ) Tj ET Q q 0 0 0 rg BT 552.13 434.55 Td (are ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 424.35 Td (not ) Tj ET Q q 0 0 0 rg BT 80.49 424.35 Td (currently ) Tj ET Q q 0 0 0 rg BT 113.29 424.35 Td (redeemable.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 414.15 Td (Liquidations ) Tj ET Q q 0 0 0 rg BT 112.60 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 125.10 414.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 157.43 414.15 Td (over ) Tj ET Q q 0 0 0 rg BT 174.65 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 187.16 414.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 223.75 414.15 Td (term.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 403.95 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 403.95 Td (Of this balance, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 123.20 403.95 Td (26%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 138.79 403.95 Td ( has a remaining term of less than one year and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 300.94 403.95 Td (74%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 316.52 403.95 Td ( has a remaining term of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 401.50 403.95 Td (15) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 410.00 403.95 Td ( years.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 381.15 Td (There are no current plans to sell any of these investments held as of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.91 381.15 Td (March 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.69 381.15 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 355.95 Td (4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.25 355.95 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 355.95 Td (FIXED ) Tj ET Q q 0 0 0 rg BT 95.22 355.95 Td (ASSETS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 134.33 355.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 330.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 330.75 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 330.75 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 330.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 168.96 330.75 Td (the ) Tj ET Q q 0 0 0 rg BT 184.41 330.75 Td (components ) Tj ET Q q 0 0 0 rg BT 237.78 330.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.15 330.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 273.35 330.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 300.47 330.75 Td (as ) Tj ET Q q 0 0 0 rg BT 311.85 330.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.22 330.75 Td (March ) Tj ET Q q 0 0 0 rg BT 353.25 330.75 Td (31:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 305.25 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 305.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 305.25 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 305.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 305.25 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 277.25 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 277.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 277.25 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 277.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 277.25 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 249.25 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 249.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 249.25 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 249.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 249.25 97.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 305.25 m 360.5 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 305.25 m 461.5 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 305.25 m 562.5 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 305.25 m 461.5 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 305.25 m 562.5 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 263.25 m 360.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 263.25 m 461.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 263.25 m 562.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 263.25 m 461.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 235.25 m 360.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 235.25 m 461.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 235.25 m 562.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 221.25 m 360.5 221.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 235.25 m 461.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 221.25 m 461.5 221.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 221.25 m 562.5 221.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.00 310.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.00 310.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 295.47 Td (Equipment) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 367.00 295.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 295.64 Td (159,102) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.00 295.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 295.47 Td (150,259) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 281.47 Td (Software) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 281.64 Td (304,943) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 281.47 Td (293,844) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 267.47 Td (Leasehold improvements) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 267.64 Td (204,551) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 267.47 Td (199,354) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 253.47 Td (Total cost) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 253.64 Td (668,596) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 253.47 Td (643,457) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 239.47 Td (Less: accumulated depreciation and amortization) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.85 239.64 Td (\(508,934) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.50 239.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 239.47 Td (\(480,152) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 239.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 225.47 Td (Fixed assets, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 367.00 225.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.35 225.64 Td (159,662) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.00 225.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 225.47 Td (163,305) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 196.55 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 106.23 196.55 Td (and ) Tj ET Q q 0 0 0 rg BT 123.40 196.55 Td (amortization ) Tj ET Q q 0 0 0 rg BT 178.47 196.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 214.30 196.55 Td (related ) Tj ET Q q 0 0 0 rg BT 244.87 196.55 Td (to ) Tj ET Q q 0 0 0 rg BT 255.04 196.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 278.63 196.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 305.13 196.55 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.47 196.55 Td ($54,023) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.59 196.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.23 196.55 Td ($55,318) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.35 196.55 Td (, ) Tj ET Q q 0 0 0 rg BT 400.98 196.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.15 196.55 Td ($52,461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.28 196.55 Td ( ) Tj ET Q q 0 0 0 rg BT 454.28 196.55 Td (for ) Tj ET Q q 0 0 0 rg BT 468.53 196.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.37 196.55 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.52 196.55 Td ( ) Tj ET Q q 0 0 0 rg BT 507.53 196.55 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.61 196.55 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 183.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 66.57 183.95 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 87.57 183.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 93.65 183.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 114.65 183.95 Td (, ) Tj ET Q q 0 0 0 rg BT 120.72 183.95 Td (and ) Tj ET Q q 0 0 0 rg BT 139.33 183.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 166.41 183.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 216.45 183.95 Td (. ) Tj ET Q q 0 0 0 rg BT 222.53 183.95 Td ( ) Tj ET Q q 0 0 0 rg BT 225.73 183.95 Td (The ) Tj ET Q q 0 0 0 rg BT 245.50 183.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 282.77 183.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 321.21 183.95 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 371.87 183.95 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 427.21 183.95 Td (and ) Tj ET Q q 0 0 0 rg BT 445.82 183.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 502.33 183.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.53 183.95 Td ($2,688) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.40 183.95 Td ( ) Tj ET Q q 0 0 0 rg BT 546.85 183.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 171.35 Td ($4,147) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.88 171.35 Td ( ) Tj ET Q q 0 0 0 rg BT 81.86 171.35 Td (for ) Tj ET Q q 0 0 0 rg BT 97.09 171.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 112.91 171.35 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 135.06 171.35 Td ( ) Tj ET Q q 0 0 0 rg BT 138.05 171.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.10 171.35 Td (March ) Tj ET Q q 0 0 0 rg BT 196.49 171.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 212.61 171.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.61 171.35 Td ( ) Tj ET Q q 0 0 0 rg BT 236.59 171.35 Td (and ) Tj ET Q q 0 0 0 rg BT 254.74 171.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 281.35 171.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 331.40 171.35 Td (, ) Tj ET Q q 0 0 0 rg BT 337.01 171.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 379.07 171.35 Td (related ) Tj ET Q q 0 0 0 rg BT 410.62 171.35 Td (to ) Tj ET Q q 0 0 0 rg BT 421.77 171.35 Td (space ) Tj ET Q q 0 0 0 rg BT 448.08 171.35 Td (vacated ) Tj ET Q q 0 0 0 rg BT 483.12 171.35 Td (in ) Tj ET Q q 0 0 0 rg BT 494.28 171.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 543.33 171.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 158.75 Td (the ) Tj ET Q q 0 0 0 rg BT 66.12 158.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 123.06 158.75 Td (of ) Tj ET Q q 0 0 0 rg BT 135.10 158.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 168.13 158.75 Td (for ) Tj ET Q q 0 0 0 rg BT 183.67 158.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.79 158.75 Td (combination ) Tj ET Q q 0 0 0 rg BT 255.57 158.75 Td (with ) Tj ET Q q 0 0 0 rg BT 277.53 158.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 295.24 158.75 Td (rust, ) Tj ET Q q 0 0 0 rg BT 316.91 158.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.36 158.75 Td ($1,265) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.23 158.75 Td ( ) Tj ET Q q 0 0 0 rg BT 367.52 158.75 Td (for ) Tj ET Q q 0 0 0 rg BT 383.06 158.75 Td (the ) Tj ET Q q 0 0 0 rg BT 399.18 158.75 Td (year ) Tj ET Q q 0 0 0 rg BT 420.54 158.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 448.90 158.75 Td (March ) Tj ET Q q 0 0 0 rg BT 479.60 158.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.01 158.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 522.93 158.75 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 146.15 Td (related ) Tj ET Q q 0 0 0 rg BT 81.19 146.15 Td (to ) Tj ET Q q 0 0 0 rg BT 91.98 146.15 Td (the ) Tj ET Q q 0 0 0 rg BT 107.43 146.15 Td (integration ) Tj ET Q q 0 0 0 rg BT 155.55 146.15 Td (of ) Tj ET Q q 0 0 0 rg BT 166.92 146.15 Td (Batterymarch ) Tj ET Q q 0 0 0 rg BT 226.69 146.15 Td (into ) Tj ET Q q 0 0 0 rg BT 245.65 146.15 Td (QS ) Tj ET Q q 0 0 0 rg BT 261.69 146.15 Td (Investors.) Tj ET Q endstream endobj 241 0 obj <>] /Rotate 0 /Contents 242 0 R>> endobj 242 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (18) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.25 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 741.90 Td (INT) Tj ET Q q 0 0 0 rg BT 78.39 741.90 Td (ANGIBLE ) Tj ET Q q 0 0 0 rg BT 128.87 741.90 Td (ASSETS ) Tj ET Q q 0 0 0 rg BT 170.02 741.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 195.40 741.90 Td (GOODWILL) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 255.50 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 711.70 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 92.78 711.70 Td (and ) Tj ET Q q 0 0 0 rg BT 111.06 711.70 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 171.90 711.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 217.01 711.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 244.62 711.70 Td (are ) Tj ET Q q 0 0 0 rg BT 260.56 711.70 Td (not ) Tj ET Q q 0 0 0 rg BT 277.09 711.70 Td (amortized, ) Tj ET Q q 0 0 0 rg BT 324.81 711.70 Td (and ) Tj ET Q q 0 0 0 rg BT 343.09 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 359.03 711.70 Td (values ) Tj ET Q q 0 0 0 rg BT 388.97 711.70 Td (of ) Tj ET Q q 0 0 0 rg BT 400.84 711.70 Td (other ) Tj ET Q q 0 0 0 rg BT 425.53 711.70 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 476.46 711.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 521.56 711.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 549.18 711.70 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 699.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 94.66 699.10 Td (over ) Tj ET Q q 0 0 0 rg BT 115.99 699.10 Td (their ) Tj ET Q q 0 0 0 rg BT 137.90 699.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 166.24 699.10 Td (lives, ) Tj ET Q q 0 0 0 rg BT 191.37 699.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 220.30 699.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.80 699.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 262.97 699.10 Td (are ) Tj ET Q q 0 0 0 rg BT 278.47 699.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 328.37 699.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.21 699.10 Td (have ) Tj ET Q q 0 0 0 rg BT 361.71 699.10 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 404.62 699.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 432.96 699.10 Td (lives. ) Tj ET Q q 0 0 0 rg BT 458.09 699.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 500.43 699.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.27 699.10 Td (indefinite-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 686.50 Td (life ) Tj ET Q q 0 0 0 rg BT 65.96 686.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 109.92 686.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 136.39 686.50 Td (are ) Tj ET Q q 0 0 0 rg BT 151.18 686.50 Td (analyzed ) Tj ET Q q 0 0 0 rg BT 190.46 686.50 Td (to ) Tj ET Q q 0 0 0 rg BT 200.60 686.50 Td (determine ) Tj ET Q q 0 0 0 rg BT 244.55 686.50 Td (if ) Tj ET Q q 0 0 0 rg BT 252.93 686.50 Td (the ) Tj ET Q q 0 0 0 rg BT 267.73 686.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 284.27 686.50 Td (value ) Tj ET Q q 0 0 0 rg BT 308.98 686.50 Td (of ) Tj ET Q q 0 0 0 rg BT 319.70 686.50 Td (the ) Tj ET Q q 0 0 0 rg BT 334.50 686.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 360.97 686.50 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 396.17 686.50 Td (the ) Tj ET Q q 0 0 0 rg BT 410.96 686.50 Td (book ) Tj ET Q q 0 0 0 rg BT 433.93 686.50 Td (value. ) Tj ET Q q 0 0 0 rg BT 461.27 686.50 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 505.81 686.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 532.28 686.50 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 673.90 Td (to ) Tj ET Q q 0 0 0 rg BT 61.08 673.90 Td (amortization ) Tj ET Q q 0 0 0 rg BT 117.07 673.90 Td (are ) Tj ET Q q 0 0 0 rg BT 132.80 673.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 181.20 673.90 Td (for ) Tj ET Q q 0 0 0 rg BT 196.36 673.90 Td (impairment ) Tj ET Q q 0 0 0 rg BT 247.69 673.90 Td (at ) Tj ET Q q 0 0 0 rg BT 258.18 673.90 Td (each ) Tj ET Q q 0 0 0 rg BT 280.33 673.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 321.74 673.90 Td (period. ) Tj ET Q q 0 0 0 rg BT 354.11 673.90 Td (If ) Tj ET Q q 0 0 0 rg BT 364.02 673.90 Td (the ) Tj ET Q q 0 0 0 rg BT 379.76 673.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 397.25 673.90 Td (value ) Tj ET Q q 0 0 0 rg BT 422.91 673.90 Td (is ) Tj ET Q q 0 0 0 rg BT 432.83 673.90 Td (less ) Tj ET Q q 0 0 0 rg BT 451.50 673.90 Td (than ) Tj ET Q q 0 0 0 rg BT 472.49 673.90 Td (the ) Tj ET Q q 0 0 0 rg BT 488.24 673.90 Td (book ) Tj ET Q q 0 0 0 rg BT 512.16 673.90 Td (value, ) Tj ET Q q 0 0 0 rg BT 540.44 673.90 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 661.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.21 661.30 Td (will ) Tj ET Q q 0 0 0 rg BT 100.17 661.30 Td (record ) Tj ET Q q 0 0 0 rg BT 129.61 661.30 Td (an ) Tj ET Q q 0 0 0 rg BT 142.14 661.30 Td (impairment ) Tj ET Q q 0 0 0 rg BT 193.17 661.30 Td (char) Tj ET Q q 0 0 0 rg BT 211.05 661.30 Td (ge.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 631.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 631.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 631.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 631.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 168.96 631.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.41 631.10 Td (components ) Tj ET Q q 0 0 0 rg BT 237.78 631.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.15 631.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 293.77 631.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 320.89 631.10 Td (as ) Tj ET Q q 0 0 0 rg BT 332.26 631.10 Td (of:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.60 318.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 605.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 605.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 605.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 605.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 576.60 318.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 576.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 576.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 545.60 318.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 545.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 545.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 545.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 545.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 517.60 318.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 517.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 517.60 93.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 517.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 517.60 93.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 485.60 318.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 485.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 485.60 93.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 485.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 485.60 93.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 451.60 318.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 451.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 451.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 451.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 451.60 93.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 605.6 m 368.5 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 605.6 m 465.5 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 605.6 m 562.5 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 562.6 m 368.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 545.6 m 368.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 562.6 m 465.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 545.6 m 465.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 562.6 m 562.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 545.6 m 562.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 451.6 m 368.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 437.6 m 368.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 451.6 m 465.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 451.6 m 562.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 437.6 m 562.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 423.6 m 368.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 437.6 m 465.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 423.6 m 465.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 423.6 m 562.5 423.6 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 610.37 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.70 610.39 Td (Mar) Tj ET Q q 0 0 0 rg BT 403.33 610.39 Td (ch 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.10 610.37 Td (March 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 595.99 Td (Amortizable intangible asset management contracts and other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.00 595.99 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 595.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 581.37 Td (Cost) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.00 581.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.35 581.39 Td (408,025) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.00 581.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 581.37 Td (259,513) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 566.82 Td (Accumulated amortization) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.85 566.99 Td (\(194,371) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 461.50 566.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 566.82 Td (\(171,169) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 566.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 550.37 Td (Net) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 86.16 555.13 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.35 550.39 Td (213,654) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 550.37 Td (88,344) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 535.99 Td (Indefinite�life intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.00 535.99 Td () Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 535.82 Td () Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 521.82 Td (U.S. domestic mutual fund management contracts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 521.99 Td (2,106,351) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 521.82 Td (2,106,351) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 506.37 Td (Clarion Partners fund management contracts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.35 506.39 Td (505,200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 506.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 490.37 Td (EnT) Tj ET Q q 0 0 0 rg BT 76.71 490.37 Td (rustPermal fund management contracts) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 240.87 495.13 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.35 490.39 Td (596,404) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 490.37 Td (334,104) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 473.37 Td (Other fund management contracts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.35 473.39 Td (542,908) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 473.37 Td (560,499) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 456.37 Td (T) Tj ET Q q 0 0 0 rg BT 65.04 456.37 Td (rade names) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 112.56 461.13 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.60 456.39 Td (69,863) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 456.37 Td (57,187) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 441.82 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 441.99 Td (3,820,726) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 441.82 Td (3,058,141) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 427.82 Td (Intangible assets, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.00 427.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 427.99 Td (4,034,380) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.00 427.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 427.82 Td (3,146,485) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 413.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 413.90 Td (As ) Tj ET Q q 0 0 0 rg BT 79.16 413.90 Td (of ) Tj ET Q q 0 0 0 rg BT 87.95 413.90 Td (March ) Tj ET Q q 0 0 0 rg BT 111.84 413.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 124.18 413.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 144.63 413.90 Td (Amortizable ) Tj ET Q q 0 0 0 rg BT 188.83 413.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 224.53 413.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 242.77 413.90 Td (management ) Tj ET Q q 0 0 0 rg BT 287.90 413.90 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 322.42 413.90 Td (net ) Tj ET Q q 0 0 0 rg BT 334.52 413.90 Td (and ) Tj ET Q q 0 0 0 rg BT 348.37 413.90 Td (T) Tj ET Q q 0 0 0 rg BT 353.27 413.90 Td (rade ) Tj ET Q q 0 0 0 rg BT 369.60 413.90 Td (names ) Tj ET Q q 0 0 0 rg BT 393.03 413.90 Td (include ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 419.76 413.90 Td ($92,844) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 447.38 413.90 Td ( ) Tj ET Q q 0 0 0 rg BT 449.09 413.90 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 463.08 413.90 Td ($23,100) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 490.70 413.90 Td (, ) Tj ET Q q 0 0 0 rg BT 494.54 413.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 535.05 413.90 Td (, ) Tj ET Q q 0 0 0 rg BT 538.89 413.90 Td (related ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 403.70 Td (to ) Tj ET Q q 0 0 0 rg BT 77.72 403.70 Td (the ) Tj ET Q q 0 0 0 rg BT 91.21 403.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 131.61 403.70 Td (of ) Tj ET Q q 0 0 0 rg BT 141.80 403.70 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 170.40 403.70 Td (Partners ) Tj ET Q q 0 0 0 rg BT 201.36 403.70 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 216.73 403.70 Td ($57,995) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 244.36 403.70 Td ( ) Tj ET Q q 0 0 0 rg BT 247.46 403.70 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 262.84 403.70 Td ($7,400) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 286.22 403.70 Td (, ) Tj ET Q q 0 0 0 rg BT 291.45 403.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 331.96 403.70 Td (, ) Tj ET Q q 0 0 0 rg BT 337.19 403.70 Td (related ) Tj ET Q q 0 0 0 rg BT 363.42 403.70 Td (to ) Tj ET Q q 0 0 0 rg BT 373.13 403.70 Td (the ) Tj ET Q q 0 0 0 rg BT 386.62 403.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 427.03 403.70 Td (of ) Tj ET Q q 0 0 0 rg BT 437.21 403.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 451.55 403.70 Td (rust. ) Tj ET Q q 0 0 0 rg BT 469.53 403.70 Td ( ) Tj ET Q q 0 0 0 rg BT 472.63 403.70 Td (See ) Tj ET Q q 0 0 0 rg BT 488.01 403.70 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 507.64 403.70 Td (2) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 511.89 403.70 Td ( ) Tj ET Q q 0 0 0 rg BT 514.99 403.70 Td (for ) Tj ET Q q 0 0 0 rg BT 528.01 403.70 Td (additional ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 393.50 Td (information.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 383.30 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 68.00 383.30 Td (As ) Tj ET Q q 0 0 0 rg BT 79.19 383.30 Td (of ) Tj ET Q q 0 0 0 rg BT 88.01 383.30 Td (March ) Tj ET Q q 0 0 0 rg BT 111.94 383.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 124.31 383.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 145.17 383.30 Td (includes ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 175.24 383.30 Td ($262,300) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 207.12 383.30 Td ( ) Tj ET Q q 0 0 0 rg BT 208.86 383.30 Td (related ) Tj ET Q q 0 0 0 rg BT 233.73 383.30 Td (to ) Tj ET Q q 0 0 0 rg BT 242.08 383.30 Td (the ) Tj ET Q q 0 0 0 rg BT 254.21 383.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 293.25 383.30 Td (of ) Tj ET Q q 0 0 0 rg BT 302.07 383.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 316.41 383.30 Td (rust. ) Tj ET Q q 0 0 0 rg BT 333.03 383.30 Td ( ) Tj ET Q q 0 0 0 rg BT 334.38 383.30 Td (As ) Tj ET Q q 0 0 0 rg BT 345.57 383.30 Td (further ) Tj ET Q q 0 0 0 rg BT 370.44 383.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 404.77 383.30 Td (below) Tj ET Q q 0 0 0 rg BT 424.99 383.30 Td (, ) Tj ET Q q 0 0 0 rg BT 428.85 383.30 Td (the ) Tj ET Q q 0 0 0 rg BT 440.98 383.30 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 489.45 383.30 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 543.12 383.30 Td (funds ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 373.10 Td (management ) Tj ET Q q 0 0 0 rg BT 112.86 373.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 144.97 373.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 162.92 373.10 Td (related ) Tj ET Q q 0 0 0 rg BT 187.47 373.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.51 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.32 373.10 Td (legacy ) Tj ET Q q 0 0 0 rg BT 230.93 373.10 Td (Permal ) Tj ET Q q 0 0 0 rg BT 256.44 373.10 Td (business ) Tj ET Q q 0 0 0 rg BT 286.68 373.10 Td (was ) Tj ET Q q 0 0 0 rg BT 301.33 373.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 336.27 373.10 Td (with ) Tj ET Q q 0 0 0 rg BT 352.82 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.63 373.10 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 412.79 373.10 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 466.14 373.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 486.46 373.10 Td (management ) Tj ET Q q 0 0 0 rg BT 531.32 373.10 Td (contracts ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 362.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 86.65 362.90 Td (related ) Tj ET Q q 0 0 0 rg BT 111.90 362.90 Td (to ) Tj ET Q q 0 0 0 rg BT 120.63 362.90 Td (EnT) Tj ET Q q 0 0 0 rg BT 134.97 362.90 Td (rust ) Tj ET Q q 0 0 0 rg BT 149.85 362.90 Td (as ) Tj ET Q q 0 0 0 rg BT 159.05 362.90 Td (of ) Tj ET Q q 0 0 0 rg BT 168.26 362.90 Td (March ) Tj ET Q q 0 0 0 rg BT 192.57 362.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 205.32 362.90 Td (2017. ) Tj ET Q q 0 0 0 rg BT 226.57 362.90 Td ( ) Tj ET Q q 0 0 0 rg BT 228.69 362.90 Td (See ) Tj ET Q q 0 0 0 rg BT 243.09 362.90 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 261.74 362.90 Td (2) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 265.99 362.90 Td ( ) Tj ET Q q 0 0 0 rg BT 268.11 362.90 Td (for ) Tj ET Q q 0 0 0 rg BT 280.15 362.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 316.27 362.90 Td (information ) Tj ET Q q 0 0 0 rg BT 358.52 362.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 393.22 362.90 Td (the ) Tj ET Q q 0 0 0 rg BT 405.73 362.90 Td (EnT) Tj ET Q q 0 0 0 rg BT 420.06 362.90 Td (rust ) Tj ET Q q 0 0 0 rg BT 434.94 362.90 Td (acquisition.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 337.70 Td (Certain ) Tj ET Q q 0 0 0 rg BT 83.56 337.70 Td (of ) Tj ET Q q 0 0 0 rg BT 94.95 337.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 119.18 337.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 156.39 337.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 201.03 337.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 228.18 337.70 Td (are ) Tj ET Q q 0 0 0 rg BT 243.64 337.70 Td (denominated ) Tj ET Q q 0 0 0 rg BT 300.53 337.70 Td (in ) Tj ET Q q 0 0 0 rg BT 311.34 337.70 Td (currencies ) Tj ET Q q 0 0 0 rg BT 357.13 337.70 Td (other ) Tj ET Q q 0 0 0 rg BT 381.36 337.70 Td (than ) Tj ET Q q 0 0 0 rg BT 402.08 337.70 Td (the ) Tj ET Q q 0 0 0 rg BT 417.56 337.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 438.88 337.70 Td (dollar ) Tj ET Q q 0 0 0 rg BT 466.03 337.70 Td (and ) Tj ET Q q 0 0 0 rg BT 483.84 337.70 Td (balances ) Tj ET Q q 0 0 0 rg BT 522.63 337.70 Td (related ) Tj ET Q q 0 0 0 rg BT 553.84 337.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (these ) Tj ET Q q 0 0 0 rg BT 74.20 325.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 101.32 325.10 Td (will ) Tj ET Q q 0 0 0 rg BT 120.28 325.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 159.64 325.10 Td (with ) Tj ET Q q 0 0 0 rg BT 180.93 325.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 217.38 325.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.17 325.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.62 325.10 Td (related ) Tj ET Q q 0 0 0 rg BT 274.81 325.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 307.76 325.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 347.11 325.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 389.37 325.10 Td (rates.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 299.90 Td (During ) Tj ET Q q 0 0 0 rg BT 82.15 299.90 Td (the ) Tj ET Q q 0 0 0 rg BT 97.39 299.90 Td (nine ) Tj ET Q q 0 0 0 rg BT 117.88 299.90 Td (months ) Tj ET Q q 0 0 0 rg BT 151.20 299.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 178.68 299.90 Td (December ) Tj ET Q q 0 0 0 rg BT 224.23 299.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.76 299.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 265.79 299.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 305.52 299.90 Td (related ) Tj ET Q q 0 0 0 rg BT 336.49 299.90 Td (to ) Tj ET Q q 0 0 0 rg BT 347.06 299.90 Td (the ) Tj ET Q q 0 0 0 rg BT 362.30 299.90 Td (RARE ) Tj ET Q q 0 0 0 rg BT 392.71 299.90 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 452.25 299.90 Td (separate ) Tj ET Q q 0 0 0 rg BT 489.05 299.90 Td (account ) Tj ET Q q 0 0 0 rg BT 524.11 299.90 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 287.30 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 102.55 287.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 125.95 287.30 Td (declined ) Tj ET Q q 0 0 0 rg BT 164.50 287.30 Td (due ) Tj ET Q q 0 0 0 rg BT 182.65 287.30 Td (to ) Tj ET Q q 0 0 0 rg BT 193.80 287.30 Td (client ) Tj ET Q q 0 0 0 rg BT 220.12 287.30 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 274.43 287.30 Td (of ) Tj ET Q q 0 0 0 rg BT 285.50 287.30 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 315.62 287.30 Td ( ) Tj ET Q q 0 0 0 rg BT 318.60 287.30 Td (Based ) Tj ET Q q 0 0 0 rg BT 347.25 287.30 Td (on ) Tj ET Q q 0 0 0 rg BT 360.74 287.30 Td (revised ) Tj ET Q q 0 0 0 rg BT 394.05 287.30 Td (attrition ) Tj ET Q q 0 0 0 rg BT 430.28 287.30 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 474.97 287.30 Td (the ) Tj ET Q q 0 0 0 rg BT 490.79 287.30 Td (remaining ) Tj ET Q q 0 0 0 rg BT 536.35 287.30 Td (useful ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 274.70 Td (life ) Tj ET Q q 0 0 0 rg BT 67.01 274.70 Td (of ) Tj ET Q q 0 0 0 rg BT 78.77 274.70 Td (the ) Tj ET Q q 0 0 0 rg BT 94.61 274.70 Td (acquired ) Tj ET Q q 0 0 0 rg BT 133.77 274.70 Td (contracts ) Tj ET Q q 0 0 0 rg BT 174.69 274.70 Td (was ) Tj ET Q q 0 0 0 rg BT 194.03 274.70 Td (decreased ) Tj ET Q q 0 0 0 rg BT 238.43 274.70 Td (from ) Tj ET Q q 0 0 0 rg BT 261.86 274.70 Td (1) Tj ET Q q 0 0 0 rg BT 266.72 274.70 Td (1 ) Tj ET Q q 0 0 0 rg BT 274.98 274.70 Td (years ) Tj ET Q q 0 0 0 rg BT 300.15 274.70 Td (to ) Tj ET Q q 0 0 0 rg BT 311.33 274.70 Td (eight ) Tj ET Q q 0 0 0 rg BT 335.34 274.70 Td (years ) Tj ET Q q 0 0 0 rg BT 360.51 274.70 Td (at ) Tj ET Q q 0 0 0 rg BT 371.10 274.70 Td (December ) Tj ET Q q 0 0 0 rg BT 417.26 274.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 433.40 274.70 Td (2016. ) Tj ET Q q 0 0 0 rg BT 460.04 274.70 Td ( ) Tj ET Q q 0 0 0 rg BT 462.39 274.70 Td (As ) Tj ET Q q 0 0 0 rg BT 477.07 274.70 Td (a ) Tj ET Q q 0 0 0 rg BT 484.75 274.70 Td (result ) Tj ET Q q 0 0 0 rg BT 511.09 274.70 Td (of ) Tj ET Q q 0 0 0 rg BT 522.85 274.70 Td (the ) Tj ET Q q 0 0 0 rg BT 538.69 274.70 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (attrition, ) Tj ET Q q 0 0 0 rg BT 88.32 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.59 262.10 Td (related ) Tj ET Q q 0 0 0 rg BT 134.61 262.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 167.37 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.99 262.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 220.38 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.98 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.26 262.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 286.03 262.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 323.47 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.66 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.94 262.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 394.96 262.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 423.07 262.10 Td (life, ) Tj ET Q q 0 0 0 rg BT 442.13 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.41 262.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 501.84 262.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 539.27 262.10 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 249.50 Td (of ) Tj ET Q q 0 0 0 rg BT 60.49 249.50 Td (the ) Tj ET Q q 0 0 0 rg BT 75.07 249.50 Td (management ) Tj ET Q q 0 0 0 rg BT 130.46 249.50 Td (contracts ) Tj ET Q q 0 0 0 rg BT 170.10 249.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 192.26 249.50 Td (was ) Tj ET Q q 0 0 0 rg BT 210.33 249.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 259.31 249.50 Td (to ) Tj ET Q q 0 0 0 rg BT 269.22 249.50 Td (exceed ) Tj ET Q q 0 0 0 rg BT 300.11 249.50 Td (its ) Tj ET Q q 0 0 0 rg BT 311.78 249.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 328.10 249.50 Td (value ) Tj ET Q q 0 0 0 rg BT 352.58 249.50 Td (and ) Tj ET Q q 0 0 0 rg BT 369.49 249.50 Td (an ) Tj ET Q q 0 0 0 rg BT 381.14 249.50 Td (impairment ) Tj ET Q q 0 0 0 rg BT 431.29 249.50 Td (char) Tj ET Q q 0 0 0 rg BT 449.17 249.50 Td (ge ) Tj ET Q q 0 0 0 rg BT 460.83 249.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.32 249.50 Td ($18,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.45 249.50 Td ( ) Tj ET Q q 0 0 0 rg BT 507.19 249.50 Td (was ) Tj ET Q q 0 0 0 rg BT 525.27 249.50 Td (recorded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 236.90 Td (during ) Tj ET Q q 0 0 0 rg BT 80.48 236.90 Td (the ) Tj ET Q q 0 0 0 rg BT 96.37 236.90 Td (year ) Tj ET Q q 0 0 0 rg BT 117.50 236.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 145.63 236.90 Td (March ) Tj ET Q q 0 0 0 rg BT 176.10 236.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 192.28 236.90 Td (2017. ) Tj ET Q q 0 0 0 rg BT 218.97 236.90 Td ( ) Tj ET Q q 0 0 0 rg BT 222.03 236.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 279.91 236.90 Td (estimated ) Tj ET Q q 0 0 0 rg BT 323.21 236.90 Td (the ) Tj ET Q q 0 0 0 rg BT 339.10 236.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 356.73 236.90 Td (value ) Tj ET Q q 0 0 0 rg BT 382.53 236.90 Td (of ) Tj ET Q q 0 0 0 rg BT 394.34 236.90 Td (this ) Tj ET Q q 0 0 0 rg BT 412.57 236.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 436.05 236.90 Td (based ) Tj ET Q q 0 0 0 rg BT 463.02 236.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 487.08 236.90 Td (a ) Tj ET Q q 0 0 0 rg BT 494.80 236.90 Td (discounted ) Tj ET Q q 0 0 0 rg BT 543.36 236.90 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 224.30 Td (flow ) Tj ET Q q 0 0 0 rg BT 71.95 224.30 Td (analysis ) Tj ET Q q 0 0 0 rg BT 108.49 224.30 Td (using ) Tj ET Q q 0 0 0 rg BT 133.95 224.30 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 192.64 224.30 Td (market ) Tj ET Q q 0 0 0 rg BT 224.50 224.30 Td (data ) Tj ET Q q 0 0 0 rg BT 244.70 224.30 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 275.70 224.30 Td (which ) Tj ET Q q 0 0 0 rg BT 304.07 224.30 Td (are ) Tj ET Q q 0 0 0 rg BT 319.59 224.30 Td (Level ) Tj ET Q q 0 0 0 rg BT 346.20 224.30 Td (3 ) Tj ET Q q 0 0 0 rg BT 354.16 224.30 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 419.56 224.30 Td ( ) Tj ET Q q 0 0 0 rg BT 422.07 224.30 Td (The ) Tj ET Q q 0 0 0 rg BT 441.10 224.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 488.13 224.30 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 542.76 224.30 Td (used ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 211.70 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 211.70 Td (the ) Tj ET Q q 0 0 0 rg BT 76.25 211.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 97.53 211.70 Td (flow ) Tj ET Q q 0 0 0 rg BT 119.40 211.70 Td (analysis ) Tj ET Q q 0 0 0 rg BT 155.85 211.70 Td (included ) Tj ET Q q 0 0 0 rg BT 194.64 211.70 Td (projected ) Tj ET Q q 0 0 0 rg BT 235.75 211.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 262.87 211.70 Td (growth/\(attrition\) ) Tj ET Q q 0 0 0 rg BT 338.40 211.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 360.85 211.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.22 211.70 Td (7%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.21 211.70 Td (/) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.13 211.70 Td (\(13\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.37 211.70 Td ( ) Tj ET Q q 0 0 0 rg BT 418.00 211.70 Td (and ) Tj ET Q q 0 0 0 rg BT 435.78 211.70 Td (a ) Tj ET Q q 0 0 0 rg BT 443.07 211.70 Td (discount ) Tj ET Q q 0 0 0 rg BT 481.28 211.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 499.64 211.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.01 211.70 Td (15.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.13 211.70 Td (. ) Tj ET Q q 0 0 0 rg BT 543.38 211.70 Td ( ) Tj ET Q q 0 0 0 rg BT 546.00 211.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 186.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.21 186.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.43 186.50 Td (completed ) Tj ET Q q 0 0 0 rg BT 148.81 186.50 Td (its ) Tj ET Q q 0 0 0 rg BT 160.37 186.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 189.99 186.50 Td (impairment ) Tj ET Q q 0 0 0 rg BT 240.04 186.50 Td (testing ) Tj ET Q q 0 0 0 rg BT 269.67 186.50 Td (process ) Tj ET Q q 0 0 0 rg BT 302.80 186.50 Td (of ) Tj ET Q q 0 0 0 rg BT 313.19 186.50 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 352.16 186.50 Td (and ) Tj ET Q q 0 0 0 rg BT 368.96 186.50 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 428.33 186.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 471.96 186.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 498.09 186.50 Td (as ) Tj ET Q q 0 0 0 rg BT 508.48 186.50 Td (of ) Tj ET Q q 0 0 0 rg BT 518.86 186.50 Td (December ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 173.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.17 173.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 90.84 173.90 Td (and ) Tj ET Q q 0 0 0 rg BT 108.04 173.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 157.31 173.90 Td (that ) Tj ET Q q 0 0 0 rg BT 175.10 173.90 Td (the ) Tj ET Q q 0 0 0 rg BT 189.97 173.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 227.00 173.90 Td (value ) Tj ET Q q 0 0 0 rg BT 251.78 173.90 Td (of ) Tj ET Q q 0 0 0 rg BT 262.57 173.90 Td (the ) Tj ET Q q 0 0 0 rg BT 277.44 173.90 Td (Permal ) Tj ET Q q 0 0 0 rg BT 309.23 173.90 Td (trade ) Tj ET Q q 0 0 0 rg BT 332.25 173.90 Td (name ) Tj ET Q q 0 0 0 rg BT 357.04 173.90 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 416.81 173.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 439.26 173.90 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 480.36 173.90 Td (its ) Tj ET Q q 0 0 0 rg BT 492.32 173.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 508.94 173.90 Td (value, ) Tj ET Q q 0 0 0 rg BT 536.34 173.90 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 161.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 85.48 161.30 Td (in ) Tj ET Q q 0 0 0 rg BT 95.90 161.30 Td (an ) Tj ET Q q 0 0 0 rg BT 108.05 161.30 Td (impairment ) Tj ET Q q 0 0 0 rg BT 158.70 161.30 Td (char) Tj ET Q q 0 0 0 rg BT 176.58 161.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 188.73 161.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 199.72 161.30 Td ($17,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.85 161.30 Td (. ) Tj ET Q q 0 0 0 rg BT 238.72 161.30 Td ( ) Tj ET Q q 0 0 0 rg BT 240.80 161.30 Td (The ) Tj ET Q q 0 0 0 rg BT 259.37 161.30 Td (impairment ) Tj ET Q q 0 0 0 rg BT 310.02 161.30 Td (char) Tj ET Q q 0 0 0 rg BT 327.90 161.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 340.05 161.30 Td (was ) Tj ET Q q 0 0 0 rg BT 358.63 161.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 399.94 161.30 Td (the ) Tj ET Q q 0 0 0 rg BT 415.02 161.30 Td (result ) Tj ET Q q 0 0 0 rg BT 440.59 161.30 Td (of ) Tj ET Q q 0 0 0 rg BT 451.58 161.30 Td (a ) Tj ET Q q 0 0 0 rg BT 458.48 161.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 496.86 161.30 Td (in ) Tj ET Q q 0 0 0 rg BT 507.28 161.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 546.83 161.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 148.70 Td (a ) Tj ET Q q 0 0 0 rg BT 57.54 148.70 Td (reduction ) Tj ET Q q 0 0 0 rg BT 100.07 148.70 Td (in ) Tj ET Q q 0 0 0 rg BT 111.12 148.70 Td (the ) Tj ET Q q 0 0 0 rg BT 126.83 148.70 Td (royalty ) Tj ET Q q 0 0 0 rg BT 159.45 148.70 Td (rate, ) Tj ET Q q 0 0 0 rg BT 180.69 148.70 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 223.80 148.70 Td (a ) Tj ET Q q 0 0 0 rg BT 231.34 148.70 Td (decline ) Tj ET Q q 0 0 0 rg BT 264.54 148.70 Td (in ) Tj ET Q q 0 0 0 rg BT 275.58 148.70 Td (the ) Tj ET Q q 0 0 0 rg BT 291.29 148.70 Td (value ) Tj ET Q q 0 0 0 rg BT 316.91 148.70 Td (of ) Tj ET Q q 0 0 0 rg BT 328.54 148.70 Td (the ) Tj ET Q q 0 0 0 rg BT 344.24 148.70 Td (Permal ) Tj ET Q q 0 0 0 rg BT 376.87 148.70 Td (trade ) Tj ET Q q 0 0 0 rg BT 400.73 148.70 Td (name ) Tj ET Q q 0 0 0 rg BT 426.35 148.70 Td (due ) Tj ET Q q 0 0 0 rg BT 444.39 148.70 Td (to ) Tj ET Q q 0 0 0 rg BT 455.44 148.70 Td (a ) Tj ET Q q 0 0 0 rg BT 462.98 148.70 Td (change ) Tj ET Q q 0 0 0 rg BT 495.59 148.70 Td (in ) Tj ET Q q 0 0 0 rg BT 506.64 148.70 Td (branding ) Tj ET Q q 0 0 0 rg BT 546.84 148.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 83.37 136.10 Td (in ) Tj ET Q q 0 0 0 rg BT 94.58 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.46 136.10 Td (use ) Tj ET Q q 0 0 0 rg BT 127.51 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.30 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.18 136.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 192.62 136.10 Td (Permal ) Tj ET Q q 0 0 0 rg BT 225.41 136.10 Td (name ) Tj ET Q q 0 0 0 rg BT 251.20 136.10 Td (following ) Tj ET Q q 0 0 0 rg BT 295.08 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.96 136.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 366.50 136.10 Td (with ) Tj ET Q q 0 0 0 rg BT 388.22 136.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 405.93 136.10 Td (rust. ) Tj ET Q q 0 0 0 rg BT 427.35 136.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.40 136.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 488.27 136.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 531.55 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 547.43 136.10 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 123.50 Td (value ) Tj ET Q q 0 0 0 rg BT 75.41 123.50 Td (of ) Tj ET Q q 0 0 0 rg BT 86.83 123.50 Td (the ) Tj ET Q q 0 0 0 rg BT 102.33 123.50 Td (Permal ) Tj ET Q q 0 0 0 rg BT 134.75 123.50 Td (trade ) Tj ET Q q 0 0 0 rg BT 158.40 123.50 Td (name ) Tj ET Q q 0 0 0 rg BT 183.81 123.50 Td (based ) Tj ET Q q 0 0 0 rg BT 210.39 123.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 234.07 123.50 Td (a ) Tj ET Q q 0 0 0 rg BT 241.40 123.50 Td (discounted ) Tj ET Q q 0 0 0 rg BT 289.56 123.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 310.90 123.50 Td (flow ) Tj ET Q q 0 0 0 rg BT 332.81 123.50 Td (analysis ) Tj ET Q q 0 0 0 rg BT 369.32 123.50 Td (using ) Tj ET Q q 0 0 0 rg BT 394.74 123.50 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 453.40 123.50 Td (market ) Tj ET Q q 0 0 0 rg BT 485.22 123.50 Td (data ) Tj ET Q q 0 0 0 rg BT 505.38 123.50 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 536.35 123.50 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 110.90 Td (are ) Tj ET Q q 0 0 0 rg BT 65.56 110.90 Td (Level ) Tj ET Q q 0 0 0 rg BT 92.20 110.90 Td (3 ) Tj ET Q q 0 0 0 rg BT 100.19 110.90 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 165.62 110.90 Td ( ) Tj ET Q q 0 0 0 rg BT 168.16 110.90 Td (The ) Tj ET Q q 0 0 0 rg BT 187.22 110.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 234.29 110.90 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 288.95 110.90 Td (used ) Tj ET Q q 0 0 0 rg BT 310.93 110.90 Td (in ) Tj ET Q q 0 0 0 rg BT 321.84 110.90 Td (the ) Tj ET Q q 0 0 0 rg BT 337.41 110.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 358.81 110.90 Td (flow ) Tj ET Q q 0 0 0 rg BT 380.79 110.90 Td (analysis ) Tj ET Q q 0 0 0 rg BT 417.36 110.90 Td (included ) Tj ET Q q 0 0 0 rg BT 456.26 110.90 Td (projected ) Tj ET Q q 0 0 0 rg BT 498.06 110.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 528.79 110.90 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 98.30 Td (growth ) Tj ET Q q 0 0 0 rg BT 82.37 98.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 104.82 98.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.19 98.30 Td (3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 130.19 98.30 Td ( ) Tj ET Q q 0 0 0 rg BT 132.81 98.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.60 98.30 Td (9%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 157.60 98.30 Td ( ) Tj ET Q q 0 0 0 rg BT 160.23 98.30 Td (\(average: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.90 98.30 Td (7%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.90 98.30 Td (\), ) Tj ET Q q 0 0 0 rg BT 224.65 98.30 Td (a ) Tj ET Q q 0 0 0 rg BT 231.93 98.30 Td (royalty ) Tj ET Q q 0 0 0 rg BT 264.30 98.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 282.66 98.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.03 98.30 Td (1.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.90 98.30 Td ( ) Tj ET Q q 0 0 0 rg BT 318.53 98.30 Td (and ) Tj ET Q q 0 0 0 rg BT 336.31 98.30 Td (a ) Tj ET Q q 0 0 0 rg BT 343.60 98.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 381.81 98.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 400.17 98.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.54 98.30 Td (16.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.66 98.30 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (Projected ) Tj ET Q q 0 0 0 rg BT 93.21 73.10 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 131.84 73.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 159.89 73.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 193.20 73.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 216.58 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.29 73.10 Td (client ) Tj ET Q q 0 0 0 rg BT 262.17 73.10 Td (attrition ) Tj ET Q q 0 0 0 rg BT 298.98 73.10 Td (are ) Tj ET Q q 0 0 0 rg BT 315.35 73.10 Td (most ) Tj ET Q q 0 0 0 rg BT 339.33 73.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 386.03 73.10 Td (on ) Tj ET Q q 0 0 0 rg BT 400.09 73.10 Td (client ) Tj ET Q q 0 0 0 rg BT 426.19 73.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 454.25 73.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 483.76 73.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 521.14 73.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.86 73.10 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 60.50 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 99.38 60.50 Td (and ) Tj ET Q q 0 0 0 rg BT 117.55 60.50 Td (product ) Tj ET Q q 0 0 0 rg BT 152.63 60.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 201.71 60.50 Td (performance. ) Tj ET Q q 0 0 0 rg BT 260.39 60.50 Td ( ) Tj ET Q q 0 0 0 rg BT 263.40 60.50 Td (Discount ) Tj ET Q q 0 0 0 rg BT 304.32 60.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 327.15 60.50 Td (are ) Tj ET Q q 0 0 0 rg BT 342.97 60.50 Td (also ) Tj ET Q q 0 0 0 rg BT 362.89 60.50 Td (influenced ) Tj ET Q q 0 0 0 rg BT 410.21 60.50 Td (by ) Tj ET Q q 0 0 0 rg BT 423.72 60.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 460.54 60.50 Td (in ) Tj ET Q q 0 0 0 rg BT 471.71 60.50 Td (market ) Tj ET Q q 0 0 0 rg BT 503.87 60.50 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 553.25 60.50 Td (as ) Tj ET Q endstream endobj 243 0 obj <>] /Rotate 0 /Contents 244 0 R>> endobj 244 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (well ) Tj ET Q q 0 0 0 rg BT 71.19 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 83.05 741.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 117.07 741.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 140.00 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 158.28 741.75 Td (other ) Tj ET Q q 0 0 0 rg BT 182.96 741.75 Td (factors. ) Tj ET Q q 0 0 0 rg BT 217.27 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 220.38 741.75 Td (Decreases ) Tj ET Q q 0 0 0 rg BT 266.05 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 277.33 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 293.27 741.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 335.45 741.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 371.79 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 382.96 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 410.57 741.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 443.43 741.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 466.37 741.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 496.30 741.75 Td (increases ) Tj ET Q q 0 0 0 rg BT 537.90 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 549.17 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 87.79 729.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 109.81 729.15 Td (could ) Tj ET Q q 0 0 0 rg BT 135.34 729.15 Td (result ) Tj ET Q q 0 0 0 rg BT 160.87 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 171.24 729.15 Td (lower ) Tj ET Q q 0 0 0 rg BT 197.35 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 214.13 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 239.07 729.15 Td (measurements ) Tj ET Q q 0 0 0 rg BT 301.34 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 318.70 729.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 357.65 729.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 401.84 729.15 Td (impairments ) Tj ET Q q 0 0 0 rg BT 456.54 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 466.91 729.15 Td (these ) Tj ET Q q 0 0 0 rg BT 490.68 729.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 534.88 729.15 Td (assets. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (There ) Tj ET Q q 0 0 0 rg BT 77.35 716.55 Td (were ) Tj ET Q q 0 0 0 rg BT 100.63 716.55 Td (no ) Tj ET Q q 0 0 0 rg BT 114.00 716.55 Td (other ) Tj ET Q q 0 0 0 rg BT 138.44 716.55 Td (impairments ) Tj ET Q q 0 0 0 rg BT 193.80 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 204.84 716.55 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 265.44 716.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 310.30 716.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 340.30 716.55 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 392.73 716.55 Td (management ) Tj ET Q q 0 0 0 rg BT 449.24 716.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 490.01 716.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 534.88 716.55 Td (assets, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 62.00 703.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 102.58 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 114.58 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 126.58 703.95 Td (December ) Tj ET Q q 0 0 0 rg BT 172.97 703.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 189.34 703.95 Td (2016. ) Tj ET Q q 0 0 0 rg BT 216.22 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 219.47 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 244.29 703.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 276.13 703.95 Td (also ) Tj ET Q q 0 0 0 rg BT 296.29 703.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 346.77 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 365.77 703.95 Td (no ) Tj ET Q q 0 0 0 rg BT 379.52 703.95 Td (triggering ) Tj ET Q q 0 0 0 rg BT 424.18 703.95 Td (events ) Tj ET Q q 0 0 0 rg BT 454.25 703.95 Td (occurred ) Tj ET Q q 0 0 0 rg BT 494.23 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 506.23 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 518.22 703.95 Td (March ) Tj ET Q q 0 0 0 rg BT 548.88 703.95 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 76.25 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 94.62 691.35 Td (would ) Tj ET Q q 0 0 0 rg BT 123.50 691.35 Td (require ) Tj ET Q q 0 0 0 rg BT 155.85 691.35 Td (further ) Tj ET Q q 0 0 0 rg BT 187.05 691.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 238.08 691.35 Td (testing.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (As ) Tj ET Q q 0 0 0 rg BT 64.62 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 76.32 666.15 Td (December ) Tj ET Q q 0 0 0 rg BT 122.42 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 138.49 666.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 165.07 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 180.85 666.15 Td (assessed ) Tj ET Q q 0 0 0 rg BT 219.38 666.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 236.91 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 262.60 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 274.30 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 290.08 666.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 350.76 666.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 417.86 666.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 444.14 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 500.74 666.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 541.59 666.15 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (related ) Tj ET Q q 0 0 0 rg BT 80.91 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 91.42 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 106.60 653.55 Td (legacy ) Tj ET Q q 0 0 0 rg BT 136.35 653.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 168.43 653.55 Td (business ) Tj ET Q q 0 0 0 rg BT 206.37 653.55 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 247.77 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 262.94 653.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 300.27 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 325.36 653.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.20 653.55 Td (4%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.20 653.55 Td (. ) Tj ET Q q 0 0 0 rg BT 357.17 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 359.00 653.55 Td (As ) Tj ET Q q 0 0 0 rg BT 373.02 653.55 Td (further ) Tj ET Q q 0 0 0 rg BT 403.93 653.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 446.53 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 457.04 653.55 Td (Note ) Tj ET Q q 0 0 0 rg BT 479.80 653.55 Td (2, ) Tj ET Q q 0 0 0 rg BT 490.02 653.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 507.73 653.55 Td (rust ) Tj ET Q q 0 0 0 rg BT 525.83 653.55 Td (has ) Tj ET Q q 0 0 0 rg BT 542.17 653.55 Td (been ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (combined ) Tj ET Q q 0 0 0 rg BT 94.13 640.95 Td (with ) Tj ET Q q 0 0 0 rg BT 115.53 640.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 148.00 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 158.89 640.95 Td (form ) Tj ET Q q 0 0 0 rg BT 182.03 640.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 199.73 640.95 Td (rustPermal, ) Tj ET Q q 0 0 0 rg BT 250.58 640.95 Td (through ) Tj ET Q q 0 0 0 rg BT 285.97 640.95 Td (common ) Tj ET Q q 0 0 0 rg BT 325.44 640.95 Td (management, ) Tj ET Q q 0 0 0 rg BT 384.44 640.95 Td (shared ) Tj ET Q q 0 0 0 rg BT 414.57 640.95 Td (resources ) Tj ET Q q 0 0 0 rg BT 456.94 640.95 Td (\(including ) Tj ET Q q 0 0 0 rg BT 502.83 640.95 Td (infrastructure, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (employees, ) Tj ET Q q 0 0 0 rg BT 100.39 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 118.41 628.35 Td (processes\) ) Tj ET Q q 0 0 0 rg BT 165.01 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 183.03 628.35 Td (branding ) Tj ET Q q 0 0 0 rg BT 223.22 628.35 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 270.12 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 272.35 628.35 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 324.15 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 329.64 628.35 Td (after ) Tj ET Q q 0 0 0 rg BT 351.74 628.35 Td (completing ) Tj ET Q q 0 0 0 rg BT 401.84 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 417.53 628.35 Td (annual ) Tj ET Q q 0 0 0 rg BT 448.38 628.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 499.65 628.35 Td (testing ) Tj ET Q q 0 0 0 rg BT 530.51 628.35 Td (process ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 62.71 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 75.41 615.75 Td (December ) Tj ET Q q 0 0 0 rg BT 122.51 615.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 139.59 615.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 167.18 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 183.97 615.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 245.65 615.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 272.94 615.75 Td (management ) Tj ET Q q 0 0 0 rg BT 330.55 615.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 372.41 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 396.78 615.75 Td (related ) Tj ET Q q 0 0 0 rg BT 429.30 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 441.43 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.21 615.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 475.92 615.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 495.63 615.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 545.67 615.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (combined ) Tj ET Q q 0 0 0 rg BT 94.05 603.15 Td (with ) Tj ET Q q 0 0 0 rg BT 115.37 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 130.84 603.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 191.21 603.15 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 258.00 603.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 283.98 603.15 Td (management ) Tj ET Q q 0 0 0 rg BT 340.27 603.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 380.81 603.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 403.87 603.15 Td (related ) Tj ET Q q 0 0 0 rg BT 435.08 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 445.89 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 461.37 603.15 Td (legacy ) Tj ET Q q 0 0 0 rg BT 491.41 603.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 523.80 603.15 Td (business. ) Tj ET Q q 0 0 0 rg BT 564.64 603.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.87 590.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.74 590.55 Td (completed ) Tj ET Q q 0 0 0 rg BT 150.77 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 157.73 590.55 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 204.34 590.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 255.04 590.55 Td (test ) Tj ET Q q 0 0 0 rg BT 271.91 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 286.45 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 301.57 590.55 Td (combined ) Tj ET Q q 0 0 0 rg BT 345.27 590.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 367.97 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 385.43 590.55 Td (no ) Tj ET Q q 0 0 0 rg BT 398.22 590.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 448.92 590.55 Td (indicators ) Tj ET Q q 0 0 0 rg BT 492.62 590.55 Td (were ) Tj ET Q q 0 0 0 rg BT 515.31 590.55 Td (noted. ) Tj ET Q q 0 0 0 rg BT 543.56 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 545.68 590.55 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (related ) Tj ET Q q 0 0 0 rg BT 81.19 577.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 118.80 577.95 Td (values ) Tj ET Q q 0 0 0 rg BT 148.25 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 166.03 577.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 187.31 577.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 213.27 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 224.64 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 240.10 577.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 266.06 577.95 Td (will ) Tj ET Q q 0 0 0 rg BT 285.02 577.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 323.80 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 334.59 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 347.13 577.95 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 395.81 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 410.67 577.95 Td (future ) Tj ET Q q 0 0 0 rg BT 438.37 577.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 489.40 577.95 Td (testing. ) Tj ET Q q 0 0 0 rg BT 522.65 577.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.42 552.75 Td (current ) Tj ET Q q 0 0 0 rg BT 102.24 552.75 Td (assessed ) Tj ET Q q 0 0 0 rg BT 140.91 552.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 158.58 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 184.41 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 196.25 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 212.17 552.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 272.99 552.75 Td (domestic ) Tj ET Q q 0 0 0 rg BT 313.99 552.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 346.25 552.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 372.67 552.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 413.67 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 437.17 552.75 Td (related ) Tj ET Q q 0 0 0 rg BT 468.83 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 480.09 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 496.01 552.75 Td (Citigroup ) Tj ET Q q 0 0 0 rg BT 538.67 552.75 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.44 540.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 156.14 540.15 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 192.00 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 207.45 540.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 245.06 540.15 Td (value ) Tj ET Q q 0 0 0 rg BT 270.42 540.15 Td (by ) Tj ET Q q 0 0 0 rg BT 283.54 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 290.83 540.15 Td (material ) Tj ET Q q 0 0 0 rg BT 327.85 540.15 Td (amount.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.65 514.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 112.28 514.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 143.34 514.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 194.82 514.95 Td (testing ) Tj ET Q q 0 0 0 rg BT 225.89 514.95 Td (process ) Tj ET Q q 0 0 0 rg BT 260.45 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 271.69 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 287.59 514.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 311.07 514.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 336.88 514.95 Td (year ) Tj ET Q q 0 0 0 rg BT 358.02 514.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 408.32 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 427.14 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 443.04 514.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 481.09 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 506.90 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 518.72 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 534.62 514.95 Td (legacy ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 81.33 502.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 140.64 502.35 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 206.37 502.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 231.29 502.35 Td (management ) Tj ET Q q 0 0 0 rg BT 286.52 502.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 326.00 502.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 369.58 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 391.58 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 408.32 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 422.74 502.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 454.07 502.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 476.64 502.35 Td (name ) Tj ET Q q 0 0 0 rg BT 500.96 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 522.96 502.35 Td (exceeded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (their ) Tj ET Q q 0 0 0 rg BT 72.55 489.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 118.41 489.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 136.28 489.75 Td (values, ) Tj ET Q q 0 0 0 rg BT 169.04 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.50 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.63 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 231.43 489.75 Td (were ) Tj ET Q q 0 0 0 rg BT 255.14 489.75 Td (impaired ) Tj ET Q q 0 0 0 rg BT 295.76 489.75 Td (by ) Tj ET Q q 0 0 0 rg BT 309.56 489.75 Td (an ) Tj ET Q q 0 0 0 rg BT 322.78 489.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 366.89 489.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 401.69 489.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.74 489.75 Td ($371,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.11 489.75 Td (. ) Tj ET Q q 0 0 0 rg BT 458.80 489.75 Td (The ) Tj ET Q q 0 0 0 rg BT 478.43 489.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 530.14 489.75 Td (char) Tj ET Q q 0 0 0 rg BT 548.02 489.75 Td (ges ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 85.54 477.15 Td (from ) Tj ET Q q 0 0 0 rg BT 108.25 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 115.21 477.15 Td (number ) Tj ET Q q 0 0 0 rg BT 149.58 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 160.62 477.15 Td (then ) Tj ET Q q 0 0 0 rg BT 181.00 477.15 Td (current ) Tj ET Q q 0 0 0 rg BT 213.03 477.15 Td (trends ) Tj ET Q q 0 0 0 rg BT 240.99 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 258.45 477.15 Td (factors. ) Tj ET Q q 0 0 0 rg BT 291.77 477.15 Td (These ) Tj ET Q q 0 0 0 rg BT 319.14 477.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 355.26 477.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 390.80 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 401.26 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 408.22 477.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 450.17 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 461.22 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 476.35 477.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 517.71 477.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 538.66 477.15 Td (flows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.40 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 91.21 464.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 128.01 464.55 Td (overall ) Tj ET Q q 0 0 0 rg BT 159.40 464.55 Td (assessment ) Tj ET Q q 0 0 0 rg BT 208.30 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 219.29 464.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 236.10 464.55 Td (value ) Tj ET Q q 0 0 0 rg BT 261.07 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 272.06 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 287.12 464.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 313.86 464.55 Td (such ) Tj ET Q q 0 0 0 rg BT 335.34 464.55 Td (that ) Tj ET Q q 0 0 0 rg BT 353.33 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 368.39 464.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 385.20 464.55 Td (values ) Tj ET Q q 0 0 0 rg BT 414.26 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 425.25 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 440.31 464.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 472.29 464.55 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 538.68 464.55 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 90.89 451.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 114.29 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 132.44 451.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 165.18 451.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 189.15 451.95 Td (name ) Tj ET Q q 0 0 0 rg BT 214.88 451.95 Td (declined ) Tj ET Q q 0 0 0 rg BT 253.44 451.95 Td (below ) Tj ET Q q 0 0 0 rg BT 282.09 451.95 Td (their ) Tj ET Q q 0 0 0 rg BT 304.32 451.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 342.29 451.95 Td (values, ) Tj ET Q q 0 0 0 rg BT 374.73 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 392.88 451.95 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 445.44 451.95 Td (were ) Tj ET Q q 0 0 0 rg BT 468.83 451.95 Td (impaired ) Tj ET Q q 0 0 0 rg BT 509.14 451.95 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.63 451.95 Td ($364,000) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.96 439.35 Td ($7,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.83 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 102.25 439.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 152.30 439.35 Td (. ) Tj ET Q q 0 0 0 rg BT 157.72 439.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 215.32 439.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 258.36 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 273.98 439.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 291.34 439.35 Td (values ) Tj ET Q q 0 0 0 rg BT 320.96 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 332.51 439.35 Td (these ) Tj ET Q q 0 0 0 rg BT 356.88 439.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 384.17 439.35 Td (based ) Tj ET Q q 0 0 0 rg BT 410.87 439.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 434.66 439.35 Td (discounted ) Tj ET Q q 0 0 0 rg BT 482.95 439.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 504.40 439.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 526.44 439.35 Td (analyses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (using ) Tj ET Q q 0 0 0 rg BT 75.75 426.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 134.74 426.75 Td (market ) Tj ET Q q 0 0 0 rg BT 166.89 426.75 Td (data ) Tj ET Q q 0 0 0 rg BT 187.38 426.75 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 218.68 426.75 Td (which ) Tj ET Q q 0 0 0 rg BT 247.34 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 263.16 426.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 290.06 426.75 Td (3 ) Tj ET Q q 0 0 0 rg BT 298.31 426.75 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 363.78 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 383.11 426.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 430.43 426.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 485.36 426.75 Td (used ) Tj ET Q q 0 0 0 rg BT 507.60 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 518.77 426.75 Td (these ) Tj ET Q q 0 0 0 rg BT 543.35 426.75 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 72.31 414.15 Td (analyses ) Tj ET Q q 0 0 0 rg BT 110.95 414.15 Td (included ) Tj ET Q q 0 0 0 rg BT 150.18 414.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 192.31 414.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 228.60 414.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 261.42 414.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 284.31 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 302.54 414.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 341.19 414.15 Td (rates. ) Tj ET Q q 0 0 0 rg BT 366.48 414.15 Td (T) Tj ET Q q 0 0 0 rg BT 372.16 414.15 Td (otal ) Tj ET Q q 0 0 0 rg BT 390.97 414.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 431.35 414.15 Td (related ) Tj ET Q q 0 0 0 rg BT 462.98 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 474.22 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 490.12 414.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 522.93 414.15 Td (funds-of-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (hedge ) Tj ET Q q 0 0 0 rg BT 77.27 401.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 102.80 401.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 142.89 401.55 Td (were ) Tj ET Q q 0 0 0 rg BT 165.49 401.55 Td (assumed ) Tj ET Q q 0 0 0 rg BT 203.85 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 214.21 401.55 Td (have ) Tj ET Q q 0 0 0 rg BT 236.23 401.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 266.42 401.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 298.36 401.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 320.38 401.55 Td (ranging ) Tj ET Q q 0 0 0 rg BT 354.65 401.55 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.26 401.55 Td (\(6\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.25 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 400.45 401.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.81 401.55 Td (6%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.81 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 427.00 401.55 Td (\(average: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.25 401.55 Td (5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.25 401.55 Td (\), ) Tj ET Q q 0 0 0 rg BT 490.57 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 507.93 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 522.95 401.55 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 71.28 388.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 97.24 388.95 Td (from ) Tj ET Q q 0 0 0 rg BT 120.28 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 135.73 388.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 168.10 388.95 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 234.87 388.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 260.82 388.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 301.35 388.95 Td (were ) Tj ET Q q 0 0 0 rg BT 324.38 388.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 372.49 388.95 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.70 388.95 Td (16.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.82 388.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.24 363.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.56 363.75 Td (March ) Tj ET Q q 0 0 0 rg BT 105.54 363.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.24 363.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 142.24 363.75 Td (, ) Tj ET Q q 0 0 0 rg BT 147.44 363.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 199.57 363.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 244.14 363.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 267.12 363.75 Td (management ) Tj ET Q q 0 0 0 rg BT 323.34 363.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 363.81 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 381.55 363.75 Td (other ) Tj ET Q q 0 0 0 rg BT 405.70 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 421.09 363.75 Td (being ) Tj ET Q q 0 0 0 rg BT 446.99 363.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 491.55 363.75 Td (over ) Tj ET Q q 0 0 0 rg BT 512.78 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 520.01 363.75 Td (weighted-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (average ) Tj ET Q q 0 0 0 rg BT 85.26 351.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 130.46 351.15 Td (life ) Tj ET Q q 0 0 0 rg BT 147.08 351.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 158.45 351.15 Td (8.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 171.57 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 174.20 351.15 Td (years.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 94.62 325.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 150.31 325.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 186.75 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 201.62 325.95 Td (each ) Tj ET Q q 0 0 0 rg BT 223.48 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 234.85 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 250.30 325.95 Td (next ) Tj ET Q q 0 0 0 rg BT 271.00 325.95 Td (five ) Tj ET Q q 0 0 0 rg BT 289.95 325.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 315.32 325.95 Td (years ) Tj ET Q q 0 0 0 rg BT 340.10 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 357.88 325.95 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 400.73 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 410.35 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 421.73 325.95 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 315.45 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 315.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 315.45 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 287.45 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 287.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 287.45 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 259.45 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 259.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 259.45 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 231.45 448.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 231.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 231.45 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 231.45000000000005 m 498.5 231.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 231.45000000000005 m 562.5 231.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 217.45000000000005 m 498.5 217.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 231.45000000000005 m 562.5 231.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 217.45000000000005 m 562.5 217.45000000000005 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 305.67 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 305.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 305.67 Td (27,742) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 291.67 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 291.67 Td (27,742) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 277.67 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 277.67 Td (27,278) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 263.67 Td (2021) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 263.67 Td (27,278) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 249.67 Td (2022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 249.67 Td (27,040) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 235.67 Td (Thereafter) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 235.67 Td (76,574) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 221.67 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 221.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 221.67 Td (213,654) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 192.75 Td (See ) Tj ET Q q 0 0 0 rg BT 66.58 192.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.41 192.75 Td (18 ) Tj ET Q q 0 0 0 rg BT 100.33 192.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 141.99 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.23 192.75 Td (aggregate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.46 192.75 Td ($34,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.59 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 234.01 192.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 283.83 192.75 Td (of ) Tj ET Q q 0 0 0 rg BT 294.00 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 308.25 192.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 337.67 192.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 396.23 192.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 447.21 192.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 469.04 192.75 Td (management ) Tj ET Q q 0 0 0 rg BT 524.11 192.75 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 180.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 73.04 180.15 Td (and ) Tj ET Q q 0 0 0 rg BT 90.82 180.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 114.43 180.15 Td (name ) Tj ET Q q 0 0 0 rg BT 139.80 180.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 200.15 180.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 244.76 180.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 267.80 180.15 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 317.09 180.15 Td (to ) Tj ET Q q 0 0 0 rg BT 327.88 180.15 Td (March ) Tj ET Q q 0 0 0 rg BT 357.91 180.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 373.66 180.15 Td (2017.) Tj ET Q endstream endobj 245 0 obj <>] /Rotate 0 /Contents 246 0 R>> endobj 246 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (120) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 741.75 Td (change ) Tj ET Q q 0 0 0 rg BT 101.31 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.10 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.55 741.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 165.16 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 190.52 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 201.89 741.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 241.85 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 251.48 741.75 Td (summarized ) Tj ET Q q 0 0 0 rg BT 305.43 741.75 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 706.25 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 706.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 706.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 706.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 706.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 706.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 706.25 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 676.25 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 676.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 676.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 676.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 676.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 676.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 676.25 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 646.25 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 646.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 646.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 646.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 646.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 646.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 646.25 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 616.25 278.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 616.25 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 616.25 76.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 616.25 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 616.25 76.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 616.25 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 616.25 70.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.25 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 585.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 585.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 585.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 585.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 585.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 585.25 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 706.25 m 328.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 706.25 m 408.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 706.25 m 488.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 706.25 m 562.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 706.25 m 328.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 706.25 m 408.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 706.25 m 488.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 706.25 m 562.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 646.25 m 328.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 646.25 m 408.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 646.25 m 488.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 646.25 m 562.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 646.25 m 328.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 646.25 m 408.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 646.25 m 488.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 646.25 m 562.5 646.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 585.25 m 328.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 570.25 m 328.5 570.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 585.25 m 408.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 570.25 m 408.5 570.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 585.25 m 488.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 570.25 m 488.5 570.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 585.25 m 562.5 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 570.25 m 562.5 570.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 711.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.05 721.47 Td (Gross Book) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.00 710.97 Td (Value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.00 721.47 Td (Accumulated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.50 710.97 Td (Impairment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.70 721.47 Td (Net Book) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.00 710.97 Td (Value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 696.02 Td (Balance as of March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.00 696.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.50 696.02 Td (2,501,410) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.00 696.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.00 696.02 Td (\(1,161,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 696.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 696.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 696.02 Td (1,339,510) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 681.02 Td (Impact of excess tax basis amortization) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.10 681.02 Td (\(20,920) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.50 681.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 681.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 681.02 Td (\(20,920) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 681.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 666.02 Td (Business acquisitions) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 143.13 670.78 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.35 666.02 Td (163,110) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 666.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 666.02 Td (163,110) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 651.02 Td (Changes in foreign exchange rates and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.35 651.02 Td (\(2,184) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.50 651.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 651.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 651.02 Td (\(2,184) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 651.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 636.02 Td (Balance as of March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.50 636.02 Td (2,641,416) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.00 636.02 Td (\(1,161,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.50 636.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 636.02 Td (1,479,516) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 621.02 Td (Impact of excess tax basis amortization) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.10 621.02 Td (\(20,818) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.50 621.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 621.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 621.02 Td (\(20,818) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 621.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 605.02 Td (Business acquisitions \(dispositions\), net) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 221.01 609.78 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.35 605.02 Td (491,835) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 605.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 605.02 Td (491,835) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 590.02 Td (Changes in foreign exchange rates and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.10 590.02 Td (\(25,644) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.50 590.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 590.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 590.02 Td (\(25,644) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 590.02 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 575.04 Td (Balance as of Mar) Tj ET Q q 0 0 0 rg BT 134.17 575.04 Td (ch 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 335.00 575.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.50 575.04 Td (3,086,789) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.00 575.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.00 575.04 Td (\(1,161,900) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 484.50 575.04 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 495.00 575.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.50 575.04 Td (1,924,889) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 560.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 62.04 560.55 Td ( ) Tj ET Q q 0 0 0 rg BT 64.16 560.55 Td (See ) Tj ET Q q 0 0 0 rg BT 78.56 560.55 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 97.21 560.55 Td (2) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 101.46 560.55 Td ( ) Tj ET Q q 0 0 0 rg BT 103.58 560.55 Td (for ) Tj ET Q q 0 0 0 rg BT 115.62 560.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 151.74 560.55 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 542.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.14 542.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.28 542.95 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 149.73 542.95 Td (the ) Tj ET Q q 0 0 0 rg BT 164.12 542.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 178.51 542.95 Td (benefit ) Tj ET Q q 0 0 0 rg BT 209.23 542.95 Td (of ) Tj ET Q q 0 0 0 rg BT 219.53 542.95 Td (the ) Tj ET Q q 0 0 0 rg BT 233.92 542.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 288.55 542.95 Td (of ) Tj ET Q q 0 0 0 rg BT 298.86 542.95 Td (excess ) Tj ET Q q 0 0 0 rg BT 327.82 542.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 342.21 542.95 Td (benefit ) Tj ET Q q 0 0 0 rg BT 372.93 542.95 Td (related ) Tj ET Q q 0 0 0 rg BT 403.05 542.95 Td (to ) Tj ET Q q 0 0 0 rg BT 412.78 542.95 Td (the ) Tj ET Q q 0 0 0 rg BT 427.17 542.95 Td (CAM ) Tj ET Q q 0 0 0 rg BT 452.65 542.95 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 502.92 542.95 Td ( ) Tj ET Q q 0 0 0 rg BT 504.48 542.95 Td (In ) Tj ET Q q 0 0 0 rg BT 514.79 542.95 Td (accordance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 530.35 Td (with ) Tj ET Q q 0 0 0 rg BT 70.89 530.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 119.19 530.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 159.31 530.35 Td (for ) Tj ET Q q 0 0 0 rg BT 173.78 530.35 Td (income ) Tj ET Q q 0 0 0 rg BT 206.92 530.35 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 233.34 530.35 Td (the ) Tj ET Q q 0 0 0 rg BT 248.40 530.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 263.45 530.35 Td (benefit ) Tj ET Q q 0 0 0 rg BT 294.83 530.35 Td (is ) Tj ET Q q 0 0 0 rg BT 304.06 530.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 343.01 530.35 Td (as ) Tj ET Q q 0 0 0 rg BT 353.99 530.35 Td (a ) Tj ET Q q 0 0 0 rg BT 360.88 530.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 402.75 530.35 Td (of ) Tj ET Q q 0 0 0 rg BT 413.73 530.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 453.29 530.35 Td (and ) Tj ET Q q 0 0 0 rg BT 470.68 530.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 507.88 530.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 522.93 530.35 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 517.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.37 517.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.83 517.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 108.60 517.75 Td (is ) Tj ET Q q 0 0 0 rg BT 118.23 517.75 Td (realized.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 492.55 Td (6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.25 492.55 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 492.55 Td (SHOR) Tj ET Q q 0 0 0 rg BT 89.89 492.55 Td (T) Tj ET Q q 0 0 0 rg BT 95.93 492.55 Td (-TERM ) Tj ET Q q 0 0 0 rg BT 133.55 492.55 Td (BORROWINGS ) Tj ET Q q 0 0 0 rg BT 210.28 492.55 Td (AND ) Tj ET Q q 0 0 0 rg BT 235.65 492.55 Td (LONG-TERM ) Tj ET Q q 0 0 0 rg BT 304.19 492.55 Td (DEBT) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 332.60 492.55 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 467.35 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 102.77 467.35 Td (borr) Tj ET Q q 0 0 0 rg BT 122.99 467.35 Td (owings) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 454.75 Td (On ) Tj ET Q q 0 0 0 rg BT 65.79 454.75 Td (December ) Tj ET Q q 0 0 0 rg BT 111.90 454.75 Td (29, ) Tj ET Q q 0 0 0 rg BT 127.98 454.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 154.57 454.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 179.11 454.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 210.65 454.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 244.51 454.75 Td (into ) Tj ET Q q 0 0 0 rg BT 263.81 454.75 Td (an ) Tj ET Q q 0 0 0 rg BT 276.68 454.75 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 322.21 454.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 349.07 454.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 395.76 454.75 Td (which ) Tj ET Q q 0 0 0 rg BT 424.38 454.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 464.67 454.75 Td (for ) Tj ET Q q 0 0 0 rg BT 479.87 454.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.49 454.75 Td ($1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.74 454.75 Td ( ) Tj ET Q q 0 0 0 rg BT 537.57 454.75 Td (multi-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.15 Td (currency) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.98 442.15 Td ( ) Tj ET Q q 0 0 0 rg BT 87.56 442.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 130.38 442.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 156.87 442.15 Td (facility) Tj ET Q q 0 0 0 rg BT 185.92 442.15 Td (. ) Tj ET Q q 0 0 0 rg BT 191.13 442.15 Td ( ) Tj ET Q q 0 0 0 rg BT 193.71 442.15 Td (On ) Tj ET Q q 0 0 0 rg BT 209.13 442.15 Td (March ) Tj ET Q q 0 0 0 rg BT 239.12 442.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 254.82 442.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 281.03 442.15 Td (the ) Tj ET Q q 0 0 0 rg BT 296.44 442.15 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 341.59 442.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 368.08 442.15 Td (agreement ) Tj ET Q q 0 0 0 rg BT 414.38 442.15 Td (was ) Tj ET Q q 0 0 0 rg BT 433.29 442.15 Td (amended ) Tj ET Q q 0 0 0 rg BT 473.78 442.15 Td (to ) Tj ET Q q 0 0 0 rg BT 484.53 442.15 Td (reduce ) Tj ET Q q 0 0 0 rg BT 515.09 442.15 Td (the ) Tj ET Q q 0 0 0 rg BT 530.50 442.15 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 429.55 Td (available ) Tj ET Q q 0 0 0 rg BT 90.72 429.55 Td (under ) Tj ET Q q 0 0 0 rg BT 117.45 429.55 Td (the ) Tj ET Q q 0 0 0 rg BT 133.11 429.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 176.17 429.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 202.90 429.55 Td (facility ) Tj ET Q q 0 0 0 rg BT 235.46 429.55 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 258.70 429.55 Td ($1,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.95 429.55 Td ( ) Tj ET Q q 0 0 0 rg BT 308.78 429.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.77 429.55 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.14 429.55 Td (. ) Tj ET Q q 0 0 0 rg BT 364.59 429.55 Td ( ) Tj ET Q q 0 0 0 rg BT 367.21 429.55 Td (The ) Tj ET Q q 0 0 0 rg BT 386.36 429.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 429.43 429.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 456.16 429.55 Td (facility ) Tj ET Q q 0 0 0 rg BT 488.72 429.55 Td (may ) Tj ET Q q 0 0 0 rg BT 509.63 429.55 Td (be ) Tj ET Q q 0 0 0 rg BT 522.36 429.55 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 416.95 Td (by ) Tj ET Q q 0 0 0 rg BT 63.50 416.95 Td (an ) Tj ET Q q 0 0 0 rg BT 76.41 416.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 120.22 416.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 154.71 416.95 Td (of ) Tj ET Q q 0 0 0 rg BT 166.46 416.95 Td (up ) Tj ET Q q 0 0 0 rg BT 179.96 416.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 191.12 416.95 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.50 416.95 Td (, ) Tj ET Q q 0 0 0 rg BT 236.12 416.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 268.87 416.95 Td (to ) Tj ET Q q 0 0 0 rg BT 280.03 416.95 Td (the ) Tj ET Q q 0 0 0 rg BT 295.86 416.95 Td (approval ) Tj ET Q q 0 0 0 rg BT 335.59 416.95 Td (of ) Tj ET Q q 0 0 0 rg BT 347.34 416.95 Td (the ) Tj ET Q q 0 0 0 rg BT 363.17 416.95 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 399.11 416.95 Td (expires ) Tj ET Q q 0 0 0 rg BT 432.44 416.95 Td (in ) Tj ET Q q 0 0 0 rg BT 443.60 416.95 Td (December ) Tj ET Q q 0 0 0 rg BT 489.74 416.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 516.37 416.95 Td (and ) Tj ET Q q 0 0 0 rg BT 534.53 416.95 Td (can ) Tj ET Q q 0 0 0 rg BT 552.10 416.95 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 404.35 Td (repaid ) Tj ET Q q 0 0 0 rg BT 77.85 404.35 Td (at ) Tj ET Q q 0 0 0 rg BT 87.03 404.35 Td (any ) Tj ET Q q 0 0 0 rg BT 103.80 404.35 Td (time. ) Tj ET Q q 0 0 0 rg BT 126.70 404.35 Td ( ) Tj ET Q q 0 0 0 rg BT 128.20 404.35 Td (This ) Tj ET Q q 0 0 0 rg BT 148.47 404.35 Td (revolving ) Tj ET Q q 0 0 0 rg BT 190.33 404.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 215.84 404.35 Td (facility ) Tj ET Q q 0 0 0 rg BT 247.19 404.35 Td (is ) Tj ET Q q 0 0 0 rg BT 255.80 404.35 Td (available ) Tj ET Q q 0 0 0 rg BT 295.30 404.35 Td (to ) Tj ET Q q 0 0 0 rg BT 305.08 404.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 325.94 404.35 Td (working ) Tj ET Q q 0 0 0 rg BT 362.54 404.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 392.14 404.35 Td (needs ) Tj ET Q q 0 0 0 rg BT 417.66 404.35 Td (and ) Tj ET Q q 0 0 0 rg BT 434.43 404.35 Td (for ) Tj ET Q q 0 0 0 rg BT 448.28 404.35 Td (general ) Tj ET Q q 0 0 0 rg BT 480.79 404.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 522.04 404.35 Td (purposes.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 379.15 Td (In ) Tj ET Q q 0 0 0 rg BT 61.39 379.15 Td (May ) Tj ET Q q 0 0 0 rg BT 83.28 379.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 109.55 379.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 133.77 379.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 164.99 379.15 Td (borrowed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.87 379.15 Td ($460,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.25 379.15 Td ( ) Tj ET Q q 0 0 0 rg BT 249.89 379.15 Td (under ) Tj ET Q q 0 0 0 rg BT 276.44 379.15 Td (its ) Tj ET Q q 0 0 0 rg BT 289.00 379.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 331.89 379.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 358.44 379.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 390.82 379.15 Td (to ) Tj ET Q q 0 0 0 rg BT 401.63 379.15 Td (finance ) Tj ET Q q 0 0 0 rg BT 435.17 379.15 Td (the ) Tj ET Q q 0 0 0 rg BT 450.64 379.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 499.36 379.15 Td (of ) Tj ET Q q 0 0 0 rg BT 510.75 379.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 528.46 379.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 546.85 379.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 366.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.95 366.55 Td (replenish ) Tj ET Q q 0 0 0 rg BT 102.23 366.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 123.67 366.55 Td (used ) Tj ET Q q 0 0 0 rg BT 145.71 366.55 Td (to ) Tj ET Q q 0 0 0 rg BT 156.66 366.55 Td (complete ) Tj ET Q q 0 0 0 rg BT 197.93 366.55 Td (the ) Tj ET Q q 0 0 0 rg BT 213.55 366.55 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 266.50 366.55 Td (of ) Tj ET Q q 0 0 0 rg BT 278.03 366.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 312.31 366.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 349.51 366.55 Td (in ) Tj ET Q q 0 0 0 rg BT 359.85 366.55 Td (April ) Tj ET Q q 0 0 0 rg BT 384.80 366.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 408.59 366.55 Td (and ) Tj ET Q q 0 0 0 rg BT 426.53 366.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 457.32 366.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 517.25 366.55 Td (in ) Tj ET Q q 0 0 0 rg BT 528.20 366.55 Td (October ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 353.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 75.70 353.95 Td (as ) Tj ET Q q 0 0 0 rg BT 86.52 353.95 Td (further ) Tj ET Q q 0 0 0 rg BT 117.17 353.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 159.49 353.95 Td (in ) Tj ET Q q 0 0 0 rg BT 169.73 353.95 Td (Note ) Tj ET Q q 0 0 0 rg BT 192.22 353.95 Td (2. ) Tj ET Q q 0 0 0 rg BT 202.17 353.95 Td ( ) Tj ET Q q 0 0 0 rg BT 204.24 353.95 Td (In ) Tj ET Q q 0 0 0 rg BT 215.06 353.95 Td (December ) Tj ET Q q 0 0 0 rg BT 260.28 353.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 285.98 353.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 309.63 353.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 340.29 353.95 Td (borrowed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.60 353.95 Td ($40,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.73 353.95 Td ( ) Tj ET Q q 0 0 0 rg BT 418.80 353.95 Td (under ) Tj ET Q q 0 0 0 rg BT 444.78 353.95 Td (this ) Tj ET Q q 0 0 0 rg BT 462.03 353.95 Td (revolving ) Tj ET Q q 0 0 0 rg BT 504.35 353.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 530.33 353.95 Td (facility) Tj ET Q q 0 0 0 rg BT 559.38 353.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 341.35 Td (which ) Tj ET Q q 0 0 0 rg BT 77.74 341.35 Td (remained ) Tj ET Q q 0 0 0 rg BT 118.88 341.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 169.96 341.35 Td (as ) Tj ET Q q 0 0 0 rg BT 180.78 341.35 Td (of ) Tj ET Q q 0 0 0 rg BT 191.61 341.35 Td (March ) Tj ET Q q 0 0 0 rg BT 221.09 341.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 236.29 341.35 Td (2016. ) Tj ET Q q 0 0 0 rg BT 261.99 341.35 Td ( ) Tj ET Q q 0 0 0 rg BT 263.92 341.35 Td (The ) Tj ET Q q 0 0 0 rg BT 282.32 341.35 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 321.72 341.35 Td (were ) Tj ET Q q 0 0 0 rg BT 344.19 341.35 Td (used ) Tj ET Q q 0 0 0 rg BT 365.52 341.35 Td (to ) Tj ET Q q 0 0 0 rg BT 375.76 341.35 Td (repay ) Tj ET Q q 0 0 0 rg BT 401.16 341.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.07 341.35 Td ($40,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.19 341.35 Td ( ) Tj ET Q q 0 0 0 rg BT 452.27 341.35 Td (of ) Tj ET Q q 0 0 0 rg BT 463.09 341.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 514.17 341.35 Td (borrowings ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 328.75 Td (under ) Tj ET Q q 0 0 0 rg BT 76.20 328.75 Td (its ) Tj ET Q q 0 0 0 rg BT 88.41 328.75 Td (previous ) Tj ET Q q 0 0 0 rg BT 126.86 328.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 169.39 328.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 195.58 328.75 Td (facility) Tj ET Q q 0 0 0 rg BT 224.64 328.75 Td (, ) Tj ET Q q 0 0 0 rg BT 229.55 328.75 Td (which ) Tj ET Q q 0 0 0 rg BT 257.50 328.75 Td (were ) Tj ET Q q 0 0 0 rg BT 280.19 328.75 Td (drawn ) Tj ET Q q 0 0 0 rg BT 308.72 328.75 Td (in ) Tj ET Q q 0 0 0 rg BT 319.18 328.75 Td (October ) Tj ET Q q 0 0 0 rg BT 355.28 328.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 378.57 328.75 Td (to ) Tj ET Q q 0 0 0 rg BT 389.03 328.75 Td (partially ) Tj ET Q q 0 0 0 rg BT 426.31 328.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 459.49 328.75 Td (the ) Tj ET Q q 0 0 0 rg BT 474.61 328.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 522.98 328.75 Td (of ) Tj ET Q q 0 0 0 rg BT 534.01 328.75 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 316.15 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 111.29 316.15 Td ( ) Tj ET Q q 0 0 0 rg BT 112.71 316.15 Td (This ) Tj ET Q q 0 0 0 rg BT 132.90 316.15 Td (previous ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 170.59 316.15 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 209.97 316.15 Td ( ) Tj ET Q q 0 0 0 rg BT 211.49 316.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 253.26 316.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 278.69 316.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 309.96 316.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.65 316.15 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.02 316.15 Td ( ) Tj ET Q q 0 0 0 rg BT 367.55 316.15 Td (incremental ) Tj ET Q q 0 0 0 rg BT 418.64 316.15 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 463.91 316.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 495.18 316.15 Td (were ) Tj ET Q q 0 0 0 rg BT 517.10 316.15 Td (terminated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 303.55 Td (ef) Tj ET Q q 0 0 0 rg BT 57.97 303.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 89.16 303.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 112.78 303.55 Td (the ) Tj ET Q q 0 0 0 rg BT 128.23 303.55 Td (repayment.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 278.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.48 278.35 Td (further ) Tj ET Q q 0 0 0 rg BT 95.87 278.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 138.93 278.35 Td (below) Tj ET Q q 0 0 0 rg BT 163.91 278.35 Td (, ) Tj ET Q q 0 0 0 rg BT 169.35 278.35 Td (in ) Tj ET Q q 0 0 0 rg BT 179.71 278.35 Td (August ) Tj ET Q q 0 0 0 rg BT 212.86 278.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 239.30 278.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 263.69 278.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 295.09 278.35 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 324.16 278.35 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.53 278.35 Td ( ) Tj ET Q q 0 0 0 rg BT 366.35 278.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.91 278.35 Td (5.45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.03 278.35 Td ( ) Tj ET Q q 0 0 0 rg BT 407.84 278.35 Td (Junior ) Tj ET Q q 0 0 0 rg BT 436.91 278.35 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 495.72 278.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 523.03 278.35 Td (due ) Tj ET Q q 0 0 0 rg BT 541.01 278.35 Td (2056 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 265.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 68.31 265.75 Td ("5.45% ) Tj ET Q q 0 0 0 rg BT 101.71 265.75 Td (2056 ) Tj ET Q q 0 0 0 rg BT 124.70 265.75 Td (Notes"\), ) Tj ET Q q 0 0 0 rg BT 161.59 265.75 Td (the ) Tj ET Q q 0 0 0 rg BT 176.40 265.75 Td (net ) Tj ET Q q 0 0 0 rg BT 191.22 265.75 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 230.52 265.75 Td (of ) Tj ET Q q 0 0 0 rg BT 241.26 265.75 Td (which, ) Tj ET Q q 0 0 0 rg BT 271.53 265.75 Td (together ) Tj ET Q q 0 0 0 rg BT 307.92 265.75 Td (with ) Tj ET Q q 0 0 0 rg BT 328.58 265.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 363.82 265.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 384.46 265.75 Td (resources, ) Tj ET Q q 0 0 0 rg BT 428.72 265.75 Td (were ) Tj ET Q q 0 0 0 rg BT 451.11 265.75 Td (used ) Tj ET Q q 0 0 0 rg BT 472.35 265.75 Td (to ) Tj ET Q q 0 0 0 rg BT 482.50 265.75 Td (repay ) Tj ET Q q 0 0 0 rg BT 507.81 265.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.62 265.75 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 562.00 265.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 253.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.32 253.15 Td (then ) Tj ET Q q 0 0 0 rg BT 79.97 253.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 130.54 253.15 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 179.94 253.15 Td (under ) Tj ET Q q 0 0 0 rg BT 205.42 253.15 Td (the ) Tj ET Q q 0 0 0 rg BT 219.82 253.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 261.63 253.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 287.10 253.15 Td (facility) Tj ET Q q 0 0 0 rg BT 316.16 253.15 Td (. ) Tj ET Q q 0 0 0 rg BT 320.36 253.15 Td ( ) Tj ET Q q 0 0 0 rg BT 321.82 253.15 Td (There ) Tj ET Q q 0 0 0 rg BT 347.87 253.15 Td (were ) Tj ET Q q 0 0 0 rg BT 369.84 253.15 Td (no ) Tj ET Q q 0 0 0 rg BT 381.91 253.15 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 431.31 253.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 481.88 253.15 Td (under ) Tj ET Q q 0 0 0 rg BT 507.36 253.15 Td (the ) Tj ET Q q 0 0 0 rg BT 521.76 253.15 Td (revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 240.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.53 240.55 Td (facility ) Tj ET Q q 0 0 0 rg BT 108.89 240.55 Td (as ) Tj ET Q q 0 0 0 rg BT 120.26 240.55 Td (of ) Tj ET Q q 0 0 0 rg BT 131.63 240.55 Td (March ) Tj ET Q q 0 0 0 rg BT 161.66 240.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.41 240.55 Td (2017.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 215.35 Td (The ) Tj ET Q q 0 0 0 rg BT 69.76 215.35 Td (revolving ) Tj ET Q q 0 0 0 rg BT 113.44 215.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 140.78 215.35 Td (facility ) Tj ET Q q 0 0 0 rg BT 173.96 215.35 Td (has ) Tj ET Q q 0 0 0 rg BT 191.39 215.35 Td (an ) Tj ET Q q 0 0 0 rg BT 204.74 215.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 239.08 215.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 258.26 215.35 Td (of ) Tj ET Q q 0 0 0 rg BT 270.44 215.35 Td (the ) Tj ET Q q 0 0 0 rg BT 286.71 215.35 Td (monthly ) Tj ET Q q 0 0 0 rg BT 325.15 215.35 Td (Eurocurrency ) Tj ET Q q 0 0 0 rg BT 385.72 215.35 Td (Rate ) Tj ET Q q 0 0 0 rg BT 408.40 215.35 Td (plus ) Tj ET Q q 0 0 0 rg BT 429.34 215.35 Td (125 ) Tj ET Q q 0 0 0 rg BT 448.53 215.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 472.97 215.35 Td (points ) Tj ET Q q 0 0 0 rg BT 502.08 215.35 Td (and ) Tj ET Q q 0 0 0 rg BT 520.67 215.35 Td (an ) Tj ET Q q 0 0 0 rg BT 534.02 215.35 Td (annual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 202.75 Td (commitment ) Tj ET Q q 0 0 0 rg BT 105.53 202.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 120.80 202.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.00 202.75 Td (17.5 ) Tj ET Q q 0 0 0 rg BT 152.83 202.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 176.28 202.75 Td (points. ) Tj ET Q q 0 0 0 rg BT 207.03 202.75 Td ( ) Tj ET Q q 0 0 0 rg BT 209.48 202.75 Td (Interest ) Tj ET Q q 0 0 0 rg BT 243.42 202.75 Td (is ) Tj ET Q q 0 0 0 rg BT 252.88 202.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 287.98 202.75 Td (at ) Tj ET Q q 0 0 0 rg BT 298.01 202.75 Td (least ) Tj ET Q q 0 0 0 rg BT 319.71 202.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 360.06 202.75 Td (on ) Tj ET Q q 0 0 0 rg BT 373.02 202.75 Td (any ) Tj ET Q q 0 0 0 rg BT 390.63 202.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 428.67 202.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 480.12 202.75 Td (under ) Tj ET Q q 0 0 0 rg BT 506.48 202.75 Td (the ) Tj ET Q q 0 0 0 rg BT 521.76 202.75 Td (revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 190.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.08 190.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 108.00 190.15 Td (and ) Tj ET Q q 0 0 0 rg BT 125.35 190.15 Td (the ) Tj ET Q q 0 0 0 rg BT 140.36 190.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.44 190.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 191.36 190.15 Td (may ) Tj ET Q q 0 0 0 rg BT 211.62 190.15 Td (change ) Tj ET Q q 0 0 0 rg BT 243.53 190.15 Td (in ) Tj ET Q q 0 0 0 rg BT 253.88 190.15 Td (the ) Tj ET Q q 0 0 0 rg BT 268.89 190.15 Td (future ) Tj ET Q q 0 0 0 rg BT 296.15 190.15 Td (based ) Tj ET Q q 0 0 0 rg BT 322.24 190.15 Td (on ) Tj ET Q q 0 0 0 rg BT 334.92 190.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 370.92 190.15 Td (in ) Tj ET Q q 0 0 0 rg BT 381.27 190.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 405.02 190.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 441.77 190.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 467.85 190.15 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 501.24 190.15 Td ( ) Tj ET Q q 0 0 0 rg BT 503.26 190.15 Td (The ) Tj ET Q q 0 0 0 rg BT 521.77 190.15 Td (revolving ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 177.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.50 177.55 Td (facility ) Tj ET Q q 0 0 0 rg BT 108.84 177.55 Td (has ) Tj ET Q q 0 0 0 rg BT 125.44 177.55 Td (standard ) Tj ET Q q 0 0 0 rg BT 163.61 177.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 202.94 177.55 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 250.15 177.55 Td ( ) Tj ET Q q 0 0 0 rg BT 252.57 177.55 Td (These ) Tj ET Q q 0 0 0 rg BT 280.24 177.55 Td (covenants ) Tj ET Q q 0 0 0 rg BT 324.83 177.55 Td (include: ) Tj ET Q q 0 0 0 rg BT 361.25 177.55 Td (maximum ) Tj ET Q q 0 0 0 rg BT 406.43 177.55 Td (net ) Tj ET Q q 0 0 0 rg BT 421.86 177.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 442.54 177.55 Td (to ) Tj ET Q q 0 0 0 rg BT 453.31 177.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 491.22 177.55 Td ( ) Tj ET Q q 0 0 0 rg BT 493.82 177.55 Td (ratio ) Tj ET Q q 0 0 0 rg BT 515.67 177.55 Td (\(as ) Tj ET Q q 0 0 0 rg BT 530.51 177.55 Td (defined ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 164.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.15 164.95 Td (the ) Tj ET Q q 0 0 0 rg BT 74.97 164.95 Td (documents\), ) Tj ET Q q 0 0 0 rg BT 128.57 164.95 Td (which ) Tj ET Q q 0 0 0 rg BT 156.21 164.95 Td (was ) Tj ET Q q 0 0 0 rg BT 174.53 164.95 Td (modified ) Tj ET Q q 0 0 0 rg BT 214.42 164.95 Td (in ) Tj ET Q q 0 0 0 rg BT 224.58 164.95 Td (March ) Tj ET Q q 0 0 0 rg BT 253.97 164.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 279.58 164.95 Td (of ) Tj ET Q q 0 0 0 rg BT 290.31 164.95 Td (3.5 ) Tj ET Q q 0 0 0 rg BT 305.42 164.95 Td (to ) Tj ET Q q 0 0 0 rg BT 315.57 164.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 322.81 164.95 Td (for ) Tj ET Q q 0 0 0 rg BT 337.03 164.95 Td (the ) Tj ET Q q 0 0 0 rg BT 351.85 164.95 Td (period ) Tj ET Q q 0 0 0 rg BT 380.66 164.95 Td (from ) Tj ET Q q 0 0 0 rg BT 403.05 164.95 Td (January ) Tj ET Q q 0 0 0 rg BT 437.69 164.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 447.55 164.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 470.54 164.95 Td (through ) Tj ET Q q 0 0 0 rg BT 505.19 164.95 Td (and ) Tj ET Q q 0 0 0 rg BT 522.33 164.95 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 152.35 Td (March ) Tj ET Q q 0 0 0 rg BT 79.98 152.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.67 152.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 121.87 152.35 Td (and ) Tj ET Q q 0 0 0 rg BT 139.60 152.35 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 155.30 152.35 Td (to ) Tj ET Q q 0 0 0 rg BT 166.04 152.35 Td (1 ) Tj ET Q q 0 0 0 rg BT 173.86 152.35 Td (thereafter; ) Tj ET Q q 0 0 0 rg BT 219.57 152.35 Td (and ) Tj ET Q q 0 0 0 rg BT 237.30 152.35 Td ( ) Tj ET Q q 0 0 0 rg BT 239.88 152.35 Td (minimum ) Tj ET Q q 0 0 0 rg BT 283.29 152.35 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 321.20 152.35 Td ( ) Tj ET Q q 0 0 0 rg BT 323.77 152.35 Td (to ) Tj ET Q q 0 0 0 rg BT 334.51 152.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 367.99 152.35 Td (ratio ) Tj ET Q q 0 0 0 rg BT 389.81 152.35 Td (\(as ) Tj ET Q q 0 0 0 rg BT 404.62 152.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 438.68 152.35 Td (in ) Tj ET Q q 0 0 0 rg BT 449.42 152.35 Td (the ) Tj ET Q q 0 0 0 rg BT 464.82 152.35 Td (documents\) ) Tj ET Q q 0 0 0 rg BT 516.38 152.35 Td (of ) Tj ET Q q 0 0 0 rg BT 527.70 152.35 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 543.40 152.35 Td (to ) Tj ET Q q 0 0 0 rg BT 554.14 152.35 Td (1. ) Tj ET Q q 0 0 0 rg BT 564.64 152.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 139.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.17 139.75 Td (of ) Tj ET Q q 0 0 0 rg BT 75.42 139.75 Td (March ) Tj ET Q q 0 0 0 rg BT 105.33 139.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.95 139.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 147.08 139.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 171.16 139.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 208.22 139.75 Td (net ) Tj ET Q q 0 0 0 rg BT 223.55 139.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 244.13 139.75 Td (to ) Tj ET Q q 0 0 0 rg BT 254.80 139.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 292.71 139.75 Td ( ) Tj ET Q q 0 0 0 rg BT 295.22 139.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 316.96 139.75 Td (was ) Tj ET Q q 0 0 0 rg BT 335.79 139.75 Td (2.6 ) Tj ET Q q 0 0 0 rg BT 351.42 139.75 Td (to ) Tj ET Q q 0 0 0 rg BT 362.09 139.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 369.84 139.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.50 139.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 425.42 139.75 Td ( ) Tj ET Q q 0 0 0 rg BT 427.92 139.75 Td (to ) Tj ET Q q 0 0 0 rg BT 438.59 139.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 472.00 139.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 508.32 139.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 530.06 139.75 Td (was ) Tj ET Q q 0 0 0 rg BT 548.90 139.75 Td (5.7 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 127.15 Td (to ) Tj ET Q q 0 0 0 rg BT 60.79 127.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 71.29 127.15 Td (and ) Tj ET Q q 0 0 0 rg BT 89.08 127.15 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 132.22 127.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 156.42 127.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 187.63 127.15 Td (has ) Tj ET Q q 0 0 0 rg BT 204.25 127.15 Td (maintained ) Tj ET Q q 0 0 0 rg BT 253.52 127.15 Td (compliance ) Tj ET Q q 0 0 0 rg BT 304.54 127.15 Td (with ) Tj ET Q q 0 0 0 rg BT 325.84 127.15 Td (the ) Tj ET Q q 0 0 0 rg BT 341.29 127.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 387.06 127.15 Td (covenants.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 101.95 Td (As ) Tj ET Q q 0 0 0 rg BT 63.75 101.95 Td (of ) Tj ET Q q 0 0 0 rg BT 74.57 101.95 Td (March ) Tj ET Q q 0 0 0 rg BT 104.05 101.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.25 101.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 142.33 101.95 Td (and ) Tj ET Q q 0 0 0 rg BT 159.57 101.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 185.27 101.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 208.92 101.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 239.58 101.95 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.82 101.95 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 296.19 101.95 Td ( ) Tj ET Q q 0 0 0 rg BT 298.27 101.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.51 101.95 Td ($960,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.88 101.95 Td (, ) Tj ET Q q 0 0 0 rg BT 359.58 101.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 409.63 101.95 Td (, ) Tj ET Q q 0 0 0 rg BT 414.33 101.95 Td (of ) Tj ET Q q 0 0 0 rg BT 425.15 101.95 Td (undrawn ) Tj ET Q q 0 0 0 rg BT 463.97 101.95 Td (revolving ) Tj ET Q q 0 0 0 rg BT 506.29 101.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 532.27 101.95 Td (facility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 89.35 Td (capacity) Tj ET Q q 0 0 0 rg BT 84.30 89.35 Td (.) Tj ET Q endstream endobj 247 0 obj <>] /Rotate 0 /Contents 248 0 R>> endobj 248 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (121) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (Interest ) Tj ET Q q 0 0 0 rg BT 85.88 741.90 Td (Rate ) Tj ET Q q 0 0 0 rg BT 108.34 741.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 134.31 741.90 Td (- ) Tj ET Q q 0 0 0 rg BT 140.43 741.90 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 186.21 741.90 Td (Credit ) Tj ET Q q 0 0 0 rg BT 215.67 741.90 Td (Facility) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (On ) Tj ET Q q 0 0 0 rg BT 65.17 729.30 Td (April ) Tj ET Q q 0 0 0 rg BT 90.34 729.30 Td (29, ) Tj ET Q q 0 0 0 rg BT 106.47 729.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 133.09 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 157.67 729.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 189.25 729.30 Td (entered ) Tj ET Q q 0 0 0 rg BT 223.15 729.30 Td (into ) Tj ET Q q 0 0 0 rg BT 242.49 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 250.15 729.30 Td (forward ) Tj ET Q q 0 0 0 rg BT 286.39 729.30 Td (starting, ) Tj ET Q q 0 0 0 rg BT 323.51 729.30 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 372.00 729.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 405.91 729.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 424.65 729.30 Td (swap ) Tj ET Q q 0 0 0 rg BT 449.23 729.30 Td (agreement ) Tj ET Q q 0 0 0 rg BT 495.95 729.30 Td (with ) Tj ET Q q 0 0 0 rg BT 517.62 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 525.29 729.30 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (intermediary) Tj ET Q q 0 0 0 rg BT 102.96 716.70 Td (, ) Tj ET Q q 0 0 0 rg BT 107.38 716.70 Td (which ) Tj ET Q q 0 0 0 rg BT 134.83 716.70 Td (was ) Tj ET Q q 0 0 0 rg BT 152.96 716.70 Td 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475.13 691.50 Td (4.67) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.51 691.50 Td (-year ) Tj ET Q q 0 0 0 rg BT 518.28 691.50 Td (term, ) Tj ET Q q 0 0 0 rg BT 543.35 691.50 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 94.39 678.90 Td (reductions ) Tj ET Q q 0 0 0 rg BT 140.53 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 151.10 678.90 Td (notional ) Tj ET Q q 0 0 0 rg BT 187.91 678.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 221.81 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 239.37 678.90 Td (was ) Tj ET Q q 0 0 0 rg BT 258.10 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 268.67 678.90 Td (expire ) Tj ET Q q 0 0 0 rg BT 297.30 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 310.20 678.90 Td (December ) Tj ET Q q 0 0 0 rg BT 355.74 678.90 Td (29, ) Tj ET Q q 0 0 0 rg BT 371.27 678.90 Td (2020. ) Tj ET Q q 0 0 0 rg BT 397.30 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 399.70 678.90 Td (In ) Tj ET Q q 0 0 0 rg BT 410.31 678.90 Td (August ) Tj ET Q q 0 0 0 rg BT 443.05 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0 rg BT 342.84 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 344.21 653.70 Td (\(net ) Tj ET Q q 0 0 0 rg BT 361.91 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 372.03 653.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 408.38 653.70 Td (income ) Tj ET Q q 0 0 0 rg BT 440.66 653.70 Td (taxes ) Tj ET Q q 0 0 0 rg BT 463.61 653.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.73 653.70 Td ($1,413) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.60 653.70 Td (\), ) Tj ET Q q 0 0 0 rg BT 510.10 653.70 Td (representing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 66.22 641.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.18 641.10 Td (value ) Tj ET Q q 0 0 0 rg BT 110.31 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.44 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.66 641.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 160.71 641.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 183.34 641.10 Td (hedge, ) Tj ET Q q 0 0 0 rg BT 214.43 641.10 Td (from ) Tj ET Q q 0 0 0 rg BT 237.48 641.10 Td (Accumulated ) Tj ET 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1 rg /GS0 gs 372.50 370.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 370.80 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 370.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 370.80 61.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 370.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 370.80 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 320.80 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 320.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 320.80 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 320.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 320.80 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 320.80 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 320.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 320.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 320.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 320.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 320.80 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 320.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 320.80 54.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 503.8 m 244.5 503.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 503.8 m 248.5 503.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 503.8 m 307.5 503.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 503.8 m 312.5 503.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 503.8 m 372.5 503.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 503.8 m 376.5 503.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 503.8 m 439.5 503.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 503.8 m 443.5 503.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 503.8 m 504.5 503.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 503.8 m 562.5 503.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 470.8 m 178.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 470.8 m 244.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 470.8 m 307.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 470.8 m 372.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 470.8 m 439.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 470.8 m 504.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 470.8 m 562.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 470.8 m 307.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 470.8 m 439.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 470.8 m 504.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 320.8 m 178.5 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 320.8 m 244.5 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 320.8 m 307.5 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 320.8 m 372.5 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 320.8 m 439.5 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 320.8 m 504.5 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 320.8 m 562.5 320.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 305.8 m 178.5 305.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 305.8 m 244.5 305.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 305.8 m 307.5 305.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 305.8 m 372.5 305.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 305.8 m 439.5 305.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 305.8 m 504.5 305.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 305.8 m 562.5 305.8 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.47 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 311.55 508.37 Td (Mar) Tj ET Q q 0 0 0 rg BT 329.31 508.37 Td (ch 31, 2017) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 515.45 517.86 Td (March 31,) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 525.50 508.36 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 475.47 Td (�) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 194.25 484.87 Td (Carrying) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 201.55 475.37 Td (Value) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 256.30 494.37 Td (Fair Value) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 264.55 484.87 Td (Hedge) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 253.45 475.37 Td (Adjustment) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 315.35 494.37 Td (Unamortized) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 324.05 484.87 Td (Discount) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 319.90 475.37 Td (\(Premium\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 380.85 494.37 Td (Unamortized) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 379.10 484.87 Td (Debt Issuance) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 396.40 475.37 Td (Costs) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 455.00 484.87 Td (Maturity) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 456.85 475.37 Td (Amount) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 518.10 484.86 Td (Carrying) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 524.15 475.36 Td (Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.47 Td (2.7% Senior Notes due) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 450.47 Td (July 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.00 450.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.15 450.48 Td (252,980) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.00 450.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.80 450.48 Td (\(4,059) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.65 450.48 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.00 450.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 450.48 Td (250) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 450.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 450.48 Td (829) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.00 450.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 450.48 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 450.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 450.47 Td (256,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.47 Td (3.95% Senior Notes due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 425.47 Td (July 2024) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.15 425.48 Td (248,265) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.65 425.48 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 425.48 Td (332) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 425.48 Td (1,403) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 425.48 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 425.47 Td (248,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 410.47 Td (4.75% Senior Notes due) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 400.47 Td (March 2026) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.15 400.48 Td (446,812) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.65 400.48 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 400.48 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 400.48 Td (3,188) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 400.48 Td (450,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 400.47 Td (447,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 385.47 Td (5.625% Senior Notes due) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 375.47 Td (January 2044) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.15 375.48 Td (547,861) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.65 375.48 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.80 375.53 Td (\(3,274) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 375.48 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 375.48 Td (5,413) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 375.48 Td (550,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 375.47 Td (547,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 360.47 Td (6.375% Junior Notes due) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 350.47 Td (March 2056) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.15 350.48 Td (242,054) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.65 350.48 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 350.48 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 350.48 Td (7,946) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 350.48 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 350.47 Td (242,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 335.47 Td (5.45% Junior Notes due) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 325.47 Td (September 2056) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.15 325.48 Td (483,895) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.65 325.48 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 325.48 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 325.48 Td (16,105) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 325.48 Td (500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 325.47 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 310.47 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.00 310.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.65 310.48 Td (2,221,867) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.00 310.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.80 310.48 Td (\(4,059) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.65 310.48 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.00 310.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.80 310.53 Td (\(2,692) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 310.48 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 310.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 310.48 Td (34,884) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.00 310.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.60 310.48 Td (2,250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 310.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 310.47 Td (1,740,985) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.49 281.10 Td (August ) Tj ET Q q 0 0 0 rg BT 93.07 281.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 118.93 281.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 142.74 281.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 173.56 281.10 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 202.05 281.10 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.43 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.66 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.65 281.10 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 284.01 281.10 Td (2056 ) Tj ET Q q 0 0 0 rg BT 307.25 281.10 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 336.61 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.67 281.10 Td (net ) Tj ET Q q 0 0 0 rg BT 366.74 281.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 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rg BT 384.47 268.50 Td (its ) Tj ET Q q 0 0 0 rg BT 398.14 268.50 Td (revolving ) Tj ET Q q 0 0 0 rg BT 442.12 268.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 469.77 268.50 Td (facility) Tj ET Q q 0 0 0 rg BT 498.82 268.50 Td (, ) Tj ET Q q 0 0 0 rg BT 505.19 268.50 Td (as ) Tj ET Q q 0 0 0 rg BT 517.68 268.50 Td (previously ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 255.90 Td (discussed. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 230.70 Td (In ) Tj ET Q q 0 0 0 rg BT 61.56 230.70 Td (March ) Tj ET Q q 0 0 0 rg BT 91.77 230.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 118.20 230.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 142.59 230.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 173.98 230.70 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.04 230.70 Td ($450,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.42 230.70 Td ( ) Tj ET Q q 0 0 0 rg BT 245.23 230.70 Td (of ) Tj ET Q q 0 0 0 rg BT 256.78 230.70 Td (2026 ) Tj ET Q q 0 0 0 rg BT 280.59 230.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 307.90 230.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.87 230.70 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.25 230.70 Td ( ) Tj ET Q q 0 0 0 rg BT 368.05 230.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.61 230.70 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.98 230.70 Td ( ) Tj ET Q q 0 0 0 rg BT 414.79 230.70 Td (2056 ) Tj ET Q q 0 0 0 rg BT 438.60 230.70 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 468.53 230.70 Td ( ) Tj ET Q q 0 0 0 rg BT 471.34 230.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 495.73 230.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 527.12 230.70 Td (used ) Tj ET Q q 0 0 0 rg BT 549.18 230.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (net ) Tj ET Q q 0 0 0 rg BT 65.73 218.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 105.94 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.59 218.10 Td (these ) Tj ET Q q 0 0 0 rg BT 142.07 218.10 Td (of) Tj ET Q q 0 0 0 rg BT 150.62 218.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 182.68 218.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.75 218.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 227.55 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.27 218.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 296.34 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.99 218.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 325.69 218.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 344.35 218.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.41 218.10 Td (May ) Tj ET Q q 0 0 0 rg BT 377.56 218.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 401.46 218.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.52 218.10 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 453.92 218.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 491.23 218.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.66 218.10 Td (April ) Tj ET Q q 0 0 0 rg BT 526.72 218.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 553.25 218.10 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 205.50 Td (further ) Tj ET Q q 0 0 0 rg BT 81.19 205.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 124.07 205.50 Td (in ) Tj ET Q q 0 0 0 rg BT 134.86 205.50 Td (Note ) Tj ET Q q 0 0 0 rg BT 157.89 205.50 Td (2.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 180.30 Td (In ) Tj ET Q q 0 0 0 rg BT 61.21 180.30 Td (June ) Tj ET Q q 0 0 0 rg BT 82.91 180.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 109.00 180.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 133.03 180.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 164.07 180.30 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.78 180.30 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.16 180.30 Td ( ) Tj ET Q q 0 0 0 rg BT 234.62 180.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.83 180.30 Td (2.7%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.70 180.30 Td ( ) Tj ET Q q 0 0 0 rg BT 270.16 180.30 Td (Senior ) Tj ET Q q 0 0 0 rg BT 300.03 180.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 326.99 180.30 Td (due ) Tj ET Q q 0 0 0 rg BT 344.61 180.30 Td (2019 ) Tj ET Q q 0 0 0 rg BT 368.07 180.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 386.85 180.30 Td ("2019 ) Tj ET Q q 0 0 0 rg BT 414.60 180.30 Td (Notes"\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.96 180.30 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.34 180.30 Td ( ) Tj ET Q q 0 0 0 rg BT 493.80 180.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 180.30 Td (3.95%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.12 180.30 Td ( ) Tj ET Q q 0 0 0 rg BT 534.58 180.30 Td (Senior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 167.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 77.21 167.70 Td (due ) Tj ET Q q 0 0 0 rg BT 95.08 167.70 Td (2024 ) Tj ET Q q 0 0 0 rg BT 118.79 167.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 137.83 167.70 Td ("2024 ) Tj ET Q q 0 0 0 rg BT 165.82 167.70 Td (Notes"\), ) Tj ET Q q 0 0 0 rg BT 203.44 167.70 Td (and ) Tj ET Q q 0 0 0 rg BT 221.31 167.70 Td (an ) Tj ET Q q 0 0 0 rg BT 233.93 167.70 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.64 167.70 Td ($150,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.01 167.70 Td ( ) Tj ET Q q 0 0 0 rg BT 320.72 167.70 Td (of ) Tj ET Q q 0 0 0 rg BT 332.18 167.70 Td (the ) Tj ET Q q 0 0 0 rg BT 347.72 167.70 Td (existing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.68 167.70 Td (5.625%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.05 167.70 Td ( ) Tj ET Q q 0 0 0 rg BT 418.76 167.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 448.89 167.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 476.09 167.70 Td (due ) Tj ET Q q 0 0 0 rg BT 493.97 167.70 Td (2044 ) Tj ET Q q 0 0 0 rg BT 517.68 167.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 536.71 167.70 Td ("2044 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (Notes" ) Tj ET Q q 0 0 0 rg BT 81.43 155.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 101.86 155.10 Td (together ) Tj ET Q q 0 0 0 rg BT 138.91 155.10 Td (with ) Tj ET Q q 0 0 0 rg BT 160.23 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.70 155.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 199.35 155.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 226.49 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.30 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.78 155.10 Td (2024 ) Tj ET Q q 0 0 0 rg BT 283.42 155.10 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 313.19 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.67 155.10 Td ("Notes"\). ) Tj ET Q q 0 0 0 rg BT 370.51 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.15 155.10 Td (In ) Tj ET Q q 0 0 0 rg BT 384.55 155.10 Td (July ) Tj ET Q q 0 0 0 rg BT 404.70 155.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 430.97 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.45 155.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 489.92 155.10 Td (used ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.82 155.10 Td ($658,769) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 551.19 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 553.84 155.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 142.50 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 90.12 142.50 Td (from ) Tj ET Q q 0 0 0 rg BT 113.33 142.50 Td (the ) Tj ET Q q 0 0 0 rg BT 128.97 142.50 Td (sale ) Tj ET Q q 0 0 0 rg BT 148.10 142.50 Td (of ) Tj ET Q q 0 0 0 rg BT 159.65 142.50 Td (the ) Tj ET Q q 0 0 0 rg BT 175.28 142.50 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 205.21 142.50 Td (net ) Tj ET Q q 0 0 0 rg BT 220.84 142.50 Td (of ) Tj ET Q q 0 0 0 rg BT 232.39 142.50 Td (related ) Tj ET Q q 0 0 0 rg BT 263.76 142.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 286.10 142.50 Td (together ) Tj ET Q q 0 0 0 rg BT 323.30 142.50 Td (with ) Tj ET Q q 0 0 0 rg BT 344.78 142.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 366.24 142.50 Td (on ) Tj ET Q q 0 0 0 rg BT 379.54 142.50 Td (hand, ) Tj ET Q q 0 0 0 rg BT 405.38 142.50 Td (to ) Tj ET Q q 0 0 0 rg BT 416.35 142.50 Td (call ) Tj ET Q q 0 0 0 rg BT 434.32 142.50 Td (the ) Tj ET Q q 0 0 0 rg BT 449.95 142.50 Td (then ) Tj ET Q q 0 0 0 rg BT 470.83 142.50 Td (outstanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.64 142.50 Td ($650,000) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 129.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.37 129.90 Td (5.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.24 129.90 Td ( ) Tj ET Q q 0 0 0 rg BT 85.87 129.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 115.91 129.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 143.03 129.90 Td (and ) Tj ET Q q 0 0 0 rg BT 160.82 129.90 Td (pay ) Tj ET Q q 0 0 0 rg BT 178.60 129.90 Td (a ) Tj ET Q q 0 0 0 rg BT 185.89 129.90 Td (related ) Tj ET Q q 0 0 0 rg BT 217.08 129.90 Td (make-whole ) Tj ET Q q 0 0 0 rg BT 271.60 129.90 Td (premium ) Tj ET Q q 0 0 0 rg BT 312.13 129.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.50 129.90 Td ($98,418) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.63 129.90 Td (, ) Tj ET Q q 0 0 0 rg BT 362.88 129.90 Td (as ) Tj ET Q q 0 0 0 rg BT 374.25 129.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 417.12 129.90 Td (below) Tj ET Q q 0 0 0 rg BT 442.10 129.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 104.70 Td (On ) Tj ET Q q 0 0 0 rg BT 64.73 104.70 Td (June ) Tj ET Q q 0 0 0 rg BT 85.87 104.70 Td (23, ) Tj ET Q q 0 0 0 rg BT 100.89 104.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 126.41 104.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 149.88 104.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 180.36 104.70 Td (entered ) Tj ET Q q 0 0 0 rg BT 213.15 104.70 Td (into ) Tj ET Q q 0 0 0 rg BT 231.38 104.70 Td (a ) Tj ET Q q 0 0 0 rg BT 237.94 104.70 Td (reverse ) Tj ET Q q 0 0 0 rg BT 270.15 104.70 Td (treasury ) Tj ET Q q 0 0 0 rg BT 305.86 104.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 323.49 104.70 Td (lock ) Tj ET Q q 0 0 0 rg BT 343.46 104.70 Td (contract ) Tj ET Q q 0 0 0 rg BT 379.17 104.70 Td (with ) Tj ET Q q 0 0 0 rg BT 399.74 104.70 Td (a ) Tj ET Q q 0 0 0 rg BT 406.29 104.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.92 104.70 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 500.46 104.70 Td (with ) Tj ET Q q 0 0 0 rg BT 521.02 104.70 Td (a ) Tj ET Q q 0 0 0 rg BT 527.58 104.70 Td (notional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.62 92.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.48 92.10 Td ($650,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.86 92.10 Td (, ) Tj ET Q q 0 0 0 rg BT 138.61 92.10 Td (which ) Tj ET Q q 0 0 0 rg BT 166.39 92.10 Td (was ) Tj ET Q q 0 0 0 rg BT 184.84 92.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 231.86 92.10 Td (as ) Tj ET Q q 0 0 0 rg BT 242.73 92.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.51 92.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 270.29 92.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 291.66 92.10 Td (hedge. ) Tj ET Q q 0 0 0 rg BT 321.48 92.10 Td ( ) Tj ET Q q 0 0 0 rg BT 323.45 92.10 Td (The ) Tj ET Q q 0 0 0 rg BT 341.89 92.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 377.83 92.10 Td (was ) Tj ET Q q 0 0 0 rg BT 396.28 92.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 424.65 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.94 92.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 483.13 92.10 Td (with ) Tj ET Q q 0 0 0 rg BT 503.92 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.86 92.10 Td (retirement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 79.50 Td (of ) Tj ET Q q 0 0 0 rg BT 60.45 79.50 Td (the ) Tj ET Q q 0 0 0 rg BT 74.98 79.50 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 98.55 79.50 Td (Senior ) Tj ET Q q 0 0 0 rg BT 127.66 79.50 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 156.49 79.50 Td ( ) Tj ET Q q 0 0 0 rg BT 158.06 79.50 Td (The ) Tj ET Q q 0 0 0 rg BT 176.09 79.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 218.62 79.50 Td (entered ) Tj ET Q q 0 0 0 rg BT 251.22 79.50 Td (into ) Tj ET Q q 0 0 0 rg BT 269.25 79.50 Td (the ) Tj ET Q q 0 0 0 rg BT 283.78 79.50 Td (reverse ) Tj ET Q q 0 0 0 rg BT 315.80 79.50 Td (treasury ) Tj ET Q q 0 0 0 rg BT 351.31 79.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 368.75 79.50 Td (lock ) Tj ET Q q 0 0 0 rg BT 388.53 79.50 Td (agreement ) Tj ET Q q 0 0 0 rg BT 433.95 79.50 Td (in ) Tj ET Q q 0 0 0 rg BT 443.82 79.50 Td (order ) Tj ET Q q 0 0 0 rg BT 467.68 79.50 Td (to ) Tj ET Q q 0 0 0 rg BT 477.55 79.50 Td (hedge ) Tj ET Q q 0 0 0 rg BT 504.32 79.50 Td (the ) Tj ET Q q 0 0 0 rg BT 518.85 79.50 Td (variability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 66.90 Td (in ) Tj ET Q q 0 0 0 rg BT 60.91 66.90 Td (the ) Tj ET Q q 0 0 0 rg BT 76.48 66.90 Td (retirement ) Tj ET Q q 0 0 0 rg BT 122.36 66.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 161.26 66.90 Td (on ) Tj ET Q q 0 0 0 rg BT 174.50 66.90 Td (the ) Tj ET Q q 0 0 0 rg BT 190.07 66.90 Td (entire ) Tj ET Q q 0 0 0 rg BT 216.71 66.90 Td (principal ) Tj ET Q q 0 0 0 rg BT 256.77 66.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 291.01 66.90 Td (of ) Tj ET Q q 0 0 0 rg BT 302.49 66.90 Td (debt. ) Tj ET Q q 0 0 0 rg BT 325.94 66.90 Td ( ) Tj ET Q q 0 0 0 rg BT 328.48 66.90 Td (The ) Tj ET Q q 0 0 0 rg BT 347.54 66.90 Td (reverse ) Tj ET Q q 0 0 0 rg BT 380.60 66.90 Td (treasury ) Tj ET Q q 0 0 0 rg BT 417.15 66.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 435.63 66.90 Td (lock ) Tj ET Q q 0 0 0 rg BT 456.45 66.90 Td (contract ) Tj ET Q q 0 0 0 rg BT 493.00 66.90 Td (ef) Tj ET Q q 0 0 0 rg BT 500.97 66.90 Td (fectively ) Tj ET Q q 0 0 0 rg BT 540.44 66.90 Td (fixed ) Tj ET Q endstream endobj 249 0 obj <>] /Rotate 0 /Contents 250 0 R>> endobj 250 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (122) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.73 741.75 Td (present ) Tj ET Q q 0 0 0 rg BT 96.96 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 121.60 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.25 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 146.98 741.75 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 192.02 741.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 212.00 741.75 Td (make-whole ) Tj ET Q q 0 0 0 rg BT 265.80 741.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 303.86 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 331.43 741.75 Td (was ) Tj ET Q q 0 0 0 rg BT 349.66 741.75 Td (priced ) Tj ET Q q 0 0 0 rg BT 377.80 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 390.20 741.75 Td (July ) Tj ET Q q 0 0 0 rg BT 409.61 741.75 Td (18, ) Tj ET Q q 0 0 0 rg BT 424.64 741.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 450.17 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 460.24 741.75 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 501.21 741.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 518.86 741.75 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 71.29 729.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 107.74 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 118.53 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 133.98 729.15 Td (five-year ) Tj ET Q q 0 0 0 rg BT 174.50 729.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 195.79 729.15 Td (treasury ) Tj ET Q q 0 0 0 rg BT 232.24 729.15 Td (yield. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.21 703.95 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 91.96 703.95 Td (Senior ) Tj ET Q q 0 0 0 rg BT 121.25 703.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 147.63 703.95 Td (were ) Tj ET Q q 0 0 0 rg BT 169.91 703.95 Td (retired ) Tj ET Q q 0 0 0 rg BT 199.19 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 211.57 703.95 Td (July ) Tj ET Q q 0 0 0 rg BT 230.96 703.95 Td (23, ) Tj ET Q q 0 0 0 rg BT 245.96 703.95 Td (2014, ) Tj ET Q q 0 0 0 rg BT 271.47 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 288.51 703.95 Td (resulted ) Tj ET Q q 0 0 0 rg BT 323.63 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 333.67 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 340.22 703.95 Td (pre-tax, ) Tj ET Q q 0 0 0 rg BT 374.45 703.95 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 435.23 703.95 Td (char) Tj ET Q q 0 0 0 rg BT 453.11 703.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 464.90 703.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.53 703.95 Td ($107,074) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.90 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 519.41 703.95 Td (consisting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.07 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 68.04 691.35 Td (make-whole ) Tj ET Q q 0 0 0 rg BT 122.26 691.35 Td (premium ) Tj ET Q q 0 0 0 rg BT 162.49 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 173.55 691.35 Td ($98,418) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.68 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 210.00 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 220.48 691.35 Td (call ) Tj ET Q q 0 0 0 rg BT 237.96 691.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.11 691.35 Td (5.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.98 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 277.30 691.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 307.03 691.35 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 336.47 691.35 Td (net ) Tj ET Q q 0 0 0 rg BT 351.62 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.68 691.35 Td ($638) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.68 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 386.00 691.35 Td (from ) Tj ET Q q 0 0 0 rg BT 408.73 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 423.88 691.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 469.35 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 480.42 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 495.57 691.35 Td (reverse ) Tj ET Q q 0 0 0 rg BT 528.20 691.35 Td (treasury ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (lock ) Tj ET Q q 0 0 0 rg BT 70.70 678.75 Td (before ) Tj ET Q q 0 0 0 rg BT 100.14 678.75 Td (related ) Tj ET Q q 0 0 0 rg BT 131.33 678.75 Td (administrative ) Tj ET Q q 0 0 0 rg BT 194.03 678.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 216.18 678.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.97 678.75 Td ($8,656) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.84 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 265.47 678.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 311.24 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 332.53 678.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 368.41 678.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 406.01 678.75 Td (char) Tj ET Q q 0 0 0 rg BT 423.88 678.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 440.51 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 458.29 678.75 Td (original ) Tj ET Q q 0 0 0 rg BT 493.58 678.75 Td (issue ) Tj ET Q q 0 0 0 rg BT 517.20 678.75 Td (discount.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.45 666.15 Td (January ) Tj ET Q q 0 0 0 rg BT 94.80 666.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 120.13 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 143.40 666.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 173.69 666.15 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.64 666.15 Td ($400,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.01 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 242.71 666.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.16 666.15 Td (5.625%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.53 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 287.23 666.15 Td (Senior ) Tj ET Q q 0 0 0 rg BT 316.35 666.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 342.55 666.15 Td (due ) Tj ET Q q 0 0 0 rg BT 359.41 666.15 Td (January ) Tj ET Q q 0 0 0 rg BT 393.76 666.15 Td (2044, ) Tj ET Q q 0 0 0 rg BT 419.09 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 433.62 666.15 Td (net ) Tj ET Q q 0 0 0 rg BT 448.15 666.15 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 487.16 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 497.61 666.15 Td (which, ) Tj ET Q q 0 0 0 rg BT 527.60 666.15 Td (together ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 71.64 653.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 93.27 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 106.74 653.55 Td (hand, ) Tj ET Q q 0 0 0 rg BT 132.75 653.55 Td (were ) Tj ET Q q 0 0 0 rg BT 156.12 653.55 Td (used ) Tj ET Q q 0 0 0 rg BT 178.34 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 189.48 653.55 Td (repay ) Tj ET Q q 0 0 0 rg BT 215.76 653.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.56 653.55 Td ($450,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.94 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 273.91 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 285.63 653.55 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 336.43 653.55 Td (under ) Tj ET Q q 0 0 0 rg BT 363.31 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 379.11 653.55 Td (Company's ) Tj ET Q q 0 0 0 rg BT 428.89 653.55 Td (then ) Tj ET Q q 0 0 0 rg BT 449.94 653.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 501.91 653.55 Td (five-year ) Tj ET Q q 0 0 0 rg BT 542.77 653.55 Td (term ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (loan. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.18 615.75 Td (May ) Tj ET Q q 0 0 0 rg BT 82.85 615.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 108.90 615.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 132.91 615.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 163.92 615.75 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 217.07 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 232.33 615.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 281.57 615.75 Td (then ) Tj ET Q q 0 0 0 rg BT 302.07 615.75 Td (outstanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.50 615.75 Td (2.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 375.37 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 377.80 615.75 Td (convertible ) Tj ET Q q 0 0 0 rg BT 427.46 615.75 Td (notes ) Tj ET Q q 0 0 0 rg BT 452.06 615.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 470.81 615.75 Td ("Convertible ) Tj ET Q q 0 0 0 rg BT 527.10 615.75 Td (Notes"\). ) Tj ET Q q 0 0 0 rg BT 564.63 615.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.29 603.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 93.59 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 104.30 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 119.09 603.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 166.53 603.15 Td (included ) Tj ET Q q 0 0 0 rg BT 204.65 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 211.28 603.15 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 251.15 603.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 292.76 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 303.47 603.15 Td (warrants ) Tj ET Q q 0 0 0 rg BT 341.59 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 351.73 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 366.52 603.15 Td (holders ) Tj ET Q q 0 0 0 rg BT 399.40 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 410.11 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 424.90 603.15 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 476.44 603.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 502.91 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 520.62 603.15 Td (replicated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 66.56 590.55 Td (extended ) Tj ET Q q 0 0 0 rg BT 105.86 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 120.09 590.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 165.82 590.55 Td (conversion ) Tj ET Q q 0 0 0 rg BT 213.29 590.55 Td (feature ) Tj ET Q q 0 0 0 rg BT 243.83 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 253.98 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 268.21 590.55 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 319.18 590.55 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 347.71 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 349.01 590.55 Td (The ) Tj ET Q q 0 0 0 rg BT 366.73 590.55 Td (warrants ) Tj ET Q q 0 0 0 rg BT 404.28 590.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 431.94 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 441.50 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 455.73 590.55 Td (holders ) Tj ET Q q 0 0 0 rg BT 488.04 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 498.19 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 512.42 590.55 Td (Convertible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 77.06 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 87.79 577.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 136.42 577.95 Td (with ) Tj ET Q q 0 0 0 rg BT 157.65 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 173.05 577.95 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 221.08 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 232.39 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 247.78 577.95 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 299.92 577.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 326.98 577.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 361.62 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 376.43 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 391.82 577.95 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 434.32 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 445.05 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 460.44 577.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 503.81 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 521.54 577.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 553.84 577.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 101.41 565.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 112.87 565.35 Td (14,205) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.74 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 144.45 565.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 173.40 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 184.85 565.35 Td (our ) Tj ET Q q 0 0 0 rg BT 201.56 565.35 Td (common ) Tj ET Q q 0 0 0 rg BT 241.01 565.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 268.51 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 281.72 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 289.09 565.35 Td (net ) Tj ET Q q 0 0 0 rg BT 304.63 565.35 Td (share ) Tj ET Q q 0 0 0 rg BT 329.49 565.35 Td (settled ) Tj ET Q q 0 0 0 rg BT 359.61 565.35 Td (basis, ) Tj ET Q q 0 0 0 rg BT 385.94 565.35 Td (at ) Tj ET Q q 0 0 0 rg BT 396.23 565.35 Td (an ) Tj ET Q q 0 0 0 rg BT 408.85 565.35 Td (exercise ) Tj ET Q q 0 0 0 rg BT 445.95 565.35 Td (price ) Tj ET Q q 0 0 0 rg BT 469.64 565.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.10 565.35 Td ($88) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.85 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 499.56 565.35 Td (per ) Tj ET Q q 0 0 0 rg BT 515.67 565.35 Td (share. ) Tj ET Q q 0 0 0 rg BT 543.16 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 545.67 565.35 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (warrants ) Tj ET Q q 0 0 0 rg BT 89.86 552.75 Td (expire ) Tj ET Q q 0 0 0 rg BT 119.81 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 131.68 552.75 Td (July ) Tj ET Q q 0 0 0 rg BT 152.90 552.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 177.61 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 196.48 552.75 Td (can ) Tj ET Q q 0 0 0 rg BT 214.76 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 228.38 552.75 Td (settled, ) Tj ET Q q 0 0 0 rg BT 262.12 552.75 Td (at ) Tj ET Q q 0 0 0 rg BT 273.41 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.95 552.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 340.47 552.75 Td (election, ) Tj ET Q q 0 0 0 rg BT 380.03 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 391.91 552.75 Td (either ) Tj ET Q q 0 0 0 rg BT 419.52 552.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 449.47 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 461.93 552.75 Td (common ) Tj ET Q q 0 0 0 rg BT 502.39 552.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 528.26 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 540.72 552.75 Td (cash. ) Tj ET Q q 0 0 0 rg BT 564.62 552.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 101.80 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 107.05 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 122.51 540.15 Td (warrants ) Tj ET Q q 0 0 0 rg BT 161.28 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 176.73 540.15 Td (accounted ) Tj ET Q q 0 0 0 rg BT 221.91 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 236.78 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 248.15 540.15 Td (equity) Tj ET Q q 0 0 0 rg BT 273.72 540.15 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (2.7%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 73.63 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 76.25 514.95 Td (Senior) Tj ET Q q 0 0 0 rg BT 105.23 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 107.85 514.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 135.56 514.95 Td (due ) Tj ET Q q 0 0 0 rg BT 154.52 514.95 Td (July ) Tj ET Q q 0 0 0 rg BT 176.40 514.95 Td (2019 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.95 502.35 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 108.32 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 110.95 502.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 134.57 502.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 161.69 502.35 Td (were ) Tj ET Q q 0 0 0 rg BT 184.72 502.35 Td (sold ) Tj ET Q q 0 0 0 rg BT 204.84 502.35 Td (at ) Tj ET Q q 0 0 0 rg BT 215.04 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 222.33 502.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 260.53 502.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.90 502.35 Td ($553) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.90 502.35 Td (, ) Tj ET Q q 0 0 0 rg BT 298.15 502.35 Td (which ) Tj ET Q q 0 0 0 rg BT 326.44 502.35 Td (is ) Tj ET Q q 0 0 0 rg BT 336.07 502.35 Td (being ) Tj ET Q q 0 0 0 rg BT 362.02 502.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 406.62 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 417.41 502.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 450.94 502.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 487.38 502.35 Td (over ) Tj ET Q q 0 0 0 rg BT 508.67 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 524.12 502.35 Td (five-year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (term. ) Tj ET Q q 0 0 0 rg BT 74.28 489.75 Td (The ) Tj ET Q q 0 0 0 rg BT 93.20 489.75 Td (2019 ) Tj ET Q q 0 0 0 rg BT 116.79 489.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 143.89 489.75 Td (can ) Tj ET Q q 0 0 0 rg BT 161.06 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 173.56 489.75 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 216.97 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 227.14 489.75 Td (any ) Tj ET Q q 0 0 0 rg BT 244.90 489.75 Td (time ) Tj ET Q q 0 0 0 rg BT 266.16 489.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 289.17 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 299.93 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.36 489.75 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 359.94 489.75 Td (maturity ) Tj ET Q q 0 0 0 rg BT 398.11 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 408.88 489.75 Td (part ) Tj ET Q q 0 0 0 rg BT 427.80 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 439.14 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 449.90 489.75 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 495.93 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 506.11 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 521.53 489.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 553.27 489.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.16 477.15 Td (related ) Tj ET Q q 0 0 0 rg BT 96.06 477.15 Td (principal ) Tj ET Q q 0 0 0 rg BT 135.71 477.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 169.54 477.15 Td (at ) Tj ET Q q 0 0 0 rg BT 179.45 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 197.53 477.15 Td (time ) Tj ET Q q 0 0 0 rg BT 218.53 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 229.60 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 244.77 477.15 Td (sum ) Tj ET Q q 0 0 0 rg BT 264.60 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 275.68 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 290.84 477.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 335.75 477.15 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 380.07 477.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 422.64 477.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 470.47 477.15 Td (at ) Tj ET Q q 0 0 0 rg BT 480.38 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 495.54 477.15 Td (treasury ) Tj ET Q q 0 0 0 rg BT 531.69 477.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 549.76 477.15 Td (\(as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (defined\) ) Tj ET Q q 0 0 0 rg BT 87.61 464.55 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.74 464.55 Td (0.20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.86 464.55 Td (, ) Tj ET Q q 0 0 0 rg BT 140.11 464.55 Td (together ) Tj ET Q q 0 0 0 rg BT 177.14 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 198.43 464.55 Td (any ) Tj ET Q q 0 0 0 rg BT 216.21 464.55 Td (related ) Tj ET Q q 0 0 0 rg BT 247.40 464.55 Td (accrued ) Tj ET Q q 0 0 0 rg BT 282.67 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 300.45 464.55 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 331.66 464.55 Td (interest. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (On ) Tj ET Q q 0 0 0 rg BT 66.12 439.35 Td (June ) Tj ET Q q 0 0 0 rg BT 88.65 439.35 Td (23, ) Tj ET Q q 0 0 0 rg BT 105.06 439.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 131.96 439.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 156.82 439.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 188.69 439.35 Td (entered ) Tj ET Q q 0 0 0 rg BT 222.87 439.35 Td (into ) Tj ET Q q 0 0 0 rg BT 242.49 439.35 Td (an ) Tj ET Q q 0 0 0 rg BT 255.68 439.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.87 439.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 308.89 439.35 Td (swap ) Tj ET Q q 0 0 0 rg BT 333.76 439.35 Td (contract ) Tj ET Q q 0 0 0 rg BT 370.85 439.35 Td (with ) Tj ET Q q 0 0 0 rg BT 392.81 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 400.75 439.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 440.76 439.35 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 497.69 439.35 Td (with ) Tj ET Q q 0 0 0 rg BT 519.64 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 527.59 439.35 Td (notional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.75 426.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.75 426.75 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.12 426.75 Td (, ) Tj ET Q q 0 0 0 rg BT 139.00 426.75 Td (which ) Tj ET Q q 0 0 0 rg BT 166.92 426.75 Td (was ) Tj ET Q q 0 0 0 rg BT 185.50 426.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 232.66 426.75 Td (as ) Tj ET Q q 0 0 0 rg BT 243.66 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 250.57 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 267.40 426.75 Td (value ) Tj ET Q q 0 0 0 rg BT 292.39 426.75 Td (hedge. ) Tj ET Q q 0 0 0 rg BT 322.34 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 324.43 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 343.01 426.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 376.17 426.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 394.16 426.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 417.99 426.75 Td (was ) Tj ET Q q 0 0 0 rg BT 436.57 426.75 Td (used ) Tj ET Q q 0 0 0 rg BT 458.07 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 468.49 426.75 Td (ef) Tj ET Q q 0 0 0 rg BT 476.46 426.75 Td (fectively ) Tj ET Q q 0 0 0 rg BT 515.45 426.75 Td (convert ) Tj ET Q q 0 0 0 rg BT 549.19 426.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (2019 ) Tj ET Q q 0 0 0 rg BT 74.27 414.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 102.05 414.15 Td (from ) Tj ET Q q 0 0 0 rg BT 125.73 414.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 150.58 414.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 169.59 414.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 190.95 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 202.39 414.15 Td (floating ) Tj ET Q q 0 0 0 rg BT 238.32 414.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 257.33 414.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 278.69 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 297.12 414.15 Td (had ) Tj ET Q q 0 0 0 rg BT 315.56 414.15 Td (identical ) Tj ET Q q 0 0 0 rg BT 354.98 414.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 381.59 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 393.61 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 409.71 414.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 458.48 414.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 479.83 414.15 Td (being ) Tj ET Q q 0 0 0 rg BT 506.44 414.15 Td (hedged. ) Tj ET Q q 0 0 0 rg BT 542.66 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 545.70 414.15 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (related ) Tj ET Q q 0 0 0 rg BT 81.03 401.55 Td (hedging ) Tj ET Q q 0 0 0 rg BT 117.33 401.55 Td (gains ) Tj ET Q q 0 0 0 rg BT 141.96 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 159.59 401.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 187.15 401.55 Td (of) Tj ET Q q 0 0 0 rg BT 195.71 401.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 213.33 401.55 Td (one ) Tj ET Q q 0 0 0 rg BT 230.96 401.55 Td (another ) Tj ET Q q 0 0 0 rg BT 264.92 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 282.55 401.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 318.26 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 328.89 401.55 Td (no ) Tj ET Q q 0 0 0 rg BT 341.86 401.55 Td (net ) Tj ET Q q 0 0 0 rg BT 357.16 401.55 Td (income ) Tj ET Q q 0 0 0 rg BT 390.53 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 401.75 401.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 420.56 401.55 Td (impact. ) Tj ET Q q 0 0 0 rg BT 454.22 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 456.52 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 475.31 401.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 499.36 401.55 Td (had ) Tj ET Q q 0 0 0 rg BT 516.99 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 524.12 401.55 Td (five-year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (term, ) Tj ET Q q 0 0 0 rg BT 74.85 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 92.99 388.95 Td (was ) Tj ET Q q 0 0 0 rg BT 112.30 388.95 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 157.27 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 168.42 388.95 Td (mature ) Tj ET Q q 0 0 0 rg BT 200.55 388.95 Td (on ) Tj ET Q q 0 0 0 rg BT 214.03 388.95 Td (July ) Tj ET Q q 0 0 0 rg BT 234.52 388.95 Td (15, ) Tj ET Q q 0 0 0 rg BT 250.63 388.95 Td (2019. ) Tj ET Q q 0 0 0 rg BT 277.23 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 280.21 388.95 Td (On ) Tj ET Q q 0 0 0 rg BT 295.37 388.95 Td (April ) Tj ET Q q 0 0 0 rg BT 320.52 388.95 Td (21, ) Tj ET Q q 0 0 0 rg BT 336.62 388.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 363.23 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 379.04 388.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 396.59 388.95 Td (value ) Tj ET Q q 0 0 0 rg BT 422.31 388.95 Td (hedge ) Tj ET Q q 0 0 0 rg BT 450.36 388.95 Td (swap ) Tj ET Q q 0 0 0 rg BT 474.93 388.95 Td (was ) Tj ET Q q 0 0 0 rg BT 494.24 388.95 Td (terminated ) Tj ET Q q 0 0 0 rg BT 542.12 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 557.34 388.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.72 376.35 Td (receipt ) Tj ET Q q 0 0 0 rg BT 101.34 376.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 112.14 376.35 Td ($6,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.02 376.35 Td (, ) Tj ET Q q 0 0 0 rg BT 145.70 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 162.92 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 177.81 376.35 Td (related ) Tj ET Q q 0 0 0 rg BT 208.43 376.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 225.06 376.35 Td (value ) Tj ET Q q 0 0 0 rg BT 249.86 376.35 Td (hedge ) Tj ET Q q 0 0 0 rg BT 276.99 376.35 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 325.12 376.35 Td (is ) Tj ET Q q 0 0 0 rg BT 334.19 376.35 Td (being ) Tj ET Q q 0 0 0 rg BT 359.57 376.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 403.61 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 414.42 376.35 Td (Interest ) Tj ET Q q 0 0 0 rg BT 447.96 376.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 483.84 376.35 Td (over ) Tj ET Q q 0 0 0 rg BT 504.56 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 519.44 376.35 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (life ) Tj ET Q q 0 0 0 rg BT 67.41 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 79.57 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 95.82 363.75 Td (debt. ) Tj ET Q q 0 0 0 rg BT 119.94 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 123.35 363.75 Td (During ) Tj ET Q q 0 0 0 rg BT 156.52 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 172.76 363.75 Td (year ) Tj ET Q q 0 0 0 rg BT 194.25 363.75 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.74 363.75 Td (March ) Tj ET Q q 0 0 0 rg BT 253.56 363.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 270.10 363.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.10 363.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.14 363.75 Td ($1,804) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.02 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 329.43 363.75 Td (was ) Tj ET Q q 0 0 0 rg BT 349.18 363.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 394.58 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 413.16 363.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 453.30 363.75 Td (as ) Tj ET Q q 0 0 0 rg BT 465.46 363.75 Td (Interest ) Tj ET Q q 0 0 0 rg BT 500.37 363.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 537.60 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 549.19 363.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 108.04 351.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 156.74 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 168.11 351.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 202.22 351.15 Td (\(Loss\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (During ) Tj ET Q q 0 0 0 rg BT 83.30 325.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 99.68 325.95 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.84 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 125.39 325.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 154.02 325.95 Td (March ) Tj ET Q q 0 0 0 rg BT 184.98 325.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 201.66 325.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 226.21 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 244.92 325.95 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.10 325.95 Td ($2,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.98 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 304.36 325.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.19 325.95 Td ($5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.06 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 354.62 325.95 Td (was ) Tj ET Q q 0 0 0 rg BT 374.50 325.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 414.78 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 427.08 325.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 454.54 325.95 Td (income ) Tj ET Q q 0 0 0 rg BT 489.00 325.95 Td (\(gain ) Tj ET Q q 0 0 0 rg BT 514.13 325.95 Td (on ) Tj ET Q q 0 0 0 rg BT 528.19 325.95 Td (hedging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (activity\) ) Tj ET Q q 0 0 0 rg BT 87.24 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 97.67 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 112.75 313.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 170.42 313.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 218.75 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 229.76 313.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 263.50 313.35 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 295.21 313.35 Td (which ) Tj ET Q q 0 0 0 rg BT 323.13 313.35 Td (reflects ) Tj ET Q q 0 0 0 rg BT 356.28 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 363.19 313.35 Td (gain ) Tj ET Q q 0 0 0 rg BT 383.53 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 396.28 313.35 Td (hedging ) Tj ET Q q 0 0 0 rg BT 432.37 313.35 Td (activity ) Tj ET Q q 0 0 0 rg BT 466.12 313.35 Td (related ) Tj ET Q q 0 0 0 rg BT 496.94 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 507.36 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 522.44 313.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.27 313.35 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 98.22 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 110.85 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 125.82 300.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 169.94 300.75 Td (asset. ) Tj ET Q q 0 0 0 rg BT 195.11 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 196.78 300.75 Td (Also, ) Tj ET Q q 0 0 0 rg BT 221.38 300.75 Td (during ) Tj ET Q q 0 0 0 rg BT 250.93 300.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 265.90 300.75 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.05 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 290.19 300.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 317.40 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 346.94 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 362.21 300.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 385.35 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 402.64 300.75 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.41 300.75 Td ($2,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.28 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 459.32 300.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.79 300.75 Td ($5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.67 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 506.81 300.75 Td (was ) Tj ET Q q 0 0 0 rg BT 525.27 300.75 Td (recorded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 60.45 288.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 86.06 288.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 121.58 288.15 Td (\(loss ) Tj ET Q q 0 0 0 rg BT 143.11 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 155.31 288.15 Td (hedging ) Tj ET Q q 0 0 0 rg BT 190.84 288.15 Td (activity\) ) Tj ET Q q 0 0 0 rg BT 227.53 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 237.40 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 251.93 288.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 309.04 288.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 356.82 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 367.27 288.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 400.45 288.15 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 431.61 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 458.97 288.15 Td (reflects ) Tj ET Q q 0 0 0 rg BT 491.57 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 497.93 288.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 515.97 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 528.17 288.15 Td (hedging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (activity ) Tj ET Q q 0 0 0 rg BT 83.85 275.55 Td (related ) Tj ET Q q 0 0 0 rg BT 114.76 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 125.29 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 140.47 275.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 157.39 275.55 Td (value ) Tj ET Q q 0 0 0 rg BT 182.49 275.55 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 230.92 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 243.77 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 258.96 275.55 Td (debt. ) Tj ET Q q 0 0 0 rg BT 282.01 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 284.20 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 302.88 275.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 326.81 275.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 365.32 275.55 Td (dates ) Tj ET Q q 0 0 0 rg BT 389.25 275.55 Td (coincided ) Tj ET Q q 0 0 0 rg BT 432.42 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 453.45 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 468.63 275.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 489.06 275.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 527.57 275.55 Td (dates ) Tj ET Q q 0 0 0 rg BT 551.50 275.55 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (July ) Tj ET Q q 0 0 0 rg BT 69.31 262.95 Td (15 ) Tj ET Q q 0 0 0 rg BT 81.61 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 98.57 262.95 Td (January ) Tj ET Q q 0 0 0 rg BT 133.03 262.95 Td (15. ) Tj ET Q q 0 0 0 rg BT 147.96 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 149.63 262.95 Td (The ) Tj ET Q q 0 0 0 rg BT 167.75 262.95 Td (related ) Tj ET Q q 0 0 0 rg BT 198.12 262.95 Td (receipts/payments ) Tj ET Q q 0 0 0 rg BT 275.73 262.95 Td (by ) Tj ET Q q 0 0 0 rg BT 288.03 262.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 311.41 262.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 341.80 262.95 Td (were ) Tj ET Q q 0 0 0 rg BT 364.00 262.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 402.53 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 413.08 262.95 Td (Interest ) Tj ET Q q 0 0 0 rg BT 446.36 262.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 481.99 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 491.96 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 506.59 262.95 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 99.13 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 110.92 250.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 145.46 250.35 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 177.96 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 181.01 250.35 Td (Until ) Tj ET Q q 0 0 0 rg BT 205.65 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 221.52 250.35 Td (swap ) Tj ET Q q 0 0 0 rg BT 246.15 250.35 Td (was ) Tj ET Q q 0 0 0 rg BT 265.53 250.35 Td (terminated ) Tj ET Q q 0 0 0 rg BT 313.48 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 326.36 250.35 Td (April ) Tj ET Q q 0 0 0 rg BT 351.57 250.35 Td (21, ) Tj ET Q q 0 0 0 rg BT 367.75 250.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 394.42 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 410.30 250.35 Td (original ) Tj ET Q q 0 0 0 rg BT 446.01 250.35 Td (terms ) Tj ET Q q 0 0 0 rg BT 472.38 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 490.59 250.35 Td (conditions ) Tj ET Q q 0 0 0 rg BT 537.39 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 250.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 82.95 237.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 134.57 237.75 Td (were ) Tj ET Q q 0 0 0 rg BT 157.60 237.75 Td (unchanged ) Tj ET Q q 0 0 0 rg BT 205.70 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 223.49 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 238.94 237.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 263.15 237.75 Td (was ) Tj ET Q q 0 0 0 rg BT 282.10 237.75 Td (an ) Tj ET Q q 0 0 0 rg BT 294.64 237.75 Td (ef) Tj ET Q q 0 0 0 rg BT 302.61 237.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 333.79 237.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 350.99 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 376.35 237.75 Td (hedge.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (3.95%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 78.88 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 81.50 212.55 Td (Senior) Tj ET Q q 0 0 0 rg BT 110.48 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 113.10 212.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 140.81 212.55 Td (due ) Tj ET Q q 0 0 0 rg BT 159.77 212.55 Td (July ) Tj ET Q q 0 0 0 rg BT 181.65 212.55 Td (2024 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.24 199.95 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 108.61 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.53 199.95 Td (2024 ) Tj ET Q q 0 0 0 rg BT 135.44 199.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 162.86 199.95 Td (were ) Tj ET Q q 0 0 0 rg BT 186.17 199.95 Td (sold ) Tj ET Q q 0 0 0 rg BT 206.59 199.95 Td (at ) Tj ET Q q 0 0 0 rg BT 217.08 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 224.66 199.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 263.15 199.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.81 199.95 Td ($458) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.81 199.95 Td (, ) Tj ET Q q 0 0 0 rg BT 301.35 199.95 Td (which ) Tj ET Q q 0 0 0 rg BT 329.93 199.95 Td (is ) Tj ET Q q 0 0 0 rg BT 339.85 199.95 Td (being ) Tj ET Q q 0 0 0 rg BT 366.09 199.95 Td (amortized ) Tj ET Q q 0 0 0 rg BT 410.99 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 422.07 199.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 455.89 199.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 492.62 199.95 Td (over ) Tj ET Q q 0 0 0 rg BT 514.19 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 529.94 199.95 Td (10-year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (term. ) Tj ET Q q 0 0 0 rg BT 74.35 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 76.66 187.35 Td (The ) Tj ET Q q 0 0 0 rg BT 95.48 187.35 Td (2024 ) Tj ET Q q 0 0 0 rg BT 118.96 187.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 145.95 187.35 Td (can ) Tj ET Q q 0 0 0 rg BT 163.01 187.35 Td (be ) Tj ET Q q 0 0 0 rg BT 175.41 187.35 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 218.70 187.35 Td (at ) Tj ET Q q 0 0 0 rg BT 228.77 187.35 Td (any ) Tj ET Q q 0 0 0 rg BT 246.42 187.35 Td (time ) Tj ET Q q 0 0 0 rg BT 267.57 187.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 290.46 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 301.12 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 316.44 187.35 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 360.91 187.35 Td (maturity ) Tj ET Q q 0 0 0 rg BT 398.97 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 409.63 187.35 Td (part ) Tj ET Q q 0 0 0 rg BT 428.44 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 439.68 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 450.33 187.35 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 496.25 187.35 Td (at ) Tj ET Q q 0 0 0 rg BT 506.32 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 521.63 187.35 Td (greater ) Tj ET Q q 0 0 0 rg BT 553.26 187.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.16 174.75 Td (related ) Tj ET Q q 0 0 0 rg BT 96.06 174.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 135.71 174.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 169.54 174.75 Td (at ) Tj ET Q q 0 0 0 rg BT 179.45 174.75 Td (that ) Tj ET Q q 0 0 0 rg BT 197.53 174.75 Td (time ) Tj ET Q q 0 0 0 rg BT 218.53 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 229.60 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 244.77 174.75 Td (sum ) Tj ET Q q 0 0 0 rg BT 264.60 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.68 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 290.84 174.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 335.75 174.75 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 380.07 174.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 422.64 174.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 470.47 174.75 Td (at ) Tj ET Q q 0 0 0 rg BT 480.38 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 495.54 174.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 531.69 174.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 549.76 174.75 Td (\(as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (defined\) ) Tj ET Q q 0 0 0 rg BT 87.61 162.15 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.74 162.15 Td (0.25%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.86 162.15 Td (, ) Tj ET Q q 0 0 0 rg BT 140.11 162.15 Td (together ) Tj ET Q q 0 0 0 rg BT 177.14 162.15 Td (with ) Tj ET Q q 0 0 0 rg BT 198.43 162.15 Td (any ) Tj ET Q q 0 0 0 rg BT 216.21 162.15 Td (related ) Tj ET Q q 0 0 0 rg BT 247.40 162.15 Td (accrued ) Tj ET Q q 0 0 0 rg BT 282.67 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 300.45 162.15 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 331.66 162.15 Td (interest. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (4.75%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 78.88 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 81.50 136.95 Td (Senior) Tj ET Q q 0 0 0 rg BT 110.48 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 113.10 136.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 140.81 136.95 Td (due ) Tj ET Q q 0 0 0 rg BT 159.77 136.95 Td (Mar) Tj ET Q q 0 0 0 rg BT 179.40 136.95 Td (ch ) Tj ET Q q 0 0 0 rg BT 192.53 136.95 Td (2026 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.96 124.35 Td ($450,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 108.33 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 110.97 124.35 Td (2026 ) Tj ET Q q 0 0 0 rg BT 134.60 124.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 161.73 124.35 Td (were ) Tj ET Q q 0 0 0 rg BT 184.76 124.35 Td (sold ) Tj ET Q q 0 0 0 rg BT 204.90 124.35 Td (at ) Tj ET Q q 0 0 0 rg BT 215.11 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 222.40 124.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 260.62 124.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.00 124.35 Td ($207) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.00 124.35 Td (. ) Tj ET Q q 0 0 0 rg BT 298.26 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 300.70 124.35 Td (The ) Tj ET Q q 0 0 0 rg BT 319.66 124.35 Td (2026 ) Tj ET Q q 0 0 0 rg BT 343.29 124.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 370.42 124.35 Td (can ) Tj ET Q q 0 0 0 rg BT 387.62 124.35 Td (be ) Tj ET Q q 0 0 0 rg BT 400.17 124.35 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 443.61 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 454.41 124.35 Td (part ) Tj ET Q q 0 0 0 rg BT 473.36 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 484.74 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 495.54 124.35 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 538.98 124.35 Td (at ) Tj ET Q q 0 0 0 rg BT 549.19 124.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 81.11 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 91.82 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 106.61 111.75 Td (related ) Tj ET Q q 0 0 0 rg BT 137.14 111.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 176.43 111.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 209.89 111.75 Td (at ) Tj ET Q q 0 0 0 rg BT 219.43 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 234.22 111.75 Td (time ) Tj ET Q q 0 0 0 rg BT 254.85 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 265.56 111.75 Td (redemption ) Tj ET Q q 0 0 0 rg BT 315.35 111.75 Td (or ) Tj ET Q q 0 0 0 rg BT 326.06 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.85 111.75 Td (sum ) Tj ET Q q 0 0 0 rg BT 360.32 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 371.03 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 385.82 111.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 430.36 111.75 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 474.31 111.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 516.52 111.75 Td (discounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (at ) Tj ET Q q 0 0 0 rg BT 60.20 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 75.66 99.15 Td (treasury ) Tj ET Q q 0 0 0 rg BT 112.10 99.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 130.46 99.15 Td (\(as ) Tj ET Q q 0 0 0 rg BT 145.33 99.15 Td (defined\) ) Tj ET Q q 0 0 0 rg BT 182.94 99.15 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.06 99.15 Td (0.45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.19 99.15 Td (, ) Tj ET Q q 0 0 0 rg BT 235.44 99.15 Td (together ) Tj ET Q q 0 0 0 rg BT 272.46 99.15 Td (with ) Tj ET Q q 0 0 0 rg BT 293.76 99.15 Td (any ) Tj ET Q q 0 0 0 rg BT 311.54 99.15 Td (related ) Tj ET Q q 0 0 0 rg BT 342.73 99.15 Td (accrued ) Tj ET Q q 0 0 0 rg BT 378.00 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 395.78 99.15 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 426.98 99.15 Td (interest.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (5.625%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 84.13 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.75 73.95 Td (Senior) Tj ET Q q 0 0 0 rg BT 115.73 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 118.35 73.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 146.06 73.95 Td (due ) Tj ET Q q 0 0 0 rg BT 165.02 73.95 Td (January ) Tj ET Q q 0 0 0 rg BT 204.99 73.95 Td (2044 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (In ) Tj ET Q q 0 0 0 rg BT 61.88 61.35 Td (January ) Tj ET Q q 0 0 0 rg BT 97.66 61.35 Td (2014, ) Tj ET Q q 0 0 0 rg BT 124.42 61.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 149.13 61.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 180.84 61.35 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 210.22 61.35 Td ($400,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 249.60 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 252.73 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 264.61 61.35 Td (2044 ) Tj ET Q q 0 0 0 rg BT 288.74 61.35 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 318.99 61.35 Td (sold ) Tj ET Q q 0 0 0 rg BT 339.63 61.35 Td (at ) Tj ET Q q 0 0 0 rg BT 350.34 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 358.13 61.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 396.84 61.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.72 61.35 Td ($6,260) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.60 61.35 Td (, ) Tj ET Q q 0 0 0 rg BT 443.35 61.35 Td (which ) Tj ET Q q 0 0 0 rg BT 472.14 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 482.28 61.35 Td (being ) Tj ET Q q 0 0 0 rg BT 508.74 61.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 553.85 61.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 83.68 48.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 120.28 48.75 Td (over ) Tj ET Q q 0 0 0 rg BT 141.71 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 157.32 48.75 Td (30-year ) Tj ET Q q 0 0 0 rg BT 192.16 48.75 Td (term. ) Tj ET Q q 0 0 0 rg BT 216.81 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 218.97 48.75 Td (An ) Tj ET Q q 0 0 0 rg BT 234.58 48.75 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 48.75 Td ($150,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.72 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 321.50 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 333.03 48.75 Td (2044 ) Tj ET Q q 0 0 0 rg BT 356.80 48.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 384.08 48.75 Td (were ) Tj ET Q q 0 0 0 rg BT 407.26 48.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 436.28 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 447.23 48.75 Td (June ) Tj ET Q q 0 0 0 rg BT 469.25 48.75 Td (2014 ) Tj ET Q q 0 0 0 rg BT 493.03 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 510.97 48.75 Td (were ) Tj ET Q q 0 0 0 rg BT 534.15 48.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 554.43 48.75 Td (at ) Tj ET Q endstream endobj 251 0 obj <>] /Rotate 0 /Contents 252 0 R>> endobj 252 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (123) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 57.46 741.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 98.17 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 109.71 741.75 Td ($9,779) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.59 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 144.01 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 172.47 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 182.27 741.75 Td (also ) Tj ET Q q 0 0 0 rg BT 201.98 741.75 Td (being ) Tj ET Q q 0 0 0 rg BT 228.11 741.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 272.89 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.85 741.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 317.56 741.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 354.17 741.75 Td (over ) Tj ET Q q 0 0 0 rg BT 375.63 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.25 741.75 Td (30-year ) Tj ET Q q 0 0 0 rg BT 426.12 741.75 Td (term. ) Tj ET Q q 0 0 0 rg BT 450.78 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 452.96 741.75 Td (All ) Tj ET Q q 0 0 0 rg BT 469.18 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 480.72 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 496.35 741.75 Td (2044 ) Tj ET Q q 0 0 0 rg BT 520.15 741.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 547.44 741.75 Td (can ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 61.78 729.15 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 104.46 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 113.91 729.15 Td (any ) Tj ET Q q 0 0 0 rg BT 130.94 729.15 Td (time ) Tj ET Q q 0 0 0 rg BT 151.48 729.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 173.76 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 183.80 729.15 Td (their ) Tj ET Q q 0 0 0 rg BT 204.91 729.15 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 248.77 729.15 Td (maturity ) Tj ET Q q 0 0 0 rg BT 286.22 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 296.26 729.15 Td (part ) Tj ET Q q 0 0 0 rg BT 314.45 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 325.07 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 335.11 729.15 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 380.41 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 389.86 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 404.56 729.15 Td (greater ) Tj ET Q q 0 0 0 rg BT 435.58 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 446.20 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 460.90 729.15 Td (related ) Tj ET Q q 0 0 0 rg BT 491.33 729.15 Td (principal ) Tj ET Q q 0 0 0 rg BT 530.52 729.15 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (at ) Tj ET Q q 0 0 0 rg BT 59.59 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 77.35 716.55 Td (time ) Tj ET Q q 0 0 0 rg BT 98.02 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 108.78 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 123.62 716.55 Td (sum ) Tj ET Q q 0 0 0 rg BT 143.14 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 153.90 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 168.74 716.55 Td (remaining ) Tj ET Q q 0 0 0 rg BT 213.32 716.55 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 257.32 716.55 Td (payments ) Tj ET Q q 0 0 0 rg BT 299.57 716.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 347.08 716.55 Td (at ) Tj ET Q q 0 0 0 rg BT 356.67 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 371.51 716.55 Td (treasury ) Tj ET Q q 0 0 0 rg BT 407.34 716.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 425.09 716.55 Td (\(as ) Tj ET Q q 0 0 0 rg BT 439.34 716.55 Td (defined\) ) Tj ET Q q 0 0 0 rg BT 476.34 716.55 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.85 716.55 Td (0.30%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.97 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 527.61 716.55 Td (together ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 71.29 703.95 Td (any ) Tj ET Q q 0 0 0 rg BT 89.08 703.95 Td (related ) Tj ET Q q 0 0 0 rg BT 120.27 703.95 Td (accrued ) Tj ET Q q 0 0 0 rg BT 155.53 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 173.32 703.95 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 204.52 703.95 Td (interest. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 679.35 Td (6.375%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 84.13 679.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.75 679.35 Td (Junior) Tj ET Q q 0 0 0 rg BT 116.32 679.35 Td ( ) Tj ET Q q 0 0 0 rg BT 118.94 679.35 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 182.84 679.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 210.54 679.35 Td (due ) Tj ET Q q 0 0 0 rg BT 229.51 679.35 Td (Mar) Tj ET Q q 0 0 0 rg BT 249.14 679.35 Td (ch ) Tj ET Q q 0 0 0 rg BT 262.27 679.35 Td (2056 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.75 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.02 666.75 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 108.39 666.75 Td ( ) Tj ET Q q 0 0 0 rg BT 111.08 666.75 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 146.14 666.75 Td (2056 ) Tj ET Q q 0 0 0 rg BT 169.83 666.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 197.02 666.75 Td (were ) Tj ET Q q 0 0 0 rg BT 220.11 666.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 249.05 666.75 Td (at ) Tj ET Q q 0 0 0 rg BT 259.32 666.75 Td (100% ) Tj ET Q q 0 0 0 rg BT 286.51 666.75 Td (of ) Tj ET Q q 0 0 0 rg BT 297.95 666.75 Td (the ) Tj ET Q q 0 0 0 rg BT 313.46 666.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 353.48 666.75 Td (amount. ) Tj ET Q q 0 0 0 rg BT 390.29 666.75 Td ( ) Tj ET Q q 0 0 0 rg BT 392.78 666.75 Td (The ) Tj ET Q q 0 0 0 rg BT 411.80 666.75 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 446.86 666.75 Td (2056 ) Tj ET Q q 0 0 0 rg BT 470.55 666.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 497.74 666.75 Td (rank ) Tj ET Q q 0 0 0 rg BT 519.09 666.75 Td (junior ) Tj ET Q q 0 0 0 rg BT 546.86 666.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 654.15 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 101.27 654.15 Td (in ) Tj ET Q q 0 0 0 rg BT 111.72 654.15 Td (right ) Tj ET Q q 0 0 0 rg BT 133.84 654.15 Td (of ) Tj ET Q q 0 0 0 rg BT 144.87 654.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 183.30 654.15 Td (to ) Tj ET Q q 0 0 0 rg BT 193.75 654.15 Td (all ) Tj ET Q q 0 0 0 rg BT 206.53 654.15 Td (of ) Tj ET Q q 0 0 0 rg BT 217.56 654.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 241.42 654.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 278.26 654.15 Td (current ) Tj ET Q q 0 0 0 rg BT 310.28 654.15 Td (and ) Tj ET Q q 0 0 0 rg BT 327.72 654.15 Td (future ) Tj ET Q q 0 0 0 rg BT 355.08 654.15 Td (senior ) Tj ET Q q 0 0 0 rg BT 383.02 654.15 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 442.17 654.15 Td ( ) Tj ET Q q 0 0 0 rg BT 444.45 654.15 Td (Prior ) Tj ET Q q 0 0 0 rg BT 467.73 654.15 Td (to ) Tj ET Q q 0 0 0 rg BT 478.18 654.15 Td (March ) Tj ET Q q 0 0 0 rg BT 507.87 654.15 Td (15, ) Tj ET Q q 0 0 0 rg BT 523.28 654.15 Td (2021, ) Tj ET Q q 0 0 0 rg BT 549.19 654.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.55 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 85.00 641.55 Td (2056 ) Tj ET Q q 0 0 0 rg BT 108.62 641.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 135.74 641.55 Td (can ) Tj ET Q q 0 0 0 rg BT 152.94 641.55 Td (be ) Tj ET Q q 0 0 0 rg BT 165.48 641.55 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 208.91 641.55 Td (in ) Tj ET Q q 0 0 0 rg BT 219.70 641.55 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 265.76 641.55 Td ( ) Tj ET Q q 0 0 0 rg BT 268.38 641.55 Td (but ) Tj ET Q q 0 0 0 rg BT 284.42 641.55 Td (not ) Tj ET Q q 0 0 0 rg BT 300.47 641.55 Td (in ) Tj ET Q q 0 0 0 rg BT 311.26 641.55 Td (part, ) Tj ET Q q 0 0 0 rg BT 332.83 641.55 Td (at ) Tj ET Q q 0 0 0 rg BT 343.04 641.55 Td (100% ) Tj ET Q q 0 0 0 rg BT 370.16 641.55 Td (of ) Tj ET Q q 0 0 0 rg BT 381.53 641.55 Td (the ) Tj ET Q q 0 0 0 rg BT 396.98 641.55 Td (principal ) Tj ET Q q 0 0 0 rg BT 436.93 641.55 Td (amount, ) Tj ET Q q 0 0 0 rg BT 473.67 641.55 Td (plus ) Tj ET Q q 0 0 0 rg BT 493.80 641.55 Td (any ) Tj ET Q q 0 0 0 rg BT 511.59 641.55 Td (accrued ) Tj ET Q q 0 0 0 rg BT 546.85 641.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.95 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 80.83 628.95 Td (interest, ) Tj ET Q q 0 0 0 rg BT 116.61 628.95 Td (if ) Tj ET Q q 0 0 0 rg BT 125.28 628.95 Td (called ) Tj ET Q q 0 0 0 rg BT 152.59 628.95 Td (for ) Tj ET Q q 0 0 0 rg BT 167.09 628.95 Td (a ) Tj ET Q q 0 0 0 rg BT 174.00 628.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 189.08 628.95 Td (event ) Tj ET Q q 0 0 0 rg BT 214.07 628.95 Td (\(as ) Tj ET Q q 0 0 0 rg BT 228.56 628.95 Td (defined\), ) Tj ET Q q 0 0 0 rg BT 268.42 628.95 Td (or ) Tj ET Q q 0 0 0 rg BT 279.42 628.95 Td (102% ) Tj ET Q q 0 0 0 rg BT 306.17 628.95 Td (of ) Tj ET Q q 0 0 0 rg BT 317.16 628.95 Td (the ) Tj ET Q q 0 0 0 rg BT 332.24 628.95 Td (principal ) Tj ET Q q 0 0 0 rg BT 371.81 628.95 Td (amount, ) Tj ET Q q 0 0 0 rg BT 408.19 628.95 Td (plus ) Tj ET Q q 0 0 0 rg BT 427.94 628.95 Td (any ) Tj ET Q q 0 0 0 rg BT 445.35 628.95 Td (accrued ) Tj ET Q q 0 0 0 rg BT 480.24 628.95 Td (and ) Tj ET Q q 0 0 0 rg BT 497.65 628.95 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 528.48 628.95 Td (interest, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 616.35 Td (if ) Tj ET Q q 0 0 0 rg BT 59.36 616.35 Td (called ) Tj ET Q q 0 0 0 rg BT 87.37 616.35 Td (for ) Tj ET Q q 0 0 0 rg BT 102.55 616.35 Td (a ) Tj ET Q q 0 0 0 rg BT 110.16 616.35 Td (rating ) Tj ET Q q 0 0 0 rg BT 137.59 616.35 Td (agency ) Tj ET Q q 0 0 0 rg BT 170.27 616.35 Td (event ) Tj ET Q q 0 0 0 rg BT 195.95 616.35 Td (\(as ) Tj ET Q q 0 0 0 rg BT 211.13 616.35 Td (defined\). ) Tj ET Q q 0 0 0 rg BT 251.68 616.35 Td ( ) Tj ET Q q 0 0 0 rg BT 254.63 616.35 Td (On ) Tj ET Q q 0 0 0 rg BT 270.40 616.35 Td (or ) Tj ET Q q 0 0 0 rg BT 282.09 616.35 Td (after ) Tj ET Q q 0 0 0 rg BT 304.27 616.35 Td (March ) Tj ET Q q 0 0 0 rg BT 334.61 616.35 Td (15, ) Tj ET Q q 0 0 0 rg BT 350.68 616.35 Td (2021, ) Tj ET Q q 0 0 0 rg BT 377.25 616.35 Td (the ) Tj ET Q q 0 0 0 rg BT 393.02 616.35 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 428.34 616.35 Td (2056 ) Tj ET Q q 0 0 0 rg BT 452.28 616.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 479.72 616.35 Td (can ) Tj ET Q q 0 0 0 rg BT 497.23 616.35 Td (be ) Tj ET Q q 0 0 0 rg BT 510.09 616.35 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 553.84 616.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 93.43 603.75 Td (or ) Tj ET Q q 0 0 0 rg BT 104.80 603.75 Td (in ) Tj ET Q q 0 0 0 rg BT 115.60 603.75 Td (part, ) Tj ET Q q 0 0 0 rg BT 137.17 603.75 Td (at ) Tj ET Q q 0 0 0 rg BT 147.37 603.75 Td (100% ) Tj ET Q q 0 0 0 rg BT 174.50 603.75 Td (of ) Tj ET Q q 0 0 0 rg BT 185.87 603.75 Td (the ) Tj ET Q q 0 0 0 rg BT 201.32 603.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 241.27 603.75 Td (amount, ) Tj ET Q q 0 0 0 rg BT 278.01 603.75 Td (plus ) Tj ET Q q 0 0 0 rg BT 298.14 603.75 Td (any ) Tj ET Q q 0 0 0 rg BT 315.93 603.75 Td (related ) Tj ET Q q 0 0 0 rg BT 347.11 603.75 Td (accrued ) Tj ET Q q 0 0 0 rg BT 382.38 603.75 Td (and ) Tj ET Q q 0 0 0 rg BT 400.16 603.75 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 431.37 603.75 Td (interest.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 578.55 Td (5.45%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 78.88 578.55 Td ( ) Tj ET Q q 0 0 0 rg BT 81.50 578.55 Td (Junior) Tj ET Q q 0 0 0 rg BT 111.07 578.55 Td ( ) Tj ET Q q 0 0 0 rg BT 113.69 578.55 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 177.59 578.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 205.29 578.55 Td (due ) Tj ET Q q 0 0 0 rg BT 224.26 578.55 Td (September) Tj ET Q q 0 0 0 rg BT 272.47 578.55 Td ( ) Tj ET Q q 0 0 0 rg BT 275.10 578.55 Td (2056 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.11 565.95 Td (August ) Tj ET Q q 0 0 0 rg BT 94.49 565.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 121.15 565.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 145.76 565.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 177.38 565.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 206.67 565.95 Td (an ) Tj ET Q q 0 0 0 rg BT 219.61 565.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 263.46 565.95 Td (principal ) Tj ET Q q 0 0 0 rg BT 303.81 565.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 338.35 565.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.13 565.95 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.51 565.95 Td ( ) Tj ET Q q 0 0 0 rg BT 392.54 565.95 Td (of ) Tj ET Q q 0 0 0 rg BT 404.33 565.95 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 434.48 565.95 Td (2056 ) Tj ET Q q 0 0 0 rg BT 458.52 565.95 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 488.68 565.95 Td ( ) Tj ET Q q 0 0 0 rg BT 491.50 565.95 Td (The ) Tj ET Q q 0 0 0 rg BT 510.86 565.95 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 541.02 565.95 Td (2056 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 553.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 76.98 553.35 Td (rank ) Tj ET Q q 0 0 0 rg BT 98.12 553.35 Td (junior ) Tj ET Q q 0 0 0 rg BT 125.69 553.35 Td (and ) Tj ET Q q 0 0 0 rg BT 143.33 553.35 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 194.81 553.35 Td (in ) Tj ET Q q 0 0 0 rg BT 205.46 553.35 Td (right ) Tj ET Q q 0 0 0 rg BT 227.77 553.35 Td (of ) Tj ET Q q 0 0 0 rg BT 239.00 553.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 277.64 553.35 Td (to ) Tj ET Q q 0 0 0 rg BT 288.29 553.35 Td (all ) Tj ET Q q 0 0 0 rg BT 301.27 553.35 Td (of ) Tj ET Q q 0 0 0 rg BT 312.50 553.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 336.56 553.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 373.61 553.35 Td (current ) Tj ET Q q 0 0 0 rg BT 405.82 553.35 Td (and ) Tj ET Q q 0 0 0 rg BT 423.47 553.35 Td (future ) Tj ET Q q 0 0 0 rg BT 451.02 553.35 Td (senior ) Tj ET Q q 0 0 0 rg BT 479.17 553.35 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 538.52 553.35 Td ( ) Tj ET Q q 0 0 0 rg BT 541.00 553.35 Td (Prior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.02 540.75 Td (September ) Tj ET Q q 0 0 0 rg BT 106.78 540.75 Td (15, ) Tj ET Q q 0 0 0 rg BT 121.76 540.75 Td (2021, ) Tj ET Q q 0 0 0 rg BT 147.24 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 161.92 540.75 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 190.90 540.75 Td (2056 ) Tj ET Q q 0 0 0 rg BT 213.75 540.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 240.10 540.75 Td (can ) Tj ET Q q 0 0 0 rg BT 256.53 540.75 Td (be ) Tj ET Q q 0 0 0 rg BT 268.29 540.75 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 310.96 540.75 Td (in ) Tj ET Q q 0 0 0 rg BT 320.98 540.75 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 366.26 540.75 Td (but ) Tj ET Q q 0 0 0 rg BT 381.54 540.75 Td (not ) Tj ET Q q 0 0 0 rg BT 396.81 540.75 Td (in ) Tj ET Q q 0 0 0 rg BT 406.83 540.75 Td (part, ) Tj ET Q q 0 0 0 rg BT 427.63 540.75 Td (at ) Tj ET Q q 0 0 0 rg BT 437.07 540.75 Td (100% ) Tj ET Q q 0 0 0 rg BT 463.42 540.75 Td (of ) Tj ET Q q 0 0 0 rg BT 474.02 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 488.70 540.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 527.88 540.75 Td (amount, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 528.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 70.67 528.15 Td (any ) Tj ET Q q 0 0 0 rg BT 89.00 528.15 Td (accrued ) Tj ET Q q 0 0 0 rg BT 124.80 528.15 Td (and ) Tj ET Q q 0 0 0 rg BT 143.13 528.15 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 174.88 528.15 Td (interest, ) Tj ET Q q 0 0 0 rg BT 211.58 528.15 Td (if ) Tj ET Q q 0 0 0 rg BT 221.16 528.15 Td (called ) Tj ET Q q 0 0 0 rg BT 249.39 528.15 Td (for ) Tj ET Q q 0 0 0 rg BT 264.80 528.15 Td (a ) Tj ET Q q 0 0 0 rg BT 272.63 528.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 288.62 528.15 Td (event ) Tj ET Q q 0 0 0 rg BT 314.53 528.15 Td (\(as ) Tj ET Q q 0 0 0 rg BT 329.94 528.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 364.59 528.15 Td (in ) Tj ET Q q 0 0 0 rg BT 375.93 528.15 Td (the ) Tj ET Q q 0 0 0 rg BT 391.92 528.15 Td (prospectus ) Tj ET Q q 0 0 0 rg BT 440.00 528.15 Td (supplement\), ) Tj ET Q q 0 0 0 rg BT 497.70 528.15 Td (or ) Tj ET Q q 0 0 0 rg BT 509.61 528.15 Td (102% ) Tj ET Q q 0 0 0 rg BT 537.27 528.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 528.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.55 Td (principal ) Tj ET Q q 0 0 0 rg BT 90.64 515.55 Td (amount, ) Tj ET Q q 0 0 0 rg BT 128.07 515.55 Td (plus ) Tj ET Q q 0 0 0 rg BT 148.89 515.55 Td (any ) Tj ET Q q 0 0 0 rg BT 167.37 515.55 Td (accrued ) Tj ET Q q 0 0 0 rg BT 203.32 515.55 Td (and ) Tj ET Q q 0 0 0 rg BT 221.80 515.55 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 253.69 515.55 Td (interest, ) Tj ET Q q 0 0 0 rg BT 290.54 515.55 Td (if ) Tj ET Q q 0 0 0 rg BT 300.27 515.55 Td (called ) Tj ET Q q 0 0 0 rg BT 328.66 515.55 Td (for ) Tj ET Q q 0 0 0 rg BT 344.21 515.55 Td (a ) Tj ET Q q 0 0 0 rg BT 352.19 515.55 Td (rating ) Tj ET Q q 0 0 0 rg BT 380.00 515.55 Td (agency ) Tj ET Q q 0 0 0 rg BT 413.05 515.55 Td (event ) Tj ET Q q 0 0 0 rg BT 439.10 515.55 Td (\(as ) Tj ET Q q 0 0 0 rg BT 454.66 515.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 489.46 515.55 Td (in ) Tj ET Q q 0 0 0 rg BT 500.95 515.55 Td (the ) Tj ET Q q 0 0 0 rg BT 517.09 515.55 Td (prospectus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.95 Td (supplement\). ) Tj ET Q q 0 0 0 rg BT 107.20 502.95 Td ( ) Tj ET Q q 0 0 0 rg BT 109.86 502.95 Td (On ) Tj ET Q q 0 0 0 rg BT 125.36 502.95 Td (or ) Tj ET Q q 0 0 0 rg BT 136.77 502.95 Td (after ) Tj ET Q q 0 0 0 rg BT 158.67 502.95 Td (September ) Tj ET Q q 0 0 0 rg BT 206.23 502.95 Td (15, ) Tj ET Q q 0 0 0 rg BT 222.02 502.95 Td (2021, ) Tj ET Q q 0 0 0 rg BT 248.31 502.95 Td (the ) Tj ET Q q 0 0 0 rg BT 263.81 502.95 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 293.59 502.95 Td (2056 ) Tj ET Q q 0 0 0 rg BT 317.26 502.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 344.42 502.95 Td (can ) Tj ET Q q 0 0 0 rg BT 361.65 502.95 Td (be ) Tj ET Q q 0 0 0 rg BT 374.23 502.95 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 417.70 502.95 Td (in ) Tj ET Q q 0 0 0 rg BT 428.53 502.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 472.00 502.95 Td (or ) Tj ET Q q 0 0 0 rg BT 483.42 502.95 Td (in ) Tj ET Q q 0 0 0 rg BT 494.25 502.95 Td (part, ) Tj ET Q q 0 0 0 rg BT 515.86 502.95 Td (at ) Tj ET Q q 0 0 0 rg BT 526.10 502.95 Td (100% ) Tj ET Q q 0 0 0 rg BT 553.27 502.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 490.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 490.35 Td (principal ) Tj ET Q q 0 0 0 rg BT 105.40 490.35 Td (amount, ) Tj ET Q q 0 0 0 rg BT 142.14 490.35 Td (plus ) Tj ET Q q 0 0 0 rg BT 162.27 490.35 Td (any ) Tj ET Q q 0 0 0 rg BT 180.06 490.35 Td (related ) Tj ET Q q 0 0 0 rg BT 211.25 490.35 Td (accrued ) Tj ET Q q 0 0 0 rg BT 246.51 490.35 Td (and ) Tj ET Q q 0 0 0 rg BT 264.30 490.35 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 295.50 490.35 Td (interest. ) Tj ET Q q 0 0 0 rg BT 331.66 490.35 Td ( ) Tj ET Q q 0 0 0 rg BT 334.28 490.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 465.15 Td (As ) Tj ET Q q 0 0 0 rg BT 64.29 465.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.67 465.15 Td (March ) Tj ET Q q 0 0 0 rg BT 105.70 465.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.45 465.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 142.45 465.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.70 465.15 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 187.07 465.15 Td ( ) Tj ET Q q 0 0 0 rg BT 189.70 465.15 Td (of ) Tj ET Q q 0 0 0 rg BT 201.07 465.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 245.10 465.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 265.80 465.15 Td (matures ) Tj ET Q q 0 0 0 rg BT 301.67 465.15 Td (in ) Tj ET Q q 0 0 0 rg BT 312.46 465.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 337.82 465.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 364.07 465.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.86 465.15 Td ($2,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.11 465.15 Td ( ) Tj ET Q q 0 0 0 rg BT 431.73 465.15 Td (matures ) Tj ET Q q 0 0 0 rg BT 467.60 465.15 Td (after ) Tj ET Q q 0 0 0 rg BT 489.45 465.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 514.82 465.15 Td (2022.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 439.95 Td (7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 54.75 439.95 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 439.95 Td (INCOME ) Tj ET Q q 0 0 0 rg BT 106.77 439.95 Td (T) Tj ET Q q 0 0 0 rg BT 112.99 439.95 Td (AXES) Tj ET Q BT /F2 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 414.75 Td (components ) Tj ET Q q 0 0 0 rg BT 121.82 414.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.19 414.75 Td (income ) Tj ET Q q 0 0 0 rg BT 166.72 414.75 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 192.68 414.75 Td (before ) Tj ET Q q 0 0 0 rg BT 222.12 414.75 Td (income ) Tj ET Q q 0 0 0 rg BT 255.65 414.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 271.10 414.75 Td (provision ) Tj ET Q q 0 0 0 rg BT 313.40 414.75 Td (are ) Tj ET Q q 0 0 0 rg BT 328.84 414.75 Td (as ) Tj ET Q q 0 0 0 rg BT 340.21 414.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 389.25 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 389.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 389.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 389.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 389.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 389.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 389.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 359.25 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 359.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 359.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 359.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 359.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 359.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 359.25 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 389.25 m 370 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 389.25 m 434 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 389.25 m 498 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 389.25 m 562 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 389.25 m 370 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 389.25 m 434 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 389.25 m 498 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 389.25 m 562 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 359.25 m 434 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 359.25 m 498 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 359.25 m 562 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 359.25 m 370 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 344.25 m 370 344.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 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370.00 569.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 569.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 569.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 569.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 569.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 569.25 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 716.25 m 370 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 716.25 m 434 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 716.25 m 498 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 716.25 m 562 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 716.25 m 370 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 716.25 m 434 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 716.25 m 498 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 716.25 m 562 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 569.25 m 370 569.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 569.25 m 434 569.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 569.25 m 498 569.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 569.25 m 562 569.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 554.25 m 370 554.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 569.25 m 434 569.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 554.25 m 434 554.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 554.25 m 498 554.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 554.25 m 562 554.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 721.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 721.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 721.02 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 706.47 Td (Tax provision at statutory U.S. federal income tax rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 404.60 706.64 Td (35.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 706.64 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 706.47 Td (35.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 706.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 706.47 Td (35.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 706.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 692.02 Td (State income taxes, net of federal income tax benefit) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 273.21 696.78 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.85 692.04 Td (2.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 692.02 Td (43.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 692.02 Td (4.0) Tj ET Q BT /F1 10.50 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 52.50 684.30 92.71 -9.55 re f /GS0 gs q 0 0 0 rg BT 52.50 677.02 Td (Uncertain tax benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.85 677.04 Td (1.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 677.02 Td (41.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 677.02 Td (1.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 662.02 Td (Ef) Tj ET Q q 0 0 0 rg BT 62.22 662.02 Td (fect of foreign tax rates) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 160.17 666.78 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 662.04 Td (\(3.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 662.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.10 662.02 Td (\(172.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.25 662.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 662.02 Td (\(4.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 662.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 647.47 Td (Changes in U.K. tax rates on deferred tax assets and liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 647.64 Td (\(1.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 647.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 647.47 Td (33.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 647.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 633.47 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 633.64 Td (\(5.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 633.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.35 633.47 Td (\(15.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.25 633.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 633.47 Td (\(0.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 633.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 619.02 Td (Change in valuation allowances) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 186.34 623.78 Td (\(3\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.85 619.04 Td (1.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.35 619.02 Td (\(33.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.25 619.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 619.02 Td (\(2.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 619.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 604.02 Td (Federal effect of permanent tax adjustments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 604.04 Td (\(0.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 604.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 604.02 Td (39.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 604.02 Td (1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 589.02 Td (Holding company restructuring) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 184.31 593.78 Td (\(4\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 589.04 Td (\(5.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 589.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 589.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 589.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 574.02 Td (Other, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 574.04 Td (\(1.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 574.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.60 574.02 Td (\(0.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.25 574.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 574.02 Td (\(0.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 574.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 559.02 Td (Effective income tax rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 404.60 559.04 Td (22.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 559.04 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.35 559.02 Td (\(30.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.25 559.02 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 559.02 Td (34.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 559.02 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 544.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 544.55 Td (State ) Tj ET Q q 0 0 0 rg BT 86.17 544.55 Td (income ) Tj ET Q q 0 0 0 rg BT 112.86 544.55 Td (taxes ) Tj ET Q q 0 0 0 rg BT 132.00 544.55 Td (include ) Tj ET Q q 0 0 0 rg BT 158.69 544.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 187.74 544.55 Td (in ) Tj ET Q q 0 0 0 rg BT 196.03 544.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 229.33 544.55 Td (allowances ) Tj ET Q q 0 0 0 rg BT 268.77 544.55 Td (related ) Tj ET Q q 0 0 0 rg BT 293.56 544.55 Td (to ) Tj ET Q q 0 0 0 rg BT 301.85 544.55 Td (change ) Tj ET Q q 0 0 0 rg BT 327.59 544.55 Td (in ) Tj ET Q q 0 0 0 rg BT 335.87 544.55 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 387.12 544.55 Td (and ) Tj ET Q q 0 0 0 rg BT 401.07 544.55 Td (provision ) Tj ET Q q 0 0 0 rg BT 434.85 544.55 Td (to ) Tj ET Q q 0 0 0 rg BT 443.14 544.55 Td (return ) Tj ET Q q 0 0 0 rg BT 465.10 544.55 Td (dif) Tj ET Q q 0 0 0 rg BT 474.39 544.55 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 506.50 544.55 Td (net ) Tj ET Q q 0 0 0 rg BT 518.56 544.55 Td (of ) Tj ET Q q 0 0 0 rg BT 527.31 544.55 Td (the ) Tj ET Q q 0 0 0 rg BT 539.37 544.55 Td (impact ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 534.35 Td (on ) Tj ET Q q 0 0 0 rg BT 78.13 534.35 Td (related ) Tj ET Q q 0 0 0 rg BT 103.37 534.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 133.81 534.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 146.32 534.35 Td (assets.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 524.15 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 524.15 Td (The ) Tj ET Q q 0 0 0 rg BT 83.00 524.15 Td (ef) Tj ET Q q 0 0 0 rg BT 89.45 524.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 104.47 524.15 Td (of ) Tj ET Q q 0 0 0 rg BT 113.84 524.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 140.67 524.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 153.33 524.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 171.66 524.15 Td (for ) Tj ET Q q 0 0 0 rg BT 183.86 524.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 204.55 524.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 223.83 524.15 Td (and ) Tj ET Q q 0 0 0 rg BT 238.39 524.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 257.67 524.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 288.29 524.15 Td (a ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 294.34 524.15 Td ($2,890) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 317.72 524.15 Td ( ) Tj ET Q q 0 0 0 rg BT 320.00 524.15 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 334.56 524.15 Td ($66,780) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 362.18 524.15 Td (, ) Tj ET Q q 0 0 0 rg BT 366.59 524.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 407.11 524.15 Td (, ) Tj ET Q q 0 0 0 rg BT 411.51 524.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 424.18 524.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 450.07 524.15 Td (for ) Tj ET Q q 0 0 0 rg BT 462.26 524.15 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 495.23 524.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 536.70 524.15 Td (char) Tj ET Q q 0 0 0 rg BT 551.17 524.15 Td (ges ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 513.95 Td (related ) Tj ET Q q 0 0 0 rg BT 92.75 513.95 Td (to ) Tj ET Q q 0 0 0 rg BT 101.48 513.95 Td (the ) Tj ET Q q 0 0 0 rg BT 113.99 513.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 150.11 513.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 172.07 513.95 Td (of ) Tj ET Q q 0 0 0 rg BT 181.28 513.95 Td (the ) Tj ET Q q 0 0 0 rg BT 193.79 513.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 219.99 513.95 Td (business, ) Tj ET Q q 0 0 0 rg BT 253.05 513.95 Td (as ) Tj ET Q q 0 0 0 rg BT 262.25 513.95 Td (further ) Tj ET Q q 0 0 0 rg BT 287.50 513.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 322.21 513.95 Td (in ) Tj ET Q q 0 0 0 rg BT 330.95 513.95 Td (Note ) Tj ET Q q 0 0 0 rg BT 349.60 513.95 Td (5.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 503.75 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 503.75 Td (See ) Tj ET Q q 0 0 0 rg BT 81.90 503.75 Td (schedule ) Tj ET Q q 0 0 0 rg BT 113.76 503.75 Td (below ) Tj ET Q q 0 0 0 rg BT 136.66 503.75 Td (for ) Tj ET Q q 0 0 0 rg BT 148.70 503.75 Td (the ) Tj ET Q q 0 0 0 rg BT 161.21 503.75 Td (change ) Tj ET Q q 0 0 0 rg BT 187.40 503.75 Td (in ) Tj ET Q q 0 0 0 rg BT 196.14 503.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 229.89 503.75 Td (allowances ) Tj ET Q q 0 0 0 rg BT 269.78 503.75 Td (by ) Tj ET Q q 0 0 0 rg BT 280.41 503.75 Td (jurisdiction.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 493.55 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 67.50 493.55 Td (In ) Tj ET Q q 0 0 0 rg BT 76.18 493.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 96.18 493.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 116.90 493.55 Td (as ) Tj ET Q q 0 0 0 rg BT 125.58 493.55 Td (part ) Tj ET Q q 0 0 0 rg BT 140.39 493.55 Td (of ) Tj ET Q q 0 0 0 rg BT 149.06 493.55 Td (a ) Tj ET Q q 0 0 0 rg BT 154.43 493.55 Td (lar) Tj ET Q q 0 0 0 rg BT 163.25 493.55 Td (ger ) Tj ET Q q 0 0 0 rg BT 175.69 493.55 Td (strategic ) Tj ET Q q 0 0 0 rg BT 206.08 493.55 Td (initiative, ) Tj ET Q q 0 0 0 rg BT 240.02 493.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 259.08 493.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 283.82 493.55 Td (restructured ) Tj ET Q q 0 0 0 rg BT 326.00 493.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 350.72 493.55 Td (of ) Tj ET Q q 0 0 0 rg BT 359.40 493.55 Td (its ) Tj ET Q q 0 0 0 rg BT 369.03 493.55 Td (holding ) Tj ET Q q 0 0 0 rg BT 396.60 493.55 Td (company ) Tj ET Q q 0 0 0 rg BT 429.35 493.55 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 468.96 493.55 Td (which ) Tj ET Q q 0 0 0 rg BT 491.33 493.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 525.02 493.55 Td (the ) Tj ET Q q 0 0 0 rg BT 537.00 493.55 Td (amount ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 483.35 Td (of ) Tj ET Q q 0 0 0 rg BT 76.71 483.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 103.38 483.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 115.89 483.35 Td (credits ) Tj ET Q q 0 0 0 rg BT 140.67 483.35 Td (available ) Tj ET Q q 0 0 0 rg BT 173.47 483.35 Td (for ) Tj ET Q q 0 0 0 rg BT 185.51 483.35 Td (utilization.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 458.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.89 458.15 Td (November ) Tj ET Q q 0 0 0 rg BT 107.86 458.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 134.13 458.15 Td (the ) Tj ET Q q 0 0 0 rg BT 149.60 458.15 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 172.66 458.15 Td (Finance ) Tj ET Q q 0 0 0 rg BT 208.55 458.15 Td (Bill ) Tj ET Q q 0 0 0 rg BT 226.95 458.15 Td (2015 ) Tj ET Q q 0 0 0 rg BT 250.59 458.15 Td (was ) Tj ET Q q 0 0 0 rg BT 269.57 458.15 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 306.90 458.15 Td (which ) Tj ET Q q 0 0 0 rg BT 335.21 458.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 371.08 458.15 Td (the ) Tj ET Q q 0 0 0 rg BT 386.55 458.15 Td (main ) Tj ET Q q 0 0 0 rg BT 410.19 458.15 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 433.26 458.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 475.54 458.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 491.02 458.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 509.40 458.15 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.46 458.15 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 551.70 458.15 Td ( ) Tj ET Q q 0 0 0 rg BT 554.35 458.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 445.55 Td (19%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.75 445.55 Td ( ) Tj ET Q q 0 0 0 rg BT 70.61 445.55 Td (ef) Tj ET Q q 0 0 0 rg BT 78.58 445.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 108.60 445.55 Td (April ) Tj ET Q q 0 0 0 rg BT 132.63 445.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 142.38 445.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 167.87 445.55 Td (and ) Tj ET Q q 0 0 0 rg BT 184.90 445.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.93 445.55 Td (18%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.18 445.55 Td ( ) Tj ET Q q 0 0 0 rg BT 216.05 445.55 Td (ef) Tj ET Q q 0 0 0 rg BT 224.01 445.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 254.03 445.55 Td (April ) Tj ET Q q 0 0 0 rg BT 278.07 445.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 287.81 445.55 Td (2020. ) Tj ET Q q 0 0 0 rg BT 313.30 445.55 Td ( ) Tj ET Q q 0 0 0 rg BT 315.17 445.55 Td (In ) Tj ET Q q 0 0 0 rg BT 325.78 445.55 Td (September ) Tj ET Q q 0 0 0 rg BT 372.55 445.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 398.05 445.55 Td (the ) Tj ET Q q 0 0 0 rg BT 412.74 445.55 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 435.03 445.55 Td (Finance ) Tj ET Q q 0 0 0 rg BT 469.72 445.55 Td (Act ) Tj ET Q q 0 0 0 rg BT 486.75 445.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 509.62 445.55 Td (was ) Tj ET Q q 0 0 0 rg BT 527.81 445.55 Td (enacted, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 432.95 Td (which ) Tj ET Q q 0 0 0 rg BT 78.71 432.95 Td (further ) Tj ET Q q 0 0 0 rg BT 110.83 432.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 147.61 432.95 Td (the ) Tj ET Q q 0 0 0 rg BT 163.99 432.95 Td (main ) Tj ET Q q 0 0 0 rg BT 188.53 432.95 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 212.50 432.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 255.69 432.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 272.07 432.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 291.36 432.95 Td (ef) Tj ET Q q 0 0 0 rg BT 299.32 432.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 331.44 432.95 Td (on ) Tj ET Q q 0 0 0 rg BT 344.70 432.95 Td (April ) Tj ET Q q 0 0 0 rg BT 370.42 432.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.84 432.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 406.40 432.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.11 432.95 Td (17%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.36 432.95 Td (. ) Tj ET Q q 0 0 0 rg BT 443.53 432.95 Td ( ) Tj ET Q q 0 0 0 rg BT 446.83 432.95 Td (The ) Tj ET Q q 0 0 0 rg BT 466.70 432.95 Td (reductions ) Tj ET Q q 0 0 0 rg BT 513.99 432.95 Td (in ) Tj ET Q q 0 0 0 rg BT 525.71 432.95 Td (the ) Tj ET Q q 0 0 0 rg BT 542.09 432.95 Td (U.K. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 420.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 91.49 420.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 106.66 420.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 124.74 420.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 160.32 420.35 Td (in ) Tj ET Q q 0 0 0 rg BT 170.83 420.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 186.01 420.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 221.59 420.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.68 420.35 Td ($4,055) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.56 420.35 Td ( ) Tj ET Q q 0 0 0 rg BT 263.90 420.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.40 420.35 Td ($8,383) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.28 420.35 Td (, ) Tj ET Q q 0 0 0 rg BT 315.25 420.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 363.65 420.35 Td (in ) Tj ET Q q 0 0 0 rg BT 374.16 420.35 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.25 420.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.25 420.35 Td ( ) Tj ET Q q 0 0 0 rg BT 422.59 420.35 Td (and ) Tj ET Q q 0 0 0 rg BT 440.09 420.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 466.06 420.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 516.11 420.35 Td (, ) Tj ET Q q 0 0 0 rg BT 521.08 420.35 Td (as ) Tj ET Q q 0 0 0 rg BT 532.17 420.35 Td (a ) Tj ET Q q 0 0 0 rg BT 539.18 420.35 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 407.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 407.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.32 407.75 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 126.18 407.75 Td (of ) Tj ET Q q 0 0 0 rg BT 137.55 407.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 175.15 407.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 190.60 407.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 217.73 407.75 Td (and ) Tj ET Q q 0 0 0 rg BT 235.51 407.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 277.22 407.75 Td (at ) Tj ET Q q 0 0 0 rg BT 287.42 407.75 Td (the ) Tj ET Q q 0 0 0 rg BT 302.87 407.75 Td (new ) Tj ET Q q 0 0 0 rg BT 322.99 407.75 Td (rates.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 382.55 Td (On ) Tj ET Q q 0 0 0 rg BT 63.61 382.55 Td (April ) Tj ET Q q 0 0 0 rg BT 87.42 382.55 Td (13, ) Tj ET Q q 0 0 0 rg BT 102.19 382.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 127.46 382.55 Td (reforms ) Tj ET Q q 0 0 0 rg BT 161.76 382.55 Td (to ) Tj ET Q q 0 0 0 rg BT 171.57 382.55 Td (New ) Tj ET Q q 0 0 0 rg BT 192.80 382.55 Td (Y) Tj ET Q q 0 0 0 rg BT 199.33 382.55 Td (ork ) Tj ET Q q 0 0 0 rg BT 214.97 382.55 Td (City�) Tj ET Q q 0 0 0 rg BT 235.98 382.55 Td (s ) Tj ET Q q 0 0 0 rg BT 241.71 382.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 283.00 382.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 297.47 382.55 Td (structure ) Tj ET Q q 0 0 0 rg BT 335.85 382.55 Td (were ) Tj ET Q q 0 0 0 rg BT 357.90 382.55 Td (enacted ) Tj ET Q q 0 0 0 rg BT 391.60 382.55 Td (which ) Tj ET Q q 0 0 0 rg BT 418.91 382.55 Td (included ) Tj ET Q q 0 0 0 rg BT 456.71 382.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 492.17 382.55 Td (in ) Tj ET Q q 0 0 0 rg BT 501.98 382.55 Td (the ) Tj ET Q q 0 0 0 rg BT 516.45 382.55 Td (calculation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 369.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.68 369.95 Td (net ) Tj ET Q q 0 0 0 rg BT 75.95 369.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 118.04 369.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 136.81 369.95 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 198.13 369.95 Td (and ) Tj ET Q q 0 0 0 rg BT 215.73 369.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 251.99 369.95 Td (in ) Tj ET Q q 0 0 0 rg BT 262.59 369.95 Td (the ) Tj ET Q q 0 0 0 rg BT 277.86 369.95 Td (way ) Tj ET Q q 0 0 0 rg BT 297.79 369.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 320.63 369.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 356.30 369.95 Td (is ) Tj ET Q q 0 0 0 rg BT 365.74 369.95 Td (sourced. ) Tj ET Q q 0 0 0 rg BT 403.46 369.95 Td ( ) Tj ET Q q 0 0 0 rg BT 405.72 369.95 Td (The ) Tj ET Q q 0 0 0 rg BT 424.48 369.95 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 474.14 369.95 Td (of ) Tj ET Q q 0 0 0 rg BT 485.33 369.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 522.74 369.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 538.00 369.95 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 357.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.92 357.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 108.25 357.35 Td (under ) Tj ET Q q 0 0 0 rg BT 134.42 357.35 Td (the ) Tj ET Q q 0 0 0 rg BT 149.50 357.35 Td (new ) Tj ET Q q 0 0 0 rg BT 169.25 357.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 191.92 357.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 227.41 357.35 Td (in ) Tj ET Q q 0 0 0 rg BT 237.83 357.35 Td (the ) Tj ET Q q 0 0 0 rg BT 252.92 357.35 Td (recognition ) Tj ET Q q 0 0 0 rg BT 302.99 357.35 Td (of ) Tj ET Q q 0 0 0 rg BT 314.00 357.35 Td (a ) Tj ET Q q 0 0 0 rg BT 320.91 357.35 Td (one-time ) Tj ET Q q 0 0 0 rg BT 360.49 357.35 Td (income ) Tj ET Q q 0 0 0 rg BT 393.65 357.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 408.74 357.35 Td (benefit ) Tj ET Q q 0 0 0 rg BT 440.14 357.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.15 357.35 Td ($17,053) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.27 357.35 Td ( ) Tj ET Q q 0 0 0 rg BT 487.53 357.35 Td (for ) Tj ET Q q 0 0 0 rg BT 502.03 357.35 Td (the ) Tj ET Q q 0 0 0 rg BT 517.11 357.35 Td (year ) Tj ET Q q 0 0 0 rg BT 537.43 357.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 344.75 Td (March ) Tj ET Q q 0 0 0 rg BT 79.53 344.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.28 344.75 Td (2016.) Tj ET Q endstream endobj 255 0 obj <>] /Rotate 0 /Contents 256 0 R>> endobj 256 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (125) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 89.04 741.75 Td (income ) Tj ET Q q 0 0 0 rg BT 122.17 741.75 Td (taxes ) Tj ET Q q 0 0 0 rg BT 145.98 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 161.03 741.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 200.58 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 215.05 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 230.11 741.75 Td (ef) Tj ET Q q 0 0 0 rg BT 238.08 741.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 260.13 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.11 741.75 Td (temporary ) Tj ET Q q 0 0 0 rg BT 316.49 741.75 Td (dif) Tj ET Q q 0 0 0 rg BT 327.96 741.75 Td (ferences ) Tj ET Q q 0 0 0 rg BT 365.17 741.75 Td (between ) Tj ET Q q 0 0 0 rg BT 402.38 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 417.44 741.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 432.50 741.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 455.73 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 466.71 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 478.85 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 501.49 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 512.47 741.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 547.36 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (its ) Tj ET Q q 0 0 0 rg BT 61.30 729.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 98.16 729.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 131.54 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 141.58 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 156.29 729.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 213.58 729.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 249.27 729.15 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 281.19 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 282.94 729.15 Td (These ) Tj ET Q q 0 0 0 rg BT 309.89 729.15 Td (temporary ) Tj ET Q q 0 0 0 rg BT 354.92 729.15 Td (dif) Tj ET Q q 0 0 0 rg BT 366.39 729.15 Td (ferences ) Tj ET Q q 0 0 0 rg BT 403.24 729.15 Td (result ) Tj ET Q q 0 0 0 rg BT 428.45 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 438.50 729.15 Td (taxable ) Tj ET Q q 0 0 0 rg BT 470.69 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 481.32 729.15 Td (deductible ) Tj ET Q q 0 0 0 rg BT 526.93 729.15 Td (amounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 716.55 Td (future ) Tj ET Q q 0 0 0 rg BT 87.99 716.55 Td (years. ) Tj ET Q q 0 0 0 rg BT 115.39 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 117.44 716.55 Td (A) Tj ET Q q 0 0 0 rg BT 124.44 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 127.07 716.55 Td (summary ) Tj ET Q q 0 0 0 rg BT 168.77 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 180.14 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 204.34 716.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 241.53 716.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 279.13 716.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 294.58 716.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 321.70 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 339.49 716.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 381.19 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 396.64 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 408.01 716.55 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 691.05 385.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 691.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 691.05 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 691.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 691.05 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 664.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 664.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 664.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 664.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 664.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 636.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 636.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 636.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 636.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 636.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 608.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 608.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 608.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 608.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 608.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 580.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 580.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 580.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 580.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 580.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 552.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 552.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 552.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 552.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 552.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 524.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 524.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 524.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 524.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 524.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 496.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 496.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 496.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 496.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 496.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 468.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 468.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 468.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 468.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 468.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 440.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 440.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 440.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 440.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 440.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 411.05 385.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 411.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 411.05 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 411.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 411.05 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 382.05 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 382.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 382.05 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 382.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 382.05 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 691.05 m 435 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 691.05 m 499 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 691.05 m 563 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 691.05 m 435 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 691.05 m 499 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 691.05 m 563 691.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 524.05 m 435 524.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 524.05 m 499 524.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 524.05 m 563 524.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 496.05 m 499 496.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 496.05 m 563 496.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 496.05 m 435 496.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 482.05 m 435 482.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 496.05 m 499 496.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 482.05 m 499 482.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 496.05 m 563 496.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 482.05 m 563 482.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 382.05 m 499 382.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 382.05 m 563 382.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 382.05 m 435 382.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 368.05 m 435 368.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 382.05 m 499 382.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 368.05 m 499 368.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 382.05 m 563 382.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 368.05 m 563 368.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 354.05 m 435 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 354.05 m 499 354.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 354.05 m 563 354.05 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.00 695.84 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.00 695.82 Td (2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 681.44 Td (DEFERRED TAX ASSETS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 668.27 Td (Accrued compensation and benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 668.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 668.44 Td (221,895) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 668.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 668.27 Td (185,311) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 654.27 Td (Accrued expenses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 654.44 Td (46,311) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 654.27 Td (50,865) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 640.27 Td (Operating loss carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 640.44 Td (246,614) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 640.27 Td (273,133) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 626.27 Td (Capital loss carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 626.44 Td (6,183) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 626.27 Td (3,121) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 612.27 Td (Foreign tax credit carryforward) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 612.44 Td (283,746) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 612.27 Td (258,486) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 598.27 Td (Federal benefit of uncertain tax positions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 598.44 Td (13,421) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 598.27 Td (12,290) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 584.27 Td (Mutual fund launch costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 584.44 Td (25,292) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 584.27 Td (30,234) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 570.27 Td (Martin Currie defined benefit pension liability) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 570.44 Td (5,293) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 570.27 Td (5,896) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 556.27 Td (Charitable contributions carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 479.25 556.44 Td (814) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 556.27 Td (4,552) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 542.27 Td (Net unrealized losses from investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 484.50 542.44 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 542.27 Td (4,389) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 528.27 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 484.50 528.44 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 528.27 Td (5,181) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 514.27 Td (Deferred tax assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 514.44 Td (849,569) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 514.27 Td (833,458) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 500.27 Td (Valuation allowance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.60 500.44 Td (\(71,063) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 495.00 500.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.60 500.27 Td (\(79,476) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 500.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 486.27 Td (Deferred tax assets after valuation allowance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 486.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 486.44 Td (778,506) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 486.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 486.27 Td (753,982) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 458.44 Td (DEFERRED TAX LIABILITIES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 444.27 Td (Basis differences, principally for intangible assets and goodwill) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 444.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 444.44 Td (20,339) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 444.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 444.27 Td (56,625) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 430.27 Td (Depreciation and amortization) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 430.44 Td (801,133) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 430.27 Td (686,421) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 415.82 Td (Net unrealized gains from investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 415.84 Td (4,730) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 415.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 400.82 Td (Basis differences in partnerships) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 400.84 Td (75,653) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 400.82 Td (64,525) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 386.27 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 386.44 Td (3,037) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 386.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 372.27 Td (Deferred tax liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 372.44 Td (904,892) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 372.27 Td (807,571) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 358.27 Td (Net deferred tax liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 358.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.35 358.44 Td (\(126,386) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 495.00 358.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 358.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.60 358.27 Td (\(53,589) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 358.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 329.35 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.97 329.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.37 329.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 134.18 329.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 179.89 329.35 Td (with ) Tj ET Q q 0 0 0 rg BT 201.13 329.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 225.27 329.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 262.40 329.35 Td (employee ) Tj ET Q q 0 0 0 rg BT 305.78 329.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 330.52 329.35 Td (plans ) Tj ET Q q 0 0 0 rg BT 355.25 329.35 Td (are ) Tj ET Q q 0 0 0 rg BT 370.63 329.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 409.93 329.35 Td (directly ) Tj ET Q q 0 0 0 rg BT 444.56 329.35 Td (in ) Tj ET Q q 0 0 0 rg BT 455.30 329.35 Td (Stockholders' ) Tj ET Q q 0 0 0 rg BT 514.59 329.35 Td (Equity) Tj ET Q q 0 0 0 rg BT 541.90 329.35 Td (. ) Tj ET Q q 0 0 0 rg BT 547.10 329.35 Td ( ) Tj ET Q q 0 0 0 rg BT 549.66 329.35 Td (No ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 316.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.68 316.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 96.19 316.75 Td (was ) Tj ET Q q 0 0 0 rg BT 114.88 316.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 153.96 316.75 Td (to ) Tj ET Q q 0 0 0 rg BT 164.48 316.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 193.08 316.75 Td (in ) Tj ET Q q 0 0 0 rg BT 203.61 316.75 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.70 316.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 249.70 316.75 Td ( ) Tj ET Q q 0 0 0 rg BT 252.06 316.75 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.16 316.75 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.16 316.75 Td (, ) Tj ET Q q 0 0 0 rg BT 289.14 316.75 Td (due ) Tj ET Q q 0 0 0 rg BT 306.66 316.75 Td (to ) Tj ET Q q 0 0 0 rg BT 317.18 316.75 Td (the ) Tj ET Q q 0 0 0 rg BT 332.37 316.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 381.38 316.75 Td (net ) Tj ET Q q 0 0 0 rg BT 396.56 316.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 438.57 316.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 457.26 316.75 Td (position ) Tj ET Q q 0 0 0 rg BT 493.46 316.75 Td (of ) Tj ET Q q 0 0 0 rg BT 504.56 316.75 Td (the ) Tj ET Q q 0 0 0 rg BT 519.75 316.75 Td (Company) Tj ET Q q 0 0 0 rg BT 559.90 316.75 Td (. ) Tj ET Q q 0 0 0 rg BT 565.15 316.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 304.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.95 304.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.47 304.15 Td (March ) Tj ET Q q 0 0 0 rg BT 105.65 304.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.55 304.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 142.55 304.15 Td (, ) Tj ET Q q 0 0 0 rg BT 147.96 304.15 Td (the ) Tj ET Q q 0 0 0 rg BT 163.56 304.15 Td (related ) Tj ET Q q 0 0 0 rg BT 194.90 304.15 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 254.24 304.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 269.84 304.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 301.77 304.15 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.61 304.15 Td ($22,585) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.73 304.15 Td (. ) Tj ET Q q 0 0 0 rg BT 390.13 304.15 Td ( ) Tj ET Q q 0 0 0 rg BT 392.30 304.15 Td (As ) Tj ET Q q 0 0 0 rg BT 406.75 304.15 Td (further ) Tj ET Q q 0 0 0 rg BT 438.09 304.15 Td (described ) Tj ET Q q 0 0 0 rg BT 481.10 304.15 Td (in ) Tj ET Q q 0 0 0 rg BT 492.05 304.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 515.23 304.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 525.89 304.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 549.66 304.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 291.55 Td (adoption ) Tj ET Q q 0 0 0 rg BT 88.67 291.55 Td (of ) Tj ET Q q 0 0 0 rg BT 99.83 291.55 Td (a ) Tj ET Q q 0 0 0 rg BT 106.92 291.55 Td (new ) Tj ET Q q 0 0 0 rg BT 126.83 291.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 175.32 291.55 Td (standard ) Tj ET Q q 0 0 0 rg BT 213.31 291.55 Td (ef) Tj ET Q q 0 0 0 rg BT 221.28 291.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 251.73 291.55 Td (April ) Tj ET Q q 0 0 0 rg BT 276.32 291.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 286.61 291.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 312.66 291.55 Td (this ) Tj ET Q q 0 0 0 rg BT 330.25 291.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 345.50 291.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 377.08 291.55 Td (will ) Tj ET Q q 0 0 0 rg BT 395.83 291.55 Td (be ) Tj 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Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 253.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 72.93 253.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.37 253.75 Td (has ) Tj ET Q q 0 0 0 rg BT 119.22 253.75 Td (various ) Tj ET Q q 0 0 0 rg BT 151.98 253.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 170.17 253.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.19 253.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 201.87 253.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 227.63 253.75 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 288.36 253.75 Td (that ) Tj ET Q q 0 0 0 rg BT 305.96 253.75 Td (may ) Tj ET Q q 0 0 0 rg BT 325.90 253.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 359.82 253.75 Td (future ) Tj ET Q q 0 0 0 rg BT 386.75 253.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 401.43 253.75 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 439.15 253.75 Td ( ) Tj ET Q q 0 0 0 rg BT 441.00 253.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 474.92 253.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 515.85 253.75 Td (allowances ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 241.15 Td (are ) Tj ET Q q 0 0 0 rg BT 64.59 241.15 Td (established ) Tj ET Q q 0 0 0 rg BT 113.52 241.15 Td (in ) Tj ET Q q 0 0 0 rg BT 123.95 241.15 Td (accordance ) Tj ET Q q 0 0 0 rg BT 173.43 241.15 Td (with ) Tj ET Q q 0 0 0 rg BT 194.37 241.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 242.71 241.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 282.88 241.15 Td (for ) Tj ET Q q 0 0 0 rg BT 297.39 241.15 Td (income ) Tj ET Q q 0 0 0 rg BT 330.57 241.15 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 357.04 241.15 Td (if ) Tj ET Q q 0 0 0 rg BT 365.72 241.15 Td (it ) Tj ET Q q 0 0 0 rg BT 373.83 241.15 Td (is ) Tj ET Q q 0 0 0 rg BT 383.10 241.15 Td (management's ) Tj ET Q q 0 0 0 rg BT 444.99 241.15 Td (opinion ) Tj ET Q q 0 0 0 rg BT 479.35 241.15 Td (that ) Tj ET Q q 0 0 0 rg BT 497.36 241.15 Td (it ) Tj ET Q q 0 0 0 rg BT 505.47 241.15 Td (is ) Tj ET Q q 0 0 0 rg BT 514.74 241.15 Td (more ) Tj ET Q q 0 0 0 rg BT 538.59 241.15 Td (likely ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 228.55 Td (than ) Tj ET Q q 0 0 0 rg BT 70.16 228.55 Td (not ) Tj ET Q q 0 0 0 rg BT 86.16 228.55 Td (that ) Tj ET Q q 0 0 0 rg BT 104.49 228.55 Td (these ) Tj ET Q q 0 0 0 rg BT 128.64 228.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 164.46 228.55 Td (will ) Tj ET Q q 0 0 0 rg BT 183.38 228.55 Td (not ) Tj ET Q q 0 0 0 rg BT 199.38 228.55 Td (be ) Tj ET Q q 0 0 0 rg BT 211.87 228.55 Td (realized. ) Tj ET Q q 0 0 0 rg BT 250.30 228.55 Td ( ) Tj ET Q q 0 0 0 rg BT 252.70 228.55 Td (T) Tj ET Q q 0 0 0 rg BT 258.38 228.55 Td (o ) Tj ET Q q 0 0 0 rg BT 266.21 228.55 Td (the ) Tj ET Q q 0 0 0 rg BT 281.62 228.55 Td (extent ) Tj ET Q q 0 0 0 rg BT 309.86 228.55 Td (the ) Tj ET Q q 0 0 0 rg BT 325.27 228.55 Td (analysis ) Tj ET Q q 0 0 0 rg BT 361.68 228.55 Td (of ) Tj ET Q q 0 0 0 rg BT 373.01 228.55 Td (the ) Tj ET Q q 0 0 0 rg BT 388.42 228.55 Td (realization ) Tj ET Q q 0 0 0 rg BT 435.31 228.55 Td (of ) Tj ET Q q 0 0 0 rg BT 446.63 228.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 484.19 228.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 499.60 228.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 526.68 228.55 Td (relies ) Tj ET Q q 0 0 0 rg BT 552.00 228.55 Td (on ) Tj ET Q q 0 0 0 rg BT 565.12 228.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 215.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 86.17 215.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 100.70 215.95 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 144.11 215.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 167.39 215.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 197.67 215.95 Td (has ) Tj ET Q q 0 0 0 rg BT 213.37 215.95 Td (considered ) Tj ET Q q 0 0 0 rg BT 260.56 215.95 Td (the ) Tj ET Q q 0 0 0 rg BT 275.09 215.95 Td (timing, ) Tj ET Q q 0 0 0 rg BT 306.83 215.95 Td (nature, ) Tj ET Q q 0 0 0 rg BT 337.40 215.95 Td (and ) Tj ET Q q 0 0 0 rg BT 354.26 215.95 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 403.79 215.95 Td (of ) Tj ET Q q 0 0 0 rg BT 414.24 215.95 Td (reversals, ) Tj ET Q q 0 0 0 rg BT 455.88 215.95 Td (including ) Tj ET Q q 0 0 0 rg BT 497.25 215.95 Td (future ) Tj ET Q q 0 0 0 rg BT 524.02 215.95 Td (increases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 203.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 84.56 203.35 Td (to ) Tj ET Q q 0 0 0 rg BT 95.72 203.35 Td (the ) Tj ET Q q 0 0 0 rg BT 111.54 203.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 127.35 203.35 Td (amortization ) Tj ET Q q 0 0 0 rg BT 183.41 203.35 Td (of ) Tj ET Q q 0 0 0 rg BT 195.15 203.35 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 235.47 203.35 Td (and ) Tj ET Q q 0 0 0 rg BT 253.62 203.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 314.34 203.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 359.32 203.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 389.44 203.35 Td (as ) Tj ET Q q 0 0 0 rg BT 401.17 203.35 Td (well ) Tj ET Q q 0 0 0 rg BT 422.24 203.35 Td (as ) Tj ET Q q 0 0 0 rg BT 433.98 203.35 Td (planning ) Tj ET Q q 0 0 0 rg BT 473.72 203.35 Td (strategies ) Tj ET Q q 0 0 0 rg BT 516.36 203.35 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 203.35 Td (measure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 190.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 190.75 Td (value ) Tj ET Q q 0 0 0 rg BT 92.65 190.75 Td (the ) Tj ET Q q 0 0 0 rg BT 108.10 190.75 Td (realizability ) Tj ET Q q 0 0 0 rg BT 160.87 190.75 Td (of ) Tj ET Q q 0 0 0 rg BT 172.24 190.75 Td (its ) Tj ET Q q 0 0 0 rg BT 184.79 190.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 222.39 190.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 237.84 190.75 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 165.55 Td (On ) Tj ET Q q 0 0 0 rg BT 64.32 165.55 Td (April ) Tj ET Q q 0 0 0 rg BT 89.04 165.55 Td (13, ) Tj ET Q q 0 0 0 rg BT 104.71 165.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 130.89 165.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 155.02 165.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 186.15 165.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 224.85 165.55 Td (a ) Tj ET Q q 0 0 0 rg BT 232.06 165.55 Td (majority ) Tj ET Q q 0 0 0 rg BT 270.19 165.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 316.49 165.55 Td (in ) Tj ET Q q 0 0 0 rg BT 327.21 165.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 361.25 165.55 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 400.84 165.55 Td (which, ) Tj ET Q q 0 0 0 rg BT 431.68 165.55 Td (as ) Tj ET Q q 0 0 0 rg BT 442.98 165.55 Td (a ) Tj ET Q q 0 0 0 rg BT 450.19 165.55 Td (partnership, ) Tj ET Q q 0 0 0 rg BT 502.60 165.55 Td (creates ) Tj ET Q q 0 0 0 rg BT 534.30 165.55 Td (a ) Tj ET Q q 0 0 0 rg BT 541.51 165.55 Td (basis ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 152.95 Td (dif) Tj ET Q q 0 0 0 rg BT 60.97 152.95 Td (ference ) Tj ET Q q 0 0 0 rg BT 94.49 152.95 Td (and ) Tj ET Q q 0 0 0 rg BT 112.27 152.95 Td (a ) Tj ET Q q 0 0 0 rg BT 119.56 152.95 Td (related ) Tj ET Q q 0 0 0 rg BT 150.75 152.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 188.34 152.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 203.79 152.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 239.09 152.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.46 152.95 Td ($21,991) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.58 152.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 127.75 Td (On ) Tj ET Q q 0 0 0 rg BT 65.41 127.75 Td (May ) Tj ET Q q 0 0 0 rg BT 87.73 127.75 Td (2, ) Tj ET Q q 0 0 0 rg BT 98.68 127.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 125.38 127.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.29 127.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 174.11 127.75 Td (business ) Tj ET Q q 0 0 0 rg BT 212.77 127.75 Td (was ) Tj ET Q q 0 0 0 rg BT 232.18 127.75 Td (mer) Tj ET Q q 0 0 0 rg BT 248.31 127.75 Td (ged ) Tj ET Q q 0 0 0 rg BT 266.55 127.75 Td (with ) Tj ET Q q 0 0 0 rg BT 288.29 127.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 306.00 127.75 Td (rust. ) Tj ET Q q 0 0 0 rg BT 326.78 127.75 Td (As ) Tj ET Q q 0 0 0 rg BT 341.52 127.75 Td (part ) Tj ET Q q 0 0 0 rg BT 360.92 127.75 Td (of ) Tj ET Q q 0 0 0 rg BT 372.75 127.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.65 127.75 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 440.42 127.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 465.07 127.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 496.73 127.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 517.88 127.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 539.62 127.75 Td (and ) Tj ET Q q 0 0 0 rg BT 557.85 127.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 115.15 Td (35%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.75 115.15 Td ( ) Tj ET Q q 0 0 0 rg BT 72.16 115.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 119.32 115.15 Td (in ) Tj ET Q q 0 0 0 rg BT 130.90 115.15 Td (the ) Tj ET Q q 0 0 0 rg BT 147.14 115.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 180.29 115.15 Td (business ) Tj ET Q q 0 0 0 rg BT 219.29 115.15 Td (for ) Tj ET Q q 0 0 0 rg BT 234.95 115.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.02 115.15 Td (65%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.27 115.15 Td ( ) Tj ET Q q 0 0 0 rg BT 265.68 115.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 312.84 115.15 Td (in ) Tj ET Q q 0 0 0 rg BT 324.42 115.15 Td (the ) Tj ET Q q 0 0 0 rg BT 340.66 115.15 Td (new ) Tj ET Q q 0 0 0 rg BT 361.57 115.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 379.28 115.15 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 428.19 115.15 Td (joint ) Tj ET Q q 0 0 0 rg BT 450.85 115.15 Td (venture. ) Tj ET Q q 0 0 0 rg BT 487.62 115.15 Td (As ) Tj ET Q q 0 0 0 rg BT 502.70 115.15 Td (a ) Tj ET Q q 0 0 0 rg BT 510.78 115.15 Td (result ) Tj ET Q q 0 0 0 rg BT 537.52 115.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 115.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 102.55 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 101.12 102.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 125.61 102.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 157.12 102.55 Td (converted ) Tj ET Q q 0 0 0 rg BT 201.44 102.55 Td (a ) Tj ET Q q 0 0 0 rg BT 209.03 102.55 Td (portion ) Tj ET Q q 0 0 0 rg BT 242.28 102.55 Td (of ) Tj ET Q q 0 0 0 rg BT 253.95 102.55 Td (its ) Tj ET Q q 0 0 0 rg BT 266.80 102.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 299.46 102.55 Td (legacy ) Tj ET Q q 0 0 0 rg BT 329.79 102.55 Td (business ) Tj ET Q q 0 0 0 rg BT 368.30 102.55 Td (into ) Tj ET Q q 0 0 0 rg BT 387.56 102.55 Td (a ) Tj ET Q q 0 0 0 rg BT 395.14 102.55 Td (partnership ) Tj ET Q q 0 0 0 rg BT 445.30 102.55 Td (which ) Tj ET Q q 0 0 0 rg BT 473.89 102.55 Td (decreased ) Tj ET Q q 0 0 0 rg BT 518.20 102.55 Td (the ) Tj ET Q q 0 0 0 rg BT 533.95 102.55 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 89.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 87.10 89.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 102.55 89.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 137.84 89.95 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 150.97 89.95 Td ($4,102) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.84 89.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 64.75 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 106.62 64.75 Td (all ) Tj ET Q q 0 0 0 rg BT 119.40 64.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.43 64.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 154.28 64.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 191.13 64.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 228.38 64.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 243.49 64.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 270.27 64.75 Td (relate ) Tj ET Q q 0 0 0 rg BT 295.87 64.75 Td (to ) Tj ET Q q 0 0 0 rg BT 306.32 64.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 327.28 64.75 Td (federal, ) Tj ET Q q 0 0 0 rg BT 361.33 64.75 Td (state ) Tj ET Q q 0 0 0 rg BT 382.85 64.75 Td (and ) Tj ET Q q 0 0 0 rg BT 400.29 64.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 422.99 64.75 Td (taxing ) Tj ET Q q 0 0 0 rg BT 451.52 64.75 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 508.35 64.75 Td ( ) Tj ET Q q 0 0 0 rg BT 510.13 64.75 Td (As ) Tj ET Q q 0 0 0 rg BT 524.08 64.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.11 64.75 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 52.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.53 52.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.53 52.15 Td (, ) Tj ET Q q 0 0 0 rg BT 92.06 52.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 113.64 52.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 145.69 52.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 183.57 52.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 199.31 52.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 226.71 52.15 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.68 52.15 Td ($731,636) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.05 52.15 Td (, ) Tj ET Q q 0 0 0 rg BT 320.58 52.15 Td (realization ) Tj ET Q q 0 0 0 rg BT 367.80 52.15 Td (of ) Tj ET Q q 0 0 0 rg BT 379.46 52.15 Td (which ) Tj ET Q q 0 0 0 rg BT 408.02 52.15 Td (is ) Tj ET Q q 0 0 0 rg BT 417.93 52.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 458.15 52.15 Td (to ) Tj ET Q q 0 0 0 rg BT 469.23 52.15 Td (require ) Tj ET Q q 0 0 0 rg BT 501.87 52.15 Td (approximately ) Tj ET Q endstream endobj 257 0 obj <>] /Rotate 0 /Contents 258 0 R>> endobj 258 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (126) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td ($3,700,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.75 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 100.15 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 112.29 741.75 Td (future ) Tj ET Q q 0 0 0 rg BT 140.75 741.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 162.82 741.75 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 204.42 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 216.56 741.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.61 741.75 Td ($81) Tj ET Q q 0 0 0 rg BT 260.97 741.75 Td (1,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.60 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 287.99 741.75 Td (must ) Tj ET Q q 0 0 0 rg BT 311.81 741.75 Td (be ) Tj ET Q q 0 0 0 rg BT 325.12 741.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 358.83 741.75 Td (sourced ) Tj ET Q q 0 0 0 rg BT 394.88 741.75 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 436.48 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 439.87 741.75 Td (Based ) Tj ET Q q 0 0 0 rg BT 468.93 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 482.82 741.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 525.29 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 537.44 741.75 Td (future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (taxable ) Tj ET Q q 0 0 0 rg BT 81.78 729.15 Td (income, ) Tj ET Q q 0 0 0 rg BT 117.28 729.15 Td (using ) Tj ET Q q 0 0 0 rg BT 142.00 729.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 195.88 729.15 Td (consistent ) Tj ET Q q 0 0 0 rg BT 239.85 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 260.48 729.15 Td (those ) Tj ET Q q 0 0 0 rg BT 284.61 729.15 Td (used ) Tj ET Q q 0 0 0 rg BT 305.82 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 315.95 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 339.49 729.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 376.02 729.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 415.32 729.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 465.69 729.15 Td (testing, ) Tj ET Q q 0 0 0 rg BT 498.28 729.15 Td (it ) Tj ET Q q 0 0 0 rg BT 506.08 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 515.05 729.15 Td (more ) Tj ET Q q 0 0 0 rg BT 538.59 729.15 Td (likely ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (than ) Tj ET Q q 0 0 0 rg BT 70.97 716.55 Td (not ) Tj ET Q q 0 0 0 rg BT 87.78 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 106.92 716.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 163.39 716.55 Td (all ) Tj ET Q q 0 0 0 rg BT 177.28 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 189.42 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 205.64 716.55 Td (current ) Tj ET Q q 0 0 0 rg BT 238.77 716.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 271.30 716.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 287.52 716.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 324.15 716.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 359.62 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 371.18 716.55 Td (net ) Tj ET Q q 0 0 0 rg BT 387.40 716.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 430.44 716.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 458.92 716.55 Td (will ) Tj ET Q q 0 0 0 rg BT 478.65 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 491.95 716.55 Td (realizable. ) Tj ET Q q 0 0 0 rg BT 538.77 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 541.92 716.55 Td (W) Tj ET Q q 0 0 0 rg BT 551.41 716.55 Td (ith ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 81.75 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 92.43 703.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 129.92 703.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 145.26 703.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 172.27 703.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 206.86 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 217.54 703.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 250.37 703.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 265.72 703.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 292.13 703.95 Td (carryforwards, ) Tj ET Q q 0 0 0 rg BT 356.16 703.95 Td (it ) Tj ET Q q 0 0 0 rg BT 364.51 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 374.03 703.95 Td (more ) Tj ET Q q 0 0 0 rg BT 398.12 703.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 424.54 703.95 Td (than ) Tj ET Q q 0 0 0 rg BT 445.14 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 461.07 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 479.33 703.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 494.67 703.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 530.43 703.95 Td (relating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 59.95 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 75.06 691.35 Td (utilization ) Tj ET Q q 0 0 0 rg BT 119.92 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 130.95 691.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 193.88 691.35 Td ($6,147) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.75 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 225.03 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 236.06 691.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 268.66 691.35 Td (taxes ) Tj ET Q q 0 0 0 rg BT 292.52 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 303.55 691.35 Td (credits ) Tj ET Q q 0 0 0 rg BT 333.82 691.35 Td (will ) Tj ET Q q 0 0 0 rg BT 352.44 691.35 Td (not ) Tj ET Q q 0 0 0 rg BT 368.14 691.35 Td (be ) Tj ET Q q 0 0 0 rg BT 380.33 691.35 Td (realized ) Tj ET Q q 0 0 0 rg BT 415.83 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 433.28 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 440.22 691.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 481.58 691.35 Td (allowance ) Tj ET Q q 0 0 0 rg BT 526.42 691.35 Td (has ) Tj ET Q q 0 0 0 rg BT 542.70 691.35 Td (been ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (established. ) Tj ET Q q 0 0 0 rg BT 101.70 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 104.62 678.75 Td (Further) Tj ET Q q 0 0 0 rg BT 135.11 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 140.66 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.41 678.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 206.14 678.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 248.13 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 266.21 678.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 321.05 678.75 Td (do ) Tj ET Q q 0 0 0 rg BT 334.47 678.75 Td (not ) Tj ET Q q 0 0 0 rg BT 350.81 678.75 Td (contemplate ) Tj ET Q q 0 0 0 rg BT 405.04 678.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 436.53 678.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 473.86 678.75 Td (future ) Tj ET Q q 0 0 0 rg BT 501.86 678.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 538.59 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 678.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 95.91 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 107.31 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 131.55 666.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 162.79 666.15 Td (stock, ) Tj ET Q q 0 0 0 rg BT 190.24 666.15 Td (which, ) Tj ET Q q 0 0 0 rg BT 221.19 666.15 Td (under ) Tj ET Q q 0 0 0 rg BT 247.76 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 263.25 666.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 284.58 666.15 Td (Internal ) Tj ET Q q 0 0 0 rg BT 319.89 666.15 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 359.29 666.15 Td (Code, ) Tj ET Q q 0 0 0 rg BT 386.74 666.15 Td (could ) Tj ET Q q 0 0 0 rg BT 412.73 666.15 Td (limit ) Tj ET Q q 0 0 0 rg BT 435.23 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 450.72 666.15 Td (utilization ) Tj ET Q q 0 0 0 rg BT 495.95 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 507.36 666.15 Td (net ) Tj ET Q q 0 0 0 rg BT 522.85 666.15 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 68.17 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 85.67 653.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 118.32 653.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 133.48 653.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 159.72 653.55 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 197.92 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 199.73 653.55 Td (Any ) Tj ET Q q 0 0 0 rg BT 220.15 653.55 Td (such ) Tj ET Q q 0 0 0 rg BT 241.73 653.55 Td (limitation ) Tj ET Q q 0 0 0 rg BT 284.90 653.55 Td (would ) Tj ET Q q 0 0 0 rg BT 313.48 653.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 344.39 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 359.55 653.55 Td (timing ) Tj ET Q q 0 0 0 rg BT 389.30 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 400.38 653.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 434.21 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 445.29 653.55 Td (net ) Tj ET Q q 0 0 0 rg BT 460.45 653.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 502.44 653.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 521.11 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 532.19 653.55 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.95 640.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 91.48 640.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 127.35 640.95 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 172.55 640.95 Td (realized ) Tj ET Q q 0 0 0 rg BT 208.40 640.95 Td (before ) Tj ET Q q 0 0 0 rg BT 237.83 640.95 Td (they ) Tj ET Q q 0 0 0 rg BT 258.54 640.95 Td (expire.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.49 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 74.55 615.75 Td (March ) Tj ET Q q 0 0 0 rg BT 104.27 615.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.71 615.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 145.65 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.79 615.75 Td (change ) Tj ET Q q 0 0 0 rg BT 192.84 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 203.33 615.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 234.78 615.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 276.17 615.75 Td (allowances ) Tj ET Q q 0 0 0 rg BT 325.14 615.75 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.51 615.75 Td ($1) Tj ET Q q 0 0 0 rg BT 383.62 615.75 Td (1,133) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.24 615.75 Td (. ) Tj ET Q q 0 0 0 rg BT 412.19 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 414.50 615.75 Td (Of ) Tj ET Q q 0 0 0 rg BT 427.90 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 443.04 615.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 481.49 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 491.98 615.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 523.43 615.75 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (allowances ) Tj ET Q q 0 0 0 rg BT 98.53 603.15 Td (from ) Tj ET Q q 0 0 0 rg BT 121.32 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 136.53 603.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 159.32 603.15 Td (year) Tj ET Q q 0 0 0 rg BT 176.97 603.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.97 603.15 Td ($10,413) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 216.10 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 218.48 603.15 Td (relates ) Tj ET Q q 0 0 0 rg BT 248.26 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 258.80 603.15 Td (expiring ) Tj ET Q q 0 0 0 rg BT 296.18 603.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 328.88 603.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 344.09 603.15 Td (credits ) Tj ET Q q 0 0 0 rg BT 374.46 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 402.50 603.15 Td (have ) Tj ET Q q 0 0 0 rg BT 424.70 603.15 Td (been ) Tj ET Q q 0 0 0 rg BT 446.90 603.15 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 497.09 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 507.64 603.15 Td (net ) Tj ET Q q 0 0 0 rg BT 522.85 603.15 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (losses. ) Tj ET Q q 0 0 0 rg BT 79.91 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 82.40 590.55 Td (This ) Tj ET Q q 0 0 0 rg BT 103.76 590.55 Td (was ) Tj ET Q q 0 0 0 rg BT 122.79 590.55 Td (of) Tj ET Q q 0 0 0 rg BT 131.34 590.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 149.20 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 160.06 590.55 Td (part ) Tj ET Q q 0 0 0 rg BT 179.08 590.55 Td (by ) Tj ET Q q 0 0 0 rg BT 192.27 590.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 236.95 590.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 278.72 590.55 Td (allowances ) Tj ET Q q 0 0 0 rg BT 328.06 590.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.50 590.55 Td ($1,308) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.37 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 371.07 590.55 Td (related ) Tj ET Q q 0 0 0 rg BT 402.32 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 413.18 590.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 446.20 590.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 461.72 590.55 Td (credits ) Tj ET Q q 0 0 0 rg BT 492.40 590.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.25 590.55 Td ($601) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.25 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 533.95 590.55 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.74 577.95 Td (Martin ) Tj ET Q q 0 0 0 rg BT 92.39 577.95 Td (Currie�) Tj ET Q q 0 0 0 rg BT 122.14 577.95 Td (s ) Tj ET Q q 0 0 0 rg BT 129.30 577.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 172.02 577.95 Td (losses. ) Tj ET Q q 0 0 0 rg BT 202.81 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 205.66 577.95 Td (There ) Tj ET Q q 0 0 0 rg BT 233.22 577.95 Td (was ) Tj ET Q q 0 0 0 rg BT 252.62 577.95 Td (also ) Tj ET Q q 0 0 0 rg BT 272.61 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 280.34 577.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 319.55 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 330.79 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 346.70 577.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 388.84 577.95 Td (allowance ) Tj ET Q q 0 0 0 rg BT 434.48 577.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.30 577.95 Td ($2,629) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.17 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 478.25 577.95 Td (related ) Tj ET Q q 0 0 0 rg BT 509.88 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 521.12 577.95 Td (charitable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (contributions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.72 540.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.01 540.15 Td (March ) Tj ET Q q 0 0 0 rg BT 104.97 540.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.64 540.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.64 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 146.81 540.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 168.03 540.15 Td (state ) Tj ET Q q 0 0 0 rg BT 189.82 540.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 227.34 540.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 242.72 540.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 269.77 540.15 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 318.37 540.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.57 540.15 Td ($173,788) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.94 540.15 Td (. ) Tj ET Q q 0 0 0 rg BT 426.12 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 428.67 540.15 Td (Due ) Tj ET Q q 0 0 0 rg BT 448.71 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 459.42 540.15 Td (limitations ) Tj ET Q q 0 0 0 rg BT 506.89 540.15 Td (on ) Tj ET Q q 0 0 0 rg BT 519.94 540.15 Td (utilization ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.88 527.55 Td (net ) Tj ET Q q 0 0 0 rg BT 76.34 527.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 118.63 527.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 137.60 527.55 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 199.12 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 216.91 527.55 Td (taking ) Tj ET Q q 0 0 0 rg BT 245.79 527.55 Td (into ) Tj ET Q q 0 0 0 rg BT 264.76 527.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 323.96 527.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 355.15 527.55 Td (state ) Tj ET Q q 0 0 0 rg BT 377.03 527.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 392.49 527.55 Td (planning ) Tj ET Q q 0 0 0 rg BT 431.87 527.55 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 476.78 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 492.24 527.55 Td (related ) Tj ET Q q 0 0 0 rg BT 523.44 527.55 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (allowance ) Tj ET Q q 0 0 0 rg BT 94.98 514.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 106.65 514.95 Td ($29,075) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.78 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 143.70 514.95 Td (was ) Tj ET Q q 0 0 0 rg BT 162.95 514.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 218.96 514.95 Td (established ) Tj ET Q q 0 0 0 rg BT 268.54 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 279.63 514.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 302.96 514.95 Td (years ) Tj ET Q q 0 0 0 rg BT 328.03 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 343.20 514.95 Td (state ) Tj ET Q q 0 0 0 rg BT 365.37 514.95 Td (net ) Tj ET Q q 0 0 0 rg BT 381.12 514.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 423.69 514.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 442.95 514.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 479.12 514.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 522.84 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 533.93 514.95 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 104.04 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 114.83 502.35 Td (cases ) Tj ET Q q 0 0 0 rg BT 139.61 502.35 Td (where ) Tj ET Q q 0 0 0 rg BT 167.89 502.35 Td (it ) Tj ET Q q 0 0 0 rg BT 176.35 502.35 Td (is ) Tj ET Q q 0 0 0 rg BT 185.98 502.35 Td (more ) Tj ET Q q 0 0 0 rg BT 210.18 502.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 236.72 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 255.09 502.35 Td (these ) Tj ET Q q 0 0 0 rg BT 279.29 502.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 315.15 502.35 Td (will ) Tj ET Q q 0 0 0 rg BT 334.11 502.35 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 379.31 502.35 Td (not ) Tj ET Q q 0 0 0 rg BT 395.36 502.35 Td (be ) Tj ET Q q 0 0 0 rg BT 407.89 502.35 Td (realized.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (For ) Tj ET Q q 0 0 0 rg BT 66.72 477.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 99.67 477.15 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 156.84 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 172.30 477.15 Td (net ) Tj ET Q q 0 0 0 rg BT 187.76 477.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 224.78 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 235.58 477.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 277.28 477.15 Td (allowances ) Tj ET Q q 0 0 0 rg BT 326.56 477.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.94 477.15 Td ($502) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.94 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 361.57 477.15 Td (during ) Tj ET Q q 0 0 0 rg BT 391.61 477.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 416.98 477.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 443.24 477.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 484.94 477.15 Td (relates ) Tj ET Q q 0 0 0 rg BT 514.97 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 525.77 477.15 Td (statutory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.86 464.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 104.30 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 122.09 464.55 Td (revised ) Tj ET Q q 0 0 0 rg BT 155.04 464.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 196.74 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 208.11 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 223.56 464.55 Td (realization ) Tj ET Q q 0 0 0 rg BT 270.49 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 281.87 464.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 319.46 464.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 334.92 464.55 Td (benefits.) Tj ET Q endstream endobj 259 0 obj <>] /Rotate 0 /Contents 260 0 R>> endobj 260 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (127) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.06 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 111.14 741.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 148.35 741.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 163.41 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.15 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 207.55 741.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 248.86 741.75 Td (allowances ) Tj ET Q q 0 0 0 rg BT 297.75 741.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 332.06 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 342.47 741.75 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 403.59 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 425.65 741.75 Td (been ) Tj ET Q q 0 0 0 rg BT 447.71 741.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 486.68 741.75 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.49 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 526.14 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 541.50 741.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.29 729.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.29 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 93.54 729.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 143.58 729.15 Td (.) 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state tax credits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 384.25 585.04 Td (366) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.25 584.87 Td (308) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 584.87 Td (2022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 570.87 Td (Foreign net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 571.04 Td (20,244) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 570.87 Td (24,192) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 570.87 Td (2027) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 556.87 Td (Foreign capital losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.35 557.04 Td (2,535) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.35 556.87 Td (3,077) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.65 556.87 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 542.87 Td (Total deferred tax assets for carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 543.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.85 543.04 Td (537,723) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.50 542.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 542.87 Td (539,781) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 515.04 Td (VALUATION ALLOWANCES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 500.87 Td (U.S. federal net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 501.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.35 501.04 Td (2,856) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.50 500.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.35 500.87 Td (2,255) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 486.87 Td (U.S. federal foreign tax credits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.35 487.04 Td (6,147) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 486.87 Td (15,252) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 472.87 Td (U.S. charitable contributions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 384.25 473.04 Td (814) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.35 472.87 Td (3,443) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 458.87 Td (U.S. state net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 459.04 Td (29,075) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 458.87 Td (26,816) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 444.87 Td (U.S. state capital losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.75 445.04 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.50 444.87 Td (44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 430.87 Td (Foreign net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 431.04 Td (15,975) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 430.87 Td (20,631) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 416.87 Td (Foreign capital losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.35 417.04 Td (2,535) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.35 416.87 Td (3,077) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 402.87 Td (Valuation allowances for carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 403.04 Td (57,406) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 402.87 Td (71,518) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 388.87 Td (Foreign other deferred assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 389.04 Td (13,657) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.35 388.87 Td (7,958) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 374.87 Td (Total valuation allowances) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 375.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 375.04 Td (71,063) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.50 374.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 374.87 Td (79,476) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 360.95 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 360.95 Td (Currently) Tj ET Q q 0 0 0 rg BT 99.53 360.95 Td (, ) Tj ET Q q 0 0 0 rg BT 103.64 360.95 Td (there ) Tj ET Q q 0 0 0 rg BT 122.62 360.95 Td (are ) Tj ET Q q 0 0 0 rg BT 134.98 360.95 Td (proposals ) Tj ET Q q 0 0 0 rg BT 169.55 360.95 Td (to ) Tj ET Q q 0 0 0 rg BT 178.15 360.95 Td (significantly ) Tj ET Q q 0 0 0 rg BT 222.63 360.95 Td (change ) Tj ET Q q 0 0 0 rg BT 248.69 360.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 265.79 360.95 Td (federal ) Tj ET Q q 0 0 0 rg BT 291.37 360.95 Td (income ) Tj ET Q q 0 0 0 rg BT 318.38 360.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 330.75 360.95 Td (rules, ) Tj ET Q q 0 0 0 rg BT 351.39 360.95 Td (which ) Tj ET Q q 0 0 0 rg BT 374.15 360.95 Td (include ) Tj ET Q q 0 0 0 rg BT 401.16 360.95 Td (proposals ) Tj ET Q q 0 0 0 rg BT 435.73 360.95 Td (to ) Tj ET Q q 0 0 0 rg BT 444.33 360.95 Td (reduce ) Tj ET Q q 0 0 0 rg BT 468.97 360.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 481.34 360.95 Td (rates, ) Tj ET Q q 0 0 0 rg BT 501.50 360.95 Td (limit ) Tj ET Q q 0 0 0 rg BT 519.55 360.95 Td (deductibility ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 350.75 Td (of ) Tj ET Q q 0 0 0 rg BT 76.12 350.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 102.67 350.75 Td (expense, ) Tj ET Q q 0 0 0 rg BT 133.71 350.75 Td (and ) Tj ET Q q 0 0 0 rg BT 147.51 350.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 176.43 350.75 Td (to ) Tj ET Q q 0 0 0 rg BT 184.57 350.75 Td (the ) Tj ET Q q 0 0 0 rg BT 196.49 350.75 Td (taxation ) Tj ET Q q 0 0 0 rg BT 225.41 350.75 Td (on ) Tj ET Q q 0 0 0 rg BT 235.44 350.75 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 267.67 350.75 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 300.13 350.75 Td ( ) Tj ET Q q 0 0 0 rg BT 301.33 350.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 334.97 350.75 Td (details ) Tj ET Q q 0 0 0 rg BT 358.70 350.75 Td (are ) Tj ET Q q 0 0 0 rg BT 370.61 350.75 Td (not ) Tj ET Q q 0 0 0 rg BT 383.00 350.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 394.92 350.75 Td (available, ) Tj ET Q q 0 0 0 rg BT 429.26 350.75 Td (these ) Tj ET Q q 0 0 0 rg BT 448.26 350.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 477.17 350.75 Td (could ) Tj ET Q q 0 0 0 rg BT 497.59 350.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 522.26 350.75 Td (the ) Tj ET Q q 0 0 0 rg BT 534.18 350.75 Td (carrying ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 340.55 Td (value ) Tj ET Q q 0 0 0 rg BT 88.03 340.55 Td (of ) Tj ET Q q 0 0 0 rg BT 97.24 340.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 116.83 340.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 146.93 340.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 177.37 340.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 189.88 340.55 Td (assets.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 330.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 330.35 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 114.02 330.35 Td (all ) Tj ET Q q 0 0 0 rg BT 124.64 330.35 Td (of ) Tj ET Q q 0 0 0 rg BT 133.84 330.35 Td (the ) Tj ET Q q 0 0 0 rg BT 146.35 330.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 163.59 330.35 Td (state ) Tj ET Q q 0 0 0 rg BT 181.30 330.35 Td (net ) Tj ET Q q 0 0 0 rg BT 193.81 330.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 228.03 330.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 250.47 330.35 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 296.95 330.35 Td (through ) Tj ET Q q 0 0 0 rg BT 325.52 330.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 346.05 330.35 Td (2036.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 320.15 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 320.15 Td (Due ) Tj ET Q q 0 0 0 rg BT 83.92 320.15 Td (to ) Tj ET Q q 0 0 0 rg BT 92.79 320.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 124.80 320.15 Td (for ) Tj ET Q q 0 0 0 rg BT 136.97 320.15 Td (change ) Tj ET Q q 0 0 0 rg BT 163.30 320.15 Td (in ) Tj ET Q q 0 0 0 rg BT 172.17 320.15 Td (the ) Tj ET Q q 0 0 0 rg BT 184.82 320.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 210.21 320.15 Td (relating ) Tj ET Q q 0 0 0 rg BT 238.43 320.15 Td (to ) Tj ET Q q 0 0 0 rg BT 247.30 320.15 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 299.14 320.15 Td (of ) Tj ET Q q 0 0 0 rg BT 308.48 320.15 Td (income ) Tj ET Q q 0 0 0 rg BT 335.76 320.15 Td (to ) Tj ET Q q 0 0 0 rg BT 344.63 320.15 Td (various ) Tj ET Q q 0 0 0 rg BT 371.91 320.15 Td (states, ) Tj ET Q q 0 0 0 rg BT 395.19 320.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 414.91 320.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 445.15 320.15 Td (ef) Tj ET Q q 0 0 0 rg BT 451.60 320.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 476.99 320.15 Td (state ) Tj ET Q q 0 0 0 rg BT 494.82 320.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 507.47 320.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 525.78 320.15 Td (are ) Tj ET Q q 0 0 0 rg BT 538.41 320.15 Td (subject ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 309.95 Td (to ) Tj ET Q q 0 0 0 rg BT 76.41 309.95 Td (fluctuation ) Tj ET Q q 0 0 0 rg BT 115.54 309.95 Td (which ) Tj ET Q q 0 0 0 rg BT 138.62 309.95 Td (will ) Tj ET Q q 0 0 0 rg BT 154.14 309.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 179.58 309.95 Td (the ) Tj ET Q q 0 0 0 rg BT 192.26 309.95 Td (value ) Tj ET Q q 0 0 0 rg BT 212.97 309.95 Td (of ) Tj ET Q q 0 0 0 rg BT 222.36 309.95 Td (the ) Tj ET Q q 0 0 0 rg BT 235.04 309.95 Td (Company's ) Tj ET Q q 0 0 0 rg BT 275.24 309.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 305.85 309.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 318.54 309.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 342.80 309.95 Td (including ) Tj ET Q q 0 0 0 rg BT 377.21 309.95 Td (net ) Tj ET Q q 0 0 0 rg BT 389.90 309.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 424.30 309.95 Td (losses, ) Tj ET Q q 0 0 0 rg BT 449.03 309.95 Td (and ) Tj ET Q q 0 0 0 rg BT 463.61 309.95 Td (could ) Tj ET Q q 0 0 0 rg BT 484.80 309.95 Td (have ) Tj ET Q q 0 0 0 rg BT 503.14 309.95 Td (a ) Tj ET Q q 0 0 0 rg BT 509.22 309.95 Td (material ) Tj ET Q q 0 0 0 rg BT 539.37 309.95 Td (impact ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 299.75 Td (on ) Tj ET Q q 0 0 0 rg BT 78.13 299.75 Td (the ) Tj ET Q q 0 0 0 rg BT 90.63 299.75 Td (future ) Tj ET Q q 0 0 0 rg BT 113.06 299.75 Td (ef) Tj ET Q q 0 0 0 rg BT 119.51 299.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 144.75 299.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 157.26 299.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 172.13 299.75 Td (of ) Tj ET Q q 0 0 0 rg BT 181.33 299.75 Td (the ) Tj ET Q q 0 0 0 rg BT 193.84 299.75 Td (Company) Tj ET Q q 0 0 0 rg BT 226.34 299.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 276.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.41 276.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.32 276.95 Td (had ) Tj ET Q q 0 0 0 rg BT 124.82 276.95 Td (total ) Tj ET Q q 0 0 0 rg BT 146.81 276.95 Td (gross ) Tj ET Q q 0 0 0 rg BT 172.31 276.95 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 232.20 276.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 248.36 276.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 284.94 276.95 Td (of ) Tj ET Q q 0 0 0 rg BT 297.01 276.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.00 276.95 Td ($70,787) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.12 276.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.08 276.95 Td ($73,873) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.20 276.95 Td ( ) Tj ET Q q 0 0 0 rg BT 438.54 276.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.03 276.95 Td ($92,344) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.15 276.95 Td ( ) Tj ET Q q 0 0 0 rg BT 494.49 276.95 Td (as ) Tj ET Q q 0 0 0 rg BT 506.57 276.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.65 276.95 Td (March ) Tj ET Q q 0 0 0 rg BT 549.38 276.95 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 264.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 264.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.77 264.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.77 264.35 Td ( ) Tj ET Q q 0 0 0 rg BT 99.41 264.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 117.21 264.35 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.21 264.35 Td (, ) Tj ET Q q 0 0 0 rg BT 143.47 264.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 193.52 264.35 Td (. ) Tj ET Q q 0 0 0 rg BT 198.79 264.35 Td ( ) Tj ET Q q 0 0 0 rg BT 201.43 264.35 Td (Of ) Tj ET Q q 0 0 0 rg BT 215.15 264.35 Td (these ) Tj ET Q q 0 0 0 rg BT 239.36 264.35 Td (totals, ) Tj ET Q q 0 0 0 rg BT 267.38 264.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.67 264.35 Td ($50,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.79 264.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.06 264.35 Td ($49,629) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.18 264.35 Td ( ) Tj ET Q q 0 0 0 rg BT 406.82 264.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.62 264.35 Td ($62,775) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.75 264.35 Td (, ) Tj ET Q q 0 0 0 rg BT 464.01 264.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 514.06 264.35 Td (, ) Tj ET Q q 0 0 0 rg BT 519.33 264.35 Td (\(net ) Tj ET Q q 0 0 0 rg BT 538.29 264.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 264.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 251.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 80.38 251.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 111.28 251.75 Td (for ) Tj ET Q q 0 0 0 rg BT 125.26 251.75 Td (state ) Tj ET Q q 0 0 0 rg BT 146.25 251.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 160.82 251.75 Td (liabilities\) ) Tj ET Q q 0 0 0 rg BT 205.14 251.75 Td (are ) Tj ET Q q 0 0 0 rg BT 219.70 251.75 Td (the ) Tj ET Q q 0 0 0 rg BT 234.27 251.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 271.59 251.75 Td (of ) Tj ET Q q 0 0 0 rg BT 282.08 251.75 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 340.38 251.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 375.36 251.75 Td (which, ) Tj ET Q q 0 0 0 rg BT 405.38 251.75 Td (if ) Tj ET Q q 0 0 0 rg BT 413.54 251.75 Td (recognized, ) Tj ET Q q 0 0 0 rg BT 463.96 251.75 Td (would ) Tj ET Q q 0 0 0 rg BT 491.96 251.75 Td (favorably ) Tj ET Q q 0 0 0 rg BT 533.93 251.75 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 239.15 Td (future ) Tj ET Q q 0 0 0 rg BT 76.92 239.15 Td (income ) Tj ET Q q 0 0 0 rg BT 110.17 239.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 125.34 239.15 Td (provisions ) Tj ET Q q 0 0 0 rg BT 171.44 239.15 Td (and ) Tj ET Q q 0 0 0 rg BT 188.94 239.15 Td (ef) Tj ET Q q 0 0 0 rg BT 196.91 239.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 227.82 239.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 242.99 239.15 Td (rates. ) Tj ET Q q 0 0 0 rg BT 267.78 239.15 Td ( ) Tj ET Q q 0 0 0 rg BT 270.13 239.15 Td (During ) Tj ET Q q 0 0 0 rg BT 302.22 239.15 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.30 239.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.30 239.15 Td (, ) Tj ET Q q 0 0 0 rg BT 353.27 239.15 Td (as ) Tj ET Q q 0 0 0 rg BT 364.36 239.15 Td (a ) Tj ET Q q 0 0 0 rg BT 371.37 239.15 Td (result ) Tj ET Q q 0 0 0 rg BT 397.04 239.15 Td (of ) Tj ET Q q 0 0 0 rg BT 408.13 239.15 Td (the ) Tj ET Q q 0 0 0 rg BT 423.30 239.15 Td (net ) Tj ET Q q 0 0 0 rg BT 438.47 239.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 469.39 239.15 Td (of ) Tj ET Q q 0 0 0 rg BT 480.48 239.15 Td (ef) Tj ET Q q 0 0 0 rg BT 488.45 239.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 519.36 239.15 Td (settlement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 226.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.49 226.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 77.57 226.55 Td (examinations, ) Tj ET Q q 0 0 0 rg BT 139.43 226.55 Td (recent ) Tj ET Q q 0 0 0 rg BT 168.33 226.55 Td (developments ) Tj ET Q q 0 0 0 rg BT 229.90 226.55 Td (of ) Tj ET Q q 0 0 0 rg BT 241.89 226.55 Td (case ) Tj ET Q q 0 0 0 rg BT 263.21 226.55 Td (law ) Tj ET Q q 0 0 0 rg BT 281.62 226.55 Td (and ) Tj ET Q q 0 0 0 rg BT 300.02 226.55 Td (the ) Tj ET Q q 0 0 0 rg BT 316.10 226.55 Td (expiration ) Tj ET Q q 0 0 0 rg BT 361.92 226.55 Td (of ) Tj ET Q q 0 0 0 rg BT 373.91 226.55 Td (statutes ) Tj ET Q q 0 0 0 rg BT 408.66 226.55 Td (of ) Tj ET Q q 0 0 0 rg BT 420.65 226.55 Td (limitation ) Tj ET Q q 0 0 0 rg BT 464.73 226.55 Td (in ) Tj ET Q q 0 0 0 rg BT 476.15 226.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 507.96 226.55 Td (jurisdictions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 96.45 213.95 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 155.64 213.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 191.50 213.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 202.87 213.95 Td ($8,61) Tj ET Q q 0 0 0 rg BT 226.11 213.95 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.36 213.95 Td ( ) Tj ET Q q 0 0 0 rg BT 233.98 213.95 Td (were ) Tj ET Q q 0 0 0 rg BT 257.01 213.95 Td (realized.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 189.35 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 189.35 Td ( ) Tj ET Q q 0 0 0 rg BT 58.58 189.35 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 118.39 189.35 Td (of ) Tj ET Q q 0 0 0 rg BT 129.21 189.35 Td (the ) Tj ET Q q 0 0 0 rg BT 144.12 189.35 Td (beginning ) Tj ET Q q 0 0 0 rg BT 188.19 189.35 Td (and ) Tj ET Q q 0 0 0 rg BT 205.43 189.35 Td (ending ) Tj ET Q q 0 0 0 rg BT 236.08 189.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 269.66 189.35 Td (of ) Tj ET Q q 0 0 0 rg BT 280.48 189.35 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 339.11 189.35 Td (gross ) Tj ET Q q 0 0 0 rg BT 363.36 189.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 378.27 189.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 413.58 189.35 Td (for ) Tj ET Q q 0 0 0 rg BT 427.90 189.35 Td (the ) Tj ET Q q 0 0 0 rg BT 442.81 189.35 Td (years ) Tj ET Q q 0 0 0 rg BT 467.04 189.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.19 189.35 Td (March ) Tj ET Q q 0 0 0 rg BT 523.67 189.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 189.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 189.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 176.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 176.75 Td (, ) Tj ET Q q 0 0 0 rg BT 75.75 176.75 Td (and ) Tj ET Q q 0 0 0 rg BT 93.54 176.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 119.79 176.75 Td (is ) Tj ET Q q 0 0 0 rg BT 129.41 176.75 Td (as ) Tj ET Q q 0 0 0 rg BT 140.79 176.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 151.25 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 151.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 151.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 151.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 151.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 151.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 151.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 121.25 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 121.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 121.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 121.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 121.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 121.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 121.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 91.25 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 91.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 91.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 91.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 91.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 91.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 91.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 61.25 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 61.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 61.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 61.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 61.25 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 61.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 61.25 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 151.25 m 370 151.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 151.25 m 434 151.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 151.25 m 498 151.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 151.25 m 562 151.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 151.25 m 370 151.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 151.25 m 434 151.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 151.25 m 498 151.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 151.25 m 562 151.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 61.25 m 434 61.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 61.25 m 498 61.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 61.25 m 562 61.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 61.25 m 370 61.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 46.25 m 370 46.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 61.25 m 434 61.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 46.25 m 434 46.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 61.25 m 498 61.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 46.25 m 498 46.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 61.25 m 562 61.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 46.25 m 562 46.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 156.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 156.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 156.02 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 141.02 Td (Balance, beginning of year) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 141.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 141.04 Td (73,873) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 141.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 141.02 Td (92,344) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 141.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 141.02 Td (77,892) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 126.02 Td (Additions based on tax positions related to the current year) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 126.04 Td (3,303) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 126.02 Td (3,514) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 126.02 Td (9,919) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 111.02 Td (Additions for tax positions of prior years) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 111.04 Td (5,673) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 111.02 Td (10,078) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 111.02 Td (13,054) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 96.02 Td (Reductions for tax positions of prior years) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 96.04 Td (\(8,257) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 96.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 96.02 Td (\(155) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 96.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 96.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 81.02 Td (Decreases related to settlements with taxing authorities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 81.04 Td (\(2,200) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 81.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.60 81.02 Td (\(25,046) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 81.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 81.02 Td (\(8,521) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 81.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 66.02 Td (Expiration of statutes of limitations) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 66.04 Td (\(1,605) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 66.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 66.02 Td (\(6,862) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 66.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 66.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 51.02 Td (Balance, end of year) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 51.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 51.04 Td (70,787) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 51.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 51.02 Td (73,873) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 51.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 51.02 Td (92,344) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 261 0 obj <>] /Rotate 0 /Contents 262 0 R>> endobj 262 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (128) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Although ) Tj ET Q q 0 0 0 rg BT 91.39 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 147.25 729.15 Td (cannot ) Tj ET Q q 0 0 0 rg BT 177.46 729.15 Td (predict ) Tj ET Q q 0 0 0 rg BT 208.84 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 229.72 729.15 Td (any ) Tj ET Q q 0 0 0 rg BT 247.10 729.15 Td (degree ) Tj ET Q q 0 0 0 rg BT 277.30 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 288.27 729.15 Td (certainty ) Tj ET Q q 0 0 0 rg BT 327.22 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 342.27 729.15 Td (timing ) Tj ET Q q 0 0 0 rg BT 371.91 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 382.88 729.15 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 419.51 729.15 Td (resolution ) Tj ET Q q 0 0 0 rg BT 463.72 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 474.69 729.15 Td (matters ) Tj ET Q q 0 0 0 rg BT 507.82 729.15 Td (under ) Tj ET Q q 0 0 0 rg BT 533.94 729.15 Td (review ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (by ) Tj ET Q q 0 0 0 rg BT 62.92 716.55 Td (various ) Tj ET Q q 0 0 0 rg BT 96.75 716.55 Td (taxing ) Tj ET Q q 0 0 0 rg BT 125.92 716.55 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 183.38 716.55 Td (it ) Tj ET Q q 0 0 0 rg BT 192.13 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 202.06 716.55 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 250.46 716.55 Td (possible ) Tj ET Q q 0 0 0 rg BT 287.80 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 306.46 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 322.21 716.55 Td (Company�) Tj ET Q q 0 0 0 rg BT 365.96 716.55 Td (s ) Tj ET Q q 0 0 0 rg BT 372.97 716.55 Td (gross ) Tj ET Q q 0 0 0 rg BT 398.06 716.55 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 457.53 716.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 473.28 716.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 509.44 716.55 Td (balance ) Tj ET Q q 0 0 0 rg BT 544.42 716.55 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (change ) Tj ET Q q 0 0 0 rg BT 81.54 703.95 Td (within ) Tj ET Q q 0 0 0 rg BT 110.68 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 125.82 703.95 Td (next ) Tj ET Q q 0 0 0 rg BT 146.21 703.95 Td (12 ) Tj ET Q q 0 0 0 rg BT 159.02 703.95 Td (months ) Tj ET Q q 0 0 0 rg BT 192.25 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 205.06 703.95 Td (up ) Tj ET Q q 0 0 0 rg BT 217.86 703.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.34 703.95 Td ($15,958) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.46 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 264.77 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 275.83 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 282.80 703.95 Td (result ) Tj ET Q q 0 0 0 rg BT 308.44 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 319.49 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 334.63 703.95 Td (expiration ) Tj ET Q q 0 0 0 rg BT 379.51 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 390.56 703.95 Td (statutes ) Tj ET Q q 0 0 0 rg BT 424.37 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 435.42 703.95 Td (limitations ) Tj ET Q q 0 0 0 rg BT 482.65 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 500.12 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 515.26 703.95 Td (completion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 691.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 76.32 691.35 Td (authorities' ) Tj ET Q q 0 0 0 rg BT 125.17 691.35 Td (examinations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 69.21 666.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.42 666.15 Td (accrues ) Tj ET Q q 0 0 0 rg BT 148.28 666.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 182.56 666.15 Td (related ) Tj ET Q q 0 0 0 rg BT 214.51 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 226.06 666.15 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 286.00 666.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 302.21 666.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 338.83 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 350.37 666.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 384.66 666.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 421.86 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 440.40 666.15 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 488.68 666.15 Td (penalties ) Tj ET Q q 0 0 0 rg BT 529.38 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 540.93 666.15 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.05 653.55 Td (expense. ) Tj ET Q q 0 0 0 rg BT 129.38 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 131.28 653.55 Td (During ) Tj ET Q q 0 0 0 rg BT 162.92 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 177.64 653.55 Td (years ) Tj ET Q q 0 0 0 rg BT 201.68 653.55 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.65 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 257.95 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 272.96 653.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.96 653.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.48 653.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.48 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 321.38 653.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.43 653.55 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.43 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 363.95 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 378.67 653.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 421.39 653.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 469.34 653.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.88 653.55 Td ($\(139\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 653.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td ($\(4,441\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.37 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 90.89 640.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 108.94 640.95 Td ($1,492) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 137.82 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 143.34 640.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 193.39 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 198.91 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 227.46 640.95 Td (was ) Tj ET Q q 0 0 0 rg BT 246.69 640.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 302.67 640.95 Td (all ) Tj ET Q q 0 0 0 rg BT 316.06 640.95 Td (interest. ) Tj ET Q q 0 0 0 rg BT 352.48 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 354.74 640.95 Td (At ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.14 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 398.44 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 414.46 640.95 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.46 640.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.98 640.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.98 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 464.87 640.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.93 640.95 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.93 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 509.45 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.92 640.95 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (had ) Tj ET Q q 0 0 0 rg BT 67.44 628.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 130.88 628.35 Td ($2,155) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 159.75 628.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 165.16 628.35 Td ($1,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.04 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 199.45 628.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 217.39 628.35 Td ($8,570) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 246.27 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 251.67 628.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 301.72 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 307.13 628.35 Td (accrued ) Tj ET Q q 0 0 0 rg BT 342.55 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 357.58 628.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 391.27 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 409.22 628.35 Td (penalties ) Tj ET Q q 0 0 0 rg BT 449.32 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 462.61 628.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 478.22 628.35 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 538.73 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 549.69 628.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 107.54 615.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 143.98 615.75 Td (Sheets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.51 590.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 112.51 590.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 136.36 590.55 Td (year ) Tj ET Q q 0 0 0 rg BT 157.87 590.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 174.14 590.55 Td (returns ) Tj ET Q q 0 0 0 rg BT 206.73 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 222.99 590.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 256.17 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 267.78 590.55 Td (examination ) Tj ET Q q 0 0 0 rg BT 323.12 590.55 Td (by ) Tj ET Q q 0 0 0 rg BT 337.06 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 353.33 590.55 Td (Internal ) Tj ET Q q 0 0 0 rg BT 389.42 590.55 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 429.59 590.55 Td (Service ) Tj ET Q q 0 0 0 rg BT 464.51 590.55 Td (\("IRS"\), ) Tj ET Q q 0 0 0 rg BT 502.48 590.55 Td (Her ) Tj ET Q q 0 0 0 rg BT 521.66 590.55 Td (Majesty�) Tj ET Q q 0 0 0 rg BT 558.41 590.55 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 88.18 577.95 Td (& ) Tj ET Q q 0 0 0 rg BT 98.28 577.95 Td (Customs, ) Tj ET Q q 0 0 0 rg BT 139.61 577.95 Td (Brazilian ) Tj ET Q q 0 0 0 rg BT 180.04 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 197.14 577.95 Td (other ) Tj ET Q q 0 0 0 rg BT 220.65 577.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 235.42 577.95 Td (authorities ) Tj ET Q q 0 0 0 rg BT 281.68 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 291.79 577.95 Td (various ) Tj ET Q q 0 0 0 rg BT 324.64 577.95 Td (other ) Tj ET Q q 0 0 0 rg BT 348.16 577.95 Td (countries ) Tj ET Q q 0 0 0 rg BT 388.59 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 405.69 577.95 Td (states. ) Tj ET Q q 0 0 0 rg BT 433.44 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 451.71 577.95 Td (following ) Tj ET Q q 0 0 0 rg BT 494.48 577.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 509.25 577.95 Td (years ) Tj ET Q q 0 0 0 rg BT 533.35 577.95 Td (remain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (open ) Tj ET Q q 0 0 0 rg BT 72.11 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 82.48 565.35 Td (income ) Tj ET Q q 0 0 0 rg BT 115.59 565.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 130.62 565.35 Td (examination ) Tj ET Q q 0 0 0 rg BT 184.72 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 199.16 565.35 Td (each ) Tj ET Q q 0 0 0 rg BT 220.59 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 231.54 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 246.57 565.35 Td (more ) Tj ET Q q 0 0 0 rg BT 270.35 565.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 316.87 565.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 370.99 565.35 Td (where ) Tj ET Q q 0 0 0 rg BT 398.84 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 422.62 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 453.40 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 462.60 565.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 494.55 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 504.92 565.35 Td (income ) Tj ET Q q 0 0 0 rg BT 538.02 565.35 Td (taxes: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (after ) Tj ET Q q 0 0 0 rg BT 71.14 552.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 96.29 552.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 119.69 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 134.34 552.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 155.42 552.75 Td (federal; ) Tj ET Q q 0 0 0 rg BT 189.89 552.75 Td (after ) Tj ET Q q 0 0 0 rg BT 211.53 552.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 236.68 552.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 260.08 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 274.73 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.97 552.75 Td (U.K.; ) Tj ET Q q 0 0 0 rg BT 315.71 552.75 Td (after ) Tj ET Q q 0 0 0 rg BT 337.35 552.75 Td (calendar ) Tj ET Q q 0 0 0 rg BT 375.31 552.75 Td (year ) Tj ET Q q 0 0 0 rg BT 395.79 552.75 Td (2008 ) Tj ET Q q 0 0 0 rg BT 419.20 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 433.85 552.75 Td (Brazil; ) Tj ET Q q 0 0 0 rg BT 464.83 552.75 Td (after ) Tj ET Q q 0 0 0 rg BT 486.47 552.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 511.61 552.75 Td (2012 ) Tj ET Q q 0 0 0 rg BT 535.02 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 549.67 552.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (state ) Tj ET Q q 0 0 0 rg BT 70.37 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 80.75 540.15 Td (California; ) Tj ET Q q 0 0 0 rg BT 127.86 540.15 Td (after ) Tj ET Q q 0 0 0 rg BT 148.72 540.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 173.09 540.15 Td (2008 ) Tj ET Q q 0 0 0 rg BT 195.72 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 209.59 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 224.05 540.15 Td (state ) Tj ET Q q 0 0 0 rg BT 244.92 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 255.30 540.15 Td (New ) Tj ET Q q 0 0 0 rg BT 276.51 540.15 Td (Y) Tj ET Q q 0 0 0 rg BT 283.04 540.15 Td (ork; ) Tj ET Q q 0 0 0 rg BT 301.59 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 318.38 540.15 Td (after ) Tj ET Q q 0 0 0 rg BT 339.24 540.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 363.60 540.15 Td (2013 ) Tj ET Q q 0 0 0 rg BT 386.23 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 400.11 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 414.56 540.15 Td (states ) Tj ET Q q 0 0 0 rg BT 439.52 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 449.90 540.15 Td (Connecticut ) Tj ET Q q 0 0 0 rg BT 502.26 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 519.05 540.15 Td (Maryland. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.05 527.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.11 527.55 Td (does ) Tj ET Q q 0 0 0 rg BT 135.59 527.55 Td (not ) Tj ET Q q 0 0 0 rg BT 152.23 527.55 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 196.28 527.55 Td (making ) Tj ET Q q 0 0 0 rg BT 231.00 527.55 Td (any ) Tj ET Q q 0 0 0 rg BT 249.39 527.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 296.94 527.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 318.83 527.55 Td (payments ) Tj ET Q q 0 0 0 rg BT 362.30 527.55 Td (with ) Tj ET Q q 0 0 0 rg BT 384.20 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 400.25 527.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 446.64 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 458.61 527.55 Td (these ) Tj ET Q q 0 0 0 rg BT 483.42 527.55 Td (audits ) Tj ET Q q 0 0 0 rg BT 511.73 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 523.12 527.55 Td (excess ) Tj ET Q q 0 0 0 rg BT 553.76 527.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 87.71 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 106.08 514.95 Td (have ) Tj ET Q q 0 0 0 rg BT 128.52 514.95 Td (been ) Tj ET Q q 0 0 0 rg BT 150.97 514.95 Td (reserved.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Except ) Tj ET Q q 0 0 0 rg BT 80.31 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 90.70 489.75 Td (noted ) Tj ET Q q 0 0 0 rg BT 115.69 489.75 Td (below) Tj ET Q q 0 0 0 rg BT 140.66 489.75 Td (, ) Tj ET Q q 0 0 0 rg BT 144.94 489.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 168.17 489.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 198.40 489.75 Td (intends ) Tj ET Q q 0 0 0 rg BT 230.39 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 240.21 489.75 Td (permanently ) Tj ET Q q 0 0 0 rg BT 294.34 489.75 Td (reinvest ) Tj ET Q q 0 0 0 rg BT 329.23 489.75 Td (overseas ) Tj ET Q q 0 0 0 rg BT 367.04 489.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 421.77 489.75 Td (all ) Tj ET Q q 0 0 0 rg BT 433.92 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 444.32 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.80 489.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 507.10 489.75 Td (undistributed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 86.53 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 96.73 477.15 Td (its ) Tj ET Q q 0 0 0 rg BT 108.10 477.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 139.88 477.15 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 193.53 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 194.67 477.15 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 246.47 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 250.55 477.15 Td (no ) Tj ET Q q 0 0 0 rg BT 262.50 477.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 305.95 477.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 326.07 477.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 356.67 477.15 Td (income ) Tj ET Q q 0 0 0 rg BT 389.03 477.15 Td (taxes ) Tj ET Q q 0 0 0 rg BT 412.06 477.15 Td (have ) Tj ET Q q 0 0 0 rg BT 433.33 477.15 Td (been ) Tj ET Q q 0 0 0 rg BT 454.61 477.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 493.39 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 507.08 477.15 Td (undistributed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 87.48 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 98.06 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 113.29 464.55 Td (extent ) Tj ET Q q 0 0 0 rg BT 141.36 464.55 Td (that ) Tj ET Q q 0 0 0 rg BT 159.51 464.55 Td (they ) Tj ET Q q 0 0 0 rg BT 180.00 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 195.22 464.55 Td (permanently ) Tj ET Q q 0 0 0 rg BT 250.11 464.55 Td (reinvested ) Tj ET Q q 0 0 0 rg BT 295.67 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 306.25 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 330.23 464.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 367.20 464.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 399.93 464.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 448.70 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 451.11 464.55 Td (However) Tj ET Q q 0 0 0 rg BT 489.17 464.55 Td (, ) Tj ET Q q 0 0 0 rg BT 494.21 464.55 Td (if ) Tj ET Q q 0 0 0 rg BT 503.03 464.55 Td (circumstances ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (change, ) Tj ET Q q 0 0 0 rg BT 84.48 451.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 108.68 451.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 139.89 451.95 Td (will ) Tj ET Q q 0 0 0 rg BT 158.85 451.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 193.55 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 208.42 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 226.20 451.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 243.99 451.95 Td (any ) Tj ET Q q 0 0 0 rg BT 261.78 451.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 306.39 451.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 327.69 451.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 351.89 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 362.68 451.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 411.37 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 432.67 451.95 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 483.69 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 495.06 451.95 Td (these ) Tj ET Q q 0 0 0 rg BT 519.26 451.95 Td (earnings.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (During ) Tj ET Q q 0 0 0 rg BT 82.06 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 97.70 426.75 Td (year ) Tj ET Q q 0 0 0 rg BT 118.58 426.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 146.47 426.75 Td (March ) Tj ET Q q 0 0 0 rg BT 176.69 426.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 192.62 426.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 219.06 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 243.45 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 274.85 426.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 332.48 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 339.96 426.75 Td (restructure ) Tj ET Q q 0 0 0 rg BT 387.66 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 399.22 426.75 Td (its ) Tj ET Q q 0 0 0 rg BT 411.96 426.75 Td (of) Tj ET Q q 0 0 0 rg BT 420.51 426.75 Td (fshore ) Tj ET Q q 0 0 0 rg BT 449.57 426.75 Td (holding ) Tj ET Q q 0 0 0 rg BT 484.47 426.75 Td (company ) Tj ET Q q 0 0 0 rg BT 525.77 426.75 Td (structure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (which ) Tj ET Q q 0 0 0 rg BT 77.07 414.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 112.21 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 122.29 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 137.02 414.15 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 187.33 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 197.98 414.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.54 414.15 Td ($1) Tj ET Q q 0 0 0 rg BT 270.65 414.15 Td (1,600) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.27 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 296.18 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 306.83 414.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 339.06 414.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 376.54 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 393.61 414.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 428.75 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 438.83 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 445.40 414.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 460.13 414.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 491.19 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 501.85 414.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td ($17,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.63 401.55 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.64 376.35 Td (order ) Tj ET Q q 0 0 0 rg BT 85.19 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 95.75 376.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 132.54 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 147.76 376.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 181.65 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 192.79 376.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 213.85 376.35 Td (available ) Tj ET Q q 0 0 0 rg BT 254.13 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 264.70 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 279.92 376.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 300.99 376.35 Td (for ) Tj ET Q q 0 0 0 rg BT 315.62 376.35 Td (general ) Tj ET Q q 0 0 0 rg BT 348.92 376.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 390.95 376.35 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 433.30 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 457.27 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 488.25 376.35 Td (plans ) Tj ET Q q 0 0 0 rg BT 512.81 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 523.37 376.35 Td (utilize ) Tj ET Q q 0 0 0 rg BT 552.01 376.35 Td (up ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.68 363.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 124.34 363.75 Td ($276,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 163.71 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 166.72 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 178.48 363.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 211.81 363.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 233.48 363.75 Td (over ) Tj ET Q q 0 0 0 rg BT 255.14 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 270.98 363.75 Td (next ) Tj ET Q q 0 0 0 rg BT 292.07 363.75 Td (several ) Tj ET Q q 0 0 0 rg BT 324.81 363.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 352.60 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 364.36 363.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.03 363.75 Td ($4,255) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.90 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 424.91 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 434.92 363.75 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 490.99 363.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 524.32 363.75 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 565.14 363.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (Any ) Tj ET Q q 0 0 0 rg BT 71.36 351.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 117.13 351.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 133.74 351.15 Td (provision ) Tj ET Q q 0 0 0 rg BT 177.19 351.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 224.11 351.15 Td (with ) Tj ET Q q 0 0 0 rg BT 246.56 351.15 Td (these ) Tj ET Q q 0 0 0 rg BT 271.92 351.15 Td (repatriations ) Tj ET Q q 0 0 0 rg BT 328.18 351.15 Td (was ) Tj ET Q q 0 0 0 rg BT 348.28 351.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 396.39 351.15 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 448.85 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 452.63 351.15 Td (No ) Tj ET Q q 0 0 0 rg BT 469.24 351.15 Td (further ) Tj ET Q q 0 0 0 rg BT 501.59 351.15 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 553.76 351.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 104.28 338.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 126.42 338.55 Td (period ) Tj ET Q q 0 0 0 rg BT 154.98 338.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 187.02 338.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 224.32 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 233.06 338.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 272.68 338.55 Td (planned. ) Tj ET Q q 0 0 0 rg BT 310.28 338.55 Td (�However) Tj ET Q q 0 0 0 rg BT 350.96 338.55 Td (, ) Tj ET Q q 0 0 0 rg BT 355.32 338.55 Td (if ) Tj ET Q q 0 0 0 rg BT 363.46 338.55 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 424.66 338.55 Td (change, ) Tj ET Q q 0 0 0 rg BT 458.75 338.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 482.05 338.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 512.36 338.55 Td (will ) Tj ET Q q 0 0 0 rg BT 530.42 338.55 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.28 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 81.98 325.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 99.68 325.95 Td (any ) Tj ET Q q 0 0 0 rg BT 117.38 325.95 Td (applicable ) Tj ET Q q 0 0 0 rg BT 163.06 325.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 207.59 325.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 228.80 325.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 252.91 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 263.62 325.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 312.22 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 333.43 325.95 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 384.36 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 395.65 325.95 Td (of) Tj ET Q q 0 0 0 rg BT 404.21 325.95 Td (fshore ) Tj ET Q q 0 0 0 rg BT 432.98 325.95 Td (funds. ) Tj ET Q q 0 0 0 rg BT 461.48 325.95 Td (�It ) Tj ET Q q 0 0 0 rg BT 473.06 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 482.60 325.95 Td (not ) Tj ET Q q 0 0 0 rg BT 498.55 325.95 Td (practical ) Tj ET Q q 0 0 0 rg BT 537.23 325.95 Td (at ) Tj ET Q q 0 0 0 rg BT 547.35 325.95 Td (this ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (time ) Tj ET Q q 0 0 0 rg BT 70.92 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 81.83 313.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 126.57 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 142.15 313.35 Td (income ) Tj ET Q q 0 0 0 rg BT 175.81 313.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 191.39 313.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 226.80 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 245.30 313.35 Td (would ) Tj ET Q q 0 0 0 rg BT 274.30 313.35 Td (result ) Tj ET Q q 0 0 0 rg BT 300.38 313.35 Td (from ) Tj ET Q q 0 0 0 rg BT 323.55 313.35 Td (any ) Tj ET Q q 0 0 0 rg BT 341.46 313.35 Td (further ) Tj ET Q q 0 0 0 rg BT 372.78 313.35 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 423.93 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 435.42 313.35 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 491.23 313.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 524.31 313.35 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 565.13 313.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.01 300.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.54 300.75 Td (had ) Tj ET Q q 0 0 0 rg BT 123.64 300.75 Td (available ) Tj ET Q q 0 0 0 rg BT 164.47 300.75 Td (domestically ) Tj ET Q q 0 0 0 rg BT 221.06 300.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 242.66 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 260.76 300.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 282.36 300.75 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 333.12 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 344.80 300.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.39 300.75 Td ($438,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.77 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 450.70 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 462.39 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 474.08 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 504.42 300.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 520.48 300.75 Td (2017; ) Tj ET Q q 0 0 0 rg BT 547.34 300.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.63 288.15 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.01 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 109.98 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 121.70 288.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 167.25 288.15 Td (undrawn ) Tj ET Q q 0 0 0 rg BT 206.96 288.15 Td (capacity ) Tj ET Q q 0 0 0 rg BT 244.91 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 258.39 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 275.36 288.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 318.57 288.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 345.45 288.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 378.16 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 389.30 288.15 Td (meet ) Tj ET Q q 0 0 0 rg BT 412.68 288.15 Td (domestic ) Tj ET Q q 0 0 0 rg BT 453.56 288.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 492.13 288.15 Td (needs, ) Tj ET Q q 0 0 0 rg BT 521.63 288.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.35 288.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (compliance ) Tj ET Q q 0 0 0 rg BT 100.75 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 122.27 275.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 168.27 275.55 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 215.74 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 233.75 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 244.77 275.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 279.70 275.55 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 323.97 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 334.99 275.55 Td (maximizing ) Tj ET Q q 0 0 0 rg BT 388.00 275.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 407.77 275.55 Td (ef) Tj ET Q q 0 0 0 rg BT 415.74 275.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 447.16 275.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 478.00 275.55 Td (deployment ) Tj ET Q q 0 0 0 rg BT 530.43 275.55 Td (without ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (repatriating ) Tj ET Q q 0 0 0 rg BT 100.52 262.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 145.14 262.95 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 200.82 262.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 233.76 262.95 Td (earnings.) Tj ET Q endstream endobj 263 0 obj <>] /Rotate 0 /Contents 264 0 R>> endobj 264 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (129) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.25 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 741.90 Td (COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 146.55 741.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 171.92 741.90 Td (CONTINGENCIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.19 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.20 716.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.41 716.70 Td (leases ) Tj ET Q q 0 0 0 rg BT 130.11 716.70 Td (of) Tj ET Q q 0 0 0 rg BT 138.67 716.70 Td (fice ) Tj ET Q q 0 0 0 rg BT 156.03 716.70 Td (facilities ) Tj ET Q q 0 0 0 rg BT 193.81 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 210.60 716.70 Td (equipment ) Tj ET Q q 0 0 0 rg BT 256.56 716.70 Td (under ) Tj ET Q q 0 0 0 rg BT 282.09 716.70 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 347.26 716.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 388.54 716.70 Td (leases, ) Tj ET Q q 0 0 0 rg BT 417.87 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 434.66 716.70 Td (also ) Tj ET Q q 0 0 0 rg BT 453.20 716.70 Td (has ) Tj ET Q q 0 0 0 rg BT 468.83 716.70 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 514.19 716.70 Td (agreements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.06 704.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 94.45 704.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 132.71 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.40 704.10 Td (These ) Tj ET Q q 0 0 0 rg BT 161.29 704.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 188.18 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.17 704.10 Td (service ) Tj ET Q q 0 0 0 rg BT 236.72 704.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 286.35 704.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 314.40 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 326.73 704.10 Td (varying ) Tj ET Q q 0 0 0 rg BT 360.62 704.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 384.02 704.10 Td (through ) Tj ET Q q 0 0 0 rg BT 418.50 704.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 443.06 704.10 Td (2028. ) Tj ET Q q 0 0 0 rg BT 468.50 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.33 704.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 503.05 704.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 529.94 704.10 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (for ) Tj ET Q q 0 0 0 rg BT 64.92 691.50 Td (renewal ) Tj ET Q q 0 0 0 rg BT 100.83 691.50 Td (options ) Tj ET Q q 0 0 0 rg BT 134.43 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 152.27 691.50 Td (contain ) Tj ET Q q 0 0 0 rg BT 185.85 691.50 Td (escalation ) Tj ET Q q 0 0 0 rg BT 230.51 691.50 Td (clauses ) Tj ET Q q 0 0 0 rg BT 263.52 691.50 Td (providing ) Tj ET Q q 0 0 0 rg BT 307.03 691.50 Td (for ) Tj ET Q q 0 0 0 rg BT 321.95 691.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 364.27 691.50 Td (rentals ) Tj ET Q q 0 0 0 rg BT 394.94 691.50 Td (based ) Tj ET Q q 0 0 0 rg BT 421.52 691.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 445.20 691.50 Td (maintenance, ) Tj ET Q q 0 0 0 rg BT 503.56 691.50 Td (utility ) Tj ET Q q 0 0 0 rg BT 531.33 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 691.50 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (increases.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (As ) Tj ET Q q 0 0 0 rg BT 63.87 653.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.82 653.70 Td (March ) Tj ET Q q 0 0 0 rg BT 104.43 653.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.76 653.70 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.76 653.70 Td (, ) Tj ET Q q 0 0 0 rg BT 145.59 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 160.62 653.70 Td (minimum ) Tj ET Q q 0 0 0 rg BT 203.66 653.70 Td (annual ) Tj ET Q q 0 0 0 rg BT 233.85 653.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 276.86 653.70 Td (rentals ) Tj ET Q q 0 0 0 rg BT 307.05 653.70 Td (under ) Tj ET Q q 0 0 0 rg BT 333.16 653.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 375.02 653.70 Td (leases ) Tj ET Q q 0 0 0 rg BT 402.29 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 419.66 653.70 Td (service ) Tj ET Q q 0 0 0 rg BT 451.59 653.70 Td (agreements ) Tj ET Q q 0 0 0 rg BT 501.61 653.70 Td (are ) Tj ET Q q 0 0 0 rg BT 516.63 653.70 Td (as ) Tj ET Q q 0 0 0 rg BT 527.58 653.70 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.20 448.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 643.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 643.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.20 448.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 613.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 613.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 583.20 448.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 583.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 583.20 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 553.20 448.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 553.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 553.20 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 553.2 m 498.5 553.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 538.2 m 498.5 538.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 553.2 m 562.5 553.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 538.2 m 562.5 538.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 632.97 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 632.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 632.97 Td (128,445) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 617.97 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 617.97 Td (105,864) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 602.97 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 602.97 Td (93,154) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 587.97 Td (2021) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 587.97 Td (84,339) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 572.97 Td (2022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 572.97 Td (83,302) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 557.97 Td (Thereafter) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 557.97 Td (182,872) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 542.97 Td (T) Tj ET Q q 0 0 0 rg BT 58.68 542.97 Td (otal) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 74.43 547.73 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 542.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 542.97 Td (677,976) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 528.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 62.04 528.50 Td (Includes ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 92.96 528.50 Td ($615,651) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 124.83 528.50 Td ( ) Tj ET Q q 0 0 0 rg BT 126.96 528.50 Td (in ) Tj ET Q q 0 0 0 rg BT 135.69 528.50 Td (real ) Tj ET Q q 0 0 0 rg BT 150.56 528.50 Td (estate ) Tj ET Q q 0 0 0 rg BT 172.03 528.50 Td (and ) Tj ET Q q 0 0 0 rg BT 186.43 528.50 Td (equipment ) Tj ET Q q 0 0 0 rg BT 224.44 528.50 Td (leases ) Tj ET Q q 0 0 0 rg BT 246.86 528.50 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 261.26 528.50 Td ($62,325) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 288.88 528.50 Td ( ) Tj ET Q q 0 0 0 rg BT 291.01 528.50 Td (in ) Tj ET Q q 0 0 0 rg BT 299.74 528.50 Td (service ) Tj ET Q q 0 0 0 rg BT 325.94 528.50 Td (and ) Tj ET Q q 0 0 0 rg BT 340.34 528.50 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 385.41 528.50 Td (agreements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 503.30 Td (The ) Tj ET Q q 0 0 0 rg BT 69.29 503.30 Td (minimum ) Tj ET Q q 0 0 0 rg BT 113.09 503.30 Td (rental ) Tj ET Q q 0 0 0 rg BT 139.96 503.30 Td (commitments ) Tj ET Q q 0 0 0 rg BT 200.09 503.30 Td (shown ) Tj ET Q q 0 0 0 rg BT 230.47 503.30 Td (above ) Tj ET Q q 0 0 0 rg BT 258.51 503.30 Td (have ) Tj ET Q q 0 0 0 rg BT 281.29 503.30 Td (not ) Tj ET Q q 0 0 0 rg BT 297.68 503.30 Td (been ) Tj ET Q q 0 0 0 rg BT 320.46 503.30 Td (reduced ) Tj ET Q q 0 0 0 rg BT 356.66 503.30 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.12 503.30 Td ($126,280) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.50 503.30 Td ( ) Tj ET Q q 0 0 0 rg BT 412.46 503.30 Td (for ) Tj ET Q q 0 0 0 rg BT 427.67 503.30 Td (minimum ) Tj ET Q q 0 0 0 rg BT 471.47 503.30 Td (sublease ) Tj ET Q q 0 0 0 rg BT 510.01 503.30 Td (rentals ) Tj ET Q q 0 0 0 rg BT 540.96 503.30 Td (to ) Tj ET Q q 0 0 0 rg BT 552.09 503.30 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 490.70 Td (received ) Tj ET Q q 0 0 0 rg BT 87.51 490.70 Td (in ) Tj ET Q q 0 0 0 rg BT 97.63 490.70 Td (the ) Tj ET Q q 0 0 0 rg BT 112.41 490.70 Td (future ) Tj ET Q q 0 0 0 rg BT 139.43 490.70 Td (under ) Tj ET Q q 0 0 0 rg BT 165.29 490.70 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 230.79 490.70 Td (subleases, ) Tj ET Q q 0 0 0 rg BT 275.02 490.70 Td (of ) Tj ET Q q 0 0 0 rg BT 285.72 490.70 Td (which ) Tj ET Q q 0 0 0 rg BT 313.34 490.70 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 375.94 490.70 Td (35%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.18 490.70 Td ( ) Tj ET Q q 0 0 0 rg BT 397.14 490.70 Td (is ) Tj ET Q q 0 0 0 rg BT 406.09 490.70 Td (due ) Tj ET Q q 0 0 0 rg BT 423.21 490.70 Td (from ) Tj ET Q q 0 0 0 rg BT 445.57 490.70 Td (one ) Tj ET Q q 0 0 0 rg BT 462.68 490.70 Td (counterparty) Tj ET Q q 0 0 0 rg BT 515.06 490.70 Td (.��) Tj ET Q q 0 0 0 rg BT 522.74 490.70 Td (The ) Tj ET Q q 0 0 0 rg BT 541.02 490.70 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 82.67 478.10 Td (liability) Tj ET Q q 0 0 0 rg BT 114.65 478.10 Td (, ) Tj ET Q q 0 0 0 rg BT 119.63 478.10 Td (which ) Tj ET Q q 0 0 0 rg BT 147.65 478.10 Td (is ) Tj ET Q q 0 0 0 rg BT 157.00 478.10 Td (included ) Tj ET Q q 0 0 0 rg BT 195.51 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.04 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.22 478.10 Td (table ) Tj ET Q q 0 0 0 rg BT 243.98 478.10 Td (below) Tj ET Q q 0 0 0 rg BT 268.96 478.10 Td (, ) Tj ET Q q 0 0 0 rg BT 273.94 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 288.54 478.10 Td (space ) Tj ET Q q 0 0 0 rg BT 314.21 478.10 Td (subleased ) Tj ET Q q 0 0 0 rg BT 357.39 478.10 Td (as ) Tj ET Q q 0 0 0 rg BT 368.49 478.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.59 478.10 Td (March ) Tj ET Q q 0 0 0 rg BT 409.35 478.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 424.83 478.10 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.83 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.18 478.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.70 478.10 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.70 478.10 Td (, ) Tj ET Q q 0 0 0 rg BT 491.68 478.10 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.36 478.10 Td ($28,821) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.48 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.84 478.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 465.50 Td ($31,745) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 465.50 Td (, ) Tj ET Q q 0 0 0 rg BT 88.85 465.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 138.90 465.50 Td (. ) Tj ET Q q 0 0 0 rg BT 143.63 465.50 Td ( ) Tj ET Q q 0 0 0 rg BT 145.73 465.50 Td (If ) Tj ET Q q 0 0 0 rg BT 154.82 465.50 Td (a ) Tj ET Q q 0 0 0 rg BT 161.59 465.50 Td (sub-tenant ) Tj ET Q q 0 0 0 rg BT 207.43 465.50 Td (defaults ) Tj ET Q q 0 0 0 rg BT 242.77 465.50 Td (on ) Tj ET Q q 0 0 0 rg BT 255.37 465.50 Td (a ) Tj ET Q q 0 0 0 rg BT 262.13 465.50 Td (sublease, ) Tj ET Q q 0 0 0 rg BT 302.43 465.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 326.11 465.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 356.79 465.50 Td (may ) Tj ET Q q 0 0 0 rg BT 376.97 465.50 Td (incur ) Tj ET Q q 0 0 0 rg BT 400.65 465.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 442.41 465.50 Td (char) Tj ET Q q 0 0 0 rg BT 460.28 465.50 Td (ges ) Tj ET Q q 0 0 0 rg BT 476.38 465.50 Td (to ) Tj ET Q q 0 0 0 rg BT 486.65 465.50 Td (adjust ) Tj ET Q q 0 0 0 rg BT 513.84 465.50 Td (the ) Tj ET Q q 0 0 0 rg BT 528.77 465.50 Td (existing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.90 Td (lease ) Tj ET Q q 0 0 0 rg BT 72.89 452.90 Td (reserve ) Tj ET Q q 0 0 0 rg BT 105.11 452.90 Td (liability ) Tj ET Q q 0 0 0 rg BT 139.68 452.90 Td (to ) Tj ET Q q 0 0 0 rg BT 149.76 452.90 Td (reflect ) Tj ET Q q 0 0 0 rg BT 178.48 452.90 Td (expected ) Tj ET Q q 0 0 0 rg BT 217.69 452.90 Td (future ) Tj ET Q q 0 0 0 rg BT 244.67 452.90 Td (sublease ) Tj ET Q q 0 0 0 rg BT 282.15 452.90 Td (rentals ) Tj ET Q q 0 0 0 rg BT 312.05 452.90 Td (at ) Tj ET Q q 0 0 0 rg BT 321.53 452.90 Td (reduced ) Tj ET Q q 0 0 0 rg BT 356.67 452.90 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 396.78 452.90 Td (dependent ) Tj ET Q q 0 0 0 rg BT 441.84 452.90 Td (on ) Tj ET Q q 0 0 0 rg BT 454.25 452.90 Td (the ) Tj ET Q q 0 0 0 rg BT 468.98 452.90 Td (commercial ) Tj ET Q q 0 0 0 rg BT 520.45 452.90 Td (real ) Tj ET Q q 0 0 0 rg BT 538.09 452.90 Td (estate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 440.30 Td (market ) Tj ET Q q 0 0 0 rg BT 81.78 440.30 Td (at ) Tj ET Q q 0 0 0 rg BT 91.98 440.30 Td (such ) Tj ET Q q 0 0 0 rg BT 113.85 440.30 Td (time.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.83 415.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 110.18 415.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 135.59 415.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 194.26 415.10 Td (shown ) Tj ET Q q 0 0 0 rg BT 223.19 415.10 Td (above ) Tj ET Q q 0 0 0 rg BT 249.77 415.10 Td (also ) Tj ET Q q 0 0 0 rg BT 268.19 415.10 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.61 415.10 Td ($20,443) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.73 415.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.24 415.10 Td (for ) Tj ET Q q 0 0 0 rg BT 350.00 415.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 408.67 415.10 Td (related ) Tj ET Q q 0 0 0 rg BT 438.74 415.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.42 415.10 Td (space ) Tj ET Q q 0 0 0 rg BT 473.24 415.10 Td (that ) Tj ET Q q 0 0 0 rg BT 490.50 415.10 Td (has ) Tj ET Q q 0 0 0 rg BT 506.00 415.10 Td (been ) Tj ET Q q 0 0 0 rg BT 527.33 415.10 Td (vacated, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 402.50 Td (but ) Tj ET Q q 0 0 0 rg BT 65.83 402.50 Td (for ) Tj ET Q q 0 0 0 rg BT 80.49 402.50 Td (which ) Tj ET Q q 0 0 0 rg BT 108.56 402.50 Td (subleases ) Tj ET Q q 0 0 0 rg BT 150.63 402.50 Td (are ) Tj ET Q q 0 0 0 rg BT 165.87 402.50 Td (being ) Tj ET Q q 0 0 0 rg BT 191.61 402.50 Td (pursued. ) Tj ET Q q 0 0 0 rg BT 229.72 402.50 Td (The ) Tj ET Q q 0 0 0 rg BT 248.45 402.50 Td (related ) Tj ET Q q 0 0 0 rg BT 279.43 402.50 Td (lease ) Tj ET Q q 0 0 0 rg BT 302.83 402.50 Td (reserve ) Tj ET Q q 0 0 0 rg BT 335.56 402.50 Td (liability) Tj ET Q q 0 0 0 rg BT 367.54 402.50 Td (, ) Tj ET Q q 0 0 0 rg BT 372.58 402.50 Td (also ) Tj ET Q q 0 0 0 rg BT 391.91 402.50 Td (included ) Tj ET Q q 0 0 0 rg BT 430.48 402.50 Td (in ) Tj ET Q q 0 0 0 rg BT 441.06 402.50 Td (the ) Tj ET Q q 0 0 0 rg BT 456.30 402.50 Td (table ) Tj ET Q q 0 0 0 rg BT 479.12 402.50 Td (below) Tj ET Q q 0 0 0 rg BT 504.10 402.50 Td (, ) Tj ET Q q 0 0 0 rg BT 509.14 402.50 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.88 402.50 Td ($10,867) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.53 389.90 Td ($20,495) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 101.65 389.90 Td ( ) Tj ET Q q 0 0 0 rg BT 104.02 389.90 Td (as ) Tj ET Q q 0 0 0 rg BT 115.13 389.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.25 389.90 Td (March ) Tj ET Q q 0 0 0 rg BT 156.02 389.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.51 389.90 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.51 389.90 Td ( ) Tj ET Q q 0 0 0 rg BT 194.88 389.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.41 389.90 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.41 389.90 Td (, ) Tj ET Q q 0 0 0 rg BT 238.40 389.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 288.45 389.90 Td (, ) Tj ET Q q 0 0 0 rg BT 293.44 389.90 Td (and ) Tj ET Q q 0 0 0 rg BT 310.97 389.90 Td (remains ) Tj ET Q q 0 0 0 rg BT 346.57 389.90 Td (subject ) Tj 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0 rg BT 410.92 352.10 Td (markets. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.90 Td (During ) Tj ET Q q 0 0 0 rg BT 81.28 326.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 105.55 326.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 128.08 326.90 Td (and ) Tj ET Q q 0 0 0 rg BT 144.77 326.90 Td (the ) Tj ET Q q 0 0 0 rg BT 159.13 326.90 Td (first ) Tj ET Q q 0 0 0 rg BT 177.57 326.90 Td (and ) Tj ET Q q 0 0 0 rg BT 194.26 326.90 Td (second ) Tj ET Q q 0 0 0 rg BT 224.95 326.90 Td (quarters ) Tj ET Q q 0 0 0 rg BT 260.30 326.90 Td (of ) Tj ET Q q 0 0 0 rg BT 270.58 326.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 294.85 326.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 320.00 326.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 350.09 326.90 Td (of) Tj ET Q q 0 0 0 rg BT 358.65 326.90 Td (fice ) Tj ET Q q 0 0 0 rg BT 375.92 326.90 Td (space ) Tj ET Q q 0 0 0 rg BT 400.77 326.90 Td (was ) Tj ET Q q 0 0 0 rg BT 418.63 326.90 Td (permanently ) Tj ET Q q 0 0 0 rg BT 472.64 326.90 Td (vacated ) Tj ET Q q 0 0 0 rg BT 506.23 326.90 Td (in ) Tj ET Q q 0 0 0 rg BT 515.93 326.90 Td (connection ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 314.30 Td (with ) Tj ET Q q 0 0 0 rg BT 70.92 314.30 Td (the ) Tj ET Q q 0 0 0 rg BT 86.00 314.30 Td (combination ) Tj ET Q q 0 0 0 rg BT 140.74 314.30 Td (of ) Tj ET Q q 0 0 0 rg BT 151.73 314.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 169.44 314.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 187.44 314.30 Td (and ) Tj ET Q q 0 0 0 rg BT 204.85 314.30 Td (Permal ) Tj ET Q q 0 0 0 rg BT 236.84 314.30 Td (\(further ) Tj ET Q q 0 0 0 rg BT 271.16 314.30 Td (described ) Tj ET Q q 0 0 0 rg BT 313.64 314.30 Td (in ) Tj ET Q q 0 0 0 rg BT 324.06 314.30 Td (Note ) Tj ET Q q 0 0 0 rg BT 346.72 314.30 Td (2\). ) Tj ET Q q 0 0 0 rg BT 360.34 314.30 Td (During ) Tj ET Q q 0 0 0 rg BT 392.33 314.30 Td (the ) Tj ET Q q 0 0 0 rg BT 407.41 314.30 Td (year ) Tj ET Q q 0 0 0 rg BT 427.73 314.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 455.05 314.30 Td (March ) Tj ET Q q 0 0 0 rg BT 484.70 314.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 500.08 314.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 525.95 314.30 Td (the ) Tj ET Q q 0 0 0 rg BT 541.03 314.30 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 301.70 Td (related ) Tj ET Q q 0 0 0 rg BT 80.79 301.70 Td (to ) Tj ET Q q 0 0 0 rg BT 91.18 301.70 Td (a ) Tj ET Q q 0 0 0 rg BT 98.07 301.70 Td (portion ) Tj ET Q q 0 0 0 rg BT 130.63 301.70 Td (of ) Tj ET Q q 0 0 0 rg BT 141.60 301.70 Td (this ) Tj ET Q q 0 0 0 rg BT 159.00 301.70 Td (space ) Tj ET Q q 0 0 0 rg BT 184.55 301.70 Td (was ) Tj ET Q q 0 0 0 rg BT 203.10 301.70 Td (terminated, ) Tj ET Q q 0 0 0 rg BT 252.85 301.70 Td (resulting ) Tj ET Q q 0 0 0 rg BT 291.82 301.70 Td (in ) Tj ET Q q 0 0 0 rg BT 302.22 301.70 Td (a ) Tj ET Q q 0 0 0 rg BT 309.11 301.70 Td (reduction ) Tj ET Q q 0 0 0 rg BT 350.99 301.70 Td (in ) Tj ET Q q 0 0 0 rg BT 361.38 301.70 Td (the ) Tj ET Q q 0 0 0 rg BT 376.43 301.70 Td (lease ) Tj ET Q q 0 0 0 rg BT 399.65 301.70 Td (reserve ) Tj ET Q q 0 0 0 rg BT 432.18 301.70 Td (liability ) Tj ET Q q 0 0 0 rg BT 467.08 301.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.05 301.70 Td ($4,495) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.92 301.70 Td (. ) Tj ET Q q 0 0 0 rg BT 511.78 301.70 Td ( ) Tj ET Q q 0 0 0 rg BT 514.00 301.70 Td (In ) Tj ET Q q 0 0 0 rg BT 524.98 301.70 Td (addition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (during ) Tj ET Q q 0 0 0 rg BT 79.93 289.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 105.18 289.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 131.31 289.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 162.39 289.10 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 218.54 289.10 Td (space ) Tj ET Q q 0 0 0 rg BT 244.37 289.10 Td (was ) Tj ET Q q 0 0 0 rg BT 263.22 289.10 Td (permanently ) Tj ET Q q 0 0 0 rg BT 318.21 289.10 Td (vacated ) Tj ET Q q 0 0 0 rg BT 352.78 289.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.46 289.10 Td (pursue ) Tj ET Q q 0 0 0 rg BT 393.97 289.10 Td (a ) Tj ET Q q 0 0 0 rg BT 401.14 289.10 Td (sublease ) Tj ET Q q 0 0 0 rg BT 439.22 289.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 478.48 289.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.16 289.10 Td (an ) Tj ET Q q 0 0 0 rg BT 501.58 289.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 538.49 289.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.17 289.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 276.50 Td (lease ) Tj ET Q q 0 0 0 rg BT 74.09 276.50 Td (reserve ) Tj ET Q q 0 0 0 rg BT 107.50 276.50 Td (of ) Tj ET Q q 0 0 0 rg BT 119.35 276.50 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 183.10 276.50 Td ($7,200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.98 276.50 Td (. ) Tj ET Q q 0 0 0 rg BT 217.70 276.50 Td ( ) Tj ET Q q 0 0 0 rg BT 220.80 276.50 Td (During ) Tj ET Q q 0 0 0 rg BT 253.65 276.50 Td (the ) Tj ET Q q 0 0 0 rg BT 269.58 276.50 Td (year ) Tj ET Q q 0 0 0 rg BT 290.75 276.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 318.93 276.50 Td (March ) Tj ET Q q 0 0 0 rg BT 349.43 276.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 365.66 276.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 392.39 276.50 Td (a ) Tj ET Q q 0 0 0 rg BT 400.15 276.50 Td (sublease ) Tj ET Q q 0 0 0 rg BT 438.82 276.50 Td (was ) Tj ET Q q 0 0 0 rg BT 458.26 276.50 Td (executed ) Tj ET Q q 0 0 0 rg BT 498.67 276.50 Td (for ) Tj ET Q q 0 0 0 rg BT 514.01 276.50 Td (the ) Tj ET Q q 0 0 0 rg BT 529.94 276.50 Td (vacated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.90 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 106.68 263.90 Td (space, ) Tj ET Q q 0 0 0 rg BT 135.66 263.90 Td (resulting ) Tj ET Q q 0 0 0 rg BT 175.44 263.90 Td (in ) Tj ET Q q 0 0 0 rg BT 186.65 263.90 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.35 263.90 Td ($2,700) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.22 263.90 Td ( ) Tj ET Q q 0 0 0 rg BT 226.26 263.90 Td (reduction ) Tj ET Q q 0 0 0 rg BT 268.95 263.90 Td (in ) Tj ET Q q 0 0 0 rg BT 280.15 263.90 Td (the ) Tj ET Q q 0 0 0 rg BT 296.02 263.90 Td (lease ) Tj ET Q q 0 0 0 rg BT 320.04 263.90 Td (reserve ) Tj ET Q q 0 0 0 rg BT 353.39 263.90 Td (liability ) Tj ET Q q 0 0 0 rg BT 389.09 263.90 Td (for ) Tj ET Q q 0 0 0 rg BT 404.38 263.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 430.74 263.90 Td (more ) Tj ET Q q 0 0 0 rg BT 455.35 263.90 Td (favorable ) Tj ET Q q 0 0 0 rg BT 498.03 263.90 Td (than ) Tj ET Q q 0 0 0 rg BT 519.15 263.90 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 564.64 263.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 251.30 Td (This ) Tj ET Q q 0 0 0 rg BT 71.29 251.30 Td (activity ) Tj ET Q q 0 0 0 rg BT 105.41 251.30 Td (is ) Tj ET Q q 0 0 0 rg BT 115.04 251.30 Td (reflected ) Tj ET Q q 0 0 0 rg BT 154.38 251.30 Td (in ) Tj ET Q q 0 0 0 rg BT 165.18 251.30 Td (the ) Tj ET Q q 0 0 0 rg BT 180.63 251.30 Td (lease ) Tj ET Q q 0 0 0 rg BT 204.24 251.30 Td (reserve ) Tj ET Q q 0 0 0 rg BT 237.18 251.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 272.47 251.30 Td (in ) Tj ET Q q 0 0 0 rg BT 283.26 251.30 Td (the ) Tj ET Q q 0 0 0 rg BT 298.71 251.30 Td (table ) Tj ET Q q 0 0 0 rg BT 321.74 251.30 Td (below) Tj ET Q q 0 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rg /GS0 gs 50.50 678.05 451.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 678.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 678.05 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 650.05 451.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 650.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 650.05 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.05 451.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 622.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 622.05 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 594.05 451.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 594.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 594.05 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 650.05 m 501.5 650.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 650.05 m 562.5 650.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 594.05 m 562.5 594.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 594.05 m 501.5 594.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 579.05 m 501.5 579.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 594.05 m 562.5 594.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 579.05 m 562.5 579.05 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 696.27 Td (Balance as of March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 508.00 696.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 696.27 Td (45,939) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 682.27 Td (Accrued char) Tj ET Q q 0 0 0 rg BT 109.06 682.27 Td (ges for vacated and subleased space ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 262.42 687.03 Td (\(1\) \(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 682.27 Td (14,642) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 668.27 Td (Payments, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 668.27 Td (\(12,689) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 668.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 654.27 Td (Adjustments and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 654.27 Td (4,348) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 640.27 Td (Balance as of March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 640.27 Td (52,240) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 626.27 Td (Accrued char) Tj ET Q q 0 0 0 rg BT 109.06 626.27 Td (ges for vacated and subleased space ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 262.42 631.03 Td (\(1\) \(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 626.27 Td (9,454) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 612.27 Td (Payments, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.10 612.27 Td (\(16,531) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 612.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 598.27 Td (Adjustments and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 598.27 Td (\(5,475) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 598.27 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 583.84 Td (Balance as of Mar) Tj ET Q q 0 0 0 rg BT 134.17 583.84 Td (ch 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 508.00 583.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.60 583.84 Td (39,688) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 569.35 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 569.35 Td (Included ) Tj ET Q q 0 0 0 rg BT 99.86 569.35 Td (in ) Tj ET Q q 0 0 0 rg BT 108.60 569.35 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 148.96 569.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 178.46 569.35 Td (in ) Tj ET Q q 0 0 0 rg BT 187.19 569.35 Td (the ) Tj ET Q q 0 0 0 rg BT 199.70 569.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 246.69 569.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 286.11 569.35 Td (of ) Tj ET Q q 0 0 0 rg BT 295.32 569.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 322.93 569.35 Td (\(Loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 559.15 Td (\() Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 52.66 559.15 Td (2\) ) Tj ET Q q 0 0 0 rg BT 68.00 559.15 Td (Includes ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 99.15 559.15 Td ($9,069) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 122.52 559.15 Td ( ) Tj ET Q q 0 0 0 rg BT 124.88 559.15 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 139.50 559.15 Td ($7,212) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 162.88 559.15 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 165.09 559.15 Td (related ) Tj ET Q q 0 0 0 rg BT 190.56 559.15 Td (to ) Tj ET Q q 0 0 0 rg BT 199.53 559.15 Td (the ) Tj ET Q q 0 0 0 rg BT 212.27 559.15 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 258.05 559.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.48 559.15 Td (Permal ) Tj ET Q q 0 0 0 rg BT 293.91 559.15 Td (for ) Tj ET Q q 0 0 0 rg BT 306.17 559.15 Td (the ) Tj ET Q q 0 0 0 rg BT 318.91 559.15 Td (combination ) Tj ET Q q 0 0 0 rg BT 363.76 559.15 Td (with ) Tj ET Q q 0 0 0 rg BT 381.22 559.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 395.56 559.15 Td (rust ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.66 559.15 Td (for ) Tj ET Q q 0 0 0 rg BT 422.20 559.15 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.19 559.15 Td (years) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.07 559.15 Td ( ) Tj ET Q q 0 0 0 rg BT 453.28 559.15 Td (ended ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.60 559.15 Td (March ) Tj ET Q q 0 0 0 rg BT 497.69 559.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 509.90 559.15 Td (2017) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.90 559.15 Td ( ) Tj ET Q q 0 0 0 rg BT 528.25 559.15 Td (and ) Tj ET Q q 0 0 0 rg BT 542.88 559.15 Td (2016, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 548.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 108.51 548.95 Td (. ) Tj ET Q q 0 0 0 rg BT 112.76 548.95 Td ( ) Tj ET Q q 0 0 0 rg BT 114.89 548.95 Td (See ) Tj ET Q q 0 0 0 rg BT 129.29 548.95 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 147.94 548.95 Td (2) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 152.19 548.95 Td ( ) Tj ET Q q 0 0 0 rg BT 154.31 548.95 Td (for ) Tj ET Q q 0 0 0 rg BT 166.35 548.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 202.47 548.95 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 531.35 Td (The following table reflects rental expense under all operating leases and servicing agreements:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 500.85 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 500.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 500.85 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 500.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 500.85 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 500.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 500.85 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 470.85 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 470.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 470.85 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 470.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 470.85 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 470.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 470.85 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 500.85 m 370.5 500.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 500.85 m 434.5 500.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 500.85 m 498.5 500.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 500.85 m 562.5 500.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 470.85 m 370.5 470.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 470.85 m 434.5 470.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 470.85 m 498.5 470.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 470.85 m 562.5 470.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 455.85 m 370.5 455.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 455.85 m 434.5 455.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 455.85 m 498.5 455.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 455.85 m 562.5 455.85 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.50 505.64 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.50 505.62 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.50 505.62 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 490.62 Td (Rental expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 377.00 490.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.35 490.64 Td (139,781) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.00 490.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.35 490.62 Td (135,850) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 490.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 490.62 Td (136,414) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 475.62 Td (Less: Sublease income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 475.64 Td (21,010) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.60 475.62 Td (21,154) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 475.62 Td (19,672) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 460.62 Td (Net rent expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 377.00 460.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.35 460.64 Td (118,771) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.00 460.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.35 460.62 Td (114,696) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 460.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 460.62 Td (116,742) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 75.04 426.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 107.09 426.15 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 155.44 426.15 Td (rent ) Tj ET Q q 0 0 0 rg BT 175.23 426.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 212.52 426.15 Td (ratably ) Tj ET Q q 0 0 0 rg BT 245.13 426.15 Td (over ) Tj ET Q q 0 0 0 rg BT 267.25 426.15 Td (the ) Tj ET Q q 0 0 0 rg BT 283.55 426.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 308.00 426.15 Td (period ) Tj ET Q q 0 0 0 rg BT 338.29 426.15 Td (based ) Tj ET Q q 0 0 0 rg BT 365.66 426.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 390.12 426.15 Td (the ) Tj ET Q q 0 0 0 rg BT 406.42 426.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 450.69 426.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 475.14 426.15 Td (payments. ) Tj ET Q q 0 0 0 rg BT 521.22 426.15 Td (The ) Tj ET Q q 0 0 0 rg BT 541.01 426.15 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 413.55 Td (period ) Tj ET Q q 0 0 0 rg BT 79.76 413.55 Td (is ) Tj ET Q q 0 0 0 rg BT 89.69 413.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 139.85 413.55 Td (as ) Tj ET Q q 0 0 0 rg BT 151.53 413.55 Td (the ) Tj ET Q q 0 0 0 rg BT 167.29 413.55 Td (original ) Tj ET Q q 0 0 0 rg BT 202.88 413.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 226.80 413.55 Td (term ) Tj ET Q q 0 0 0 rg BT 248.97 413.55 Td (without ) Tj ET Q q 0 0 0 rg BT 283.99 413.55 Td (renewals, ) Tj ET Q q 0 0 0 rg BT 326.86 413.55 Td (unless ) Tj ET Q q 0 0 0 rg BT 356.04 413.55 Td (and ) Tj ET Q q 0 0 0 rg BT 374.13 413.55 Td (until ) Tj ET Q q 0 0 0 rg BT 396.32 413.55 Td (the ) Tj ET Q q 0 0 0 rg BT 412.08 413.55 Td (exercise ) Tj ET Q q 0 0 0 rg BT 449.40 413.55 Td (of ) Tj ET Q q 0 0 0 rg BT 461.08 413.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 485.00 413.55 Td (renewal ) Tj ET Q q 0 0 0 rg BT 521.16 413.55 Td (options ) Tj ET Q q 0 0 0 rg BT 555.01 413.55 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 400.95 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 97.43 400.95 Td (assured, ) Tj ET Q q 0 0 0 rg BT 133.49 400.95 Td (and ) Tj ET Q q 0 0 0 rg BT 150.60 400.95 Td (also ) Tj ET Q q 0 0 0 rg BT 169.46 400.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 206.40 400.95 Td (any ) Tj ET Q q 0 0 0 rg BT 223.50 400.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 256.36 400.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 295.63 400.95 Td (by ) Tj ET Q q 0 0 0 rg BT 308.07 400.95 Td (the ) Tj ET Q q 0 0 0 rg BT 322.85 400.95 Td (landlord ) Tj ET Q q 0 0 0 rg BT 359.79 400.95 Td (as ) Tj ET Q q 0 0 0 rg BT 370.48 400.95 Td (a ) Tj ET Q q 0 0 0 rg BT 377.09 400.95 Td ("free ) Tj ET Q q 0 0 0 rg BT 399.63 400.95 Td (rent" ) Tj ET Q q 0 0 0 rg BT 422.19 400.95 Td (period. ) Tj ET Q q 0 0 0 rg BT 453.16 400.95 Td (Aggregate ) Tj ET Q q 0 0 0 rg BT 498.83 400.95 Td (lease ) Tj ET Q q 0 0 0 rg BT 521.76 400.95 Td (payments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.35 Td (include ) Tj ET Q q 0 0 0 rg BT 84.41 388.35 Td (all ) Tj ET Q q 0 0 0 rg BT 98.41 388.35 Td (rental ) Tj ET Q q 0 0 0 rg BT 125.81 388.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 169.56 388.35 Td (specified ) Tj ET Q q 0 0 0 rg BT 210.96 388.35 Td (in ) Tj ET Q q 0 0 0 rg BT 222.63 388.35 Td (the ) Tj ET Q q 0 0 0 rg BT 238.96 388.35 Td (contract, ) Tj ET Q q 0 0 0 rg BT 278.90 388.35 Td (including ) Tj ET Q q 0 0 0 rg BT 322.06 388.35 Td (contractual ) Tj ET Q q 0 0 0 rg BT 372.21 388.35 Td (rent ) Tj ET Q q 0 0 0 rg BT 392.03 388.35 Td (increases, ) Tj ET Q q 0 0 0 rg BT 436.64 388.35 Td (and ) Tj ET Q q 0 0 0 rg BT 455.30 388.35 Td (are ) Tj ET Q q 0 0 0 rg BT 471.62 388.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 508.35 388.35 Td (by ) Tj ET Q q 0 0 0 rg BT 522.35 388.35 Td (any ) Tj ET Q q 0 0 0 rg BT 541.02 388.35 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 375.75 Td (incentives ) Tj ET Q q 0 0 0 rg BT 95.20 375.75 Td (received ) Tj ET Q q 0 0 0 rg BT 133.38 375.75 Td (from ) Tj ET Q q 0 0 0 rg BT 156.41 375.75 Td (the ) Tj ET Q q 0 0 0 rg BT 171.87 375.75 Td (landlord, ) Tj ET Q q 0 0 0 rg BT 212.11 375.75 Td (including ) Tj ET Q q 0 0 0 rg BT 254.40 375.75 Td (those ) Tj ET Q q 0 0 0 rg BT 279.19 375.75 Td (used ) Tj ET Q q 0 0 0 rg BT 301.06 375.75 Td (for ) Tj ET Q q 0 0 0 rg BT 315.93 375.75 Td (tenant ) Tj ET Q q 0 0 0 rg BT 344.21 375.75 Td (improvements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.22 351.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.52 351.15 Td (March ) Tj ET Q q 0 0 0 rg BT 102.47 351.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.15 351.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.15 351.15 Td (, ) Tj ET Q q 0 0 0 rg BT 142.32 351.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.45 351.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 195.58 351.15 Td (had ) Tj ET Q q 0 0 0 rg BT 212.30 351.15 Td (commitments ) Tj ET Q q 0 0 0 rg BT 271.01 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 280.73 351.15 Td (invest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.36 351.15 Td ($35,525) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.48 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 343.04 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 352.75 351.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 384.05 351.15 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 436.93 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 454.22 351.15 Td (make ) Tj ET Q q 0 0 0 rg BT 478.51 351.15 Td (private ) Tj ET Q q 0 0 0 rg BT 509.22 351.15 Td (investments. ) Tj ET Q q 0 0 0 rg BT 564.63 351.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (These ) Tj ET Q q 0 0 0 rg BT 77.92 338.55 Td (commitments ) Tj ET Q q 0 0 0 rg BT 137.93 338.55 Td (are ) Tj ET Q q 0 0 0 rg BT 153.59 338.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 193.75 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 204.76 338.55 Td (be ) Tj ET Q q 0 0 0 rg BT 217.52 338.55 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 271.99 338.55 Td (or ) Tj ET Q q 0 0 0 rg BT 283.58 338.55 Td (funded ) Tj ET Q q 0 0 0 rg BT 315.59 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 327.18 338.55 Td (required, ) Tj ET Q q 0 0 0 rg BT 367.64 338.55 Td (through ) Tj ET Q q 0 0 0 rg BT 403.15 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 418.82 338.55 Td (end ) Tj ET Q q 0 0 0 rg BT 436.83 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 448.42 338.55 Td (their ) Tj ET Q q 0 0 0 rg BT 470.51 338.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 515.92 338.55 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 83.50 325.95 Td (ranging ) Tj ET Q q 0 0 0 rg BT 118.16 325.95 Td (through ) Tj ET Q q 0 0 0 rg BT 153.41 325.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 178.73 325.95 Td (2029. ) Tj ET Q q 0 0 0 rg BT 204.94 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 206.96 325.95 Td (Also, ) Tj ET Q q 0 0 0 rg BT 232.00 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 242.76 325.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 291.41 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 312.66 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 328.08 325.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 376.74 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 388.07 325.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 422.15 325.95 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 461.77 325.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 485.93 325.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 517.10 325.95 Td (committed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (to ) Tj ET Q q 0 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401.50 406.45 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 406.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 406.45 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 406.45 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 406.45 52.00 -26.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 667.45 m 220.5 667.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 667.45 m 288.5 667.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 667.45 m 343.5 667.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 667.45 m 397.5 667.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 667.45 m 451.5 667.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 667.45 m 505.5 667.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 667.45 m 561.5 667.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 641.45 m 220.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 641.45 m 288.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 641.45 m 343.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 641.45 m 397.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 641.45 m 451.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 641.45 m 505.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 641.45 m 561.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 616.45 m 220.5 616.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 641.45 m 288.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 616.45 m 288.5 616.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 641.45 m 343.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 616.45 m 343.5 616.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 641.45 m 397.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 616.45 m 397.5 616.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 641.45 m 451.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 616.45 m 451.5 616.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 641.45 m 505.5 641.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 616.45 m 505.5 616.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 616.45 m 561.5 616.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 526.45 m 220.5 526.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 526.45 m 451.5 526.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 526.45 m 505.5 526.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 526.45 m 561.5 526.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 526.45 m 288.5 526.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 526.45 m 343.5 526.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 526.45 m 397.5 526.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 451.45 m 220.5 451.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 451.45 m 288.5 451.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 451.45 m 343.5 451.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 451.45 m 397.5 451.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 451.45 m 451.5 451.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 451.45 m 505.5 451.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 451.45 m 561.5 451.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 436.45 m 220.5 436.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 451.45 m 288.5 451.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 436.45 m 288.5 436.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 451.45 m 343.5 451.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 436.45 m 343.5 436.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 451.45 m 397.5 451.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 436.45 m 397.5 436.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 436.45 m 451.5 436.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 436.45 m 505.5 436.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 436.45 m 561.5 436.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 380.45 m 220.5 380.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 380.45 m 288.5 380.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 380.45 m 343.5 380.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 380.45 m 397.5 380.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 380.45 m 451.5 380.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 380.45 m 505.5 380.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 380.45 m 561.5 380.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 365.45 m 220.5 365.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 380.45 m 288.5 380.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 365.45 m 288.5 365.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 380.45 m 343.5 380.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 365.45 m 343.5 365.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 380.45 m 397.5 380.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 365.45 m 397.5 365.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 365.45 m 451.5 365.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 365.45 m 505.5 365.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 365.45 m 561.5 365.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.95 682.72 Td (RARE) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.40 672.22 Td (Infrastructure) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.20 682.72 Td (Martin) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.05 672.22 Td (Currie) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.25 682.72 Td (QS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.75 672.22 Td (Investors) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.60 672.22 Td (Fauchier) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.05 672.22 Td (Other) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 487.96 676.98 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.25 672.22 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 646.24 Td (Acquisition Date) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.20 656.72 Td (October 21,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.50 646.22 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.30 656.72 Td (October 1,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.00 646.22 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 656.72 Td (May 30,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.50 646.22 Td (2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.40 656.72 Td (March 13,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.50 646.22 Td (2013) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.95 646.22 Td (Various) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 631.74 Td (Maximum Remaining Contingent ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 61.00 621.24 Td (Consideration) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 124.59 626.00 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.60 621.22 Td (81,063) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.35 621.22 Td (407,403) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.60 621.22 Td (23,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.00 621.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.85 621.22 Td (5,507) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 621.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.35 621.22 Td (517,373) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 606.24 Td (Contingent Consideration Liability) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 591.22 Td (Balance as of March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.00 591.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.00 591.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.00 591.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.60 591.22 Td (70,114) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.00 591.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.60 591.22 Td (13,553) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.00 591.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.60 591.22 Td (27,117) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.00 591.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 591.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 591.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.35 591.22 Td (110,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 576.22 Td (Initial purchase accounting accrual) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 207.64 580.98 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.60 576.22 Td (25,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.00 576.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.00 576.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.00 576.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.85 576.22 Td (2,457) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 576.22 Td (27,457) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 561.22 Td (Payment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.00 561.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.00 561.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.00 561.22 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 561.12 Td (\(22,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.50 561.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.50 561.12 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 561.22 Td (\(22,765) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 561.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 546.22 Td (Fair value adjustments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.00 546.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.10 546.22 Td (\(28,361) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.50 546.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.00 546.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.35 546.22 Td (\(5,014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.50 546.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 546.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 546.22 Td (\(33,375) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 546.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 531.22 Td (Foreign exchange and accretion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.85 531.22 Td (2,145) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.25 531.22 Td (\(531) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.50 531.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.75 531.22 Td (196) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.75 531.22 Td (662) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 531.22 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 531.22 Td (2,484) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 516.22 Td (Balance as of March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.60 516.22 Td (27,145) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.60 516.22 Td (41,222) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.60 516.22 Td (13,749) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.00 516.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.85 516.22 Td (2,469) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 516.22 Td (84,585) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 501.22 Td (Initial purchase accounting accrual) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.00 501.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.00 501.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.00 501.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.00 501.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.85 501.22 Td (2,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 501.22 Td (2,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 486.22 Td (Payment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.00 486.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.00 486.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.35 486.22 Td (\(6,587) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.50 486.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.00 486.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 486.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 486.22 Td (\(6,587) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 486.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 471.22 Td (Fair value adjustments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.10 471.22 Td (\(10,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.50 471.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.10 471.22 Td (\(25,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.50 471.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.35 471.22 Td (\(2,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.50 471.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.00 471.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.35 471.22 Td (\(2,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.50 471.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 471.22 Td (\(39,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 471.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 456.22 Td (Foreign exchange and accretion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.75 456.22 Td (299) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.35 456.22 Td (\(4,204) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.50 456.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.75 456.22 Td (179) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.00 456.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 456.22 Td (38) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 456.22 Td (\(3,688) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 456.22 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 61.00 441.24 Td (Balance as of March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.00 441.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 255.60 441.24 Td (17,444) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 295.00 441.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 310.60 441.24 Td (12,018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 350.00 441.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.85 441.24 Td (4,841) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 404.00 441.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.00 441.24 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.00 441.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 477.85 441.24 Td (2,507) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 512.00 441.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 441.24 Td (36,810) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 426.24 Td (Balance Sheet Classification) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 411.22 Td (Current Contingent consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.00 411.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.85 411.22 Td (7,791) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.00 411.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.60 411.22 Td (12,018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.00 411.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.00 411.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.00 411.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.00 411.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.00 411.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.85 411.22 Td (2,507) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 411.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 411.22 Td (22,316) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 395.72 Td (Non-current Contingent) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 385.22 Td (consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.85 385.22 Td (9,653) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.00 385.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.85 385.22 Td (4,841) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.00 385.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 385.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 385.22 Td (14,494) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 61.00 370.24 Td (Balance as of March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.00 370.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 255.60 370.24 Td (17,444) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 295.00 370.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 310.60 370.24 Td (12,018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 350.00 370.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.85 370.24 Td (4,841) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 404.00 370.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.00 370.24 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.00 370.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 477.85 370.24 Td (2,507) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 512.00 370.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 370.24 Td (36,810) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 355.75 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 355.75 Td (Using ) Tj ET Q q 0 0 0 rg BT 90.43 355.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.94 355.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 140.00 355.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 174.21 355.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 189.08 355.75 Td (as ) Tj ET Q q 0 0 0 rg BT 198.28 355.75 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 207.49 355.75 Td (March ) Tj ET Q q 0 0 0 rg BT 231.80 355.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 244.55 355.75 Td (2017) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 261.55 355.75 Td (, ) Tj ET Q q 0 0 0 rg BT 265.80 355.75 Td (for ) Tj ET Q q 0 0 0 rg BT 277.83 355.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 308.76 355.75 Td (denominated ) Tj ET Q q 0 0 0 rg BT 354.79 355.75 Td (in ) Tj ET Q q 0 0 0 rg BT 363.53 355.75 Td (currencies ) Tj ET Q q 0 0 0 rg BT 400.58 355.75 Td (other ) Tj ET Q q 0 0 0 rg BT 420.17 355.75 Td (than ) Tj ET Q q 0 0 0 rg BT 436.93 355.75 Td (the ) Tj ET Q q 0 0 0 rg BT 449.44 355.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 466.68 355.75 Td (dollar) Tj ET Q q 0 0 0 rg BT 486.04 355.75 Td (.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 345.55 Td (\(2\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 345.55 Td (Includes ) Tj ET Q q 0 0 0 rg BT 98.92 345.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 129.85 345.55 Td (related ) Tj ET Q q 0 0 0 rg BT 155.10 345.55 Td (to ) Tj ET Q q 0 0 0 rg BT 163.84 345.55 Td (the ) Tj ET Q q 0 0 0 rg BT 176.35 345.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 215.77 345.55 Td (of ) Tj ET Q q 0 0 0 rg BT 224.98 345.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 258.73 345.55 Td (Guard ) Tj ET Q q 0 0 0 rg BT 282.10 345.55 Td (on ) Tj ET Q q 0 0 0 rg BT 292.26 345.55 Td (August ) Tj ET Q q 0 0 0 rg BT 318.94 345.55 Td (17, ) Tj ET Q q 0 0 0 rg BT 331.69 345.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 350.82 345.55 Td (and ) Tj ET Q q 0 0 0 rg BT 365.21 345.55 Td (PK ) Tj ET Q q 0 0 0 rg BT 378.21 345.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 421.41 345.55 Td (on ) Tj ET Q q 0 0 0 rg BT 432.03 345.55 Td (December ) Tj ET Q q 0 0 0 rg BT 469.08 345.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 481.83 345.55 Td (2015.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 335.35 Td (\(3\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 335.35 Td (Using ) Tj ET Q q 0 0 0 rg BT 90.43 335.35 Td (the ) Tj ET Q q 0 0 0 rg BT 102.94 335.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 140.00 335.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 174.21 335.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 189.08 335.35 Td (on ) Tj ET Q q 0 0 0 rg BT 199.70 335.35 Td (the ) Tj ET Q q 0 0 0 rg BT 212.21 335.35 Td (date ) Tj ET Q q 0 0 0 rg BT 228.49 335.35 Td (of ) Tj ET Q q 0 0 0 rg BT 237.70 335.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 277.13 335.35 Td (for ) Tj ET Q q 0 0 0 rg BT 289.16 335.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 320.09 335.35 Td (denominated ) Tj ET Q q 0 0 0 rg BT 366.12 335.35 Td (in ) Tj ET Q q 0 0 0 rg BT 374.86 335.35 Td (currencies ) Tj ET Q q 0 0 0 rg BT 411.90 335.35 Td (other ) Tj ET Q q 0 0 0 rg BT 431.50 335.35 Td (than ) Tj ET Q q 0 0 0 rg BT 448.25 335.35 Td (the ) Tj ET Q q 0 0 0 rg BT 460.76 335.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 478.01 335.35 Td (dollar) Tj ET Q q 0 0 0 rg BT 497.36 335.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 312.55 Td (See ) Tj ET Q q 0 0 0 rg BT 67.70 312.55 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.66 312.55 Td (18 ) Tj ET Q q 0 0 0 rg BT 103.70 312.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 146.48 312.55 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 158.93 312.55 Td ($1) Tj ET Q q 0 0 0 rg BT 169.04 312.55 Td (1,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.67 312.55 Td ( ) Tj ET Q q 0 0 0 rg BT 195.21 312.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 237.40 312.55 Td (in ) Tj ET Q q 0 0 0 rg BT 248.11 312.55 Td (the ) Tj ET Q q 0 0 0 rg BT 263.49 312.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 306.27 312.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 353.13 312.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 412.24 312.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 447.45 312.55 Td (related ) Tj ET Q q 0 0 0 rg BT 478.56 312.55 Td (to ) Tj ET Q q 0 0 0 rg BT 489.27 312.55 Td (the ) Tj ET Q q 0 0 0 rg BT 504.64 312.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 553.26 312.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 299.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 80.63 299.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 140.39 299.95 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 189.68 299.95 Td (to ) Tj ET Q q 0 0 0 rg BT 200.47 299.95 Td (March ) Tj ET Q q 0 0 0 rg BT 230.50 299.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 246.25 299.95 Td (2017.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 274.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.26 274.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.60 274.75 Td (normal ) Tj ET Q q 0 0 0 rg BT 108.85 274.75 Td (course ) Tj ET Q q 0 0 0 rg BT 138.76 274.75 Td (of ) Tj ET Q q 0 0 0 rg BT 150.02 274.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 190.74 274.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 214.83 274.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 245.92 274.75 Td (enters ) Tj ET Q q 0 0 0 rg BT 273.51 274.75 Td (into ) Tj ET Q q 0 0 0 rg BT 292.35 274.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 332.76 274.75 Td (that ) Tj ET Q q 0 0 0 rg BT 351.02 274.75 Td (contain ) Tj ET Q q 0 0 0 rg BT 384.44 274.75 Td (a ) Tj ET Q q 0 0 0 rg BT 391.61 274.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 423.27 274.75 Td (of ) Tj ET Q q 0 0 0 rg BT 434.53 274.75 Td (representations ) Tj ET Q q 0 0 0 rg BT 500.60 274.75 Td (and ) Tj ET Q q 0 0 0 rg BT 518.27 274.75 Td (warranties ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.66 262.15 Td (that ) Tj ET Q q 0 0 0 rg BT 85.91 262.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 120.49 262.15 Td (general ) Tj ET Q q 0 0 0 rg BT 153.88 262.15 Td (indemnifications, ) Tj ET Q q 0 0 0 rg BT 229.58 262.15 Td (which ) Tj ET Q q 0 0 0 rg BT 257.74 262.15 Td (are ) Tj ET Q q 0 0 0 rg BT 273.06 262.15 Td (not ) Tj ET Q q 0 0 0 rg BT 288.98 262.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 336.97 262.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 376.20 262.15 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 423.60 262.15 Td (by ) Tj ET Q q 0 0 0 rg BT 436.60 262.15 Td (relevant ) Tj ET Q q 0 0 0 rg BT 472.91 262.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.48 262.15 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 564.63 262.15 Td ( ) Tj ET Q q 0 0 0 rg BT 567.26 262.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 249.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.27 249.55 Td (Mason�) Tj ET Q q 0 0 0 rg BT 105.77 249.55 Td (s ) Tj ET Q q 0 0 0 rg BT 112.54 249.55 Td (maximum ) Tj ET Q q 0 0 0 rg BT 157.81 249.55 Td (exposure ) Tj ET Q q 0 0 0 rg BT 198.41 249.55 Td (under ) Tj ET Q q 0 0 0 rg BT 225.01 249.55 Td (these ) Tj ET Q q 0 0 0 rg BT 249.27 249.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 308.52 249.55 Td (is ) Tj ET Q q 0 0 0 rg BT 318.21 249.55 Td (unknown, ) Tj ET Q q 0 0 0 rg BT 362.61 249.55 Td (as ) Tj ET Q q 0 0 0 rg BT 374.05 249.55 Td (this ) Tj ET Q q 0 0 0 rg BT 391.91 249.55 Td (would ) Tj ET Q q 0 0 0 rg BT 420.85 249.55 Td (involve ) Tj ET Q q 0 0 0 rg BT 455.04 249.55 Td (future ) Tj ET Q q 0 0 0 rg BT 482.80 249.55 Td (claims ) Tj ET Q q 0 0 0 rg BT 512.90 249.55 Td (that ) Tj ET Q q 0 0 0 rg BT 531.34 249.55 Td (may ) Tj ET Q q 0 0 0 rg BT 552.11 249.55 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 236.95 Td (made ) Tj ET Q q 0 0 0 rg BT 75.36 236.95 Td (against ) Tj ET Q q 0 0 0 rg BT 107.73 236.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 131.93 236.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 163.14 236.95 Td (that ) Tj ET Q q 0 0 0 rg BT 181.51 236.95 Td (have ) Tj ET Q q 0 0 0 rg BT 203.96 236.95 Td (not ) Tj ET Q q 0 0 0 rg BT 220.00 236.95 Td (yet ) Tj ET Q q 0 0 0 rg BT 235.45 236.95 Td (occurred.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 211.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.29 211.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.58 211.75 Td (has ) Tj ET Q q 0 0 0 rg BT 122.29 211.75 Td (been ) Tj ET Q q 0 0 0 rg BT 144.83 211.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.37 211.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 192.82 211.75 Td (of ) Tj ET Q q 0 0 0 rg BT 204.28 211.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 245.48 211.75 Td (complaints ) Tj ET Q q 0 0 0 rg BT 294.27 211.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.15 211.75 Td (has ) Tj ET Q q 0 0 0 rg BT 328.85 211.75 Td (also ) Tj ET Q q 0 0 0 rg BT 348.48 211.75 Td (been ) Tj ET Q q 0 0 0 rg BT 371.02 211.75 Td (named ) Tj ET Q q 0 0 0 rg BT 401.72 211.75 Td (as ) Tj ET Q q 0 0 0 rg BT 413.18 211.75 Td (a ) Tj ET Q q 0 0 0 rg BT 420.55 211.75 Td (defendant ) Tj ET Q q 0 0 0 rg BT 464.66 211.75 Td (in ) Tj ET Q q 0 0 0 rg BT 475.54 211.75 Td (various ) Tj ET Q q 0 0 0 rg BT 509.16 211.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 532.28 211.75 Td (actions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.15 Td (arising ) Tj ET Q q 0 0 0 rg BT 81.56 199.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 123.62 199.15 Td (from ) Tj ET Q q 0 0 0 rg BT 147.01 199.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 170.40 199.15 Td (management, ) Tj ET Q q 0 0 0 rg BT 229.66 199.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 272.29 199.15 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 319.88 199.15 Td (and ) Tj ET Q q 0 0 0 rg BT 338.02 199.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 387.08 199.15 Td (banking ) Tj ET Q q 0 0 0 rg BT 423.89 199.15 Td (activities, ) Tj ET Q q 0 0 0 rg BT 467.40 199.15 Td (including ) Tj ET Q q 0 0 0 rg BT 510.05 199.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 541.59 199.15 Td (class ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 186.55 Td (actions, ) Tj ET Q q 0 0 0 rg BT 84.96 186.55 Td (which ) Tj ET Q q 0 0 0 rg BT 113.21 186.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 154.87 186.55 Td (allege ) Tj ET Q q 0 0 0 rg BT 182.53 186.55 Td (violations ) Tj ET Q q 0 0 0 rg BT 226.53 186.55 Td (of ) Tj ET Q q 0 0 0 rg BT 237.87 186.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 280.11 186.55 Td (laws ) Tj ET Q q 0 0 0 rg BT 301.95 186.55 Td (and ) Tj ET Q q 0 0 0 rg BT 319.70 186.55 Td (seek ) Tj ET Q q 0 0 0 rg BT 340.95 186.55 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 391.94 186.55 Td (damages, ) Tj ET Q q 0 0 0 rg BT 433.89 186.55 Td (which ) Tj ET Q q 0 0 0 rg BT 462.14 186.55 Td (could ) Tj ET Q q 0 0 0 rg BT 488.05 186.55 Td (be ) Tj ET Q q 0 0 0 rg BT 500.55 186.55 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 550.68 186.55 Td ( ) Tj ET Q q 0 0 0 rg BT 553.27 186.55 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 173.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.43 173.95 Td (normal ) Tj ET Q q 0 0 0 rg BT 97.78 173.95 Td (course ) Tj ET Q q 0 0 0 rg BT 127.79 173.95 Td (of ) Tj ET Q q 0 0 0 rg BT 139.15 173.95 Td (its ) Tj ET Q q 0 0 0 rg BT 151.67 173.95 Td (business, ) Tj ET Q q 0 0 0 rg BT 192.49 173.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 216.67 173.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 247.86 173.95 Td (has ) Tj ET Q q 0 0 0 rg BT 264.46 173.95 Td (also ) Tj ET Q q 0 0 0 rg BT 283.98 173.95 Td (received ) Tj ET Q q 0 0 0 rg BT 322.15 173.95 Td (subpoenas ) Tj ET Q q 0 0 0 rg BT 368.50 173.95 Td (and ) Tj ET Q q 0 0 0 rg BT 386.26 173.95 Td (is ) Tj ET Q q 0 0 0 rg BT 395.87 173.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 436.38 173.95 Td (involved ) Tj ET Q q 0 0 0 rg BT 475.73 173.95 Td (in ) Tj ET Q q 0 0 0 rg BT 486.50 173.95 Td (governmental ) Tj ET Q q 0 0 0 rg BT 546.84 173.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 161.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 87.26 161.35 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 151.92 161.35 Td (agency ) Tj ET Q q 0 0 0 rg BT 184.49 161.35 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 226.71 161.35 Td (investigations ) Tj ET Q q 0 0 0 rg BT 287.89 161.35 Td (and, ) Tj ET Q q 0 0 0 rg BT 308.52 161.35 Td (from ) Tj ET Q q 0 0 0 rg BT 331.78 161.35 Td (time ) Tj ET Q q 0 0 0 rg BT 353.28 161.35 Td (to ) Tj ET Q q 0 0 0 rg BT 364.30 161.35 Td (time, ) Tj ET Q q 0 0 0 rg BT 388.43 161.35 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 442.01 161.35 Td (involving ) Tj ET Q q 0 0 0 rg BT 485.11 161.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.37 161.35 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 148.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 94.61 148.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.69 148.75 Td (In ) Tj ET Q q 0 0 0 rg BT 111.52 148.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 162.81 148.75 Td (with ) Tj ET Q q 0 0 0 rg BT 185.56 148.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 227.54 148.75 Td (for ) Tj ET Q q 0 0 0 rg BT 243.87 148.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 294.02 148.75 Td (for ) Tj ET Q q 0 0 0 rg BT 310.34 148.75 Td (contingencies, ) Tj ET Q q 0 0 0 rg BT 374.78 148.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 400.44 148.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 433.10 148.75 Td (has ) Tj ET Q q 0 0 0 rg BT 451.18 148.75 Td (established ) Tj ET Q q 0 0 0 rg BT 501.92 148.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 549.75 148.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 92.81 136.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 120.47 136.15 Td (from ) Tj ET Q q 0 0 0 rg BT 143.45 136.15 Td (pending ) Tj ET Q q 0 0 0 rg BT 179.84 136.15 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 231.12 136.15 Td (legal ) Tj ET Q q 0 0 0 rg BT 254.09 136.15 Td (actions, ) Tj ET Q q 0 0 0 rg BT 289.03 136.15 Td (investigations ) Tj ET Q q 0 0 0 rg BT 349.93 136.15 Td (and ) Tj ET Q q 0 0 0 rg BT 367.66 136.15 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 420.96 136.15 Td (when ) Tj ET Q q 0 0 0 rg BT 446.28 136.15 Td (it ) Tj ET Q q 0 0 0 rg BT 454.68 136.15 Td (is ) Tj ET Q q 0 0 0 rg BT 464.26 136.15 Td (probable ) Tj ET Q q 0 0 0 rg BT 503.56 136.15 Td (that ) Tj ET Q q 0 0 0 rg BT 521.88 136.15 Td (a ) Tj ET Q q 0 0 0 rg BT 529.11 136.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 548.02 136.15 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 123.55 Td (been ) Tj ET Q q 0 0 0 rg BT 72.45 123.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 110.05 123.55 Td (and ) Tj ET Q q 0 0 0 rg BT 127.84 123.55 Td (a ) Tj ET Q q 0 0 0 rg BT 135.12 123.55 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 182.64 123.55 Td (estimate ) Tj ET Q q 0 0 0 rg BT 220.26 123.55 Td (of ) Tj ET Q q 0 0 0 rg BT 231.63 123.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 250.59 123.55 Td (can ) Tj ET Q q 0 0 0 rg BT 267.79 123.55 Td (be ) Tj ET Q q 0 0 0 rg BT 280.32 123.55 Td (made.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 98.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.71 98.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.44 98.35 Td (cannot ) Tj ET Q q 0 0 0 rg BT 137.57 98.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 175.70 98.35 Td (the ) Tj ET Q q 0 0 0 rg BT 191.66 98.35 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 240.29 98.35 Td (possible ) Tj ET Q q 0 0 0 rg BT 277.85 98.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 297.33 98.35 Td (or ) Tj ET Q q 0 0 0 rg BT 309.21 98.35 Td (range ) Tj ET Q q 0 0 0 rg BT 335.67 98.35 Td (of ) Tj ET Q q 0 0 0 rg BT 347.56 98.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 367.04 98.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 413.33 98.35 Td (with ) Tj ET Q q 0 0 0 rg BT 435.14 98.35 Td (matters ) Tj ET Q q 0 0 0 rg BT 469.18 98.35 Td (of ) Tj ET Q q 0 0 0 rg BT 481.07 98.35 Td (litigation ) Tj ET Q q 0 0 0 rg BT 522.13 98.35 Td (and ) Tj ET Q q 0 0 0 rg BT 540.43 98.35 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 85.75 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 109.82 85.75 Td (including ) Tj ET Q q 0 0 0 rg BT 155.94 85.75 Td (those ) Tj ET Q q 0 0 0 rg BT 184.57 85.75 Td (described ) Tj ET Q q 0 0 0 rg BT 231.26 85.75 Td (above ) Tj ET Q q 0 0 0 rg BT 262.80 85.75 Td (as ) Tj ET Q q 0 0 0 rg BT 278.00 85.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 322.96 85.75 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 378.12 85.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 404.99 85.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 443.82 85.75 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 489.65 85.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 546.84 85.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.15 Td (investigations. ) Tj ET Q q 0 0 0 rg BT 113.53 73.15 Td ( ) Tj ET Q q 0 0 0 rg BT 115.91 73.15 Td (The ) Tj ET Q q 0 0 0 rg BT 134.81 73.15 Td (inability ) Tj ET Q q 0 0 0 rg BT 172.38 73.15 Td (to ) Tj ET Q q 0 0 0 rg BT 183.12 73.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 217.76 73.15 Td (a ) Tj ET Q q 0 0 0 rg BT 225.00 73.15 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 273.05 73.15 Td (possible ) Tj ET Q q 0 0 0 rg BT 310.04 73.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 344.11 73.15 Td (or ) Tj ET Q q 0 0 0 rg BT 355.42 73.15 Td (range ) Tj ET Q q 0 0 0 rg BT 381.31 73.15 Td (of ) Tj ET Q q 0 0 0 rg BT 392.63 73.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 420.29 73.15 Td (is ) Tj ET Q q 0 0 0 rg BT 429.86 73.15 Td (not ) Tj ET Q q 0 0 0 rg BT 445.85 73.15 Td (because ) Tj ET Q q 0 0 0 rg BT 481.65 73.15 Td (there ) Tj ET Q q 0 0 0 rg BT 505.21 73.15 Td (is ) Tj ET Q q 0 0 0 rg BT 514.79 73.15 Td (uncertainty ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 60.55 Td (as ) Tj ET Q q 0 0 0 rg BT 61.17 60.55 Td (to ) Tj ET Q q 0 0 0 rg BT 71.76 60.55 Td (the ) Tj ET Q q 0 0 0 rg BT 87.01 60.55 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 123.84 60.55 Td (outcome ) Tj ET Q q 0 0 0 rg BT 162.42 60.55 Td (of ) Tj ET Q q 0 0 0 rg BT 173.59 60.55 Td (a ) Tj ET Q q 0 0 0 rg BT 180.67 60.55 Td (matter) Tj ET Q q 0 0 0 rg BT 207.07 60.55 Td (, ) Tj ET Q q 0 0 0 rg BT 212.12 60.55 Td (but ) Tj ET Q q 0 0 0 rg BT 227.96 60.55 Td (because ) Tj ET Q q 0 0 0 rg BT 263.61 60.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 298.70 60.55 Td (and ) Tj ET Q q 0 0 0 rg BT 316.28 60.55 Td (damage ) Tj ET Q q 0 0 0 rg BT 351.35 60.55 Td (issues ) Tj ET Q q 0 0 0 rg BT 378.86 60.55 Td (have ) Tj ET Q q 0 0 0 rg BT 401.11 60.55 Td (not ) Tj ET Q q 0 0 0 rg BT 416.95 60.55 Td (developed ) Tj ET Q q 0 0 0 rg BT 462.52 60.55 Td (to ) Tj ET Q q 0 0 0 rg BT 473.11 60.55 Td (the ) Tj ET Q q 0 0 0 rg BT 488.36 60.55 Td (point ) Tj ET Q q 0 0 0 rg BT 512.37 60.55 Td (where ) Tj ET Q q 0 0 0 rg BT 540.44 60.55 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 47.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.65 47.95 Td (can ) Tj ET Q q 0 0 0 rg BT 97.29 47.95 Td (conclude ) Tj ET Q q 0 0 0 rg BT 137.26 47.95 Td (that ) Tj ET Q q 0 0 0 rg BT 155.07 47.95 Td (there ) Tj ET Q q 0 0 0 rg BT 178.12 47.95 Td (is ) Tj ET Q q 0 0 0 rg BT 187.19 47.95 Td (both ) Tj ET Q q 0 0 0 rg BT 207.93 47.95 Td (a ) Tj ET Q q 0 0 0 rg BT 214.66 47.95 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 261.62 47.95 Td (possibility ) Tj ET Q q 0 0 0 rg BT 307.44 47.95 Td (of ) Tj ET Q q 0 0 0 rg BT 318.26 47.95 Td (a ) Tj ET Q q 0 0 0 rg BT 324.99 47.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 343.39 47.95 Td (and ) Tj ET Q q 0 0 0 rg BT 360.62 47.95 Td (a ) Tj ET Q q 0 0 0 rg BT 367.35 47.95 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 417.24 47.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 450.80 47.95 Td (or ) Tj ET Q q 0 0 0 rg BT 461.61 47.95 Td (range ) Tj ET Q q 0 0 0 rg BT 487.00 47.95 Td (of ) Tj ET Q q 0 0 0 rg BT 497.81 47.95 Td (possible ) Tj ET Q q 0 0 0 rg BT 534.30 47.95 Td (losses. ) Tj ET Q q 0 0 0 rg BT 564.64 47.95 Td ( ) Tj ET Q endstream endobj 269 0 obj <>] /Rotate 0 /Contents 270 0 R>> endobj 270 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (132) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (There ) Tj ET Q q 0 0 0 rg BT 77.63 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 93.59 741.75 Td (numerous ) Tj ET Q q 0 0 0 rg BT 138.14 741.75 Td (aspects ) Tj ET Q q 0 0 0 rg BT 171.61 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 182.92 741.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 224.55 741.75 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 276.40 741.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 299.95 741.75 Td (actions, ) Tj ET Q q 0 0 0 rg BT 335.46 741.75 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 377.98 741.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 431.85 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 450.16 741.75 Td (investigations ) Tj ET Q q 0 0 0 rg BT 511.63 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 530.52 741.75 Td (prevent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.11 729.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.23 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 128.18 729.15 Td (estimating ) Tj ET Q q 0 0 0 rg BT 174.46 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 181.66 729.15 Td (related ) Tj ET Q q 0 0 0 rg BT 212.76 729.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 246.79 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 258.07 729.15 Td (range ) Tj ET Q q 0 0 0 rg BT 283.93 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 295.21 729.15 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 343.23 729.15 Td (possible ) Tj ET Q q 0 0 0 rg BT 380.19 729.15 Td (losses. ) Tj ET Q q 0 0 0 rg BT 410.43 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 412.79 729.15 Td (These ) Tj ET Q q 0 0 0 rg BT 440.40 729.15 Td (aspects ) Tj ET Q q 0 0 0 rg BT 473.25 729.15 Td (include, ) Tj ET Q q 0 0 0 rg BT 509.32 729.15 Td (among ) Tj ET Q q 0 0 0 rg BT 540.44 729.15 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (things, ) Tj ET Q q 0 0 0 rg BT 79.99 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 94.51 716.55 Td (nature ) Tj ET Q q 0 0 0 rg BT 122.44 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 132.88 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 147.41 716.55 Td (matters; ) Tj ET Q q 0 0 0 rg BT 182.92 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 200.36 716.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 246.38 716.55 Td (relevant ) Tj ET Q q 0 0 0 rg BT 281.89 716.55 Td (facts ) Tj ET Q q 0 0 0 rg BT 303.41 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 317.92 716.55 Td (not ) Tj ET Q q 0 0 0 rg BT 333.03 716.55 Td (known, ) Tj ET Q q 0 0 0 rg BT 365.93 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 380.45 716.55 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 421.20 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 431.64 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 446.16 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 456.02 716.55 Td (dispute; ) Tj ET Q q 0 0 0 rg BT 490.96 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 507.82 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 525.26 716.55 Td (damages ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (sought ) Tj ET Q q 0 0 0 rg BT 80.48 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 95.78 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 111.68 703.95 Td (specified, ) Tj ET Q q 0 0 0 rg BT 154.68 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 169.98 703.95 Td (uncertain, ) Tj ET Q q 0 0 0 rg BT 214.14 703.95 Td (unsupportable ) Tj ET Q q 0 0 0 rg BT 276.11 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 287.34 703.95 Td (unexplained. ) Tj ET Q q 0 0 0 rg BT 343.76 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 346.24 703.95 Td (In ) Tj ET Q q 0 0 0 rg BT 357.46 703.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 396.98 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 411.70 703.95 Td (legal ) Tj ET Q q 0 0 0 rg BT 434.59 703.95 Td (actions, ) Tj ET Q q 0 0 0 rg BT 469.44 703.95 Td (discovery ) Tj ET Q q 0 0 0 rg BT 512.74 703.95 Td (may ) Tj ET Q q 0 0 0 rg BT 533.29 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 549.19 703.95 Td (yet ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (have ) Tj ET Q q 0 0 0 rg BT 72.01 691.35 Td (started, ) Tj ET Q q 0 0 0 rg BT 104.81 691.35 Td (may ) Tj ET Q q 0 0 0 rg BT 125.07 691.35 Td (not ) Tj ET Q q 0 0 0 rg BT 140.68 691.35 Td (be ) Tj ET Q q 0 0 0 rg BT 152.77 691.35 Td (complete ) Tj ET Q q 0 0 0 rg BT 193.45 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 204.38 691.35 Td (may ) Tj ET Q q 0 0 0 rg BT 224.64 691.35 Td (not ) Tj ET Q q 0 0 0 rg BT 240.25 691.35 Td (be ) Tj ET Q q 0 0 0 rg BT 252.34 691.35 Td (conclusive, ) Tj ET Q q 0 0 0 rg BT 302.06 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 319.41 691.35 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 369.41 691.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 414.76 691.35 Td (discussions ) Tj ET Q q 0 0 0 rg BT 464.78 691.35 Td (may ) Tj ET Q q 0 0 0 rg BT 485.05 691.35 Td (not ) Tj ET Q q 0 0 0 rg BT 500.65 691.35 Td (have ) Tj ET Q q 0 0 0 rg BT 522.66 691.35 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 564.63 691.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (Further) Tj ET Q q 0 0 0 rg BT 80.49 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 85.27 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 99.66 678.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 144.96 678.75 Td (matters, ) Tj ET Q q 0 0 0 rg BT 180.64 678.75 Td (investigations ) Tj ET Q q 0 0 0 rg BT 241.12 678.75 Td (may ) Tj ET Q q 0 0 0 rg BT 261.35 678.75 Td (run ) Tj ET Q q 0 0 0 rg BT 277.49 678.75 Td (their ) Tj ET Q q 0 0 0 rg BT 298.88 678.75 Td (course ) Tj ET Q q 0 0 0 rg BT 328.44 678.75 Td (without ) Tj ET Q q 0 0 0 rg BT 362.67 678.75 Td (any ) Tj ET Q q 0 0 0 rg BT 379.98 678.75 Td (clear ) Tj ET Q q 0 0 0 rg BT 402.53 678.75 Td (indication ) Tj ET Q q 0 0 0 rg BT 446.67 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 457.56 678.75 Td (wrongdoing ) Tj ET Q q 0 0 0 rg BT 510.46 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 521.36 678.75 Td (fault ) Tj ET Q q 0 0 0 rg BT 542.75 678.75 Td (until ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (their ) Tj ET Q q 0 0 0 rg BT 71.87 666.15 Td (conclusion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.15 640.95 Td (management's ) Tj ET Q q 0 0 0 rg BT 123.17 640.95 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 160.28 640.95 Td (an ) Tj ET Q q 0 0 0 rg BT 172.59 640.95 Td (adequate ) Tj ET Q q 0 0 0 rg BT 212.30 640.95 Td (accrual ) Tj ET Q q 0 0 0 rg BT 245.00 640.95 Td (has ) Tj ET Q q 0 0 0 rg BT 261.40 640.95 Td (been ) Tj ET Q q 0 0 0 rg BT 283.62 640.95 Td (made ) Tj ET Q q 0 0 0 rg BT 308.76 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 319.91 640.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.05 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 360.86 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.38 640.95 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.38 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 402.40 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 412.97 640.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 447.45 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 462.09 640.95 Td (any ) Tj ET Q q 0 0 0 rg BT 479.65 640.95 Td (probable ) Tj ET Q q 0 0 0 rg BT 518.78 640.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 546.27 640.95 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (may ) Tj ET Q q 0 0 0 rg BT 70.92 628.35 Td (arise ) Tj ET Q q 0 0 0 rg BT 93.58 628.35 Td (from ) Tj ET Q q 0 0 0 rg BT 116.82 628.35 Td (matters ) Tj ET Q q 0 0 0 rg BT 150.57 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 165.65 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 194.15 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 209.81 628.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.48 628.35 Td (could ) Tj ET Q q 0 0 0 rg BT 279.65 628.35 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 327.97 628.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 365.80 628.35 Td (an ) Tj ET Q q 0 0 0 rg BT 378.55 628.35 Td (amount. ) Tj ET Q q 0 0 0 rg BT 415.50 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 418.34 628.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 442.75 628.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 480.15 628.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.72 628.35 Td (condition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (results ) Tj ET Q q 0 0 0 rg BT 80.23 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 91.80 615.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 138.36 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 156.33 615.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 177.81 615.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 203.96 615.75 Td (could ) Tj ET Q q 0 0 0 rg BT 230.11 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 242.84 615.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 288.22 615.75 Td (af) Tj ET Q q 0 0 0 rg BT 296.19 615.75 Td (fected ) Tj ET Q q 0 0 0 rg BT 324.65 615.75 Td (during ) Tj ET Q q 0 0 0 rg BT 354.89 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 362.37 615.75 Td (period ) Tj ET Q q 0 0 0 rg BT 392.01 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 403.00 615.75 Td (which ) Tj ET Q q 0 0 0 rg BT 431.47 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 438.95 615.75 Td (matter ) Tj ET Q q 0 0 0 rg BT 468.59 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 478.41 615.75 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 523.81 615.75 Td (resolved. ) Tj ET Q q 0 0 0 rg BT 564.63 615.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.55 603.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 99.39 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 114.02 603.15 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 150.22 603.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 173.03 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 183.57 603.15 Td (litigation-related ) Tj ET Q q 0 0 0 rg BT 255.35 603.15 Td (char) Tj ET Q q 0 0 0 rg BT 273.23 603.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 289.03 603.15 Td (can ) Tj ET Q q 0 0 0 rg BT 305.40 603.15 Td (vary ) Tj ET Q q 0 0 0 rg BT 325.86 603.15 Td (significantly ) Tj ET Q q 0 0 0 rg BT 380.15 603.15 Td (from ) Tj ET Q q 0 0 0 rg BT 402.36 603.15 Td (period-to-period, ) Tj ET Q q 0 0 0 rg BT 475.60 603.15 Td (depending ) Tj ET Q q 0 0 0 rg BT 521.14 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 533.44 603.15 Td (factors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (such ) Tj ET Q q 0 0 0 rg BT 70.82 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 81.13 590.55 Td (market ) Tj ET Q q 0 0 0 rg BT 111.86 590.55 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 159.80 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 174.20 590.55 Td (size ) Tj ET Q q 0 0 0 rg BT 192.10 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 208.83 590.55 Td (volume ) Tj ET Q q 0 0 0 rg BT 241.89 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 252.21 590.55 Td (customer ) Tj ET Q q 0 0 0 rg BT 292.27 590.55 Td (complaints ) Tj ET Q q 0 0 0 rg BT 339.92 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 356.65 590.55 Td (claims, ) Tj ET Q q 0 0 0 rg BT 388.25 590.55 Td (including ) Tj ET Q q 0 0 0 rg BT 429.49 590.55 Td (class ) Tj ET Q q 0 0 0 rg BT 451.47 590.55 Td (action ) Tj ET Q q 0 0 0 rg BT 478.70 590.55 Td (suits, ) Tj ET Q q 0 0 0 rg BT 502.15 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 518.88 590.55 Td (recoveries ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (from ) Tj ET Q q 0 0 0 rg BT 76.27 577.95 Td (indemnification, ) Tj ET Q q 0 0 0 rg BT 151.23 577.95 Td (contribution, ) Tj ET Q q 0 0 0 rg BT 211.04 577.95 Td (insurance ) Tj ET Q q 0 0 0 rg BT 257.13 577.95 Td (reimbursement, ) Tj ET Q q 0 0 0 rg BT 328.59 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 343.20 577.95 Td (reductions ) Tj ET Q q 0 0 0 rg BT 392.79 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 406.82 577.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 471.00 577.95 Td (under ) Tj ET Q q 0 0 0 rg BT 500.76 577.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 539.85 577.95 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (arrangements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (As ) Tj ET Q q 0 0 0 rg BT 65.20 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 77.47 540.15 Td (March ) Tj ET Q q 0 0 0 rg BT 108.40 540.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 125.05 540.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 149.57 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 168.26 540.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 195.41 540.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 220.51 540.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 258.60 540.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 294.79 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 310.56 540.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 339.17 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 357.86 540.15 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 419.12 540.15 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.97 540.15 Td ($700) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.97 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 463.50 540.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.19 540.15 Td ($400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.19 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 509.34 540.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.38 540.15 Td (. ) Tj ET Q q 0 0 0 rg BT 564.63 540.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (During ) Tj ET Q q 0 0 0 rg BT 84.88 527.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 112.75 527.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 141.50 527.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 170.26 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 190.55 527.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 219.31 527.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 246.01 527.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 279.73 527.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 319.84 527.55 Td (char) Tj ET Q q 0 0 0 rg BT 337.72 527.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 356.85 527.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 394.05 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 407.35 527.55 Td (litigation ) Tj ET Q q 0 0 0 rg BT 450.39 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 470.68 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 497.39 527.55 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 553.25 527.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 113.27 514.95 Td ($1,100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 142.15 514.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.40 514.95 Td ($250) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.40 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 173.65 514.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 191.43 514.95 Td ($200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.43 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 217.68 514.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 267.73 514.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.24 489.75 Td (further ) Tj ET Q q 0 0 0 rg BT 95.38 489.75 Td (described ) Tj ET Q q 0 0 0 rg BT 138.18 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 148.92 489.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 171.90 489.75 Td (2, ) Tj ET Q q 0 0 0 rg BT 182.34 489.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 206.49 489.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 237.64 489.75 Td (may ) Tj ET Q q 0 0 0 rg BT 258.29 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 270.77 489.75 Td (obligated ) Tj ET Q q 0 0 0 rg BT 312.41 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 323.15 489.75 Td (settle ) Tj ET Q q 0 0 0 rg BT 347.88 489.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 412.28 489.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 449.84 489.75 Td (related ) Tj ET Q q 0 0 0 rg BT 480.97 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 491.71 489.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 522.84 489.75 Td (af) Tj ET Q q 0 0 0 rg BT 530.81 489.75 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 564.64 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 567.26 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 569.89 489.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.74 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 74.56 477.15 Td (March ) Tj ET Q q 0 0 0 rg BT 104.03 477.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.23 477.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 144.93 477.15 Td (af) Tj ET Q q 0 0 0 rg BT 152.89 477.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 179.45 477.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 243.35 477.15 Td (interests, ) Tj ET Q q 0 0 0 rg BT 283.04 477.15 Td (excluding ) Tj ET Q q 0 0 0 rg BT 326.52 477.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 364.17 477.15 Td (related ) Tj ET Q q 0 0 0 rg BT 394.81 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 405.05 477.15 Td (management ) Tj ET Q q 0 0 0 rg BT 460.76 477.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 489.08 477.15 Td (plans, ) Tj ET Q q 0 0 0 rg BT 515.94 477.15 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td ($591,254) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.38 464.55 Td (. ) Tj ET Q q 0 0 0 rg BT 94.78 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 97.56 464.55 Td (In ) Tj ET Q q 0 0 0 rg BT 109.08 464.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 148.90 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 160.43 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 171.95 464.55 Td (March ) Tj ET Q q 0 0 0 rg BT 202.13 464.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 218.04 464.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 244.44 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 260.05 464.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 303.07 464.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 353.67 464.55 Td (value ) Tj ET Q q 0 0 0 rg BT 379.18 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 394.20 464.55 Td (units ) Tj ET Q q 0 0 0 rg BT 417.40 464.55 Td (under ) Tj ET Q q 0 0 0 rg BT 444.09 464.55 Td (af) Tj ET Q q 0 0 0 rg BT 452.06 464.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 479.33 464.55 Td (management ) Tj ET Q q 0 0 0 rg BT 535.75 464.55 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (plans ) Tj ET Q q 0 0 0 rg BT 74.39 451.95 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.68 451.95 Td ($72,298) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 156.80 451.95 Td (. ) Tj ET Q q 0 0 0 rg BT 161.66 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 163.89 451.95 Td (See ) Tj ET Q q 0 0 0 rg BT 181.28 451.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 208.00 451.95 Td (1) Tj ET Q q 0 0 0 rg BT 212.86 451.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 220.34 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 237.73 451.95 Td (14 ) Tj ET Q q 0 0 0 rg BT 250.46 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 264.93 451.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 309.15 451.95 Td (information ) Tj ET Q q 0 0 0 rg BT 360.96 451.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 403.42 451.95 Td (af) Tj ET Q q 0 0 0 rg BT 411.39 451.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 438.10 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 493.98 451.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 522.45 451.95 Td (plans ) Tj ET Q q 0 0 0 rg BT 546.84 451.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 114.45 439.35 Td (interests, ) Tj ET Q q 0 0 0 rg BT 154.70 439.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 204.74 439.35 Td (. ) Tj ET Q q 0 0 0 rg BT 209.99 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 212.62 439.35 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 54.75 414.15 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 414.15 Td (EMPLOYEE BENEFITS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 174.65 414.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.22 388.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 108.57 388.95 Td (through ) Tj ET Q q 0 0 0 rg BT 144.38 388.95 Td (its ) Tj ET Q q 0 0 0 rg BT 157.44 388.95 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 212.79 388.95 Td (maintains ) Tj ET Q q 0 0 0 rg BT 256.77 388.95 Td (various ) Tj ET Q q 0 0 0 rg BT 290.82 388.95 Td (defined ) Tj ET Q q 0 0 0 rg BT 325.45 388.95 Td (contribution ) Tj ET Q q 0 0 0 rg BT 379.92 388.95 Td (plans ) Tj ET Q q 0 0 0 rg BT 405.23 388.95 Td (covering ) Tj ET Q q 0 0 0 rg BT 445.11 388.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 501.33 388.95 Td (all ) Tj ET Q q 0 0 0 rg BT 514.97 388.95 Td (employees. ) Tj ET Q q 0 0 0 rg BT 565.13 388.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (Through ) Tj ET Q q 0 0 0 rg BT 88.37 376.35 Td (these ) Tj ET Q q 0 0 0 rg BT 112.65 376.35 Td (plans, ) Tj ET Q q 0 0 0 rg BT 140.15 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 164.44 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 195.73 376.35 Td (can ) Tj ET Q q 0 0 0 rg BT 213.01 376.35 Td (make ) Tj ET Q q 0 0 0 rg BT 238.46 376.35 Td (two ) Tj ET Q q 0 0 0 rg BT 256.92 376.35 Td (types ) Tj ET Q q 0 0 0 rg BT 281.79 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 293.25 376.35 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 350.77 376.35 Td (contributions. ) Tj ET Q q 0 0 0 rg BT 411.52 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 414.23 376.35 Td (One ) Tj ET Q q 0 0 0 rg BT 434.43 376.35 Td (is ) Tj ET Q q 0 0 0 rg BT 444.15 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 451.52 376.35 Td (profit ) Tj ET Q q 0 0 0 rg BT 477.56 376.35 Td (sharing ) Tj ET Q q 0 0 0 rg BT 511.18 376.35 Td (contribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.45 363.75 Td (eligible ) Tj ET Q q 0 0 0 rg BT 94.73 363.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 115.59 363.75 Td (participants ) Tj ET Q q 0 0 0 rg BT 167.36 363.75 Td (based ) Tj ET Q q 0 0 0 rg BT 194.06 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 207.34 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 214.79 363.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 263.04 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 274.57 363.75 Td (qualified ) Tj ET Q q 0 0 0 rg BT 314.68 363.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.78 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 393.73 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.34 363.75 Td (other ) Tj ET Q q 0 0 0 rg BT 433.70 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 443.49 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 450.94 363.75 Td (match ) Tj ET Q q 0 0 0 rg BT 479.38 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 490.91 363.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 534.51 363.75 Td (401\(k\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (contributions. ) Tj ET Q q 0 0 0 rg BT 110.01 351.15 Td (Matches ) Tj ET Q q 0 0 0 rg BT 148.05 351.15 Td (range ) Tj ET Q q 0 0 0 rg BT 173.83 351.15 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 196.71 351.15 Td (50%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.96 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 218.42 351.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.06 351.15 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.55 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 256.02 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.23 351.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 310.52 351.15 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 340.98 351.15 Td (contributions, ) Tj ET Q q 0 0 0 rg BT 401.49 351.15 Td (up ) Tj ET Q q 0 0 0 rg BT 414.45 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 425.09 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 432.22 351.15 Td (maximum ) Tj ET Q q 0 0 0 rg BT 477.26 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 488.48 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 503.77 351.15 Td (lesser ) Tj ET Q q 0 0 0 rg BT 530.15 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 541.36 351.15 Td (up ) Tj ET Q q 0 0 0 rg BT 554.33 351.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (6%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 65.05 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 75.35 338.55 Td (employee ) Tj ET Q q 0 0 0 rg BT 117.72 338.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 177.60 338.55 Td (or ) Tj ET Q q 0 0 0 rg BT 187.90 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 194.11 338.55 Td (specified ) Tj ET Q q 0 0 0 rg BT 233.56 338.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 266.61 338.55 Td (up ) Tj ET Q q 0 0 0 rg BT 278.67 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 288.39 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 302.77 338.55 Td (IRS ) Tj ET Q q 0 0 0 rg BT 320.66 338.55 Td (limit. ) Tj ET Q q 0 0 0 rg BT 344.68 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 346.23 338.55 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 389.77 338.55 Td (profit ) Tj ET Q q 0 0 0 rg BT 414.65 338.55 Td (sharing ) Tj ET Q q 0 0 0 rg BT 447.12 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 463.83 338.55 Td (matching ) Tj ET Q q 0 0 0 rg BT 504.46 338.55 Td (contributions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (together ) Tj ET Q q 0 0 0 rg BT 87.06 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 108.88 325.95 Td (contributions ) Tj ET Q q 0 0 0 rg BT 167.45 325.95 Td (made ) Tj ET Q q 0 0 0 rg BT 193.35 325.95 Td (under ) Tj ET Q q 0 0 0 rg BT 220.41 325.95 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 266.73 325.95 Td (plans, ) Tj ET Q q 0 0 0 rg BT 294.68 325.95 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.40 325.95 Td ($37,249) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.53 325.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.31 325.95 Td ($33,152) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.44 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 403.59 325.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.91 325.95 Td ($27,888) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.03 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 459.19 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 470.51 325.95 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.41 325.95 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.41 325.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.19 325.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.19 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 547.34 325.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 313.35 Td (, ) Tj ET Q q 0 0 0 rg BT 75.75 313.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 125.80 313.35 Td (. ) Tj ET Q q 0 0 0 rg BT 131.05 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 133.67 313.35 Td (In ) Tj ET Q q 0 0 0 rg BT 145.04 313.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 184.71 313.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 232.23 313.35 Td (can ) Tj ET Q q 0 0 0 rg BT 249.43 313.35 Td (make ) Tj ET Q q 0 0 0 rg BT 274.79 313.35 Td (voluntary ) Tj ET Q q 0 0 0 rg BT 317.66 313.35 Td (contributions ) Tj ET Q q 0 0 0 rg BT 375.70 313.35 Td (under ) Tj ET Q q 0 0 0 rg BT 402.23 313.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 433.42 313.35 Td (plans.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (In ) Tj ET Q q 0 0 0 rg BT 61.44 288.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 110.70 288.15 Td (with ) Tj ET Q q 0 0 0 rg BT 132.57 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 148.59 288.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 197.86 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 209.81 288.15 Td (Martin ) Tj ET Q q 0 0 0 rg BT 241.58 288.15 Td (Currie ) Tj ET Q q 0 0 0 rg BT 271.60 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 285.29 288.15 Td (October ) Tj ET Q q 0 0 0 rg BT 322.31 288.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 333.38 288.15 Td (2014, ) Tj ET Q q 0 0 0 rg BT 360.20 288.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 384.97 288.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 416.75 288.15 Td (assumed ) Tj ET Q q 0 0 0 rg BT 456.10 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 472.13 288.15 Td (obligations ) Tj ET Q q 0 0 0 rg BT 521.99 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 533.93 288.15 Td (Martin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Currie's ) Tj ET Q q 0 0 0 rg BT 84.93 275.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 119.04 275.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 150.82 275.55 Td (pension ) Tj ET Q q 0 0 0 rg BT 186.11 275.55 Td (plan, ) Tj ET Q q 0 0 0 rg BT 209.43 275.55 Td (more ) Tj ET Q q 0 0 0 rg BT 233.63 275.55 Td (fully ) Tj ET Q q 0 0 0 rg BT 256.09 275.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 298.96 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 309.76 275.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.79 275.55 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.04 275.55 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 250.95 Td (10) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 250.95 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 67.88 250.95 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 99.77 250.95 Td (AL) Tj ET Q q 0 0 0 rg BT 113.77 250.95 Td ( ST) Tj ET Q q 0 0 0 rg BT 129.05 250.95 Td (OCK) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 152.97 250.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (At ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.41 225.75 Td (March ) Tj ET Q q 0 0 0 rg BT 94.22 225.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 110.75 225.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 131.75 225.75 Td (, ) Tj ET Q q 0 0 0 rg BT 137.78 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.02 225.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 201.74 225.75 Td (numbers ) Tj ET Q q 0 0 0 rg BT 241.30 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.46 225.75 Td (common ) Tj ET Q q 0 0 0 rg BT 293.61 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.18 225.75 Td (preferred ) Tj ET Q q 0 0 0 rg BT 354.05 225.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 383.70 225.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.51 225.75 Td (500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.63 225.75 Td ( ) Tj ET Q q 0 0 0 rg BT 445.04 225.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.61 225.75 Td (4,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.23 225.75 Td (, ) Tj ET Q q 0 0 0 rg BT 493.26 225.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 543.31 225.75 Td (. ) Tj ET Q q 0 0 0 rg BT 549.34 225.75 Td ( ) Tj ET Q q 0 0 0 rg BT 552.00 225.75 Td (At ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.15 Td (March ) Tj ET Q q 0 0 0 rg BT 79.86 213.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.94 213.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.94 213.15 Td ( ) Tj ET Q q 0 0 0 rg BT 119.90 213.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.01 213.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 159.01 213.15 Td (, ) Tj ET Q q 0 0 0 rg BT 164.59 213.15 Td (there ) Tj ET Q q 0 0 0 rg BT 188.53 213.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.89 213.15 Td (4,1) Tj ET Q q 0 0 0 rg BT 224.63 213.15 Td (1) Tj ET Q q 0 0 0 rg BT 229.49 213.15 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.74 213.15 Td ( ) Tj ET Q q 0 0 0 rg BT 237.69 213.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.81 213.15 Td (6,988) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.43 213.15 Td ( ) Tj ET Q q 0 0 0 rg BT 282.39 213.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 311.58 213.15 Td (of ) Tj ET Q q 0 0 0 rg BT 323.29 213.15 Td (common ) Tj ET Q q 0 0 0 rg BT 362.99 213.15 Td (stock, ) Tj ET Q q 0 0 0 rg BT 390.73 213.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 440.78 213.15 Td (, ) Tj ET Q q 0 0 0 rg BT 446.36 213.15 Td (reserved ) Tj ET Q q 0 0 0 rg BT 484.88 213.15 Td (for ) Tj ET Q q 0 0 0 rg BT 500.08 213.15 Td (issuance ) Tj ET Q q 0 0 0 rg BT 538.60 213.15 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.70 200.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.89 200.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 139.76 200.55 Td (plans. ) Tj ET Q q 0 0 0 rg BT 167.17 200.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 175.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.09 175.35 Td (May ) Tj ET Q q 0 0 0 rg BT 81.19 175.35 Td (2012, ) Tj ET Q q 0 0 0 rg BT 106.66 175.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 130.08 175.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 166.48 175.35 Td (Board ) Tj ET Q q 0 0 0 rg BT 193.99 175.35 Td (of ) Tj ET Q q 0 0 0 rg BT 204.58 175.35 Td (Directors ) Tj ET Q q 0 0 0 rg BT 245.50 175.35 Td (approved ) Tj ET Q q 0 0 0 rg BT 286.41 175.35 Td (a ) Tj ET Q q 0 0 0 rg BT 292.92 175.35 Td (share ) Tj ET Q q 0 0 0 rg BT 316.92 175.35 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 364.23 175.35 Td (authorization ) Tj ET Q q 0 0 0 rg BT 421.48 175.35 Td (for ) Tj ET Q q 0 0 0 rg BT 435.57 175.35 Td (up ) Tj ET Q q 0 0 0 rg BT 447.91 175.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.93 175.35 Td ($1,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.18 175.35 Td ( ) Tj ET Q q 0 0 0 rg BT 507.02 175.35 Td (for ) Tj ET Q q 0 0 0 rg BT 521.11 175.35 Td (purchases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.08 162.75 Td (common ) Tj ET Q q 0 0 0 rg BT 100.66 162.75 Td (stock. ) Tj ET Q q 0 0 0 rg BT 128.28 162.75 Td ( ) Tj ET Q q 0 0 0 rg BT 130.48 162.75 Td (All ) Tj ET Q q 0 0 0 rg BT 146.73 162.75 Td (but ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 162.98 162.75 Td ($13,515) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.11 162.75 Td ( ) Tj ET Q q 0 0 0 rg BT 199.94 162.75 Td (of ) Tj ET Q q 0 0 0 rg BT 211.52 162.75 Td (the ) Tj ET Q q 0 0 0 rg BT 227.18 162.75 Td (share ) Tj ET Q q 0 0 0 rg BT 252.16 162.75 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 304.55 162.75 Td (under ) Tj ET Q q 0 0 0 rg BT 331.29 162.75 Td (this ) Tj ET Q q 0 0 0 rg BT 349.29 162.75 Td (authorization ) Tj ET Q q 0 0 0 rg BT 407.52 162.75 Td (were ) Tj ET Q q 0 0 0 rg BT 430.76 162.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 477.32 162.75 Td (by ) Tj ET Q q 0 0 0 rg BT 490.65 162.75 Td (March ) Tj ET Q q 0 0 0 rg BT 520.89 162.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 547.35 162.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 150.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.44 150.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 111.12 150.15 Td (share ) Tj ET Q q 0 0 0 rg BT 136.38 150.15 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 189.04 150.15 Td (under ) Tj ET Q q 0 0 0 rg BT 216.06 150.15 Td (this ) Tj ET Q q 0 0 0 rg BT 234.34 150.15 Td (authorization ) Tj ET Q q 0 0 0 rg BT 292.85 150.15 Td (were ) Tj ET Q q 0 0 0 rg BT 316.36 150.15 Td (completed ) Tj ET Q q 0 0 0 rg BT 363.20 150.15 Td (in ) Tj ET Q q 0 0 0 rg BT 373.79 150.15 Td (April ) Tj ET Q q 0 0 0 rg BT 399.06 150.15 Td (2015. ) Tj ET Q q 0 0 0 rg BT 425.80 150.15 Td ( ) Tj ET Q q 0 0 0 rg BT 428.90 150.15 Td (In ) Tj ET Q q 0 0 0 rg BT 440.76 150.15 Td (January ) Tj ET Q q 0 0 0 rg BT 476.52 150.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 503.25 150.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 527.94 150.15 Td (Mason's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 76.80 137.55 Td (of ) Tj ET Q q 0 0 0 rg BT 87.18 137.55 Td (Directors ) Tj ET Q q 0 0 0 rg BT 127.89 137.55 Td (approved ) Tj ET Q q 0 0 0 rg BT 168.60 137.55 Td (a ) Tj ET Q q 0 0 0 rg BT 174.90 137.55 Td (new ) Tj ET Q q 0 0 0 rg BT 194.03 137.55 Td (share ) Tj ET Q q 0 0 0 rg BT 217.82 137.55 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 264.93 137.55 Td (authorization ) Tj ET Q q 0 0 0 rg BT 321.97 137.55 Td (for ) Tj ET Q q 0 0 0 rg BT 335.85 137.55 Td (up ) Tj ET Q q 0 0 0 rg BT 347.99 137.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.79 137.55 Td ($1,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.04 137.55 Td ( ) Tj ET Q q 0 0 0 rg BT 406.68 137.55 Td (for ) Tj ET Q q 0 0 0 rg BT 420.56 137.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 464.19 137.55 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 515.39 137.55 Td (of ) Tj ET Q q 0 0 0 rg BT 525.77 137.55 Td (common ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.95 Td (stock. ) Tj ET Q q 0 0 0 rg BT 77.44 124.95 Td ( ) Tj ET Q q 0 0 0 rg BT 80.36 124.95 Td (There ) Tj ET Q q 0 0 0 rg BT 107.99 124.95 Td (is ) Tj ET Q q 0 0 0 rg BT 118.15 124.95 Td (no ) Tj ET Q q 0 0 0 rg BT 131.79 124.95 Td (expiration ) Tj ET Q q 0 0 0 rg BT 177.51 124.95 Td (attached ) Tj ET Q q 0 0 0 rg BT 215.64 124.95 Td (to ) Tj ET Q q 0 0 0 rg BT 226.96 124.95 Td (this ) Tj ET Q q 0 0 0 rg BT 245.28 124.95 Td (share ) Tj ET Q q 0 0 0 rg BT 270.58 124.95 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 319.20 124.95 Td (authorization. ) Tj ET Q q 0 0 0 rg BT 380.38 124.95 Td ( ) Tj ET Q q 0 0 0 rg BT 383.53 124.95 Td (During ) Tj ET Q q 0 0 0 rg BT 416.42 124.95 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 442.31 124.95 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.31 124.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.09 124.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.09 124.95 Td (, ) Tj ET Q q 0 0 0 rg BT 495.86 124.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.17 124.95 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.17 124.95 Td (, ) Tj ET Q q 0 0 0 rg BT 540.95 124.95 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 112.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.89 112.35 Td (purchased ) Tj ET Q q 0 0 0 rg BT 126.27 112.35 Td (and ) Tj ET Q q 0 0 0 rg BT 144.24 112.35 Td (retired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.45 112.35 Td (1) Tj ET Q q 0 0 0 rg BT 179.31 112.35 Td (1,697) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 202.94 112.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 208.37 112.35 Td (4,537) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.00 112.35 Td (, ) Tj ET Q q 0 0 0 rg BT 237.44 112.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.41 112.35 Td (6,931) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.03 112.35 Td ( ) Tj ET Q q 0 0 0 rg BT 281.84 112.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 310.89 112.35 Td (of ) Tj ET Q q 0 0 0 rg BT 322.45 112.35 Td (its ) Tj ET Q q 0 0 0 rg BT 335.18 112.35 Td (common ) Tj ET Q q 0 0 0 rg BT 374.74 112.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 402.34 112.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 452.39 112.35 Td (, ) Tj ET Q q 0 0 0 rg BT 457.82 112.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.88 112.35 Td ($381,672) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.25 112.35 Td (, ) Tj ET Q q 0 0 0 rg BT 517.69 112.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.50 112.35 Td ($209,632) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 112.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.14 99.75 Td ($356,522) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.51 99.75 Td (, ) Tj ET Q q 0 0 0 rg BT 113.61 99.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 163.66 99.75 Td (, ) Tj ET Q q 0 0 0 rg BT 169.76 99.75 Td (through ) Tj ET Q q 0 0 0 rg BT 205.89 99.75 Td (open ) Tj ET Q q 0 0 0 rg BT 229.78 99.75 Td (market ) Tj ET Q q 0 0 0 rg BT 262.41 99.75 Td (purchases. ) Tj ET Q q 0 0 0 rg BT 309.91 99.75 Td ( ) Tj ET Q q 0 0 0 rg BT 313.13 99.75 Td (The ) Tj ET Q q 0 0 0 rg BT 332.93 99.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 378.98 99.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 414.51 99.75 Td (of ) Tj ET Q q 0 0 0 rg BT 426.73 99.75 Td (the ) Tj ET Q q 0 0 0 rg BT 443.04 99.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 490.82 99.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 516.46 99.75 Td (buyback ) Tj ET Q q 0 0 0 rg BT 555.51 99.75 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 87.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 112.77 87.15 Td ($423,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 152.15 87.15 Td (.) 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515.85 m 562 515.85 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.15 670.62 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 655.64 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 655.62 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 655.62 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 640.64 Td (COMMON STOCK) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 625.62 Td (Beginning balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 625.64 Td (107,012) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 625.62 Td (111,469) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 625.62 Td (117,173) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 610.62 Td (Shares issued for:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 595.62 Td (Stock option exercises) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.25 595.64 Td (321) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.25 595.62 Td (338) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 595.62 Td (718) Tj 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10.50 Tf ET q 0 0 0 rg BT 558.00 550.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 535.62 Td (Employee tax withholding by settlement of net share transactions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.75 535.64 Td (\(370) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 535.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 535.62 Td (\(412) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 535.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 535.62 Td (\(473) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 535.62 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 520.62 Td (Ending balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 520.64 Td (95,727) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 520.62 Td (107,012) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 520.62 Td (111,469) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 491.15 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 94.76 491.15 Td (declared ) Tj ET Q q 0 0 0 rg BT 132.42 491.15 Td (per ) Tj ET Q q 0 0 0 rg BT 147.92 491.15 Td (share ) Tj ET Q q 0 0 0 rg BT 172.18 491.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.67 491.15 Td ($0.88) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 218.30 491.15 Td (, ) Tj ET Q q 0 0 0 rg BT 223.02 491.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.12 491.15 Td ($0.80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.75 491.15 Td ( ) Tj ET Q q 0 0 0 rg BT 250.84 491.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.10 491.15 Td ($0.64) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.73 491.15 Td ( ) Tj ET Q q 0 0 0 rg BT 293.83 491.15 Td (for ) Tj ET Q q 0 0 0 rg BT 308.17 491.15 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.00 491.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.00 491.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.73 491.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.73 491.15 Td ( ) Tj ET Q q 0 0 0 rg BT 381.83 491.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.08 491.15 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.08 491.15 Td (, ) Tj ET Q q 0 0 0 rg BT 424.81 491.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 474.85 491.15 Td (. ) Tj ET Q q 0 0 0 rg BT 479.58 491.15 Td ( ) Tj ET Q q 0 0 0 rg BT 481.68 491.15 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 526.94 491.15 Td (declared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 478.55 Td (but ) Tj ET Q q 0 0 0 rg BT 65.14 478.55 Td (not ) Tj ET Q q 0 0 0 rg BT 80.79 478.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 101.09 478.55 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 110.89 478.55 Td (March ) Tj ET Q q 0 0 0 rg BT 140.52 478.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 155.87 478.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 176.87 478.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.72 478.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 202.72 478.55 Td ( ) Tj ET Q q 0 0 0 rg BT 204.95 478.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.33 478.55 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.33 478.55 Td (, ) Tj ET Q q 0 0 0 rg BT 248.18 478.55 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.81 478.55 Td ($21,153) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.93 478.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.78 478.55 Td ($22,038) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.91 478.55 Td ( ) Tj ET Q q 0 0 0 rg BT 346.13 478.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.52 478.55 Td ($17,837) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.64 478.55 Td (, ) Tj ET Q q 0 0 0 rg BT 402.49 478.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 452.54 478.55 Td (, ) Tj ET Q q 0 0 0 rg BT 457.39 478.55 Td (and ) Tj ET Q q 0 0 0 rg BT 474.78 478.55 Td (are ) Tj ET Q q 0 0 0 rg BT 489.82 478.55 Td (included ) Tj ET Q q 0 0 0 rg BT 528.20 478.55 Td (in ) Tj ET Q q 0 0 0 rg BT 538.59 478.55 Td (Other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 465.95 Td (current ) Tj ET Q q 0 0 0 rg BT 81.86 465.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 123.56 465.95 Td (of ) Tj ET Q q 0 0 0 rg BT 134.93 465.95 Td (the ) Tj ET Q q 0 0 0 rg BT 150.39 465.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 208.43 465.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 244.86 465.95 Td (Sheets.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 441.35 Td (1) Tj ET Q q 0 0 0 rg BT 54.67 441.35 Td (1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 59.92 441.35 Td (.��) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 67.80 441.35 Td (ST) Tj ET Q q 0 0 0 rg BT 80.45 441.35 Td (OCK-BASED ) Tj ET Q q 0 0 0 rg BT 145.50 441.35 Td (COMPENSA) Tj ET Q q 0 0 0 rg BT 204.81 441.35 Td (TION) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 231.65 441.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 416.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 77.39 416.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 117.77 416.15 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 173.16 416.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 237.29 416.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 278.10 416.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 306.08 416.15 Td (options, ) Tj ET Q q 0 0 0 rg BT 345.45 416.15 Td (an ) Tj ET Q q 0 0 0 rg BT 361.18 416.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 407.81 416.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 435.79 416.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 478.92 416.15 Td (plan, ) Tj ET Q q 0 0 0 rg BT 505.44 416.15 Td (market-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 403.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.48 403.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 136.16 403.55 Td (payable ) Tj ET Q q 0 0 0 rg BT 172.25 403.55 Td (in ) Tj ET Q q 0 0 0 rg BT 183.85 403.55 Td (common ) Tj ET Q q 0 0 0 rg BT 224.03 403.55 Td (stock, ) Tj ET Q q 0 0 0 rg BT 252.25 403.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 294.75 403.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 320.35 403.55 Td (awards ) Tj ET Q q 0 0 0 rg BT 353.52 403.55 Td (and ) Tj ET Q q 0 0 0 rg BT 372.12 403.55 Td (units, ) Tj ET Q q 0 0 0 rg BT 398.60 403.55 Td (af) Tj ET Q q 0 0 0 rg BT 406.57 403.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 434.49 403.55 Td (management ) Tj ET Q q 0 0 0 rg BT 491.57 403.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 521.25 403.55 Td (plans ) Tj ET Q q 0 0 0 rg BT 546.85 403.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 390.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 87.90 390.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 149.16 390.95 Td (payable ) Tj ET Q q 0 0 0 rg BT 184.74 390.95 Td (in ) Tj ET Q q 0 0 0 rg BT 195.84 390.95 Td (stock. ) Tj ET Q q 0 0 0 rg BT 223.56 390.95 Td ( ) Tj ET Q q 0 0 0 rg BT 226.49 390.95 Td (Shares ) Tj ET Q q 0 0 0 rg BT 257.42 390.95 Td (available ) Tj ET Q q 0 0 0 rg BT 298.25 390.95 Td (for ) Tj ET Q q 0 0 0 rg BT 313.42 390.95 Td (issuance ) Tj ET Q q 0 0 0 rg BT 351.93 390.95 Td (under ) Tj ET Q q 0 0 0 rg BT 378.77 390.95 Td (the ) Tj ET Q q 0 0 0 rg BT 394.53 390.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 423.71 390.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 465.13 390.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 490.22 390.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 511.23 390.95 Td (as ) Tj ET Q q 0 0 0 rg BT 522.91 390.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.59 390.95 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 378.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.81 378.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.81 378.35 Td (, ) Tj ET Q q 0 0 0 rg BT 92.11 378.35 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.19 378.35 Td (3,659) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.82 378.35 Td (. ) Tj ET Q q 0 0 0 rg BT 144.12 378.35 Td ( ) Tj ET Q q 0 0 0 rg BT 146.80 378.35 Td (Options ) Tj ET Q q 0 0 0 rg BT 182.74 378.35 Td (under ) Tj ET Q q 0 0 0 rg BT 209.32 378.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 233.58 378.35 Td (Mason�) Tj ET Q q 0 0 0 rg BT 265.08 378.35 Td (s ) Tj ET Q q 0 0 0 rg BT 271.85 378.35 Td (employee ) Tj ET Q q 0 0 0 rg BT 315.34 378.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 340.19 378.35 Td (plans ) Tj ET Q q 0 0 0 rg BT 365.03 378.35 Td (have ) Tj ET Q q 0 0 0 rg BT 387.53 378.35 Td (been ) Tj ET Q q 0 0 0 rg BT 410.04 378.35 Td (granted ) Tj ET Q q 0 0 0 rg BT 444.20 378.35 Td (at ) Tj ET Q q 0 0 0 rg BT 454.46 378.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 482.21 378.35 Td (not ) Tj ET Q q 0 0 0 rg BT 498.31 378.35 Td (less ) Tj ET Q q 0 0 0 rg BT 516.74 378.35 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 378.35 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 562.00 378.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 365.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.77 365.75 Td (the ) Tj ET Q q 0 0 0 rg BT 77.61 365.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 95.21 365.75 Td (market ) Tj ET Q q 0 0 0 rg BT 127.38 365.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 155.76 365.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.78 365.75 Td (Options ) Tj ET Q q 0 0 0 rg BT 195.06 365.75 Td (are ) Tj ET Q q 0 0 0 rg BT 210.90 365.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 252.98 365.75 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 303.22 365.75 Td (in ) Tj ET Q q 0 0 0 rg BT 314.41 365.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 340.17 365.75 Td (increments ) Tj ET Q q 0 0 0 rg BT 389.25 365.75 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.93 365.75 Td (four) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.42 365.75 Td ( ) Tj ET Q q 0 0 0 rg BT 431.44 365.75 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.21 365.75 Td (five) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.54 365.75 Td ( ) Tj ET Q q 0 0 0 rg BT 462.56 365.75 Td (years ) Tj ET Q q 0 0 0 rg BT 487.73 365.75 Td (and ) Tj ET Q q 0 0 0 rg BT 505.91 365.75 Td (expire ) Tj ET Q q 0 0 0 rg BT 535.17 365.75 Td (within ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 353.15 Td (eight) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 353.15 Td ( ) Tj ET Q q 0 0 0 rg BT 73.62 353.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.41 353.15 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.91 353.15 Td ( ) Tj ET Q q 0 0 0 rg BT 97.54 353.15 Td (years ) Tj ET Q q 0 0 0 rg BT 122.32 353.15 Td (from ) Tj ET Q q 0 0 0 rg BT 145.35 353.15 Td (the ) Tj ET Q q 0 0 0 rg BT 160.81 353.15 Td (date ) Tj ET Q q 0 0 0 rg BT 180.92 353.15 Td (of ) Tj ET Q q 0 0 0 rg BT 192.29 353.15 Td (grant.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 327.95 Td (As ) Tj ET Q q 0 0 0 rg BT 64.34 327.95 Td (further ) Tj ET Q q 0 0 0 rg BT 95.59 327.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 138.51 327.95 Td (below) Tj ET Q q 0 0 0 rg BT 163.49 327.95 Td (, ) Tj ET Q q 0 0 0 rg BT 168.79 327.95 Td (the ) Tj ET Q q 0 0 0 rg BT 184.29 327.95 Td (components ) Tj ET Q q 0 0 0 rg BT 237.71 327.95 Td (of ) Tj ET Q q 0 0 0 rg BT 249.13 327.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 273.38 327.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 310.62 327.95 Td (total ) Tj ET Q q 0 0 0 rg BT 331.95 327.95 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 384.20 327.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 445.19 327.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 481.69 327.95 Td (for ) Tj ET Q q 0 0 0 rg BT 496.60 327.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.11 327.95 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.26 327.95 Td ( ) Tj ET Q q 0 0 0 rg BT 536.94 327.95 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 315.35 Td (March ) Tj ET Q q 0 0 0 rg BT 80.03 315.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.78 315.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.78 315.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.03 315.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.03 315.35 Td (, ) Tj ET Q q 0 0 0 rg BT 148.28 315.35 Td (and ) Tj ET Q q 0 0 0 rg BT 166.06 315.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 192.31 315.35 Td (were ) Tj ET Q q 0 0 0 rg BT 215.34 315.35 Td (as ) Tj ET Q q 0 0 0 rg BT 226.71 315.35 Td (follows:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 302.75 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 262.25 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 262.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 262.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 262.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 262.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 262.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 262.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 232.25 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 232.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 232.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 232.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 232.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 232.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 232.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 202.25 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 202.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 202.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 202.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 202.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 202.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 202.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 172.25 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 172.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 172.25 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 172.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 172.25 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 172.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 172.25 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 277.25 m 401.5 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 277.25 m 405.5 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 277.25 m 481.5 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 277.25 m 485.5 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 277.25 m 562.5 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 262.25 m 320.5 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 277.25 m 401.5 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 262.25 m 401.5 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 277.25 m 481.5 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 262.25 m 481.5 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 277.25 m 562.5 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 262.25 m 562.5 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 157.25 m 320.5 157.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 157.25 m 401.5 157.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 142.25 m 320.5 142.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 142.25 m 401.5 142.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 157.25 m 481.5 157.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 142.25 m 481.5 142.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 157.25 m 562.5 157.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 142.25 m 562.5 142.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.65 282.02 Td (Y) Tj ET Q q 0 0 0 rg BT 400.18 282.02 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 352.00 267.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 267.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.00 267.02 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 252.02 Td (Stock options) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 327.00 252.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.85 252.04 Td (8,347) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.00 252.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 252.02 Td (9,403) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.00 252.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 252.02 Td (11,584) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 237.02 Td (Restricted stock and restricted stock units) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.60 237.04 Td (52,049) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.60 237.02 Td (52,670) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 237.02 Td (45,975) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 222.02 Td (Employee stock purchase plan) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.75 222.04 Td (696) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.75 222.02 Td (729) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 222.02 Td (673) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 207.02 Td (Affiliate management equity plans) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.60 207.04 Td (26,566) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.60 207.02 Td (26,184) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 207.02 Td (5,206) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 192.02 Td (Non-employee director awards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.85 192.04 Td (1,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 192.02 Td (1,150) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 192.02 Td (1,550) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 177.02 Td (Performance share units) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.85 177.04 Td (3,924) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 177.02 Td (2,766) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 177.02 Td (1,056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 162.02 Td (Employee stock trust) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.00 162.04 Td (26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 162.02 Td (25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 162.02 Td (201) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 147.02 Td (Total stock-based compensation expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 327.00 147.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.60 147.04 Td (93,008) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.00 147.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.60 147.02 Td (92,927) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.00 147.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 147.02 Td (66,245) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 273 0 obj <>] /Rotate 0 /Contents 274 0 R>> endobj 274 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (134) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (Stock Options) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (Stock ) Tj ET Q q 0 0 0 rg BT 77.08 729.30 Td (option ) Tj ET Q q 0 0 0 rg BT 107.08 729.30 Td (transactions ) Tj ET Q q 0 0 0 rg BT 160.39 729.30 Td (under ) Tj ET Q q 0 0 0 rg BT 187.46 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 212.20 729.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 249.92 729.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 279.33 729.30 Td (incentive ) Tj ET Q q 0 0 0 rg BT 320.98 729.30 Td (plans ) Tj ET Q q 0 0 0 rg BT 346.30 729.30 Td (during ) Tj ET Q q 0 0 0 rg BT 376.88 729.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.87 729.30 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.02 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 418.19 729.30 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.42 729.30 Td (March ) Tj ET Q q 0 0 0 rg BT 476.99 729.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 493.27 729.30 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.27 729.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.06 729.30 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.06 729.30 Td (, ) Tj ET Q q 0 0 0 rg BT 546.85 729.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 76.25 716.70 Td (are ) Tj ET Q q 0 0 0 rg BT 91.69 716.70 Td (summarized ) Tj ET Q q 0 0 0 rg BT 145.64 716.70 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 670.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 670.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 670.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 670.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 644.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 644.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 644.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 644.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 618.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 618.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 618.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 618.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 618.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 592.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 592.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 592.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 592.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 592.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 566.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 566.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 566.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 566.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 566.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 540.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 540.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 540.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 540.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 540.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 514.20 284.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 514.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 514.20 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 514.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 514.20 110.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 670.2 m 334.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 670.2 m 448.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 670.2 m 562.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 670.2 m 334.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 670.2 m 448.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 670.2 m 562.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 618.2 m 334.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 618.2 m 448.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 618.2 m 562.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 618.2 m 334.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 618.2 m 448.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 618.2 m 562.5 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 566.2 m 334.5 566.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 566.2 m 448.5 566.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 566.2 m 562.5 566.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 566.2 m 334.5 566.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 514.2 m 334.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 514.2 m 448.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 514.2 m 562.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 514.2 m 334.5 514.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 501.2 m 334.5 501.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 501.2 m 448.5 501.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 501.2 m 562.5 501.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 674.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.80 674.97 Td (Number of�Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.85 685.47 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.20 674.97 Td (Exercise Price Per Share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 660.42 Td (Options outstanding at March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 660.42 Td (4,801) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 660.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 660.42 Td (43.02) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 647.42 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.75 647.42 Td (918) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 647.42 Td (47.65) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 634.42 Td (Exercised) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 634.42 Td (\(694) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 634.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 634.42 Td (30.75) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 621.42 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 621.42 Td (\(593) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 621.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 621.42 Td (90.31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 608.42 Td (Options outstanding at March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 608.42 Td (4,432) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 608.42 Td (39.58) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 595.42 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.75 595.42 Td (876) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 595.42 Td (54.51) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 582.42 Td (Exercised) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 582.42 Td (\(349) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 582.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 582.42 Td (28.35) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 569.42 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 569.42 Td (\(453) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 569.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 569.42 Td (88.06) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 556.42 Td (Options outstanding at March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 556.42 Td (4,506) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 556.42 Td (38.48) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 543.42 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.75 543.42 Td (753) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 543.42 Td (31.31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 530.42 Td (Exercised) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 530.42 Td (\(313) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 530.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 530.42 Td (27.66) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 517.42 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 517.42 Td (\(353) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 517.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 517.42 Td (37.13) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 504.59 Td (Options outstanding at March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.85 504.59 Td (4,593) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.00 504.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.85 504.59 Td (38.15) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 476.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.83 476.50 Td (total ) Tj ET Q q 0 0 0 rg BT 90.00 476.50 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 126.91 476.50 Td (value ) Tj ET Q q 0 0 0 rg BT 152.16 476.50 Td (of ) Tj ET Q q 0 0 0 rg BT 163.41 476.50 Td (options ) Tj ET Q q 0 0 0 rg BT 196.83 476.50 Td (exercised ) Tj ET Q q 0 0 0 rg BT 238.98 476.50 Td (during ) Tj ET Q q 0 0 0 rg BT 268.90 476.50 Td (the ) Tj ET Q q 0 0 0 rg BT 284.23 476.50 Td (years ) Tj ET Q q 0 0 0 rg BT 308.89 476.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 336.47 476.50 Td (March ) Tj ET Q q 0 0 0 rg BT 366.38 476.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 382.01 476.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 408.13 476.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 434.26 476.50 Td (and ) Tj ET Q q 0 0 0 rg BT 451.93 476.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 478.06 476.50 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.89 476.50 Td ($2,289) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.77 476.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.90 476.50 Td ($5,81) Tj ET Q q 0 0 0 rg BT 554.13 476.50 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 476.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 463.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.79 463.90 Td ($14,351) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 101.91 463.90 Td (, ) Tj ET Q q 0 0 0 rg BT 107.16 463.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 157.21 463.90 Td (. ) Tj ET Q q 0 0 0 rg BT 161.88 463.90 Td (At ) Tj ET Q q 0 0 0 rg BT 175.00 463.90 Td (March ) Tj ET Q q 0 0 0 rg BT 205.03 463.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 220.78 463.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 247.03 463.90 Td (the ) Tj ET Q q 0 0 0 rg BT 262.49 463.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 305.92 463.90 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 342.96 463.90 Td (value ) Tj ET Q q 0 0 0 rg BT 368.32 463.90 Td (of ) Tj ET Q q 0 0 0 rg BT 379.69 463.90 Td (options ) Tj ET Q q 0 0 0 rg BT 413.24 463.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 464.86 463.90 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.82 463.90 Td ($15,135) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.94 463.90 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 438.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 438.70 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 438.70 Td (information ) Tj ET Q q 0 0 0 rg BT 164.61 438.70 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 217.38 438.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 241.58 438.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 278.77 438.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 303.56 438.70 Td (options ) Tj ET Q q 0 0 0 rg BT 337.11 438.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 388.73 438.70 Td (at ) Tj ET Q q 0 0 0 rg BT 398.93 438.70 Td (March ) Tj ET Q q 0 0 0 rg BT 428.96 438.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 444.71 438.70 Td (2017:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 380.20 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 380.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 380.20 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 380.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 380.20 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 380.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 380.20 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 350.20 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 350.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 350.20 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 350.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 350.20 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 350.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 350.20 123.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 380.2 m 215.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 380.2 m 308.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 380.2 m 435.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 380.2 m 562.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 380.2 m 215.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 380.2 m 308.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 380.2 m 435.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 380.2 m 562.5 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 335.2 m 308.5 335.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 320.2 m 308.5 320.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 395.47 Td (Exercise) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 384.97 Td (Price Range) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.60 395.47 Td (Option Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.80 384.97 Td (Outstanding) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.35 405.97 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.30 395.47 Td (Exercise Price) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.20 384.97 Td (Per Share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.35 405.97 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.40 395.47 Td (Remaining Life) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 384.97 Td (\(in years\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 369.97 Td ($ 14.81 - $ 25.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.75 369.97 Td (473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 369.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 369.87 Td (23.68) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.10 369.97 Td (3.10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 354.97 Td ( 25.01 - 35.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 354.97 Td (1,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 354.87 Td (31.70) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.10 354.97 Td (4.74) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 339.97 Td ( 35.01 - 55.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 339.97 Td (2,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 339.87 Td (47.39) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.10 339.97 Td (5.28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 324.97 Td (4,593) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (At ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.28 296.10 Td (March ) Tj ET Q q 0 0 0 rg BT 95.46 296.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 112.36 296.10 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.36 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 139.76 296.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 167.17 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.10 296.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 213.51 296.10 Td (options ) Tj ET Q q 0 0 0 rg BT 248.21 296.10 Td (were ) Tj ET Q q 0 0 0 rg BT 272.38 296.10 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 323.38 296.10 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.40 296.10 Td (2,688) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.03 296.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.43 296.10 Td (2,544) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.06 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 399.46 296.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.40 296.10 Td (2,202) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 442.02 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.80 296.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 478.44 296.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 528.49 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 534.89 296.10 Td (with ) Tj ET Q q 0 0 0 rg BT 557.33 296.10 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 283.50 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 126.95 283.50 Td (exercise ) Tj ET Q q 0 0 0 rg BT 163.66 283.50 Td (price ) Tj ET Q q 0 0 0 rg BT 186.97 283.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.04 283.50 Td ($35.04) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 226.91 283.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.86 283.50 Td ($32.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.73 283.50 Td (, ) Tj ET Q q 0 0 0 rg BT 265.68 283.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.16 283.50 Td ($41.50) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.03 283.50 Td ( ) Tj ET Q q 0 0 0 rg BT 314.36 283.50 Td (, ) Tj ET Q q 0 0 0 rg BT 319.30 283.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 369.35 283.50 Td (. ) Tj ET Q q 0 0 0 rg BT 374.29 283.50 Td (Stock ) Tj ET Q q 0 0 0 rg BT 400.53 283.50 Td (options ) Tj ET Q q 0 0 0 rg BT 433.78 283.50 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 483.32 283.50 Td (at ) Tj ET Q q 0 0 0 rg BT 493.22 283.50 Td (March ) Tj ET Q q 0 0 0 rg BT 522.94 283.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.39 283.50 Td (2017, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 270.90 Td (have ) Tj ET Q q 0 0 0 rg BT 73.67 270.90 Td (a ) Tj ET Q q 0 0 0 rg BT 82.19 270.90 Td (weighted ) Tj ET Q q 0 0 0 rg BT 124.53 270.90 Td (average ) Tj ET Q q 0 0 0 rg BT 161.02 270.90 Td (remaining ) Tj ET Q q 0 0 0 rg BT 207.45 270.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 257.94 270.90 Td (life ) Tj ET Q q 0 0 0 rg BT 275.79 270.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.39 270.90 Td (3.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.51 270.90 Td ( ) Tj ET Q q 0 0 0 rg BT 305.36 270.90 Td (years. ) Tj ET Q q 0 0 0 rg BT 334.00 270.90 Td ( ) Tj ET Q q 0 0 0 rg BT 337.00 270.90 Td (At ) Tj ET Q q 0 0 0 rg BT 351.35 270.90 Td (March ) Tj ET Q q 0 0 0 rg BT 382.61 270.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 399.59 270.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 427.07 270.90 Td (the ) Tj ET Q q 0 0 0 rg BT 443.75 270.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 488.41 270.90 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 526.67 270.90 Td (value ) Tj ET Q q 0 0 0 rg BT 553.26 270.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 258.30 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 99.85 258.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 128.71 258.30 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.67 258.30 Td ($1) Tj ET Q q 0 0 0 rg BT 157.78 258.30 Td (1,403) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.40 258.30 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 233.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 233.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 165.19 233.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 189.39 233.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 226.57 233.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 251.36 233.10 Td (options ) Tj ET Q q 0 0 0 rg BT 284.91 233.10 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 334.75 233.10 Td (at ) Tj ET Q q 0 0 0 rg BT 344.96 233.10 Td (March ) Tj ET Q q 0 0 0 rg BT 374.99 233.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 390.74 233.10 Td (2017:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 186.60 298.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 186.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 186.60 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 156.60 298.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 156.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 156.60 123.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 186.60000000000002 m 348.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 186.60000000000002 m 435.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 186.60000000000002 m 562.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 186.60000000000002 m 348.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 186.60000000000002 m 435.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 186.60000000000002 m 562.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 141.60000000000002 m 435.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 126.60000000000002 m 435.5 126.60000000000002 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 201.87 Td (Exercise) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 191.37 Td (Price Range) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.60 201.87 Td (Option Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.00 191.37 Td (Exercisable) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.35 212.37 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.30 201.87 Td (Exercise Price) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.20 191.37 Td (Per Share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 176.37 Td ($ 14.81 - $ 25.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.75 176.37 Td (473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 176.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 176.27 Td (23.68) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 161.37 Td ( 25.01 - 35.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.85 161.37 Td (1,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 161.27 Td (31.94) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 146.37 Td ( 35.01 - 55.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.75 146.37 Td (975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 146.27 Td (44.49) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.85 131.37 Td (2,688) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 275 0 obj <>] /Rotate 0 /Contents 276 0 R>> endobj 276 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (135) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The following information summarizes unvested stock options under Legg Mason's equity incentive plans for the year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (ended March 31, 2017:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 682.65 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 682.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 682.65 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 682.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 682.65 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.65 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 652.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 652.65 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 652.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 652.65 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.65 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 622.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 622.65 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 622.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 622.65 123.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 682.65 m 306.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 682.65 m 433.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 682.65 m 560.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 682.65 m 433.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 682.65 m 560.5 682.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 622.65 m 433.5 622.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 622.65 m 560.5 622.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 622.65 m 306.5 622.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 607.65 m 306.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 607.65 m 433.5 607.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 607.65 m 560.5 607.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.25 697.92 Td (Number) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.80 687.42 Td (of Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.35 708.42 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.30 697.92 Td (Grant Date) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.85 687.42 Td (Fair Value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 672.42 Td (Options unvested at March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.85 672.42 Td (1,962) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.00 672.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 672.42 Td (11.48) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 657.42 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.75 657.42 Td (753) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 657.42 Td (31.31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 642.42 Td (Vested) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.25 642.42 Td (\(759) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.50 642.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 642.42 Td (41.57) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 627.42 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.50 627.42 Td (\(51) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.50 627.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.85 627.42 Td (47.13) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 612.44 Td (Options unvested at March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.85 612.44 Td (1,905) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.00 612.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 532.85 612.44 Td (42.54) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 581.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.86 581.55 Td (the ) Tj ET Q q 0 0 0 rg BT 81.96 581.55 Td (years ) Tj ET Q q 0 0 0 rg BT 106.39 581.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.73 581.55 Td (March ) Tj ET Q q 0 0 0 rg BT 163.41 581.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.80 581.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 204.70 581.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 230.60 581.55 Td (and ) Tj ET Q q 0 0 0 rg BT 248.03 581.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 273.93 581.55 Td (income ) Tj ET Q q 0 0 0 rg BT 307.11 581.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 322.21 581.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 357.72 581.55 Td (related ) Tj ET Q q 0 0 0 rg BT 388.56 581.55 Td (to ) Tj ET Q q 0 0 0 rg BT 399.00 581.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 423.43 581.55 Td (options ) Tj ET Q q 0 0 0 rg BT 456.63 581.55 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.30 581.55 Td ($3,178) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 508.18 581.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.07 581.55 Td ($3,730) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.95 581.55 Td (, ) Tj ET Q q 0 0 0 rg BT 546.85 581.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 568.95 Td ($4,681) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.88 568.95 Td (, ) Tj ET Q q 0 0 0 rg BT 84.01 568.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 134.05 568.95 Td (. ) Tj ET Q q 0 0 0 rg BT 139.19 568.95 Td ( ) Tj ET Q q 0 0 0 rg BT 141.70 568.95 Td (Unamortized ) Tj ET Q q 0 0 0 rg BT 199.02 568.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 259.85 568.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 279.27 568.95 Td (related ) Tj ET Q q 0 0 0 rg BT 310.34 568.95 Td (to ) Tj ET Q q 0 0 0 rg BT 321.02 568.95 Td (unvested ) Tj ET Q q 0 0 0 rg BT 360.85 568.95 Td (options ) Tj ET Q q 0 0 0 rg BT 394.28 568.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.03 568.95 Td (1,905) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.66 568.95 Td ( ) Tj ET Q q 0 0 0 rg BT 435.17 568.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 463.92 568.95 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 568.95 Td (March ) Tj ET Q q 0 0 0 rg BT 503.91 568.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 519.55 568.95 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.55 568.95 Td (, ) Tj ET Q q 0 0 0 rg BT 545.68 568.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 556.35 Td ($1) Tj ET Q q 0 0 0 rg BT 60.11 556.35 Td (1,727) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.74 556.35 Td (, ) Tj ET Q q 0 0 0 rg BT 88.99 556.35 Td (which ) Tj ET Q q 0 0 0 rg BT 117.27 556.35 Td (is ) Tj ET Q q 0 0 0 rg BT 126.90 556.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 166.84 556.35 Td (to ) Tj ET Q q 0 0 0 rg BT 177.63 556.35 Td (be ) Tj ET Q q 0 0 0 rg BT 190.16 556.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 238.85 556.35 Td (over ) Tj ET Q q 0 0 0 rg BT 260.13 556.35 Td (a ) Tj ET Q q 0 0 0 rg BT 267.41 556.35 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 344.66 556.35 Td (period ) Tj ET Q q 0 0 0 rg BT 374.11 556.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.48 556.35 Td (1.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.61 556.35 Td ( ) Tj ET Q q 0 0 0 rg BT 401.23 556.35 Td (years.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 531.15 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.31 531.15 Td (received ) Tj ET Q q 0 0 0 rg BT 111.17 531.15 Td (from ) Tj ET Q q 0 0 0 rg BT 133.88 531.15 Td (exercises ) Tj ET Q q 0 0 0 rg BT 174.67 531.15 Td (of ) Tj ET Q q 0 0 0 rg BT 185.72 531.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 210.19 531.15 Td (options ) Tj ET Q q 0 0 0 rg BT 243.41 531.15 Td (under ) Tj ET Q q 0 0 0 rg BT 269.62 531.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 293.50 531.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 330.37 531.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 358.92 531.15 Td (incentive ) Tj ET Q q 0 0 0 rg BT 399.71 531.15 Td (plans ) Tj ET Q q 0 0 0 rg BT 424.18 531.15 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 442.81 531.15 Td ($8,988) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.69 531.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.62 531.15 Td ($9,516) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.49 531.15 Td (, ) Tj ET Q q 0 0 0 rg BT 510.42 531.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.89 531.15 Td ($22,069) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 518.55 Td (for ) Tj ET Q q 0 0 0 rg BT 66.04 518.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.66 518.55 Td (years ) Tj ET Q q 0 0 0 rg BT 108.61 518.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 137.48 518.55 Td (March ) Tj ET Q q 0 0 0 rg BT 168.68 518.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 185.60 518.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 213.03 518.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 240.45 518.55 Td (and ) Tj ET Q q 0 0 0 rg BT 259.40 518.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 286.83 518.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 336.87 518.55 Td (. ) Tj ET Q q 0 0 0 rg BT 343.02 518.55 Td (The ) Tj ET Q q 0 0 0 rg BT 363.14 518.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 379.77 518.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 412.71 518.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 453.82 518.55 Td (to ) Tj ET Q q 0 0 0 rg BT 465.78 518.55 Td (be ) Tj ET Q q 0 0 0 rg BT 479.49 518.55 Td (realized ) Tj ET Q q 0 0 0 rg BT 516.51 518.55 Td (for ) Tj ET Q q 0 0 0 rg BT 532.55 518.55 Td (the ) Tj ET Q q 0 0 0 rg BT 549.18 518.55 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 505.95 Td (deductions ) Tj ET Q q 0 0 0 rg BT 98.62 505.95 Td (from ) Tj ET Q q 0 0 0 rg BT 122.15 505.95 Td (these ) Tj ET Q q 0 0 0 rg BT 146.85 505.95 Td (option ) Tj ET Q q 0 0 0 rg BT 176.81 505.95 Td (exercises ) Tj ET Q q 0 0 0 rg BT 218.42 505.95 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.12 505.95 Td ($725) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.12 505.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 276.87 505.95 Td ($1,962) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.74 505.95 Td (, ) Tj ET Q q 0 0 0 rg BT 311.49 505.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.78 505.95 Td ($4,856) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.65 505.95 Td ( ) Tj ET Q q 0 0 0 rg BT 361.78 505.95 Td (for ) Tj ET Q q 0 0 0 rg BT 377.15 505.95 Td (the ) Tj ET Q q 0 0 0 rg BT 393.10 505.95 Td (years ) Tj ET Q q 0 0 0 rg BT 418.38 505.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 446.57 505.95 Td (March ) Tj ET Q q 0 0 0 rg BT 477.10 505.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 493.35 505.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 520.10 505.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 546.85 505.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 493.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 76.25 493.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 126.30 493.35 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 468.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.85 468.15 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 145.99 468.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 163.09 468.15 Td (value ) Tj ET Q q 0 0 0 rg BT 188.35 468.15 Td (of ) Tj ET Q q 0 0 0 rg BT 199.62 468.15 Td (service-based ) Tj ET Q q 0 0 0 rg BT 259.28 468.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 283.96 468.15 Td (options ) Tj ET Q q 0 0 0 rg BT 317.41 468.15 Td (granted ) Tj ET Q q 0 0 0 rg BT 351.42 468.15 Td (during ) Tj ET Q q 0 0 0 rg BT 381.35 468.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.70 468.15 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.86 468.15 Td ( ) Tj ET Q q 0 0 0 rg BT 421.38 468.15 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.97 468.15 Td (March ) Tj ET Q q 0 0 0 rg BT 478.90 468.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.55 468.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.55 468.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.70 468.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.70 468.15 Td (, ) Tj ET Q q 0 0 0 rg BT 546.84 468.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 455.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 75.77 455.55 Td (excluding ) Tj ET Q q 0 0 0 rg BT 119.31 455.55 Td (those ) Tj ET Q q 0 0 0 rg BT 143.62 455.55 Td (granted ) Tj ET Q q 0 0 0 rg BT 177.24 455.55 Td (to ) Tj ET Q q 0 0 0 rg BT 187.55 455.55 Td (our ) Tj ET Q q 0 0 0 rg BT 203.69 455.55 Td (Chief ) Tj ET Q q 0 0 0 rg BT 229.16 455.55 Td (Executive ) Tj ET Q q 0 0 0 rg BT 273.28 455.55 Td (Of) Tj ET Q q 0 0 0 rg BT 284.17 455.55 Td (ficer ) Tj ET Q q 0 0 0 rg BT 305.54 455.55 Td (in ) Tj ET Q q 0 0 0 rg BT 315.85 455.55 Td (May ) Tj ET Q q 0 0 0 rg BT 337.24 455.55 Td (2013 ) Tj ET Q q 0 0 0 rg BT 360.38 455.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 402.77 455.55 Td (below) Tj ET Q q 0 0 0 rg BT 427.75 455.55 Td (, ) Tj ET Q q 0 0 0 rg BT 432.51 455.55 Td (using ) Tj ET Q q 0 0 0 rg BT 457.41 455.55 Td (the ) Tj ET Q q 0 0 0 rg BT 472.38 455.55 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 535.17 455.55 Td (option ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 442.95 Td (pricing ) Tj ET Q q 0 0 0 rg BT 82.37 442.95 Td (model, ) Tj ET Q q 0 0 0 rg BT 113.86 442.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 132.82 442.95 Td ($7.78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.44 442.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 161.44 442.95 Td ($1) Tj ET Q q 0 0 0 rg BT 171.55 442.95 Td (1.26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.93 442.95 Td (, ) Tj ET Q q 0 0 0 rg BT 195.18 442.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.96 442.95 Td ($12.03) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.84 442.95 Td ( ) Tj ET Q q 0 0 0 rg BT 244.46 442.95 Td (per ) Tj ET Q q 0 0 0 rg BT 260.50 442.95 Td (share, ) Tj ET Q q 0 0 0 rg BT 287.90 442.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 337.95 442.95 Td (. ) Tj ET Q q 0 0 0 rg BT 343.20 442.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 417.75 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 417.75 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 189.66 417.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 244.20 417.75 Td (were ) Tj ET Q q 0 0 0 rg BT 267.23 417.75 Td (used ) Tj ET Q q 0 0 0 rg BT 289.10 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 299.89 417.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.35 417.75 Td (model ) Tj ET Q q 0 0 0 rg BT 344.22 417.75 Td (for ) Tj ET Q q 0 0 0 rg BT 359.09 417.75 Td (grants ) Tj ET Q q 0 0 0 rg BT 387.37 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 398.17 417.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 423.53 417.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 449.78 417.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 476.03 417.75 Td (and ) Tj ET Q q 0 0 0 rg BT 493.81 417.75 Td (2015:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.25 263.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 379.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 379.25 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 379.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 379.25 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 379.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 379.25 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.25 263.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 351.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 351.25 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 351.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 351.25 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 351.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 351.25 79.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 393.25 m 397.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 393.25 m 401.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 393.25 m 480.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 393.25 m 484.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 393.25 m 563.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 379.25 m 313.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 379.25 m 480.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 393.25 m 563.5 393.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 379.25 m 563.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 379.25 m 397.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 379.25 m 480.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 379.25 m 563.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 323.25 m 313.5 323.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 323.25 m 397.5 323.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 323.25 m 480.5 323.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 323.25 m 563.5 323.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 390.65 397.47 Td (Y) Tj ET Q q 0 0 0 rg BT 397.18 397.47 Td (ears Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 383.47 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 383.64 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 383.47 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.00 383.47 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 369.47 Td (Expected dividend yield) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.10 369.64 Td (1.45) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.50 369.64 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.85 369.47 Td (1.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.25 369.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.85 369.47 Td (1.04) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 554.25 369.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 355.47 Td (Risk-free interest rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.10 355.64 Td (1.25) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.50 355.64 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.85 355.47 Td (1.44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.25 355.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.85 355.47 Td (1.51) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 554.25 355.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 341.47 Td (Expected volatility) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.85 341.64 Td (30.95) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.50 341.64 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.60 341.47 Td (24.37) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.25 341.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.60 341.47 Td (29.53) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 554.25 341.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 327.47 Td (Expected life \(in years\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.60 327.64 Td (5.02) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.85 327.47 Td (4.97) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.85 327.47 Td (4.94) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 298.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.20 298.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.40 298.55 Td (uses ) Tj ET Q q 0 0 0 rg BT 126.10 298.55 Td (an ) Tj ET Q q 0 0 0 rg BT 138.64 298.55 Td (equally ) Tj ET Q q 0 0 0 rg BT 172.16 298.55 Td (weighted ) Tj ET Q q 0 0 0 rg BT 213.27 298.55 Td (combination ) Tj ET Q q 0 0 0 rg BT 268.39 298.55 Td (of ) Tj ET Q q 0 0 0 rg BT 279.75 298.55 Td (both ) Tj ET Q q 0 0 0 rg BT 301.04 298.55 Td (implied ) Tj ET Q q 0 0 0 rg BT 335.74 298.55 Td (and ) Tj ET Q q 0 0 0 rg BT 353.53 298.55 Td (historical ) Tj ET Q q 0 0 0 rg BT 395.22 298.55 Td (volatility ) Tj ET Q q 0 0 0 rg BT 435.76 298.55 Td (to ) Tj ET Q q 0 0 0 rg BT 446.55 298.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 484.15 298.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 524.08 298.55 Td (volatility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 285.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.87 285.95 Td (calculating ) Tj ET Q q 0 0 0 rg BT 113.56 285.95 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 176.83 285.95 Td (option ) Tj ET Q q 0 0 0 rg BT 206.29 285.95 Td (values.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 260.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.09 260.75 Td (May ) Tj ET Q q 0 0 0 rg BT 82.69 260.75 Td (2013, ) Tj ET Q q 0 0 0 rg BT 108.66 260.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 132.58 260.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 163.51 260.75 Td (awarded ) Tj ET Q q 0 0 0 rg BT 201.42 260.75 Td (options ) Tj ET Q q 0 0 0 rg BT 234.69 260.75 Td (to ) Tj ET Q q 0 0 0 rg BT 245.20 260.75 Td (purchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.86 260.75 Td (500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.61 260.75 Td ( ) Tj ET Q q 0 0 0 rg BT 302.96 260.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 331.55 260.75 Td (of ) Tj ET Q q 0 0 0 rg BT 342.64 260.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 366.56 260.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 400.12 260.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 418.50 260.75 Td (common ) Tj ET Q q 0 0 0 rg BT 457.59 260.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 482.10 260.75 Td (at ) Tj ET Q q 0 0 0 rg BT 492.02 260.75 Td (an ) Tj ET Q q 0 0 0 rg BT 504.28 260.75 Td (exercise ) Tj ET Q q 0 0 0 rg BT 541.02 260.75 Td (price ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 248.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.13 248.15 Td ($31.46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.01 248.15 Td (, ) Tj ET Q q 0 0 0 rg BT 95.02 248.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 120.14 248.15 Td (to ) Tj ET Q q 0 0 0 rg BT 130.69 248.15 Td (the ) Tj ET Q q 0 0 0 rg BT 145.91 248.15 Td (then ) Tj ET Q q 0 0 0 rg BT 166.37 248.15 Td (current ) Tj ET Q q 0 0 0 rg BT 198.49 248.15 Td (market ) Tj ET Q q 0 0 0 rg BT 230.03 248.15 Td (value ) Tj ET Q q 0 0 0 rg BT 255.15 248.15 Td (of ) Tj ET Q q 0 0 0 rg BT 266.28 248.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 290.24 248.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 327.19 248.15 Td (common ) Tj ET Q q 0 0 0 rg BT 366.32 248.15 Td (stock, ) Tj ET Q q 0 0 0 rg BT 393.49 248.15 Td (to ) Tj ET Q q 0 0 0 rg BT 404.05 248.15 Td (its ) Tj ET Q q 0 0 0 rg BT 416.35 248.15 Td (Chief ) Tj ET Q q 0 0 0 rg BT 442.07 248.15 Td (Executive ) Tj ET Q q 0 0 0 rg BT 486.43 248.15 Td (Of) Tj ET Q q 0 0 0 rg BT 497.32 248.15 Td (ficer) Tj ET Q q 0 0 0 rg BT 516.14 248.15 Td (, ) Tj ET Q q 0 0 0 rg BT 521.15 248.15 Td (which ) Tj ET Q q 0 0 0 rg BT 549.19 248.15 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 235.55 Td (included ) Tj ET Q q 0 0 0 rg BT 88.50 235.55 Td (in ) Tj ET Q q 0 0 0 rg BT 99.00 235.55 Td (the ) Tj ET Q q 0 0 0 rg BT 114.17 235.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 165.51 235.55 Td (options ) Tj ET Q q 0 0 0 rg BT 198.77 235.55 Td (table ) Tj ET Q q 0 0 0 rg BT 221.52 235.55 Td (above. ) Tj ET Q q 0 0 0 rg BT 251.55 235.55 Td ( ) Tj ET Q q 0 0 0 rg BT 253.72 235.55 Td (The ) Tj ET Q q 0 0 0 rg BT 272.39 235.55 Td (award ) Tj ET Q q 0 0 0 rg BT 300.38 235.55 Td (had ) Tj ET Q q 0 0 0 rg BT 317.88 235.55 Td (a ) Tj ET Q q 0 0 0 rg BT 324.88 235.55 Td (grant ) Tj ET Q q 0 0 0 rg BT 348.79 235.55 Td (date ) Tj ET Q q 0 0 0 rg BT 368.62 235.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 385.53 235.55 Td (value ) Tj ET Q q 0 0 0 rg BT 410.61 235.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.69 235.55 Td ($5,525) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.57 235.55 Td ( ) Tj ET Q q 0 0 0 rg BT 452.91 235.55 Td (and ) Tj ET Q q 0 0 0 rg BT 470.41 235.55 Td (was ) Tj ET Q q 0 0 0 rg BT 489.08 235.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 521.16 235.55 Td (to ) Tj ET Q q 0 0 0 rg BT 531.67 235.55 Td (vesting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 222.95 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 110.24 222.95 Td (all ) Tj ET Q q 0 0 0 rg BT 123.54 222.95 Td (of ) Tj ET Q q 0 0 0 rg BT 135.09 222.95 Td (which ) Tj ET Q q 0 0 0 rg BT 163.55 222.95 Td (had ) Tj ET Q q 0 0 0 rg BT 181.51 222.95 Td (been ) Tj ET Q q 0 0 0 rg BT 204.13 222.95 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 241.93 222.95 Td (by ) Tj ET Q q 0 0 0 rg BT 255.23 222.95 Td (May ) Tj ET Q q 0 0 0 rg BT 277.28 222.95 Td (2015 ) Tj ET Q q 0 0 0 rg BT 301.08 222.95 Td (when ) Tj ET Q q 0 0 0 rg BT 326.63 222.95 Td (the ) Tj ET Q q 0 0 0 rg BT 342.26 222.95 Td (final ) Tj ET Q q 0 0 0 rg BT 364.30 222.95 Td (50% ) Tj ET Q q 0 0 0 rg BT 386.35 222.95 Td (of ) Tj ET Q q 0 0 0 rg BT 397.90 222.95 Td (the ) Tj ET Q q 0 0 0 rg BT 413.53 222.95 Td (award ) Tj ET Q q 0 0 0 rg BT 441.98 222.95 Td (vested ) Tj ET Q q 0 0 0 rg BT 471.61 222.95 Td (at ) Tj ET Q q 0 0 0 rg BT 481.99 222.95 Td (the ) Tj ET Q q 0 0 0 rg BT 497.62 222.95 Td (end ) Tj ET Q q 0 0 0 rg BT 515.58 222.95 Td (of ) Tj ET Q q 0 0 0 rg BT 527.13 222.95 Td (the ) Tj ET Q q 0 0 0 rg BT 542.76 222.95 Td (two-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 210.35 Td (year ) Tj ET Q q 0 0 0 rg BT 70.69 210.35 Td (service ) Tj ET Q q 0 0 0 rg BT 103.05 210.35 Td (period. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 185.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.78 185.15 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 145.85 185.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 162.87 185.15 Td (value ) Tj ET Q q 0 0 0 rg BT 188.06 185.15 Td (per ) Tj ET Q q 0 0 0 rg BT 203.92 185.15 Td (share ) Tj ET Q q 0 0 0 rg BT 228.53 185.15 Td (for ) Tj ET Q q 0 0 0 rg BT 243.22 185.15 Td (these ) Tj ET Q q 0 0 0 rg BT 267.25 185.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 299.43 185.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.63 185.15 Td ($1) Tj ET Q q 0 0 0 rg BT 320.74 185.15 Td (1.05) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.12 185.15 Td ( ) Tj ET Q q 0 0 0 rg BT 341.57 185.15 Td (was ) Tj ET Q q 0 0 0 rg BT 360.35 185.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 403.04 185.15 Td (as ) Tj ET Q q 0 0 0 rg BT 414.23 185.15 Td (of ) Tj ET Q q 0 0 0 rg BT 425.43 185.15 Td (the ) Tj ET Q q 0 0 0 rg BT 440.71 185.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 464.74 185.15 Td (date ) Tj ET Q q 0 0 0 rg BT 484.67 185.15 Td (using ) Tj ET Q q 0 0 0 rg BT 509.88 185.15 Td (a ) Tj ET Q q 0 0 0 rg BT 516.99 185.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 541.02 185.15 Td (price ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 172.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.37 172.55 Td ($31.46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.25 172.55 Td (, ) Tj ET Q q 0 0 0 rg BT 95.50 172.55 Td (and ) Tj ET Q q 0 0 0 rg BT 113.28 172.55 Td (a ) Tj ET Q q 0 0 0 rg BT 120.57 172.55 Td (Monte ) Tj ET Q q 0 0 0 rg BT 150.61 172.55 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 176.56 172.55 Td (option ) Tj ET Q q 0 0 0 rg BT 206.02 172.55 Td (pricing ) Tj ET Q q 0 0 0 rg BT 238.39 172.55 Td (model ) Tj ET Q q 0 0 0 rg BT 267.26 172.55 Td (with ) Tj ET Q q 0 0 0 rg BT 288.55 172.55 Td (the ) Tj ET Q q 0 0 0 rg BT 304.00 172.55 Td (following ) Tj ET Q q 0 0 0 rg BT 347.46 172.55 Td (assumptions:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 162.05 389.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 162.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 162.05 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 134.05 389.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 134.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 134.05 119.00 -14.00 re f /GS0 gs BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 152.27 Td (Expected dividend yield) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 152.27 Td (1.48) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 152.27 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 138.27 Td (Risk-free interest rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 138.27 Td (0.86) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 138.27 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 124.27 Td (Expected volatility) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 124.27 Td (44.05) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 124.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 277 0 obj <>] /Rotate 0 /Contents 278 0 R>> endobj 278 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (136) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (Restricted Stock) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 94.03 729.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 117.65 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 134.27 729.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 174.79 729.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.41 729.30 Td (unit ) Tj ET Q q 0 0 0 rg BT 216.20 729.30 Td (transactions ) Tj ET Q q 0 0 0 rg BT 267.82 729.30 Td (during ) Tj ET Q q 0 0 0 rg BT 296.69 729.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.97 729.30 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.13 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 334.58 729.30 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.11 729.30 Td (March ) Tj ET Q q 0 0 0 rg BT 389.98 729.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 404.56 729.30 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.56 729.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.64 729.30 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.64 729.30 Td (, ) Tj ET Q q 0 0 0 rg BT 454.72 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 471.34 729.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 496.42 729.30 Td (are ) Tj ET Q q 0 0 0 rg BT 510.70 729.30 Td (summarized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.20 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 670.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 670.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 670.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 670.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.20 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 640.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 640.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 640.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 640.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 610.20 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 610.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 610.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 610.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 610.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 580.20 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 580.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 580.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 580.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 580.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 550.20 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 550.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 550.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 550.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 550.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 520.20 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 520.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 520.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 520.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 520.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 490.20 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 490.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 490.20 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 490.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 490.20 110.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 670.2 m 334.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 670.2 m 448.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 670.2 m 562.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 670.2 m 334.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 670.2 m 448.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 670.2 m 562.5 670.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 610.2 m 334.5 610.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 610.2 m 448.5 610.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 610.2 m 562.5 610.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 610.2 m 334.5 610.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 610.2 m 448.5 610.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 610.2 m 562.5 610.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 550.2 m 334.5 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 550.2 m 448.5 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 550.2 m 562.5 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 550.2 m 334.5 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 550.2 m 448.5 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 550.2 m 562.5 550.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 490.2 m 334.5 490.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 490.2 m 448.5 490.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 490.2 m 562.5 490.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 490.2 m 334.5 490.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 475.2 m 334.5 475.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 475.2 m 448.5 475.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 475.2 m 562.5 475.2 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 674.99 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.80 674.97 Td (Number of Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.85 685.47 Td (Weighted-Average) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.65 674.97 Td (Grant Date Value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 659.97 Td (Unvested shares at March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 659.97 Td (3,334) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 659.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 659.97 Td (30.77) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 644.97 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 644.97 Td (1,236) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 644.97 Td (48.03) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 629.97 Td (Vested) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.35 629.97 Td (\(1,330) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 629.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 629.97 Td (30.92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 614.97 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 614.97 Td (\(190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 614.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 614.97 Td (35.95) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 599.97 Td (Unvested shares at March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 599.97 Td (3,050) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 599.97 Td (37.38) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 584.97 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 584.97 Td (1,332) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 584.97 Td (48.95) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 569.97 Td (Vested) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.35 569.97 Td (\(1,261) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 569.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 569.97 Td (34.91) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 554.97 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.50 554.97 Td (\(63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 554.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 554.97 Td (42.09) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 539.97 Td (Unvested shares at March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 539.97 Td (3,058) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 539.97 Td (43.34) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 524.97 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.85 524.97 Td (1,658) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 524.97 Td (31.26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 509.97 Td (Vested) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.35 509.97 Td (\(1,267) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 509.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 509.97 Td (39.15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 494.97 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 494.97 Td (\(128) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 494.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 494.97 Td (42.39) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 479.99 Td (Unvested shares at March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.85 479.99 Td (3,321) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.00 479.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.85 479.99 Td (38.92) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 450.50 Td (The ) Tj ET Q q 0 0 0 rg BT 69.10 450.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 110.93 450.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 135.87 450.50 Td (and ) Tj ET Q q 0 0 0 rg BT 153.80 450.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 195.63 450.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 220.57 450.50 Td (unit ) Tj ET Q q 0 0 0 rg BT 239.67 450.50 Td (transactions ) Tj ET Q q 0 0 0 rg BT 292.60 450.50 Td (reflected ) Tj ET Q q 0 0 0 rg BT 332.09 450.50 Td (in ) Tj ET Q q 0 0 0 rg BT 343.03 450.50 Td (the ) Tj ET Q q 0 0 0 rg BT 358.63 450.50 Td (table ) Tj ET Q q 0 0 0 rg BT 381.81 450.50 Td (above ) Tj ET Q q 0 0 0 rg BT 409.65 450.50 Td (were ) Tj ET Q q 0 0 0 rg BT 432.82 450.50 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 473.50 450.50 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 529.04 450.50 Td ( ) Tj ET Q q 0 0 0 rg BT 531.82 450.50 Td (For ) Tj ET Q q 0 0 0 rg BT 549.17 450.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 437.90 Td (years ) Tj ET Q q 0 0 0 rg BT 75.04 437.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 102.99 437.90 Td (March ) Tj ET Q q 0 0 0 rg BT 133.28 437.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 149.29 437.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 175.80 437.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 202.31 437.90 Td (and ) Tj ET Q q 0 0 0 rg BT 220.35 437.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 246.86 437.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 271.32 437.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 302.79 437.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 351.73 437.90 Td (income ) Tj ET Q q 0 0 0 rg BT 385.52 437.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 401.23 437.90 Td (benefits ) Tj ET Q q 0 0 0 rg BT 437.35 437.90 Td (related ) Tj ET Q q 0 0 0 rg BT 468.80 437.90 Td (to ) Tj ET Q q 0 0 0 rg BT 479.85 437.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 521.80 437.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 546.85 437.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 425.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 92.47 425.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 118.04 425.30 Td (unit ) Tj ET Q q 0 0 0 rg BT 137.78 425.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 170.93 425.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 183.08 425.30 Td ($21,138) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 217.21 425.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.24 425.30 Td ($20,597) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 257.36 425.30 Td (, ) Tj ET Q q 0 0 0 rg BT 263.39 425.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.96 425.30 Td ($18,246) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.09 425.30 Td (, ) Tj ET Q q 0 0 0 rg BT 322.12 425.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 372.17 425.30 Td (. ) Tj ET Q q 0 0 0 rg BT 378.20 425.30 Td ( ) Tj ET Q q 0 0 0 rg BT 381.60 425.30 Td (Unamortized ) Tj ET Q q 0 0 0 rg BT 439.82 425.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 501.55 425.30 Td (cost ) Tj ET Q q 0 0 0 rg BT 521.87 425.30 Td (related ) Tj ET Q q 0 0 0 rg BT 553.84 425.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 412.70 Td (unvested ) Tj ET Q q 0 0 0 rg BT 89.14 412.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 130.01 412.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 153.98 412.70 Td (and ) Tj ET Q q 0 0 0 rg BT 170.95 412.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 211.83 412.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 235.80 412.70 Td (unit ) Tj ET Q q 0 0 0 rg BT 253.95 412.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 285.50 412.70 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.55 412.70 Td (3,321) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.17 412.70 Td ( ) Tj ET Q q 0 0 0 rg BT 324.98 412.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 353.03 412.70 Td (not ) Tj ET Q q 0 0 0 rg BT 368.26 412.70 Td (yet ) Tj ET Q q 0 0 0 rg BT 382.90 412.70 Td (recognized ) Tj ET Q q 0 0 0 rg BT 430.77 412.70 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.16 412.70 Td (March ) Tj ET Q q 0 0 0 rg BT 469.37 412.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 484.30 412.70 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.30 412.70 Td (, ) Tj ET Q q 0 0 0 rg BT 509.74 412.70 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.88 412.70 Td ($74,921) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 400.10 Td (is ) Tj ET Q q 0 0 0 rg BT 77.41 400.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 117.35 400.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.14 400.10 Td (be ) Tj ET Q q 0 0 0 rg BT 140.68 400.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 189.36 400.10 Td (over ) Tj ET Q q 0 0 0 rg BT 210.64 400.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.93 400.10 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 295.18 400.10 Td (period ) Tj ET Q q 0 0 0 rg BT 324.63 400.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.00 400.10 Td (1.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.12 400.10 Td (�years.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 374.90 Td (Affiliate ) Tj ET Q q 0 0 0 rg BT 89.36 374.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 150.89 374.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 183.86 374.90 Td (Plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 362.30 Td (In ) Tj ET Q q 0 0 0 rg BT 60.45 362.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 108.22 362.30 Td (with ) Tj ET Q q 0 0 0 rg BT 128.60 362.30 Td (the ) Tj ET Q q 0 0 0 rg BT 143.13 362.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 190.91 362.30 Td (of ) Tj ET Q q 0 0 0 rg BT 201.36 362.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 234.56 362.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 270.67 362.30 Td (in ) Tj ET Q q 0 0 0 rg BT 280.17 362.30 Td (April ) Tj ET Q q 0 0 0 rg BT 304.04 362.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 329.37 362.30 Td (as ) Tj ET Q q 0 0 0 rg BT 339.82 362.30 Td (further ) Tj ET Q q 0 0 0 rg BT 370.09 362.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 412.05 362.30 Td (in ) Tj ET Q q 0 0 0 rg BT 421.92 362.30 Td (Note ) Tj ET Q q 0 0 0 rg BT 444.03 362.30 Td (2, ) Tj ET Q q 0 0 0 rg BT 453.61 362.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 476.89 362.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 507.18 362.30 Td (implemented ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 349.70 Td (a ) Tj ET Q q 0 0 0 rg BT 56.23 349.70 Td (management ) Tj ET Q q 0 0 0 rg BT 111.44 349.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 139.25 349.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 158.90 349.70 Td (for ) Tj ET Q q 0 0 0 rg BT 172.70 349.70 Td (the ) Tj ET Q q 0 0 0 rg BT 187.10 349.70 Td (management ) Tj ET Q q 0 0 0 rg BT 242.31 349.70 Td (team ) Tj ET Q q 0 0 0 rg BT 264.28 349.70 Td (of ) Tj ET Q q 0 0 0 rg BT 274.60 349.70 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 307.66 349.70 Td (Partners ) Tj ET Q q 0 0 0 rg BT 343.63 349.70 Td (that ) Tj ET Q q 0 0 0 rg BT 360.94 349.70 Td (entitles ) Tj ET Q q 0 0 0 rg BT 392.84 349.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 422.97 349.70 Td (of ) Tj ET Q q 0 0 0 rg BT 433.28 349.70 Td (its ) Tj ET Q q 0 0 0 rg BT 444.77 349.70 Td (key ) Tj ET Q q 0 0 0 rg BT 461.50 349.70 Td (employees ) Tj ET Q q 0 0 0 rg BT 507.97 349.70 Td (to ) Tj ET Q q 0 0 0 rg BT 517.70 349.70 Td (participate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.02 337.10 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.27 337.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.13 337.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.73 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.41 337.10 Td (future ) Tj ET Q q 0 0 0 rg BT 138.34 337.10 Td (growth, ) Tj ET Q q 0 0 0 rg BT 173.57 337.10 Td (if ) Tj ET Q q 0 0 0 rg BT 182.84 337.10 Td (any) Tj ET Q q 0 0 0 rg BT 197.32 337.10 Td (, ) Tj ET Q q 0 0 0 rg BT 202.80 337.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.40 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.08 337.10 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 264.44 337.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 301.70 337.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 345.95 337.10 Td (value ) Tj ET Q q 0 0 0 rg BT 371.55 337.10 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 407.64 337.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.67 337.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 469.33 337.10 Td (discounts\) ) Tj ET Q q 0 0 0 rg BT 515.35 337.10 Td (subsequent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 324.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.42 324.50 Td (the ) Tj ET Q q 0 0 0 rg BT 75.49 324.50 Td (date ) Tj ET Q q 0 0 0 rg BT 95.23 324.50 Td (of ) Tj ET Q q 0 0 0 rg BT 106.22 324.50 Td (the ) Tj ET Q q 0 0 0 rg BT 121.30 324.50 Td (grant. ) Tj ET Q q 0 0 0 rg BT 147.75 324.50 Td ( ) Tj ET Q q 0 0 0 rg BT 149.83 324.50 Td (The ) Tj ET Q q 0 0 0 rg BT 168.41 324.50 Td (initial ) Tj ET Q q 0 0 0 rg BT 195.15 324.50 Td (grant ) Tj ET Q q 0 0 0 rg BT 218.97 324.50 Td (under ) Tj ET Q q 0 0 0 rg BT 245.13 324.50 Td (the ) Tj ET Q q 0 0 0 rg BT 260.21 324.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 280.53 324.50 Td (vested ) Tj ET Q q 0 0 0 rg BT 309.61 324.50 Td (immediately ) Tj ET Q q 0 0 0 rg BT 364.34 324.50 Td (and ) Tj ET Q q 0 0 0 rg BT 381.75 324.50 Td (the ) Tj ET Q q 0 0 0 rg BT 396.83 324.50 Td (related ) Tj ET Q q 0 0 0 rg BT 427.64 324.50 Td (grant-date ) Tj ET Q q 0 0 0 rg BT 472.44 324.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 489.26 324.50 Td (value ) Tj ET Q q 0 0 0 rg BT 514.25 324.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.25 324.50 Td ($15,200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.37 324.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 311.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 99.29 311.90 Td (by ) Tj ET Q q 0 0 0 rg BT 111.85 311.90 Td (independent ) Tj ET Q q 0 0 0 rg BT 165.23 311.90 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 208.98 311.90 Td (was ) Tj ET Q q 0 0 0 rg BT 227.37 311.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 275.49 311.90 Td (as ) Tj ET Q q 0 0 0 rg BT 286.30 311.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 349.02 311.90 Td (and ) Tj ET Q q 0 0 0 rg BT 366.24 311.90 Td (benefits ) Tj ET Q q 0 0 0 rg BT 401.54 311.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 437.42 311.90 Td (in ) Tj ET Q q 0 0 0 rg BT 447.64 311.90 Td (the ) Tj ET Q q 0 0 0 rg BT 462.53 311.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 520.01 311.90 Td (Statement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 299.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.90 299.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 96.54 299.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 126.52 299.30 Td (and ) Tj ET Q q 0 0 0 rg BT 144.83 299.30 Td (reflected ) Tj ET Q q 0 0 0 rg BT 184.70 299.30 Td (in ) Tj ET Q q 0 0 0 rg BT 196.02 299.30 Td (the ) Tj ET Q q 0 0 0 rg BT 212.00 299.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 270.57 299.30 Td (Balance ) Tj ET Q q 0 0 0 rg BT 307.53 299.30 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 334.01 299.30 Td (as ) Tj ET Q q 0 0 0 rg BT 345.91 299.30 Td (Redeemable ) Tj ET Q q 0 0 0 rg BT 400.96 299.30 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 465.93 299.30 Td (interest. ) Tj ET Q q 0 0 0 rg BT 502.62 299.30 Td ( ) Tj ET Q q 0 0 0 rg BT 505.77 299.30 Td (Future ) Tj ET Q q 0 0 0 rg BT 536.34 299.30 Td (grants ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 286.70 Td (under ) Tj ET Q q 0 0 0 rg BT 76.13 286.70 Td (the ) Tj ET Q q 0 0 0 rg BT 91.18 286.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 111.48 286.70 Td (will ) Tj ET Q q 0 0 0 rg BT 130.04 286.70 Td (vest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.18 286.70 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.43 286.70 Td ( ) Tj ET Q q 0 0 0 rg BT 170.65 286.70 Td (annually ) Tj ET Q q 0 0 0 rg BT 209.03 286.70 Td (over ) Tj ET Q q 0 0 0 rg BT 229.91 286.70 Td (five ) Tj ET Q q 0 0 0 rg BT 248.46 286.70 Td (years, ) Tj ET Q q 0 0 0 rg BT 275.46 286.70 Td (and ) Tj ET Q q 0 0 0 rg BT 292.85 286.70 Td (will ) Tj ET Q q 0 0 0 rg BT 311.41 286.70 Td (result ) Tj ET Q q 0 0 0 rg BT 336.96 286.70 Td (in ) Tj ET Q q 0 0 0 rg BT 347.35 286.70 Td (the ) Tj ET Q q 0 0 0 rg BT 362.40 286.70 Td (recognition ) Tj ET Q q 0 0 0 rg BT 412.45 286.70 Td (of ) Tj ET Q q 0 0 0 rg BT 423.42 286.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 467.63 286.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 528.18 286.70 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (over ) Tj ET Q q 0 0 0 rg BT 71.50 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.17 274.10 Td (related ) Tj ET Q q 0 0 0 rg BT 118.57 274.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 151.75 274.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 184.04 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.88 274.10 Td (Subject ) Tj ET Q q 0 0 0 rg BT 221.22 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.23 274.10 Td (various ) Tj ET Q q 0 0 0 rg BT 265.98 274.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 315.20 274.10 Td (including ) Tj ET Q q 0 0 0 rg BT 357.70 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.37 274.10 Td (passage ) Tj ET Q q 0 0 0 rg BT 408.87 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.46 274.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 444.59 274.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 474.25 274.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 495.17 274.10 Td (units ) Tj ET Q q 0 0 0 rg BT 518.44 274.10 Td (can ) Tj ET Q q 0 0 0 rg BT 535.85 274.10 Td (be ) Tj ET Q q 0 0 0 rg BT 548.60 274.10 Td (put ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 261.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.46 261.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 84.32 261.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 115.19 261.50 Td (for ) Tj ET Q q 0 0 0 rg BT 129.72 261.50 Td (settlement ) Tj ET Q q 0 0 0 rg BT 175.17 261.50 Td (at ) Tj ET Q q 0 0 0 rg BT 185.03 261.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 201.89 261.50 Td (value. ) Tj ET Q q 0 0 0 rg BT 229.54 261.50 Td ( ) Tj ET Q q 0 0 0 rg BT 231.83 261.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 255.69 261.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 286.56 261.50 Td (can ) Tj ET Q q 0 0 0 rg BT 303.42 261.50 Td (also ) Tj ET Q q 0 0 0 rg BT 322.63 261.50 Td (call ) Tj ET Q q 0 0 0 rg BT 340.07 261.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 360.44 261.50 Td (units, ) Tj ET Q q 0 0 0 rg BT 385.77 261.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 427.12 261.50 Td (post ) Tj ET Q q 0 0 0 rg BT 446.92 261.50 Td (employment, ) Tj ET Q q 0 0 0 rg BT 504.32 261.50 Td (for ) Tj ET Q q 0 0 0 rg BT 518.85 261.50 Td (settlement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 248.90 Td (at ) Tj ET Q q 0 0 0 rg BT 60.20 248.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 77.40 248.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 105.39 248.90 Td ( ) Tj ET Q q 0 0 0 rg BT 107.43 248.90 Td (As ) Tj ET Q q 0 0 0 rg BT 121.73 248.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.10 248.90 Td (March ) Tj ET Q q 0 0 0 rg BT 163.13 248.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.88 248.90 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 199.88 248.90 Td (, ) Tj ET Q q 0 0 0 rg BT 205.13 248.90 Td (the ) Tj ET Q q 0 0 0 rg BT 220.58 248.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 264.01 248.90 Td (redemption ) Tj ET Q q 0 0 0 rg BT 314.46 248.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 348.58 248.90 Td (of ) Tj ET Q q 0 0 0 rg BT 359.95 248.90 Td (units ) Tj ET Q q 0 0 0 rg BT 383.00 248.90 Td (under ) Tj ET Q q 0 0 0 rg BT 409.53 248.90 Td (the ) Tj ET Q q 0 0 0 rg BT 424.98 248.90 Td (plan ) Tj ET Q q 0 0 0 rg BT 445.69 248.90 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.64 248.90 Td ($18,700) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.77 248.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 236.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 223.70 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.72 223.70 Td (fective ) Tj ET Q q 0 0 0 rg BT 90.73 223.70 Td (March ) Tj ET Q q 0 0 0 rg BT 120.58 223.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 130.90 223.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 156.98 223.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 181.00 223.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 212.03 223.70 Td (executed ) Tj ET Q q 0 0 0 rg BT 251.78 223.70 Td (agreements ) Tj ET Q q 0 0 0 rg BT 302.04 223.70 Td (with ) Tj ET Q q 0 0 0 rg BT 323.16 223.70 Td (the ) Tj ET Q q 0 0 0 rg BT 338.43 223.70 Td (management ) Tj ET Q q 0 0 0 rg BT 394.52 223.70 Td (of ) Tj ET Q q 0 0 0 rg BT 405.72 223.70 Td (its ) Tj ET Q q 0 0 0 rg BT 418.08 223.70 Td (existing ) Tj ET Q q 0 0 0 rg BT 453.78 223.70 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 516.89 223.70 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 559.37 223.70 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 81.90 211.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 124.57 211.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 179.51 211.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 238.51 211.10 Td (with ) Tj ET Q q 0 0 0 rg BT 259.63 211.10 Td (Royce ) Tj ET Q q 0 0 0 rg BT 288.90 211.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 347.61 211.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 380.38 211.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 416.06 211.10 Td (sharing, ) Tj ET Q q 0 0 0 rg BT 452.04 211.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.64 211.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.92 211.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 553.27 211.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 198.50 Td (a ) Tj ET Q q 0 0 0 rg BT 57.23 198.50 Td (management ) Tj ET Q q 0 0 0 rg BT 113.45 198.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 142.27 198.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 162.92 198.50 Td (for ) Tj ET Q q 0 0 0 rg BT 177.73 198.50 Td (its ) Tj ET Q q 0 0 0 rg BT 190.23 198.50 Td (key ) Tj ET Q q 0 0 0 rg BT 207.96 198.50 Td (employees. ) Tj ET Q q 0 0 0 rg BT 258.06 198.50 Td ( ) Tj ET Q q 0 0 0 rg BT 260.63 198.50 Td (Under ) Tj ET Q q 0 0 0 rg BT 289.45 198.50 Td (the ) Tj ET Q q 0 0 0 rg BT 304.85 198.50 Td (management ) Tj ET Q q 0 0 0 rg BT 361.06 198.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 389.88 198.50 Td (plan, ) Tj ET Q q 0 0 0 rg BT 413.16 198.50 Td (minority ) Tj ET Q q 0 0 0 rg BT 451.90 198.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.71 198.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 518.28 198.50 Td (equivalent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 185.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.53 185.90 Td (16.9%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 87.65 185.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.01 185.90 Td (in ) Tj ET Q q 0 0 0 rg BT 100.54 185.90 Td (the ) Tj ET Q q 0 0 0 rg BT 115.72 185.90 Td (Royce ) Tj ET Q q 0 0 0 rg BT 144.91 185.90 Td (entity ) Tj ET Q q 0 0 0 rg BT 171.18 185.90 Td (were ) Tj ET Q q 0 0 0 rg BT 193.94 185.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 222.55 185.90 Td (to ) Tj ET Q q 0 0 0 rg BT 233.08 185.90 Td (its ) Tj ET Q q 0 0 0 rg BT 245.36 185.90 Td (management ) Tj ET Q q 0 0 0 rg BT 301.37 185.90 Td (team. ) Tj ET Q q 0 0 0 rg BT 326.76 185.90 Td ( ) Tj ET Q q 0 0 0 rg BT 329.12 185.90 Td (On ) Tj ET Q q 0 0 0 rg BT 344.31 185.90 Td (March ) Tj ET Q q 0 0 0 rg BT 374.07 185.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 389.56 185.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 415.54 185.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 459.90 185.90 Td (minority ) Tj ET Q q 0 0 0 rg BT 498.42 185.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 527.03 185.90 Td (interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 173.30 Td (under ) Tj ET Q q 0 0 0 rg BT 76.02 173.30 Td (this ) Tj ET Q q 0 0 0 rg BT 93.31 173.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 113.50 173.30 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 159.35 173.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 169.63 173.30 Td (2.1%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 191.50 173.30 Td ( ) Tj ET Q q 0 0 0 rg BT 193.62 173.30 Td (in ) Tj ET Q q 0 0 0 rg BT 203.90 173.30 Td (the ) Tj ET Q q 0 0 0 rg BT 218.84 173.30 Td (Royce ) Tj ET Q q 0 0 0 rg BT 247.78 173.30 Td (entity ) Tj ET Q q 0 0 0 rg BT 273.81 173.30 Td (were ) Tj ET Q q 0 0 0 rg BT 296.33 173.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 324.69 173.30 Td (to ) Tj ET Q q 0 0 0 rg BT 334.97 173.30 Td (its ) Tj ET Q q 0 0 0 rg BT 347.01 173.30 Td (management ) Tj ET Q q 0 0 0 rg BT 402.77 173.30 Td (team, ) Tj ET Q q 0 0 0 rg BT 427.92 173.30 Td (which ) Tj ET Q q 0 0 0 rg BT 455.69 173.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 491.05 173.30 Td (in ) Tj ET Q q 0 0 0 rg BT 501.33 173.30 Td (Compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 160.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.71 160.70 Td (benefits ) Tj ET Q q 0 0 0 rg BT 103.50 160.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 139.86 160.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 151.16 160.70 Td ($4,600) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.03 160.70 Td (. ) Tj ET Q q 0 0 0 rg BT 185.21 160.70 Td ( ) Tj ET Q q 0 0 0 rg BT 187.57 160.70 Td (These ) Tj ET Q q 0 0 0 rg BT 215.19 160.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 252.73 160.70 Td (allow ) Tj ET Q q 0 0 0 rg BT 278.61 160.70 Td (the ) Tj ET Q q 0 0 0 rg BT 293.99 160.70 Td (holders ) Tj ET Q q 0 0 0 rg BT 327.45 160.70 Td (to ) Tj ET Q q 0 0 0 rg BT 338.16 160.70 Td (receive ) Tj ET Q q 0 0 0 rg BT 371.02 160.70 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 411.46 160.70 Td (distributions ) Tj ET Q q 0 0 0 rg BT 466.52 160.70 Td (of ) Tj ET Q q 0 0 0 rg BT 477.81 160.70 Td (a ) Tj ET Q q 0 0 0 rg BT 485.02 160.70 Td (portion ) Tj ET Q q 0 0 0 rg BT 517.90 160.70 Td (of ) Tj ET Q q 0 0 0 rg BT 529.20 160.70 Td (Royce's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 82.14 148.10 Td (income ) Tj ET Q q 0 0 0 rg BT 115.46 148.10 Td (in ) Tj ET Q q 0 0 0 rg BT 126.03 148.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 164.03 148.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 189.17 148.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.75 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.99 148.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 262.87 148.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.02 148.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 320.18 148.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 370.98 148.10 Td (by ) Tj ET Q q 0 0 0 rg BT 383.89 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.12 148.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 427.78 148.10 Td (they ) Tj ET Q q 0 0 0 rg BT 448.27 148.10 Td (hold, ) Tj ET Q q 0 0 0 rg BT 471.97 148.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 504.12 148.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.70 148.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 553.26 148.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 135.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.47 135.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 109.93 135.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 145.05 135.50 Td (share ) Tj ET Q q 0 0 0 rg BT 169.10 135.50 Td (and ) Tj ET Q q 0 0 0 rg BT 186.16 135.50 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 232.95 135.50 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 275.37 135.50 Td ( ) Tj ET Q q 0 0 0 rg BT 277.13 135.50 Td (The ) Tj ET Q q 0 0 0 rg BT 295.35 135.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 315.32 135.50 Td (permits ) Tj ET Q q 0 0 0 rg BT 348.72 135.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 392.60 135.50 Td (grants ) Tj ET Q q 0 0 0 rg BT 420.16 135.50 Td (under ) Tj ET Q q 0 0 0 rg BT 445.96 135.50 Td (the ) Tj ET Q q 0 0 0 rg BT 460.69 135.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 480.66 135.50 Td (of ) Tj ET Q q 0 0 0 rg BT 491.30 135.50 Td (up ) Tj ET Q q 0 0 0 rg BT 503.70 135.50 Td (to ) Tj ET Q q 0 0 0 rg BT 513.76 135.50 Td (3.8 ) Tj ET Q q 0 0 0 rg BT 528.78 135.50 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 122.90 Td (share ) Tj ET Q q 0 0 0 rg BT 74.93 122.90 Td (points. ) Tj ET Q q 0 0 0 rg BT 106.00 122.90 Td ( ) Tj ET Q q 0 0 0 rg BT 108.78 122.90 Td (Future ) Tj ET Q q 0 0 0 rg BT 138.97 122.90 Td (grants ) Tj ET Q q 0 0 0 rg BT 167.41 122.90 Td (will ) Tj ET Q q 0 0 0 rg BT 186.52 122.90 Td (vest ) Tj ET Q q 0 0 0 rg BT 206.21 122.90 Td (immediately ) Tj ET Q q 0 0 0 rg BT 261.47 122.90 Td (and, ) Tj ET Q q 0 0 0 rg BT 282.04 122.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 305.81 122.90 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 346.79 122.90 Td (the ) Tj ET Q q 0 0 0 rg BT 362.39 122.90 Td (related ) Tj ET Q q 0 0 0 rg BT 393.73 122.90 Td (grant-date ) Tj ET Q q 0 0 0 rg BT 439.07 122.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 456.41 122.90 Td (value ) Tj ET Q q 0 0 0 rg BT 481.93 122.90 Td (of ) Tj ET Q q 0 0 0 rg BT 493.45 122.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 522.47 122.90 Td (units ) Tj ET Q q 0 0 0 rg BT 545.67 122.90 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 110.30 Td (be ) Tj ET Q q 0 0 0 rg BT 62.38 110.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 110.91 110.30 Td (as ) Tj ET Q q 0 0 0 rg BT 122.12 110.30 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 185.26 110.30 Td (and ) Tj ET Q q 0 0 0 rg BT 202.89 110.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 238.60 110.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 274.88 110.30 Td (in ) Tj ET Q q 0 0 0 rg BT 285.52 110.30 Td (the ) Tj ET Q q 0 0 0 rg BT 300.82 110.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 358.70 110.30 Td (Statements ) Tj ET Q q 0 0 0 rg BT 407.25 110.30 Td (of ) Tj ET Q q 0 0 0 rg BT 418.47 110.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 452.42 110.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 481.72 110.30 Td (and ) Tj ET Q q 0 0 0 rg BT 499.35 110.30 Td (reflected ) Tj ET Q q 0 0 0 rg BT 538.54 110.30 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 110.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 97.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 108.55 97.70 Td (Balance ) Tj ET Q q 0 0 0 rg BT 145.50 97.70 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 176.05 97.70 Td (as ) Tj ET Q q 0 0 0 rg BT 187.93 97.70 Td (Nonredeemable ) Tj ET Q q 0 0 0 rg BT 257.54 97.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 322.50 97.70 Td (interest. ) Tj ET Q q 0 0 0 rg BT 359.17 97.70 Td ( ) Tj ET Q q 0 0 0 rg BT 361.61 97.70 Td (As ) Tj ET Q q 0 0 0 rg BT 376.42 97.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 388.30 97.70 Td (March ) Tj ET Q q 0 0 0 rg BT 418.84 97.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 435.10 97.70 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.10 97.70 Td (, ) Tj ET Q q 0 0 0 rg BT 461.87 97.70 Td (the ) Tj ET Q q 0 0 0 rg BT 477.83 97.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 521.20 97.70 Td (aggregate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 100.45 85.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 134.57 85.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.94 85.10 Td (units ) Tj ET Q q 0 0 0 rg BT 168.98 85.10 Td (under ) Tj ET Q q 0 0 0 rg BT 195.52 85.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.97 85.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 231.67 85.10 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.63 85.10 Td ($27,798) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.75 85.10 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 59.90 Td (On ) Tj ET Q q 0 0 0 rg BT 64.43 59.90 Td (March ) Tj ET Q q 0 0 0 rg BT 93.42 59.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.14 59.90 Td (2014, ) Tj ET Q q 0 0 0 rg BT 133.36 59.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 156.53 59.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 186.71 59.90 Td (implemented ) Tj ET Q q 0 0 0 rg BT 243.12 59.90 Td (a ) Tj ET Q q 0 0 0 rg BT 249.37 59.90 Td (management ) Tj ET Q q 0 0 0 rg BT 304.61 59.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 332.45 59.90 Td (plan ) Tj ET Q q 0 0 0 rg BT 352.12 59.90 Td (and ) Tj ET Q q 0 0 0 rg BT 368.87 59.90 Td (granted ) Tj ET Q q 0 0 0 rg BT 401.95 59.90 Td (units ) Tj ET Q q 0 0 0 rg BT 423.97 59.90 Td (to ) Tj ET Q q 0 0 0 rg BT 433.73 59.90 Td (key ) Tj ET Q q 0 0 0 rg BT 450.48 59.90 Td (employees ) Tj ET Q q 0 0 0 rg BT 496.98 59.90 Td (of ) Tj ET Q q 0 0 0 rg BT 507.32 59.90 Td (its ) Tj ET Q q 0 0 0 rg BT 518.83 59.90 Td (subsidiary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 47.30 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 104.30 47.30 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 160.64 47.30 Td (LLC ) Tj ET Q q 0 0 0 rg BT 183.45 47.30 Td (\("ClearBridge"\) ) Tj ET Q q 0 0 0 rg BT 253.31 47.30 Td (that ) Tj ET Q q 0 0 0 rg BT 272.04 47.30 Td (entitle ) Tj ET Q q 0 0 0 rg BT 301.26 47.30 Td (them ) Tj ET Q q 0 0 0 rg BT 325.23 47.30 Td (to ) Tj ET Q q 0 0 0 rg BT 336.38 47.30 Td (participate ) Tj ET Q q 0 0 0 rg BT 383.67 47.30 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.82 47.30 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.06 47.30 Td ( ) Tj ET Q q 0 0 0 rg BT 417.04 47.30 Td (of ) Tj ET Q q 0 0 0 rg BT 428.77 47.30 Td (the ) Tj ET Q q 0 0 0 rg BT 444.57 47.30 Td (future ) Tj ET Q q 0 0 0 rg BT 472.62 47.30 Td (growth, ) Tj ET Q q 0 0 0 rg BT 507.98 47.30 Td (if ) Tj ET Q q 0 0 0 rg BT 517.37 47.30 Td (any) Tj ET Q q 0 0 0 rg BT 531.85 47.30 Td (, ) Tj ET Q q 0 0 0 rg BT 537.45 47.30 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 47.30 Td (the ) Tj ET Q endstream endobj 279 0 obj <>] /Rotate 0 /Contents 280 0 R>> endobj 280 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (137) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 105.88 741.75 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 151.83 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 179.13 741.75 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 216.93 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 229.66 741.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 282.03 741.75 Td (discounts\) ) Tj ET Q q 0 0 0 rg BT 329.76 741.75 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 380.98 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 393.71 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 411.10 741.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 437.23 741.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 461.91 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 466.47 741.75 Td (Independent ) Tj ET Q q 0 0 0 rg BT 522.92 741.75 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 100.11 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 115.82 729.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 159.51 729.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 179.31 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 190.93 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 206.64 729.15 Td (award ) Tj ET Q q 0 0 0 rg BT 235.18 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 246.22 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 259.02 729.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.55 729.15 Td ($16,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 356.67 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 362.18 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 390.72 729.15 Td (will ) Tj ET Q q 0 0 0 rg BT 409.94 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 422.73 729.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 471.67 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 483.29 729.15 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 546.84 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 86.39 716.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 123.36 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 134.68 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 150.65 716.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 209.22 716.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 258.45 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 270.34 716.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 304.98 716.55 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 334.96 716.55 Td (over ) Tj ET Q q 0 0 0 rg BT 356.77 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 372.75 716.55 Td (related ) Tj ET Q q 0 0 0 rg BT 404.46 716.55 Td (vesting ) Tj ET Q q 0 0 0 rg BT 437.94 716.55 Td (periods ) Tj ET Q q 0 0 0 rg BT 472.00 716.55 Td (through ) Tj ET Q q 0 0 0 rg BT 507.82 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 538.37 716.55 Td (2019. ) Tj ET Q q 0 0 0 rg BT 564.62 716.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (T) Tj ET Q q 0 0 0 rg BT 55.68 703.95 Td (otal ) Tj ET Q q 0 0 0 rg BT 74.34 703.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 135.58 703.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 172.32 703.95 Td (related ) Tj ET Q q 0 0 0 rg BT 203.80 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 214.89 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 230.64 703.95 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 284.87 703.95 Td (af) Tj ET Q q 0 0 0 rg BT 292.84 703.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 320.24 703.95 Td (management ) Tj ET Q q 0 0 0 rg BT 376.81 703.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 405.97 703.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 426.97 703.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.22 703.95 Td ($3,285) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.09 703.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.64 703.95 Td ($3,271) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.51 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 515.05 703.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.13 703.95 Td ($3,390) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 64.63 691.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 79.85 691.35 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 102.00 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 104.39 691.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 131.85 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 161.65 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.16 691.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.16 691.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.18 691.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.18 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 229.19 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 246.74 691.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 272.75 691.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 322.80 691.35 Td (. ) Tj ET Q q 0 0 0 rg BT 327.81 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 330.03 691.35 Td (This ) Tj ET Q q 0 0 0 rg BT 351.09 691.35 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 405.95 691.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 444.50 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 462.63 691.35 Td (one-half ) Tj ET Q q 0 0 0 rg BT 500.00 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 511.14 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 526.36 691.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 545.66 691.35 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 63.05 678.75 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 104.09 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 117.73 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 133.69 678.75 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 188.15 678.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 229.77 678.75 Td (pool. ) Tj ET Q q 0 0 0 rg BT 254.20 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 257.34 678.75 Td (Once ) Tj ET Q q 0 0 0 rg BT 282.63 678.75 Td (vested, ) Tj ET Q q 0 0 0 rg BT 315.22 678.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 336.43 678.75 Td (units ) Tj ET Q q 0 0 0 rg BT 359.99 678.75 Td (can ) Tj ET Q q 0 0 0 rg BT 377.70 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 390.75 678.75 Td (put ) Tj ET Q q 0 0 0 rg BT 407.31 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 418.61 678.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 443.32 678.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 475.04 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 490.43 678.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 536.72 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 547.43 678.75 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (value, ) Tj ET Q q 0 0 0 rg BT 77.47 666.15 Td (beginning ) Tj ET Q q 0 0 0 rg BT 121.56 666.15 Td (one ) Tj ET Q q 0 0 0 rg BT 138.83 666.15 Td (year ) Tj ET Q q 0 0 0 rg BT 159.00 666.15 Td (after ) Tj ET Q q 0 0 0 rg BT 180.33 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 195.26 666.15 Td (holder ) Tj ET Q q 0 0 0 rg BT 224.19 666.15 Td (terminates ) Tj ET Q q 0 0 0 rg BT 270.02 666.15 Td (their ) Tj ET Q q 0 0 0 rg BT 291.37 666.15 Td (employment. ) Tj ET Q q 0 0 0 rg BT 348.59 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 350.69 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 374.37 666.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 405.05 666.15 Td (can ) Tj ET Q q 0 0 0 rg BT 421.72 666.15 Td (also ) Tj ET Q q 0 0 0 rg BT 440.74 666.15 Td (call ) Tj ET Q q 0 0 0 rg BT 458.00 666.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 478.18 666.15 Td (units, ) Tj ET Q q 0 0 0 rg BT 503.33 666.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 544.49 666.15 Td (post ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (employment, ) Tj ET Q q 0 0 0 rg BT 106.82 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 120.76 653.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 165.62 653.55 Td (at ) Tj ET Q q 0 0 0 rg BT 174.90 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 191.18 653.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 218.24 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 219.94 653.55 Td (Changes ) Tj ET Q q 0 0 0 rg BT 257.81 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 267.68 653.55 Td (control ) Tj ET Q q 0 0 0 rg BT 299.12 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 309.57 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 332.85 653.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 363.13 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 373.58 653.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 426.60 653.55 Td (do ) Tj ET Q q 0 0 0 rg BT 438.80 653.55 Td (not ) Tj ET Q q 0 0 0 rg BT 453.92 653.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 484.20 653.55 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 518.86 653.55 Td (settlement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 61.40 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 85.63 640.95 Td (provisions ) Tj ET Q q 0 0 0 rg BT 132.04 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 143.45 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 158.93 640.95 Td (units. ) Tj ET Q q 0 0 0 rg BT 184.63 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 187.29 640.95 Td (However) Tj ET Q q 0 0 0 rg BT 225.35 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 230.63 640.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 254.29 640.95 Td (sale ) Tj ET Q q 0 0 0 rg BT 273.27 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 284.67 640.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 340.41 640.95 Td (all ) Tj ET Q q 0 0 0 rg BT 353.56 640.95 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 407.53 640.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 437.31 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 452.79 640.95 Td (vesting ) Tj ET Q q 0 0 0 rg BT 485.78 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 497.18 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 512.67 640.95 Td (units ) Tj ET Q q 0 0 0 rg BT 535.75 640.95 Td (would ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 94.51 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 112.23 628.35 Td (participants ) Tj ET Q q 0 0 0 rg BT 163.77 628.35 Td (would ) Tj ET Q q 0 0 0 rg BT 192.57 628.35 Td (receive ) Tj ET Q q 0 0 0 rg BT 225.43 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 232.65 628.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 249.77 628.35 Td (value ) Tj ET Q q 0 0 0 rg BT 275.07 628.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 313.78 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 324.50 628.35 Td (respect ) Tj ET Q q 0 0 0 rg BT 356.79 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 368.09 628.35 Td (their ) Tj ET Q q 0 0 0 rg BT 389.89 628.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 427.43 628.35 Td (under ) Tj ET Q q 0 0 0 rg BT 453.90 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 469.28 628.35 Td (plan. ) Tj ET Q q 0 0 0 rg BT 492.54 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 495.09 628.35 Td (Future ) Tj ET Q q 0 0 0 rg BT 525.06 628.35 Td (grants ) Tj ET Q q 0 0 0 rg BT 553.28 628.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 94.41 615.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 114.91 615.75 Td (units ) Tj ET Q q 0 0 0 rg BT 137.75 615.75 Td (will ) Tj ET Q q 0 0 0 rg BT 156.51 615.75 Td (dilute ) Tj ET Q q 0 0 0 rg BT 182.85 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 198.10 615.75 Td (participation ) Tj ET Q q 0 0 0 rg BT 253.58 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 264.75 615.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 300.42 615.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 351.84 615.75 Td (units ) Tj ET Q q 0 0 0 rg BT 374.69 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 385.27 615.75 Td (15% ) Tj ET Q q 0 0 0 rg BT 406.94 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 418.11 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 433.36 615.75 Td (future ) Tj ET Q q 0 0 0 rg BT 460.85 615.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 493.02 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 504.19 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 519.44 615.75 Td (respective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (af) Tj ET Q q 0 0 0 rg BT 57.97 603.15 Td (filiates' ) Tj ET Q q 0 0 0 rg BT 91.45 603.15 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 135.86 603.15 Td (value, ) Tj ET Q q 0 0 0 rg BT 164.25 603.15 Td (if ) Tj ET Q q 0 0 0 rg BT 173.68 603.15 Td (any) Tj ET Q q 0 0 0 rg BT 188.16 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 193.80 603.15 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 243.48 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 254.66 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 270.51 603.15 Td (related ) Tj ET Q q 0 0 0 rg BT 302.09 603.15 Td (future ) Tj ET Q q 0 0 0 rg BT 330.18 603.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 354.77 603.15 Td (date, ) Tj ET Q q 0 0 0 rg BT 377.90 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 393.16 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 421.84 603.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 466.84 603.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 528.18 603.15 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (would ) Tj ET Q q 0 0 0 rg BT 78.73 590.55 Td (be ) Tj ET Q q 0 0 0 rg BT 91.13 590.55 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 131.22 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 133.70 590.55 Td (Further) Tj ET Q q 0 0 0 rg BT 164.19 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 169.30 590.55 Td (future ) Tj ET Q q 0 0 0 rg BT 196.85 590.55 Td (grants ) Tj ET Q q 0 0 0 rg BT 225.00 590.55 Td (will ) Tj ET Q q 0 0 0 rg BT 243.81 590.55 Td (not ) Tj ET Q q 0 0 0 rg BT 259.72 590.55 Td (entitle ) Tj ET Q q 0 0 0 rg BT 288.44 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 303.75 590.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 324.31 590.55 Td (participants, ) Tj ET Q q 0 0 0 rg BT 378.40 590.55 Td (collectively) Tj ET Q q 0 0 0 rg BT 426.70 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 431.81 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 442.46 590.55 Td (more ) Tj ET Q q 0 0 0 rg BT 466.52 590.55 Td (than ) Tj ET Q q 0 0 0 rg BT 487.08 590.55 Td (an ) Tj ET Q q 0 0 0 rg BT 499.47 590.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 542.76 590.55 Td (15% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.58 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 77.23 577.95 Td (future ) Tj ET Q q 0 0 0 rg BT 105.13 577.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 137.71 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 149.28 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 164.94 577.95 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 219.08 577.95 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 263.31 577.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 291.50 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 294.33 577.95 Td (Upon ) Tj ET Q q 0 0 0 rg BT 320.49 577.95 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 356.28 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 371.94 577.95 Td (grant-date ) Tj ET Q q 0 0 0 rg BT 417.32 577.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 434.72 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 460.29 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 471.87 577.95 Td (vested ) Tj ET Q q 0 0 0 rg BT 501.52 577.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 522.43 577.95 Td (units ) Tj ET Q q 0 0 0 rg BT 545.68 577.95 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 62.01 565.35 Td (reflected ) Tj ET Q q 0 0 0 rg BT 100.83 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 111.09 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 126.02 565.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 183.53 565.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 219.44 565.35 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 248.96 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 259.80 565.35 Td (Redeemable ) Tj ET Q q 0 0 0 rg BT 313.79 565.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 377.72 565.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 414.81 565.35 Td (through ) Tj ET Q q 0 0 0 rg BT 449.57 565.35 Td (an ) Tj ET Q q 0 0 0 rg BT 461.58 565.35 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 509.75 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 520.02 565.35 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 83.56 552.75 Td (capital. ) Tj ET Q q 0 0 0 rg BT 117.99 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 121.53 552.75 Td (Thereafter) Tj ET Q q 0 0 0 rg BT 164.82 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 171.26 552.75 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 223.46 552.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 289.11 552.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 327.92 552.75 Td (will ) Tj ET Q q 0 0 0 rg BT 348.07 552.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 388.04 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 400.03 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 413.76 552.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 452.56 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 464.55 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.19 552.75 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 519.42 552.75 Td (maximum ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 93.71 540.15 Td (redemption ) Tj ET Q q 0 0 0 rg BT 145.01 540.15 Td (value ) Tj ET Q q 0 0 0 rg BT 171.22 540.15 Td (over ) Tj ET Q q 0 0 0 rg BT 193.35 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 209.66 540.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 250.44 540.15 Td (term, ) Tj ET Q q 0 0 0 rg BT 275.78 540.15 Td (through ) Tj ET Q q 0 0 0 rg BT 311.92 540.15 Td (retained ) Tj ET Q q 0 0 0 rg BT 349.21 540.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 388.26 540.15 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 444.52 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 447.23 540.15 Td (As ) Tj ET Q q 0 0 0 rg BT 462.37 540.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.59 540.15 Td (March ) Tj ET Q q 0 0 0 rg BT 505.47 540.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 522.07 540.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.07 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 549.17 540.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 93.01 527.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 136.59 527.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 187.18 527.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 221.44 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 232.96 527.55 Td (vested ) Tj ET Q q 0 0 0 rg BT 262.56 527.55 Td (units ) Tj ET Q q 0 0 0 rg BT 285.75 527.55 Td (under ) Tj ET Q q 0 0 0 rg BT 312.43 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 328.03 527.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 382.12 527.55 Td (plan, ) Tj ET Q q 0 0 0 rg BT 405.59 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 417.11 527.55 Td (if ) Tj ET Q q 0 0 0 rg BT 426.29 527.55 Td (they ) Tj ET Q q 0 0 0 rg BT 447.14 527.55 Td (were ) Tj ET Q q 0 0 0 rg BT 470.31 527.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 510.98 527.55 Td (redeemable, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (was ) Tj ET Q q 0 0 0 rg BT 68.96 514.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 132.23 514.95 Td ($25,800) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.35 514.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (On ) Tj ET Q q 0 0 0 rg BT 64.76 489.75 Td (June ) Tj ET Q q 0 0 0 rg BT 85.93 489.75 Td (28, ) Tj ET Q q 0 0 0 rg BT 100.98 489.75 Td (2013, ) Tj ET Q q 0 0 0 rg BT 126.53 489.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 150.03 489.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 180.54 489.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 237.28 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 243.87 489.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 274.96 489.75 Td (management ) Tj ET Q q 0 0 0 rg BT 330.53 489.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 358.70 489.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 378.70 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 399.30 489.75 Td (key ) Tj ET Q q 0 0 0 rg BT 416.38 489.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 463.21 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 473.88 489.75 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 508.18 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 510.10 489.75 Td (Independent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 93.67 477.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 145.49 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 162.91 477.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 208.31 477.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 229.82 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 243.16 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 260.58 477.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 294.91 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 307.67 477.15 Td (be ) Tj ET Q q 0 0 0 rg BT 322.17 477.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.41 477.15 Td ($9,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.29 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 423.51 477.15 Td (which ) Tj ET Q q 0 0 0 rg BT 453.76 477.15 Td (was ) Tj ET Q q 0 0 0 rg BT 474.68 477.15 Td (being ) Tj ET Q q 0 0 0 rg BT 502.60 477.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 553.25 477.15 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 112.52 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 129.54 464.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 164.63 464.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 200.31 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 210.33 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 225.01 464.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 282.28 464.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 330.22 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 340.82 464.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 374.16 464.55 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 402.85 464.55 Td (over ) Tj ET Q q 0 0 0 rg BT 423.36 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 438.04 464.55 Td (related ) Tj ET Q q 0 0 0 rg BT 468.46 464.55 Td (vesting ) Tj ET Q q 0 0 0 rg BT 500.65 464.55 Td (period ) Tj ET Q q 0 0 0 rg BT 529.33 464.55 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (December ) Tj ET Q q 0 0 0 rg BT 94.81 451.95 Td (2017. ) Tj ET Q q 0 0 0 rg BT 120.12 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 121.79 451.95 Td (In ) Tj ET Q q 0 0 0 rg BT 131.84 451.95 Td (April ) Tj ET Q q 0 0 0 rg BT 155.68 451.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 180.98 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 190.83 451.95 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 242.07 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 262.42 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 276.92 451.95 Td (Permal ) Tj ET Q q 0 0 0 rg BT 308.34 451.95 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 363.66 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 373.51 451.95 Td (preparation ) Tj ET Q q 0 0 0 rg BT 422.99 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 436.91 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 451.41 451.95 Td (combination ) Tj ET Q q 0 0 0 rg BT 505.58 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 525.92 451.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 543.63 451.95 Td (rust, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.43 439.35 Td (Permal ) Tj ET Q q 0 0 0 rg BT 97.78 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 154.03 439.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 182.89 439.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 203.57 439.35 Td (was ) Tj ET Q q 0 0 0 rg BT 222.51 439.35 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 267.10 439.35 Td (with ) Tj ET Q q 0 0 0 rg BT 288.38 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 295.64 439.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 334.41 439.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.76 439.35 Td ($7,150) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.63 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 377.24 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 388.01 439.35 Td (its ) Tj ET Q q 0 0 0 rg BT 400.54 439.35 Td (participants, ) Tj ET Q q 0 0 0 rg BT 454.76 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 472.52 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 487.96 439.35 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.13 439.35 Td ($3,481) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 104.34 426.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 123.11 426.75 Td (was ) Tj ET Q q 0 0 0 rg BT 141.30 426.75 Td (expensed ) Tj ET Q q 0 0 0 rg BT 182.22 426.75 Td (during ) Tj ET Q q 0 0 0 rg BT 211.50 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.18 426.75 Td (year ) Tj ET Q q 0 0 0 rg BT 246.11 426.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 273.03 426.75 Td (March ) Tj ET Q q 0 0 0 rg BT 302.30 426.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 317.28 426.75 Td (2017. ) Tj ET Q q 0 0 0 rg BT 342.76 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 344.62 426.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 407.14 426.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 442.82 426.75 Td (related ) Tj ET Q q 0 0 0 rg BT 473.24 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 483.26 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 497.95 426.75 Td (Permal ) Tj ET Q q 0 0 0 rg BT 529.55 426.75 Td (af) Tj ET Q q 0 0 0 rg BT 537.51 426.75 Td (filiate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (management ) Tj ET Q q 0 0 0 rg BT 106.27 414.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 135.14 414.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 155.84 414.15 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.80 414.15 Td ($1,513) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.67 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 206.30 414.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.08 414.15 Td ($1,816) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.96 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 255.58 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 270.45 414.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.91 414.15 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.06 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 310.69 414.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 338.38 414.15 Td (March ) Tj ET Q q 0 0 0 rg BT 368.41 414.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 384.16 414.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 407.79 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 425.57 414.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 451.82 414.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 501.87 414.15 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.25 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.51 376.35 Td (has ) Tj ET Q q 0 0 0 rg BT 122.18 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 129.52 376.35 Td (qualified ) Tj ET Q q 0 0 0 rg BT 169.51 376.35 Td (Employee ) Tj ET Q q 0 0 0 rg BT 214.76 376.35 Td (Stock ) Tj ET Q q 0 0 0 rg BT 241.35 376.35 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 281.93 376.35 Td (Plan ) Tj ET Q q 0 0 0 rg BT 303.27 376.35 Td (covering ) Tj ET Q q 0 0 0 rg BT 342.68 376.35 Td (substantially ) Tj ET Q q 0 0 0 rg BT 398.44 376.35 Td (all ) Tj ET Q q 0 0 0 rg BT 411.61 376.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 432.96 376.35 Td (employees. ) Tj ET Q q 0 0 0 rg BT 483.16 376.35 Td (Shares ) Tj ET Q q 0 0 0 rg BT 513.83 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 525.25 376.35 Td (common ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.88 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 90.41 363.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 135.68 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 146.56 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.10 363.75 Td (open ) Tj ET Q q 0 0 0 rg BT 185.23 363.75 Td (market ) Tj ET Q q 0 0 0 rg BT 217.09 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 230.31 363.75 Td (behalf ) Tj ET Q q 0 0 0 rg BT 259.25 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 270.71 363.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 326.49 363.75 Td (employees, ) Tj ET Q q 0 0 0 rg BT 376.73 363.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 409.19 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 420.07 363.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.44 363.75 Td (4,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.06 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 453.78 363.75 Td (total ) Tj ET Q q 0 0 0 rg BT 475.15 363.75 Td (share ) Tj ET Q q 0 0 0 rg BT 500.02 363.75 Td (limit ) Tj ET Q q 0 0 0 rg BT 522.57 363.75 Td (under ) Tj ET Q q 0 0 0 rg BT 549.19 363.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (plan. ) Tj ET Q q 0 0 0 rg BT 73.94 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 77.19 351.15 Td (Purchases ) Tj ET Q q 0 0 0 rg BT 122.42 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 138.48 351.15 Td (made ) Tj ET Q q 0 0 0 rg BT 164.46 351.15 Td (through ) Tj ET Q q 0 0 0 rg BT 200.37 351.15 Td (payroll ) Tj ET Q q 0 0 0 rg BT 233.35 351.15 Td (deductions ) Tj ET Q q 0 0 0 rg BT 282.08 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 300.49 351.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 325.30 351.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 357.13 351.15 Td (provides ) Tj ET Q q 0 0 0 rg BT 396.53 351.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.43 351.15 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.68 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 426.92 351.15 Td (contribution ) Tj ET Q q 0 0 0 rg BT 481.49 351.15 Td (towards ) Tj ET Q q 0 0 0 rg BT 517.98 351.15 Td (purchases, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (which ) Tj ET Q q 0 0 0 rg BT 78.42 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 88.19 338.55 Td (char) Tj ET Q q 0 0 0 rg BT 106.07 338.55 Td (ged ) Tj ET Q q 0 0 0 rg BT 124.00 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 134.93 338.55 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 175.89 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 178.65 338.55 Td (During ) Tj ET Q q 0 0 0 rg BT 211.16 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 226.75 338.55 Td (years ) Tj ET Q q 0 0 0 rg BT 251.67 338.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 279.51 338.55 Td (March ) Tj ET Q q 0 0 0 rg BT 309.67 338.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 325.56 338.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 351.95 338.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 378.34 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 396.26 338.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 422.65 338.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.06 338.55 Td (164) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.81 338.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.20 338.55 Td (134) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.95 338.55 Td (, ) Tj ET Q q 0 0 0 rg BT 528.34 338.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 546.27 338.55 Td (107) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (shares, ) Tj ET Q q 0 0 0 rg BT 81.49 325.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 131.54 325.95 Td (, ) Tj ET Q q 0 0 0 rg BT 136.79 325.95 Td (have ) Tj ET Q q 0 0 0 rg BT 159.23 325.95 Td (been ) Tj ET Q q 0 0 0 rg BT 181.68 325.95 Td (purchased ) Tj ET Q q 0 0 0 rg BT 226.87 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 237.66 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 253.12 325.95 Td (open ) Tj ET Q q 0 0 0 rg BT 276.15 325.95 Td (market ) Tj ET Q q 0 0 0 rg BT 307.93 325.95 Td (on ) Tj ET Q q 0 0 0 rg BT 321.05 325.95 Td (behalf ) Tj ET Q q 0 0 0 rg BT 349.91 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 361.29 325.95 Td (participating ) Tj ET Q q 0 0 0 rg BT 416.98 325.95 Td (employees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.48 300.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.97 300.75 Td (also ) Tj ET Q q 0 0 0 rg BT 122.79 300.75 Td (has ) Tj ET Q q 0 0 0 rg BT 138.69 300.75 Td (an ) Tj ET Q q 0 0 0 rg BT 150.50 300.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 178.65 300.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 198.64 300.75 Td (for ) Tj ET Q q 0 0 0 rg BT 212.79 300.75 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 274.75 300.75 Td (directors. ) Tj ET Q q 0 0 0 rg BT 316.02 300.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 344.16 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 358.90 300.75 Td (current ) Tj ET Q q 0 0 0 rg BT 390.53 300.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 418.68 300.75 Td (plan, ) Tj ET Q q 0 0 0 rg BT 441.29 300.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 479.93 300.75 Td (may ) Tj ET Q q 0 0 0 rg BT 499.92 300.75 Td (elect ) Tj ET Q q 0 0 0 rg BT 521.64 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 531.71 300.75 Td (receive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.41 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 89.32 288.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 113.65 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 124.56 288.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 165.79 288.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 190.12 288.15 Td (units. ) Tj ET Q q 0 0 0 rg BT 215.34 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 217.50 288.15 Td (Prior ) Tj ET Q q 0 0 0 rg BT 240.67 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 251.00 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 257.83 288.15 Td (July ) Tj ET Q q 0 0 0 rg BT 277.50 288.15 Td (19, ) Tj ET Q q 0 0 0 rg BT 292.79 288.15 Td (2007 ) Tj ET Q q 0 0 0 rg BT 315.96 288.15 Td (amendment ) Tj ET Q q 0 0 0 rg BT 367.11 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 377.44 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 392.43 288.15 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 415.89 288.15 Td (directors ) Tj ET Q q 0 0 0 rg BT 454.79 288.15 Td (could ) Tj ET Q q 0 0 0 rg BT 480.29 288.15 Td (also ) Tj ET Q q 0 0 0 rg BT 499.37 288.15 Td (elect ) Tj ET Q q 0 0 0 rg BT 521.35 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 531.69 288.15 Td (receive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 75.15 275.55 Td (options, ) Tj ET Q q 0 0 0 rg BT 111.68 275.55 Td (which ) Tj ET Q q 0 0 0 rg BT 140.33 275.55 Td (were ) Tj ET Q q 0 0 0 rg BT 163.72 275.55 Td (immediately ) Tj ET Q q 0 0 0 rg BT 219.19 275.55 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 269.40 275.55 Td (at ) Tj ET Q q 0 0 0 rg BT 279.96 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 287.61 275.55 Td (price ) Tj ET Q q 0 0 0 rg BT 311.58 275.55 Td (equal ) Tj ET Q q 0 0 0 rg BT 337.31 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 348.46 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 364.28 275.55 Td (market ) Tj ET Q q 0 0 0 rg BT 396.41 275.55 Td (value ) Tj ET Q q 0 0 0 rg BT 422.14 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 433.87 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 449.69 275.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 478.91 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 492.40 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 508.21 275.55 Td (date ) Tj ET Q q 0 0 0 rg BT 528.69 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 540.42 275.55 Td (grant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 68.01 262.95 Td (have ) Tj ET Q q 0 0 0 rg BT 90.68 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 98.19 262.95 Td (term ) Tj ET Q q 0 0 0 rg BT 120.28 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 131.88 262.95 Td (not ) Tj ET Q q 0 0 0 rg BT 148.14 262.95 Td (more ) Tj ET Q q 0 0 0 rg BT 172.57 262.95 Td (than ) Tj ET Q q 0 0 0 rg BT 193.49 262.95 Td (ten ) Tj ET Q q 0 0 0 rg BT 209.17 262.95 Td (years. ) Tj ET Q q 0 0 0 rg BT 236.80 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 239.65 262.95 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 273.12 262.95 Td (options, ) Tj ET Q q 0 0 0 rg BT 309.51 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 327.52 262.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 369.44 262.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 394.45 262.95 Td (units ) Tj ET Q q 0 0 0 rg BT 417.72 262.95 Td (issuable ) Tj ET Q q 0 0 0 rg BT 454.40 262.95 Td (under ) Tj ET Q q 0 0 0 rg BT 481.15 262.95 Td (this ) Tj ET Q q 0 0 0 rg BT 499.18 262.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 528.27 262.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 549.20 262.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (limited ) Tj ET Q q 0 0 0 rg BT 82.14 250.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 92.69 250.35 Td (625) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 108.44 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 110.83 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 121.39 250.35 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 167.21 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 178.35 250.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 206.40 250.35 Td (427) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.15 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 224.54 250.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.09 250.35 Td (384) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 257.84 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 260.22 250.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 288.85 250.35 Td (were ) Tj ET Q q 0 0 0 rg BT 311.64 250.35 Td (issued ) Tj ET Q q 0 0 0 rg BT 340.28 250.35 Td (as ) Tj ET Q q 0 0 0 rg BT 351.42 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 362.56 250.35 Td (March ) Tj ET Q q 0 0 0 rg BT 392.35 250.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 407.86 250.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 431.25 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 448.80 250.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 474.82 250.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 524.86 250.35 Td (. ) Tj ET Q q 0 0 0 rg BT 529.88 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 532.27 250.35 Td (During ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 66.15 237.75 Td (year ) Tj ET Q q 0 0 0 rg BT 87.55 237.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 115.95 237.75 Td (March ) Tj ET Q q 0 0 0 rg BT 146.68 237.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 163.13 237.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 190.08 237.75 Td (there ) Tj ET Q q 0 0 0 rg BT 214.39 237.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 238.12 237.75 Td (32) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.62 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 251.94 237.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 277.43 237.75 Td (options ) Tj ET Q q 0 0 0 rg BT 311.68 237.75 Td (canceled ) Tj ET Q q 0 0 0 rg BT 351.73 237.75 Td (or ) Tj ET Q q 0 0 0 rg BT 363.80 237.75 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 403.27 237.75 Td (from ) Tj ET Q q 0 0 0 rg BT 427.01 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 443.16 237.75 Td (current ) Tj ET Q q 0 0 0 rg BT 476.22 237.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 505.79 237.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 527.20 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 542.77 237.75 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 93.59 225.15 Td (directors, ) Tj ET Q q 0 0 0 rg BT 135.71 225.15 Td (which ) Tj ET Q q 0 0 0 rg BT 164.14 225.15 Td (were ) Tj ET Q q 0 0 0 rg BT 187.31 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 202.91 225.15 Td (last ) Tj ET Q q 0 0 0 rg BT 220.26 225.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 272.03 225.15 Td (options ) Tj ET Q q 0 0 0 rg BT 305.72 225.15 Td (under ) Tj ET Q q 0 0 0 rg BT 332.40 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 347.99 225.15 Td (plan. ) Tj ET Q q 0 0 0 rg BT 371.46 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 373.62 225.15 Td (As ) Tj ET Q q 0 0 0 rg BT 388.06 225.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.57 225.15 Td (March ) Tj ET Q q 0 0 0 rg BT 429.75 225.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 445.64 225.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.64 225.15 Td (, ) Tj ET Q q 0 0 0 rg BT 472.03 225.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 498.43 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 516.36 225.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 542.75 225.15 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (employee ) Tj ET Q q 0 0 0 rg BT 93.52 212.55 Td (directors ) Tj ET Q q 0 0 0 rg BT 132.97 212.55 Td (held ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 153.75 212.55 Td (66) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 164.25 212.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 169.58 212.55 Td (53) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.08 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 185.42 212.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.28 212.55 Td (45) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.78 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 216.49 212.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 258.26 212.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 283.13 212.55 Td (units, ) Tj ET Q q 0 0 0 rg BT 308.89 212.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 358.93 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 364.27 212.55 Td (which ) Tj ET Q q 0 0 0 rg BT 392.63 212.55 Td (vest ) Tj ET Q q 0 0 0 rg BT 412.25 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 425.46 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 441.00 212.55 Td (grant ) Tj ET Q q 0 0 0 rg BT 465.28 212.55 Td (date ) Tj ET Q q 0 0 0 rg BT 485.47 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 503.34 212.55 Td (are, ) Tj ET Q q 0 0 0 rg BT 521.49 212.55 Td (therefore, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (not ) Tj ET Q q 0 0 0 rg BT 65.90 199.95 Td (included ) Tj ET Q q 0 0 0 rg BT 104.54 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 115.20 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 130.51 199.95 Td (unvested ) Tj ET Q q 0 0 0 rg BT 170.32 199.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 199.05 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 210.28 199.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 251.83 199.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 276.48 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 294.12 199.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 335.67 199.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 360.32 199.95 Td (units ) Tj ET Q q 0 0 0 rg BT 383.23 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 393.88 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 409.20 199.95 Td (table ) Tj ET Q q 0 0 0 rg BT 432.09 199.95 Td (above. ) Tj ET Q q 0 0 0 rg BT 462.27 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 464.76 199.95 Td (During ) Tj ET Q q 0 0 0 rg BT 496.99 199.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.30 199.95 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.46 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 536.94 199.95 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (March ) Tj ET Q q 0 0 0 rg BT 79.18 187.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 94.08 187.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.08 187.35 Td (, ) Tj ET Q q 0 0 0 rg BT 119.49 187.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 144.89 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 161.83 187.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 187.23 187.35 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 249.07 187.35 Td (directors ) Tj ET Q q 0 0 0 rg BT 287.59 187.35 Td (were ) Tj ET Q q 0 0 0 rg BT 309.77 187.35 Td (granted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.03 187.35 Td (1) Tj ET Q q 0 0 0 rg BT 347.89 187.35 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.14 187.35 Td (, ) Tj ET Q q 0 0 0 rg BT 357.54 187.35 Td (nine, ) Tj ET Q q 0 0 0 rg BT 380.02 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 396.96 187.35 Td (eight ) Tj ET Q q 0 0 0 rg BT 419.73 187.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 460.58 187.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 484.52 187.35 Td (units, ) Tj ET Q q 0 0 0 rg BT 509.34 187.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.39 187.35 Td (. ) Tj ET Q q 0 0 0 rg BT 564.64 187.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (During ) Tj ET Q q 0 0 0 rg BT 82.91 174.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 98.90 174.75 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.05 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 124.21 174.75 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 152.44 174.75 Td (March ) Tj ET Q q 0 0 0 rg BT 183.01 174.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 199.29 174.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 220.29 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 226.08 174.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 252.87 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 271.19 174.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 297.97 174.75 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 361.20 174.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 401.09 174.75 Td (were ) Tj ET Q q 0 0 0 rg BT 424.65 174.75 Td (granted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.30 174.75 Td (30) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.80 174.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.59 174.75 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.09 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 491.87 174.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.19 174.75 Td (23) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.69 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 523.85 174.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 553.25 174.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (common ) Tj ET Q q 0 0 0 rg BT 88.28 162.15 Td (stock, ) Tj ET Q q 0 0 0 rg BT 114.61 162.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 164.66 162.15 Td (. ) Tj ET Q q 0 0 0 rg BT 168.82 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 170.36 162.15 Td (During ) Tj ET Q q 0 0 0 rg BT 201.64 162.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 216.01 162.15 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 238.16 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 239.70 162.15 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 266.31 162.15 Td (March ) Tj ET Q q 0 0 0 rg BT 295.25 162.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 309.92 162.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.92 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 332.46 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 349.15 162.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 374.32 162.15 Td (there ) Tj ET Q q 0 0 0 rg BT 396.84 162.15 Td (were ) Tj ET Q q 0 0 0 rg BT 418.78 162.15 Td (no ) Tj ET Q q 0 0 0 rg BT 430.82 162.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 471.42 162.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 495.12 162.15 Td (units ) Tj ET Q q 0 0 0 rg BT 517.08 162.15 Td (distributed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 149.55 Td (during ) Tj ET Q q 0 0 0 rg BT 97.82 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 113.28 149.55 Td (year ) Tj ET Q q 0 0 0 rg BT 133.97 149.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 161.67 149.55 Td (March ) Tj ET Q q 0 0 0 rg BT 191.70 149.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 207.45 149.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 233.70 149.55 Td (there ) Tj ET Q q 0 0 0 rg BT 257.31 149.55 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.33 149.55 Td (27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.83 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 293.46 149.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 335.15 149.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 359.94 149.55 Td (units ) Tj ET Q q 0 0 0 rg BT 382.98 149.55 Td (distributed. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.06 124.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 106.69 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 117.25 124.35 Td (Note ) Tj ET Q q 0 0 0 rg BT 140.05 124.35 Td (2, ) Tj ET Q q 0 0 0 rg BT 150.31 124.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 173.70 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 188.91 124.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 237.38 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 248.51 124.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 282.40 124.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 319.19 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 329.22 124.35 Td (April ) Tj ET Q q 0 0 0 rg BT 353.77 124.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 379.79 124.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 403.75 124.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 434.72 124.35 Td (granted ) Tj ET Q q 0 0 0 rg BT 468.59 124.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 499.54 124.35 Td (key ) Tj ET Q q 0 0 0 rg BT 517.09 124.35 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 62.39 111.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 97.53 111.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 135.59 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 143.89 111.75 Td (total ) Tj ET Q q 0 0 0 rg BT 166.20 111.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 178.59 111.75 Td (716) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.34 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 197.99 111.75 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 282.09 111.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 307.31 111.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 339.54 111.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 382.25 111.75 Td (share ) Tj ET Q q 0 0 0 rg BT 408.05 111.75 Td (units, ) Tj ET Q q 0 0 0 rg BT 434.74 111.75 Td (which ) Tj ET Q q 0 0 0 rg BT 464.05 111.75 Td (are ) Tj ET Q q 0 0 0 rg BT 480.51 111.75 Td (not ) Tj ET Q q 0 0 0 rg BT 497.57 111.75 Td (included ) Tj ET Q q 0 0 0 rg BT 537.37 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 549.19 111.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (unvested ) Tj ET Q q 0 0 0 rg BT 90.52 99.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 119.96 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 131.91 99.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 174.17 99.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 199.53 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 217.89 99.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 260.15 99.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 285.51 99.15 Td (units ) Tj ET Q q 0 0 0 rg BT 309.13 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 320.50 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 336.52 99.15 Td (table ) Tj ET Q q 0 0 0 rg BT 360.13 99.15 Td (above, ) Tj ET Q q 0 0 0 rg BT 391.02 99.15 Td (with ) Tj ET Q q 0 0 0 rg BT 412.89 99.15 Td (an ) Tj ET Q q 0 0 0 rg BT 425.99 99.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 470.00 99.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 487.77 99.15 Td (value ) Tj ET Q q 0 0 0 rg BT 513.70 99.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.65 99.15 Td ($1) Tj ET Q q 0 0 0 rg BT 535.76 99.15 Td (1,121) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 99.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (which ) Tj ET Q q 0 0 0 rg BT 78.18 86.55 Td (was ) Tj ET Q q 0 0 0 rg BT 97.03 86.55 Td (included ) Tj ET Q q 0 0 0 rg BT 135.70 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 146.39 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 161.73 86.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 201.56 86.55 Td (price, ) Tj ET Q q 0 0 0 rg BT 227.69 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 245.95 86.55 Td (vest ) Tj ET Q q 0 0 0 rg BT 265.39 86.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 288.90 86.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 322.92 86.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 359.84 86.55 Td (achieving ) Tj ET Q q 0 0 0 rg BT 403.18 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 410.36 86.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 441.44 86.55 Td (level ) Tj ET Q q 0 0 0 rg BT 464.36 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 475.63 86.55 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 519.26 86.55 Td (as ) Tj ET Q q 0 0 0 rg BT 530.53 86.55 Td (defined ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 76.25 73.95 Td (purchase ) Tj ET Q q 0 0 0 rg BT 116.19 73.95 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 165.16 73.95 Td (within ) Tj ET Q q 0 0 0 rg BT 194.62 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 201.91 73.95 Td (designated ) Tj ET Q q 0 0 0 rg BT 249.43 73.95 Td (period ) Tj ET Q q 0 0 0 rg BT 278.88 73.95 Td (after ) Tj ET Q q 0 0 0 rg BT 300.74 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 316.19 73.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 349.15 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 360.52 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 375.98 73.95 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 427.30 73.95 Td ( ) Tj ET Q endstream endobj 281 0 obj <>] /Rotate 0 /Contents 282 0 R>> endobj 282 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (138) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.19 741.75 Td (May ) Tj ET Q q 0 0 0 rg BT 82.88 741.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 108.95 741.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 132.39 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 149.99 741.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 176.06 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 200.08 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 231.11 741.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 265.03 741.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 296.04 741.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 338.71 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 347.27 741.75 Td (ficers ) Tj ET Q q 0 0 0 rg BT 373.03 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 380.13 741.75 Td (total ) Tj ET Q q 0 0 0 rg BT 401.24 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.43 741.75 Td (182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.18 741.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.00 741.75 Td (107) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.75 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 453.82 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.43 741.75 Td (78) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.93 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 484.37 741.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 539.86 741.75 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (units, ) Tj ET Q q 0 0 0 rg BT 75.64 729.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 125.69 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 130.91 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 142.25 729.15 Td (part ) Tj ET Q q 0 0 0 rg BT 161.17 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 172.51 729.15 Td (their ) Tj ET Q q 0 0 0 rg BT 194.35 729.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 219.69 729.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 245.91 729.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 272.13 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 289.89 729.15 Td (2014 ) Tj ET Q q 0 0 0 rg BT 313.48 729.15 Td (incentive ) Tj ET Q q 0 0 0 rg BT 354.56 729.15 Td (award ) Tj ET Q q 0 0 0 rg BT 382.81 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 404.07 729.15 Td (an ) Tj ET Q q 0 0 0 rg BT 416.58 729.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 459.98 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 485.31 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.66 729.15 Td ($3,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.53 729.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.50 729.15 Td ($4,312) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 729.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.56 716.55 Td ($3,457) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.44 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 101.47 716.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 151.51 716.55 Td (. ) Tj ET Q q 0 0 0 rg BT 156.54 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 158.77 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 177.50 716.55 Td (vesting ) Tj ET Q q 0 0 0 rg BT 210.24 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 221.39 716.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 276.84 716.55 Td (share ) Tj ET Q q 0 0 0 rg BT 301.40 716.55 Td (units ) Tj ET Q q 0 0 0 rg BT 324.22 716.55 Td (granted ) Tj ET Q q 0 0 0 rg BT 358.11 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 368.68 716.55 Td (May ) Tj ET Q q 0 0 0 rg BT 390.33 716.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 416.36 716.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 442.39 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 459.95 716.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 485.98 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 503.54 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 518.77 716.55 Td (number ) Tj ET Q q 0 0 0 rg BT 553.25 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.99 703.95 Td (payable ) Tj ET Q q 0 0 0 rg BT 114.38 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 124.71 703.95 Td (vesting ) Tj ET Q q 0 0 0 rg BT 157.79 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 173.35 703.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 223.33 703.95 Td (based ) Tj ET Q q 0 0 0 rg BT 249.98 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 263.23 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 287.55 703.95 Td (Mason�) Tj ET Q q 0 0 0 rg BT 319.05 703.95 Td (s ) Tj ET Q q 0 0 0 rg BT 325.88 703.95 Td (relative ) Tj ET Q q 0 0 0 rg BT 360.11 703.95 Td (total ) Tj ET Q q 0 0 0 rg BT 381.52 703.95 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 433.26 703.95 Td (return ) Tj ET Q q 0 0 0 rg BT 461.08 703.95 Td (over ) Tj ET Q q 0 0 0 rg BT 482.48 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 489.89 703.95 Td (three-year ) Tj ET Q q 0 0 0 rg BT 535.18 703.95 Td (period ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (ending ) Tj ET Q q 0 0 0 rg BT 80.91 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 110.64 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 126.10 691.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 152.05 691.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 178.01 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 195.50 691.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 221.45 691.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 271.50 691.35 Td (. ) Tj ET Q q 0 0 0 rg BT 276.29 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 294.94 691.35 Td (May ) Tj ET Q q 0 0 0 rg BT 316.52 691.35 Td (2014 ) Tj ET Q q 0 0 0 rg BT 339.85 691.35 Td (grant ) Tj ET Q q 0 0 0 rg BT 363.75 691.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 419.13 691.35 Td (period ) Tj ET Q q 0 0 0 rg BT 448.29 691.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 475.69 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 505.42 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 520.88 691.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 546.83 691.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 86.43 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 97.79 678.75 Td (no ) Tj ET Q q 0 0 0 rg BT 111.48 678.75 Td (payment. ) Tj ET Q q 0 0 0 rg BT 153.22 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 172.73 678.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 197.50 678.75 Td (date ) Tj ET Q q 0 0 0 rg BT 218.18 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 235.94 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 261.87 678.75 Td (per ) Tj ET Q q 0 0 0 rg BT 278.47 678.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 297.99 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 313.43 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 329.44 678.75 Td (May ) Tj ET Q q 0 0 0 rg BT 351.88 678.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 378.70 678.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 405.51 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 423.86 678.75 Td (2014 ) Tj ET Q q 0 0 0 rg BT 448.05 678.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 504.29 678.75 Td (share ) Tj ET Q q 0 0 0 rg BT 529.64 678.75 Td (units ) Tj ET Q q 0 0 0 rg BT 553.25 678.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td ($19.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 666.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.32 666.15 Td ($40.29) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 113.19 666.15 Td (, ) Tj ET Q q 0 0 0 rg BT 118.91 666.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 137.16 666.15 Td ($44.1) Tj ET Q q 0 0 0 rg BT 160.40 666.15 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 165.65 666.15 Td (, ) Tj ET Q q 0 0 0 rg BT 171.37 666.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 221.41 666.15 Td (, ) Tj ET Q q 0 0 0 rg BT 227.13 666.15 Td (was ) Tj ET Q q 0 0 0 rg BT 246.55 666.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 289.88 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 301.72 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 313.56 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 329.48 666.15 Td (grant ) Tj ET Q q 0 0 0 rg BT 354.14 666.15 Td (date ) Tj ET Q q 0 0 0 rg BT 374.73 666.15 Td (using ) Tj ET Q q 0 0 0 rg BT 400.57 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 408.32 666.15 Td (Monte ) Tj ET Q q 0 0 0 rg BT 438.83 666.15 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 465.25 666.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 498.08 666.15 Td (model ) Tj ET Q q 0 0 0 rg BT 527.42 666.15 Td (with ) Tj ET Q q 0 0 0 rg BT 549.18 666.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (following ) Tj ET Q q 0 0 0 rg BT 93.46 653.55 Td (assumptions:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 616.05 313.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 616.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 616.05 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 616.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 616.05 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 616.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 616.05 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 586.05 313.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 586.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 586.05 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 586.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 586.05 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 586.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 586.05 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 616.05 m 362.5 616.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 616.05 m 429.5 616.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 616.05 m 495.5 616.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 616.05 m 561.5 616.05 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.00 620.84 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.50 620.82 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.50 620.82 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 605.82 Td (Expected dividend yield) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.10 605.84 Td (2.87) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.50 605.84 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.85 605.82 Td (1.46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.25 605.82 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 605.82 Td (1.33) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.25 605.82 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 590.82 Td (Risk-free interest rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.10 590.84 Td (0.89) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.50 590.84 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.85 590.82 Td (0.86) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.25 590.82 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 590.82 Td (0.75) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.25 590.82 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 575.82 Td (Expected volatility) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.85 575.84 Td (25.99) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.50 575.84 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.60 575.82 Td (22.63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.25 575.82 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 575.82 Td (30.81) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.25 575.82 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 546.95 Td (During ) Tj ET Q q 0 0 0 rg BT 82.21 546.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 107.42 546.95 Td (2012, ) Tj ET Q q 0 0 0 rg BT 133.51 546.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 157.55 546.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 188.60 546.95 Td (established ) Tj ET Q q 0 0 0 rg BT 237.72 546.95 Td (a ) Tj ET Q q 0 0 0 rg BT 244.85 546.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 288.72 546.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 329.67 546.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 350.22 546.95 Td (\(the ) Tj ET Q q 0 0 0 rg BT 369.01 546.95 Td ("L) Tj ET Q q 0 0 0 rg BT 378.75 546.95 Td (TIP"\) ) Tj ET Q q 0 0 0 rg BT 404.75 546.95 Td (under ) Tj ET Q q 0 0 0 rg BT 431.12 546.95 Td (its ) Tj ET Q q 0 0 0 rg BT 443.51 546.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 472.22 546.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 513.17 546.95 Td (plan, ) Tj ET Q q 0 0 0 rg BT 536.34 546.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 534.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 90.16 534.35 Td (an ) Tj ET Q q 0 0 0 rg BT 102.90 534.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 147.72 534.35 Td (element ) Tj ET Q q 0 0 0 rg BT 183.79 534.35 Td (of ) Tj ET Q q 0 0 0 rg BT 195.37 534.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 256.52 534.35 Td (that ) Tj ET Q q 0 0 0 rg BT 275.10 534.35 Td (was ) Tj ET Q q 0 0 0 rg BT 294.26 534.35 Td (based ) Tj ET Q q 0 0 0 rg BT 321.00 534.35 Td (on ) Tj ET Q q 0 0 0 rg BT 334.34 534.35 Td (performance, ) Tj ET Q q 0 0 0 rg BT 392.84 534.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 442.91 534.35 Td (as ) Tj ET Q q 0 0 0 rg BT 454.49 534.35 Td (the ) Tj ET Q q 0 0 0 rg BT 470.15 534.35 Td (achievement ) Tj ET Q q 0 0 0 rg BT 526.04 534.35 Td (of ) Tj ET Q q 0 0 0 rg BT 537.62 534.35 Td (a ) Tj ET Q q 0 0 0 rg BT 545.11 534.35 Td (pre-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 521.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 84.06 521.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 118.14 521.75 Td (of ) Tj ET Q q 0 0 0 rg BT 129.46 521.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 153.61 521.75 Td (Mason�) Tj ET Q q 0 0 0 rg BT 185.11 521.75 Td (s ) Tj ET Q q 0 0 0 rg BT 191.78 521.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 241.01 521.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 278.58 521.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 316.73 521.75 Td (per ) Tj ET Q q 0 0 0 rg BT 332.71 521.75 Td (share ) Tj ET Q q 0 0 0 rg BT 357.44 521.75 Td (over ) Tj ET Q q 0 0 0 rg BT 378.68 521.75 Td (a ) Tj ET Q q 0 0 0 rg BT 385.92 521.75 Td (three ) Tj ET Q q 0 0 0 rg BT 409.48 521.75 Td (year ) Tj ET Q q 0 0 0 rg BT 430.13 521.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 485.75 521.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 517.78 521.75 Td ( ) Tj ET Q q 0 0 0 rg BT 520.36 521.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 549.18 521.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 509.15 Td (L) Tj ET Q q 0 0 0 rg BT 55.45 509.15 Td (TIP) Tj ET Q q 0 0 0 rg BT 70.04 509.15 Td (, ) Tj ET Q q 0 0 0 rg BT 74.86 509.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 117.29 509.15 Td (of) Tj ET Q q 0 0 0 rg BT 125.85 509.15 Td (ficers ) Tj ET Q q 0 0 0 rg BT 151.36 509.15 Td (were ) Tj ET Q q 0 0 0 rg BT 173.96 509.15 Td (granted ) Tj ET Q q 0 0 0 rg BT 207.65 509.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 228.51 509.15 Td (value ) Tj ET Q q 0 0 0 rg BT 253.45 509.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 308.69 509.15 Td (units ) Tj ET Q q 0 0 0 rg BT 331.32 509.15 Td (in ) Tj ET Q q 0 0 0 rg BT 341.68 509.15 Td (the ) Tj ET Q q 0 0 0 rg BT 356.71 509.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 388.64 509.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 415.91 509.15 Td (September ) Tj ET Q q 0 0 0 rg BT 463.02 509.15 Td (2012 ) Tj ET Q q 0 0 0 rg BT 486.22 509.15 Td (for ) Tj ET Q q 0 0 0 rg BT 500.66 509.15 Td (a ) Tj ET Q q 0 0 0 rg BT 507.52 509.15 Td (total ) Tj ET Q q 0 0 0 rg BT 528.38 509.15 Td (tar) Tj ET Q q 0 0 0 rg BT 539.27 509.15 Td (geted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 496.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.53 496.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.31 496.55 Td ($1,850) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.18 496.55 Td (. ) Tj ET Q q 0 0 0 rg BT 127.84 496.55 Td ( ) Tj ET Q q 0 0 0 rg BT 129.73 496.55 Td (The ) Tj ET Q q 0 0 0 rg BT 148.08 496.55 Td (September ) Tj ET Q q 0 0 0 rg BT 195.02 496.55 Td (2012 ) Tj ET Q q 0 0 0 rg BT 218.05 496.55 Td (grant ) Tj ET Q q 0 0 0 rg BT 241.66 496.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 296.74 496.55 Td (period ) Tj ET Q q 0 0 0 rg BT 325.60 496.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 352.70 496.55 Td (March ) Tj ET Q q 0 0 0 rg BT 382.14 496.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 397.30 496.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 422.96 496.55 Td (and ) Tj ET Q q 0 0 0 rg BT 440.15 496.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 475.42 496.55 Td (in ) Tj ET Q q 0 0 0 rg BT 485.62 496.55 Td (a ) Tj ET Q q 0 0 0 rg BT 492.32 496.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 530.50 496.55 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 483.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.37 483.95 Td ($1,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.25 483.95 Td ( ) Tj ET Q q 0 0 0 rg BT 92.87 483.95 Td (that ) Tj ET Q q 0 0 0 rg BT 111.24 483.95 Td (was ) Tj ET Q q 0 0 0 rg BT 130.20 483.95 Td (settled ) Tj ET Q q 0 0 0 rg BT 160.23 483.95 Td (in ) Tj ET Q q 0 0 0 rg BT 171.02 483.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 192.31 483.95 Td (on ) Tj ET Q q 0 0 0 rg BT 205.43 483.95 Td (May ) Tj ET Q q 0 0 0 rg BT 227.30 483.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 243.05 483.95 Td (2015.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 458.75 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 89.19 458.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 149.39 458.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 183.92 458.75 Td (in ) Tj ET Q q 0 0 0 rg BT 193.96 458.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 222.08 458.75 Td (of ) Tj ET Q q 0 0 0 rg BT 232.71 458.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 256.17 458.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 286.63 458.75 Td (common ) Tj ET Q q 0 0 0 rg BT 325.26 458.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 349.30 458.75 Td (has ) Tj ET Q q 0 0 0 rg BT 365.18 458.75 Td (been ) Tj ET Q q 0 0 0 rg BT 386.88 458.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 420.25 458.75 Td (to ) Tj ET Q q 0 0 0 rg BT 430.29 458.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 460.74 458.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 507.52 458.75 Td (in ) Tj ET Q q 0 0 0 rg BT 517.57 458.75 Td (an ) Tj ET Q q 0 0 0 rg BT 529.36 458.75 Td (elective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 446.15 Td (plan. ) Tj ET Q q 0 0 0 rg BT 72.93 446.15 Td ( ) Tj ET Q q 0 0 0 rg BT 75.00 446.15 Td (The ) Tj ET Q q 0 0 0 rg BT 93.56 446.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 126.12 446.15 Td (in ) Tj ET Q q 0 0 0 rg BT 136.52 446.15 Td (the ) Tj ET Q q 0 0 0 rg BT 151.58 446.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 171.89 446.15 Td (is ) Tj ET Q q 0 0 0 rg BT 181.13 446.15 Td (immediate ) Tj ET Q q 0 0 0 rg BT 227.68 446.15 Td (and ) Tj ET Q q 0 0 0 rg BT 245.07 446.15 Td (the ) Tj ET Q q 0 0 0 rg BT 260.13 446.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 280.44 446.15 Td (provides ) Tj ET Q q 0 0 0 rg BT 318.83 446.15 Td (for ) Tj ET Q q 0 0 0 rg BT 333.31 446.15 Td (discounts ) Tj ET Q q 0 0 0 rg BT 375.21 446.15 Td (of ) Tj ET Q q 0 0 0 rg BT 386.19 446.15 Td (up ) Tj ET Q q 0 0 0 rg BT 398.92 446.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.32 446.15 Td (10%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.56 446.15 Td ( ) Tj ET Q q 0 0 0 rg BT 430.79 446.15 Td (on ) Tj ET Q q 0 0 0 rg BT 443.52 446.15 Td (contributions ) Tj ET Q q 0 0 0 rg BT 501.17 446.15 Td (and ) Tj ET Q q 0 0 0 rg BT 518.56 446.15 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 564.64 446.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 433.55 Td (Since ) Tj ET Q q 0 0 0 rg BT 76.08 433.55 Td (January ) Tj ET Q q 0 0 0 rg BT 111.48 433.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 122.10 433.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 148.47 433.55 Td (there ) Tj ET Q q 0 0 0 rg BT 172.20 433.55 Td (are ) Tj ET Q q 0 0 0 rg BT 187.77 433.55 Td (no ) Tj ET Q q 0 0 0 rg BT 201.01 433.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 245.75 433.55 Td (contributions ) Tj ET Q q 0 0 0 rg BT 303.91 433.55 Td (to ) Tj ET Q q 0 0 0 rg BT 314.82 433.55 Td (the ) Tj ET Q q 0 0 0 rg BT 330.40 433.55 Td (plan, ) Tj ET Q q 0 0 0 rg BT 353.85 433.55 Td (with ) Tj ET Q q 0 0 0 rg BT 375.26 433.55 Td (the ) Tj ET Q q 0 0 0 rg BT 390.84 433.55 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.15 433.55 Td (254) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.90 433.55 Td ( ) Tj ET Q q 0 0 0 rg BT 454.65 433.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 483.64 433.55 Td (reserved ) Tj ET Q q 0 0 0 rg BT 521.95 433.55 Td (for ) Tj ET Q q 0 0 0 rg BT 536.94 433.55 Td (future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 420.95 Td (dividend ) Tj ET Q q 0 0 0 rg BT 89.40 420.95 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 147.19 420.95 Td ( ) Tj ET Q q 0 0 0 rg BT 149.85 420.95 Td (During ) Tj ET Q q 0 0 0 rg BT 182.26 420.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 207.65 420.95 Td (2017, ) Tj ET Q q 0 0 0 rg BT 233.94 420.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 260.22 420.95 Td (and ) Tj ET Q q 0 0 0 rg BT 278.04 420.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 304.32 420.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 328.56 420.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 359.80 420.95 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 388.71 420.95 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.21 420.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.49 420.95 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.99 420.95 Td (, ) Tj ET Q q 0 0 0 rg BT 420.27 420.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.09 420.95 Td (44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.59 420.95 Td ( ) Tj ET Q q 0 0 0 rg BT 451.25 420.95 Td (shares, ) Tj ET Q q 0 0 0 rg BT 482.77 420.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 532.82 420.95 Td (, ) Tj ET Q q 0 0 0 rg BT 538.10 420.95 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 408.35 Td (the ) Tj ET Q q 0 0 0 rg BT 66.01 408.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 87.27 408.35 Td (with ) Tj ET Q q 0 0 0 rg BT 109.12 408.35 Td (a ) Tj ET Q q 0 0 0 rg BT 116.96 408.35 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 194.77 408.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 212.52 408.35 Td (value ) Tj ET Q q 0 0 0 rg BT 238.44 408.35 Td (per ) Tj ET Q q 0 0 0 rg BT 255.03 408.35 Td (share ) Tj ET Q q 0 0 0 rg BT 280.36 408.35 Td (at ) Tj ET Q q 0 0 0 rg BT 291.12 408.35 Td (the ) Tj ET Q q 0 0 0 rg BT 307.13 408.35 Td (grant ) Tj ET Q q 0 0 0 rg BT 331.89 408.35 Td (date ) Tj ET Q q 0 0 0 rg BT 352.56 408.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.48 408.35 Td ($29.60) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.36 408.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.17 408.35 Td ($41.82) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.04 408.35 Td (, ) Tj ET Q q 0 0 0 rg BT 433.85 408.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.19 408.35 Td ($45.83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.06 408.35 Td (, ) Tj ET Q q 0 0 0 rg BT 486.87 408.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 536.92 408.35 Td (. ) Tj ET Q q 0 0 0 rg BT 542.72 408.35 Td ( ) Tj ET Q q 0 0 0 rg BT 545.67 408.35 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 395.75 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 107.97 395.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 136.76 395.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 165.57 395.75 Td (under ) Tj ET Q q 0 0 0 rg BT 192.03 395.75 Td (this ) Tj ET Q q 0 0 0 rg BT 209.76 395.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 230.39 395.75 Td (are ) Tj ET Q q 0 0 0 rg BT 245.76 395.75 Td (held ) Tj ET Q q 0 0 0 rg BT 266.40 395.75 Td (in ) Tj ET Q q 0 0 0 rg BT 277.12 395.75 Td (a ) Tj ET Q q 0 0 0 rg BT 284.33 395.75 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 308.46 395.75 Td (trust. ) Tj ET Q q 0 0 0 rg BT 332.31 395.75 Td ( ) Tj ET Q q 0 0 0 rg BT 334.30 395.75 Td (Assets ) Tj ET Q q 0 0 0 rg BT 364.28 395.75 Td (of ) Tj ET Q q 0 0 0 rg BT 375.58 395.75 Td (the ) Tj ET Q q 0 0 0 rg BT 390.96 395.75 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 415.09 395.75 Td (trust ) Tj ET Q q 0 0 0 rg BT 436.31 395.75 Td (are ) Tj ET Q q 0 0 0 rg BT 451.68 395.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 507.31 395.75 Td (with ) Tj ET Q q 0 0 0 rg BT 528.53 395.75 Td (those ) Tj ET Q q 0 0 0 rg BT 553.25 395.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 383.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.04 383.15 Td (employer) Tj ET Q q 0 0 0 rg BT 104.27 383.15 Td (, ) Tj ET Q q 0 0 0 rg BT 109.10 383.15 Td (and ) Tj ET Q q 0 0 0 rg BT 126.47 383.15 Td (the ) Tj ET Q q 0 0 0 rg BT 141.50 383.15 Td (value ) Tj ET Q q 0 0 0 rg BT 166.45 383.15 Td (of ) Tj ET Q q 0 0 0 rg BT 177.40 383.15 Td (the ) Tj ET Q q 0 0 0 rg BT 192.44 383.15 Td (employer's ) Tj ET Q q 0 0 0 rg BT 240.28 383.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 264.65 383.15 Td (held ) Tj ET Q q 0 0 0 rg BT 284.93 383.15 Td (in ) Tj ET Q q 0 0 0 rg BT 295.31 383.15 Td (the ) Tj ET Q q 0 0 0 rg BT 310.34 383.15 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 334.12 383.15 Td (trust ) Tj ET Q q 0 0 0 rg BT 355.00 383.15 Td (is ) Tj ET Q q 0 0 0 rg BT 364.21 383.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 406.07 383.15 Td (in ) Tj ET Q q 0 0 0 rg BT 416.44 383.15 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 473.62 383.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 502.07 383.15 Td (and ) Tj ET Q q 0 0 0 rg BT 519.44 383.15 Td (accounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 370.55 Td (for ) Tj ET Q q 0 0 0 rg BT 63.92 370.55 Td (in ) Tj ET Q q 0 0 0 rg BT 73.76 370.55 Td (a ) Tj ET Q q 0 0 0 rg BT 80.10 370.55 Td (manner ) Tj ET Q q 0 0 0 rg BT 113.26 370.55 Td (similar ) Tj ET Q q 0 0 0 rg BT 144.10 370.55 Td (to ) Tj ET Q q 0 0 0 rg BT 153.94 370.55 Td (treasury ) Tj ET Q q 0 0 0 rg BT 189.43 370.55 Td (stock. ) Tj ET Q q 0 0 0 rg BT 215.90 370.55 Td ( ) Tj ET Q q 0 0 0 rg BT 217.45 370.55 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 263.14 370.55 Td (the ) Tj ET Q q 0 0 0 rg BT 277.64 370.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 305.56 370.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 328.81 370.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 359.07 370.55 Td (has ) Tj ET Q q 0 0 0 rg BT 374.74 370.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 402.67 370.55 Td (to ) Tj ET Q q 0 0 0 rg BT 412.51 370.55 Td (the ) Tj ET Q q 0 0 0 rg BT 427.01 370.55 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 450.26 370.55 Td (trust ) Tj ET Q q 0 0 0 rg BT 470.60 370.55 Td (and ) Tj ET Q q 0 0 0 rg BT 487.44 370.55 Td (the ) Tj ET Q q 0 0 0 rg BT 501.94 370.55 Td (corresponding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 357.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 85.32 357.95 Td (related ) Tj ET Q q 0 0 0 rg BT 116.53 357.95 Td (to ) Tj ET Q q 0 0 0 rg BT 127.35 357.95 Td (the ) Tj ET Q q 0 0 0 rg BT 142.83 357.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 180.46 357.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 241.43 357.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 262.16 357.95 Td (are ) Tj ET Q q 0 0 0 rg BT 277.63 357.95 Td (presented ) Tj ET Q q 0 0 0 rg BT 320.51 357.95 Td (as ) Tj ET Q q 0 0 0 rg BT 331.91 357.95 Td (components ) Tj ET Q q 0 0 0 rg BT 385.31 357.95 Td (of ) Tj ET Q q 0 0 0 rg BT 396.70 357.95 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 454.32 357.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 483.22 357.95 Td (as ) Tj ET Q q 0 0 0 rg BT 494.62 357.95 Td (Employee ) Tj ET Q q 0 0 0 rg BT 539.84 357.95 Td (stock ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 345.35 Td (trust ) Tj ET Q q 0 0 0 rg BT 71.14 345.35 Td (and ) Tj ET Q q 0 0 0 rg BT 88.78 345.35 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 128.56 345.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 189.35 345.35 Td (employee ) Tj ET Q q 0 0 0 rg BT 232.65 345.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 257.29 345.35 Td (trust, ) Tj ET Q q 0 0 0 rg BT 281.05 345.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 331.10 345.35 Td (. ) Tj ET Q q 0 0 0 rg BT 336.20 345.35 Td ( ) Tj ET Q q 0 0 0 rg BT 338.68 345.35 Td (Shares ) Tj ET Q q 0 0 0 rg BT 369.15 345.35 Td (held ) Tj ET Q q 0 0 0 rg BT 389.70 345.35 Td (by ) Tj ET Q q 0 0 0 rg BT 402.67 345.35 Td (the ) Tj ET Q q 0 0 0 rg BT 417.98 345.35 Td (trust ) Tj ET Q q 0 0 0 rg BT 439.12 345.35 Td (at ) Tj ET Q q 0 0 0 rg BT 449.17 345.35 Td (March ) Tj ET Q q 0 0 0 rg BT 479.05 345.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.65 345.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 520.75 345.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 546.85 345.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 332.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 76.25 332.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 99.28 332.75 Td (540) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.03 332.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 120.28 332.75 Td (583) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.03 332.75 Td (, ) Tj ET Q q 0 0 0 rg BT 141.28 332.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 159.06 332.75 Td (660) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.81 332.75 Td (, ) Tj ET Q q 0 0 0 rg BT 180.06 332.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 230.11 332.75 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 307.55 Td (12) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 307.55 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.25 307.55 Td (EARNINGS ) Tj ET Q q 0 0 0 rg BT 123.30 307.55 Td (PER ) Tj ET Q q 0 0 0 rg BT 146.93 307.55 Td (SHARE) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 183.11 307.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 282.35 Td (Basic ) Tj ET Q q 0 0 0 rg BT 75.09 282.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 112.93 282.35 Td (per ) Tj ET Q q 0 0 0 rg BT 128.60 282.35 Td (share ) Tj ET Q q 0 0 0 rg BT 153.02 282.35 Td (attributable ) Tj ET Q q 0 0 0 rg BT 203.10 282.35 Td (to ) Tj ET Q q 0 0 0 rg BT 213.53 282.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 237.37 282.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 270.84 282.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 289.13 282.35 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 344.46 282.35 Td (\("EPS"\) ) Tj ET Q q 0 0 0 rg BT 380.39 282.35 Td (is ) Tj ET Q q 0 0 0 rg BT 389.65 282.35 Td (calculated ) Tj ET Q q 0 0 0 rg BT 434.47 282.35 Td (by ) Tj ET Q q 0 0 0 rg BT 447.24 282.35 Td (dividing ) Tj ET Q q 0 0 0 rg BT 484.50 282.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 501.93 282.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 535.68 282.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 565.13 282.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 269.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 103.76 269.75 Td (to ) Tj ET Q q 0 0 0 rg BT 115.46 269.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 140.56 269.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 175.29 269.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 194.85 269.75 Td (\(adjusted ) Tj ET Q q 0 0 0 rg BT 236.87 269.75 Td (by ) Tj ET Q q 0 0 0 rg BT 250.89 269.75 Td (removing ) Tj ET Q q 0 0 0 rg BT 294.66 269.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 333.76 269.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 375.18 269.75 Td (to ) Tj ET Q q 0 0 0 rg BT 386.87 269.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 443.46 269.75 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 490.14 269.75 Td (by ) Tj ET Q q 0 0 0 rg BT 504.17 269.75 Td (the ) Tj ET Q q 0 0 0 rg BT 520.52 269.75 Td (weighted-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 257.15 Td (average ) Tj ET Q q 0 0 0 rg BT 84.58 257.15 Td (number ) Tj ET Q q 0 0 0 rg BT 119.09 257.15 Td (of ) Tj ET Q q 0 0 0 rg BT 130.27 257.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 158.95 257.15 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 213.01 257.15 Td (which ) Tj ET Q q 0 0 0 rg BT 241.11 257.15 Td (excludes ) Tj ET Q q 0 0 0 rg BT 280.28 257.15 Td (participating ) Tj ET Q q 0 0 0 rg BT 335.78 257.15 Td (securities. ) Tj ET Q q 0 0 0 rg BT 380.50 257.15 Td ( ) Tj ET Q q 0 0 0 rg BT 382.93 257.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 406.94 257.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 437.96 257.15 Td (issues ) Tj ET Q q 0 0 0 rg BT 465.49 257.15 Td (to ) Tj ET Q q 0 0 0 rg BT 476.09 257.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 523.43 257.15 Td (restricted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 244.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.36 244.55 Td (and ) Tj ET Q q 0 0 0 rg BT 92.22 244.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 133.98 244.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 158.84 244.55 Td (units ) Tj ET Q q 0 0 0 rg BT 181.96 244.55 Td (that ) Tj ET Q q 0 0 0 rg BT 200.40 244.55 Td (are ) Tj ET Q q 0 0 0 rg BT 215.92 244.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 251.26 244.55 Td (to ) Tj ET Q q 0 0 0 rg BT 262.13 244.55 Td (be ) Tj ET Q q 0 0 0 rg BT 274.73 244.55 Td (participating ) Tj ET Q q 0 0 0 rg BT 330.50 244.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 372.85 244.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 395.95 244.55 Td (to ) Tj ET Q q 0 0 0 rg BT 406.82 244.55 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 442.47 244.55 Td (because ) Tj ET Q q 0 0 0 rg BT 478.40 244.55 Td (the ) Tj ET Q q 0 0 0 rg BT 493.92 244.55 Td (related ) Tj ET Q q 0 0 0 rg BT 525.18 244.55 Td (unvested ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 231.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 90.09 231.95 Td (shares/units ) Tj ET Q q 0 0 0 rg BT 141.20 231.95 Td (entitle ) Tj ET Q q 0 0 0 rg BT 168.97 231.95 Td (their ) Tj ET Q q 0 0 0 rg BT 189.74 231.95 Td (holder ) Tj ET Q q 0 0 0 rg BT 218.10 231.95 Td (to ) Tj ET Q q 0 0 0 rg BT 227.79 231.95 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 288.80 231.95 Td (dividend ) Tj ET Q q 0 0 0 rg BT 327.07 231.95 Td (rights. ) Tj ET Q q 0 0 0 rg BT 355.15 231.95 Td (In ) Tj ET Q q 0 0 0 rg BT 365.42 231.95 Td (this ) Tj ET Q q 0 0 0 rg BT 382.12 231.95 Td (circumstance, ) Tj ET Q q 0 0 0 rg BT 441.67 231.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 489.26 231.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 528.69 231.95 Td (requires ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 219.35 Td (a ) Tj ET Q q 0 0 0 rg BT 56.69 219.35 Td (�two-class ) Tj ET Q q 0 0 0 rg BT 103.53 219.35 Td (method� ) Tj ET Q q 0 0 0 rg BT 142.22 219.35 Td (for ) Tj ET Q q 0 0 0 rg BT 156.98 219.35 Td (EPS ) Tj ET Q q 0 0 0 rg BT 177.60 219.35 Td (calculations ) Tj ET Q q 0 0 0 rg BT 230.28 219.35 Td (that ) Tj ET Q q 0 0 0 rg BT 248.55 219.35 Td (excludes ) Tj ET Q q 0 0 0 rg BT 287.81 219.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 325.91 219.35 Td (\(potentially ) Tj ET Q q 0 0 0 rg BT 376.84 219.35 Td (both ) Tj ET Q q 0 0 0 rg BT 398.04 219.35 Td (distributed ) Tj ET Q q 0 0 0 rg BT 445.48 219.35 Td (and ) Tj ET Q q 0 0 0 rg BT 463.17 219.35 Td (undistributed\) ) Tj ET Q q 0 0 0 rg BT 524.60 219.35 Td (allocated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 206.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 206.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 115.98 206.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 158.26 206.75 Td (and ) Tj ET Q q 0 0 0 rg BT 176.05 206.75 Td (does ) Tj ET Q q 0 0 0 rg BT 197.92 206.75 Td (not ) Tj ET Q q 0 0 0 rg BT 213.96 206.75 Td (allocate ) Tj ET Q q 0 0 0 rg BT 249.23 206.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 276.94 206.75 Td (to ) Tj ET Q q 0 0 0 rg BT 287.74 206.75 Td (participating ) Tj ET Q q 0 0 0 rg BT 343.43 206.75 Td (securities.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 181.55 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 84.45 181.55 Td (EPS ) Tj ET Q q 0 0 0 rg BT 106.00 181.55 Td (is ) Tj ET Q q 0 0 0 rg BT 116.45 181.55 Td (similar ) Tj ET Q q 0 0 0 rg BT 149.07 181.55 Td (to ) Tj ET Q q 0 0 0 rg BT 160.69 181.55 Td (basic ) Tj ET Q q 0 0 0 rg BT 185.72 181.55 Td (EPS, ) Tj ET Q q 0 0 0 rg BT 209.89 181.55 Td (but ) Tj ET Q q 0 0 0 rg BT 226.76 181.55 Td (the ) Tj ET Q q 0 0 0 rg BT 243.04 181.55 Td (ef) Tj ET Q q 0 0 0 rg BT 251.01 181.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 270.20 181.55 Td (of ) Tj ET Q q 0 0 0 rg BT 282.40 181.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 322.59 181.55 Td (common ) Tj ET Q q 0 0 0 rg BT 362.79 181.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 392.49 181.55 Td (is ) Tj ET Q q 0 0 0 rg BT 402.94 181.55 Td (included ) Tj ET Q q 0 0 0 rg BT 442.55 181.55 Td (in ) Tj ET Q q 0 0 0 rg BT 454.17 181.55 Td (the ) Tj ET Q q 0 0 0 rg BT 470.45 181.55 Td (calculation ) Tj ET Q q 0 0 0 rg BT 519.97 181.55 Td (unless ) Tj ET Q q 0 0 0 rg BT 549.67 181.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 168.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 89.59 168.95 Td (common ) Tj ET Q q 0 0 0 rg BT 129.69 168.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 159.27 168.95 Td (are ) Tj ET Q q 0 0 0 rg BT 175.44 168.95 Td (antidilutive. ) Tj ET Q q 0 0 0 rg BT 229.24 168.95 Td ( ) Tj ET Q q 0 0 0 rg BT 232.59 168.95 Td (For ) Tj ET Q q 0 0 0 rg BT 250.53 168.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 284.79 168.95 Td (with ) Tj ET Q q 0 0 0 rg BT 306.80 168.95 Td (a ) Tj ET Q q 0 0 0 rg BT 314.81 168.95 Td (net ) Tj ET Q q 0 0 0 rg BT 330.99 168.95 Td (loss, ) Tj ET Q q 0 0 0 rg BT 353.31 168.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 393.40 168.95 Td (common ) Tj ET Q q 0 0 0 rg BT 433.49 168.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 463.08 168.95 Td (other ) Tj ET Q q 0 0 0 rg BT 488.00 168.95 Td (than ) Tj ET Q q 0 0 0 rg BT 509.43 168.95 Td (participating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 156.35 Td (securities, ) Tj ET Q q 0 0 0 rg BT 94.40 156.35 Td (are ) Tj ET Q q 0 0 0 rg BT 109.85 156.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 157.95 156.35 Td (antidilutive ) Tj ET Q q 0 0 0 rg BT 208.41 156.35 Td (and ) Tj ET Q q 0 0 0 rg BT 226.19 156.35 Td (are ) Tj ET Q q 0 0 0 rg BT 241.63 156.35 Td (excluded ) Tj ET Q q 0 0 0 rg BT 282.16 156.35 Td (from ) Tj ET Q q 0 0 0 rg BT 305.19 156.35 Td (the ) Tj ET Q q 0 0 0 rg BT 320.65 156.35 Td (calculation. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 131.15 Td (During ) Tj ET Q q 0 0 0 rg BT 81.81 131.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 107.11 131.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 133.29 131.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 159.48 131.15 Td (and ) Tj ET Q q 0 0 0 rg BT 177.20 131.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 203.39 131.15 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 242.11 131.15 Td (to ) Tj ET Q q 0 0 0 rg BT 252.84 131.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.23 131.15 Td ($1,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.48 131.15 Td ( ) Tj ET Q q 0 0 0 rg BT 318.04 131.15 Td (share ) Tj ET Q q 0 0 0 rg BT 342.75 131.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 390.79 131.15 Td (authorization ) Tj ET Q q 0 0 0 rg BT 448.75 131.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 491.56 131.15 Td (in ) Tj ET Q q 0 0 0 rg BT 502.28 131.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 525.26 131.15 Td (10, ) Tj ET Q q 0 0 0 rg BT 540.94 131.15 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 118.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.07 118.55 Td (purchased ) Tj ET Q q 0 0 0 rg BT 126.62 118.55 Td (and ) Tj ET Q q 0 0 0 rg BT 144.77 118.55 Td (retired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.15 118.55 Td (1) Tj ET Q q 0 0 0 rg BT 180.01 118.55 Td (1,697) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.64 118.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 209.25 118.55 Td (4,537) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.88 118.55 Td (, ) Tj ET Q q 0 0 0 rg BT 238.49 118.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.63 118.55 Td (6,931) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.26 118.55 Td ( ) Tj ET Q q 0 0 0 rg BT 283.25 118.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 312.47 118.55 Td (of ) Tj ET Q q 0 0 0 rg BT 324.21 118.55 Td (its ) Tj ET Q q 0 0 0 rg BT 337.11 118.55 Td (common ) Tj ET Q q 0 0 0 rg BT 376.84 118.55 Td (stock, ) Tj ET Q q 0 0 0 rg BT 404.62 118.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 454.67 118.55 Td (, ) Tj ET Q q 0 0 0 rg BT 460.28 118.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.51 118.55 Td ($381,672) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.88 118.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.49 118.55 Td ($209,632) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.87 118.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 105.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.17 105.95 Td ($356,522) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 108.54 105.95 Td (, ) Tj ET Q q 0 0 0 rg BT 115.68 105.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 165.72 105.95 Td (, ) Tj ET Q q 0 0 0 rg BT 172.86 105.95 Td (through ) Tj ET Q q 0 0 0 rg BT 210.03 105.95 Td (open ) Tj ET Q q 0 0 0 rg BT 234.95 105.95 Td (market ) Tj ET Q q 0 0 0 rg BT 268.61 105.95 Td (purchases. ) Tj ET Q q 0 0 0 rg BT 317.14 105.95 Td ( ) Tj ET Q q 0 0 0 rg BT 321.32 105.95 Td (The ) Tj ET Q q 0 0 0 rg BT 342.16 105.95 Td (total ) Tj ET Q q 0 0 0 rg BT 365.33 105.95 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 419.39 105.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 457.13 105.95 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 536.26 105.95 Td (shares ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 93.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 101.12 93.35 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 114.25 93.35 Td (6,005) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 137.87 93.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.12 93.35 Td (2,564) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.75 93.35 Td (, ) Tj ET Q q 0 0 0 rg BT 172.00 93.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.79 93.35 Td (3,528) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.41 93.35 Td ( ) Tj ET Q q 0 0 0 rg BT 216.04 93.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 244.90 93.35 Td (for ) Tj ET Q q 0 0 0 rg BT 259.77 93.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.22 93.35 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.38 93.35 Td ( ) Tj ET Q q 0 0 0 rg BT 300.00 93.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.70 93.35 Td (March ) Tj ET Q q 0 0 0 rg BT 357.73 93.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 373.48 93.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.48 93.35 Td (, ) Tj ET Q q 0 0 0 rg BT 399.73 93.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 425.98 93.35 Td (and ) Tj ET Q q 0 0 0 rg BT 443.76 93.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 470.01 93.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 520.06 93.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 68.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.90 68.15 Td (par ) Tj ET Q q 0 0 0 rg BT 85.37 68.15 Td (value ) Tj ET Q q 0 0 0 rg BT 111.18 68.15 Td (of ) Tj ET Q q 0 0 0 rg BT 123.00 68.15 Td (the ) Tj ET Q q 0 0 0 rg BT 138.90 68.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 168.21 68.15 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 222.01 68.15 Td (is ) Tj ET Q q 0 0 0 rg BT 232.08 68.15 Td (char) Tj ET Q q 0 0 0 rg BT 249.96 68.15 Td (ged ) Tj ET Q q 0 0 0 rg BT 268.19 68.15 Td (to ) Tj ET Q q 0 0 0 rg BT 279.43 68.15 Td (common ) Tj ET Q q 0 0 0 rg BT 319.25 68.15 Td (stock, ) Tj ET Q q 0 0 0 rg BT 347.11 68.15 Td (with ) Tj ET Q q 0 0 0 rg BT 368.85 68.15 Td (the ) Tj ET Q q 0 0 0 rg BT 384.75 68.15 Td (excess ) Tj ET Q q 0 0 0 rg BT 415.22 68.15 Td (of ) Tj ET Q q 0 0 0 rg BT 427.04 68.15 Td (the ) Tj ET Q q 0 0 0 rg BT 442.94 68.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 483.33 68.15 Td (price ) Tj ET Q q 0 0 0 rg BT 507.38 68.15 Td (over ) Tj ET Q q 0 0 0 rg BT 529.11 68.15 Td (par ) Tj ET Q q 0 0 0 rg BT 545.59 68.15 Td (first ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 55.55 Td (char) Tj ET Q q 0 0 0 rg BT 67.38 55.55 Td (ged ) Tj ET Q q 0 0 0 rg BT 85.16 55.55 Td (against ) Tj ET Q q 0 0 0 rg BT 117.53 55.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 162.15 55.55 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 194.52 55.55 Td (capital, ) Tj ET Q q 0 0 0 rg BT 227.75 55.55 Td (with ) Tj ET Q q 0 0 0 rg BT 249.04 55.55 Td (the ) Tj ET Q q 0 0 0 rg BT 264.50 55.55 Td (remaining ) Tj ET Q q 0 0 0 rg BT 309.69 55.55 Td (balance, ) Tj ET Q q 0 0 0 rg BT 347.00 55.55 Td (if ) Tj ET Q q 0 0 0 rg BT 356.04 55.55 Td (any) Tj ET Q q 0 0 0 rg BT 370.52 55.55 Td (, ) Tj ET Q q 0 0 0 rg BT 375.77 55.55 Td (char) Tj ET Q q 0 0 0 rg BT 393.65 55.55 Td (ged ) Tj ET Q q 0 0 0 rg BT 411.43 55.55 Td (against ) Tj ET Q q 0 0 0 rg BT 443.80 55.55 Td (retained ) Tj ET Q q 0 0 0 rg BT 480.24 55.55 Td (earnings.) Tj ET Q endstream endobj 283 0 obj <>] /Rotate 0 /Contents 284 0 R>> endobj 284 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (139) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 111.91 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 134.94 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.97 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.42 741.75 Td (computations ) Tj ET Q q 0 0 0 rg BT 246.63 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.00 741.75 Td (basic ) Tj ET Q q 0 0 0 rg BT 282.20 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 299.98 741.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 331.77 741.75 Td (EPS:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 701.25 351.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 701.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 701.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 701.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 701.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 701.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 701.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 671.25 351.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 671.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 671.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 671.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 671.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 671.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 671.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 641.25 351.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 641.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 641.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 641.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 641.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 641.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 641.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 611.25 351.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 611.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 611.25 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 611.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 611.25 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 611.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 611.25 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 559.25 351.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 559.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 559.25 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 559.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 559.25 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 559.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 559.25 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 530.25 351.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 530.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 530.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 530.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 530.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 530.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 530.25 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 716.25 m 455 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 716.25 m 459 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 716.25 m 509 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 716.25 m 513 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 716.25 m 563 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 701.25 m 401 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 716.25 m 455 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 701.25 m 455 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 716.25 m 509 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 701.25 m 509 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 716.25 m 563 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 701.25 m 563 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 701.25 m 455 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 701.25 m 509 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 701.25 m 563 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 656.25 m 401 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 641.25 m 401 641.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 656.25 m 455 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 641.25 m 455 641.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 656.25 m 509 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 641.25 m 509 641.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 656.25 m 563 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 641.25 m 563 641.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 585.25 m 455 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 585.25 m 509 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 585.25 m 563 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 585.25 m 401 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 559.25 m 401 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 585.25 m 455 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 559.25 m 455 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 585.25 m 509 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 559.25 m 509 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 585.25 m 563 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 559.25 m 563 559.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.15 721.02 Td (Y) Tj ET Q q 0 0 0 rg BT 440.68 721.02 Td (ears Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 706.02 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.00 706.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 706.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.00 706.02 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 691.02 Td (Basic weighted-average shares outstanding for EPS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 691.04 Td (100,580) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.85 691.02 Td (107,406) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 691.02 Td (112,019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 676.02 Td (Potential common shares:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 661.02 Td (Dilutive employee stock options) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.25 661.04 Td (219) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.50 661.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 661.02 Td (1,227) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 646.02 Td (Diluted weighted-average shares outstanding for EPS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 646.04 Td (100,799) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.85 646.02 Td (107,406) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 646.02 Td (113,246) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 616.02 Td (Net Income \(Loss\) Attributable to�Legg Mason, Inc.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 407.50 616.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 616.04 Td (227,256) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.50 616.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.60 616.02 Td (\(25,032) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 616.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 616.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 616.02 Td (237,080) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 600.52 Td (Less: Earnings \(distributed and undistributed\) allocated to participating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.00 590.02 Td (securities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.35 590.04 Td (7,384) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.35 590.02 Td (2,288) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 590.02 Td (6,340) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 574.52 Td (Net Income \(Loss\) \(Distributed and Undistributed\) Allocated to Shareholders) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 564.02 Td (\(Excluding Participating Securities\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 407.50 564.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 564.04 Td (219,872) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.50 564.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.60 564.02 Td (\(27,320) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 564.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 564.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 564.02 Td (230,740) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 535.02 Td (Net Income \(Loss\) per share Attributable to Legg Mason, Inc. Shareholders) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 520.02 Td (Basic) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 407.50 520.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.60 520.04 Td (2.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.50 520.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.10 520.02 Td (\(0.25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 520.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 520.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.60 520.02 Td (2.06) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 505.02 Td (Diluted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 407.50 505.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.60 505.04 Td (2.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.50 505.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.10 505.02 Td (\(0.25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 505.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 505.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.60 505.02 Td (2.04) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 475.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 475.55 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 145.64 475.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 174.47 475.55 Td (exclude ) Tj ET Q q 0 0 0 rg BT 209.71 475.55 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 286.93 475.55 Td (unvested ) Tj ET Q q 0 0 0 rg BT 326.85 475.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 368.50 475.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 397.34 475.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 432.58 475.55 Td (to ) Tj ET Q q 0 0 0 rg BT 443.34 475.55 Td (be ) Tj ET Q q 0 0 0 rg BT 455.84 475.55 Td (participating ) Tj ET Q q 0 0 0 rg BT 511.50 475.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 553.75 475.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 462.95 Td (3,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.13 462.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.13 462.95 Td (2,831) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 101.75 462.95 Td (, ) Tj ET Q q 0 0 0 rg BT 107.00 462.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 124.79 462.95 Td (3,065) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 148.41 462.95 Td ( ) Tj ET Q q 0 0 0 rg BT 151.04 462.95 Td (for ) Tj ET Q q 0 0 0 rg BT 165.90 462.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.36 462.95 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.51 462.95 Td ( ) Tj ET Q q 0 0 0 rg BT 206.14 462.95 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.83 462.95 Td (March ) Tj ET Q q 0 0 0 rg BT 263.86 462.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 279.61 462.95 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.61 462.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.86 462.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.86 462.95 Td (, ) Tj ET Q q 0 0 0 rg BT 332.11 462.95 Td (and ) Tj ET Q q 0 0 0 rg BT 349.90 462.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 376.15 462.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 426.19 462.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 437.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.76 437.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 100.86 437.75 Td (EPS ) Tj ET Q q 0 0 0 rg BT 121.90 437.75 Td (calculations ) Tj ET Q q 0 0 0 rg BT 174.98 437.75 Td (for ) Tj ET Q q 0 0 0 rg BT 190.16 437.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 205.93 437.75 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.08 437.75 Td ( ) Tj ET Q q 0 0 0 rg BT 231.02 437.75 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.03 437.75 Td (March ) Tj ET Q q 0 0 0 rg BT 289.37 437.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 305.44 437.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.44 437.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.00 437.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.00 437.75 Td (, ) Tj ET Q q 0 0 0 rg BT 358.56 437.75 Td (and ) Tj ET Q q 0 0 0 rg BT 376.66 437.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 403.22 437.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 438.81 437.75 Td (any ) Tj ET Q q 0 0 0 rg BT 456.91 437.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 496.59 437.75 Td (common ) Tj ET Q q 0 0 0 rg BT 536.27 437.75 Td (shares ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 425.15 Td (issuable ) Tj ET Q q 0 0 0 rg BT 85.70 425.15 Td (under ) Tj ET Q q 0 0 0 rg BT 111.98 425.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 127.18 425.15 Td (14,205) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 156.05 425.15 Td ( ) Tj ET Q q 0 0 0 rg BT 158.42 425.15 Td (warrants ) Tj ET Q q 0 0 0 rg BT 196.95 425.15 Td (issued ) Tj ET Q q 0 0 0 rg BT 225.57 425.15 Td (in ) Tj ET Q q 0 0 0 rg BT 236.11 425.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 284.54 425.15 Td (with ) Tj ET Q q 0 0 0 rg BT 305.58 425.15 Td (the ) Tj ET Q q 0 0 0 rg BT 320.78 425.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 368.63 425.15 Td (of ) Tj ET Q q 0 0 0 rg BT 379.74 425.15 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 431.69 425.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 458.56 425.15 Td (in ) Tj ET Q q 0 0 0 rg BT 469.10 425.15 Td (May ) Tj ET Q q 0 0 0 rg BT 490.71 425.15 Td (2012 ) Tj ET Q q 0 0 0 rg BT 514.09 425.15 Td (because ) Tj ET Q q 0 0 0 rg BT 549.69 425.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 412.55 Td (market ) Tj ET Q q 0 0 0 rg BT 80.07 412.55 Td (price ) Tj ET Q q 0 0 0 rg BT 102.48 412.55 Td (of ) Tj ET Q q 0 0 0 rg BT 112.65 412.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 135.64 412.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 165.65 412.55 Td (common ) Tj ET Q q 0 0 0 rg BT 203.81 412.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 227.40 412.55 Td (did ) Tj ET Q q 0 0 0 rg BT 242.23 412.55 Td (not ) Tj ET Q q 0 0 0 rg BT 257.07 412.55 Td (exceed ) Tj ET Q q 0 0 0 rg BT 287.63 412.55 Td (the ) Tj ET Q q 0 0 0 rg BT 301.88 412.55 Td (exercise ) Tj ET Q q 0 0 0 rg BT 337.70 412.55 Td (price, ) Tj ET Q q 0 0 0 rg BT 362.73 412.55 Td (and ) Tj ET Q q 0 0 0 rg BT 379.31 412.55 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 421.24 412.55 Td (the ) Tj ET Q q 0 0 0 rg BT 435.49 412.55 Td (warrants ) Tj ET Q q 0 0 0 rg BT 473.06 412.55 Td (would ) Tj ET Q q 0 0 0 rg BT 500.73 412.55 Td (be ) Tj ET Q q 0 0 0 rg BT 512.07 412.55 Td (antidilutive.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.95 Td (Options ) Tj ET Q q 0 0 0 rg BT 85.53 389.95 Td (to ) Tj ET Q q 0 0 0 rg BT 96.48 389.95 Td (purchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.58 389.95 Td (3,454) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 160.20 389.95 Td ( ) Tj ET Q q 0 0 0 rg BT 162.98 389.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.92 389.95 Td (1,319) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.55 389.95 Td ( ) Tj ET Q q 0 0 0 rg BT 207.33 389.95 Td (for ) Tj ET Q q 0 0 0 rg BT 222.35 389.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.96 389.95 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.12 389.95 Td ( ) Tj ET Q q 0 0 0 rg BT 262.90 389.95 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.75 389.95 Td (March ) Tj ET Q q 0 0 0 rg BT 320.93 389.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 336.84 389.95 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.84 389.95 Td ( ) Tj ET Q q 0 0 0 rg BT 360.62 389.95 Td (and ) Tj ET Q q 0 0 0 rg BT 378.56 389.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 404.96 389.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 455.01 389.95 Td (, ) Tj ET Q q 0 0 0 rg BT 460.42 389.95 Td (were ) Tj ET Q q 0 0 0 rg BT 483.60 389.95 Td (not ) Tj ET Q q 0 0 0 rg BT 499.79 389.95 Td (included ) Tj ET Q q 0 0 0 rg BT 538.73 389.95 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 389.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 377.35 Td (computation ) Tj ET Q q 0 0 0 rg BT 104.44 377.35 Td (of ) Tj ET Q q 0 0 0 rg BT 115.63 377.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 147.25 377.35 Td (EPS ) Tj ET Q q 0 0 0 rg BT 167.79 377.35 Td (because ) Tj ET Q q 0 0 0 rg BT 203.46 377.35 Td (the ) Tj ET Q q 0 0 0 rg BT 218.74 377.35 Td (presumed ) Tj ET Q q 0 0 0 rg BT 262.01 377.35 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 301.77 377.35 Td (from ) Tj ET Q q 0 0 0 rg BT 324.63 377.35 Td (exercising ) Tj ET Q q 0 0 0 rg BT 370.23 377.35 Td (such ) Tj ET Q q 0 0 0 rg BT 391.93 377.35 Td (options, ) Tj ET Q q 0 0 0 rg BT 427.92 377.35 Td (including ) Tj ET Q q 0 0 0 rg BT 470.03 377.35 Td (the ) Tj ET Q q 0 0 0 rg BT 485.31 377.35 Td (related ) Tj ET Q q 0 0 0 rg BT 516.32 377.35 Td (income ) Tj ET Q q 0 0 0 rg BT 549.68 377.35 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 364.75 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 87.98 364.75 Td (exceed ) Tj ET Q q 0 0 0 rg BT 119.74 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 135.19 364.75 Td (average ) Tj ET Q q 0 0 0 rg BT 170.44 364.75 Td (price ) Tj ET Q q 0 0 0 rg BT 194.05 364.75 Td (of ) Tj ET Q q 0 0 0 rg BT 205.41 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.85 364.75 Td (common ) Tj ET Q q 0 0 0 rg BT 260.22 364.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 289.08 364.75 Td (for ) Tj ET Q q 0 0 0 rg BT 303.94 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.38 364.75 Td (period ) Tj ET Q q 0 0 0 rg BT 348.82 364.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 369.23 364.75 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 412.36 364.75 Td (the ) Tj ET Q q 0 0 0 rg BT 427.80 364.75 Td (options ) Tj ET Q q 0 0 0 rg BT 461.34 364.75 Td (are ) Tj ET Q q 0 0 0 rg BT 476.78 364.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 512.04 364.75 Td (antidilutive. ) Tj ET Q q 0 0 0 rg BT 565.12 364.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 352.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.18 352.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 99.70 352.15 Td (EPS ) Tj ET Q q 0 0 0 rg BT 120.15 352.15 Td (calculation ) Tj ET Q q 0 0 0 rg BT 168.57 352.15 Td (for ) Tj ET Q q 0 0 0 rg BT 183.17 352.15 Td (the ) Tj ET Q q 0 0 0 rg BT 198.35 352.15 Td (year ) Tj ET Q q 0 0 0 rg BT 218.77 352.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 246.20 352.15 Td (March ) Tj ET Q q 0 0 0 rg BT 275.96 352.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.44 352.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 317.42 352.15 Td (excludes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 356.52 352.15 Td (814) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.27 352.15 Td ( ) Tj ET Q q 0 0 0 rg BT 374.62 352.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 413.72 352.15 Td (common ) Tj ET Q q 0 0 0 rg BT 452.82 352.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 481.42 352.15 Td (that ) Tj ET Q q 0 0 0 rg BT 499.52 352.15 Td (are ) Tj ET Q q 0 0 0 rg BT 514.69 352.15 Td (antidilutive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 339.55 Td (due ) Tj ET Q q 0 0 0 rg BT 67.29 339.55 Td (to ) Tj ET Q q 0 0 0 rg BT 78.08 339.55 Td (the ) Tj ET Q q 0 0 0 rg BT 93.53 339.55 Td (net ) Tj ET Q q 0 0 0 rg BT 108.98 339.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 127.95 339.55 Td (in ) Tj ET Q q 0 0 0 rg BT 138.74 339.55 Td (the ) Tj ET Q q 0 0 0 rg BT 154.20 339.55 Td (year) Tj ET Q q 0 0 0 rg BT 171.68 339.55 Td (. ) Tj ET Q q 0 0 0 rg BT 176.93 339.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 314.35 Td (Further) Tj ET Q q 0 0 0 rg BT 79.99 314.35 Td (, ) Tj ET Q q 0 0 0 rg BT 87.36 314.35 Td (market- ) Tj ET Q q 0 0 0 rg BT 124.76 314.35 Td (and ) Tj ET Q q 0 0 0 rg BT 144.67 314.35 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 229.87 314.35 Td (awards ) Tj ET Q q 0 0 0 rg BT 264.35 314.35 Td (are ) Tj ET Q q 0 0 0 rg BT 281.92 314.35 Td (excluded ) Tj ET Q q 0 0 0 rg BT 324.56 314.35 Td (from ) Tj ET Q q 0 0 0 rg BT 349.72 314.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 391.21 314.35 Td (dilution ) Tj ET Q q 0 0 0 rg BT 428.63 314.35 Td (until ) Tj ET Q q 0 0 0 rg BT 452.63 314.35 Td (the ) Tj ET Q q 0 0 0 rg BT 470.20 314.35 Td (designated ) Tj ET Q q 0 0 0 rg BT 519.85 314.35 Td (market ) Tj ET Q q 0 0 0 rg BT 553.75 314.35 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 301.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.48 301.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 150.07 301.75 Td (is ) Tj ET Q q 0 0 0 rg BT 161.00 301.75 Td (met. ) Tj ET Q q 0 0 0 rg BT 183.30 301.75 Td ( ) Tj ET Q q 0 0 0 rg BT 187.22 301.75 Td (Unvested ) Tj ET Q q 0 0 0 rg BT 230.81 301.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 273.80 301.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 303.97 301.75 Td (for ) Tj ET Q q 0 0 0 rg BT 320.14 301.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.89 301.75 Td (years ) Tj ET Q q 0 0 0 rg BT 362.98 301.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 391.97 301.75 Td (March ) Tj ET Q q 0 0 0 rg BT 423.31 301.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 440.36 301.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 467.91 301.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 495.46 301.75 Td (and ) Tj ET Q q 0 0 0 rg BT 514.55 301.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 542.10 301.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 289.15 Td (antidilutive ) Tj ET Q q 0 0 0 rg BT 99.95 289.15 Td (and, ) Tj ET Q q 0 0 0 rg BT 120.36 289.15 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 163.50 289.15 Td (do ) Tj ET Q q 0 0 0 rg BT 176.63 289.15 Td (not ) Tj ET Q q 0 0 0 rg BT 192.67 289.15 Td (further ) Tj ET Q q 0 0 0 rg BT 223.86 289.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 255.06 289.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 286.85 289.15 Td (EPS.) Tj ET Q endstream endobj 285 0 obj <>] /Rotate 0 /Contents 286 0 R>> endobj 286 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (140) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (13) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 64.67 741.90 Td (ACCUMULA) Tj ET Q q 0 0 0 rg BT 126.30 741.90 Td (TED OTHER COMPREHENSIVE LOSS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 314.47 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 108.15 716.70 Td (other ) Tj ET Q q 0 0 0 rg BT 132.41 716.70 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 198.64 716.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 217.66 716.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 255.33 716.70 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 304.66 716.70 Td (foreign ) Tj ET Q q 0 0 0 rg BT 337.65 716.70 Td (currency ) Tj ET Q q 0 0 0 rg BT 377.05 716.70 Td (translation ) Tj ET Q q 0 0 0 rg BT 424.06 716.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 476.90 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 494.73 716.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 519.57 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 537.41 716.70 Td (losses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.01 704.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 95.50 704.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 126.66 704.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 161.33 704.10 Td (plans. ) Tj ET Q q 0 0 0 rg BT 188.13 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.99 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 208.32 704.10 Td (change ) Tj ET Q q 0 0 0 rg BT 240.06 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.24 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.07 704.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 320.14 704.10 Td (translation ) Tj ET Q q 0 0 0 rg BT 366.47 704.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 418.64 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 432.89 704.10 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.64 704.10 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.64 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.64 704.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.81 704.10 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.81 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 523.44 704.10 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 85.47 691.50 Td (from ) Tj ET Q q 0 0 0 rg BT 108.61 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 124.17 691.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 155.47 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 166.94 691.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 203.49 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 214.39 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 229.94 691.50 Td (British ) Tj ET Q q 0 0 0 rg BT 261.26 691.50 Td (pound, ) Tj ET Q q 0 0 0 rg BT 292.87 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 308.42 691.50 Td (Brazilian ) Tj ET Q q 0 0 0 rg BT 349.64 691.50 Td (real, ) Tj ET Q q 0 0 0 rg BT 370.73 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 385.68 691.50 Td (Australian ) Tj ET Q q 0 0 0 rg BT 432.15 691.50 Td (dollar) Tj ET Q q 0 0 0 rg BT 456.22 691.50 Td (, ) Tj ET Q q 0 0 0 rg BT 461.58 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 477.13 691.50 Td (Polish ) Tj ET Q q 0 0 0 rg BT 506.12 691.50 Td (zloty) Tj ET Q q 0 0 0 rg BT 526.44 691.50 Td (, ) Tj ET Q q 0 0 0 rg BT 531.79 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 691.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (Singaporean ) Tj ET Q q 0 0 0 rg BT 104.05 678.90 Td (dollar) Tj ET Q q 0 0 0 rg BT 128.12 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 132.82 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 143.05 678.90 Td (relation ) Tj ET Q q 0 0 0 rg BT 177.19 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 187.42 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 202.31 678.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 223.05 678.90 Td (dollar ) Tj ET Q q 0 0 0 rg BT 249.61 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 262.18 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 277.07 678.90 Td (net ) Tj ET Q q 0 0 0 rg BT 291.97 678.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 318.53 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 329.35 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 352.99 678.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 389.61 678.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 441.26 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 451.49 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 466.39 678.90 Td (U.K., ) Tj ET Q q 0 0 0 rg BT 491.50 678.90 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 521.39 678.90 Td (Australia, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (Poland, ) Tj ET Q q 0 0 0 rg BT 83.68 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 101.22 666.30 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 148.81 666.30 Td (for ) Tj ET Q q 0 0 0 rg BT 163.43 666.30 Td (which ) Tj ET Q q 0 0 0 rg BT 191.48 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 206.69 666.30 Td (pound, ) Tj ET Q q 0 0 0 rg BT 237.95 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 253.16 666.30 Td (real, ) Tj ET Q q 0 0 0 rg BT 273.91 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 288.59 666.30 Td (Australian ) Tj ET Q q 0 0 0 rg BT 334.72 666.30 Td (dollar) Tj ET Q q 0 0 0 rg BT 358.79 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 363.80 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 379.01 666.30 Td (Polish ) Tj ET Q q 0 0 0 rg BT 407.66 666.30 Td (zloty) Tj ET Q q 0 0 0 rg BT 427.97 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 432.98 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 450.53 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 465.74 666.30 Td (Singaporean ) Tj ET Q q 0 0 0 rg BT 520.61 666.30 Td (dollar) Tj ET Q q 0 0 0 rg BT 544.68 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 549.69 666.30 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 653.70 Td (functional ) Tj ET Q q 0 0 0 rg BT 110.15 653.70 Td (currencies, ) Tj ET Q q 0 0 0 rg BT 158.54 653.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 208.58 653.70 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.13 629.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 100.83 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.20 629.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 136.40 629.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 173.59 629.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 229.27 629.10 Td (other ) Tj ET Q q 0 0 0 rg BT 253.47 629.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 319.66 629.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 338.62 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 349.99 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.37 629.10 Td (March�31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.14 629.10 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.14 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.77 629.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.56 629.10 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.56 629.10 Td (, ) Tj ET Q q 0 0 0 rg BT 474.81 629.10 Td (is ) Tj ET Q q 0 0 0 rg BT 484.43 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 495.81 629.10 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 603.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 603.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 603.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 573.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 573.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 573.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 603.6 m 444 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 603.6 m 503 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 603.6 m 562 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 603.6 m 444 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 603.6 m 503 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 603.6 m 562 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 573.6 m 444 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 573.6 m 503 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 573.6 m 562 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 558.6 m 444 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 558.6 m 503 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 558.6 m 562 558.6 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 464.50 608.39 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 608.37 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 593.37 Td (Foreign currency translation adjustment) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 450.50 593.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.60 593.39 Td (\(90,103) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 499.00 593.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.50 593.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 593.37 Td (\(59,672) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 593.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 578.37 Td (Net actuarial losses on defined benefit pension plan) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.60 578.39 Td (\(16,681) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 499.00 578.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 578.37 Td (\(6,821) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 578.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 563.37 Td (Total Accumulated other comprehensive loss) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 450.50 563.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 461.35 563.39 Td (\(106,784) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 499.00 563.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.50 563.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 563.37 Td (\(66,493) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 563.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 533.90 Td (There ) Tj ET Q q 0 0 0 rg BT 76.13 533.90 Td (were ) Tj ET Q q 0 0 0 rg BT 98.67 533.90 Td (no ) Tj ET Q q 0 0 0 rg BT 111.32 533.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 157.79 533.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 195.51 533.90 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 245.47 533.90 Td (from ) Tj ET Q q 0 0 0 rg BT 267.55 533.90 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 325.67 533.90 Td (other ) Tj ET Q q 0 0 0 rg BT 349.39 533.90 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 415.10 533.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 433.58 533.90 Td (to ) Tj ET Q q 0 0 0 rg BT 443.89 533.90 Td (the ) Tj ET Q q 0 0 0 rg BT 458.87 533.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 516.42 533.90 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 521.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.54 521.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 96.31 521.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 126.44 521.30 Td (for ) Tj ET Q q 0 0 0 rg BT 141.97 521.30 Td (the ) Tj ET Q q 0 0 0 rg BT 158.09 521.30 Td (years ) Tj ET Q q 0 0 0 rg BT 183.54 521.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 211.90 521.30 Td (March ) Tj ET Q q 0 0 0 rg BT 242.60 521.30 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.01 521.30 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.01 521.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.93 521.30 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.93 521.30 Td (, ) Tj ET Q q 0 0 0 rg BT 312.84 521.30 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 324.88 521.30 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.88 521.30 Td (, ) Tj ET Q q 0 0 0 rg BT 351.80 521.30 Td (except ) Tj ET Q q 0 0 0 rg BT 382.49 521.30 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.02 521.30 Td ($2,493) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.90 521.30 Td ( ) Tj ET Q q 0 0 0 rg BT 430.19 521.30 Td (of ) Tj ET Q q 0 0 0 rg BT 442.23 521.30 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 492.17 521.30 Td (foreign ) Tj ET Q q 0 0 0 rg BT 525.79 521.30 Td (currency ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 508.70 Td (translation ) Tj ET Q q 0 0 0 rg BT 95.43 508.70 Td (related ) Tj ET Q q 0 0 0 rg BT 125.59 508.70 Td (to ) Tj ET Q q 0 0 0 rg BT 135.36 508.70 Td (the ) Tj ET Q q 0 0 0 rg BT 149.79 508.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 167.72 508.70 Td (of ) Tj ET Q q 0 0 0 rg BT 178.07 508.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 201.24 508.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 231.43 508.70 Td (Poland ) Tj ET Q q 0 0 0 rg BT 262.20 508.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.96 508.70 Td ($2,718) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.84 508.70 Td (, ) Tj ET Q q 0 0 0 rg BT 312.06 508.70 Td (net ) Tj ET Q q 0 0 0 rg BT 326.49 508.70 Td (of ) Tj ET Q q 0 0 0 rg BT 336.84 508.70 Td (income ) Tj ET Q q 0 0 0 rg BT 369.35 508.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 383.78 508.70 Td (benefit ) Tj ET Q q 0 0 0 rg BT 414.54 508.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.89 508.70 Td ($1,708) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.76 508.70 Td (, ) Tj ET Q q 0 0 0 rg BT 457.99 508.70 Td (realized ) Tj ET Q q 0 0 0 rg BT 492.81 508.70 Td (on ) Tj ET Q q 0 0 0 rg BT 504.92 508.70 Td (the ) Tj ET Q q 0 0 0 rg BT 519.35 508.70 Td (settlement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.15 496.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 118.05 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.28 496.10 Td (an ) Tj ET Q q 0 0 0 rg BT 141.68 496.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 175.08 496.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 193.31 496.10 Td (swap, ) Tj ET Q q 0 0 0 rg BT 220.00 496.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.66 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.98 496.10 Td (year ) Tj ET Q q 0 0 0 rg BT 266.54 496.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 294.10 496.10 Td (March ) Tj ET Q q 0 0 0 rg BT 323.99 496.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 339.61 496.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 365.72 496.10 Td (as ) Tj ET Q q 0 0 0 rg BT 376.96 496.10 Td (further ) Tj ET Q q 0 0 0 rg BT 408.02 496.10 Td (described ) Tj ET Q q 0 0 0 rg BT 450.74 496.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.40 496.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 484.30 496.10 Td (6, ) Tj ET Q q 0 0 0 rg BT 494.67 496.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.32 496.10 Td ($405) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.32 496.10 Td (, ) Tj ET Q q 0 0 0 rg BT 538.43 496.10 Td (net ) Tj ET Q q 0 0 0 rg BT 553.75 496.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 483.50 Td (income ) Tj ET Q q 0 0 0 rg BT 83.05 483.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.53 483.50 Td (provision ) Tj ET Q q 0 0 0 rg BT 140.84 483.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 152.24 483.50 Td ($233) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 173.24 483.50 Td (, ) Tj ET Q q 0 0 0 rg BT 178.51 483.50 Td (realized ) Tj ET Q q 0 0 0 rg BT 214.38 483.50 Td (on ) Tj ET Q q 0 0 0 rg BT 227.53 483.50 Td (the ) Tj ET Q q 0 0 0 rg BT 243.00 483.50 Td (termination ) Tj ET Q q 0 0 0 rg BT 294.05 483.50 Td (of ) Tj ET Q q 0 0 0 rg BT 305.45 483.50 Td (a ) Tj ET Q q 0 0 0 rg BT 312.76 483.50 Td (reverse ) Tj ET Q q 0 0 0 rg BT 345.71 483.50 Td (treasury ) Tj ET Q q 0 0 0 rg BT 382.18 483.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 400.56 483.50 Td (lock ) Tj ET Q q 0 0 0 rg BT 421.29 483.50 Td (contract, ) Tj ET Q q 0 0 0 rg BT 460.37 483.50 Td (in ) Tj ET Q q 0 0 0 rg BT 471.19 483.50 Td (the ) Tj ET Q q 0 0 0 rg BT 486.66 483.50 Td (year ) Tj ET Q q 0 0 0 rg BT 507.38 483.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.09 483.50 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 470.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.64 470.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 92.28 470.90 Td (also ) Tj ET Q q 0 0 0 rg BT 112.21 470.90 Td (further ) Tj ET Q q 0 0 0 rg BT 143.79 470.90 Td (described ) Tj ET Q q 0 0 0 rg BT 187.04 470.90 Td (in ) Tj ET Q q 0 0 0 rg BT 198.22 470.90 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.65 470.90 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 226.90 470.90 Td (, ) Tj ET Q q 0 0 0 rg BT 232.54 470.90 Td (all ) Tj ET Q q 0 0 0 rg BT 246.05 470.90 Td (of ) Tj ET Q q 0 0 0 rg BT 257.81 470.90 Td (which ) Tj ET Q q 0 0 0 rg BT 286.48 470.90 Td (were ) Tj ET Q q 0 0 0 rg BT 309.90 470.90 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 360.72 470.90 Td (to ) Tj ET Q q 0 0 0 rg BT 371.91 470.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 398.83 470.90 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 460.74 470.90 Td (income ) Tj ET Q q 0 0 0 rg BT 494.66 470.90 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 538.49 470.90 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 470.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 458.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 107.54 458.30 Td (Statements ) Tj ET Q q 0 0 0 rg BT 156.24 458.30 Td (of ) Tj ET Q q 0 0 0 rg BT 167.61 458.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 201.72 458.30 Td (\(Loss\).) Tj ET Q endstream endobj 287 0 obj <>] /Rotate 0 /Contents 288 0 R>> endobj 288 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (141) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (14) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.75 741.90 Td (NONCONTROLLING ) Tj ET Q q 0 0 0 rg BT 171.64 741.90 Td (INTERESTS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 230.59 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.79 716.70 Td (income ) Tj ET Q q 0 0 0 rg BT 101.32 716.70 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 127.28 716.70 Td (attributable ) Tj ET Q q 0 0 0 rg BT 177.72 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 188.51 716.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 252.96 716.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 290.58 716.70 Td (for ) Tj ET Q q 0 0 0 rg BT 305.45 716.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.90 716.70 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.06 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 345.68 716.70 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.38 716.70 Td (March ) Tj ET Q q 0 0 0 rg BT 403.41 716.70 Td (31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.91 716.70 Td (, ) Tj ET Q q 0 0 0 rg BT 419.16 716.70 Td (included ) Tj ET Q q 0 0 0 rg BT 457.94 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 473.39 716.70 Td (following ) Tj ET Q q 0 0 0 rg BT 516.85 716.70 Td (amounts:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 676.20 341.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 676.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 676.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 676.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 676.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 676.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 676.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 646.20 341.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 646.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 646.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 646.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 646.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 646.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 646.20 53.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 691.2 m 448.5 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 691.2 m 452.5 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 691.2 m 505.5 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 691.2 m 509.5 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 691.2 m 562.5 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 676.2 m 391.5 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 691.2 m 448.5 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 676.2 m 448.5 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 676.2 m 505.5 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 691.2 m 562.5 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 676.2 m 562.5 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 676.2 m 448.5 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 676.2 m 505.5 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 676.2 m 562.5 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 646.2 m 391.5 646.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 646.2 m 448.5 646.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 646.2 m 505.5 646.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 646.2 m 562.5 646.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 631.2 m 391.5 631.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 631.2 m 448.5 631.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 631.2 m 505.5 631.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 631.2 m 562.5 631.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.15 695.97 Td (Years Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 680.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 411.00 680.99 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.00 680.97 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.00 680.97 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 665.97 Td (Net income \(loss\) attributable to redeemable noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.00 665.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.60 665.99 Td (52,050) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 665.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.35 665.97 Td (\(8,680) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.50 665.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 665.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 665.97 Td (5,629) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 650.97 Td (Net income attributable to nonredeemable noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.85 650.99 Td (7,397) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.75 650.97 Td (802) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 650.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 635.97 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.00 635.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.60 635.99 Td (59,447) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.00 635.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.35 635.97 Td (\(7,878) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.50 635.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.00 635.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 635.97 Td (5,629) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 606.50 Td (T) Tj ET Q q 0 0 0 rg BT 55.68 606.50 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.09 606.50 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 123.14 606.50 Td (and ) Tj ET Q q 0 0 0 rg BT 139.96 606.50 Td (nonredeemable ) Tj ET Q q 0 0 0 rg BT 205.76 606.50 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 269.25 606.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 305.90 606.50 Td (for ) Tj ET Q q 0 0 0 rg BT 319.81 606.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.30 606.50 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 356.45 606.50 Td ( ) Tj ET Q q 0 0 0 rg BT 358.12 606.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 384.85 606.50 Td (March ) Tj ET Q q 0 0 0 rg BT 413.92 606.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 428.70 606.50 Td (included ) Tj ET Q q 0 0 0 rg BT 466.52 606.50 Td (the ) Tj ET Q q 0 0 0 rg BT 481.01 606.50 Td (following ) Tj ET Q q 0 0 0 rg BT 523.51 606.50 Td (amounts:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 516.00 167.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 516.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 516.00 63.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 516.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 516.00 71.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 516.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 516.00 62.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 516.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 516.00 56.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 516.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 516.00 73.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 475.00 167.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 475.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 475.00 63.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 475.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 475.00 71.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 475.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 475.00 62.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 475.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 475.00 56.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 475.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 475.00 73.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 434.00 167.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 434.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 434.00 63.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 434.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 434.00 71.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 434.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 434.00 62.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 434.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 434.00 56.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 434.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 434.00 73.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 393.00 167.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 393.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 393.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 393.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 393.00 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 393.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 393.00 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 393.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 393.00 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 393.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 393.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 363.00 167.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 363.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 363.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 363.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 363.00 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 363.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 363.00 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 363.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 363.00 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 363.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 363.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 322.00 167.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 322.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 322.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 322.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 322.00 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 322.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 322.00 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 322.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 322.00 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 322.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 322.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 281.00 167.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 281.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 281.00 63.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 281.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 281.00 71.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 281.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 281.00 62.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 281.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 281.00 56.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 281.00 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 281.00 73.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 240.00 167.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 240.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 240.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 240.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 240.00 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 240.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 240.00 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 240.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 240.00 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 240.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 240.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 210.00 167.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 210.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 210.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 210.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 210.00 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 210.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 210.00 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 210.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 210.00 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 210.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 210.00 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 169.00 167.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 169.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 169.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 169.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 169.00 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 169.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 169.00 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 169.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 169.00 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 169.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 169.00 73.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 581 m 283.5 581 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 581 m 287.5 581 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 581 m 358.5 581 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 581 m 362.5 581 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 581 m 424.5 581 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 581 m 428.5 581 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 581 m 484.5 581 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 566 m 358.5 566 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 566 m 362.5 566 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 566 m 424.5 566 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 531 m 216.5 531 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 531 m 283.5 531 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 531 m 358.5 531 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 531 m 424.5 531 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 531 m 484.5 531 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 531 m 561.5 531 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 531 m 216.5 531 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 531 m 283.5 531 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 531 m 358.5 531 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 531 m 424.5 531 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 531 m 484.5 531 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 449 m 216.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 449 m 283.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 449 m 358.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 449 m 424.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 449 m 484.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 449 m 561.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 449 m 216.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 449 m 283.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 449 m 358.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 449 m 424.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 449 m 484.5 449 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 322 m 216.5 322 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 322 m 283.5 322 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 322 m 358.5 322 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 322 m 424.5 322 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 322 m 484.5 322 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 322 m 561.5 322 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 322 m 283.5 322 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 322 m 358.5 322 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 322 m 424.5 322 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 322 m 484.5 322 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 169 m 358.5 169 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 169 m 216.5 169 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 154 m 216.5 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 169 m 283.5 169 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 154 m 283.5 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 169 m 358.5 169 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 154 m 358.5 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 169 m 424.5 169 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 154 m 424.5 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 169 m 484.5 169 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 154 m 484.5 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 169 m 561.5 169 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 154 m 561.5 154 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.00 585.77 Td (Redeemable noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.75 567.27 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.45 556.77 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.30 546.27 Td (vehicles) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 264.70 551.03 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.66 546.27 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.80 535.77 Td (and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.80 570.77 Td (Affiliate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.40 546.27 Td (Noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.70 535.77 Td (Interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.55 546.27 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.45 535.77 Td (equity plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.25 535.77 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.25 556.22 Td (Nonredeemable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.55 545.72 Td (noncontrolling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.00 535.22 Td (interests) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 537.99 539.98 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 520.77 Td (Value as of March 31, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.00 520.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.60 520.77 Td (41,972) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 290.00 520.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 520.77 Td (1,356) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.00 520.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.85 520.77 Td (1,816) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.00 520.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 520.77 Td (45,144) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.00 520.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 520.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 505.27 Td (Net income attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 494.77 Td (noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.85 494.77 Td (5,061) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 494.77 Td (568) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 494.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 494.77 Td (5,629) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 494.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 479.77 Td (Net subscriptions \(redemptions\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.10 479.77 Td (\(10,484) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.50 479.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 479.77 Td (25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 479.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 479.77 Td (\(10,459) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 479.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 479.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 464.27 Td (Vesting/change in estimated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 453.77 Td (redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 453.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 453.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.85 453.77 Td (5,206) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 453.77 Td (5,206) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 453.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 438.77 Td (Balance as of March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.60 438.77 Td (36,549) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 438.77 Td (1,949) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.85 438.77 Td (7,022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 438.77 Td (45,520) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 438.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 423.27 Td (Net income \(loss\) attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 412.77 Td (noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.10 412.77 Td (\(11,052) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.50 412.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 412.77 Td (2,372) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 412.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 412.77 Td (\(8,680) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 412.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.75 412.77 Td (802) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 397.77 Td (Net subscriptions \(redemptions\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.60 397.77 Td (68,639) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.35 397.77 Td (\(1,981) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 397.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 397.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 397.77 Td (66,658) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 397.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 382.77 Td (Grants \(settlements\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 382.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 382.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.25 382.77 Td (\(345) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.50 382.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.25 382.77 Td (\(345) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 382.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 382.77 Td (21,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 367.77 Td (Business acquisition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 367.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.60 367.77 Td (62,722) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 367.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 367.77 Td (62,722) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 367.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 352.77 Td (Foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 352.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 352.77 Td (3,860) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 352.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 352.77 Td (3,860) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 352.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 337.27 Td (Vesting/change in estimated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 326.77 Td (redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 326.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 326.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.85 326.77 Td (6,050) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 326.77 Td (6,050) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 326.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 311.77 Td (Balance as of March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.60 311.77 Td (94,136) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.60 311.77 Td (68,922) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.60 311.77 Td (12,727) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 311.77 Td (175,785) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 311.77 Td (22,202) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 296.27 Td (Net income attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 285.77 Td (noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.60 285.77 Td (11,452) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.60 285.77 Td (40,598) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 285.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.60 285.77 Td (52,050) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 285.77 Td (7,397) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 270.27 Td (Net subscriptions \(redemptions\) and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 259.77 Td (other) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 82.57 264.53 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.10 259.77 Td (\(47,118) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.50 259.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.85 259.77 Td (2,531) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 259.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 259.77 Td (\(44,587) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 259.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 259.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 244.77 Td (Distributions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 244.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.10 244.77 Td (\(29,461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 244.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 244.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 244.77 Td (\(29,461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 244.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 244.77 Td (\(6,401) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 244.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 229.77 Td (Grants \(settlements\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 229.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 229.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.85 229.77 Td (5,986) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 229.77 Td (5,986) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 229.77 Td (4,600) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 214.77 Td (Business acquisitions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 214.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.35 214.77 Td (508,817) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 214.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 214.77 Td (508,817) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 214.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 199.77 Td (Foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 199.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.25 199.77 Td (\(153) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 199.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 199.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.25 199.77 Td (\(153) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.50 199.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 199.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 184.27 Td (Vesting/change in estimated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 173.77 Td (redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.00 173.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 173.77 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.85 173.77 Td (9,335) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 173.77 Td (9,335) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 173.77 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 158.79 Td (Balance as of March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 223.00 158.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.60 158.79 Td (58,470) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.00 158.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 320.35 158.79 Td (591,254) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.00 158.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 391.60 158.79 Td (28,048) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 431.00 158.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.35 158.79 Td (677,772) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.00 158.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 158.79 Td (27,798) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 144.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 62.04 144.30 Td ( ) Tj ET Q q 0 0 0 rg BT 64.16 144.30 Td (Principally ) Tj ET Q q 0 0 0 rg BT 103.59 144.30 Td (related ) Tj ET Q q 0 0 0 rg BT 128.84 144.30 Td (to ) Tj ET Q q 0 0 0 rg BT 137.42 144.30 Td (VIE ) Tj ET Q q 0 0 0 rg BT 153.71 144.30 Td (and ) Tj ET Q q 0 0 0 rg BT 168.10 144.30 Td (seeded ) Tj ET Q q 0 0 0 rg BT 193.36 144.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 232.78 144.30 Td (products.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 62.04 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 64.16 134.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 92.25 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.98 134.10 Td (Royce ) Tj ET Q q 0 0 0 rg BT 124.83 134.10 Td (management ) Tj ET Q q 0 0 0 rg BT 170.38 134.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 193.75 134.10 Td (plan. ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 123.90 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 63.50 123.90 Td (Includes ) Tj ET Q q 0 0 0 rg BT 94.42 123.90 Td (the ) Tj ET Q q 0 0 0 rg BT 106.93 123.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 132.19 123.90 Td (related ) Tj ET Q q 0 0 0 rg BT 157.44 123.90 Td (to ) Tj ET Q q 0 0 0 rg BT 166.17 123.90 Td (the ) Tj ET Q q 0 0 0 rg BT 178.68 123.90 Td (adoption ) Tj ET Q q 0 0 0 rg BT 210.55 123.90 Td (of ) Tj ET Q q 0 0 0 rg BT 219.76 123.90 Td (updated ) Tj ET Q q 0 0 0 rg BT 248.79 123.90 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 296.72 123.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 336.14 123.90 Td (guidance ) Tj ET Q q 0 0 0 rg BT 368.94 123.90 Td (further ) Tj ET Q q 0 0 0 rg BT 394.19 123.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 428.90 123.90 Td (in ) Tj ET Q q 0 0 0 rg BT 437.64 123.90 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 456.29 123.90 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 460.54 123.90 Td (.) Tj ET Q endstream endobj 289 0 obj <>] /Rotate 0 /Contents 290 0 R>> endobj 290 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Redeemable ) Tj ET Q q 0 0 0 rg BT 101.29 741.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 162.05 741.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 197.25 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 209.12 741.75 Td (af) Tj ET Q q 0 0 0 rg BT 216.71 741.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 241.90 741.75 Td (\(exclusive ) Tj ET Q q 0 0 0 rg BT 284.87 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 295.08 741.75 Td (management ) Tj ET Q q 0 0 0 rg BT 348.04 741.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 374.91 741.75 Td (plans\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.22 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 415.43 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.23 741.75 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.38 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 454.35 741.75 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.39 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 510.76 741.75 Td (31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.26 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 525.85 741.75 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 729.15 Td (following ) Tj ET Q q 0 0 0 rg BT 108.91 729.15 Td (amounts:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 677.65 186.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 677.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 677.65 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 677.65 4.00 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0 d 0 J 0 j 3 M 304 475.65 m 364 475.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 490.65 m 434 490.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 475.65 m 434 475.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 490.65 m 498 490.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 475.65 m 498 475.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 490.65 m 561 490.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 475.65 m 561 475.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.00 708.42 Td (Redeemable noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.90 692.32 Td (EnTrust-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.30 682.32 Td (Permal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 317.75 692.92 Td (Clarion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.25 682.42 Td (Partners) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.45 692.92 Td (RARE) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.90 682.42 Td (Infrastructure) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.50 682.42 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.25 682.42 Td (Total) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 667.42 Td (Balance as of March 31, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.50 667.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 667.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.50 667.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 667.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.50 667.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.50 667.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 667.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 667.42 Td (1,949) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 667.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.35 667.42 Td (1,949) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 651.92 Td (Net income attributable to noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 641.42 Td (interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 641.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 641.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.35 641.42 Td (1,859) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.25 641.42 Td (513) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.35 641.42 Td (2,372) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 626.42 Td (Distributions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 626.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 626.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.85 626.42 Td (\(1,286) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 626.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 626.42 Td (\(695) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 626.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.85 626.42 Td (\(1,981) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 626.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 611.42 Td (Business acquisition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 611.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 611.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.10 611.42 Td (62,722) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 611.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.10 611.42 Td (62,722) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 596.42 Td (Foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 596.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 596.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.35 596.42 Td (3,860) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 596.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.35 596.42 Td (3,860) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 581.42 Td (Balance as of March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 581.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 581.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.10 581.42 Td (67,155) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 581.42 Td (1,767) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.10 581.42 Td (68,922) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 565.92 Td (Net income attributable to noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 555.42 Td (interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.10 555.42 Td (22,146) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.10 555.42 Td (12,171) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.35 555.42 Td (5,742) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.25 555.42 Td (539) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.10 555.42 Td (40,598) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 540.42 Td (Subscriptions \(redemptions\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 540.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 540.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.50 540.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 540.42 Td (2,531) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.35 540.42 Td (2,531) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 525.42 Td (Distributions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.60 525.42 Td (\(20,494) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 296.00 525.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.85 525.42 Td (\(4,298) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.00 525.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.85 525.42 Td (\(3,997) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 525.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 525.42 Td (\(672) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 525.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.60 525.42 Td (\(29,461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 525.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 510.42 Td (Business acquisitions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.85 510.42 Td (403,200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.85 510.42 Td (105,300) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.50 510.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.25 510.42 Td (317) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.85 510.42 Td (508,817) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 495.42 Td (Foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 495.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 495.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.75 495.42 Td (\(153) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 495.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 495.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.75 495.42 Td (\(153) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 495.42 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 480.44 Td (Balance as of March 31, 2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 242.50 480.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.85 480.44 Td (404,852) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 306.50 480.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 325.85 480.44 Td (113,173) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 370.50 480.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 480.44 Td (68,747) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 480.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 470.35 480.44 Td (4,482) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 504.50 480.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 522.85 480.44 Td (591,254) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 449.55 Td (15) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 449.55 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.75 449.55 Td (DERIV) Tj ET Q q 0 0 0 rg BT 98.24 449.55 Td (A) Tj ET Q q 0 0 0 rg BT 105.04 449.55 Td (TIVES ) Tj ET Q q 0 0 0 rg BT 138.60 449.55 Td (AND ) Tj ET Q q 0 0 0 rg BT 163.98 449.55 Td (HEDGING) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 214.73 449.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 424.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.75 424.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.52 424.35 Td (uses ) Tj ET Q q 0 0 0 rg BT 124.78 424.35 Td (currency ) Tj ET Q q 0 0 0 rg BT 163.68 424.35 Td (forwards ) Tj ET Q q 0 0 0 rg BT 203.18 424.35 Td (to ) Tj ET Q q 0 0 0 rg BT 213.53 424.35 Td (economically ) Tj ET Q q 0 0 0 rg BT 272.27 424.35 Td (hedge ) Tj ET Q q 0 0 0 rg BT 299.52 424.35 Td (the ) Tj ET Q q 0 0 0 rg BT 314.53 424.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 332.46 424.35 Td (of ) Tj ET Q q 0 0 0 rg BT 343.38 424.35 Td (movements ) Tj ET Q q 0 0 0 rg BT 393.97 424.35 Td (in ) Tj ET Q q 0 0 0 rg BT 404.32 424.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 446.14 424.35 Td (rates, ) Tj ET Q q 0 0 0 rg BT 470.77 424.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 512.02 424.35 Td (between ) Tj ET Q q 0 0 0 rg BT 549.18 424.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 411.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.65 411.75 Td (dollar) Tj ET Q q 0 0 0 rg BT 94.72 411.75 Td (, ) Tj ET Q q 0 0 0 rg BT 98.89 411.75 Td (Australian ) Tj ET Q q 0 0 0 rg BT 144.60 411.75 Td (dollar) Tj ET Q q 0 0 0 rg BT 168.67 411.75 Td (, ) Tj ET Q q 0 0 0 rg BT 173.28 411.75 Td (British ) Tj ET Q q 0 0 0 rg BT 203.84 411.75 Td (pound, ) Tj ET Q q 0 0 0 rg BT 234.69 411.75 Td (euro, ) Tj ET Q q 0 0 0 rg BT 257.95 411.75 Td (Singapore ) Tj ET Q q 0 0 0 rg BT 302.50 411.75 Td (dollar) Tj ET Q q 0 0 0 rg BT 326.58 411.75 Td (, ) Tj ET Q q 0 0 0 rg BT 331.18 411.75 Td (and ) Tj ET Q q 0 0 0 rg BT 348.31 411.75 Td (Brazilian ) Tj ET Q q 0 0 0 rg BT 388.78 411.75 Td (real. ) Tj ET Q q 0 0 0 rg BT 409.11 411.75 Td ( ) Tj ET Q q 0 0 0 rg BT 410.65 411.75 Td (All ) Tj ET Q q 0 0 0 rg BT 426.05 411.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 470.00 411.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 522.14 411.75 Td (for ) Tj ET Q q 0 0 0 rg BT 536.35 411.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 399.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.66 399.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.32 399.15 Td (has ) Tj ET Q q 0 0 0 rg BT 120.40 399.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 151.05 399.15 Td (legally ) Tj ET Q q 0 0 0 rg BT 181.71 399.15 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 232.75 399.15 Td (rights ) Tj ET Q q 0 0 0 rg BT 258.76 399.15 Td (of ) Tj ET Q q 0 0 0 rg BT 269.58 399.15 Td (setof) Tj ET Q q 0 0 0 rg BT 289.81 399.15 Td (f ) Tj ET Q q 0 0 0 rg BT 295.39 399.15 Td (are ) Tj ET Q q 0 0 0 rg BT 310.29 399.15 Td (governed ) Tj ET Q q 0 0 0 rg BT 351.44 399.15 Td (by ) Tj ET Q q 0 0 0 rg BT 364.02 399.15 Td (International ) Tj ET Q q 0 0 0 rg BT 419.75 399.15 Td (Swaps ) Tj ET Q q 0 0 0 rg BT 449.25 399.15 Td (and ) Tj ET Q q 0 0 0 rg BT 466.50 399.15 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 512.43 399.15 Td (Association ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 386.55 Td (\("ISDA"\) ) Tj ET Q q 0 0 0 rg BT 92.74 386.55 Td (Master ) Tj ET Q q 0 0 0 rg BT 123.98 386.55 Td (Agreements. ) Tj ET Q q 0 0 0 rg BT 180.01 386.55 Td ( ) Tj ET Q q 0 0 0 rg BT 182.68 386.55 Td (For ) Tj ET Q q 0 0 0 rg BT 199.94 386.55 Td (these ) Tj ET Q q 0 0 0 rg BT 224.18 386.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 268.84 386.55 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 324.29 386.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 348.53 386.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 379.79 386.55 Td (has ) Tj ET Q q 0 0 0 rg BT 396.46 386.55 Td (one ) Tj ET Q q 0 0 0 rg BT 414.29 386.55 Td (ISDA) Tj ET Q q 0 0 0 rg BT 438.21 386.55 Td ( ) Tj ET Q q 0 0 0 rg BT 440.88 386.55 Td (Master ) Tj ET Q q 0 0 0 rg BT 472.12 386.55 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 521.44 386.55 Td (with ) Tj ET Q q 0 0 0 rg BT 542.78 386.55 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 373.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.90 373.95 Td (the ) Tj ET Q q 0 0 0 rg BT 75.89 373.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 122.37 373.95 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 186.63 373.95 Td (which ) Tj ET Q q 0 0 0 rg BT 214.45 373.95 Td (covers ) Tj ET Q q 0 0 0 rg BT 244.01 373.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 296.32 373.95 Td (with ) Tj ET Q q 0 0 0 rg BT 317.14 373.95 Td (that ) Tj ET Q q 0 0 0 rg BT 335.05 373.95 Td (counterparty) Tj ET Q q 0 0 0 rg BT 387.42 373.95 Td (. ) Tj ET Q q 0 0 0 rg BT 392.21 373.95 Td ( ) Tj ET Q q 0 0 0 rg BT 394.36 373.95 Td (Each ) Tj ET Q q 0 0 0 rg BT 417.51 373.95 Td (of ) Tj ET Q q 0 0 0 rg BT 428.41 373.95 Td (the ) Tj ET Q q 0 0 0 rg BT 443.40 373.95 Td (respective ) Tj ET Q q 0 0 0 rg BT 488.11 373.95 Td (ISDA) Tj ET Q q 0 0 0 rg BT 512.04 373.95 Td ( ) Tj ET Q q 0 0 0 rg BT 514.19 373.95 Td (agreements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 361.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 87.50 361.35 Td (for ) Tj ET Q q 0 0 0 rg BT 101.08 361.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 145.58 361.35 Td (netting ) Tj ET Q q 0 0 0 rg BT 176.08 361.35 Td (and ) Tj ET Q q 0 0 0 rg BT 192.58 361.35 Td (close-out ) Tj ET Q q 0 0 0 rg BT 232.40 361.35 Td (netting ) Tj ET Q q 0 0 0 rg BT 262.90 361.35 Td (between ) Tj ET Q q 0 0 0 rg BT 299.23 361.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 322.14 361.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 352.06 361.35 Td (and ) Tj ET Q q 0 0 0 rg BT 368.56 361.35 Td (that ) Tj ET Q q 0 0 0 rg BT 385.64 361.35 Td (counterparty) Tj ET Q q 0 0 0 rg BT 438.02 361.35 Td (, ) Tj ET Q q 0 0 0 rg BT 441.99 361.35 Td (which ) Tj ET Q q 0 0 0 rg BT 468.98 361.35 Td (are ) Tj ET Q q 0 0 0 rg BT 483.14 361.35 Td (legally ) Tj ET Q q 0 0 0 rg BT 513.05 361.35 Td (enforceable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 348.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 76.23 348.75 Td (to ) Tj ET Q q 0 0 0 rg BT 86.71 348.75 Td (setof) Tj ET Q q 0 0 0 rg BT 106.93 348.75 Td (f. ) Tj ET Q q 0 0 0 rg BT 115.37 348.75 Td ( ) Tj ET Q q 0 0 0 rg BT 117.68 348.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 143.90 348.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 170.71 348.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 209.75 348.75 Td (in ) Tj ET Q q 0 0 0 rg BT 220.23 348.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.37 348.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 293.09 348.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 329.22 348.75 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 358.95 348.75 Td (as ) Tj ET Q q 0 0 0 rg BT 370.01 348.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.07 348.75 Td (March ) Tj ET Q q 0 0 0 rg BT 410.78 348.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.22 348.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.22 348.75 Td ( ) Tj ET Q q 0 0 0 rg BT 449.53 348.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.01 348.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.01 348.75 Td (, ) Tj ET Q q 0 0 0 rg BT 492.94 348.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.66 348.75 Td ($2,718) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.53 348.75 Td ( ) Tj ET Q q 0 0 0 rg BT 546.84 348.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 336.15 Td ($8,650) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.88 336.15 Td (, ) Tj ET Q q 0 0 0 rg BT 84.40 336.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 134.45 336.15 Td (. ) Tj ET Q q 0 0 0 rg BT 139.98 336.15 Td ( ) Tj ET Q q 0 0 0 rg BT 142.88 336.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 169.70 336.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 211.68 336.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 251.31 336.15 Td (in ) Tj ET Q q 0 0 0 rg BT 262.38 336.15 Td (the ) Tj ET Q q 0 0 0 rg BT 278.11 336.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 336.43 336.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 373.15 336.15 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 403.47 336.15 Td (as ) Tj ET Q q 0 0 0 rg BT 415.12 336.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.77 336.15 Td (March ) Tj ET Q q 0 0 0 rg BT 457.08 336.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 473.11 336.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.11 336.15 Td ( ) Tj ET Q q 0 0 0 rg BT 497.01 336.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.08 336.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.08 336.15 Td (, ) Tj ET Q q 0 0 0 rg BT 541.61 336.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 323.55 Td ($4,522) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.88 323.55 Td ( ) Tj ET Q q 0 0 0 rg BT 81.50 323.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 99.29 323.55 Td ($18,079) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.41 323.55 Td (, ) Tj ET Q q 0 0 0 rg BT 138.66 323.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 188.71 323.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 298.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.81 298.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.64 298.35 Td (also ) Tj ET Q q 0 0 0 rg BT 126.79 298.35 Td (uses ) Tj ET Q q 0 0 0 rg BT 148.11 298.35 Td (market ) Tj ET Q q 0 0 0 rg BT 180.50 298.35 Td (hedges ) Tj ET Q q 0 0 0 rg BT 212.90 298.35 Td (on ) Tj ET Q q 0 0 0 rg BT 226.64 298.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 258.44 298.35 Td (seed ) Tj ET Q q 0 0 0 rg BT 280.34 298.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.56 298.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 364.96 298.35 Td (by ) Tj ET Q q 0 0 0 rg BT 378.70 298.35 Td (entering ) Tj ET Q q 0 0 0 rg BT 416.34 298.35 Td (into ) Tj ET Q q 0 0 0 rg BT 435.92 298.35 Td (futures ) Tj ET Q q 0 0 0 rg BT 468.31 298.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 509.45 298.35 Td (to ) Tj ET Q q 0 0 0 rg BT 520.86 298.35 Td (sell ) Tj ET Q q 0 0 0 rg BT 538.68 298.35 Td (index ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.96 285.75 Td (that ) Tj ET Q q 0 0 0 rg BT 94.33 285.75 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 143.60 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 159.05 285.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 192.00 285.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 213.28 285.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 243.89 285.75 Td (investments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 260.55 Td (As ) Tj ET Q q 0 0 0 rg BT 64.25 260.55 Td (further ) Tj ET Q q 0 0 0 rg BT 95.40 260.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 138.23 260.55 Td (in ) Tj ET Q q 0 0 0 rg BT 148.98 260.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 171.98 260.55 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 177.23 260.55 Td (, ) Tj ET Q q 0 0 0 rg BT 182.43 260.55 Td (in ) Tj ET Q q 0 0 0 rg BT 192.61 260.55 Td (April ) Tj ET Q q 0 0 0 rg BT 217.36 260.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 243.57 260.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 267.73 260.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 298.89 260.55 Td (executed ) Tj ET Q q 0 0 0 rg BT 338.78 260.55 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.03 260.55 Td (4.67) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.40 260.55 Td (-year) Tj ET Q q 0 0 0 rg BT 385.55 260.55 Td (, ) Tj ET Q q 0 0 0 rg BT 390.75 260.55 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 438.82 260.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 472.31 260.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 490.63 260.55 Td (swap, ) Tj ET Q q 0 0 0 rg BT 517.42 260.55 Td (which ) Tj ET Q q 0 0 0 rg BT 545.66 260.55 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 247.95 Td (terminated ) Tj ET Q q 0 0 0 rg BT 97.52 247.95 Td (in ) Tj ET Q q 0 0 0 rg BT 107.74 247.95 Td (August ) Tj ET Q q 0 0 0 rg BT 140.70 247.95 Td (2016. ) Tj ET Q q 0 0 0 rg BT 166.95 247.95 Td ( ) Tj ET Q q 0 0 0 rg BT 168.99 247.95 Td (Also, ) Tj ET Q q 0 0 0 rg BT 194.08 247.95 Td (in ) Tj ET Q q 0 0 0 rg BT 204.29 247.95 Td (April ) Tj ET Q q 0 0 0 rg BT 229.08 247.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 255.33 247.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 279.53 247.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 310.74 247.95 Td (terminated ) Tj ET Q q 0 0 0 rg BT 358.27 247.95 Td (another ) Tj ET Q q 0 0 0 rg BT 392.38 247.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 439.33 247.95 Td (existing ) Tj ET Q q 0 0 0 rg BT 475.20 247.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 508.74 247.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 527.10 247.95 Td (swap. ) Tj ET Q q 0 0 0 rg BT 553.93 247.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 222.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.49 222.75 Td (ith ) Tj ET Q q 0 0 0 rg BT 72.27 222.75 Td (the ) Tj ET Q q 0 0 0 rg BT 86.80 222.75 Td (exception ) Tj ET Q q 0 0 0 rg BT 129.31 222.75 Td (of ) Tj ET Q q 0 0 0 rg BT 139.76 222.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.28 222.75 Td (two ) Tj ET Q q 0 0 0 rg BT 171.73 222.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 204.33 222.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 221.77 222.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 245.04 222.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 284.64 222.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 326.59 222.75 Td (in ) Tj ET Q q 0 0 0 rg BT 336.45 222.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.56 222.75 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.81 222.75 Td (, ) Tj ET Q q 0 0 0 rg BT 368.13 222.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 391.40 222.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 421.68 222.75 Td (has ) Tj ET Q q 0 0 0 rg BT 437.38 222.75 Td (not ) Tj ET Q q 0 0 0 rg BT 452.49 222.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 499.09 222.75 Td (any ) Tj ET Q q 0 0 0 rg BT 515.95 222.75 Td (derivatives ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 210.15 Td (as ) Tj ET Q q 0 0 0 rg BT 61.59 210.15 Td (hedging ) Tj ET Q q 0 0 0 rg BT 98.26 210.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 150.10 210.15 Td (for ) Tj ET Q q 0 0 0 rg BT 165.19 210.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 214.10 210.15 Td (purposes ) Tj ET Q q 0 0 0 rg BT 254.27 210.15 Td (during ) Tj ET Q q 0 0 0 rg BT 284.53 210.15 Td (the ) Tj ET Q q 0 0 0 rg BT 300.20 210.15 Td (years ) Tj ET Q q 0 0 0 rg BT 325.20 210.15 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.11 210.15 Td (March ) Tj ET Q q 0 0 0 rg BT 383.36 210.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 399.33 210.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.33 210.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.79 210.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.79 210.15 Td (, ) Tj ET Q q 0 0 0 rg BT 452.26 210.15 Td (or ) Tj ET Q q 0 0 0 rg BT 463.85 210.15 Td (2015. ) Tj ET Q q 0 0 0 rg BT 490.32 210.15 Td ( ) Tj ET Q q 0 0 0 rg BT 492.53 210.15 Td (As ) Tj ET Q q 0 0 0 rg BT 507.05 210.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.64 210.15 Td (March ) Tj ET Q q 0 0 0 rg BT 548.88 210.15 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 197.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 197.55 Td (, ) Tj ET Q q 0 0 0 rg BT 75.45 197.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 98.84 197.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 129.25 197.55 Td (had ) Tj ET Q q 0 0 0 rg BT 146.23 197.55 Td (open ) Tj ET Q q 0 0 0 rg BT 168.46 197.55 Td (currency ) Tj ET Q q 0 0 0 rg BT 207.01 197.55 Td (forward ) Tj ET Q q 0 0 0 rg BT 242.06 197.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 281.78 197.55 Td (with ) Tj ET Q q 0 0 0 rg BT 302.27 197.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 344.90 197.55 Td (notional ) Tj ET Q q 0 0 0 rg BT 381.13 197.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 418.54 197.55 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.44 197.55 Td ($163,366) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.81 197.55 Td ( ) Tj ET Q q 0 0 0 rg BT 493.64 197.55 Td (and ) Tj ET Q q 0 0 0 rg BT 510.62 197.55 Td (open ) Tj ET Q q 0 0 0 rg BT 532.85 197.55 Td (futures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 184.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 92.51 184.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 129.19 184.95 Td (to ) Tj ET Q q 0 0 0 rg BT 141.96 184.95 Td (seed ) Tj ET Q q 0 0 0 rg BT 165.23 184.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 197.82 184.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 252.59 184.95 Td (with ) Tj ET Q q 0 0 0 rg BT 275.87 184.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 321.29 184.95 Td (notional ) Tj ET Q q 0 0 0 rg BT 360.31 184.95 Td (values ) Tj ET Q q 0 0 0 rg BT 391.74 184.95 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.43 184.95 Td ($134,190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.80 184.95 Td (. ) Tj ET Q q 0 0 0 rg BT 475.04 184.95 Td ( ) Tj ET Q q 0 0 0 rg BT 479.31 184.95 Td (These ) Tj ET Q q 0 0 0 rg BT 508.99 184.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 549.18 184.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 172.35 Td (representative ) Tj ET Q q 0 0 0 rg BT 111.49 172.35 Td (of ) Tj ET Q q 0 0 0 rg BT 122.85 172.35 Td (the ) Tj ET Q q 0 0 0 rg BT 138.28 172.35 Td (level ) Tj ET Q q 0 0 0 rg BT 161.29 172.35 Td (of ) Tj ET Q q 0 0 0 rg BT 172.65 172.35 Td (non-hedge ) Tj ET Q q 0 0 0 rg BT 219.57 172.35 Td (designation ) Tj ET Q q 0 0 0 rg BT 270.59 172.35 Td (derivative ) Tj ET Q q 0 0 0 rg BT 315.18 172.35 Td (activity ) Tj ET Q q 0 0 0 rg BT 349.28 172.35 Td (throughout ) Tj ET Q q 0 0 0 rg BT 397.96 172.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 423.31 172.35 Td (2017. ) Tj ET Q q 0 0 0 rg BT 449.54 172.35 Td ( ) Tj ET Q q 0 0 0 rg BT 451.57 172.35 Td (As ) Tj ET Q q 0 0 0 rg BT 465.85 172.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.20 172.35 Td (March ) Tj ET Q q 0 0 0 rg BT 507.21 172.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 522.95 172.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.95 172.35 Td (, ) Tj ET Q q 0 0 0 rg BT 549.18 172.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 159.75 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 126.61 159.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 171.17 159.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 206.97 159.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 232.28 159.75 Td (for ) Tj ET Q q 0 0 0 rg BT 246.51 159.75 Td (both ) Tj ET Q q 0 0 0 rg BT 267.17 159.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 305.88 159.75 Td (forward ) Tj ET Q q 0 0 0 rg BT 341.10 159.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 380.99 159.75 Td (and ) Tj ET Q q 0 0 0 rg BT 398.14 159.75 Td (futures ) Tj ET Q q 0 0 0 rg BT 429.28 159.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 469.17 159.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 503.22 159.75 Td (to ) Tj ET Q q 0 0 0 rg BT 513.38 159.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 534.02 159.75 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 147.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 102.79 147.15 Td (were ) Tj ET Q q 0 0 0 rg BT 125.81 147.15 Td (three ) Tj ET Q q 0 0 0 rg BT 149.43 147.15 Td (months.) Tj ET Q endstream endobj 291 0 obj <>] /Rotate 0 /Contents 292 0 R>> endobj 292 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (143) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 172.47 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.92 741.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 232.53 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 259.65 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 277.44 741.75 Td (related ) Tj ET Q q 0 0 0 rg BT 308.63 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 317.18 741.75 Td (fsets, ) Tj ET Q q 0 0 0 rg BT 341.68 741.75 Td (if ) Tj ET Q q 0 0 0 rg BT 350.72 741.75 Td (any) Tj ET Q q 0 0 0 rg BT 365.20 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 370.45 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 381.82 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.19 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 423.22 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 438.97 741.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.97 741.75 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 628.25 129.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 628.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 628.25 56.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 628.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 628.25 60.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 628.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 628.25 63.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 628.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 628.25 63.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 628.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 628.25 50.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 628.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 628.25 67.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 624.25 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 624.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 624.25 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 624.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 624.25 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 624.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 624.25 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg 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0 i [] 0 d 0 J 0 j 3 M 182.5 547.25 m 238.5 547.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 500.25 m 238.5 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 547.25 m 302.5 547.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 500.25 m 302.5 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 547.25 m 369.5 547.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 500.25 m 369.5 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 547.25 m 436.5 547.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 500.25 m 436.5 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 547.25 m 490.5 547.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 500.25 m 490.5 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 547.25 m 561.5 547.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 500.25 m 561.5 500.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 389.25 721.04 Td (Gross amounts not) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.15 710.54 Td (offset in the Balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.25 700.04 Td (Sheet) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 196.95 664.54 Td (Gross) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.05 654.04 Td (amounts of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.85 643.54 Td (recognized) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 197.15 633.04 Td (assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 257.65 675.04 Td ( Gross) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 252.70 664.54 Td (amounts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 245.75 654.04 Td (offset in the) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 254.20 643.54 Td (Balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 259.75 633.04 Td (Sheet) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 311.10 685.54 Td (Net amount) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 309.35 675.04 Td (of derivative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.65 664.54 Td (assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 310.00 654.04 Td (presented in) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 311.35 643.54 Td (the Balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 325.25 633.04 Td (Sheet) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.45 643.54 Td (Financial) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 377.65 633.04 Td (instruments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.60 643.54 Td (Cash) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.00 633.04 Td (collateral) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 501.10 664.54 Td (Net amount) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 517.10 654.04 Td (as of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 504.55 643.54 Td (March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 517.00 633.04 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 614.02 Td (Derivative instruments not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 598.52 Td (Currency forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 588.02 Td (contracts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.00 588.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 210.85 588.04 Td (3,470) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 245.00 588.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 279.25 588.04 Td (\(928) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 298.50 588.04 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 309.00 588.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 341.85 588.04 Td (2,542) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.00 588.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 588.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 588.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.00 588.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 497.00 588.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 588.04 Td (2,542) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 573.02 Td (Futures contracts relating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 562.52 Td (to seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 552.02 Td (investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 224.00 552.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.00 552.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.00 552.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.75 552.04 Td (176) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.85 552.04 Td (2,878) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 552.04 Td (3,054) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 536.52 Td (Total derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 526.02 Td (instruments not) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 515.52 Td (designated as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 505.02 Td (hedging instruments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.00 505.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 210.85 505.04 Td (3,470) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 245.00 505.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 279.25 505.04 Td (\(928) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 298.50 505.04 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 309.00 505.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 341.85 505.04 Td (2,542) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.00 505.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.75 505.04 Td (176) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 505.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.85 505.04 Td (2,878) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 497.00 505.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 505.04 Td (5,596) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 475.55 Td (The following table presents the derivative liabilities and related of) Tj ET Q q 0 0 0 rg BT 331.77 475.55 Td (fsets, if any) Tj ET Q q 0 0 0 rg BT 379.78 475.55 Td (, as of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.78 475.55 Td (March 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.56 475.55 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg 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436.50 573.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 573.25 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 573.25 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 573.25 67.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 511.25 132.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 511.25 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 511.25 56.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 511.25 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 511.25 60.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 511.25 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 511.25 63.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 511.25 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 511.25 60.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 511.25 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 511.25 50.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 511.25 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 511.25 67.00 -57.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 705.25 m 436.5 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 705.25 m 440.5 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 705.25 m 490.5 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 637.25 m 181.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 637.25 m 241.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 637.25 m 305.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 637.25 m 372.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 637.25 m 436.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 637.25 m 490.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 637.25 m 561.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 511.25 m 181.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 454.25 m 181.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 511.25 m 241.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 454.25 m 241.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 511.25 m 305.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 454.25 m 305.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 511.25 m 372.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 454.25 m 372.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 511.25 m 436.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 454.25 m 436.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 511.25 m 490.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 454.25 m 490.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 511.25 m 561.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 454.25 m 561.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 428.25 m 181.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 454.25 m 241.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 428.25 m 241.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 454.25 m 305.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 428.25 m 305.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 454.25 m 372.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 428.25 m 372.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 454.25 m 436.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 428.25 m 436.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 454.25 m 490.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 428.25 m 490.5 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 454.25 m 561.5 454.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 428.25 m 561.5 428.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.45 720.52 Td (Gross amounts not offset) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.95 710.02 Td (in the Balance Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 200.70 673.52 Td (Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.50 663.02 Td (amounts of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.95 652.52 Td (recognized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 200.75 642.02 Td (assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.70 684.02 Td (Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 257.20 673.52 Td (amounts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.00 663.02 Td (offset in the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 258.05 652.52 Td (Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.30 642.02 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.85 694.52 Td (Net amount) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 313.80 684.02 Td (of derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 673.52 Td (assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 314.95 663.02 Td (presented in) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.85 652.52 Td (the Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.80 642.02 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.45 652.52 Td (Financial) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.50 642.02 Td (instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.45 652.52 Td (Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.45 642.02 Td (collateral) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.15 673.52 Td (Net amount as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.10 663.02 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.90 652.52 Td (March 31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 642.02 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 623.02 Td (Derivative instruments designated as hedging instruments \(See Note 6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 608.02 Td (Interest rate swap) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 188.00 608.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.00 608.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.00 608.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.00 608.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.00 608.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.00 608.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 608.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.85 608.02 Td (7,599) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 608.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 608.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.00 608.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 608.02 Td (7,599) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 578.02 Td (Derivative instruments not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 562.52 Td (Currency forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 552.02 Td (contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.85 552.02 Td (1,933) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.25 552.02 Td (\(963) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.50 552.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.75 552.02 Td (970) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.00 552.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 552.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.75 552.02 Td (970) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 537.02 Td (Futures contracts relating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 526.52 Td (to seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 516.02 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.00 516.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.00 516.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.00 516.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.00 516.02 Td (81) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 516.02 Td (1,840) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 516.02 Td (1,921) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 490.52 Td (Total derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 480.02 Td (instruments not) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 469.52 Td (designated as hedging) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 459.02 Td (instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.85 459.02 Td (1,933) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.25 459.02 Td (\(963) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.50 459.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.75 459.02 Td (970) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.00 459.02 Td (81) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 459.02 Td (1,840) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 459.02 Td (2,891) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 433.02 Td (Total derivative instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 188.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.85 433.02 Td (1,933) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.25 433.02 Td (\(963) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.50 433.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.75 433.02 Td (970) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.85 433.02 Td (7,680) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 433.02 Td (1,840) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.00 433.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 433.02 Td (10,490) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 403.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 403.55 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 403.55 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 403.55 Td (presents ) Tj ET Q q 0 0 0 rg BT 172.47 403.55 Td (the ) Tj ET Q q 0 0 0 rg BT 187.92 403.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 232.53 403.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 274.24 403.55 Td (and ) Tj ET Q q 0 0 0 rg BT 292.02 403.55 Td (related ) Tj ET Q q 0 0 0 rg BT 323.21 403.55 Td (of) Tj ET Q q 0 0 0 rg BT 331.77 403.55 Td (fsets, ) Tj ET Q q 0 0 0 rg BT 356.26 403.55 Td (if ) Tj ET Q q 0 0 0 rg BT 365.30 403.55 Td (any) Tj ET Q q 0 0 0 rg BT 379.78 403.55 Td (, ) Tj ET Q q 0 0 0 rg BT 385.03 403.55 Td (as ) Tj ET Q q 0 0 0 rg BT 396.40 403.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.78 403.55 Td (March ) Tj ET Q q 0 0 0 rg BT 437.81 403.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.56 403.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.56 403.55 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 299.05 129.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 299.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 299.05 56.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 299.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 299.05 60.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 299.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 299.05 63.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 299.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 299.05 63.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 299.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 299.05 50.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 299.05 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 299.05 67.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 295.05 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 295.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 295.05 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 295.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 295.05 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 295.05 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 295.05 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 254.05 129.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 254.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 254.05 56.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 254.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 254.05 60.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 254.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 254.05 63.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 254.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 254.05 63.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 254.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 254.05 50.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 254.05 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 254.05 67.00 -36.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 367.04999999999995 m 436.5 367.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 367.04999999999995 m 440.5 367.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 367.04999999999995 m 490.5 367.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 299.04999999999995 m 178.5 299.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 299.04999999999995 m 238.5 299.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 299.04999999999995 m 302.5 299.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 299.04999999999995 m 369.5 299.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 299.04999999999995 m 436.5 299.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 299.04999999999995 m 490.5 299.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 299.04999999999995 m 561.5 299.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 299.04999999999995 m 436.5 299.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 299.04999999999995 m 490.5 299.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 299.04999999999995 m 561.5 299.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 218.04999999999995 m 178.5 218.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 171.04999999999995 m 178.5 171.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 218.04999999999995 m 238.5 218.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 171.04999999999995 m 238.5 171.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 218.04999999999995 m 302.5 218.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 171.04999999999995 m 302.5 171.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 218.04999999999995 m 369.5 218.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 171.04999999999995 m 369.5 171.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 218.04999999999995 m 436.5 218.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 171.04999999999995 m 436.5 171.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 218.04999999999995 m 490.5 218.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 171.04999999999995 m 490.5 171.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 218.04999999999995 m 561.5 218.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 171.04999999999995 m 561.5 171.04999999999995 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.95 382.32 Td (Gross amounts not offset) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 388.45 371.82 Td (in the Balance Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.70 335.32 Td (Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 186.50 324.82 Td (amounts of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 186.95 314.32 Td (recognized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 190.45 303.82 Td (liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.70 345.82 Td (Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.20 335.32 Td (amounts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.00 324.82 Td (offset in the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.05 314.32 Td (Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.30 303.82 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.85 356.32 Td (Net amount) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.80 345.82 Td (of derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 317.95 335.32 Td (liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 311.95 324.82 Td (presented in) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.85 314.32 Td (the Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.80 303.82 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.95 314.32 Td (Financial) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.00 303.82 Td (instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.45 314.32 Td (Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.45 303.82 Td (collateral) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.15 335.32 Td (Net amount as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.10 324.82 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.90 314.32 Td (March 31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 303.82 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 284.82 Td (Derivative instruments not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 269.32 Td (Currency forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 258.82 Td (contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 185.00 258.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 202.10 258.82 Td (\(16,364) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.50 258.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.00 258.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.75 258.82 Td (280) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 258.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.10 258.82 Td (\(16,084) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.50 258.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.00 258.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.00 258.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 258.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 258.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.00 258.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 258.82 Td (\(16,084) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 258.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 243.82 Td (Futures contracts relating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 233.32 Td (to seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 222.82 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.00 222.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.00 222.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 222.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.35 222.82 Td (\(1,995) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 222.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 222.82 Td (5,920) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 222.82 Td (3,925) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 196.82 Td (Total derivative instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 186.32 Td (not designated as hedging) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 175.82 Td (instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 185.00 175.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 202.10 175.82 Td (\(16,364) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.50 175.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.00 175.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.75 175.82 Td (280) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.00 175.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.10 175.82 Td (\(16,084) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.50 175.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.00 175.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.35 175.82 Td (\(1,995) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 175.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 175.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 175.82 Td (5,920) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.00 175.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 175.82 Td (\(12,159) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 175.82 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 295 0 obj <>] /Rotate 0 /Contents 296 0 R>> endobj 296 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (145) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 70.17 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 114.85 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 139.10 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 177.36 741.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 203.37 741.75 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 239.30 741.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 289.20 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 301.21 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.89 741.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 377.15 741.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 427.07 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 439.67 741.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 475.00 741.75 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 505.68 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 520.02 741.75 Td (derivative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 106.10 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 109.59 729.15 Td (As ) Tj ET Q q 0 0 0 rg BT 125.73 729.15 Td (described ) Tj ET Q q 0 0 0 rg BT 170.43 729.15 Td (above, ) Tj ET Q q 0 0 0 rg BT 202.60 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 219.91 729.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 261.10 729.15 Td (forward ) Tj ET Q q 0 0 0 rg BT 298.81 729.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 341.19 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 360.82 729.15 Td (futures ) Tj ET Q q 0 0 0 rg BT 394.45 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 414.09 729.15 Td (forward ) Tj ET Q q 0 0 0 rg BT 451.79 729.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 494.17 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 510.88 729.15 Td (seed ) Tj ET Q q 0 0 0 rg BT 534.01 729.15 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 102.12 716.55 Td (included ) Tj ET Q q 0 0 0 rg BT 140.23 716.55 Td (below ) Tj ET Q q 0 0 0 rg BT 167.85 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 182.62 716.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 225.40 716.55 Td (hedges ) Tj ET Q q 0 0 0 rg BT 256.51 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 267.21 716.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 300.08 716.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 317.77 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 334.88 716.55 Td (market ) Tj ET Q q 0 0 0 rg BT 365.99 716.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 383.70 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 394.40 716.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 424.92 716.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 466.53 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 483.65 716.55 Td (investing ) Tj ET Q q 0 0 0 rg BT 524.10 716.55 Td (activities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.29 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 83.41 703.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 116.16 703.95 Td (including ) Tj ET Q q 0 0 0 rg BT 157.36 703.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 189.22 703.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 230.41 703.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 247.70 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 259.74 703.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 307.36 703.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 353.23 703.95 Td (consideration. ) Tj ET Q q 0 0 0 rg BT 413.96 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 415.50 703.95 Td (Gains ) Tj ET Q q 0 0 0 rg BT 441.54 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 458.25 703.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 484.88 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 496.92 703.95 Td (these ) Tj ET Q q 0 0 0 rg BT 520.04 703.95 Td (derivative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 102.11 691.35 Td (substantially ) Tj ET Q q 0 0 0 rg BT 158.31 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 166.86 691.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 185.14 691.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 210.41 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 228.69 691.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 256.89 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 268.75 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 284.69 691.35 Td (economically ) Tj ET Q q 0 0 0 rg BT 344.36 691.35 Td (hedged ) Tj ET Q q 0 0 0 rg BT 377.79 691.35 Td (items. ) Tj ET Q q 0 0 0 rg BT 406.28 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 409.39 691.35 Td (In ) Tj ET Q q 0 0 0 rg BT 421.25 691.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 470.43 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 492.21 691.35 Td (entering ) Tj ET Q q 0 0 0 rg BT 529.73 691.35 Td (into ) Tj ET Q q 0 0 0 rg BT 549.17 691.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 96.03 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 106.51 678.75 Td (acquire ) Tj ET Q q 0 0 0 rg BT 139.71 678.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 170.02 678.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 229.46 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 239.43 678.75 Td (August ) Tj ET Q q 0 0 0 rg BT 272.07 678.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 298.01 678.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 321.89 678.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 352.78 678.75 Td (executed ) Tj ET Q q 0 0 0 rg BT 392.40 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 399.36 678.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 420.34 678.75 Td (dollar ) Tj ET Q q 0 0 0 rg BT 447.14 678.75 Td (- ) Tj ET Q q 0 0 0 rg BT 452.44 678.75 Td (Australian ) Tj ET Q q 0 0 0 rg BT 498.48 678.75 Td (dollar ) Tj ET Q q 0 0 0 rg BT 525.28 678.75 Td (currency ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (forward ) Tj ET Q q 0 0 0 rg BT 86.77 666.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 124.11 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 135.81 666.15 Td (economically ) Tj ET Q q 0 0 0 rg BT 195.91 666.15 Td (hedge ) Tj ET Q q 0 0 0 rg BT 224.51 666.15 Td (against ) Tj ET Q q 0 0 0 rg BT 257.79 666.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 298.04 666.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 335.40 666.15 Td (af) Tj ET Q q 0 0 0 rg BT 343.36 666.15 Td (fecting ) Tj ET Q q 0 0 0 rg BT 376.05 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 391.63 666.15 Td (Australian ) Tj ET Q q 0 0 0 rg BT 438.90 666.15 Td (dollar ) Tj ET Q q 0 0 0 rg BT 466.93 666.15 Td (denominated ) Tj ET Q q 0 0 0 rg BT 524.69 666.15 Td (purchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 652.15 Td (price. ) Tj ET Q q 0 0 0 rg BT 76.24 652.15 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 652.15 Td (The ) Tj ET Q q 0 0 0 rg BT 97.62 652.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 146.32 652.15 Td (was ) Tj ET Q q 0 0 0 rg BT 165.28 652.15 Td (completed ) Tj ET Q q 0 0 0 rg BT 211.64 652.15 Td (\(and ) Tj ET Q q 0 0 0 rg BT 232.92 652.15 Td (the ) Tj ET Q q 0 0 0 rg BT 248.37 652.15 Td (hedge ) Tj ET Q q 0 0 0 rg BT 276.07 652.15 Td (terminated\) ) Tj ET Q q 0 0 0 rg BT 327.09 652.15 Td (in ) Tj ET Q q 0 0 0 rg BT 337.88 652.15 Td (October ) Tj ET Q q 0 0 0 rg BT 374.33 652.15 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 571.65 107.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 571.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 571.65 103.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 571.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 571.65 46.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 571.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 571.65 46.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 571.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 571.65 46.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 571.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 571.65 46.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 571.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 571.65 42.00 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0.9333333333333333 1 rg /GS0 gs 509.50 526.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 526.65 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 485.65 107.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 485.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 485.65 103.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 485.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 485.65 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 485.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 485.65 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 485.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 485.65 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 485.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 485.65 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 485.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 485.65 42.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 485.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 485.65 48.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 423.65 107.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 423.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 423.65 103.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 423.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 423.65 46.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 423.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 423.65 46.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 423.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 423.65 46.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 423.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 423.65 46.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 423.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 423.65 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 423.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 423.65 48.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 419.65 214.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 419.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 419.65 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 419.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 419.65 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 419.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 419.65 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 419.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 419.65 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 419.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 419.65 42.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 419.65 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 419.65 48.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 378.65 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 378.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 378.65 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 378.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 378.65 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 378.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 378.65 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 378.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 378.65 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 378.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 378.65 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 378.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 378.65 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 378.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 378.65 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 337.65 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 337.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 337.65 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 337.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 337.65 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 337.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 337.65 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 337.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 337.65 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 337.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 337.65 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 296.65 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 296.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 296.65 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 296.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 296.65 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 296.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 296.65 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 296.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 296.65 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 296.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 296.65 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 296.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 296.65 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 296.65 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 296.65 48.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 612.65 m 313.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 612.65 m 317.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 612.65 m 363.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 612.65 m 367.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 612.65 m 413.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 612.65 m 417.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 612.65 m 463.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 612.65 m 467.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 612.65 m 509.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 612.65 m 513.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 612.65 m 561.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 612.65 m 313.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 597.65 m 313.5 597.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 612.65 m 317.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 597.65 m 317.5 597.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 612.65 m 363.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 597.65 m 363.5 597.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 612.65 m 367.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 612.65 m 413.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 597.65 m 413.5 597.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 612.65 m 417.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 597.65 m 417.5 597.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 612.65 m 463.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 597.65 m 463.5 597.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 612.65 m 467.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 612.65 m 509.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 597.65 m 509.5 597.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 612.65 m 513.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 597.65 m 513.5 597.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 612.65 m 561.5 612.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 597.65 m 561.5 597.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 571.65 m 156.5 571.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160.5 571.65 m 263.5 571.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 571.65 m 313.5 571.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 597.65 m 363.5 597.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 571.65 m 363.5 571.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 571.65 m 413.5 571.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 571.65 m 463.5 571.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 571.65 m 509.5 571.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 597.65 m 561.5 597.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 571.65 m 561.5 571.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 571.65 m 156.5 571.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160.5 571.65 m 263.5 571.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 423.65 m 156.5 423.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160.5 423.65 m 263.5 423.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 423.65 m 313.5 423.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 423.65 m 363.5 423.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 423.65 m 413.5 423.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 423.65 m 463.5 423.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 423.65 m 509.5 423.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 423.65 m 561.5 423.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 281.65 m 363.5 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 281.65 m 463.5 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 281.65 m 561.5 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 281.65 m 156.5 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 266.65 m 156.5 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160.5 281.65 m 263.5 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160.5 266.65 m 263.5 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 281.65 m 313.5 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 266.65 m 313.5 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 281.65 m 363.5 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 266.65 m 363.5 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 281.65 m 413.5 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 266.65 m 413.5 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 281.65 m 463.5 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 266.65 m 463.5 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 281.65 m 509.5 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 266.65 m 509.5 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 281.65 m 561.5 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 266.65 m 561.5 266.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.65 617.42 Td (Years Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 304.50 602.44 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.50 602.42 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.50 602.42 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 173.40 586.92 Td (Income Statement) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 182.60 576.42 Td (Classification) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 276.85 576.44 Td (Gains) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 325.40 576.44 Td (Losses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.75 576.42 Td (Gains) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.70 576.42 Td (Losses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.75 576.42 Td (Gains) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.70 576.42 Td (Losses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 557.42 Td (Derivatives not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 56.50 541.92 Td (Currency forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 531.42 Td (contracts for:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 516.42 Td (Operating activities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.30 516.42 Td (Other expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 270.00 516.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 280.60 516.44 Td (14,524) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 320.00 516.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 327.10 516.44 Td (\(13,098) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.50 516.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.00 516.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.85 516.42 Td (7,887) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.00 516.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.10 516.42 Td (\(19,547) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 516.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 516.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.85 516.42 Td (5,150) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 516.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 516.42 Td (\(16,518) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 516.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 500.92 Td (Seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 490.42 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.75 500.92 Td (Other non-operating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.30 490.42 Td (income \(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.85 490.44 Td (2,681) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 332.35 490.44 Td (\(2,443) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.50 490.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.75 490.42 Td (547) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.35 490.42 Td (\(1,611) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 490.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.85 490.42 Td (2,491) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.25 490.42 Td (\(259) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 490.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 56.50 474.92 Td (Other non-operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 464.42 Td (activities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 103.41 469.18 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.75 474.92 Td (Other non-operating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.30 464.42 Td (income \(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 299.00 464.44 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 349.00 464.44 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.00 464.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.35 464.42 Td (\(4,493) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 464.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 464.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 464.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 56.50 449.42 Td (Futures and forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 438.92 Td (contracts for seed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 428.42 Td (capital investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.75 438.92 Td (Other non-operating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.30 428.42 Td (income \(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.85 428.44 Td (2,103) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 327.10 428.44 Td (\(18,602) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.50 428.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.60 428.42 Td (11,270) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.35 428.42 Td (\(9,206) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 428.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.60 428.42 Td (10,801) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 428.42 Td (\(15,413) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 428.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 408.92 Td (Total gain \(loss\) from derivatives not) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.00 398.42 Td (designated as hedging instruments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 280.60 398.44 Td (19,308) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 327.10 398.44 Td (\(34,143) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.50 398.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.60 398.42 Td (19,704) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.10 398.42 Td (\(34,857) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 398.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.60 398.42 Td (18,442) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 398.42 Td (\(32,190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 398.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 383.42 Td (Derivative designated as a fair value hedge \(See Note 6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.50 368.42 Td (Interest rate swap) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 177.50 368.42 Td (Interest expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 299.00 368.44 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 349.00 368.44 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.85 368.42 Td (5,710) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.00 368.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.85 368.42 Td (5,462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 368.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.50 352.92 Td (Reverse treasury rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.50 342.42 Td (lock) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.75 352.92 Td (Other non-operating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.30 342.42 Td (income \(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 299.00 342.44 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 349.00 342.44 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.00 342.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.00 342.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.75 342.42 Td (638) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 342.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 327.42 Td (Derivative designated as a cash flow hedge \(See Note 6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.50 311.92 Td (Interest rate swap) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.50 301.42 Td (\(termination\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.75 311.92 Td (Other non-operating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.30 301.42 Td (income \(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 299.00 301.44 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 332.35 301.44 Td (\(3,662) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.50 301.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.00 301.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.00 301.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 301.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 301.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.50 286.42 Td (Interest rate swap) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 177.50 286.42 Td (Interest expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 299.00 286.44 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 340.25 286.44 Td (\(764) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.50 286.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.00 286.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.00 286.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 286.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 286.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 271.42 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 270.00 271.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 280.60 271.44 Td (19,308) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 320.00 271.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 327.10 271.44 Td (\(38,569) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.50 271.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.00 271.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.60 271.42 Td (25,414) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.00 271.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.10 271.42 Td (\(34,857) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 271.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 271.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.60 271.42 Td (24,542) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 271.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 271.42 Td (\(32,190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 271.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 257.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 257.55 Td (Relates ) Tj ET Q q 0 0 0 rg BT 93.21 257.55 Td (to ) Tj ET Q q 0 0 0 rg BT 101.10 257.55 Td (a ) Tj ET Q q 0 0 0 rg BT 106.32 257.55 Td (currency ) Tj ET Q q 0 0 0 rg BT 135.96 257.55 Td (forward ) Tj ET Q q 0 0 0 rg BT 162.95 257.55 Td (executed ) Tj ET Q q 0 0 0 rg BT 193.04 257.55 Td (in ) Tj ET Q q 0 0 0 rg BT 200.56 257.55 Td (August ) Tj ET Q q 0 0 0 rg BT 225.34 257.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 243.00 257.55 Td (and ) Tj ET Q q 0 0 0 rg BT 256.22 257.55 Td (closed ) Tj ET Q q 0 0 0 rg BT 278.32 257.55 Td (in ) Tj ET Q q 0 0 0 rg BT 286.21 257.55 Td (October ) Tj ET Q q 0 0 0 rg BT 313.64 257.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 331.30 257.55 Td (in ) Tj ET Q q 0 0 0 rg BT 339.19 257.55 Td (connection ) Tj ET Q q 0 0 0 rg BT 375.95 257.55 Td (with ) Tj ET Q q 0 0 0 rg BT 391.84 257.55 Td (the ) Tj ET Q q 0 0 0 rg BT 403.28 257.55 Td (October ) Tj ET Q q 0 0 0 rg BT 430.71 257.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 448.37 257.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 485.15 257.55 Td (of ) Tj ET Q q 0 0 0 rg BT 493.47 257.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 516.48 257.55 Td (Infrastructure.) Tj ET Q endstream endobj 297 0 obj <>] /Rotate 0 /Contents 298 0 R>> endobj 298 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (146) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (16) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.25 741.90 Td (BUSINESS ) Tj ET Q q 0 0 0 rg BT 118.65 741.90 Td (SEGMENT) Tj ET Q q 0 0 0 rg BT 170.98 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 173.60 741.90 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 224.15 741.90 Td (TION) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.99 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.02 716.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.54 716.70 Td (is ) Tj ET Q q 0 0 0 rg BT 115.48 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 123.08 716.70 Td (global ) Tj ET Q q 0 0 0 rg BT 152.27 716.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 175.62 716.70 Td (management ) Tj ET Q q 0 0 0 rg BT 232.21 716.70 Td (company ) Tj ET Q q 0 0 0 rg BT 273.64 716.70 Td (that ) Tj ET Q q 0 0 0 rg BT 292.32 716.70 Td (provides ) Tj ET Q q 0 0 0 rg BT 331.42 716.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 380.44 716.70 Td (management ) Tj ET Q q 0 0 0 rg BT 437.03 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 455.13 716.70 Td (related ) Tj ET Q q 0 0 0 rg BT 486.63 716.70 Td (services ) Tj ET Q q 0 0 0 rg BT 523.39 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 534.50 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 542.10 716.70 Td (wide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (array ) Tj ET Q q 0 0 0 rg BT 74.86 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.39 704.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 121.22 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.74 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 144.85 704.10 Td (company ) Tj ET Q q 0 0 0 rg BT 187.13 704.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 225.91 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.87 704.10 Td (one ) Tj ET Q q 0 0 0 rg BT 256.82 704.10 Td (reportable ) Tj ET Q q 0 0 0 rg BT 303.17 704.10 Td (business ) Tj ET Q q 0 0 0 rg BT 342.55 704.10 Td (segment, ) Tj ET Q q 0 0 0 rg BT 383.96 704.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 415.49 704.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 442.62 704.10 Td (Management. ) Tj ET Q q 0 0 0 rg BT 503.85 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.64 704.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 539.17 704.10 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (Management ) Tj ET Q q 0 0 0 rg BT 108.86 691.50 Td (provides ) Tj ET Q q 0 0 0 rg BT 149.57 691.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 200.20 691.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 240.91 691.50 Td (services ) Tj ET Q q 0 0 0 rg BT 279.28 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 291.99 691.50 Td (institutional ) Tj ET Q q 0 0 0 rg BT 346.71 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 366.42 691.50 Td (individual ) Tj ET Q q 0 0 0 rg BT 413.55 691.50 Td (clients ) Tj ET Q q 0 0 0 rg BT 445.51 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 465.22 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 477.94 691.50 Td (company-sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.28 678.90 Td (funds. ) Tj ET Q q 0 0 0 rg BT 126.94 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 129.45 678.90 Td (The ) Tj ET Q q 0 0 0 rg BT 148.48 678.90 Td (primary ) Tj ET Q q 0 0 0 rg BT 184.42 678.90 Td (sources ) Tj ET Q q 0 0 0 rg BT 218.61 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 230.06 678.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 266.00 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 276.87 678.90 Td (Global ) Tj ET Q q 0 0 0 rg BT 307.55 678.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 333.59 678.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 391.11 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 406.63 678.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 455.41 678.90 Td (advisory) Tj ET Q q 0 0 0 rg BT 490.89 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 496.21 678.90 Td (distribution ) Tj ET Q q 0 0 0 rg BT 547.34 678.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (administrative ) Tj ET Q q 0 0 0 rg BT 112.03 666.30 Td (fees, ) Tj ET Q q 0 0 0 rg BT 134.01 666.30 Td (which ) Tj ET Q q 0 0 0 rg BT 162.13 666.30 Td (typically ) Tj ET Q q 0 0 0 rg BT 201.33 666.30 Td (are ) Tj ET Q q 0 0 0 rg BT 216.60 666.30 Td (calculated ) Tj ET Q q 0 0 0 rg BT 261.61 666.30 Td (as ) Tj ET Q q 0 0 0 rg BT 272.81 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 279.93 666.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 327.85 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 338.52 666.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 365.47 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 383.09 666.30 Td (vary ) Tj ET Q q 0 0 0 rg BT 404.20 666.30 Td (based ) Tj ET Q q 0 0 0 rg BT 430.57 666.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 454.02 666.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 485.05 666.30 Td (such ) Tj ET Q q 0 0 0 rg BT 506.75 666.30 Td (as ) Tj ET Q q 0 0 0 rg BT 517.95 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 533.24 666.30 Td (type ) Tj ET Q q 0 0 0 rg BT 553.77 666.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (underlying ) Tj ET Q q 0 0 0 rg BT 96.92 653.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.92 653.70 Td (product ) Tj ET Q q 0 0 0 rg BT 178.92 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 196.01 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 210.76 653.70 Td (type ) Tj ET Q q 0 0 0 rg BT 230.77 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 241.44 653.70 Td (services ) Tj ET Q q 0 0 0 rg BT 277.19 653.70 Td (that ) Tj ET Q q 0 0 0 rg BT 294.86 653.70 Td (are ) Tj ET Q q 0 0 0 rg BT 309.60 653.70 Td (provided. ) Tj ET Q q 0 0 0 rg BT 351.48 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 353.41 653.70 Td (In ) Tj ET Q q 0 0 0 rg BT 364.08 653.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 403.04 653.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 458.02 653.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 476.85 653.70 Td (may ) Tj ET Q q 0 0 0 rg BT 496.85 653.70 Td (be ) Tj ET Q q 0 0 0 rg BT 508.69 653.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 538.60 653.70 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.69 641.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.39 641.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 168.18 641.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 208.70 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 223.57 641.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 268.76 641.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 324.43 641.10 Td (benchmarks.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 93.81 615.90 Td (by ) Tj ET Q q 0 0 0 rg BT 107.80 615.90 Td (geographic ) Tj ET Q q 0 0 0 rg BT 157.94 615.90 Td (location ) Tj ET Q q 0 0 0 rg BT 195.25 615.90 Td (are ) Tj ET Q q 0 0 0 rg BT 211.56 615.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 254.12 615.90 Td (based ) Tj ET Q q 0 0 0 rg BT 281.52 615.90 Td (on ) Tj ET Q q 0 0 0 rg BT 295.51 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 311.83 615.90 Td (geographic ) Tj ET Q q 0 0 0 rg BT 361.97 615.90 Td (location ) Tj ET Q q 0 0 0 rg BT 399.28 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 411.52 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 427.84 615.90 Td (advisor ) Tj ET Q q 0 0 0 rg BT 462.24 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 474.47 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 490.79 615.90 Td (domicile ) Tj ET Q q 0 0 0 rg BT 531.02 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 543.26 615.90 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (families ) Tj ET Q q 0 0 0 rg BT 86.32 603.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 127.22 603.30 Td (by ) Tj ET Q q 0 0 0 rg BT 140.73 603.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.30 603.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 196.88 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 215.05 603.30 Td (do ) Tj ET Q q 0 0 0 rg BT 228.55 603.30 Td (not ) Tj ET Q q 0 0 0 rg BT 244.96 603.30 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 294.61 603.30 Td (reflect ) Tj ET Q q 0 0 0 rg BT 324.42 603.30 Td (where ) Tj ET Q q 0 0 0 rg BT 353.07 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 368.90 603.30 Td (customer ) Tj ET Q q 0 0 0 rg BT 410.39 603.30 Td (resides ) Tj ET Q q 0 0 0 rg BT 442.55 603.30 Td (or ) Tj ET Q q 0 0 0 rg BT 454.30 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 470.13 603.30 Td (currency ) Tj ET Q q 0 0 0 rg BT 509.85 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 521.02 603.30 Td (which ) Tj ET Q q 0 0 0 rg BT 549.68 603.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 89.44 590.70 Td (are ) Tj ET Q q 0 0 0 rg BT 104.88 590.70 Td (denominated. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 565.50 Td (table ) Tj ET Q q 0 0 0 rg BT 91.48 565.50 Td (below ) Tj ET Q q 0 0 0 rg BT 119.77 565.50 Td (reflects ) Tj ET Q q 0 0 0 rg BT 153.29 565.50 Td (our ) Tj ET Q q 0 0 0 rg BT 169.91 565.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 209.85 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 227.64 565.50 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 273.42 565.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 300.54 565.50 Td (by ) Tj ET Q q 0 0 0 rg BT 313.67 565.50 Td (geographic ) Tj ET Q q 0 0 0 rg BT 362.94 565.50 Td (region ) Tj ET Q q 0 0 0 rg BT 392.39 565.50 Td (as ) Tj ET Q q 0 0 0 rg BT 403.76 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 415.13 565.50 Td (March�31:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 540.00 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 540.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 540.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 540.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 540.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 540.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 540.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 510.00 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 510.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 510.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 510.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 510.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 510.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 510.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 480.00 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 480.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 480.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 480.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 480.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 480.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 480.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 450.00 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 450.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 450.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 450.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 450.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 450.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 450.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 420.00 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 420.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 420.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 420.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 420.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 420.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 420.00 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 540 m 370 540 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 540 m 434 540 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 540 m 498 540 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 540 m 562 540 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 540 m 370 540 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 540 m 434 540 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 540 m 498 540 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 540 m 562 540 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 480 m 370 480 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 480 m 434 480 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 480 m 498 480 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 480 m 562 480 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 480 m 370 480 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 465 m 370 465 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 480 m 434 480 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 465 m 434 465 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 480 m 498 480 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 465 m 498 465 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 480 m 562 480 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 465 m 562 465 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 405 m 370 405 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 405 m 434 405 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 405 m 498 405 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 405 m 562 405 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 405 m 370 405 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 390 m 370 390 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 405 m 434 405 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 390 m 434 390 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 405 m 498 405 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 390 m 498 390 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 405 m 562 405 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 390 m 562 390 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 544.79 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 544.77 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 544.77 Td (2015) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 529.79 Td (OPERATING REVENUES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 514.77 Td (United States) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 514.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 514.79 Td (2,175,721) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 514.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 514.77 Td (1,868,076) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 514.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 514.77 Td (1,977,975) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 499.77 Td (United Kingdom) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 499.79 Td (242,238) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 499.77 Td (338,552) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 499.77 Td (398,729) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 484.77 Td (Other International) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 484.79 Td (468,943) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 484.77 Td (454,216) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 484.77 Td (442,402) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 469.77 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 469.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 469.79 Td (2,886,902) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 469.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 469.77 Td (2,660,844) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 469.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 469.77 Td (2,819,106) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 454.79 Td (INTANGIBLE ASSETS, NET AND GOODWILL) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 439.77 Td (United States) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 439.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 439.79 Td (4,240,579) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 439.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 439.77 Td (3,134,267) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 439.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 439.77 Td (3,135,226) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 424.77 Td (United Kingdom) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 424.79 Td (996,136) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 424.77 Td (820,730) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 424.77 Td (1,062,332) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 409.77 Td (Other International) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 409.79 Td (722,554) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 409.77 Td (671,004) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 409.77 Td (455,286) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 394.77 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 394.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 394.79 Td (5,959,269) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 394.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 394.77 Td (4,626,001) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 394.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 394.77 Td (4,652,844) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 365.90 Td (For ) Tj ET Q q 0 0 0 rg BT 67.29 365.90 Td (the ) Tj ET Q q 0 0 0 rg BT 83.31 365.90 Td (year ) Tj ET Q q 0 0 0 rg BT 104.58 365.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.85 365.90 Td (March ) Tj ET Q q 0 0 0 rg BT 163.45 365.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.78 365.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 206.60 365.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 249.45 365.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 289.97 365.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 328.15 365.90 Td (in ) Tj ET Q q 0 0 0 rg BT 339.52 365.90 Td (the ) Tj ET Q q 0 0 0 rg BT 355.54 365.90 Td (United ) Tj ET Q q 0 0 0 rg BT 387.32 365.90 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 430.19 365.90 Td (in ) Tj ET Q q 0 0 0 rg BT 441.56 365.90 Td (the ) Tj ET Q q 0 0 0 rg BT 457.58 365.90 Td (table ) Tj ET Q q 0 0 0 rg BT 481.19 365.90 Td (above ) Tj ET Q q 0 0 0 rg BT 509.46 365.90 Td (did ) Tj ET Q q 0 0 0 rg BT 526.08 365.90 Td (not ) Tj ET Q q 0 0 0 rg BT 542.69 365.90 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 353.30 Td (exposure ) Tj ET Q q 0 0 0 rg BT 90.14 353.30 Td (to ) Tj ET Q q 0 0 0 rg BT 101.05 353.30 Td (any ) Tj ET Q q 0 0 0 rg BT 118.95 353.30 Td (single ) Tj ET Q q 0 0 0 rg BT 146.78 353.30 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 187.44 353.30 Td (currency ) Tj ET Q q 0 0 0 rg BT 226.90 353.30 Td (in ) Tj ET Q q 0 0 0 rg BT 237.81 353.30 Td (excess ) Tj ET Q q 0 0 0 rg BT 267.95 353.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.44 353.30 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.69 353.30 Td ( ) Tj ET Q q 0 0 0 rg BT 301.43 353.30 Td (of ) Tj ET Q q 0 0 0 rg BT 312.91 353.30 Td (the ) Tj ET Q q 0 0 0 rg BT 328.48 353.30 Td (total ) Tj ET Q q 0 0 0 rg BT 349.89 353.30 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 373.04 353.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 415.43 353.30 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 458.11 353.30 Td ( ) Tj ET Q q 0 0 0 rg BT 460.85 353.30 Td (In ) Tj ET Q q 0 0 0 rg BT 472.34 353.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 512.12 353.30 Td (as ) Tj ET Q q 0 0 0 rg BT 523.61 353.30 Td (of ) Tj ET Q q 0 0 0 rg BT 535.09 353.30 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 340.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 67.26 340.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 95.52 340.70 Td (the ) Tj ET Q q 0 0 0 rg BT 112.99 340.70 Td (percentage ) Tj ET Q q 0 0 0 rg BT 163.09 340.70 Td (of ) Tj ET Q q 0 0 0 rg BT 176.47 340.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 202.68 340.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 241.88 340.70 Td (long-term ) Tj ET Q q 0 0 0 rg BT 286.90 340.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 316.04 340.70 Td (currency ) Tj ET Q q 0 0 0 rg BT 357.40 340.70 Td (exposure ) Tj ET Q q 0 0 0 rg BT 399.94 340.70 Td (\(AUM ) Tj ET Q q 0 0 0 rg BT 432.58 340.70 Td (invested ) Tj ET Q q 0 0 0 rg BT 472.21 340.70 Td (in ) Tj ET Q q 0 0 0 rg BT 485.01 340.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 529.30 340.70 Td (that ) Tj ET Q q 0 0 0 rg BT 549.68 340.70 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 105.93 328.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.29 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.31 328.10 Td (British ) Tj ET Q q 0 0 0 rg BT 162.09 328.10 Td (pound ) Tj ET Q q 0 0 0 rg BT 190.53 328.10 Td (or ) Tj ET Q q 0 0 0 rg BT 201.47 328.10 Td (euro, ) Tj ET Q q 0 0 0 rg BT 224.95 328.10 Td (as ) Tj ET Q q 0 0 0 rg BT 235.89 328.10 Td (applicable\) ) Tj ET Q q 0 0 0 rg BT 284.72 328.10 Td (was ) Tj ET Q q 0 0 0 rg BT 303.25 328.10 Td (less ) Tj ET Q q 0 0 0 rg BT 321.19 328.10 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.46 328.10 Td (5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.46 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.65 328.10 Td (for ) Tj ET Q q 0 0 0 rg BT 372.09 328.10 Td (each ) Tj ET Q q 0 0 0 rg BT 393.51 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.53 328.10 Td (British ) Tj ET Q q 0 0 0 rg BT 439.31 328.10 Td (pound ) Tj ET Q q 0 0 0 rg BT 467.76 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.11 328.10 Td (euro. ) Tj ET Q q 0 0 0 rg BT 508.58 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.29 328.10 Td (As ) Tj ET Q q 0 0 0 rg BT 524.16 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 535.10 328.10 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 315.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.07 315.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 91.14 315.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 115.16 315.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 152.17 315.50 Td (long-term ) Tj ET Q q 0 0 0 rg BT 195.48 315.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 222.43 315.50 Td (country ) Tj ET Q q 0 0 0 rg BT 256.95 315.50 Td (exposure ) Tj ET Q q 0 0 0 rg BT 297.30 315.50 Td (\(AUM ) Tj ET Q q 0 0 0 rg BT 327.75 315.50 Td (invested ) Tj ET Q q 0 0 0 rg BT 365.18 315.50 Td (in ) Tj ET Q q 0 0 0 rg BT 375.80 315.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 417.90 315.50 Td (by ) Tj ET Q q 0 0 0 rg BT 430.84 315.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 463.62 315.50 Td (domiciled ) Tj ET Q q 0 0 0 rg BT 508.05 315.50 Td (in ) Tj ET Q q 0 0 0 rg BT 518.67 315.50 Td (the ) Tj ET Q q 0 0 0 rg BT 533.94 315.50 Td (United ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 302.90 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 91.79 302.90 Td (or ) Tj ET Q q 0 0 0 rg BT 103.16 302.90 Td (Eurozone, ) Tj ET Q q 0 0 0 rg BT 148.65 302.90 Td (as ) Tj ET Q q 0 0 0 rg BT 160.02 302.90 Td (applicable\) ) Tj ET Q q 0 0 0 rg BT 209.29 302.90 Td (was ) Tj ET Q q 0 0 0 rg BT 228.24 302.90 Td (less ) Tj ET Q q 0 0 0 rg BT 246.62 302.90 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.32 302.90 Td (5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.32 302.90 Td ( ) Tj ET Q q 0 0 0 rg BT 283.94 302.90 Td (for ) Tj ET Q q 0 0 0 rg BT 298.81 302.90 Td (each ) Tj ET Q q 0 0 0 rg BT 320.67 302.90 Td (the ) Tj ET Q q 0 0 0 rg BT 336.12 302.90 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 359.16 302.90 Td (and ) Tj ET Q q 0 0 0 rg BT 376.95 302.90 Td (the ) Tj ET Q q 0 0 0 rg BT 392.40 302.90 Td (Eurozone. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 277.70 Td (17) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 277.70 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.56 277.70 Td (V) Tj ET Q q 0 0 0 rg BT 71.79 277.70 Td (ARIABLE ) Tj ET Q q 0 0 0 rg BT 122.26 277.70 Td (INTEREST) Tj ET Q q 0 0 0 rg BT 175.18 277.70 Td ( ) Tj ET Q q 0 0 0 rg BT 177.80 277.70 Td (ENTITIES ) Tj ET Q q 0 0 0 rg BT 229.46 277.70 Td (AND ) Tj ET Q q 0 0 0 rg BT 254.83 277.70 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 317.65 277.70 Td (TED ) Tj ET Q q 0 0 0 rg BT 341.86 277.70 Td (INVESTMENT) Tj ET Q q 0 0 0 rg BT 412.27 277.70 Td ( ) Tj ET Q q 0 0 0 rg BT 414.71 277.70 Td (VEHICLES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 468.98 277.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 252.50 Td (As ) Tj ET Q q 0 0 0 rg BT 64.07 252.50 Td (further ) Tj ET Q q 0 0 0 rg BT 95.04 252.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 137.69 252.50 Td (in ) Tj ET Q q 0 0 0 rg BT 148.26 252.50 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.15 252.50 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.40 252.50 Td ( ) Tj ET Q q 0 0 0 rg BT 182.81 252.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 200.37 252.50 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 205.62 252.50 Td (, ) Tj ET Q q 0 0 0 rg BT 210.64 252.50 Td (in ) Tj ET Q q 0 0 0 rg BT 221.21 252.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 270.82 252.50 Td (with ) Tj ET Q q 0 0 0 rg BT 291.89 252.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 331.02 252.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 379.49 252.50 Td (standards, ) Tj ET Q q 0 0 0 rg BT 424.18 252.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 448.15 252.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 479.14 252.50 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 533.44 252.50 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 239.90 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 95.21 239.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 143.91 239.90 Td (products, ) Tj ET Q q 0 0 0 rg BT 185.32 239.90 Td (some ) Tj ET Q q 0 0 0 rg BT 210.11 239.90 Td (of ) Tj ET Q q 0 0 0 rg BT 221.48 239.90 Td (which ) Tj ET Q q 0 0 0 rg BT 249.77 239.90 Td (are ) Tj ET Q q 0 0 0 rg BT 265.21 239.90 Td (designated ) Tj ET Q q 0 0 0 rg BT 312.74 239.90 Td (as ) Tj ET Q q 0 0 0 rg BT 324.11 239.90 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 351.53 239.90 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 214.70 Td (Updated ) Tj ET Q q 0 0 0 rg BT 91.13 214.70 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 155.62 214.70 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 209.58 214.70 Td (Guidance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.72 202.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 90.26 202.10 Td (April ) Tj ET Q q 0 0 0 rg BT 114.95 202.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 125.36 202.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 151.51 202.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 175.62 202.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 206.73 202.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 242.50 202.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 278.27 202.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 337.38 202.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 377.81 202.10 Td (on ) Tj ET Q q 0 0 0 rg BT 390.84 202.10 Td (a ) Tj ET Q q 0 0 0 rg BT 398.03 202.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 438.47 202.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 495.22 202.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 521.38 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.91 202.10 Td (See ) Tj ET Q q 0 0 0 rg BT 541.60 202.10 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 189.50 Td (1 ) Tj ET Q q 0 0 0 rg BT 57.87 189.50 Td (for ) Tj ET Q q 0 0 0 rg BT 72.73 189.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 117.34 189.50 Td (information ) Tj ET Q q 0 0 0 rg BT 169.53 189.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 212.38 189.50 Td (the ) Tj ET Q q 0 0 0 rg BT 227.83 189.50 Td (adoption ) Tj ET Q q 0 0 0 rg BT 267.19 189.50 Td (of ) Tj ET Q q 0 0 0 rg BT 278.56 189.50 Td (this ) Tj ET Q q 0 0 0 rg BT 296.35 189.50 Td (updated ) Tj ET Q q 0 0 0 rg BT 332.21 189.50 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 375.35 189.50 Td ( ) Tj ET Q q 0 0 0 rg BT 377.97 189.50 Td ( ) Tj ET Q q 0 0 0 rg BT 380.40 189.50 Td (The ) Tj ET Q q 0 0 0 rg BT 399.34 189.50 Td (adoption ) Tj ET Q q 0 0 0 rg BT 438.71 189.50 Td (of ) Tj ET Q q 0 0 0 rg BT 450.07 189.50 Td (the ) Tj ET Q q 0 0 0 rg BT 465.52 189.50 Td (updated ) Tj ET Q q 0 0 0 rg BT 501.38 189.50 Td (guidance ) Tj ET Q q 0 0 0 rg BT 541.89 189.50 Td (as ) Tj ET Q q 0 0 0 rg BT 553.26 189.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 176.90 Td (April ) Tj ET Q q 0 0 0 rg BT 73.98 176.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 83.66 176.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 109.10 176.90 Td (resulted ) Tj ET Q q 0 0 0 rg BT 144.15 176.90 Td (in ) Tj ET Q q 0 0 0 rg BT 154.13 176.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 184.50 176.90 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 228.89 176.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 276.78 176.90 Td (products ) Tj ET Q q 0 0 0 rg BT 314.75 176.90 Td (that ) Tj ET Q q 0 0 0 rg BT 332.31 176.90 Td (reside ) Tj ET Q q 0 0 0 rg BT 359.19 176.90 Td (in ) Tj ET Q q 0 0 0 rg BT 369.17 176.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 401.30 176.90 Td (mutual ) Tj ET Q q 0 0 0 rg BT 432.28 176.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 453.33 176.90 Td (trusts ) Tj ET Q q 0 0 0 rg BT 477.90 176.90 Td (that ) Tj ET Q q 0 0 0 rg BT 495.46 176.90 Td (were ) Tj ET Q q 0 0 0 rg BT 517.67 176.90 Td (previously ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 164.30 Td (accounted ) Tj ET Q q 0 0 0 rg BT 94.67 164.30 Td (for ) Tj ET Q q 0 0 0 rg BT 109.02 164.30 Td (as ) Tj ET Q q 0 0 0 rg BT 119.73 164.30 Td (VREs ) Tj ET Q q 0 0 0 rg BT 146.93 164.30 Td (to ) Tj ET Q q 0 0 0 rg BT 157.21 164.30 Td (be ) Tj ET Q q 0 0 0 rg BT 169.23 164.30 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 211.57 164.30 Td (as ) Tj ET Q q 0 0 0 rg BT 222.27 164.30 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 248.59 164.30 Td (and ) Tj ET Q q 0 0 0 rg BT 265.86 164.30 Td (the ) Tj ET Q q 0 0 0 rg BT 280.80 164.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 339.49 164.30 Td (of ) Tj ET Q q 0 0 0 rg BT 350.34 164.30 Td (nine ) Tj ET Q q 0 0 0 rg BT 370.53 164.30 Td (funds, ) Tj ET Q q 0 0 0 rg BT 398.60 164.30 Td (which ) Tj ET Q q 0 0 0 rg BT 426.37 164.30 Td (were ) Tj ET Q q 0 0 0 rg BT 448.89 164.30 Td (designated ) Tj ET Q q 0 0 0 rg BT 495.90 164.30 Td (as ) Tj ET Q q 0 0 0 rg BT 506.76 164.30 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 533.66 164.30 Td ( ) Tj ET Q q 0 0 0 rg BT 535.77 164.30 Td (Under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 151.70 Td (the ) Tj ET Q q 0 0 0 rg BT 66.19 151.70 Td (updated ) Tj ET Q q 0 0 0 rg BT 102.78 151.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 152.21 151.70 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 196.09 151.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 221.02 151.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 252.97 151.70 Td (also ) Tj ET Q q 0 0 0 rg BT 273.24 151.70 Td (concluded ) Tj ET Q q 0 0 0 rg BT 319.75 151.70 Td (it ) Tj ET Q q 0 0 0 rg BT 328.94 151.70 Td (was ) Tj ET Q q 0 0 0 rg BT 348.63 151.70 Td (the ) Tj ET Q q 0 0 0 rg BT 364.82 151.70 Td (primary ) Tj ET Q q 0 0 0 rg BT 401.41 151.70 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 451.99 151.70 Td (of ) Tj ET Q q 0 0 0 rg BT 464.10 151.70 Td (one ) Tj ET Q q 0 0 0 rg BT 482.62 151.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 500.33 151.70 Td (rust ) Tj ET Q q 0 0 0 rg BT 519.43 151.70 Td (sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.34 139.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 119.69 139.10 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 142.07 139.10 Td (which ) Tj ET Q q 0 0 0 rg BT 170.00 139.10 Td (was ) Tj ET Q q 0 0 0 rg BT 188.59 139.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 243.93 139.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.35 139.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 308.52 139.10 Td (a ) Tj ET Q q 0 0 0 rg BT 315.45 139.10 Td (CIV) Tj ET Q q 0 0 0 rg BT 333.34 139.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.61 139.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 358.87 139.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.96 139.10 Td (mer) Tj ET Q q 0 0 0 rg BT 390.10 139.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 405.77 139.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.78 139.10 Td (EnT) Tj ET Q q 0 0 0 rg BT 434.49 139.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 452.51 139.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.93 139.10 Td (Permal. ) Tj ET Q q 0 0 0 rg BT 504.56 139.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.67 139.10 Td (The ) Tj ET Q q 0 0 0 rg BT 525.25 139.10 Td (adoption ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 126.50 Td (also ) Tj ET Q q 0 0 0 rg BT 69.50 126.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 105.33 126.50 Td (in ) Tj ET Q q 0 0 0 rg BT 116.08 126.50 Td (the ) Tj ET Q q 0 0 0 rg BT 131.50 126.50 Td (deconsolidation ) Tj ET Q q 0 0 0 rg BT 200.57 126.50 Td (of ) Tj ET Q q 0 0 0 rg BT 211.90 126.50 Td (13 ) Tj ET Q q 0 0 0 rg BT 224.99 126.50 Td (of ) Tj ET Q q 0 0 0 rg BT 236.32 126.50 Td (14 ) Tj ET Q q 0 0 0 rg BT 249.41 126.50 Td (previously ) Tj ET Q q 0 0 0 rg BT 296.32 126.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 351.98 126.50 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 426.87 126.50 Td (funds, ) Tj ET Q q 0 0 0 rg BT 455.42 126.50 Td (as ) Tj ET Q q 0 0 0 rg BT 466.75 126.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 490.91 126.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 522.08 126.50 Td (no ) Tj ET Q q 0 0 0 rg BT 535.17 126.50 Td (longer ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 113.90 Td (had ) Tj ET Q q 0 0 0 rg BT 67.79 113.90 Td (a ) Tj ET Q q 0 0 0 rg BT 75.07 113.90 Td (variable ) Tj ET Q q 0 0 0 rg BT 111.51 113.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 145.04 113.90 Td (in ) Tj ET Q q 0 0 0 rg BT 155.83 113.90 Td (those ) Tj ET Q q 0 0 0 rg BT 180.62 113.90 Td (13 ) Tj ET Q q 0 0 0 rg BT 193.56 113.90 Td (VIEs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 88.70 Td (As ) Tj ET Q q 0 0 0 rg BT 63.63 88.70 Td (of ) Tj ET Q q 0 0 0 rg BT 74.33 88.70 Td (March ) Tj ET Q q 0 0 0 rg BT 103.69 88.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 118.77 88.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 144.36 88.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 167.89 88.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 198.43 88.70 Td (no ) Tj ET Q q 0 0 0 rg BT 210.88 88.70 Td (longer ) Tj ET Q q 0 0 0 rg BT 239.67 88.70 Td (held ) Tj ET Q q 0 0 0 rg BT 259.70 88.70 Td (a ) Tj ET Q q 0 0 0 rg BT 266.32 88.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 312.60 88.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 351.29 88.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 384.15 88.70 Td (in ) Tj ET Q q 0 0 0 rg BT 394.28 88.70 Td (seven ) Tj ET Q q 0 0 0 rg BT 420.14 88.70 Td (of ) Tj ET Q q 0 0 0 rg BT 430.85 88.70 Td (the ) Tj ET Q q 0 0 0 rg BT 445.63 88.70 Td (above ) Tj ET Q q 0 0 0 rg BT 472.66 88.70 Td (foreign ) Tj ET Q q 0 0 0 rg BT 504.94 88.70 Td (mutual ) Tj ET Q q 0 0 0 rg BT 536.06 88.70 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.88 76.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 108.49 76.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 154.36 76.10 Td (it ) Tj ET Q q 0 0 0 rg BT 162.91 76.10 Td (was ) Tj ET Q q 0 0 0 rg BT 181.96 76.10 Td (no ) Tj ET Q q 0 0 0 rg BT 195.18 76.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 224.72 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.27 76.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 276.22 76.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 322.76 76.10 Td (. ) Tj ET Q q 0 0 0 rg BT 328.11 76.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.23 76.10 Td (As ) Tj ET Q q 0 0 0 rg BT 344.61 76.10 Td (a ) Tj ET Q q 0 0 0 rg BT 351.99 76.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 380.67 76.10 Td (those ) Tj ET Q q 0 0 0 rg BT 405.55 76.10 Td (seven ) Tj ET Q q 0 0 0 rg BT 432.18 76.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 458.23 76.10 Td (were ) Tj ET Q q 0 0 0 rg BT 481.35 76.10 Td (not ) Tj ET Q q 0 0 0 rg BT 497.48 76.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 553.27 76.10 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 63.50 Td (of ) Tj ET Q q 0 0 0 rg BT 61.09 63.50 Td (March ) Tj ET Q q 0 0 0 rg BT 90.84 63.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 106.31 63.50 Td (2017. ) Tj ET Q q 0 0 0 rg BT 132.28 63.50 Td ( ) Tj ET Q q 0 0 0 rg BT 134.62 63.50 Td (In ) Tj ET Q q 0 0 0 rg BT 145.71 63.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 185.10 63.50 Td (during ) Tj ET Q q 0 0 0 rg BT 214.85 63.50 Td (the ) Tj ET Q q 0 0 0 rg BT 230.03 63.50 Td (year ) Tj ET Q q 0 0 0 rg BT 250.44 63.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 277.85 63.50 Td (March ) Tj ET Q q 0 0 0 rg BT 307.60 63.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 323.07 63.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 349.04 63.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 372.96 63.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 403.89 63.50 Td (also ) Tj ET Q q 0 0 0 rg BT 423.15 63.50 Td (concluded ) Tj ET Q q 0 0 0 rg BT 468.64 63.50 Td (that ) Tj ET Q q 0 0 0 rg BT 486.73 63.50 Td (it ) Tj ET Q q 0 0 0 rg BT 494.91 63.50 Td (was ) Tj ET Q q 0 0 0 rg BT 513.58 63.50 Td (the ) Tj ET Q q 0 0 0 rg BT 528.76 63.50 Td (primary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 50.90 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 99.85 50.90 Td (of ) Tj ET Q q 0 0 0 rg BT 111.22 50.90 Td (one ) Tj ET Q q 0 0 0 rg BT 129.00 50.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 173.62 50.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 206.57 50.90 Td (mutual ) Tj ET Q q 0 0 0 rg BT 238.35 50.90 Td (fund, ) Tj ET Q q 0 0 0 rg BT 262.85 50.90 Td (which ) Tj ET Q q 0 0 0 rg BT 291.14 50.90 Td (was ) Tj ET Q q 0 0 0 rg BT 310.09 50.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 365.79 50.90 Td (and ) Tj ET Q q 0 0 0 rg BT 383.57 50.90 Td (designated ) Tj ET Q q 0 0 0 rg BT 431.10 50.90 Td (as ) Tj ET Q q 0 0 0 rg BT 442.47 50.90 Td (a ) Tj ET Q q 0 0 0 rg BT 449.76 50.90 Td (CIV) Tj ET Q q 0 0 0 rg BT 466.49 50.90 Td (.) Tj ET Q endstream endobj 299 0 obj <>] /Rotate 0 /Contents 300 0 R>> endobj 300 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (147) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.90 729.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.81 729.15 Td (also ) Tj ET Q q 0 0 0 rg BT 124.04 729.15 Td (concluded ) Tj ET Q q 0 0 0 rg BT 169.52 729.15 Td (it ) Tj ET Q q 0 0 0 rg BT 177.68 729.15 Td (was ) Tj ET Q q 0 0 0 rg BT 196.33 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 211.48 729.15 Td (primary ) Tj ET Q q 0 0 0 rg BT 247.04 729.15 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 296.59 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 307.66 729.15 Td (one ) Tj ET Q q 0 0 0 rg BT 325.14 729.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 370.05 729.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 418.45 729.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 439.85 729.15 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 462.29 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 490.28 729.15 Td (was ) Tj ET Q q 0 0 0 rg BT 508.93 729.15 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (\(and ) Tj ET Q q 0 0 0 rg BT 70.14 716.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 116.52 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 126.74 716.55 Td (CIVs\) ) Tj ET Q q 0 0 0 rg BT 153.89 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 164.11 716.55 Td (of�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.48 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 204.36 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 218.97 716.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.97 716.55 Td (. ) Tj ET Q q 0 0 0 rg BT 244.07 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 245.44 716.55 Td (This ) Tj ET Q q 0 0 0 rg BT 265.59 716.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 309.65 716.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 357.20 716.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 377.93 716.55 Td (was ) Tj ET Q q 0 0 0 rg BT 395.73 716.55 Td (also ) Tj ET Q q 0 0 0 rg BT 414.13 716.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 468.68 716.55 Td (under ) Tj ET Q q 0 0 0 rg BT 494.06 716.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 515.95 716.55 Td (accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 93.15 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 104.52 703.95 Td (further ) Tj ET Q q 0 0 0 rg BT 135.71 703.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 178.59 703.95 Td (below) Tj ET Q q 0 0 0 rg BT 203.57 703.95 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (Prior) Tj ET Q q 0 0 0 rg BT 73.71 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 76.34 678.75 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 140.82 678.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 194.78 678.75 Td (Guidance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.79 666.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 101.74 666.15 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 160.86 666.15 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 203.93 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 215.23 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 226.52 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 256.47 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 272.14 666.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 295.68 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 313.39 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 343.34 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 359.01 666.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 385.18 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 409.30 666.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 440.43 666.15 Td (concluded ) Tj ET Q q 0 0 0 rg BT 486.13 666.15 Td (it ) Tj ET Q q 0 0 0 rg BT 494.51 666.15 Td (was ) Tj ET Q q 0 0 0 rg BT 513.38 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 528.75 666.15 Td (primary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 99.81 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 111.14 653.55 Td (one ) Tj ET Q q 0 0 0 rg BT 128.88 653.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 174.05 653.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 222.71 653.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 244.36 653.55 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 267.06 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 295.31 653.55 Td (was ) Tj ET Q q 0 0 0 rg BT 314.22 653.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 369.88 653.55 Td (\(and ) Tj ET Q q 0 0 0 rg BT 391.12 653.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 438.61 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 445.86 653.55 Td (CIV\) ) Tj ET Q q 0 0 0 rg BT 470.02 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 481.36 653.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.69 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 522.68 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.39 653.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.39 653.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.42 640.95 Td (2015. ) Tj ET Q q 0 0 0 rg BT 93.31 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 95.08 640.95 Td (Also, ) Tj ET Q q 0 0 0 rg BT 119.80 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 130.81 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 141.82 640.95 Td (both ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 162.75 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 192.42 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 207.81 640.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.81 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 233.70 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 251.12 640.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 277.01 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 300.85 640.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 331.70 640.95 Td (also ) Tj ET Q q 0 0 0 rg BT 350.88 640.95 Td (concluded ) Tj ET Q q 0 0 0 rg BT 396.29 640.95 Td (it ) Tj ET Q q 0 0 0 rg BT 404.39 640.95 Td (was ) Tj ET Q q 0 0 0 rg BT 422.98 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 438.07 640.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 473.58 640.95 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 523.06 640.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.07 640.95 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.57 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 546.83 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 564.62 640.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (17 ) Tj ET Q q 0 0 0 rg BT 62.59 628.35 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 136.99 628.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 165.04 628.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 215.09 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 219.80 628.35 Td (it ) Tj ET Q q 0 0 0 rg BT 227.73 628.35 Td (sponsors, ) Tj ET Q q 0 0 0 rg BT 269.20 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 296.96 628.35 Td (were ) Tj ET Q q 0 0 0 rg BT 319.45 628.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 374.61 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 391.86 628.35 Td (designated ) Tj ET Q q 0 0 0 rg BT 438.86 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 449.70 628.35 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 476.58 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 478.21 628.35 Td (As ) Tj ET Q q 0 0 0 rg BT 491.98 628.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 534.32 628.35 Td (above, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (ef) Tj ET Q q 0 0 0 rg BT 57.97 615.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.50 615.75 Td (April ) Tj ET Q q 0 0 0 rg BT 113.18 615.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 123.57 615.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 149.72 615.75 Td (under ) Tj ET Q q 0 0 0 rg BT 176.15 615.75 Td (new ) Tj ET Q q 0 0 0 rg BT 196.16 615.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 244.75 615.75 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 287.79 615.75 Td (all ) Tj ET Q q 0 0 0 rg BT 300.81 615.75 Td (but ) Tj ET Q q 0 0 0 rg BT 316.75 615.75 Td (one ) Tj ET Q q 0 0 0 rg BT 334.43 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 345.69 615.75 Td (those ) Tj ET Q q 0 0 0 rg BT 370.38 615.75 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 445.20 615.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 471.06 615.75 Td (no ) Tj ET Q q 0 0 0 rg BT 484.08 615.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 513.42 615.75 Td (qualified ) Tj ET Q q 0 0 0 rg BT 553.26 615.75 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 76.02 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 93.00 603.15 Td (13 ) Tj ET Q q 0 0 0 rg BT 105.32 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 115.89 603.15 Td (those ) Tj ET Q q 0 0 0 rg BT 139.87 603.15 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 214.00 603.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 239.15 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 266.63 603.15 Td (were ) Tj ET Q q 0 0 0 rg BT 288.85 603.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 343.74 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 354.30 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 364.87 603.15 Td (March ) Tj ET Q q 0 0 0 rg BT 394.09 603.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 409.04 603.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 434.48 603.15 Td (were ) Tj ET Q q 0 0 0 rg BT 456.70 603.15 Td (therefore ) Tj ET Q q 0 0 0 rg BT 496.41 603.15 Td (deconsolidated.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (See ) Tj ET Q q 0 0 0 rg BT 67.79 577.95 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.82 577.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 98.70 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 113.57 577.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.18 577.95 Td (information ) Tj ET Q q 0 0 0 rg BT 210.38 577.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 253.24 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 268.69 577.95 Td (adoption ) Tj ET Q q 0 0 0 rg BT 308.06 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 319.43 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 334.89 577.95 Td (new ) Tj ET Q q 0 0 0 rg BT 355.00 577.95 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 414.21 577.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 462.90 577.95 Td (guidance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.56 552.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.11 552.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 158.17 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 168.33 552.75 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 195.11 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 205.84 552.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 216.58 552.75 Td (March ) Tj ET Q q 0 0 0 rg BT 245.97 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 261.08 552.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.08 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 284.07 552.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.21 552.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.21 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 326.83 552.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.14 552.75 Td ($28,300) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.27 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 381.26 552.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.40 552.75 Td ($13,641) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.53 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 437.14 552.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 487.19 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 491.80 552.75 Td (which ) Tj ET Q q 0 0 0 rg BT 519.45 552.75 Td (represents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (its ) Tj ET Q q 0 0 0 rg BT 61.34 540.15 Td (maximum ) Tj ET Q q 0 0 0 rg BT 105.33 540.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 122.50 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 132.66 540.15 Td (loss, ) Tj ET Q q 0 0 0 rg BT 153.04 540.15 Td (excluding ) Tj ET Q q 0 0 0 rg BT 195.86 540.15 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 245.67 540.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 283.25 540.15 Td (fees. ) Tj ET Q q 0 0 0 rg BT 304.19 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 305.50 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 323.24 540.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 349.16 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 359.32 540.15 Td (these ) Tj ET Q q 0 0 0 rg BT 382.31 540.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 405.89 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 420.13 540.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 460.62 540.15 Td (comprised ) Tj ET Q q 0 0 0 rg BT 505.77 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 515.93 540.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (securities. ) Tj ET Q q 0 0 0 rg BT 94.76 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 97.25 527.55 Td (Investors ) Tj ET Q q 0 0 0 rg BT 138.23 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 155.88 527.55 Td (creditors ) Tj ET Q q 0 0 0 rg BT 195.10 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 206.33 527.55 Td (these ) Tj ET Q q 0 0 0 rg BT 230.39 527.55 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 255.04 527.55 Td (have ) Tj ET Q q 0 0 0 rg BT 277.35 527.55 Td (no ) Tj ET Q q 0 0 0 rg BT 290.34 527.55 Td (recourse ) Tj ET Q q 0 0 0 rg BT 328.38 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 339.04 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 354.35 527.55 Td (general ) Tj ET Q q 0 0 0 rg BT 387.73 527.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 414.12 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 425.35 527.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 452.33 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 463.57 527.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 487.63 527.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 518.69 527.55 Td (beyond ) Tj ET Q q 0 0 0 rg BT 552.09 527.55 Td (its ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.70 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 109.50 514.95 Td (these ) Tj ET Q q 0 0 0 rg BT 133.70 514.95 Td (funds.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (The ) Tj ET Q q 0 0 0 rg BT 70.31 489.75 Td (following ) Tj ET Q q 0 0 0 rg BT 115.13 489.75 Td (tables ) Tj ET Q q 0 0 0 rg BT 143.61 489.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 174.41 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 191.23 489.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 223.79 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 236.53 489.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 262.68 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 274.84 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 291.66 489.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 351.06 489.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 388.86 489.75 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 420.26 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 433.00 489.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.73 489.75 Td (March ) Tj ET Q q 0 0 0 rg BT 477.13 489.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.24 489.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.24 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 519.23 489.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.38 489.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 489.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 106.43 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 125.35 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 141.94 477.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 201.12 477.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 250.96 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 263.46 477.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 298.71 477.15 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 329.30 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 345.30 477.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.89 477.15 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.05 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 387.81 477.15 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.64 477.15 Td (March ) Tj ET Q q 0 0 0 rg BT 447.80 477.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 464.69 477.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.69 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 492.08 477.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 519.46 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 538.38 477.15 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (respectively:) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 441.95 Td (Consolidating Balance Sheets) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 371.45 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 371.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 117.50 371.45 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 371.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 371.45 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 371.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 371.45 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 371.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 371.45 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 371.45 7.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 371.45 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 371.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 371.45 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 371.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 371.45 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 371.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 371.45 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 336.45 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 336.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 117.50 336.45 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 336.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 336.45 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 336.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 336.45 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 336.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 336.45 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 336.45 7.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 336.45 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 336.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 336.45 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 336.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 336.45 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 336.45 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 336.45 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 301.45 63.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 301.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 117.50 301.45 58.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 301.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 301.45 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 301.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 301.45 53.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 301.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 301.45 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 301.45 7.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 301.45 57.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 301.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 301.45 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 301.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 301.45 51.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 301.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 301.45 53.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 266.45 63.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 266.45 4.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 117.50 266.45 58.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 266.45 4.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 266.45 44.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 266.45 4.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 266.45 53.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 266.45 4.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 266.45 54.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 266.45 7.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 266.45 57.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 266.45 4.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 266.45 44.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 266.45 4.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 266.45 51.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 266.45 4.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 266.45 53.00 -39.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 197.45 63.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 197.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 117.50 197.45 58.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 197.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 197.45 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 197.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 197.45 53.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 197.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 197.45 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 197.45 7.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 197.45 57.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 197.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 197.45 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 197.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 197.45 51.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 197.45 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 197.45 53.00 -22.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 418.45000000000005 m 175.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 418.45000000000005 m 179.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 418.45000000000005 m 223.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 418.45000000000005 m 227.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 418.45000000000005 m 280.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 418.45000000000005 m 284.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 418.45000000000005 m 338.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 418.45000000000005 m 402.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 418.45000000000005 m 406.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 418.45000000000005 m 450.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 418.45000000000005 m 454.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 418.45000000000005 m 505.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 418.45000000000005 m 509.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 418.45000000000005 m 562.5 418.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 371.45000000000005 m 113.5 371.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 371.45000000000005 m 175.5 371.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 371.45000000000005 m 223.5 371.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 371.45000000000005 m 280.5 371.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 371.45000000000005 m 338.5 371.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 371.45000000000005 m 402.5 371.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 371.45000000000005 m 450.5 371.45000000000005 l s 0 0 0 RG /GS0 gs 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Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.90 179.81 Td (\(13,667) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.15 179.81 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 512.00 179.81 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.10 179.81 Td (7,520,446) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 165.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 165.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 89.48 165.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 126.06 165.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 171.15 165.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 207.74 165.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 247.17 165.75 Td (products ) Tj ET Q q 0 0 0 rg BT 278.57 165.75 Td (\(VREs\) ) Tj ET Q q 0 0 0 rg BT 306.66 165.75 Td (that ) Tj ET Q q 0 0 0 rg BT 321.54 165.75 Td (are ) Tj ET Q q 0 0 0 rg BT 334.04 165.75 Td (not ) Tj ET Q q 0 0 0 rg BT 347.02 165.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 385.50 165.75 Td (as ) Tj ET Q q 0 0 0 rg BT 394.71 165.75 Td (CIVs.) Tj ET Q endstream endobj 301 0 obj <>] /Rotate 0 /Contents 302 0 R>> endobj 302 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (148) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (Consolidating Statements of Income \(Loss\) ) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 652.20 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 652.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 652.20 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 652.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 652.20 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 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0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 582.2 m 297.5 582.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 582.2 m 367.5 582.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 582.2 m 430.5 582.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 582.2 m 493.5 582.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 582.2 m 561.5 582.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 554.2 m 297.5 554.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 554.2 m 367.5 554.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 554.2 m 430.5 554.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 554.2 m 493.5 554.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 554.2 m 561.5 554.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 540.2 m 297.5 540.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 540.2 m 367.5 540.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 540.2 m 430.5 540.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 540.2 m 493.5 540.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 540.2 m 561.5 540.2 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 711.65 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.50 711.65 Td (Year Ended March 31, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 670.65 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.95 697.65 Td (Balance Befor) Tj ET Q q 0 0 0 rg BT 359.02 697.65 Td (e) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.20 688.65 Td (Consolidation ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.70 679.65 Td (of CIVs and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.05 670.65 Td (Other) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 342.04 674.73 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.10 679.65 Td (CIVs and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.55 670.65 Td (Other) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 408.54 674.73 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.95 670.65 Td (Eliminations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.70 679.65 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.40 670.65 Td (Totals) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 656.54 Td (Total Operating Revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 656.65 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.00 656.65 Td (2,887,431) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 656.65 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 656.65 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 656.65 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 656.65 Td (\(529) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 656.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.00 656.65 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.00 656.65 Td (2,886,902) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 642.54 Td (Total Operating Expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.00 642.65 Td (2,464,369) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.50 642.65 Td (816) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 642.65 Td (\(526) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 642.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.00 642.65 Td (2,464,659) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 628.54 Td (Operating Income \(Loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.75 628.65 Td (423,062) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.50 628.65 Td (\(816) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.00 628.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.50 628.65 Td (\(3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 628.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.75 628.65 Td (422,243) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 614.54 Td (Total Non-Operating Income \(Expense\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.25 614.65 Td (\(63,636) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.00 614.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.25 614.65 Td (15,602) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 614.65 Td (\(3,331) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 614.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 614.65 Td (\(51,365) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 614.65 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 600.54 Td (Income Before Income Tax Provision) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.75 600.65 Td (359,426) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.25 600.65 Td (14,786) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 600.65 Td (\(3,334) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 600.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.75 600.65 Td (370,878) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 586.54 Td (Income tax provision) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.25 586.65 Td (84,175) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 586.65 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.00 586.65 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.25 586.65 Td (84,175) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 572.54 Td (Net Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.75 572.65 Td (275,251) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.25 572.65 Td (14,786) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 572.65 Td (\(3,334) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 572.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.75 572.65 Td (286,703) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 558.54 Td (Less:��Net income attributable to noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.25 558.65 Td (47,995) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.75 558.65 Td (2,274) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 558.65 Td (9,178) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.25 558.65 Td (59,447) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.00 544.54 Td (Net Income Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 544.65 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.75 544.65 Td (227,256) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 544.65 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.25 544.65 Td (12,512) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 544.65 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 544.65 Td (\(12,512) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 544.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.00 544.65 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.75 544.65 Td (227,256) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 530.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 530.50 Td (Other represents consolidated sponsored investment products \(VREs\) that are not designated as CIVs.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 465.00 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 465.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 465.00 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 465.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 465.00 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 465.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 465.00 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 465.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 465.00 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 437.00 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 437.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 437.00 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 437.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 437.00 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 437.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 437.00 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 437.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 437.00 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 409.00 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 409.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 409.00 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 409.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 409.00 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 409.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 409.00 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 409.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 409.00 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 381.00 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 381.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 381.00 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 381.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 381.00 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 381.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 381.00 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 381.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 381.00 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 353.00 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 353.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 353.00 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 353.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 353.00 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 353.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 353.00 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 353.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 353.00 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 506 m 367.5 506 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 506 m 371.5 506 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 506 m 430.5 506 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 506 m 434.5 506 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 506 m 493.5 506 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 506 m 497.5 506 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 506 m 561.5 506 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 465 m 297.5 465 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 465 m 367.5 465 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 465 m 430.5 465 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 465 m 493.5 465 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 465 m 561.5 465 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 437 m 297.5 437 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 437 m 367.5 437 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 437 m 430.5 437 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 437 m 493.5 437 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 437 m 561.5 437 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 409 m 297.5 409 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 409 m 367.5 409 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 409 m 430.5 409 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 409 m 493.5 409 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 409 m 561.5 409 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 381 m 297.5 381 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 381 m 367.5 381 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 381 m 430.5 381 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 381 m 493.5 381 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 381 m 561.5 381 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 353 m 297.5 353 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 353 m 367.5 353 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 353 m 430.5 353 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 353 m 493.5 353 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 353 m 561.5 353 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 339 m 297.5 339 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 339 m 367.5 339 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 339 m 430.5 339 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 339 m 493.5 339 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 339 m 561.5 339 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 510.46 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.30 510.46 Td (Year Ended March 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 469.46 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.10 496.46 Td (Balance Before) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.70 487.46 Td (Consolidation ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.00 478.46 Td (of CIVs and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.30 469.46 Td (Other) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 340.79 473.54 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.35 478.46 Td (CIVs and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.80 469.46 Td (Other) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 407.29 473.54 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.50 469.46 Td (Eliminations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.25 478.46 Td (Consolidated) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.05 469.46 Td (Totals) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 455.46 Td (Total Operating Revenues) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 455.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 455.46 Td (2,661,162) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 455.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 455.46 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.00 455.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 455.46 Td (\(318) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 455.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 455.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 455.46 Td (2,660,844) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 441.46 Td (Total Operating Expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 441.46 Td (2,609,870) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.50 441.46 Td (466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 441.46 Td (\(323) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 441.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 441.46 Td (2,610,013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 427.46 Td (Operating Income \(Loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.25 427.46 Td (51,292) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.50 427.46 Td (\(466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 427.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 427.46 Td (5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 427.46 Td (50,831) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 413.46 Td (Total Non-Operating Income \(Expense\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.25 413.46 Td (\(65,458) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.00 413.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.25 413.46 Td (\(12,757) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 413.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 413.46 Td (2,166) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 413.46 Td (\(76,049) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 413.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 399.46 Td (Income \(Loss\) Before Income Tax Provision) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.25 399.46 Td (\(14,166) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.00 399.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.25 399.46 Td (\(13,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 399.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 399.46 Td (2,171) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 399.46 Td (\(25,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 399.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 385.46 Td (Income tax provision) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.75 385.46 Td (7,692) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 385.46 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 385.46 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 385.46 Td (7,692) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 371.46 Td (Net Income \(Loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.25 371.46 Td (\(21,858) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.00 371.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.25 371.46 Td (\(13,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 371.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 371.46 Td (2,171) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 371.46 Td (\(32,910) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 371.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 357.46 Td (Less:��Net income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.75 357.46 Td (3,174) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 357.46 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 357.46 Td (\(11,052) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 357.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 357.46 Td (\(7,878) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 357.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 343.46 Td (Net Income \(Loss\) Attributable to Legg Mason, Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 343.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.25 343.46 Td (\(25,032) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.00 343.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 343.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.25 343.46 Td (\(13,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 343.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.00 343.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 343.46 Td (13,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 343.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 343.46 Td (\(25,032) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 343.46 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 329.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 329.30 Td (Other represents consolidated sponsored investment products \(VREs\) that are not designated as CIVs.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 272.80 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 272.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 272.80 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 272.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 272.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 272.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 272.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 272.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 272.80 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 244.80 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 244.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 244.80 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 244.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 244.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 244.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 244.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 244.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 244.80 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 216.80 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 216.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 216.80 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 216.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 216.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 216.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 216.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 216.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 216.80 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 188.80 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 188.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 188.80 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 188.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 188.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 188.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 188.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 188.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 188.80 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 160.80 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 160.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 160.80 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 160.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 160.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 160.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 160.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 160.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 160.80 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 304.79999999999995 m 367.5 304.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 304.79999999999995 m 371.5 304.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 304.79999999999995 m 430.5 304.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 304.79999999999995 m 434.5 304.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 304.79999999999995 m 493.5 304.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 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BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 235.26 Td (Operating Income \(Loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 235.26 Td (499,118) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.50 235.26 Td (\(906) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 235.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 235.26 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 235.26 Td (498,219) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 221.26 Td (Total Non-Operating Income \(Expense\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.75 221.26 Td (\(136,186) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.00 221.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 221.26 Td (5,883) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 221.26 Td (77) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 221.26 Td (\(130,226) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 221.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 207.26 Td (Income Before Income Tax Provision) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 207.26 Td (362,932) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 207.26 Td (4,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 207.26 Td (84) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 207.26 Td (367,993) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 193.26 Td (Income tax provision) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 193.26 Td (125,284) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 193.26 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 193.26 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 193.26 Td (125,284) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 179.26 Td (Net Income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 179.26 Td (237,648) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 179.26 Td (4,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 179.26 Td (84) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 179.26 Td (242,709) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 165.26 Td (Less:��Net income attributable to noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 165.26 Td (568) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 165.26 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 165.26 Td (5,061) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 165.26 Td (5,629) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 151.26 Td (Net Income Attributable to Legg Mason, Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 151.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.75 151.26 Td (237,080) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 151.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 151.26 Td (4,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.00 151.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 151.26 Td (\(4,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 151.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 151.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 151.26 Td (237,080) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 122.70 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 116.19 122.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 150.30 122.70 Td (\(Expense\) ) Tj ET Q q 0 0 0 rg BT 195.49 122.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 233.11 122.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 266.64 122.70 Td (income, ) Tj ET Q q 0 0 0 rg BT 302.80 122.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 336.33 122.70 Td (expense, ) Tj ET Q q 0 0 0 rg BT 375.40 122.70 Td (and ) Tj ET Q q 0 0 0 rg BT 393.18 122.70 Td (net ) Tj ET Q q 0 0 0 rg BT 408.64 122.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 433.42 122.70 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 468.13 122.70 Td (on ) Tj ET Q q 0 0 0 rg BT 481.26 122.70 Td (investments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 97.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 97.50 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 128.15 97.50 Td (of ) Tj ET Q q 0 0 0 rg BT 139.52 97.50 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 164.32 97.50 Td (has ) Tj ET Q q 0 0 0 rg BT 180.94 97.50 Td (no ) Tj ET Q q 0 0 0 rg BT 194.07 97.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 225.26 97.50 Td (on ) Tj ET Q q 0 0 0 rg BT 238.39 97.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 256.18 97.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 290.29 97.50 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 319.16 97.50 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 372.52 97.50 Td (to ) Tj ET Q q 0 0 0 rg BT 383.32 97.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 407.52 97.50 Td (Mason,�Inc.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 72.30 Td (As ) Tj ET Q q 0 0 0 rg BT 63.17 72.30 Td (further ) Tj ET Q q 0 0 0 rg BT 93.24 72.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 134.99 72.30 Td (in ) Tj ET Q q 0 0 0 rg BT 144.66 72.30 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 170.66 72.30 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.91 72.30 Td ( ) Tj ET Q q 0 0 0 rg BT 177.42 72.30 Td (and ) Tj ET Q q 0 0 0 rg BT 194.08 72.30 Td (3, ) Tj ET Q q 0 0 0 rg BT 203.46 72.30 Td (ef) Tj ET Q q 0 0 0 rg BT 211.42 72.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 241.16 72.30 Td (April ) Tj ET Q q 0 0 0 rg BT 264.82 72.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 274.20 72.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 299.33 72.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 322.41 72.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 352.49 72.30 Td (retroactively ) Tj ET Q q 0 0 0 rg BT 407.05 72.30 Td (adopted ) Tj ET Q q 0 0 0 rg BT 441.79 72.30 Td (updated ) Tj ET Q q 0 0 0 rg BT 476.53 72.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 524.10 72.30 Td (guidance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 59.70 Td (on ) Tj ET Q q 0 0 0 rg BT 63.22 59.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 80.52 59.70 Td (value ) Tj ET Q q 0 0 0 rg BT 105.98 59.70 Td (measurement. ) Tj ET Q q 0 0 0 rg BT 167.30 59.70 Td ( ) Tj ET Q q 0 0 0 rg BT 170.03 59.70 Td (In ) Tj ET Q q 0 0 0 rg BT 181.50 59.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 231.43 59.70 Td (with ) Tj ET Q q 0 0 0 rg BT 252.82 59.70 Td (the ) Tj ET Q q 0 0 0 rg BT 268.37 59.70 Td (updated ) Tj ET Q q 0 0 0 rg BT 304.33 59.70 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 347.58 59.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 400.47 59.70 Td (for ) Tj ET Q q 0 0 0 rg BT 415.43 59.70 Td (which ) Tj ET Q q 0 0 0 rg BT 443.81 59.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 461.11 59.70 Td (value ) Tj ET Q q 0 0 0 rg BT 486.57 59.70 Td (is ) Tj ET Q q 0 0 0 rg BT 496.30 59.70 Td (measured ) Tj ET Q q 0 0 0 rg BT 539.25 59.70 Td (using ) Tj ET Q endstream endobj 303 0 obj <>] /Rotate 0 /Contents 304 0 R>> endobj 304 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (149) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (NA) Tj ET Q q 0 0 0 rg BT 63.81 741.75 Td (V) Tj ET Q q 0 0 0 rg BT 71.21 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 74.45 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 86.45 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 94.36 741.75 Td (practical ) Tj ET Q q 0 0 0 rg BT 133.75 741.75 Td (expedient ) Tj ET Q q 0 0 0 rg BT 177.81 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 193.88 741.75 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 236.21 741.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 282.01 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 293.43 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 309.51 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 353.59 741.75 Td (tables ) Tj ET Q q 0 0 0 rg BT 381.33 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 393.32 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 401.23 741.75 Td (reconciling ) Tj ET Q q 0 0 0 rg BT 451.71 741.75 Td (item ) Tj ET Q q 0 0 0 rg BT 473.62 741.75 Td (between ) Tj ET Q q 0 0 0 rg BT 511.85 741.75 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (included ) Tj ET Q q 0 0 0 rg BT 88.78 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 99.57 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 115.03 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 132.22 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 157.59 729.15 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 199.85 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 217.64 729.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 270.43 729.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 308.04 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 318.83 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 334.28 729.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 392.32 729.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 428.76 729.15 Td (Sheets. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.45 703.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.91 703.95 Td (had ) Tj ET Q q 0 0 0 rg BT 123.95 703.95 Td (no ) Tj ET Q q 0 0 0 rg BT 137.32 703.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 176.93 703.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 218.89 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 230.51 703.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 255.56 703.95 Td (carried ) Tj ET Q q 0 0 0 rg BT 287.58 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 298.03 703.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 315.48 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 341.09 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 352.72 703.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.34 703.95 Td (March ) Tj ET Q q 0 0 0 rg BT 394.62 703.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 410.62 703.95 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.62 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 434.50 703.95 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.12 703.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.12 703.95 Td (. ) Tj ET Q q 0 0 0 rg BT 472.62 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 475.29 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 494.49 703.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 511.94 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 537.56 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 703.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.36 691.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 116.48 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 127.85 691.35 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 152.65 691.35 Td (was ) Tj ET Q q 0 0 0 rg BT 171.60 691.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 221.46 691.35 Td (using ) Tj ET Q q 0 0 0 rg BT 246.83 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 262.29 691.35 Td (following ) Tj ET Q q 0 0 0 rg BT 305.75 691.35 Td (categories ) Tj ET Q q 0 0 0 rg BT 350.93 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 362.30 691.35 Td (inputs ) Tj ET Q q 0 0 0 rg BT 390.60 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 401.97 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.34 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 443.37 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 459.12 691.35 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.12 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 482.75 691.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.53 691.35 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.53 691.35 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 625.85 127.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 625.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 625.85 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 625.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 625.85 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 625.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 625.85 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 625.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 625.85 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 625.85 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 625.85 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 596.85 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 596.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 596.85 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 596.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 596.85 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 596.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 596.85 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 596.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 596.85 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 596.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 596.85 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 555.85 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 555.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 555.85 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 555.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 555.85 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 555.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 555.85 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 555.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 555.85 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 555.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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181.5 625.85 m 254.5 625.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 625.85 m 331.5 625.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 625.85 m 408.5 625.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 625.85 m 485.5 625.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 625.85 m 562.5 625.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 555.85 m 485.5 555.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 555.85 m 177.5 555.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 540.85 m 177.5 540.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 555.85 m 254.5 555.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 540.85 m 254.5 540.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 555.85 m 331.5 555.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 540.85 m 331.5 540.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 555.85 m 408.5 555.85 l s 0 0 0 RG /GS0 gs 1.00 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412.5 495.85 m 485.5 495.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 510.85 m 562.5 510.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 495.85 m 562.5 495.85 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 630.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 186.10 662.14 Td (Quoted prices ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 198.65 651.64 Td (in active ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 199.10 641.14 Td (markets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 197.80 630.64 Td (\(Level 1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 270.25 671.24 Td (Significant ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.60 660.74 Td (other) Tj ET Q q 0 0 0 rg BT 306.32 660.74 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 270.25 650.24 Td (observable ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 280.45 639.74 Td (inputs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 274.80 629.24 Td (\(Level 2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 347.25 662.14 Td (Significant ) Tj ET 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586.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 240.00 586.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.00 586.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 317.00 586.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 338.00 586.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.00 586.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.00 586.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 452.60 586.64 Td (15,910) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 492.00 586.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.60 586.64 Td (15,910) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 571.12 Td (Other proprietary fund) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 560.62 Td (products) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 221.60 560.64 Td (33,991) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 317.00 560.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.00 560.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.00 560.64 Td (�) Tj ET Q BT /F2 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 351.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 351.25 73.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 421.25 m 177.5 421.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 421.25 m 254.5 421.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 421.25 m 331.5 421.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 421.25 m 408.5 421.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 421.25 m 485.5 421.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 421.25 m 562.5 421.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 351.25 m 254.5 351.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 351.25 m 331.5 351.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 351.25 m 408.5 351.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 351.25 m 485.5 351.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 351.25 m 177.5 351.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 336.25 m 177.5 336.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 351.25 m 254.5 351.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 336.25 m 254.5 336.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 351.25 m 331.5 351.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 336.25 m 331.5 336.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 351.25 m 408.5 351.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 336.25 m 408.5 336.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 351.25 m 485.5 351.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 336.25 m 485.5 336.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 351.25 m 562.5 351.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 336.25 m 562.5 336.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 426.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 188.15 457.52 Td (Quoted prices ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 199.55 447.02 Td (in active ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 200.85 436.52 Td (markets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.10 426.02 Td (\(Level 1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.45 466.47 Td (Significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.70 455.97 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.75 445.47 Td (observable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.65 434.97 Td (inputs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.10 424.47 Td (\(Level 2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.45 457.52 Td (Significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.50 447.02 Td (unobservable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.65 436.52 Td (inputs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.10 426.02 Td (\(Level 3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.10 447.02 Td (Investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.25 436.52 Td (measured at) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.85 426.02 Td (NAV) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.20 447.02 Td (Balance as of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.90 436.52 Td (March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.00 426.02 Td (2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 411.64 Td (Assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 397.02 Td (Trading investments:) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 184.00 397.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.00 397.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 338.00 397.04 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 492.00 397.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 382.02 Td (Hedge funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 184.00 382.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.00 382.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.00 382.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 317.00 382.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.00 382.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.00 382.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.00 382.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.60 382.02 Td (18,144) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.00 382.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 382.02 Td (18,144) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.50 366.52 Td (Other proprietary fund) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 356.02 Td (products) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.60 356.02 Td (22,327) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.85 356.02 Td (8,244) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.00 356.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.00 356.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 356.02 Td (30,571) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 341.02 Td (Total trading investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 184.00 341.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.60 341.02 Td (22,327) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.00 341.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.85 341.02 Td (8,244) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.00 341.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.00 341.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.00 341.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.60 341.02 Td (18,144) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.00 341.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 341.02 Td (48,715) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 310.15 Td (There ) Tj ET Q q 0 0 0 rg BT 77.11 310.15 Td (were ) Tj ET Q q 0 0 0 rg BT 100.13 310.15 Td (no ) Tj ET Q q 0 0 0 rg BT 113.26 310.15 Td (transfers ) Tj ET Q q 0 0 0 rg BT 152.03 310.15 Td (between ) Tj ET Q q 0 0 0 rg BT 189.64 310.15 Td (Level�1 ) Tj ET Q q 0 0 0 rg BT 224.04 310.15 Td (and ) Tj ET Q q 0 0 0 rg BT 241.83 310.15 Td (Level ) Tj ET Q q 0 0 0 rg BT 268.36 310.15 Td (2 ) Tj ET Q q 0 0 0 rg BT 276.23 310.15 Td (during ) Tj ET Q q 0 0 0 rg BT 306.27 310.15 Td (either ) Tj ET Q q 0 0 0 rg BT 332.80 310.15 Td (of ) Tj ET Q q 0 0 0 rg BT 344.17 310.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.62 310.15 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.78 310.15 Td ( ) Tj ET Q q 0 0 0 rg BT 384.40 310.15 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.10 310.15 Td (March ) Tj ET Q q 0 0 0 rg BT 442.13 310.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 457.88 310.15 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.88 310.15 Td ( ) Tj ET Q q 0 0 0 rg BT 481.50 310.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.29 310.15 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.29 310.15 Td (.) Tj ET Q endstream endobj 305 0 obj <>] /Rotate 0 /Contents 306 0 R>> endobj 306 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (150) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 741.75 Td (NA) Tj ET Q q 0 0 0 rg BT 82.76 741.75 Td (Vs ) Tj ET Q q 0 0 0 rg BT 97.05 741.75 Td (used ) Tj ET Q q 0 0 0 rg BT 118.92 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 130.29 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 137.57 741.75 Td (practical ) Tj ET Q q 0 0 0 rg BT 176.33 741.75 Td (expedient ) Tj ET Q q 0 0 0 rg BT 219.77 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 232.89 741.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 257.68 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 280.12 741.75 Td (been ) Tj ET Q q 0 0 0 rg BT 302.56 741.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 342.51 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 355.63 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 371.08 741.75 Td (investees ) Tj ET Q q 0 0 0 rg BT 412.19 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 429.97 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 452.42 741.75 Td (been ) Tj ET Q q 0 0 0 rg BT 474.86 741.75 Td (derived ) Tj ET Q q 0 0 0 rg BT 508.96 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 532.00 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 547.44 741.75 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (values ) Tj ET Q q 0 0 0 rg BT 79.15 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 90.22 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 105.38 729.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 153.19 729.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 205.68 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 216.75 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 227.83 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 242.98 729.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 287.87 729.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 328.68 729.15 Td (dates. ) Tj ET Q q 0 0 0 rg BT 355.20 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 357.36 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 376.01 729.15 Td (following ) Tj ET Q q 0 0 0 rg BT 419.17 729.15 Td (table ) Tj ET Q q 0 0 0 rg BT 441.90 729.15 Td (summarizes, ) Tj ET Q q 0 0 0 rg BT 497.00 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 508.08 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.15 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 548.88 729.15 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 73.66 716.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.47 716.55 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 112.47 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 117.75 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 133.24 716.55 Td (nature ) Tj ET Q q 0 0 0 rg BT 162.13 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 173.53 716.55 Td (these ) Tj ET Q q 0 0 0 rg BT 197.76 716.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 250.58 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 268.40 716.55 Td (any ) Tj ET Q q 0 0 0 rg BT 286.21 716.55 Td (related ) Tj ET Q q 0 0 0 rg BT 317.43 716.55 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 365.59 716.55 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 414.90 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 426.30 716.55 Td (other ) Tj ET Q q 0 0 0 rg BT 450.53 716.55 Td (factors, ) Tj ET Q q 0 0 0 rg BT 484.38 716.55 Td (which ) Tj ET Q q 0 0 0 rg BT 512.70 716.55 Td (may ) Tj ET Q q 0 0 0 rg BT 533.43 716.55 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 703.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 102.49 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 127.85 703.95 Td (realized:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 642.45 77.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 127.50 642.45 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 642.45 105.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 642.45 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 642.45 77.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 642.45 22.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 642.45 77.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 642.45 10.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 642.45 76.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 642.45 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 642.45 56.00 -57.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 678.45 m 127.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 678.45 m 236.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 678.45 m 317.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 678.45 m 339.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 678.45 m 416.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 678.45 m 502.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 678.45 m 506.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 678.45 m 562.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 642.45 m 127.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 642.45 m 236.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 642.45 m 416.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 642.45 m 502.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 642.45 m 562.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 642.45 m 317.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 642.45 m 416.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 642.45 m 502.5 642.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 642.45 m 562.5 642.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.50 683.22 Td (Fair Value Determined Using NAV) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.40 683.24 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 491.70 683.24 Td (ch 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.55 657.72 Td (Category of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.15 647.22 Td (Investment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.35 647.22 Td (Investment Strategy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 243.70 647.24 Td (Mar) Tj ET Q q 0 0 0 rg BT 263.33 647.24 Td (ch 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.10 647.22 Td (March 31, 2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.00 647.22 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 657.74 Td (Unfunded) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.20 647.24 Td (Commitments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 509.45 657.74 Td (Remaining) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 521.90 647.24 Td (Term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 590.22 Td (Hedge funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 632.22 Td (Global macro, fixed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 621.72 Td (income, long/short) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 611.22 Td (equity, systematic,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 600.72 Td (emerging market, U.S.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 590.22 Td (and European hedge) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 243.00 590.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.60 590.24 Td (24,734) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 320.00 595.65 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.00 590.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.60 590.22 Td (18,144) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 484.95 590.24 Td (n/a) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 544.95 590.24 Td (n/a) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 575.75 Td (n/a ) Tj ET Q q 0 0 0 rg BT 62.51 575.75 Td (- ) Tj ET Q q 0 0 0 rg BT 67.47 575.75 Td (not ) Tj ET Q q 0 0 0 rg BT 80.45 575.75 Td (applicable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 565.55 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 565.55 Td (Redemption ) Tj ET Q q 0 0 0 rg BT 112.08 565.55 Td (restrictions: ) Tj ET Q q 0 0 0 rg BT 154.74 565.55 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 157.27 565.55 Td (4%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 168.60 565.55 Td ( ) Tj ET Q q 0 0 0 rg BT 171.13 565.55 Td (daily ) Tj ET Q q 0 0 0 rg BT 190.65 565.55 Td (redemption; ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 234.25 565.55 Td (1) Tj ET Q q 0 0 0 rg BT 238.19 565.55 Td (1%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 249.52 565.55 Td ( ) Tj ET Q q 0 0 0 rg BT 252.04 565.55 Td (monthly ) Tj ET Q q 0 0 0 rg BT 282.91 565.55 Td (redemption; ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 326.51 565.55 Td (43%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 342.09 565.55 Td ( ) Tj ET Q q 0 0 0 rg BT 344.62 565.55 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 377.83 565.55 Td (redemption; ) Tj ET Q q 0 0 0 rg BT 421.43 565.55 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 436.23 565.55 Td (42%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 451.81 565.55 Td ( ) Tj ET Q q 0 0 0 rg BT 454.34 565.55 Td (are ) Tj ET Q q 0 0 0 rg BT 467.24 565.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 493.85 565.55 Td (to ) Tj ET Q q 0 0 0 rg BT 502.99 565.55 Td (three ) Tj ET Q q 0 0 0 rg BT 522.50 565.55 Td (to ) Tj ET Q q 0 0 0 rg BT 531.64 565.55 Td (five ) Tj ET Q q 0 0 0 rg BT 547.38 565.55 Td (year ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 555.35 Td (lock-up ) Tj ET Q q 0 0 0 rg BT 96.09 555.35 Td (or ) Tj ET Q q 0 0 0 rg BT 105.30 555.35 Td (side ) Tj ET Q q 0 0 0 rg BT 121.11 555.35 Td (pocket ) Tj ET Q q 0 0 0 rg BT 145.90 555.35 Td (provisions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 530.15 Td (As ) Tj ET Q q 0 0 0 rg BT 64.29 530.15 Td (of ) Tj ET Q q 0 0 0 rg BT 75.67 530.15 Td (March ) Tj ET Q q 0 0 0 rg BT 105.70 530.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.45 530.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 145.07 530.15 Td (and ) Tj ET Q q 0 0 0 rg BT 162.86 530.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 189.11 530.15 Td (there ) Tj ET Q q 0 0 0 rg BT 212.72 530.15 Td (were ) Tj ET Q q 0 0 0 rg BT 235.74 530.15 Td (no ) Tj ET Q q 0 0 0 rg BT 248.87 530.15 Td (derivative ) Tj ET Q q 0 0 0 rg BT 293.47 530.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 335.18 530.15 Td (of ) Tj ET Q q 0 0 0 rg BT 346.55 530.15 Td (CIVs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 504.95 Td (As ) Tj ET Q q 0 0 0 rg BT 63.58 504.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.24 504.95 Td (March ) Tj ET Q q 0 0 0 rg BT 103.55 504.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 118.59 504.95 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 139.59 504.95 Td ( ) Tj ET Q q 0 0 0 rg BT 141.50 504.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 158.57 504.95 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.57 504.95 Td (, ) Tj ET Q q 0 0 0 rg BT 184.11 504.95 Td (for ) Tj ET Q q 0 0 0 rg BT 198.13 504.95 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 221.62 504.95 Td (in ) Tj ET Q q 0 0 0 rg BT 231.69 504.95 Td (which ) Tj ET Q q 0 0 0 rg BT 259.27 504.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 282.75 504.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 313.25 504.95 Td (holds ) Tj ET Q q 0 0 0 rg BT 337.91 504.95 Td (a ) Tj ET Q q 0 0 0 rg BT 344.48 504.95 Td (variable ) Tj ET Q q 0 0 0 rg BT 380.21 504.95 Td (interest, ) Tj ET Q q 0 0 0 rg BT 415.65 504.95 Td (but ) Tj ET Q q 0 0 0 rg BT 430.98 504.95 Td (for ) Tj ET Q q 0 0 0 rg BT 445.13 504.95 Td (which ) Tj ET Q q 0 0 0 rg BT 472.71 504.95 Td (it ) Tj ET Q q 0 0 0 rg BT 480.45 504.95 Td (was ) Tj ET Q q 0 0 0 rg BT 498.69 504.95 Td (not ) Tj ET Q q 0 0 0 rg BT 514.02 504.95 Td (the ) Tj ET Q q 0 0 0 rg BT 528.76 504.95 Td (primary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 492.35 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 96.54 492.35 Td (, ) Tj ET Q q 0 0 0 rg BT 101.79 492.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 125.99 492.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 163.18 492.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 200.78 492.35 Td (value ) Tj ET Q q 0 0 0 rg BT 226.15 492.35 Td (and ) Tj ET Q q 0 0 0 rg BT 243.93 492.35 Td (maximum ) Tj ET Q q 0 0 0 rg BT 289.14 492.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 307.51 492.35 Td (of ) Tj ET Q q 0 0 0 rg BT 318.88 492.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 337.85 492.35 Td (were ) Tj ET Q q 0 0 0 rg BT 360.88 492.35 Td (as ) Tj ET Q q 0 0 0 rg BT 372.25 492.35 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 409.85 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 409.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 409.85 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 409.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 409.85 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 409.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 409.85 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 409.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 409.85 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.85 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 379.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 379.85 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 379.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 379.85 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 379.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 379.85 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 379.85 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 379.85 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 466.85 m 326.5 466.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 466.85 m 330.5 466.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 466.85 m 404.5 466.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 466.85 m 488.5 466.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 466.85 m 492.5 466.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 466.85 m 562.5 466.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 409.85 m 242.5 409.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 409.85 m 326.5 409.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 409.85 m 404.5 409.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 409.85 m 488.5 409.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 409.85 m 562.5 409.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 409.85 m 326.5 409.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 409.85 m 404.5 409.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 409.85 m 488.5 409.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 409.85 m 562.5 409.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 364.85 m 242.5 364.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 364.85 m 326.5 364.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 364.85 m 404.5 364.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 364.85 m 488.5 364.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 364.85 m 562.5 364.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 349.85 m 242.5 349.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 349.85 m 326.5 349.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 349.85 m 404.5 349.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 349.85 m 488.5 349.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 349.85 m 562.5 349.85 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 471.62 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 277.40 471.64 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 322.70 471.64 Td (ch 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.75 471.62 Td (As of March 31, 2016) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.05 446.14 Td (Equity Inter) Tj ET Q q 0 0 0 rg BT 305.58 446.14 Td (ests ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 272.10 435.64 Td (on the ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.50 425.14 Td (Consolidated ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.35 414.64 Td (Balance Sheet ) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 314.68 419.40 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 343.65 425.14 Td (Maximum ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 334.25 414.64 Td (Risk of Loss ) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 391.72 419.40 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.90 446.12 Td (Equity Interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.00 435.62 Td (on the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.25 425.12 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.80 414.62 Td (Balance Sheet ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 475.19 419.38 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.10 425.12 Td (Maximum ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.15 414.62 Td (Risk of Loss ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 550.87 419.38 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 399.62 Td (CLOs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.00 399.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 312.00 399.64 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 333.00 399.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.00 399.64 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.00 399.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 399.62 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 399.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 399.62 Td (288) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 384.62 Td (Real Estate Investment Trust) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.60 384.64 Td (11,660) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 384.64 Td (15,763) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.85 384.62 Td (9,540) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 384.62 Td (14,595) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 369.62 Td (Other investment funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.60 369.64 Td (47,063) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 369.64 Td (73,710) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 369.62 Td (22,551) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 369.62 Td (27,852) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 354.62 Td (Total) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.00 354.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.60 354.64 Td (58,723) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 333.00 354.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 354.64 Td (89,473) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.00 354.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 354.62 Td (32,091) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 354.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 354.62 Td (42,735) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 340.15 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 340.15 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 101.30 340.15 Td (are ) Tj ET Q q 0 0 0 rg BT 113.80 340.15 Td (related ) Tj ET Q q 0 0 0 rg BT 139.04 340.15 Td (to ) Tj ET Q q 0 0 0 rg BT 147.78 340.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 190.52 340.15 Td (in ) Tj ET Q q 0 0 0 rg BT 199.25 340.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 239.14 340.15 Td (and ) Tj ET Q q 0 0 0 rg BT 253.54 340.15 Td (other ) Tj ET Q q 0 0 0 rg BT 273.13 340.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 290.83 340.15 Td (products.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 329.95 Td (\(2\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 329.95 Td (Includes ) Tj ET Q q 0 0 0 rg BT 98.92 329.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 122.29 329.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 165.03 329.95 Td (the ) Tj ET Q q 0 0 0 rg BT 177.54 329.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 212.72 329.95 Td (has ) Tj ET Q q 0 0 0 rg BT 226.17 329.95 Td (made ) Tj ET Q q 0 0 0 rg BT 246.71 329.95 Td (or ) Tj ET Q q 0 0 0 rg BT 255.91 329.95 Td (is ) Tj ET Q q 0 0 0 rg BT 263.71 329.95 Td (required ) Tj ET Q q 0 0 0 rg BT 294.15 329.95 Td (to ) Tj ET Q q 0 0 0 rg BT 302.89 329.95 Td (make ) Tj ET Q q 0 0 0 rg BT 323.42 329.95 Td (and ) Tj ET Q q 0 0 0 rg BT 337.82 329.95 Td (any ) Tj ET Q q 0 0 0 rg BT 352.21 329.95 Td (earned ) Tj ET Q q 0 0 0 rg BT 376.99 329.95 Td (but ) Tj ET Q q 0 0 0 rg BT 389.98 329.95 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 431.28 329.95 Td (management ) Tj ET Q q 0 0 0 rg BT 476.83 329.95 Td (fees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 304.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.77 304.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 120.02 304.75 Td (total ) Tj ET Q q 0 0 0 rg BT 141.37 304.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 169.31 304.75 Td (of ) Tj ET Q q 0 0 0 rg BT 181.50 304.75 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 248.27 304.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 273.29 304.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.06 304.75 Td ($26,735,285) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.56 304.75 Td ( ) Tj ET Q q 0 0 0 rg BT 349.01 304.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.61 304.75 Td ($17,170,697) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.11 304.75 Td ( ) Tj ET Q q 0 0 0 rg BT 423.55 304.75 Td (as ) Tj ET Q q 0 0 0 rg BT 435.74 304.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.93 304.75 Td (March ) Tj ET Q q 0 0 0 rg BT 478.78 304.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 495.35 304.75 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.35 304.75 Td ( ) Tj ET Q q 0 0 0 rg BT 519.79 304.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.39 304.75 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.39 304.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 292.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 292.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 266.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.78 266.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 95.73 266.95 Td (of ) Tj ET Q q 0 0 0 rg BT 106.94 266.95 Td (these ) Tj ET Q q 0 0 0 rg BT 130.79 266.95 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 154.83 266.95 Td (are ) Tj ET Q q 0 0 0 rg BT 170.10 266.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 211.63 266.95 Td (comprised ) Tj ET Q q 0 0 0 rg BT 257.83 266.95 Td (of ) Tj ET Q q 0 0 0 rg BT 269.03 266.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 290.14 266.95 Td (and ) Tj ET Q q 0 0 0 rg BT 307.76 266.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 328.87 266.95 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 379.15 266.95 Td (and ) Tj ET Q q 0 0 0 rg BT 396.77 266.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 445.30 266.95 Td (securities, ) Tj ET Q q 0 0 0 rg BT 490.04 266.95 Td (and ) Tj ET Q q 0 0 0 rg BT 507.65 266.95 Td (the ) Tj ET Q q 0 0 0 rg BT 522.94 266.95 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 254.35 Td (are ) Tj ET Q q 0 0 0 rg BT 65.91 254.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 108.08 254.35 Td (comprised ) Tj ET Q q 0 0 0 rg BT 154.91 254.35 Td (of ) Tj ET Q q 0 0 0 rg BT 166.74 254.35 Td (various ) Tj ET Q q 0 0 0 rg BT 200.75 254.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 237.66 254.35 Td (accruals. ) Tj ET Q q 0 0 0 rg BT 277.77 254.35 Td ( ) Tj ET Q q 0 0 0 rg BT 280.18 254.35 Td (As ) Tj ET Q q 0 0 0 rg BT 294.94 254.35 Td (of ) Tj ET Q q 0 0 0 rg BT 306.78 254.35 Td (March ) Tj ET Q q 0 0 0 rg BT 337.27 254.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 353.49 254.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 380.21 254.35 Td (the ) Tj ET Q q 0 0 0 rg BT 396.13 254.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 423.72 254.35 Td (and ) Tj ET Q q 0 0 0 rg BT 441.97 254.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 484.14 254.35 Td (of ) Tj ET Q q 0 0 0 rg BT 495.98 254.35 Td (these ) Tj ET Q q 0 0 0 rg BT 520.42 254.35 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 545.09 254.35 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 241.75 Td (included ) Tj ET Q q 0 0 0 rg BT 89.00 241.75 Td (CLO ) Tj ET Q q 0 0 0 rg BT 112.85 241.75 Td (loans ) Tj ET Q q 0 0 0 rg BT 137.86 241.75 Td (and ) Tj ET Q q 0 0 0 rg BT 155.87 241.75 Td (CLO ) Tj ET Q q 0 0 0 rg BT 179.72 241.75 Td (debt, ) Tj ET Q q 0 0 0 rg BT 203.27 241.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 253.31 241.75 Td (. ) Tj ET Q q 0 0 0 rg BT 258.78 241.75 Td ( ) Tj ET Q q 0 0 0 rg BT 261.42 241.75 Td (These ) Tj ET Q q 0 0 0 rg BT 289.14 241.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 313.56 241.75 Td (were ) Tj ET Q q 0 0 0 rg BT 336.81 241.75 Td (not ) Tj ET Q q 0 0 0 rg BT 353.08 241.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 408.99 241.75 Td (because ) Tj ET Q q 0 0 0 rg BT 445.07 241.75 Td (either ) Tj ET Q q 0 0 0 rg BT 471.82 241.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 486.91 241.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 511.33 241.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 542.76 241.75 Td (does ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 229.15 Td (not ) Tj ET Q q 0 0 0 rg BT 66.70 229.15 Td (have ) Tj ET Q q 0 0 0 rg BT 89.80 229.15 Td (the ) Tj ET Q q 0 0 0 rg BT 105.90 229.15 Td (power ) Tj ET Q q 0 0 0 rg BT 135.42 229.15 Td (to ) Tj ET Q q 0 0 0 rg BT 146.87 229.15 Td (direct ) Tj ET Q q 0 0 0 rg BT 174.05 229.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 221.65 229.15 Td (economic ) Tj ET Q q 0 0 0 rg BT 265.75 229.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 306.93 229.15 Td (of ) Tj ET Q q 0 0 0 rg BT 318.96 229.15 Td (the ) Tj ET Q q 0 0 0 rg BT 335.07 229.15 Td (entity ) Tj ET Q q 0 0 0 rg BT 362.26 229.15 Td (and ) Tj ET Q q 0 0 0 rg BT 380.70 229.15 Td (rights/obligations ) Tj ET Q q 0 0 0 rg BT 457.48 229.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 503.91 229.15 Td (with ) Tj ET Q q 0 0 0 rg BT 525.85 229.15 Td (benefits/) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 216.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 77.46 216.55 Td (that ) Tj ET Q q 0 0 0 rg BT 95.59 216.55 Td (could ) Tj ET Q q 0 0 0 rg BT 121.29 216.55 Td (be ) Tj ET Q q 0 0 0 rg BT 133.58 216.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 180.28 216.55 Td (to ) Tj ET Q q 0 0 0 rg BT 190.82 216.55 Td (the ) Tj ET Q q 0 0 0 rg BT 206.03 216.55 Td (entity) Tj ET Q q 0 0 0 rg BT 229.26 216.55 Td (, ) Tj ET Q q 0 0 0 rg BT 234.26 216.55 Td (or ) Tj ET Q q 0 0 0 rg BT 245.38 216.55 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 260.00 216.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 283.95 216.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 314.91 216.55 Td (does ) Tj ET Q q 0 0 0 rg BT 336.54 216.55 Td (not ) Tj ET Q q 0 0 0 rg BT 352.33 216.55 Td (absorb ) Tj ET Q q 0 0 0 rg BT 382.70 216.55 Td (a ) Tj ET Q q 0 0 0 rg BT 389.74 216.55 Td (majority ) Tj ET Q q 0 0 0 rg BT 427.69 216.55 Td (of ) Tj ET Q q 0 0 0 rg BT 438.81 216.55 Td (each ) Tj ET Q q 0 0 0 rg BT 460.25 216.55 Td (VIE's ) Tj ET Q q 0 0 0 rg BT 486.10 216.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 525.79 216.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 553.25 216.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 203.95 Td (does ) Tj ET Q q 0 0 0 rg BT 72.05 203.95 Td (not ) Tj ET Q q 0 0 0 rg BT 88.27 203.95 Td (receive ) Tj ET Q q 0 0 0 rg BT 121.38 203.95 Td (a ) Tj ET Q q 0 0 0 rg BT 128.84 203.95 Td (majority ) Tj ET Q q 0 0 0 rg BT 167.23 203.95 Td (of ) Tj ET Q q 0 0 0 rg BT 178.77 203.95 Td (each ) Tj ET Q q 0 0 0 rg BT 200.61 203.95 Td (VIE's ) Tj ET Q q 0 0 0 rg BT 226.88 203.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 267.00 203.95 Td (residual ) Tj ET Q q 0 0 0 rg BT 303.04 203.95 Td (gains. ) Tj ET Q q 0 0 0 rg BT 330.63 203.95 Td ( ) Tj ET Q q 0 0 0 rg BT 333.44 203.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 362.48 203.95 Td (the ) Tj ET Q q 0 0 0 rg BT 378.11 203.95 Td (new ) Tj ET Q q 0 0 0 rg BT 398.41 203.95 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 457.79 203.95 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 501.12 203.95 Td (ef) Tj ET Q q 0 0 0 rg BT 509.08 203.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 539.83 203.95 Td (April ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 191.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 60.50 191.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 86.75 191.35 Td (these ) Tj ET Q q 0 0 0 rg BT 110.95 191.35 Td (CLOs ) Tj ET Q q 0 0 0 rg BT 138.66 191.35 Td (are ) Tj ET Q q 0 0 0 rg BT 154.10 191.35 Td (no ) Tj ET Q q 0 0 0 rg BT 167.23 191.35 Td (longer ) Tj ET Q q 0 0 0 rg BT 196.68 191.35 Td (deemed ) Tj ET Q q 0 0 0 rg BT 231.95 191.35 Td (to ) Tj ET Q q 0 0 0 rg BT 242.75 191.35 Td (be ) Tj ET Q q 0 0 0 rg BT 255.09 191.35 Td (VIEs.) Tj ET Q endstream endobj 307 0 obj <>] /Rotate 0 /Contents 308 0 R>> endobj 308 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (151) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (18. SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 136.17 741.90 Td ( EVENTS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (Losses ) Tj ET Q q 0 0 0 rg BT 80.90 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 91.95 716.70 Td (RARE ) Tj ET Q q 0 0 0 rg BT 122.27 716.70 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 181.71 716.70 Td (separate ) Tj ET Q q 0 0 0 rg BT 218.42 716.70 Td (account ) Tj ET Q q 0 0 0 rg BT 252.87 716.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 279.68 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 297.15 716.70 Td (other ) Tj ET Q q 0 0 0 rg BT 321.04 716.70 Td (factors, ) Tj ET Q q 0 0 0 rg BT 354.54 716.70 Td (including ) Tj ET Q q 0 0 0 rg BT 396.52 716.70 Td (an ) Tj ET Q q 0 0 0 rg BT 408.74 716.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 448.36 716.70 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 497.91 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 508.39 716.70 Td (June ) Tj ET Q q 0 0 0 rg BT 529.95 716.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 553.26 716.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 112.82 704.10 Td ($1,500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 160.07 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.24 704.10 Td (from ) Tj ET Q q 0 0 0 rg BT 184.82 704.10 Td (an ) Tj ET Q q 0 0 0 rg BT 196.90 704.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 249.24 704.10 Td (client ) Tj ET Q q 0 0 0 rg BT 274.73 704.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 313.06 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.40 704.10 Td (notification ) Tj ET Q q 0 0 0 rg BT 373.98 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.31 704.10 Td (late ) Tj ET Q q 0 0 0 rg BT 401.16 704.10 Td (April ) Tj ET Q q 0 0 0 rg BT 425.50 704.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 451.29 704.10 Td (have ) Tj ET Q q 0 0 0 rg BT 473.28 704.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 508.69 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 519.03 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 525.86 704.10 Td (decrease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 60.18 691.50 Td (related ) Tj ET Q q 0 0 0 rg BT 90.75 691.50 Td (projected ) Tj ET Q q 0 0 0 rg BT 131.83 691.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 171.15 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 188.33 691.50 Td (a ) Tj ET Q q 0 0 0 rg BT 195.00 691.50 Td (revised ) Tj ET Q q 0 0 0 rg BT 227.33 691.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 264.33 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 275.09 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 289.93 691.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 334.51 691.50 Td (useful ) Tj ET Q q 0 0 0 rg BT 362.18 691.50 Td (life ) Tj ET Q q 0 0 0 rg BT 378.19 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 388.94 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 403.78 691.50 Td (RARE ) Tj ET Q q 0 0 0 rg BT 433.80 691.50 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 492.94 691.50 Td (separate ) Tj ET Q q 0 0 0 rg BT 529.35 691.50 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 89.88 678.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 133.84 678.90 Td (asset, ) Tj ET Q q 0 0 0 rg BT 158.85 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 175.99 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 190.79 678.90 Td (related ) Tj ET Q q 0 0 0 rg BT 221.33 678.90 Td (amortized ) Tj ET Q q 0 0 0 rg BT 265.29 678.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 302.24 678.90 Td (value ) Tj ET Q q 0 0 0 rg BT 326.96 678.90 Td (was ) Tj ET Q q 0 0 0 rg BT 345.26 678.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 394.47 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 404.61 678.90 Td (exceed ) Tj ET Q q 0 0 0 rg BT 435.73 678.90 Td (its ) Tj ET Q q 0 0 0 rg BT 447.63 678.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 464.17 678.90 Td (value ) Tj ET Q q 0 0 0 rg BT 488.89 678.90 Td (by ) Tj ET Q q 0 0 0 rg BT 501.36 678.90 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td ($32,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 666.30 Td (. ) Tj ET Q q 0 0 0 rg BT 88.27 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 89.46 666.30 Td (Also, ) Tj ET Q q 0 0 0 rg BT 113.45 666.30 Td (due ) Tj ET Q q 0 0 0 rg BT 130.13 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 139.82 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 154.18 666.30 Td (projected ) Tj ET Q q 0 0 0 rg BT 194.76 666.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 232.42 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 242.11 666.30 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 283.58 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 297.93 666.30 Td (carrying ) Tj ET Q q 0 0 0 rg BT 334.44 666.30 Td (value ) Tj ET Q q 0 0 0 rg BT 358.70 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 368.97 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 383.32 666.30 Td (RARE ) Tj ET Q q 0 0 0 rg BT 412.85 666.30 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 471.51 666.30 Td (trade ) Tj ET Q q 0 0 0 rg BT 494.02 666.30 Td (name ) Tj ET Q q 0 0 0 rg BT 518.28 666.30 Td (indefinite-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (life ) Tj ET Q q 0 0 0 rg BT 66.10 653.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 110.20 653.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 132.71 653.70 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 173.87 653.70 Td (its ) Tj ET Q q 0 0 0 rg BT 185.90 653.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 202.58 653.70 Td (value ) Tj ET Q q 0 0 0 rg BT 227.42 653.70 Td (by ) Tj ET Q q 0 0 0 rg BT 240.03 653.70 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.78 653.70 Td ($2,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.66 653.70 Td (. ) Tj ET Q q 0 0 0 rg BT 336.39 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 338.34 653.70 Td (The ) Tj ET Q q 0 0 0 rg BT 356.77 653.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 399.69 653.70 Td (impairments ) Tj ET Q q 0 0 0 rg BT 454.28 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 465.14 653.70 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.89 653.70 Td ($34,000) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (will ) Tj ET Q q 0 0 0 rg BT 68.96 641.10 Td (be ) Tj ET Q q 0 0 0 rg BT 81.50 641.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 120.85 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.64 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.09 641.10 Td (June ) Tj ET Q q 0 0 0 rg BT 168.96 641.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 192.59 641.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 221.74 641.10 Td (. ) Tj ET Q q 0 0 0 rg BT 226.99 641.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 618.50 Td (Additionally) Tj ET Q q 0 0 0 rg BT 102.40 618.50 Td (, ) Tj ET Q q 0 0 0 rg BT 107.03 618.50 Td (the ) Tj ET Q q 0 0 0 rg BT 121.87 618.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 160.02 618.50 Td (in ) Tj ET Q q 0 0 0 rg BT 169.75 618.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 196.26 618.50 Td (and ) Tj ET Q q 0 0 0 rg BT 213.43 618.50 Td (projected ) Tj ET Q q 0 0 0 rg BT 254.51 618.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 293.83 618.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 329.08 618.50 Td (in ) Tj ET Q q 0 0 0 rg BT 339.26 618.50 Td (a ) Tj ET Q q 0 0 0 rg BT 345.93 618.50 Td (reduction ) Tj ET Q q 0 0 0 rg BT 387.59 618.50 Td (of ) Tj ET Q q 0 0 0 rg BT 398.35 618.50 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.01 618.50 Td ($1) Tj ET Q q 0 0 0 rg BT 471.12 618.50 Td (1,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.74 618.50 Td ( ) Tj ET Q q 0 0 0 rg BT 496.75 618.50 Td (in ) Tj ET Q q 0 0 0 rg BT 506.93 618.50 Td (the ) Tj ET Q q 0 0 0 rg BT 521.77 618.50 Td (estimated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 605.90 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.50 605.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 155.25 605.90 Td (liability ) Tj ET Q q 0 0 0 rg BT 190.09 605.90 Td (related ) Tj ET Q q 0 0 0 rg BT 220.83 605.90 Td (to ) Tj ET Q q 0 0 0 rg BT 231.18 605.90 Td (the ) Tj ET Q q 0 0 0 rg BT 246.18 605.90 Td (RARE ) Tj ET Q q 0 0 0 rg BT 276.36 605.90 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 335.68 605.90 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 386.56 605.90 Td (which ) Tj ET Q q 0 0 0 rg BT 414.40 605.90 Td (will ) Tj ET Q q 0 0 0 rg BT 432.91 605.90 Td (be ) Tj ET Q q 0 0 0 rg BT 445.00 605.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 483.90 605.90 Td (as ) Tj ET Q q 0 0 0 rg BT 494.83 605.90 Td (a ) Tj ET Q q 0 0 0 rg BT 501.66 605.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 527.75 605.90 Td (to ) Tj ET Q q 0 0 0 rg BT 538.09 605.90 Td (Other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 593.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 92.28 593.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 128.72 593.30 Td (in ) Tj ET Q q 0 0 0 rg BT 139.51 593.30 Td (the ) Tj ET Q q 0 0 0 rg BT 154.97 593.30 Td (June ) Tj ET Q q 0 0 0 rg BT 176.84 593.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 200.46 593.30 Td (quarter) Tj ET Q q 0 0 0 rg BT 229.62 593.30 Td (. ) Tj ET Q endstream endobj 309 0 obj <>] /Rotate 0 /Contents 310 0 R>> endobj 310 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 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ET q 0 0 0 rg BT 407.65 668.93 Td (715,241) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 668.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 668.93 Td (748,370) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 668.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 668.93 Td (700,165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 655.93 Td (Operating Expenses, excluding Impairment Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 655.93 Td (613,237) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 655.93 Td (569,075) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 655.93 Td (620,737) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 655.93 Td (626,610) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 642.93 Td (Impairment Charges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 642.93 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 642.93 Td (35,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 642.93 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 642.93 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 629.93 Td (Operating Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 629.93 Td (109,889) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 629.93 Td (111,166) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 629.93 Td (127,633) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 629.93 Td (73,555) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 616.93 Td (Non-Operating Income \(Expense\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.30 616.98 Td (\(7,064) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 616.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.30 616.98 Td (\(20,198) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 616.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 616.98 Td (\(11,199) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 616.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.30 616.98 Td (\(12,904) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 616.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 603.93 Td (Income before Income Tax Provision) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 603.93 Td (102,825) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 603.93 Td (90,968) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 603.93 Td (116,434) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 603.93 Td (60,651) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 590.93 Td (Income tax provision) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 590.93 Td (12,521) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 590.93 Td (26,441) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 590.93 Td (29,902) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 590.93 Td (15,311) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 577.93 Td (Net Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 577.93 Td (90,304) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 577.93 Td (64,527) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 577.93 Td (86,532) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 577.93 Td (45,340) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.50 564.88 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 564.88 Td (14,380) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 564.88 Td (13,088) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 564.88 Td (20,091) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 564.88 Td (11,888) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 550.93 Td (Net Income Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 550.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 550.93 Td (75,924) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 550.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 550.93 Td (51,439) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 550.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 550.93 Td (66,441) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 550.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 550.93 Td (33,452) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 533.88 Td (Net Income per share Attributable to Legg Mason,�Inc. Shareholders:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 519.93 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 519.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 519.93 Td (0.76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 519.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 519.93 Td (0.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 519.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 519.93 Td (0.63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 519.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 519.93 Td (0.31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 506.93 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 506.93 Td (0.76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 506.93 Td (0.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 506.93 Td (0.63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 506.93 Td (0.31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 493.93 Td (Cash dividend declared per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 493.93 Td (0.22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 493.93 Td (0.22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 493.93 Td (0.22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 493.93 Td (0.22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 480.93 Td (Stock price range:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 467.93 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 467.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 467.93 Td (38.99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 467.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.65 467.93 Td (34.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 467.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 467.93 Td (35.09) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 467.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 467.93 Td (35.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 454.93 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 454.93 Td (30.22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.65 454.93 Td (28.10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 454.93 Td (27.62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 454.93 Td (27.54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 441.93 Td (Assets Under Management \(in millions\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 428.93 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 428.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 428.93 Td (728,406) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 428.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 428.93 Td (710,387) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 428.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 428.93 Td (732,900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 428.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 428.93 Td (741,853) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 415.93 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 415.93 Td (718,889) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 415.93 Td (716,740) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 415.93 Td (742,134) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 415.93 Td (709,098) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 402.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 402.50 Td (Due ) Tj ET Q q 0 0 0 rg BT 83.79 402.50 Td (to ) Tj ET Q q 0 0 0 rg BT 92.52 402.50 Td (rounding ) Tj ET Q q 0 0 0 rg BT 125.34 402.50 Td (of ) Tj ET Q q 0 0 0 rg BT 134.55 402.50 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 167.35 402.50 Td (results, ) Tj ET Q q 0 0 0 rg BT 193.80 402.50 Td (total ) Tj ET Q q 0 0 0 rg BT 211.03 402.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 241.96 402.50 Td (for ) Tj ET Q q 0 0 0 rg BT 253.99 402.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 274.53 402.50 Td (year ) Tj ET Q q 0 0 0 rg BT 291.28 402.50 Td (may ) Tj ET Q q 0 0 0 rg BT 308.04 402.50 Td (dif) Tj ET Q q 0 0 0 rg BT 317.33 402.50 Td (fer ) Tj ET Q q 0 0 0 rg BT 328.89 402.50 Td (immaterially ) Tj ET Q q 0 0 0 rg BT 374.44 402.50 Td (from ) Tj ET Q q 0 0 0 rg BT 393.09 402.50 Td (the ) Tj ET Q q 0 0 0 rg BT 405.60 402.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 430.38 402.50 Td (results.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 377.30 Td (As ) Tj ET Q q 0 0 0 rg BT 63.79 377.30 Td (of ) Tj ET Q q 0 0 0 rg BT 75.17 377.30 Td (May ) Tj ET Q q 0 0 0 rg BT 97.04 377.30 Td (18, ) Tj ET Q q 0 0 0 rg BT 112.79 377.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 139.04 377.30 Td (the ) Tj ET Q q 0 0 0 rg BT 154.49 377.30 Td (closing ) Tj ET Q q 0 0 0 rg BT 187.45 377.30 Td (price ) Tj ET Q q 0 0 0 rg BT 211.06 377.30 Td (of ) Tj ET Q q 0 0 0 rg BT 222.43 377.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 246.63 377.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 283.82 377.30 Td (common ) Tj ET Q q 0 0 0 rg BT 323.19 377.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 347.98 377.30 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.93 377.30 Td ($37.46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.81 377.30 Td (.) 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0.9333333333333333 1 rg /GS0 gs 388.50 300.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 300.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 300.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 300.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 300.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 274.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 274.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 274.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 274.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 274.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 274.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 274.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 274.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 274.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 248.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 248.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 248.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 248.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 248.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 248.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 248.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 248.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 248.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 222.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 222.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 222.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 222.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 222.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 222.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 222.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 222.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 222.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 192.20 335.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 192.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 192.20 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 192.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 192.20 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 192.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 192.20 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 164.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 164.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 164.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 164.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 164.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 164.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 164.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 164.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 164.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 138.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 138.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 138.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 138.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 138.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 138.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 138.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 138.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 138.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 112.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 112.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 112.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 112.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 112.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 112.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 112.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 112.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 112.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 86.20 276.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 86.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 86.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 86.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 86.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 86.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 86.20 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 86.20 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 86.20 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 340.20000000000005 m 384.5 340.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 340.20000000000005 m 388.5 340.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 340.20000000000005 m 443.5 340.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 340.20000000000005 m 447.5 340.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 340.20000000000005 m 502.5 340.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 340.20000000000005 m 506.5 340.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 340.20000000000005 m 561.5 340.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 326.20000000000005 m 325.5 326.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 326.20000000000005 m 443.5 326.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 326.20000000000005 m 502.5 326.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 326.20000000000005 m 561.5 326.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 326.20000000000005 m 384.5 326.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 287.20000000000005 m 325.5 287.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 287.20000000000005 m 384.5 287.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 287.20000000000005 m 443.5 287.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 287.20000000000005 m 502.5 287.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 287.20000000000005 m 561.5 287.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 274.20000000000005 m 325.5 274.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 274.20000000000005 m 384.5 274.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 274.20000000000005 m 443.5 274.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 274.20000000000005 m 502.5 274.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 274.20000000000005 m 561.5 274.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 261.20000000000005 m 325.5 261.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 274.20000000000005 m 384.5 274.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 261.20000000000005 m 384.5 261.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 261.20000000000005 m 443.5 261.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 261.20000000000005 m 502.5 261.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 261.20000000000005 m 561.5 261.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 235.20000000000005 m 325.5 235.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 235.20000000000005 m 384.5 235.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 235.20000000000005 m 443.5 235.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 235.20000000000005 m 502.5 235.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 235.20000000000005 m 561.5 235.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 222.20000000000005 m 384.5 222.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 222.20000000000005 m 443.5 222.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 222.20000000000005 m 502.5 222.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 222.20000000000005 m 561.5 222.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 222.20000000000005 m 325.5 222.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 209.20000000000005 m 384.5 209.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 209.20000000000005 m 443.5 209.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 209.20000000000005 m 502.5 209.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 209.20000000000005 m 561.5 209.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 209.20000000000005 m 325.5 209.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 196.20000000000005 m 325.5 196.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 196.20000000000005 m 384.5 196.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 196.20000000000005 m 443.5 196.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 196.20000000000005 m 502.5 196.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 196.20000000000005 m 561.5 196.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 60.200000000000045 m 325.5 60.200000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 60.200000000000045 m 384.5 60.200000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 60.200000000000045 m 443.5 60.200000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 60.200000000000045 m 502.5 60.200000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 60.200000000000045 m 561.5 60.200000000000045 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.70 344.77 Td (Quarter Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 330.77 Td (Fiscal 2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 98.39 335.30 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.90 330.77 Td (Mar.�31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.95 330.77 Td (Dec.�31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.10 330.77 Td (Sept.�30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.05 330.77 Td (June 30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 316.77 Td (Operating Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 316.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 316.77 Td (619,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 316.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 316.77 Td (659,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 316.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 316.77 Td (673,086) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 316.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 316.77 Td (708,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 303.77 Td (Operating Expenses, excluding Impairment Charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 303.77 Td (585,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 303.77 Td (529,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 303.77 Td (540,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 303.77 Td (584,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.50 290.77 Td (Impairment Charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 290.77 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 290.77 Td (371,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 290.77 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 290.77 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 277.77 Td (Operating Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 277.77 Td (33,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 277.82 Td (\(240,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 277.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 277.77 Td (133,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 277.77 Td (124,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 264.77 Td (Non-Operating Income \(Expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.80 264.82 Td (\(27,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 264.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 264.82 Td (\(1,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 264.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 264.82 Td (\(42,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 264.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 264.82 Td (\(4,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 264.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 251.77 Td (Income \(Loss\) before Income Tax Provision \(Benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 251.77 Td (6,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 251.82 Td (\(242,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 251.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 251.77 Td (90,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 251.77 Td (120,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 238.77 Td (Income tax provision \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 238.77 Td (58,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 238.82 Td (\(103,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 238.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 238.77 Td (27,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 238.77 Td (25,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 225.77 Td (Net Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.80 225.82 Td (\(52,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 225.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 225.82 Td (\(138,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 225.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 225.77 Td (62,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 225.77 Td (94,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 212.77 Td (Less: Net income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 212.82 Td (\(6,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 212.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 212.77 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 212.82 Td (\(1,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 212.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 212.77 Td (391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 199.77 Td (Net Income \(Loss\) Attributable to Legg Mason, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 199.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.80 199.82 Td (\(45,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 199.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 199.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 199.82 Td (\(138,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 199.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 199.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 199.77 Td (64,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 199.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 199.77 Td (94,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 181.87 Td (Net Income \(Loss\) per share Attributable to Legg Mason,�Inc. Shareholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 167.77 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 167.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.80 167.82 Td (\(0.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 167.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 167.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 167.82 Td (\(1.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 167.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 167.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 167.77 Td (0.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 167.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 167.77 Td (0.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 154.77 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.80 154.82 Td (\(0.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 154.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 154.82 Td (\(1.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 154.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 154.77 Td (0.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 154.77 Td (0.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 141.77 Td (Cash dividend declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 141.77 Td (0.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 141.77 Td (0.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 141.77 Td (0.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 141.77 Td (0.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 128.77 Td (Stock price range:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 115.77 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 115.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 115.77 Td (39.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 115.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 115.77 Td (46.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 115.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 115.77 Td (52.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 115.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 115.77 Td (55.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 102.77 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 102.77 Td (24.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 102.77 Td (37.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 102.77 Td (40.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 102.77 Td (50.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 89.77 Td (Assets Under Management \(in millions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 76.77 Td (End of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 76.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 76.77 Td (669,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 76.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 76.77 Td (671,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 76.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 76.77 Td (672,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 76.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 76.77 Td (699,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 63.77 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 63.77 Td (662,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 63.77 Td (683,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 63.77 Td (687,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 63.77 Td (703,860) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 50.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 50.50 Td (Due to rounding of quarterly results, total amounts for fiscal year may dif) Tj ET Q q 0 0 0 rg BT 317.33 50.50 Td (fer immaterially from the annual results.) Tj ET Q endstream endobj 311 0 obj <>] /Rotate 0 /Contents 312 0 R>> endobj 312 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (153) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 79.15 741.90 Td (9. ) Tj ET Q q 0 0 0 rg BT 88.67 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.31 741.90 Td (CHANGES ) Tj ET Q q 0 0 0 rg BT 143.88 741.90 Td (IN ) Tj ET Q q 0 0 0 rg BT 156.84 741.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 181.23 741.90 Td (DISAGREEMENTS ) Tj ET Q q 0 0 0 rg BT 274.94 741.90 Td (WITH ) Tj ET Q q 0 0 0 rg BT 305.98 741.90 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 358.29 741.90 Td (ANTS ) Tj ET Q q 0 0 0 rg BT 387.94 741.90 Td (ON ) Tj ET Q q 0 0 0 rg BT 404.98 741.90 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 479.18 741.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 503.57 741.90 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 562.50 741.90 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (DISCLOSURE.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 704.70 Td (None.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 680.10 Td (9A. ) Tj ET Q q 0 0 0 rg BT 98.21 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.84 680.10 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 161.81 680.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 187.19 680.10 Td (PROCEDURES.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 654.90 Td (As ) Tj ET Q q 0 0 0 rg BT 99.78 654.90 Td (of ) Tj ET Q q 0 0 0 rg BT 111.13 654.90 Td (March ) Tj ET Q q 0 0 0 rg BT 141.14 654.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 156.87 654.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 183.10 654.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 207.29 654.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 244.46 654.90 Td (management, ) Tj ET Q q 0 0 0 rg BT 303.33 654.90 Td (including ) Tj ET Q q 0 0 0 rg BT 345.60 654.90 Td (the ) Tj ET Q q 0 0 0 rg BT 361.04 654.90 Td (Chief ) Tj ET Q q 0 0 0 rg BT 386.97 654.90 Td (Executive ) Tj ET Q q 0 0 0 rg BT 431.56 654.90 Td (Of) Tj ET Q q 0 0 0 rg BT 442.45 654.90 Td (ficer ) Tj ET Q q 0 0 0 rg BT 464.29 654.90 Td (and ) Tj ET Q q 0 0 0 rg BT 482.06 654.90 Td (the ) Tj ET Q q 0 0 0 rg BT 497.49 654.90 Td (Chief ) Tj ET Q q 0 0 0 rg BT 523.43 654.90 Td (Financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 642.30 Td (Of) Tj ET Q q 0 0 0 rg BT 60.39 642.30 Td (ficer) Tj ET Q q 0 0 0 rg BT 79.20 642.30 Td (, ) Tj ET Q q 0 0 0 rg BT 85.28 642.30 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 128.97 642.30 Td (the ) Tj ET Q q 0 0 0 rg BT 145.26 642.30 Td (ef) Tj ET Q q 0 0 0 rg BT 153.22 642.30 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 203.33 642.30 Td (of ) Tj ET Q q 0 0 0 rg BT 215.53 642.30 Td (the ) Tj ET Q q 0 0 0 rg BT 231.82 642.30 Td (design ) Tj ET Q q 0 0 0 rg BT 262.69 642.30 Td (and ) Tj ET Q q 0 0 0 rg BT 281.31 642.30 Td (operation ) Tj ET Q q 0 0 0 rg BT 324.42 642.30 Td (of ) Tj ET Q q 0 0 0 rg BT 336.63 642.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 361.66 642.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 399.68 642.30 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 445.71 642.30 Td (controls ) Tj ET Q q 0 0 0 rg BT 483.00 642.30 Td (and ) Tj ET Q q 0 0 0 rg BT 501.62 642.30 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 553.76 642.30 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 629.70 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 95.40 629.70 Td (the ) Tj ET Q q 0 0 0 rg BT 110.40 629.70 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 155.14 629.70 Td (controls ) Tj ET Q q 0 0 0 rg BT 191.14 629.70 Td (and ) Tj ET Q q 0 0 0 rg BT 208.46 629.70 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 259.32 629.70 Td (management ) Tj ET Q q 0 0 0 rg BT 315.13 629.70 Td (recognized ) Tj ET Q q 0 0 0 rg BT 363.36 629.70 Td (that ) Tj ET Q q 0 0 0 rg BT 381.27 629.70 Td (any ) Tj ET Q q 0 0 0 rg BT 398.60 629.70 Td (controls ) Tj ET Q q 0 0 0 rg BT 434.59 629.70 Td (and ) Tj ET Q q 0 0 0 rg BT 451.92 629.70 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 502.77 629.70 Td (no ) Tj ET Q q 0 0 0 rg BT 515.44 629.70 Td (matter ) Tj ET Q q 0 0 0 rg BT 544.43 629.70 Td (how ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (well ) Tj ET Q q 0 0 0 rg BT 72.23 617.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 114.22 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.03 617.10 Td (operated, ) Tj ET Q q 0 0 0 rg BT 177.46 617.10 Td (can ) Tj ET Q q 0 0 0 rg BT 196.69 617.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 233.42 617.10 Td (only ) Tj ET Q q 0 0 0 rg BT 256.74 617.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 306.29 617.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 351.76 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.16 617.10 Td (achieving ) Tj ET Q q 0 0 0 rg BT 410.63 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.11 617.10 Td (desired ) Tj ET Q q 0 0 0 rg BT 463.09 617.10 Td (control ) Tj ET Q q 0 0 0 rg BT 497.49 617.10 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 547.34 617.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 604.50 Td (management ) Tj ET Q q 0 0 0 rg BT 105.78 604.50 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 155.05 604.50 Td (was ) Tj ET Q q 0 0 0 rg BT 174.01 604.50 Td (required ) Tj ET Q q 0 0 0 rg BT 211.63 604.50 Td (to ) Tj ET Q q 0 0 0 rg BT 222.42 604.50 Td (apply ) Tj ET Q q 0 0 0 rg BT 248.38 604.50 Td (its ) Tj ET Q q 0 0 0 rg BT 260.93 604.50 Td (judgment ) Tj ET Q q 0 0 0 rg BT 303.23 604.50 Td (in ) Tj ET Q q 0 0 0 rg BT 314.02 604.50 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 360.39 604.50 Td (the ) Tj ET Q q 0 0 0 rg BT 375.85 604.50 Td (cost-benefit ) Tj ET Q q 0 0 0 rg BT 428.04 604.50 Td (relationship ) Tj ET Q q 0 0 0 rg BT 480.25 604.50 Td (of ) Tj ET Q q 0 0 0 rg BT 491.62 604.50 Td (possible ) Tj ET Q q 0 0 0 rg BT 528.67 604.50 Td (controls ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 591.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.48 591.90 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 118.98 591.90 Td (Based ) Tj ET Q q 0 0 0 rg BT 147.46 591.90 Td (on ) Tj ET Q q 0 0 0 rg BT 160.77 591.90 Td (that ) Tj ET Q q 0 0 0 rg BT 179.33 591.90 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 228.51 591.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 252.90 591.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 290.28 591.90 Td (management, ) Tj ET Q q 0 0 0 rg BT 349.36 591.90 Td (including ) Tj ET Q q 0 0 0 rg BT 391.84 591.90 Td (its ) Tj ET Q q 0 0 0 rg BT 404.58 591.90 Td (Chief ) Tj ET Q q 0 0 0 rg BT 430.72 591.90 Td (Executive ) Tj ET Q q 0 0 0 rg BT 475.52 591.90 Td (Of) Tj ET Q q 0 0 0 rg BT 486.41 591.90 Td (ficer ) Tj ET Q q 0 0 0 rg BT 508.46 591.90 Td (and ) Tj ET Q q 0 0 0 rg BT 526.44 591.90 Td (its ) Tj ET Q q 0 0 0 rg BT 539.17 591.90 Td (Chief ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 579.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 90.65 579.30 Td (Of) Tj ET Q q 0 0 0 rg BT 101.54 579.30 Td (ficer) Tj ET Q q 0 0 0 rg BT 120.35 579.30 Td (, ) Tj ET Q q 0 0 0 rg BT 125.05 579.30 Td (concluded ) Tj ET Q q 0 0 0 rg BT 170.28 579.30 Td (that ) Tj ET Q q 0 0 0 rg BT 188.10 579.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 211.75 579.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 248.39 579.30 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 293.04 579.30 Td (controls ) Tj ET Q q 0 0 0 rg BT 328.95 579.30 Td (and ) Tj ET Q q 0 0 0 rg BT 346.19 579.30 Td (procedures ) Tj ET Q q 0 0 0 rg BT 394.33 579.30 Td (were ) Tj ET Q q 0 0 0 rg BT 416.80 579.30 Td (ef) Tj ET Q q 0 0 0 rg BT 424.77 579.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 455.41 579.30 Td (on ) Tj ET Q q 0 0 0 rg BT 467.99 579.30 Td (a ) Tj ET Q q 0 0 0 rg BT 474.73 579.30 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 521.69 579.30 Td (assurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 566.70 Td (basis. ) Tj ET Q q 0 0 0 rg BT 74.45 566.70 Td ( ) Tj ET Q q 0 0 0 rg BT 75.78 566.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 101.01 566.70 Td (than ) Tj ET Q q 0 0 0 rg BT 120.41 566.70 Td (for ) Tj ET Q q 0 0 0 rg BT 133.98 566.70 Td (aspects ) Tj ET Q q 0 0 0 rg BT 165.63 566.70 Td (of ) Tj ET Q q 0 0 0 rg BT 175.70 566.70 Td (the ) Tj ET Q q 0 0 0 rg BT 189.85 566.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 207.56 566.70 Td (rust ) Tj ET Q q 0 0 0 rg BT 224.64 566.70 Td (and ) Tj ET Q q 0 0 0 rg BT 241.12 566.70 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 273.94 566.70 Td (Partners ) Tj ET Q q 0 0 0 rg BT 309.68 566.70 Td (businesses ) Tj ET Q q 0 0 0 rg BT 355.34 566.70 Td (acquired ) Tj ET Q q 0 0 0 rg BT 392.81 566.70 Td (in ) Tj ET Q q 0 0 0 rg BT 402.30 566.70 Td (May ) Tj ET Q q 0 0 0 rg BT 422.87 566.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 445.20 566.70 Td (and ) Tj ET Q q 0 0 0 rg BT 461.39 566.70 Td (April ) Tj ET Q q 0 0 0 rg BT 484.88 566.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 509.83 566.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.88 566.70 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 554.10 Td (there ) Tj ET Q q 0 0 0 rg BT 72.74 554.10 Td (have ) Tj ET Q q 0 0 0 rg BT 94.81 554.10 Td (been ) Tj ET Q q 0 0 0 rg BT 116.89 554.10 Td (no ) Tj ET Q q 0 0 0 rg BT 129.64 554.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 165.71 554.10 Td (in ) Tj ET Q q 0 0 0 rg BT 176.13 554.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 199.96 554.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 236.78 554.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 271.10 554.10 Td (control ) Tj ET Q q 0 0 0 rg BT 303.10 554.10 Td (over ) Tj ET Q q 0 0 0 rg BT 324.01 554.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 362.99 554.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 403.73 554.10 Td (that ) Tj ET Q q 0 0 0 rg BT 421.73 554.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 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490.50 Td (heading ) Tj ET Q q 0 0 0 rg BT 510.73 490.50 Td (�Election ) Tj ET Q q 0 0 0 rg BT 553.76 490.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.90 Td (Directors�- ) Tj ET Q q 0 0 0 rg BT 97.32 477.90 Td (Committees ) Tj ET Q q 0 0 0 rg BT 150.69 477.90 Td (of ) Tj ET Q q 0 0 0 rg BT 162.06 477.90 Td (the ) Tj ET Q q 0 0 0 rg BT 177.51 477.90 Td (Board�- ) Tj ET Q q 0 0 0 rg BT 211.92 477.90 Td (Board ) Tj ET Q q 0 0 0 rg BT 240.21 477.90 Td (Meetings�- ) Tj ET Q q 0 0 0 rg BT 287.45 477.90 Td (Audit ) Tj ET Q q 0 0 0 rg BT 314.00 477.90 Td (Committee� ) Tj ET Q q 0 0 0 rg BT 367.94 477.90 Td (and ) Tj ET Q q 0 0 0 rg BT 385.73 477.90 Td (is ) Tj ET Q q 0 0 0 rg BT 395.36 477.90 Td (also ) Tj ET Q q 0 0 0 rg BT 414.90 477.90 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 470.58 477.90 Td (herein ) Tj ET Q q 0 0 0 rg BT 499.44 477.90 Td (by ) Tj ET Q q 0 0 0 rg BT 512.57 477.90 Td (reference.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 465.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 452.70 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 452.70 Td (e ) Tj ET Q q 0 0 0 rg BT 102.10 452.70 Td (have ) Tj ET Q q 0 0 0 rg BT 124.79 452.70 Td (adopted ) Tj ET Q q 0 0 0 rg BT 160.89 452.70 Td (a ) Tj ET Q q 0 0 0 rg BT 168.42 452.70 Td (corporate ) Tj ET Q q 0 0 0 rg BT 210.93 452.70 Td (Code ) Tj ET Q q 0 0 0 rg BT 235.96 452.70 Td (of ) Tj ET Q q 0 0 0 rg BT 247.57 452.70 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 286.02 452.70 Td (that ) Tj ET Q q 0 0 0 rg BT 304.64 452.70 Td (applies ) Tj ET Q q 0 0 0 rg BT 337.25 452.70 Td (to ) Tj ET Q q 0 0 0 rg BT 348.28 452.70 Td (all ) Tj ET Q q 0 0 0 rg BT 361.64 452.70 Td (directors ) Tj ET Q q 0 0 0 rg BT 401.25 452.70 Td (and ) Tj ET Q q 0 0 0 rg BT 419.27 452.70 Td (employees ) Tj ET Q q 0 0 0 rg BT 467.04 452.70 Td (of ) Tj ET Q q 0 0 0 rg BT 478.66 452.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 503.10 452.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 534.55 452.70 Td (and ) Tj ET Q q 0 0 0 rg BT 552.58 452.70 Td (its ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 104.87 440.10 Td (including ) Tj ET Q q 0 0 0 rg BT 147.70 440.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 172.44 440.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 210.17 440.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 236.66 440.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 281.81 440.10 Td (Of) Tj ET Q q 0 0 0 rg BT 292.70 440.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 311.51 440.10 Td (, ) Tj ET Q q 0 0 0 rg BT 317.30 440.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 343.80 440.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 386.04 440.10 Td (Of) Tj ET Q q 0 0 0 rg BT 396.93 440.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 415.74 440.10 Td (, ) Tj ET Q q 0 0 0 rg BT 421.53 440.10 Td (Principal ) Tj ET Q q 0 0 0 rg BT 461.91 440.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 514.06 440.10 Td (Of) Tj ET Q q 0 0 0 rg BT 524.95 440.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 547.35 440.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 427.50 Td (Controller) Tj ET Q q 0 0 0 rg BT 92.08 427.50 Td (. ) Tj ET Q q 0 0 0 rg BT 97.21 427.50 Td (This ) Tj ET Q q 0 0 0 rg BT 118.58 427.50 Td (Code ) Tj ET Q q 0 0 0 rg BT 143.45 427.50 Td (of ) Tj ET Q q 0 0 0 rg BT 154.90 427.50 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 193.19 427.50 Td (is ) Tj ET Q q 0 0 0 rg BT 202.89 427.50 Td (designed ) Tj ET Q q 0 0 0 rg BT 242.92 427.50 Td (to ) Tj ET Q q 0 0 0 rg BT 253.79 427.50 Td (deter ) Tj ET Q q 0 0 0 rg BT 277.48 427.50 Td (wrongdoing ) Tj ET Q q 0 0 0 rg BT 330.93 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 348.79 427.50 Td (to, ) Tj ET Q q 0 0 0 rg BT 362.29 427.50 Td (among ) Tj ET Q q 0 0 0 rg BT 393.57 427.50 Td (other ) Tj ET Q q 0 0 0 rg BT 417.85 427.50 Td (things, ) Tj ET Q q 0 0 0 rg BT 448.85 427.50 Td (promote ) Tj ET Q q 0 0 0 rg BT 486.54 427.50 Td (honest ) Tj ET Q q 0 0 0 rg BT 516.66 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 534.53 427.50 Td (ethical ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.90 Td (conduct; 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383.70 Td (participants ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 373.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 86.00 373.50 Td (their ) Tj ET Q q 0 0 0 rg BT 103.08 373.50 Td (deferral ) Tj ET Q q 0 0 0 rg BT 131.00 373.50 Td (of ) Tj ET Q q 0 0 0 rg BT 139.59 373.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 188.30 373.50 Td (or ) Tj ET Q q 0 0 0 rg BT 196.88 373.50 Td (dividends ) Tj ET Q q 0 0 0 rg BT 231.44 373.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 247.57 373.50 Td (on ) Tj ET Q q 0 0 0 rg BT 257.58 373.50 Td (phantom ) Tj ET Q q 0 0 0 rg BT 288.82 373.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 308.27 373.50 Td (units. ) Tj ET Q q 0 0 0 rg BT 328.32 373.50 Td (When ) Tj ET Q q 0 0 0 rg BT 350.12 373.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 380.42 373.50 Td (are ) Tj ET Q q 0 0 0 rg BT 392.30 373.50 Td (deferred, ) Tj ET Q q 0 0 0 rg BT 424.24 373.50 Td (participants ) Tj ET Q q 0 0 0 rg BT 465.39 373.50 Td (receive ) Tj ET Q q 0 0 0 rg BT 491.43 373.50 Td (a ) Tj ET Q q 0 0 0 rg BT 496.70 373.50 Td (number ) Tj ET Q q 0 0 0 rg BT 524.17 373.50 Td (of ) Tj ET Q q 0 0 0 rg BT 532.75 373.50 Td (phantom ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 363.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 86.99 363.30 Td (units ) Tj ET Q q 0 0 0 rg BT 105.07 363.30 Td (equal ) Tj ET Q q 0 0 0 rg BT 125.03 363.30 Td (to ) Tj ET Q q 0 0 0 rg BT 133.19 363.30 Td (the ) Tj ET Q q 0 0 0 rg BT 145.12 363.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 174.98 363.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 202.02 363.30 Td (divided ) Tj ET Q q 0 0 0 rg BT 229.07 363.30 Td (by ) Tj ET Q q 0 0 0 rg BT 239.12 363.30 Td (90% ) Tj ET Q q 0 0 0 rg BT 256.25 363.30 Td (to ) Tj ET Q q 0 0 0 rg BT 264.41 363.30 Td (95% ) Tj ET Q q 0 0 0 rg BT 281.54 363.30 Td (of ) Tj ET Q q 0 0 0 rg BT 290.16 363.30 Td (the ) Tj ET Q q 0 0 0 rg BT 302.10 363.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 315.44 363.30 Td (market ) Tj ET Q q 0 0 0 rg BT 340.59 363.30 Td (value ) Tj ET Q q 0 0 0 rg BT 360.55 363.30 Td (of ) Tj ET Q q 0 0 0 rg BT 369.18 363.30 Td (a ) Tj ET Q q 0 0 0 rg BT 374.50 363.30 Td (share ) Tj ET Q q 0 0 0 rg BT 393.98 363.30 Td (of ) Tj ET Q q 0 0 0 rg BT 402.61 363.30 Td (Common ) Tj ET Q q 0 0 0 rg BT 435.80 363.30 Td (Stock. ) Tj ET Q q 0 0 0 rg BT 458.49 363.30 Td (Also ) Tj ET Q q 0 0 0 rg BT 476.10 363.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 505.98 363.30 Td (66,404 ) Tj ET Q q 0 0 0 rg BT 530.90 363.30 Td (restricted ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 353.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 87.31 353.10 Td (units ) Tj ET Q q 0 0 0 rg BT 105.70 353.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 133.05 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.52 353.10 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 192.01 353.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 223.61 353.10 Td (as ) Tj ET Q q 0 0 0 rg BT 232.55 353.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 255.66 353.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 304.74 353.10 Td (that ) Tj ET Q q 0 0 0 rg BT 319.35 353.10 Td (are ) Tj ET Q q 0 0 0 rg BT 331.58 353.10 Td (converted ) Tj ET Q q 0 0 0 rg BT 366.96 353.10 Td (into ) Tj ET Q q 0 0 0 rg BT 382.04 353.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 405.15 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.09 353.10 Td (Common ) Tj ET Q q 0 0 0 rg BT 447.60 353.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 468.82 353.10 Td (on ) Tj ET Q q 0 0 0 rg BT 479.18 353.10 Td (a ) Tj ET Q q 0 0 0 rg BT 484.82 353.10 Td (one-for) Tj ET Q q 0 0 0 rg BT 509.66 353.10 Td (-one ) Tj ET Q q 0 0 0 rg BT 526.63 353.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 545.49 353.10 Td (upon ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 342.90 Td (distribution.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 320.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 320.70 Td (W) Tj ET Q q 0 0 0 rg BT 74.84 320.70 Td (eighted-average ) Tj ET Q q 0 0 0 rg BT 130.96 320.70 Td (exercise ) Tj ET Q q 0 0 0 rg BT 160.65 320.70 Td (price ) Tj ET Q q 0 0 0 rg BT 179.48 320.70 Td (does ) Tj ET Q q 0 0 0 rg BT 196.91 320.70 Td (not ) Tj ET Q q 0 0 0 rg BT 209.61 320.70 Td (include ) Tj ET Q q 0 0 0 rg BT 236.48 320.70 Td (phantom ) Tj ET Q q 0 0 0 rg BT 268.07 320.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 287.85 320.70 Td (units ) Tj ET Q q 0 0 0 rg BT 306.23 320.70 Td (or ) Tj ET Q q 0 0 0 rg BT 315.16 320.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 348.63 320.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 368.41 320.70 Td (units ) Tj ET Q q 0 0 0 rg BT 386.79 320.70 Td (that ) Tj ET Q q 0 0 0 rg BT 401.38 320.70 Td (will ) Tj ET Q q 0 0 0 rg BT 416.45 320.70 Td (be ) Tj ET Q q 0 0 0 rg BT 426.32 320.70 Td (converted ) Tj ET Q q 0 0 0 rg BT 461.67 320.70 Td (into ) Tj ET Q q 0 0 0 rg BT 476.74 320.70 Td (Common ) Tj ET Q q 0 0 0 rg BT 510.23 320.70 Td (Stock ) Tj ET Q q 0 0 0 rg BT 531.44 320.70 Td (on ) Tj ET Q q 0 0 0 rg BT 541.78 320.70 Td (a ) Tj ET Q q 0 0 0 rg BT 547.40 320.70 Td (one-) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 310.50 Td (for) Tj ET Q q 0 0 0 rg BT 77.24 310.50 Td (-one ) Tj ET Q q 0 0 0 rg BT 94.47 310.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 113.60 310.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 132.72 310.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 174.04 310.50 Td (at ) Tj ET Q q 0 0 0 rg BT 182.30 310.50 Td (no ) Tj ET Q q 0 0 0 rg BT 192.93 310.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 229.05 310.50 Td (cost, ) Tj ET Q q 0 0 0 rg BT 246.99 310.50 Td (and ) Tj ET Q q 0 0 0 rg BT 261.39 310.50 Td (were ) Tj ET Q q 0 0 0 rg BT 280.03 310.50 Td (granted ) Tj ET Q q 0 0 0 rg BT 307.64 310.50 Td (as ) Tj ET Q q 0 0 0 rg BT 316.85 310.50 Td (described ) Tj ET Q q 0 0 0 rg BT 351.54 310.50 Td (in ) Tj ET Q q 0 0 0 rg BT 360.28 310.50 Td (footnote�\(1\).) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 288.30 Td (In ) Tj ET Q q 0 0 0 rg BT 76.39 288.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 108.19 288.30 Td (254,594 ) Tj ET Q q 0 0 0 rg BT 137.62 288.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 160.67 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 169.56 288.30 Td (Common ) Tj ET Q q 0 0 0 rg BT 203.02 288.30 Td (Stock ) Tj ET Q q 0 0 0 rg BT 224.19 288.30 Td (may ) Tj ET Q q 0 0 0 rg BT 240.64 288.30 Td (be ) Tj ET Q q 0 0 0 rg BT 250.47 288.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 273.53 288.30 Td (under ) Tj ET Q q 0 0 0 rg BT 294.70 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 306.89 288.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 326.17 288.30 Td (Mason�& ) Tj ET Q q 0 0 0 rg BT 359.85 288.30 Td (Co,�LLC ) Tj ET Q q 0 0 0 rg BT 391.89 288.30 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 423.90 288.30 Td (Compensation/Phantom ) Tj ET Q q 0 0 0 rg BT 507.40 288.30 Td (Stock ) Tj ET Q q 0 0 0 rg BT 528.58 288.30 Td (Plan ) Tj ET Q q 0 0 0 rg BT 545.50 288.30 Td (upon ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.01 278.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 121.33 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.54 278.10 Td (phantom ) Tj ET Q q 0 0 0 rg BT 162.41 278.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 182.48 278.10 Td (units ) Tj ET Q q 0 0 0 rg BT 201.13 278.10 Td (that ) Tj ET Q q 0 0 0 rg BT 216.01 278.10 Td (may ) Tj ET Q q 0 0 0 rg BT 232.77 278.10 Td (be ) Tj ET Q q 0 0 0 rg BT 242.91 278.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 274.30 278.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.04 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.55 278.10 Td (future ) Tj ET Q q 0 0 0 rg BT 317.97 278.10 Td (as ) Tj ET Q q 0 0 0 rg BT 327.17 278.10 Td (described ) Tj ET Q q 0 0 0 rg BT 361.87 278.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.60 278.10 Td (footnote ) Tj ET Q q 0 0 0 rg BT 401.06 278.10 Td (\(1\).) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 255.90 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 67.50 255.90 Td (3,659,024 ) Tj ET Q q 0 0 0 rg BT 103.78 255.90 Td (of ) Tj ET Q q 0 0 0 rg BT 113.14 255.90 Td (these ) Tj ET Q q 0 0 0 rg BT 132.88 255.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 156.40 255.90 Td (may ) Tj ET Q q 0 0 0 rg BT 173.31 255.90 Td (be ) Tj ET Q q 0 0 0 rg BT 183.61 255.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 207.14 255.90 Td (under ) Tj ET Q q 0 0 0 rg BT 228.77 255.90 Td (our ) Tj ET Q q 0 0 0 rg BT 242.38 255.90 Td (omnibus ) Tj ET Q q 0 0 0 rg BT 273.94 255.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 297.46 255.90 Td (plan ) Tj ET Q q 0 0 0 rg BT 314.37 255.90 Td (as ) Tj ET Q q 0 0 0 rg BT 323.73 255.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 343.95 255.90 Td (options, ) Tj ET Q q 0 0 0 rg BT 373.39 255.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 407.29 255.90 Td (or ) Tj ET Q q 0 0 0 rg BT 416.64 255.90 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 459.05 255.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 479.27 255.90 Td (grants ) Tj ET Q q 0 0 0 rg BT 502.32 255.90 Td (or ) Tj ET Q q 0 0 0 rg BT 511.67 255.90 Td (any ) Tj ET Q q 0 0 0 rg BT 526.22 255.90 Td (other ) Tj ET Q q 0 0 0 rg BT 545.97 255.90 Td (form ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 245.70 Td (of ) Tj ET Q q 0 0 0 rg BT 76.78 245.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 100.23 245.70 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 151.77 245.70 Td (197,616 ) Tj ET Q q 0 0 0 rg BT 181.60 245.70 Td (of ) Tj ET Q q 0 0 0 rg BT 190.88 245.70 Td (these ) Tj ET Q q 0 0 0 rg BT 210.55 245.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 234.00 245.70 Td (may ) Tj ET Q q 0 0 0 rg BT 250.83 245.70 Td (be ) Tj ET Q q 0 0 0 rg BT 261.06 245.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 284.51 245.70 Td (under ) Tj ET Q q 0 0 0 rg BT 306.07 245.70 Td (the ) Tj ET Q q 0 0 0 rg BT 318.66 245.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 338.33 245.70 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 380.90 245.70 Td (Equity ) Tj ET Q q 0 0 0 rg BT 405.76 245.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 423.08 245.70 Td (for ) Tj ET Q q 0 0 0 rg BT 435.19 245.70 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 489.33 245.70 Td (Directors ) Tj ET Q q 0 0 0 rg BT 523.16 245.70 Td (as ) Tj ET Q q 0 0 0 rg BT 532.44 245.70 Td (grants ) Tj ET Q q 0 0 0 rg BT 555.42 245.70 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 235.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 87.39 235.50 Td (or ) Tj ET Q q 0 0 0 rg BT 96.41 235.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 129.98 235.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 149.86 235.50 Td (units. ) Tj ET Q q 0 0 0 rg BT 170.46 235.50 Td (2,479,900 ) Tj ET Q q 0 0 0 rg BT 206.41 235.50 Td (of ) Tj ET Q q 0 0 0 rg BT 215.43 235.50 Td (these ) Tj ET Q q 0 0 0 rg BT 234.84 235.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 258.03 235.50 Td (may ) Tj ET Q q 0 0 0 rg BT 274.60 235.50 Td (be ) Tj ET Q q 0 0 0 rg BT 284.57 235.50 Td (purchased ) Tj ET Q q 0 0 0 rg BT 320.97 235.50 Td (under ) Tj ET Q q 0 0 0 rg BT 342.27 235.50 Td (our ) Tj ET Q q 0 0 0 rg BT 355.54 235.50 Td (employee ) Tj ET Q q 0 0 0 rg BT 390.53 235.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 410.41 235.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 442.56 235.50 Td (plan, ) Tj ET Q q 0 0 0 rg BT 461.27 235.50 Td (which ) Tj ET Q q 0 0 0 rg BT 483.98 235.50 Td (acquires ) Tj ET Q q 0 0 0 rg BT 514.25 235.50 Td (the ) Tj ET Q q 0 0 0 rg BT 526.58 235.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 549.76 235.50 Td (that ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 225.30 Td (are ) Tj ET Q q 0 0 0 rg BT 80.00 225.30 Td (purchased ) Tj ET Q q 0 0 0 rg BT 116.58 225.30 Td (thereunder ) Tj ET Q q 0 0 0 rg BT 155.05 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 163.79 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 176.30 225.30 Td (open ) Tj ET Q q 0 0 0 rg BT 194.95 225.30 Td (market.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 200.70 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 79.03 200.70 Td (13. ) Tj ET Q q 0 0 0 rg BT 93.67 200.70 Td ( ) Tj ET Q q 0 0 0 rg BT 95.19 200.70 Td (CER) Tj ET Q q 0 0 0 rg BT 116.99 200.70 Td (T) Tj ET Q q 0 0 0 rg BT 123.22 200.70 Td (AIN ) Tj ET Q q 0 0 0 rg BT 143.99 200.70 Td (RELA) Tj ET Q q 0 0 0 rg BT 172.39 200.70 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 230.76 200.70 Td (AND ) Tj ET Q q 0 0 0 rg BT 255.03 200.70 Td (RELA) Tj ET Q q 0 0 0 rg BT 283.42 200.70 Td (TED ) Tj ET Q q 0 0 0 rg BT 306.42 200.70 Td (TRANSACTIONS, ) Tj ET Q q 0 0 0 rg BT 393.67 200.70 Td (AND ) Tj ET Q q 0 0 0 rg BT 417.94 200.70 Td (DIRECT) Tj ET Q q 0 0 0 rg BT 458.60 200.70 Td (OR ) Tj ET Q q 0 0 0 rg BT 475.87 200.70 Td (INDEPENDENCE.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 175.50 Td (The ) Tj ET Q q 0 0 0 rg BT 104.61 175.50 Td (information ) Tj ET Q q 0 0 0 rg BT 156.97 175.50 Td (required ) Tj ET Q q 0 0 0 rg BT 194.74 175.50 Td (by ) Tj ET Q q 0 0 0 rg BT 208.03 175.50 Td (this ) Tj ET Q q 0 0 0 rg BT 225.99 175.50 Td (item ) Tj ET Q q 0 0 0 rg BT 247.44 175.50 Td (will ) Tj ET Q q 0 0 0 rg BT 266.56 175.50 Td (be ) Tj ET Q q 0 0 0 rg BT 279.26 175.50 Td (contained ) Tj ET Q q 0 0 0 rg BT 322.87 175.50 Td (under ) Tj ET Q q 0 0 0 rg BT 349.56 175.50 Td (the ) Tj ET Q q 0 0 0 rg BT 365.18 175.50 Td (captions ) Tj ET Q q 0 0 0 rg BT 402.96 175.50 Td (�Compensation ) Tj ET Q q 0 0 0 rg BT 471.07 175.50 Td (Committee ) Tj ET Q q 0 0 0 rg BT 520.52 175.50 Td (Interlocks ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.90 Td (and ) Tj ET Q q 0 0 0 rg BT 68.64 162.90 Td (Insider ) Tj ET Q q 0 0 0 rg BT 101.77 162.90 Td (Participation� ) Tj ET Q q 0 0 0 rg BT 164.06 162.90 Td (and ) Tj ET Q q 0 0 0 rg BT 183.20 162.90 Td (Certain ) Tj ET Q q 0 0 0 rg BT 218.08 162.90 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 279.23 162.90 Td (and ) Tj ET Q q 0 0 0 rg BT 298.37 162.90 Td (Related ) Tj ET Q q 0 0 0 rg BT 334.13 162.90 Td (T) Tj ET Q q 0 0 0 rg BT 340.17 162.90 Td (ransactions,� ) Tj ET Q q 0 0 0 rg BT 398.67 162.90 Td (�Corporate ) Tj ET Q q 0 0 0 rg BT 449.29 162.90 Td (Governance�- ) Tj ET Q q 0 0 0 rg BT 510.11 162.90 Td (Policies ) Tj ET Q q 0 0 0 rg BT 547.34 162.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 150.30 Td (Procedures ) Tj ET Q q 0 0 0 rg BT 98.98 150.30 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 145.55 150.30 Td (Related ) Tj ET Q q 0 0 0 rg BT 180.45 150.30 Td (Party ) Tj ET Q q 0 0 0 rg BT 205.24 150.30 Td (T) Tj ET Q q 0 0 0 rg BT 211.29 150.30 Td (ransactions� ) Tj ET Q q 0 0 0 rg BT 266.01 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 284.00 150.30 Td (�Corporate ) Tj ET Q q 0 0 0 rg BT 333.48 150.30 Td (Governance�- ) Tj ET Q q 0 0 0 rg BT 393.15 150.30 Td (Independent ) Tj ET Q q 0 0 0 rg BT 447.88 150.30 Td (Directors� ) Tj ET Q q 0 0 0 rg BT 494.44 150.30 Td (in ) Tj ET Q q 0 0 0 rg BT 505.44 150.30 Td (our ) Tj ET Q q 0 0 0 rg BT 522.26 150.30 Td (definitive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.70 Td (proxy ) Tj ET Q q 0 0 0 rg BT 76.66 137.70 Td (statement ) Tj ET Q q 0 0 0 rg BT 119.55 137.70 Td (for ) Tj ET Q q 0 0 0 rg BT 134.46 137.70 Td (the ) Tj ET Q q 0 0 0 rg BT 149.94 137.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 173.02 137.70 Td (Annual ) Tj ET Q q 0 0 0 rg BT 206.59 137.70 Td (Meeting ) Tj ET Q q 0 0 0 rg BT 244.24 137.70 Td (of ) Tj ET Q q 0 0 0 rg BT 255.65 137.70 Td (Stockholders. ) Tj ET Q q 0 0 0 rg BT 315.57 137.70 Td (That ) Tj ET Q q 0 0 0 rg BT 337.47 137.70 Td (information ) Tj ET Q q 0 0 0 rg BT 389.70 137.70 Td (is ) Tj ET Q q 0 0 0 rg BT 399.37 137.70 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 455.09 137.70 Td (herein ) Tj ET Q q 0 0 0 rg BT 483.98 137.70 Td (by ) Tj ET Q q 0 0 0 rg BT 497.14 137.70 Td (reference ) Tj ET Q q 0 0 0 rg BT 538.84 137.70 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 137.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (proxy ) Tj ET Q q 0 0 0 rg BT 76.62 125.10 Td (statement.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 99.90 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 99.90 Td (14. ) Tj ET Q q 0 0 0 rg BT 95.88 99.90 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 99.90 Td (PRINCIP) Tj ET Q q 0 0 0 rg BT 141.47 99.90 Td (AL) Tj ET Q q 0 0 0 rg BT 155.48 99.90 Td ( ) Tj ET Q q 0 0 0 rg BT 157.53 99.90 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 209.83 99.90 Td (ANT) Tj ET Q q 0 0 0 rg BT 231.81 99.90 Td ( ) Tj ET Q q 0 0 0 rg BT 234.44 99.90 Td (FEES ) Tj ET Q q 0 0 0 rg BT 262.75 99.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 288.12 99.90 Td (SER) Tj ET Q q 0 0 0 rg BT 308.18 99.90 Td (VICES.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 75.30 Td (The information required by this item will be contained under the caption �Proposed Ratification of the ) Tj ET Q q 0 0 0 rg BT 485.73 75.30 Td (Appointment of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 62.70 Td (the Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 195.88 62.70 Td (Accounting Firm� in our definitive proxy statement for the 2017 ) Tj ET Q q 0 0 0 rg BT 468.83 62.70 Td (Annual Meeting of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 50.10 Td (Stockholders. ) Tj ET Q q 0 0 0 rg BT 109.39 50.10 Td (That information is incorporated herein by reference to the proxy statement.) Tj ET Q endstream endobj 317 0 obj <>] /Rotate 0 /Contents 318 0 R>> endobj 318 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (156) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.30 716.55 Td (P) Tj ET Q q 0 0 0 rg BT 290.93 716.55 Td (AR) Tj ET Q q 0 0 0 rg BT 305.73 716.55 Td (T) Tj ET Q q 0 0 0 rg BT 312.55 716.55 Td ( IV) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (ITEM 15. EXHIBITS ) Tj ET Q q 0 0 0 rg BT 148.70 691.35 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 233.00 691.35 Td ( ST) Tj ET Q q 0 0 0 rg BT 247.69 691.35 Td (A) Tj ET Q q 0 0 0 rg BT 254.49 691.35 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 299.81 691.35 Td ( SCHEDULES.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (\(a\) Documents filed as a part of the report:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.00 640.95 Td (1. ) Tj ET Q q 0 0 0 rg BT 121.50 640.95 Td (The following consolidated financial statements are included in Item�8 of this Report:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 592.45 m 562 592.45 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.80 608.74 Td (Page Number) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.55 597.24 Td (in this Report) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 582.67 Td (Report of Independent Registered Public Accounting Firm) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 582.67 Td (83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 568.67 Td (Consolidated Balance Sheets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 568.67 Td (84) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 554.67 Td (Consolidated Statements of Income \(Loss\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 554.67 Td (85) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 540.67 Td (Consolidated Statements of Comprehensive Income \(Loss\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 540.67 Td (86) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 526.67 Td (Consolidated Statements of Changes in Stockholders' Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 526.67 Td (87) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 512.67 Td (Consolidated Statements of Cash Flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 512.67 Td (88) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 498.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 498.67 Td (90) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 470.35 Td (All schedules to the consolidated financial statements for which provision is made in the accounting regulations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 457.75 Td (of the SEC are not applicable or are not required and therefore have been omitted.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.00 433.15 Td (3. ) Tj ET Q q 0 0 0 rg BT 121.50 433.15 Td (Exhibits) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.85 400.87 Td (3.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 399.92 Td (Articles of Incorporation of Legg Mason, as amended \(incorporated by reference to Legg Mason's Current) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 389.42 Td (Report on Form�8-K for the event on July 26, 2011\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.85 374.87 Td (3.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 373.92 Td (By-laws of Legg Mason, as amended and restated July 26, 2011 \(incorporated by reference to Legg Mason's) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 363.42 Td (Current Report on Form�8-K for the event on July 26, 2011\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.85 348.87 Td (4.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 348.42 Td (Base Indenture, dated as of May 21, 2012, between Legg Mason and The Bank of New York Mellon, as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 337.92 Td (trustee, with respect to the 5.5% senior notes due May 21, 2019 \(incorporated by reference to Legg Mason's) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 327.42 Td (Current Report on Form�8-K filed on May 22, 2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.85 312.87 Td (4.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 312.42 Td (Supplemental Indenture, dated as of May 21, 2012, between Legg Mason, Inc. and The Bank of New York) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 301.92 Td (Mellon, as trustee, with respect to the 5.5% senior notes due May 21, 2019 \(incorporated by reference to Legg) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 291.42 Td (Mason's Current Report on Form 8-K filed on May 22, 2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.85 276.87 Td (4.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 275.92 Td (Notes Registration Rights Agreement, dated as of May 21, 2012, among Legg Mason, Inc., and Citigroup) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 265.42 Td (Global Markets Inc. and Morgan Stanley & Co., LLC, as representatives of the several initial purchasers of the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 254.92 Td (5.5% senior notes due May 21, 2019 \(incorporated by reference to Legg Mason's Current Report on Form 8-K) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 244.42 Td (filed on May 22, 2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.85 229.87 Td (4.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 229.42 Td (Warrant Agreement, dated as of May 23, 2012, between Legg Mason, Inc. and American Stock Transfer &) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 218.92 Td (Trust Company LLC, as warrant agent \(incorporated by reference to Legg Mason's Current Report on Form 8-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 208.42 Td (K filed on May 23, 2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.85 193.87 Td (4.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 193.42 Td (Warrants Registration Rights Agreement, dated as of May 23, 2012, by and between Legg Mason, Inc. and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 182.92 Td (KKR I-L Limited \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on May 23,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 172.42 Td (2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.85 157.87 Td (4.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 157.42 Td (Legg Mason hereby agrees, pursuant to Item�601\(b\)\(4\)\(iii\)\(A\) of Regulation�S-K, to furnish to the SEC upon) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 146.92 Td (request a copy of each instrument with respect to the rights of holders of long-term debt of Legg Mason and its) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 136.42 Td (subsidiaries.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.85 121.87 Td (4.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 121.42 Td (Form of Indenture for Senior Securities between Legg Mason, Inc., as Issuer and The Bank of New York) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 110.92 Td (Mellon, as Trustee \(incorporated by reference to Exhibit 4\(a\) to Legg Mason�s Registration Statement) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 100.42 Td (\(Registration No. 333-193321\) on Form S-3 dated January 13, 2014\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.85 85.87 Td (4.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 85.42 Td (First Supplemental Indenture, dated as of January 22, 2014, between Legg Mason, Inc., and The Bank of New) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 74.92 Td (York Mellon, as trustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 64.42 Td (January 22, 2014 \)) Tj ET Q endstream endobj 319 0 obj <>] /Rotate 0 /Contents 320 0 R>> endobj 320 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (157) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.85 738.72 Td (4.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 737.77 Td (Form of 5.625% Senior Note due 2044 \(incorporated by reference to Legg Mason's Current Report on Form 8-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 727.27 Td (K filed on January 22, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 712.72 Td (4.10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 712.27 Td (Second Supplemental Indenture, dated as of June 26, 2014, between Legg Mason, Inc., and The Bank of New) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 701.77 Td (York Mellon, as trustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on June) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 691.27 Td (26, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 676.72 Td (4.11) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 676.27 Td (Third Supplemental Indenture, dated as of June 26, 2014, between Legg Mason, Inc., and The Bank of New) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 665.77 Td (York Mellon, as trustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on June) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 655.27 Td (26, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 640.72 Td (4.12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 639.77 Td (Form of 2.700% Senior Note due 2019 \(incorporated by reference to Legg Mason's Current Report on Form) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 629.27 Td (8-K filed on June 26, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 614.72 Td (4.13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 613.77 Td (Form of 3.950% Senior Note due 2024 \(incorporated by reference to Legg Mason's Current Report on Form) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 603.27 Td (8-K filed on June 26, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 588.72 Td (4.14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 587.77 Td (Form of 5.625% Senior Note due 2044 \(incorporated by reference to Legg Mason's Current Report on Form) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 577.27 Td (8-K filed on June 26, 2014 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 562.72 Td (4.15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 562.27 Td (Base Indenture for Senior Notes between Legg Mason, Inc., as Issuer, and The Bank of New York Mellon, as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 551.77 Td (Trustee \(incorporated by reference to Exhibit 4.1 to the Company�s Registration Statement \(Registration No.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 541.27 Td (333-209616\) on Form S-3ASR, dated February 19, 2016\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 526.72 Td (4.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 526.27 Td (Fourth Supplemental Indenture, dated as of March 22, 2016, between Legg Mason, Inc., as Issuer, and The) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 515.77 Td (Bank New York Mellon, as Trustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 505.27 Td (filed on March 22, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 490.72 Td (4.17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 489.77 Td (Form of 4.750% Senior Note due 2026 \(incorporated by reference to Legg Mason's Current Report on Form ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 479.27 Td (8-K filed on March 22, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 464.72 Td (4.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 464.27 Td (Form of Indenture for Junior Subordinated Notes between Legg Mason, Inc., as Issuer and The Bank of New) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 453.77 Td (York Mellon, as Trustee \(incorporated by reference to Exhibit 4.2 to the Company�s Registration Statement) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 443.27 Td (\(Registration No. 333-209616\) on Form S-3ASR, dated February 19, 2016\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 428.72 Td (4.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 428.27 Td (First Supplemental Indenture, dated as of March 14, 2016, between Legg Mason, Inc., as Issuer, and The Bank) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 417.77 Td (New York Mellon, as Trustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 407.27 Td (March 14, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 392.72 Td (4.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 391.77 Td (Form of 6.375% Junior Subordinated Note due 2056 \(incorporated by reference to Legg Mason's Current) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 381.27 Td (Report on Form 8-K filed on March 14, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 366.72 Td (4.21) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 366.27 Td (Second Supplemental Indenture, dated as of August 8, 2016, between Legg Mason, Inc., as Issuer, and The) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 355.77 Td (Bank New York Mellon, as Trustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 345.27 Td (filed on August 8, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 330.72 Td (4.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 330.72 Td (Form of 5.45% Junior Subordinated Note due 2056 \(incorporated by reference to Legg Mason's Current Report ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 320.22 Td (on Form 8-K filed on ) Tj ET Q q 0 0 0 rg BT 182.37 320.22 Td (August 8, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 304.72 Td (10.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 303.77 Td (Legg Mason,�Inc. Non-Employee Director Equity Plan, as amended \(incorporated by reference to Legg) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 293.27 Td (Mason's Quarterly Report on Form�10-Q for the quarter ended September�30, 2008\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 278.72 Td (10.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 278.27 Td (Form of Common Stock Grant Award Letter under the Legg Mason,�Inc. Non-Employee Director Equity Plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 267.77 Td (\(incorporated by reference to Legg Mason's Quarterly Report on Form�10-Q for the quarter ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 257.27 Td (September�30, 2005\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 242.72 Td (10.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 242.27 Td (Form of Restricted Stock Unit Grant Award Letter under the Legg Mason,�Inc. Non-Employee Director Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 231.77 Td (Plan \(incorporated by reference to Legg Mason's Quarterly Report on Form�10-Q for the quarter ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 221.27 Td (September�30, 2005\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 206.72 Td (10.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 205.77 Td (Legg Mason�&�Co.,�LLC Deferred Compensation/Phantom Stock Plan, as amended \(incorporated by reference) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 195.27 Td (to Legg Mason's Quarterly Report on Form�10-Q for the quarter ended June�30, 2009\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 180.72 Td (10.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 179.77 Td (Legg Mason,�Inc. Executive Incentive Compensation Plan \(incorporated by reference to Appendix�A to the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 169.27 Td (definitive proxy statement for Legg Mason's 2014 Annual Meeting of Stockholders\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 154.72 Td (10.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 153.77 Td (Legg Mason,�Inc. 1996 Equity Incentive Plan, as amended \(incorporated by reference to Appendix�A to the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 143.27 Td (definitive proxy statement for Legg Mason's 2011 Annual Meeting of Stockholders\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 128.72 Td (10.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 128.27 Td (Form of Non-Qualified Stock Option Agreement under the Legg Mason,�Inc. 1996 Equity Incentive Plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 117.77 Td (\(incorporated by reference to Legg Mason's Annual Report on Form�10-K for the fiscal year ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 107.27 Td (2015\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 92.72 Td (10.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 92.27 Td (Non-Qualified Stock Option Agreement dated as of May 2, 2013 between Legg Mason, Inc. and Joseph A.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 81.77 Td (Sullivan \(incorporated by reference to Legg Mason's Current Report on Form 8-K for the event on May 2,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 71.27 Td (2013\)*) Tj ET Q endstream endobj 321 0 obj <>] /Rotate 0 /Contents 322 0 R>> endobj 322 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (158) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 738.72 Td (10.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 737.77 Td (Form of Restricted Stock Agreement under the Legg Mason,�Inc. 1996 Equity Incentive Plan \(incorporated by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 727.27 Td (reference to Legg Mason's Annual Report on Form 10-K for the year ended March 31, 2011\) *) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 712.72 Td (10.10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 711.77 Td (Form of Restricted Stock Unit Agreement under the Legg Mason,�Inc. 1996 Equity Incentive Plan, filed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 701.27 Td (herewith *) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 686.72 Td (10.11) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 685.77 Td (Form of Restricted Stock Unit Agreement for Non-U.S. Resident Executive under the Legg Mason,�Inc. 1996) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 675.27 Td (Equity Incentive Plan, filed herewith *) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 660.72 Td (10.12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 660.27 Td (Form of Long-Term Incentive Plan award document under the Legg Mason, Inc. 1996 Equity Incentive Plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 649.77 Td (\(incorporated by reference to Legg Mason's Quarterly Report on Form 10-Q for the quarter ended June 30,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 639.27 Td (2011\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 624.72 Td (10.13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 623.77 Td (Lease Agreement, dated August�16, 2006, between Legg Mason and FC Eighth Ave.,�LLC \(incorporated by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 613.27 Td (reference to Legg Mason's Quarterly Report on Form�10-Q for the quarter ended September�30, 2006\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 598.72 Td (10.14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 597.77 Td (Credit Agreement, dated as of June 27, 2012, between Legg Mason, Inc., as Borrower; Citibank, N.A., as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 587.27 Td (Administrative Agent; The Bank of New York Mellon and State Street Bank and Trust Company, as Joint) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 576.77 Td (Documentation Agents; and the other banks party thereto \(incorporated by reference to Legg Mason's Current) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 566.27 Td (Report on Form 8-K filed on June 28, 2012\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 551.72 Td (10.15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 551.27 Td (Incremental Revolving Facility Agreement, dated as of January 31, 2014, among Legg Mason, Inc., as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 540.77 Td (Borrower, Citibank, N.A., as Administrative Agent, and the other banks party thereto \(incorporated by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 530.27 Td (reference to Legg Mason's Current Report on Form 8-K filed on February 4, 2014\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 515.72 Td (10.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 514.77 Td (Agreement dated December 16, 2013 between Legg Mason & Co., LLC and Thomas K. Hoops \(incorporated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 504.27 Td (by reference to Legg Mason's Quarterly Report on Form 10-Q for the quarter ended December 31, 2013\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 489.72 Td (10.17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 489.27 Td (Legg Mason, Inc. Deferred Compensation Fund Plan, amended and restated effective September 1, 2014) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 478.77 Td (\(incorporated by reference to Legg Mason's Quarterly Report on Form 10-Q for the quarter ended September) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 468.27 Td (30, 2014\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 453.72 Td (10.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 452.77 Td (Form of Performance Share Unit Award Agreement under the Legg Mason, Inc. 1996 Equity Incentive Plan,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 442.27 Td (filed herewith*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 427.72 Td (10.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 427.27 Td (Form of director's service agreement dated April 1, 2013 between Legg Mason & Co \(UK\) Limited and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 416.77 Td (Terence Johnson, \(incorporated by reference to Legg Mason's Annual Report on Form 10-K for the year ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 406.27 Td (March 31, 2013\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 391.72 Td (10.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 391.27 Td (Form of director's service agreement dated April 1, 2015 between Legg Mason & Co \(UK\) Limited and Ursula) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 380.77 Td (Schliessler \(incorporated by reference to Legg Mason's Annual Report on Form 10-K for the year ended March) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 370.27 Td (31, 2015\)*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 355.72 Td (10.21) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 355.27 Td (Credit Agreement, dated as of December 29, 2015, between Legg Mason, Inc., as Borrower; Citibank, N.A., as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 344.77 Td (Administrative Agent; and the other banks party thereto \(incorporated by reference to Legg Mason's Current) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 334.27 Td (Report on Form 8-K filed on December 31, 2015\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 319.72 Td (10.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 318.77 Td (First Amendment, dated as of March 31, 2016, to the Credit Agreement, dated as of December 29, 2015, by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 308.27 Td (and among Legg Mason, Inc., as Borrower, Citibank, N.A., as Administrative Agent, and each of the lenders) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 297.77 Td (from time to time party thereto \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 287.27 Td (on April 1, 2016\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 272.72 Td (10.23) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 272.27 Td (Second Amendment, dated as of September 7, 2016, to the Credit Agreement, dated as of December 29, 2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 261.77 Td (\(as amended by the First Amendment to the Credit Agreement, dated as of March 31, 2016\), by and among) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 251.27 Td (Legg Mason, Inc., as Borrower, Citibank, N.A., as Administrative Agent, and each of the lenders from time to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 240.77 Td (time party thereto \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on September) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 230.27 Td (7, 2016\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 215.72 Td (10.24) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 214.77 Td (Third ) Tj ET Q q 0 0 0 rg BT 115.87 214.77 Td (Amendment, dated as of March 31, 2017, to the Credit ) Tj ET Q q 0 0 0 rg BT 347.70 214.77 Td (Agreement, dated as of December 29, 2015 \(as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 204.27 Td (amended by the First ) Tj ET Q q 0 0 0 rg BT 180.91 204.27 Td (Amendment to the Credit ) Tj ET Q q 0 0 0 rg BT 289.98 204.27 Td (Agreement, dated as of March 31, 2016, and the Second ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 193.77 Td (Amendment to the Credit ) Tj ET Q q 0 0 0 rg BT 199.57 193.77 Td (Agreement, dated as of September 7, 2016\), by and among Legg Mason, Inc., as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 183.27 Td (Borrower) Tj ET Q q 0 0 0 rg BT 130.32 183.27 Td (, Citibank, N.A., as ) Tj ET Q q 0 0 0 rg BT 213.44 183.27 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 278.48 183.27 Td (Agent, and each of the lenders from time to time party thereto ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 172.77 Td (\(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on March 31, 2017\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 147.72 Td (10.25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 146.77 Td (Transaction Agreement, dated as of January 22, 2016, by and among EnTrustPermal Group Holdings LLC, a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 136.27 Td (Delaware limited liability company, EP Partners Holdings LLC, a Delaware limited liability company, GH) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 125.77 Td (Onshore GP LLC, a Delaware limited liability company, and GH EP Holdings LLC, a Delaware limited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 115.27 Td (liability company and EnTrustPermal LLC, a Delaware limited liability company, and solely for certain) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 104.77 Td (purposes specified therein, �Gregg S. Hymowitz and Legg Mason, Inc. \(incorporated by reference to Legg) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 94.27 Td (Mason's Quarterly Report on Form 10-Q filed on February 9, 2016\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 79.72 Td (10.26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 79.72 Td (Amended and Restated Standstill ) Tj ET Q q 0 0 0 rg BT 232.23 79.72 Td (Agreement, dated as of May 23, 2012, between Legg Mason, Inc. and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 69.22 Td (Kohlber) Tj ET Q q 0 0 0 rg BT 124.72 69.22 Td (g Kravis Roberts & Co. L.P) Tj ET Q q 0 0 0 rg BT 240.51 69.22 Td (. \(incorporated by reference to Legg Mason's Current Report on Form 8-K ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 58.72 Td (filed on May 23, 2012\)) Tj ET Q endstream endobj 323 0 obj <>] /Rotate 0 /Contents 324 0 R>> endobj 324 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (159) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 737.72 Td (10.27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 737.72 Td (Investor Rights and Standstill ) Tj ET Q q 0 0 0 rg BT 217.09 737.72 Td (Agreement dated December 19, 2016 between Legg Mason, Inc. and Shanda ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 727.22 Td (Asset Management Investment Limited \(incorporated by reference to Legg Mason's Current Report on Form 8-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 716.72 Td (K filed on December 19, 2016\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 702.72 Td (10.28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 702.72 Td (First ) Tj ET Q q 0 0 0 rg BT 111.80 702.72 Td (Amendment to Investor Rights and Standstill ) Tj ET Q q 0 0 0 rg BT 303.72 702.72 Td (Agreement dated January 31, 2017 between Legg Mason, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 692.22 Td (Inc. and Shanda ) Tj ET Q q 0 0 0 rg BT 159.90 692.22 Td (Asset Management Investment Limited \(incorporated by reference to Legg Mason's Current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 681.72 Td (Report on Form 8-K filed on January 31, 2017\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.50 665.72 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 665.27 Td (Computation of consolidated ratios of earnings to fixed charges, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.50 650.72 Td (21) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 650.27 Td (Subsidiaries of the Company, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.50 635.72 Td (23) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 635.27 Td (Consent of Independent Registered Public Accounting Firm, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 620.72 Td (31.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 620.27 Td (Certification of Chief Executive Officer, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 605.72 Td (31.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 605.27 Td (Certification of Principal Financial Officer, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 590.72 Td (32.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 589.77 Td (Certification of Chief Executive Officer pursuant to 18 U.S.C. Section�1350, as adopted pursuant to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 579.27 Td (Section�906 of the Sarbanes-Oxley Act of 2002, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 564.72 Td (32.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 563.77 Td (Certification of Principal Financial Officer pursuant to 18 U.S.C. Section�1350, as adopted pursuant to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 553.27 Td (Section�906 of the Sarbanes-Oxley Act of 2002, filed herewith) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.25 538.72 Td (101) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 538.27 Td (Financial statements from the annual report on Form�10-K of Legg Mason,�Inc. for the year ended March�31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 527.77 Td (2017, filed on May 24, 2017, formatted in XBRL: \(i\)�the Consolidated Balance Sheets, \(ii\)�the Consolidated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 517.27 Td (Statements of Income \(Loss\), \(iii\)�the Consolidated Statements of Comprehensive Income \(Loss\), \(iv\) the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 506.77 Td (Consolidated Statements of Changes in Stockholders' Equity, \(v\)�the Consolidated Statements of Cash Flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 496.27 Td (and \(vi\)�the Notes to Consolidated Financial Statements tagged in detail) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 481.80 Td (* ) Tj ET Q q 0 0 0 rg BT 67.50 481.80 Td (These exhibits are management contracts or compensatory plans or arrangements.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 457.20 Td (ITEM 16. FORM 10-K SUMMAR) Tj ET Q q 0 0 0 rg BT 203.91 457.20 Td (Y) Tj ET Q q 0 0 0 rg BT 210.53 457.20 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 432.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 432.00 Td (None.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.00 Td ( ) Tj ET Q endstream endobj 325 0 obj <>] /Rotate 0 /Contents 326 0 R>> endobj 326 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (160) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 718.25 Td (Pursuant to the requirements of Section 13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 402.37 718.25 Td (Act of 1934, the registrant has duly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.50 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.50 682.25 Td (LEGG MASON, INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.50 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.50 658.25 Td (By: ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 356.9482421875 656.9169921875 m 463.623046875 656.9169921875 l s q 0 0 0 rg BT 356.95 658.25 Td ( /s/ Joseph ) Tj ET Q q 0 0 0 rg BT 403.07 658.25 Td (A. Sullivan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.50 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.50 646.25 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 368.90 646.25 Td (A. 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