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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 380.75 Td (By geography) Tj ET Q
q 0 0 0 rg BT 105.97 380.75 Td (, 71% of ) Tj ET Q
q 0 0 0 rg BT 144.88 380.75 Td (AUM was from clients domiciled in the United States and 29% from non-US domiciled clients.) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 352.75 Td (A) Tj ET Q
q 0 0 0 rg BT 51.49 352.75 Td (verage ) Tj ET Q
q 0 0 0 rg BT 84.29 352.75 Td (AUM during the quarter was $791.7 billion compared to $779.8 billion in the prior quarter and $739.3 billion in ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 340.25 Td (the third quarter of fiscal year 2019. ) Tj ET Q
q 0 0 0 rg BT 207.31 340.25 Td (A) Tj ET Q
q 0 0 0 rg BT 213.80 340.25 Td (verage long-term ) Tj ET Q
q 0 0 0 rg BT 291.62 340.25 Td (AUM was $729.7 billion compared to $716.6 billion in the prior ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 327.75 Td (quarter and $672.4 billion in the third quarter of fiscal year 2019.) Tj ET Q
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56.5 182.75 m
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365.5 182.75 m
369.5 182.75 l
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369.5 182.75 m
413.5 182.75 l
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413.5 182.75 m
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 52.00 283.97 Td (Quarterly Performance) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 376.45 255.97 Td (1-Y) Tj ET Q
q 0 0 0 rg BT 391.55 255.97 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 424.45 255.97 Td (3-Y) Tj ET Q
q 0 0 0 rg BT 439.55 255.97 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 472.45 255.97 Td (5-Y) Tj ET Q
q 0 0 0 rg BT 487.55 255.97 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 518.15 255.97 Td (10-Y) Tj ET Q
q 0 0 0 rg BT 538.36 255.97 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 52.00 238.37 Td (% of Strategy ) Tj ET Q
q 0 0 0 rg BT 114.26 238.37 Td (AUM beating Benchmark) Tj ET Q
BT /F1 10.00 Tf ET
BT /F1 6.50 Tf ET
q 0 0 0 rg BT 225.42 243.14 Td (3) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 380.95 238.37 Td (78%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 428.95 238.37 Td (79%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 476.95 238.37 Td (83%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 525.45 238.37 Td (84%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 52.00 216.97 Td (% of Long-T) Tj ET Q
q 0 0 0 rg BT 105.36 216.97 Td (erm U.S. Fund ) Tj ET Q
q 0 0 0 rg BT 172.61 216.97 Td (Assets Beating Lipper Category ) Tj ET Q
q 0 0 0 rg BT 315.47 216.97 Td (A) Tj ET Q
q 0 0 0 rg BT 321.96 216.97 Td (verage) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 380.95 216.97 Td (62%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 428.95 216.97 Td (65%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 476.95 216.97 Td (76%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 525.45 216.97 Td (68%) Tj ET Q
BT /F1 8.00 Tf ET
q 0 0 0 rg BT 68.00 189.43 Td (\(3\) See �Supplemental Data Regarding Quarterly Performance.�) Tj ET Q
BT /F2 10.00 Tf ET
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 140.85 Td (Of Legg Mason�) Tj ET Q
q 0 0 0 rg BT 115.42 140.85 Td (s long-term U.S. mutual fund assets, 65% were in funds rated 4 or 5 stars by Morningstar) Tj ET Q
q 0 0 0 rg BT 508.93 140.85 Td (.) Tj ET Q
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 50.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 86.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 122.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 158.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 194.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 230.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 266.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 302.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 338.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 374.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 410.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 446.00 772.25 Td ( News Release) Tj ET Q
BT /F2 10.00 Tf ET
BT /F1 6.00 Tf ET
0 Tr
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0 Tw 0 Tc 100 Tz 0 TL
q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 56.50 32.15 Td (Brandywine Global | Clarion Partners | ClearBridge Investments | EnT) Tj ET Q
q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 251.37 32.15 Td (rust Global | Martin Currie | QS Investors | RARE Infrastructure | Royce Investment Partners | W) Tj ET Q
q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 522.47 32.15 Td (estern ) Tj ET Q
q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 540.48 32.15 Td (Asset) Tj ET Q
BT /F1 8.00 Tf ET
0 Tr
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0 Tw 0 Tc 100 Tz 0 TL
q 0 0 0 rg BT 303.75 18.25 Td (3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 716.75 Td (Operating Results - Comparison to the Second Quarter of Fiscal ) Tj ET Q
q 0 0 0 rg BT 352.09 716.75 Td (Y) Tj ET Q
q 0 0 0 rg BT 358.21 716.75 Td (ear 2020) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 688.75 Td (Adjusted net income) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 143.34 688.75 Td ( was $93.2 million, or $1.03 per diluted share, compared to adjusted net income of $85.6 ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 676.25 Td (million, or $0.95 per diluted share. ) Tj ET Q
q 0 0 0 rg BT 201.02 676.25 Td (The increase in adjusted earnings was driven by higher investment advisory fees ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 663.75 Td (reflecting higher average ) Tj ET Q
q 0 0 0 rg BT 157.29 663.75 Td (AUM as well a $15.7 million increase in non-pass through performance fees. In addition, ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 651.25 Td (the increase in adjusted net income reflected savings from the strategic restructuring. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 623.25 Td (Net income) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 98.90 623.25 Td ( was $74.8 million, or $0.83 per diluted share, compared to net income of $67.1 million, or $0.74 per ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 610.75 Td (diluted share, in the second quarter of fiscal year 2020. ) Tj ET Q
q 0 0 0 rg BT 293.86 610.75 Td (The change was impacted by the items described below) Tj ET Q
q 0 0 0 rg BT 541.77 610.75 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 582.75 Td (Operating revenues ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 141.70 582.75 Td (of $753.9 million were up 1% from $743.3 million in the prior quarter reflecting:) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 570.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 570.25 Td (An increase in separate account and fund advisory fee revenues of $5.4 million, or 1%, reflecting higher ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 557.75 Td (average ) Tj ET Q
q 0 0 0 rg BT 119.36 557.75 Td (AUM. ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 545.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 545.25 Td (In addition, non-pass through performance fees increased by $15.7 million, partially of) Tj ET Q
q 0 0 0 rg BT 460.48 545.25 Td (fset by an $1) Tj ET Q
q 0 0 0 rg BT 517.00 545.25 Td (1.2 million ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 532.75 Td (decrease in pass through performance fees. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 504.75 Td (Operating expenses) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 140.59 504.75 Td ( of $623.9 million increased 1% from $618.3 million in the prior quarter) Tj ET Q
q 0 0 0 rg BT 450.76 504.75 Td (, reflecting:) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 492.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 492.25 Td (Lower compensation of $2.7 million driven by an $1) Tj ET Q
q 0 0 0 rg BT 308.17 492.25 Td (1.2 million decrease in pass through performance fees ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 479.75 Td (and a $4.2 million decrease in strategic restructuring costs and a $3.6 million increase in strategic ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 467.25 Td (restructuring savings. ) Tj ET Q
q 0 0 0 rg BT 178.64 467.25 Td (These were partially of) Tj ET Q
q 0 0 0 rg BT 279.06 467.25 Td (fset by a higher gain in the market value of deferred ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 454.75 Td (compensation and seed investments of $12.0 million, with an of) Tj ET Q
q 0 0 0 rg BT 361.54 454.75 Td (fset in non-operating income, as compared to ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 442.25 Td (a gain of $2.9 million in the prior quarter as well as increased compensation and benefits related to the ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 429.75 Td (increase in non-pass through performance fees and higher advisory fees. ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 417.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 417.25 Td (An increase in communications and technology expenses of $3.1 million reflecting higher consulting costs. ) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 63.00 404.75 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 404.75 Td (An increase in occupancy expenses of $5.7 million which included $5.9 million in restructuring costs. ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 392.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 392.25 Td (The $21.2 million of restructuring costs this quarter included $18.5 million of strategic restructuring costs ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 379.75 Td (related to the implementation of our cost savings initiative and $2.4 million of professional fees for other ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 367.25 Td (corporate matters. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 339.25 Td (Non-operating expense) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 156.13 339.25 Td ( was $5.3 million, as compared to $19.7 million in the prior quarter reflecting: ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 326.75 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 326.75 Td (Gains on corporate investments, not of) Tj ET Q
q 0 0 0 rg BT 252.58 326.75 Td (fset in compensation, were $6.2 million compared with losses of $2.9 ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 314.25 Td (million in the prior quarter) Tj ET Q
q 0 0 0 rg BT 193.28 314.25 Td (. ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 301.75 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 301.75 Td (Gains on funded deferred compensation and seed investments, as described above.) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 289.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 289.25 Td (A) Tj ET Q
q 0 0 0 rg BT 87.12 289.25 Td ( $0.6 million gain associated with the consolidation of sponsored investment vehicles compared to a $5.0 ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 276.75 Td (million gain in the prior quarter) Tj ET Q
q 0 0 0 rg BT 214.96 276.75 Td (. ) Tj ET Q
q 0 0 0 rg BT 223.11 276.75 Td (The consolidation of sponsored investment vehicles has no impact on net ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 264.25 Td (income as the ef) Tj ET Q
q 0 0 0 rg BT 154.19 264.25 Td (fects of consolidation are fully attributable to noncontrolling interests. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 236.25 Td (Operating margin) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 128.34 236.25 Td ( was 17.2% compared to 16.8% in the prior quarter) Tj ET Q
q 0 0 0 rg BT 353.47 236.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 361.25 236.25 Td (Adjusted operating margin) Tj ET Q
BT /F1 10.00 Tf ET
BT /F1 6.50 Tf ET
q 0 0 0 rg BT 477.99 241.02 Td (1) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 481.61 236.25 Td (, was 26.5%, as ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 223.75 Td (compared to 25.0% in the prior quarter) Tj ET Q
q 0 0 0 rg BT 215.65 223.75 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 195.75 Td (Net income attributable to noncontrolling interests) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 285.57 195.75 Td (, excluding consolidated investment vehicles, was $14.4 million ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 183.25 Td (compared to $8.7 million in the prior quarter) Tj ET Q
q 0 0 0 rg BT 237.88 183.25 Td (, principally related to Clarion, EnT) Tj ET Q
q 0 0 0 rg BT 390.36 183.25 Td (rust Global and Royce.) Tj ET Q
BT /F1 8.00 Tf ET
q 0 0 0 rg BT 45.00 167.25 Td (\(1\) See "Use of Supplemental Non-GAAP) Tj ET Q
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BT /F1 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 533.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 533.25 Td (In addition, performance fees increased $26.8 million, including an increase of $23.5 million in non-pass ) Tj ET Q
BT /F1 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 386.75 Td (Other expenses decreased by $14.1 million primarily due to strategic restructuring savings of $7.4 million and ) Tj ET Q
BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 616.75 Td (Investments LLC ) Tj ET Q
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 551.25 Td (equity was $3.8 billion.� ) Tj ET Q
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 538.75 Td (investments totaled $220.1 million. ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 278.81 286.15 Td (, fixed income, alternative and liquidity investments.� Legg ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 1 rg BT 253.25 261.15 Td (Facebook) Tj ET Q
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q 0 0 0 rg BT 297.16 261.15 Td (.�) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 45.00 230.15 Td (This release contains forward-looking statements subject to risks, uncertainties and other factors that may cause ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 45.00 217.65 Td (actual results to differ materially) Tj ET Q
q 0 0 0 rg BT 184.87 217.65 Td (. For a discussion of these risks and uncertainties, see "Risk Factors" and ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 45.00 205.15 Td (�Management�) Tj ET Q
q 0 0 0 rg BT 108.74 205.15 Td (s Discussion and ) Tj ET Q
q 0 0 0 rg BT 186.74 205.15 Td (Analysis of Financial Condition and Results of Operations� in Legg Mason's ) Tj ET Q
q 0 0 0 rg BT 522.34 205.15 Td (Annual ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 45.00 192.65 Td (report on Form 10-K for the fiscal year ended March 31, 2019 and, in the Company�) Tj ET Q
q 0 0 0 rg BT 413.91 192.65 Td (s, quarterly reports on Form 10-Q.) Tj ET Q
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 50.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 86.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 122.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 158.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 194.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 230.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 266.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 302.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 338.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 374.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 410.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 446.00 772.25 Td ( News Release) Tj ET Q
BT /F2 10.00 Tf ET
BT /F1 6.00 Tf ET
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q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 56.50 32.15 Td (Brandywine Global | Clarion Partners | ClearBridge Investments | EnT) Tj ET Q
q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 251.37 32.15 Td (rust Global | Martin Currie | QS Investors | RARE Infrastructure | Royce Investment Partners | W) Tj ET Q
q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 522.47 32.15 Td (estern ) Tj ET Q
q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 540.48 32.15 Td (Asset) Tj ET Q
BT /F1 8.00 Tf ET
0 Tr
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q 0 0 0 rg BT 303.75 18.25 Td (6) Tj ET Q
BT /F3 10.00 Tf ET
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45 715.16552734375 m
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q 0 0 0 rg BT 45.00 716.75 Td (Supplemental Data Regarding Quarterly Performance) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 691.75 Td (Strategy Performance) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 676.25 Td (For purposes of investment performance comparisons, strategies are an aggregation of discretionary portfolios ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 663.75 Td (\(separate accounts, investment funds, and other products\) into a single group that represents a particular investment ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 651.25 Td (objective. In the case of separate accounts, the investment performance of the account is based upon the ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 638.75 Td (performance of the strategy to which the account has been assigned. Each of our asset managers has its own ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 626.25 Td (specific guidelines for including portfolios in their strategies. For those managers which manage both separate ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 613.75 Td (accounts and investment funds in the same strategy) Tj ET Q
q 0 0 0 rg BT 274.94 613.75 Td (, the performance comparison for all of the assets is based upon ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 601.25 Td (the performance of the separate account.) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 570.25 Td (Approximately 87% of total ) Tj ET Q
q 0 0 0 rg BT 166.18 570.25 Td (AUM is included in strategy ) Tj ET Q
q 0 0 0 rg BT 289.57 570.25 Td (AUM as of December 31, 2019, although not all strategies ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 557.75 Td (have three-, five-, and ten-year histories. ) Tj ET Q
q 0 0 0 rg BT 229.91 557.75 Td (T) Tj ET Q
q 0 0 0 rg BT 234.91 557.75 Td (otal strategy ) Tj ET Q
q 0 0 0 rg BT 291.61 557.75 Td (AUM includes liquidity assets. Certain assets are not ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 545.25 Td (included in reported performance comparisons. ) Tj ET Q
q 0 0 0 rg BT 256.60 545.25 Td (These include: accounts that are not managed in accordance with the ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 532.75 Td (guidelines outlined above; accounts in strategies not marketed to potential clients; accounts that have not yet been ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 520.25 Td (assigned to a strategy; and certain smaller products at some of our af) Tj ET Q
q 0 0 0 rg BT 351.65 520.25 Td (filiates. ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 495.25 Td (Past performance is not indicative of future results.� For ) Tj ET Q
q 0 0 0 rg BT 292.33 495.25 Td (AUM included in institutional and retail separate accounts and ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 482.75 Td (investment funds managed in the same strategy as separate accounts, performance comparisons are based on ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 470.25 Td (gross-of-fee performance. For investment funds which are not managed in a separate account format, performance ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 457.75 Td (comparisons are based on net-of-fee performance. Funds-of-hedge funds generally do not have specified ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 445.25 Td (benchmarks. For purposes of this comparison, performance of those products is net of fees, and is compared to the ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 432.75 Td (relevant HFRX index. ) Tj ET Q
q 0 0 0 rg BT 145.42 432.75 Td (These performance comparisons do not reflect the actual performance of any specific separate ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 420.25 Td (account or investment fund; individual separate account and investment fund performance may dif) Tj ET Q
q 0 0 0 rg BT 478.40 420.25 Td (fer) Tj ET Q
q 0 0 0 rg BT 489.52 420.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 497.67 420.25 Td (The ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 407.75 Td (information in this presentation is provided solely for use regarding this presentation and is not directed toward ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 395.25 Td (existing or potential clients of Legg Mason.) Tj ET Q
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49.5 372.25 m
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513.5 348.25 m
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562.5 362.25 m
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45.5 348.25 m
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562.5 348.25 m
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461.5 265.25 m
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465.5 265.25 m
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509.5 265.25 m
513.5 265.25 l
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513.5 265.25 m
558.5 265.25 l
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562.5 280.25 m
562.5 265.25 l
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558.5 265.25 m
562.5 265.25 l
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45.5 265.25 m
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45.5 240.25 m
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49.5 240.25 m
56.5 240.25 l
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56.5 240.25 m
365.5 240.25 l
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365.5 240.25 m
369.5 240.25 l
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369.5 240.25 m
413.5 240.25 l
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413.5 240.25 m
417.5 240.25 l
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417.5 240.25 m
461.5 240.25 l
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1.00 w
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461.5 240.25 m
465.5 240.25 l
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465.5 240.25 m
509.5 240.25 l
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509.5 240.25 m
513.5 240.25 l
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1.00 w
0 i
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513.5 240.25 m
558.5 240.25 l
s
0 0 0 RG
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1.00 w
0 i
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3 M
562.5 265.25 m
562.5 240.25 l
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558.5 240.25 m
562.5 240.25 l
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 52.00 352.47 Td (At December 31, 2019:) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 376.45 352.47 Td (1-Y) Tj ET Q
q 0 0 0 rg BT 391.55 352.47 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 424.45 352.47 Td (3-Y) Tj ET Q
q 0 0 0 rg BT 439.55 352.47 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 472.45 352.47 Td (5-Y) Tj ET Q
q 0 0 0 rg BT 487.55 352.47 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 518.15 352.47 Td (10-Y) Tj ET Q
q 0 0 0 rg BT 538.36 352.47 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 52.00 334.87 Td (% of Strategy ) Tj ET Q
q 0 0 0 rg BT 114.26 334.87 Td (AUM beating Benchmark) Tj ET Q
BT /F1 10.00 Tf ET
BT /F1 6.50 Tf ET
q 0 0 0 rg BT 225.42 339.64 Td (1) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 59.00 313.47 Td (Fixed Income) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 380.95 313.47 Td (97%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 428.95 313.47 Td (99%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 476.95 313.47 Td (94%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 525.45 313.47 Td (98%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 59.00 299.47 Td (Equity) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 380.95 299.47 Td (61%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 428.95 299.47 Td (56%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 476.95 299.47 Td (60%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 525.45 299.47 Td (50%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 59.00 284.87 Td (Alternatives) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 380.95 284.87 Td (99%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 428.95 284.87 Td (95%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 476.95 284.87 Td (98%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 525.45 284.87 Td (99%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 59.00 254.92 Td (\(1\) Ef) Tj ET Q
q 0 0 0 rg BT 82.42 254.92 Td (fective July 1, 2019, comparative benchmarks for certain strategies were added to measure relative performance) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 59.00 244.92 Td (where a stated benchmark was not previously provided) Tj ET Q
BT /F2 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 215.75 Td (Long-term US Fund ) Tj ET Q
q 0 0 0 rg BT 140.73 215.75 Td (Assets Beating Lipper Category ) Tj ET Q
q 0 0 0 rg BT 294.84 215.75 Td (A) Tj ET Q
q 0 0 0 rg BT 301.69 215.75 Td (verage) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 203.25 Td (Long-term US fund assets include open-end, closed end, and variable annuity funds. ) Tj ET Q
q 0 0 0 rg BT 422.28 203.25 Td (These performance ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 190.75 Td (comparisons do not reflect the actual performance of any specific fund; individual fund performance may dif) Tj ET Q
q 0 0 0 rg BT 518.96 190.75 Td (fer) Tj ET Q
q 0 0 0 rg BT 530.08 190.75 Td (. Past ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 178.25 Td (performance is not a guarantee of future results. Source: Lipper Inc.) Tj ET Q
0 0 0 RG
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1.00 w
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45.5 152.25 m
45.5 142.25 l
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1.00 w
0 i
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3 M
45.5 152.25 m
49.5 152.25 l
s
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1.00 w
0 i
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3 M
49.5 152.25 m
56.5 152.25 l
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0 0 0 RG
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1.00 w
0 i
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3 M
56.5 152.25 m
365.5 152.25 l
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0 0 0 RG
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1.00 w
0 i
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3 M
365.5 152.25 m
369.5 152.25 l
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0 0 0 RG
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1.00 w
0 i
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3 M
369.5 152.25 m
413.5 152.25 l
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0 0 0 RG
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1.00 w
0 i
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3 M
413.5 152.25 m
417.5 152.25 l
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1.00 w
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BT /F3 9.00 Tf ET
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BT /F3 9.00 Tf ET
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BT /F3 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F3 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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449.5 158.5 m
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449.5 144.5 m
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BT /F3 9.00 Tf ET
q 0 0 0 rg BT 218.65 739.50 Td (LEGG MASON, INC. ) Tj ET Q
q 0 0 0 rg BT 305.32 739.50 Td (AND SUBSIDIARIES) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 165.75 728.50 Td (CONSOLIDA) Tj ET Q
q 0 0 0 rg BT 219.08 728.50 Td (TED ST) Tj ET Q
q 0 0 0 rg BT 250.42 728.50 Td (A) Tj ET Q
q 0 0 0 rg BT 256.25 728.50 Td (TEMENTS OF INCOME \(LOSS\), CONTINUED) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 194.95 717.50 Td (\(Amounts in thousands, except per share amounts\)) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 280.00 706.50 Td (\(Unaudited\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 331.20 684.45 Td (Quarters Ended) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 463.45 684.45 Td (Nine Months Ended) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 286.20 672.45 Td (December) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 340.95 672.45 Td (September) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 398.20 672.45 Td (December) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 454.20 672.45 Td (December) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 510.20 672.45 Td (December) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 296.95 660.45 Td (2019) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 352.95 660.45 Td (2019) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 408.95 660.45 Td (2018) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 464.95 660.45 Td (2019) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 520.95 660.45 Td (2018) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 52.00 636.45 Td (Net Income \(Loss\) ) Tj ET Q
q 0 0 0 rg BT 132.18 636.45 Td (Attributable to Legg Mason, Inc.) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 284.00 636.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 302.10 636.45 Td (74,775) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 340.00 636.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 358.10 636.45 Td (67,083) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 396.00 636.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 406.10 636.45 Td (\(216,888) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 441.65 636.45 Td (\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 452.00 636.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 465.10 636.45 Td (187,208) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 508.00 636.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 523.10 636.45 Td (\(77,995) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 553.65 636.45 Td (\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 61.00 614.45 Td (Less: Earnings \(distributed and undistributed\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 82.00 602.45 Td (allocated to participating securities ) Tj ET Q
BT /F1 9.00 Tf ET
BT /F1 5.85 Tf ET
q 0 0 0 rg BT 222.08 606.74 Td (\(1\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 307.10 602.45 Td (2,428) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 363.10 602.45 Td (2,213) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 419.10 602.45 Td (1,049) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 475.10 602.45 Td (6,138) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 531.10 602.45 Td (3,190) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 52.00 580.45 Td (Net Income \(Loss\) \(Distributed and Undistributed\)) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 61.00 568.45 Td (Allocated to Shareholders \(Excluding) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 61.00 556.45 Td (Participating Securities\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 284.00 556.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 302.10 556.45 Td (72,347) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 340.00 556.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 358.10 556.45 Td (64,870) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 396.00 556.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 406.10 556.45 Td (\(217,937) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 441.65 556.45 Td (\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 452.00 556.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 465.10 556.45 Td (181,070) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 508.00 556.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 523.10 556.45 Td (\(81,185) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 553.65 556.45 Td (\)) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 52.00 534.45 Td (Net Income \(Loss\) per Share ) Tj ET Q
q 0 0 0 rg BT 176.20 534.45 Td (Attributable to ) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 61.00 522.45 Td (Legg Mason, Inc. Shareholders:) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 78.00 510.45 Td (Basic) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 284.00 510.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 312.10 510.45 Td (0.83) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 340.00 510.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 368.10 510.45 Td (0.75) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 396.00 510.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 421.10 510.45 Td (\(2.55) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 441.65 510.45 Td (\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 452.00 510.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 480.10 510.45 Td (2.09) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 508.00 510.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 533.10 510.45 Td (\(0.95) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 553.65 510.45 Td (\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 78.00 491.45 Td (Diluted) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 284.00 491.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 312.10 491.45 Td (0.83) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 340.00 491.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 368.10 491.45 Td (0.74) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 396.00 491.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 421.10 491.45 Td (\(2.55) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 441.65 491.45 Td (\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 452.00 491.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 480.10 491.45 Td (2.08) Tj ET Q
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q 0 0 0 rg BT 395.32 559.50 Td (AND SUBSIDIARIES) Tj ET Q
BT /F3 9.00 Tf ET
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q 0 0 0 rg BT 438.08 548.50 Td (A) Tj ET Q
BT /F3 9.00 Tf ET
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q 0 0 0 rg BT 309.42 536.90 Td ( BASIS OPERA) Tj ET Q
q 0 0 0 rg BT 373.26 536.90 Td (TING MARGIN T) Tj ET Q
q 0 0 0 rg BT 441.59 536.90 Td (O ) Tj ET Q
q 0 0 0 rg BT 450.76 536.90 Td (ADJUSTED OPERA) Tj ET Q
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BT /F3 9.00 Tf ET
BT /F3 5.85 Tf ET
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BT /F3 9.00 Tf ET
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BT /F3 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
q 0 0 0 rg BT 399.95 472.50 Td (September) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 485.20 472.50 Td (December) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 582.70 472.50 Td (December) Tj ET Q
BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
q 0 0 0 rg BT 327.95 461.50 Td (2019) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 411.95 461.50 Td (2019) Tj ET Q
BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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BT /F1 9.00 Tf ET
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691.5 259.5 m
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BT /F3 8.50 Tf ET
q 0 0 0 rg BT 313.45 557.81 Td (LEGG MASON, INC. ) Tj ET Q
q 0 0 0 rg BT 395.47 557.81 Td (AND SUBSIDIARIES) Tj ET Q
BT /F3 8.50 Tf ET
q 0 0 0 rg BT 352.70 544.81 Td (\(Amounts in billions\)) Tj ET Q
BT /F3 8.50 Tf ET
q 0 0 0 rg BT 371.35 531.81 Td (\(Unaudited\)) Tj ET Q
BT /F3 8.50 Tf ET
q 0 0 0 rg BT 27.00 518.81 Td (Assets Under Management) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 351.45 505.81 Td (Quarters Ended) Tj ET Q
BT /F3 8.50 Tf ET
q 0 0 0 rg BT 27.00 492.81 Td (By asset class:) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 171.25 492.81 Td (December 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 260.05 492.81 Td (September 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 361.60 492.81 Td (June 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 449.05 492.81 Td (March 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 531.25 492.81 Td (December 2018) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 31.00 479.81 Td (Equity) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 165.00 479.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 216.85 479.81 Td (214.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 255.00 479.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 306.85 479.86 Td (203.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 345.00 479.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 396.85 479.86 Td (205.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 435.00 479.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 486.85 479.86 Td (202.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 525.00 479.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 576.85 479.81 Td (181.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 31.00 466.81 Td (Fixed Income) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 216.85 466.81 Td (451.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 306.85 466.86 Td (442.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 396.85 466.86 Td (438.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 486.85 466.86 Td (419.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 576.85 466.81 Td (406.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 31.00 453.81 Td (Alternative) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 221.60 453.81 Td (74.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 311.60 453.86 Td (72.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 401.60 453.86 Td (70.1) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 491.60 453.86 Td (68.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 581.60 453.81 Td (66.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 37.00 440.81 Td (Long-T) Tj ET Q
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 216.85 440.81 Td (740.1) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 306.85 440.86 Td (718.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 396.85 440.86 Td (713.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 486.85 440.86 Td (690.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 576.85 440.81 Td (653.9) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 31.00 427.81 Td (Liquidity) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 221.60 427.81 Td (63.4) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 311.60 427.86 Td (63.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 401.60 427.86 Td (66.5) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 491.60 427.86 Td (67.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 581.60 427.81 Td (73.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 37.00 414.81 Td (T) Tj ET Q
q 0 0 0 rg BT 41.72 414.81 Td (otal) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 216.85 414.81 Td (803.5) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 255.00 414.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 306.85 414.86 Td (781.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 345.00 414.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 396.85 414.86 Td (780.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 435.00 414.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 486.85 414.86 Td (758.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 525.00 414.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 576.85 414.81 Td (727.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 351.45 397.81 Td (Quarters Ended) Tj ET Q
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BT /F3 8.50 Tf ET
q 0 0 0 rg BT 27.00 384.81 Td (By asset class \(average\):) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 171.25 384.81 Td (December 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 260.05 384.81 Td (September 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 361.60 384.81 Td (June 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 449.05 384.81 Td (March 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 531.25 384.81 Td (December 2018) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 612.25 384.81 Td (December 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 698.25 384.81 Td (December 2018) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 31.00 371.81 Td (Equity) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 165.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 216.85 371.81 Td (209.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 255.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 306.85 371.86 Td (204.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 345.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 396.85 371.86 Td (202.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 435.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 486.85 371.86 Td (195.4) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 525.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 576.85 371.81 Td (198.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 608.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 655.85 371.81 Td (205.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 694.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 741.85 371.81 Td (204.1) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 31.00 358.81 Td (Fixed Income) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 216.85 358.81 Td (447.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 306.85 358.86 Td (440.9) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 396.85 358.86 Td (427.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 486.85 358.86 Td (413.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 576.85 358.81 Td (407.4) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 741.85 358.81 Td (41) Tj ET Q
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 31.00 345.81 Td (Alternative) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 221.60 345.81 Td (73.1) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 311.60 345.86 Td (71.5) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 401.60 345.86 Td (69.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 491.60 345.86 Td (67.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 581.60 345.81 Td (66.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 660.60 345.81 Td (71.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 746.60 345.81 Td (66.3) Tj ET Q
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 306.85 332.86 Td (716.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 396.85 332.86 Td (699.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 486.85 332.86 Td (676.1) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 576.85 332.81 Td (672.4) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 655.85 332.81 Td (714.9) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 741.85 332.81 Td (682.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 31.00 319.81 Td (Liquidity) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 221.60 319.81 Td (62.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 311.60 319.86 Td (63.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 401.60 319.86 Td (66.9) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 491.60 319.86 Td (72.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 581.60 319.81 Td (66.9) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 660.60 319.81 Td (63.9) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 746.60 319.81 Td (63.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 37.00 306.81 Td (T) Tj ET Q
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 165.00 306.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 216.85 306.81 Td (791.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 255.00 306.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 306.85 306.86 Td (779.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 345.00 306.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 396.85 306.86 Td (765.9) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 435.00 306.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 486.85 306.86 Td (748.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 525.00 306.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 576.85 306.81 Td (739.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 608.00 306.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 655.85 306.81 Td (778.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 694.00 306.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 741.85 306.81 Td (745.6) Tj ET Q
BT /F3 8.50 Tf ET
q 0 0 0 rg BT 27.00 289.81 Td (Component Changes in ) Tj ET Q
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 648.15 276.81 Td (Nine Months Ended) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 171.25 263.81 Td (December 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 260.05 263.81 Td (September 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 361.60 263.81 Td (June 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 449.05 263.81 Td (March 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 531.25 263.81 Td (December 2018) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 612.25 263.81 Td (December 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 698.25 263.81 Td (December 2018) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 27.00 250.81 Td (Beginning of period) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 165.00 250.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 216.85 250.81 Td (781.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 255.00 250.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 306.85 250.86 Td (780.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 345.00 250.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 396.85 250.86 Td (758.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 435.00 250.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 486.85 250.86 Td (727.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 525.00 250.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 576.85 250.81 Td (755.4) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 608.00 250.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 655.85 250.81 Td (758.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 694.00 250.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 741.85 250.81 Td (754.1) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 27.00 237.81 Td (Net client cash flows:) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 33.00 224.81 Td (Equity) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 223.50 224.81 Td (\(4.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 238.15 224.81 Td (\)) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 313.50 224.81 Td (\(2.1) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 748.50 224.81 Td (\(6.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 763.15 224.81 Td (\)) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 33.00 211.81 Td (Fixed Income) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 226.30 211.81 Td (1.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 313.50 211.81 Td (\(0.5) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 403.50 159.81 Td (\(0.5) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 418.15 159.81 Td (\)) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
BT /F1 5.52 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 748.50 146.81 Td (\(0.7) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 221.60 133.81 Td (20.9) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 401.60 133.86 Td (21.9) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 491.60 133.86 Td (39.1) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 743.75 133.81 Td (\(17.8) Tj ET Q
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 665.30 120.81 Td (0.5) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 748.50 120.81 Td (\(8.5) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 763.15 120.81 Td (\)) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 27.00 107.81 Td (Acquisition) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 229.65 107.81 Td (�) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 319.65 107.81 Td (�) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 499.65 107.81 Td (�) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 589.65 107.81 Td (�) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 754.65 107.81 Td (�) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 165.00 94.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 216.85 94.81 Td (803.5) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 255.00 94.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 306.85 94.86 Td (781.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 345.00 94.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 396.85 94.86 Td (780.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 435.00 94.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 486.85 94.86 Td (758.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 525.00 94.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 576.85 94.81 Td (727.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 608.00 94.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 655.85 94.81 Td (803.5) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
q 0 0 0 rg BT 741.85 94.81 Td (727.2) Tj ET Q
BT /F1 8.50 Tf ET
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BT /F1 8.50 Tf ET
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BT /F1 8.00 Tf ET
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q 0 0 0 rg BT 71.32 56.18 Td (fects of rounding, the sum of the quarterly results may dif) Tj ET Q
q 0 0 0 rg BT 272.61 56.18 Td (fer immaterially from the year-to-date results.) Tj ET Q
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q 0 0 0 rg BT 122.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 158.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 194.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 230.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 266.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 302.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 338.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 374.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 410.00 772.25 Td ( ) Tj ET Q
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BT /F1 6.00 Tf ET
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q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 251.37 31.65 Td (rust Global | Martin Currie | QS Investors | RARE Infrastructure | Royce Investment Partners | W) Tj ET Q
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q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 540.48 31.65 Td (Asset) Tj ET Q
BT /F1 8.00 Tf ET
0 Tr
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q 0 0 0 rg BT 67.38 705.25 Td (supplemental ) Tj ET Q
q 0 0 0 rg BT 128.57 705.25 Td (information, ) Tj ET Q
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q 0 0 0 rg BT 372.31 705.25 Td ("Adjusted ) Tj ET Q
q 0 0 0 rg BT 416.49 705.25 Td (Net ) Tj ET Q
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BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 71.08 693.25 Td (Diluted ) Tj ET Q
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q 0 0 0 rg BT 137.70 693.25 Td (\(�Adjusted ) Tj ET Q
q 0 0 0 rg BT 185.91 693.25 Td (EPS�\), ) Tj ET Q
q 0 0 0 rg BT 217.98 693.25 Td (and ) Tj ET Q
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q 0 0 0 rg BT 282.17 693.25 Td (Operating ) Tj ET Q
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BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 136.58 681.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 165.52 681.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 183.34 681.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 213.95 681.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 228.45 681.25 Td (methodologies ) Tj ET Q
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q 0 0 0 rg BT 345.86 681.25 Td (generally ) Tj ET Q
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q 0 0 0 rg BT 329.24 669.25 Td (began ) Tj ET Q
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q 0 0 0 rg BT 532.43 669.25 Td (which ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 277.51 657.25 Td (as ) Tj ET Q
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q 0 0 0 rg BT 333.87 657.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 346.03 657.25 Td (include ) Tj ET Q
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q 0 0 0 rg BT 541.33 657.25 Td (and ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 335.20 645.25 Td (activities, ) Tj ET Q
q 0 0 0 rg BT 378.93 645.25 Td (each ) Tj ET Q
q 0 0 0 rg BT 403.22 645.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 414.17 645.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 442.35 645.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 452.18 645.25 Td (further ) Tj ET Q
q 0 0 0 rg BT 483.69 645.25 Td (described ) Tj ET Q
q 0 0 0 rg BT 529.66 645.25 Td (below) Tj ET Q
q 0 0 0 rg BT 555.23 645.25 Td (. ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 625.25 Td (Our ) Tj ET Q
q 0 0 0 rg BT 73.91 625.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 135.51 625.25 Td (uses ) Tj ET Q
q 0 0 0 rg BT 159.87 625.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 177.01 625.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 236.39 625.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 283.53 625.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 297.33 625.25 Td (benchmarks ) Tj ET Q
q 0 0 0 rg BT 355.03 625.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 366.61 625.25 Td (evaluate ) Tj ET Q
q 0 0 0 rg BT 407.65 625.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 427.57 625.25 Td (compare ) Tj ET Q
q 0 0 0 rg BT 469.72 625.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 487.41 625.25 Td (period-to-period ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 613.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 97.56 613.25 Td (performance. ) Tj ET Q
q 0 0 0 rg BT 158.35 613.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 160.21 613.25 Td (W) Tj ET Q
q 0 0 0 rg BT 169.47 613.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 176.90 613.25 Td (believe ) Tj ET Q
q 0 0 0 rg BT 210.45 613.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 229.00 613.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 255.32 613.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 313.33 613.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 359.10 613.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 393.76 613.25 Td (useful ) Tj ET Q
q 0 0 0 rg BT 422.31 613.25 Td (information ) Tj ET Q
q 0 0 0 rg BT 473.64 613.25 Td (about ) Tj ET Q
q 0 0 0 rg BT 500.53 613.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 516.30 613.25 Td (operating ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 601.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 85.94 601.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 96.77 601.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 113.72 601.25 Td (core ) Tj ET Q
q 0 0 0 rg BT 135.66 601.25 Td (asset ) Tj ET Q
q 0 0 0 rg BT 162.05 601.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 222.91 601.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 264.87 601.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 284.05 601.25 Td (facilitate ) Tj ET Q
q 0 0 0 rg BT 323.22 601.25 Td (comparison ) Tj ET Q
q 0 0 0 rg BT 377.40 601.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 388.23 601.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 405.18 601.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 437.12 601.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 447.95 601.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 473.24 601.25 Td (asset ) Tj ET Q
q 0 0 0 rg BT 499.63 601.25 Td (management ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 589.25 Td (firms ) Tj ET Q
q 0 0 0 rg BT 77.82 589.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 96.67 589.25 Td (period-to-period ) Tj ET Q
q 0 0 0 rg BT 169.42 589.25 Td (results. ) Tj ET Q
q 0 0 0 rg BT 203.82 589.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 205.98 589.25 Td (W) Tj ET Q
q 0 0 0 rg BT 215.24 589.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 222.96 589.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 239.57 589.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 260.08 589.25 Td (providing ) Tj ET Q
q 0 0 0 rg BT 302.82 589.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 310.54 589.25 Td (non-GAAP) Tj ET Q
q 0 0 0 rg BT 358.17 589.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 360.33 589.25 Td (liquidity ) Tj ET Q
q 0 0 0 rg BT 395.84 589.25 Td (measure ) Tj ET Q
q 0 0 0 rg BT 436.90 589.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 450.31 589.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 491.38 589.25 Td (EBITDA, ) Tj ET Q
q 0 0 0 rg BT 532.44 589.25 Td (which ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 577.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 71.21 577.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 132.34 577.25 Td (uses ) Tj ET Q
q 0 0 0 rg BT 156.22 577.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 169.53 577.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 177.85 577.25 Td (benchmark ) Tj ET Q
q 0 0 0 rg BT 230.08 577.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 240.62 577.25 Td (evaluating ) Tj ET Q
q 0 0 0 rg BT 288.96 577.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 308.41 577.25 Td (comparing ) Tj ET Q
q 0 0 0 rg BT 357.85 577.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 375.06 577.25 Td (period-to-period ) Tj ET Q
q 0 0 0 rg BT 448.42 577.25 Td (liquidity) Tj ET Q
q 0 0 0 rg BT 481.02 577.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 486.56 577.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 489.31 577.25 Td (W) Tj ET Q
q 0 0 0 rg BT 498.57 577.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 506.89 577.25 Td (believe ) Tj ET Q
q 0 0 0 rg BT 541.34 577.25 Td (that ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 565.25 Td (this ) Tj ET Q
q 0 0 0 rg BT 72.98 565.25 Td (measure ) Tj ET Q
q 0 0 0 rg BT 115.31 565.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 125.95 565.25 Td (useful ) Tj ET Q
q 0 0 0 rg BT 156.05 565.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 167.81 565.25 Td (investors ) Tj ET Q
q 0 0 0 rg BT 211.25 565.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 225.23 565.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 233.65 565.25 Td (provides ) Tj ET Q
q 0 0 0 rg BT 274.87 565.25 Td (additional ) Tj ET Q
q 0 0 0 rg BT 321.10 565.25 Td (information ) Tj ET Q
q 0 0 0 rg BT 373.99 565.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 395.19 565.25 Td (regard ) Tj ET Q
q 0 0 0 rg BT 427.52 565.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 439.28 565.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 457.15 565.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 486.14 565.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 497.90 565.25 Td (meet ) Tj ET Q
q 0 0 0 rg BT 523.55 565.25 Td (working ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 553.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 85.68 553.25 Td (requirements, ) Tj ET Q
q 0 0 0 rg BT 149.60 553.25 Td (service ) Tj ET Q
q 0 0 0 rg BT 184.05 553.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 201.29 553.25 Td (debt, ) Tj ET Q
q 0 0 0 rg BT 226.30 553.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 245.77 553.25 Td (return ) Tj ET Q
q 0 0 0 rg BT 274.67 553.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 306.35 553.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 317.47 553.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 334.70 553.25 Td (stockholders. ) Tj ET Q
q 0 0 0 rg BT 396.40 553.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 399.18 553.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 54.00 533.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 99.56 533.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 118.45 533.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 156.24 533.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 176.42 533.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 221.98 533.25 Td (Earnings ) Tj ET Q
q 0 0 0 rg BT 267.54 533.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 285.88 533.25 Td (Diluted ) Tj ET Q
q 0 0 0 rg BT 322.55 533.25 Td (Share) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 521.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 98.31 521.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 119.27 521.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 157.46 521.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 178.47 521.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 222.78 521.25 Td (EPS ) Tj ET Q
q 0 0 0 rg BT 248.18 521.25 Td (only ) Tj ET Q
q 0 0 0 rg BT 271.92 521.25 Td (include ) Tj ET Q
q 0 0 0 rg BT 309.01 521.25 Td (adjustments ) Tj ET Q
q 0 0 0 rg BT 368.32 521.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 385.38 521.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 420.79 521.25 Td (items ) Tj ET Q
q 0 0 0 rg BT 450.08 521.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 472.16 521.25 Td (relate ) Tj ET Q
q 0 0 0 rg BT 502.57 521.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 516.30 521.25 Td (operating ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 509.25 Td (performance, ) Tj ET Q
q 0 0 0 rg BT 115.16 509.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 134.08 509.25 Td (therefore, ) Tj ET Q
q 0 0 0 rg BT 179.13 509.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 195.82 509.25 Td (most ) Tj ET Q
q 0 0 0 rg BT 219.73 509.25 Td (readily ) Tj ET Q
q 0 0 0 rg BT 251.43 509.25 Td (reconcilable ) Tj ET Q
q 0 0 0 rg BT 307.04 509.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 317.62 509.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 335.42 509.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 370.46 509.25 Td (\(Loss\) ) Tj ET Q
q 0 0 0 rg BT 400.03 509.25 Td (Attributable ) Tj ET Q
q 0 0 0 rg BT 452.86 509.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 463.44 509.25 Td (Legg ) Tj ET Q
q 0 0 0 rg BT 487.93 509.25 Td (Mason, ) Tj ET Q
q 0 0 0 rg BT 522.96 509.25 Td (Inc. ) Tj ET Q
q 0 0 0 rg BT 541.32 509.25 Td (and ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 497.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 72.97 497.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 109.18 497.25 Td (\(Loss\) ) Tj ET Q
q 0 0 0 rg BT 140.37 497.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 158.23 497.25 Td (Diluted ) Tj ET Q
q 0 0 0 rg BT 192.77 497.25 Td (Share ) Tj ET Q
q 0 0 0 rg BT 222.19 497.25 Td (Attributable ) Tj ET Q
q 0 0 0 rg BT 276.19 497.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 287.94 497.25 Td (Legg ) Tj ET Q
q 0 0 0 rg BT 313.59 497.25 Td (Mason, ) Tj ET Q
q 0 0 0 rg BT 349.80 497.25 Td (Inc. ) Tj ET Q
q 0 0 0 rg BT 369.33 497.25 Td (Shareholders, ) Tj ET Q
q 0 0 0 rg BT 435.00 497.25 Td (determined ) Tj ET Q
q 0 0 0 rg BT 488.44 497.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 517.42 497.25 Td (generally ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 485.25 Td (accepted ) Tj ET Q
q 0 0 0 rg BT 97.36 485.25 Td (accounting ) Tj ET Q
q 0 0 0 rg BT 148.51 485.25 Td (principles ) Tj ET Q
q 0 0 0 rg BT 193.53 485.25 Td (\("GAAP"\), ) Tj ET Q
q 0 0 0 rg BT 240.64 485.25 Td (respectively) Tj ET Q
q 0 0 0 rg BT 292.69 485.25 Td (.) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 465.25 Td (W) Tj ET Q
q 0 0 0 rg BT 63.26 465.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 72.64 465.25 Td (define ) Tj ET Q
q 0 0 0 rg BT 102.94 465.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 145.68 465.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 165.05 465.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 201.67 465.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 216.04 465.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 235.42 465.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 272.03 465.25 Td (\(Loss\) ) Tj ET Q
q 0 0 0 rg BT 302.88 465.25 Td (Attributable ) Tj ET Q
q 0 0 0 rg BT 357.28 465.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 369.44 465.25 Td (Legg ) Tj ET Q
q 0 0 0 rg BT 395.50 465.25 Td (Mason, ) Tj ET Q
q 0 0 0 rg BT 432.11 465.25 Td (Inc. ) Tj ET Q
q 0 0 0 rg BT 452.05 465.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 493.67 465.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 505.83 465.25 Td (exclude ) Tj ET Q
q 0 0 0 rg BT 544.11 465.25 Td (the ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 453.25 Td (following: ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 433.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 433.25 Td (Restructuring ) Tj ET Q
q 0 0 0 rg BT 152.25 433.25 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 181.14 433.25 Td (including:) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 419.09 cm
/I7 Do Q
q 0 0 0 rg BT 112.00 421.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 421.25 Td (Corporate ) Tj ET Q
q 0 0 0 rg BT 172.57 421.25 Td (charges ) Tj ET Q
q 0 0 0 rg BT 210.24 421.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 242.92 421.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 253.36 421.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 269.36 421.25 Td (ongoing ) Tj ET Q
q 0 0 0 rg BT 307.05 421.25 Td (strategic ) Tj ET Q
q 0 0 0 rg BT 346.95 421.25 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 404.62 421.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 423.41 421.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 448.30 421.25 Td (cost ) Tj ET Q
q 0 0 0 rg BT 468.74 421.25 Td (saving ) Tj ET Q
q 0 0 0 rg BT 499.75 421.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 518.53 421.25 Td (business ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 409.25 Td (initiatives, ) Tj ET Q
q 0 0 0 rg BT 172.68 409.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 214.94 409.25 Td (severance, ) Tj ET Q
q 0 0 0 rg BT 266.63 409.25 Td (lease ) Tj ET Q
q 0 0 0 rg BT 293.31 409.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 312.78 409.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 338.35 409.25 Td (costs; ) Tj ET Q
q 0 0 0 rg BT 367.25 409.25 Td (and) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 395.09 cm
/I8 Do Q
q 0 0 0 rg BT 112.00 397.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 397.25 Td (Af) Tj ET Q
q 0 0 0 rg BT 135.27 397.25 Td (filiate ) Tj ET Q
q 0 0 0 rg BT 160.83 397.25 Td (charges, ) Tj ET Q
q 0 0 0 rg BT 201.40 397.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 243.09 397.25 Td (af) Tj ET Q
q 0 0 0 rg BT 251.24 397.25 Td (filiate ) Tj ET Q
q 0 0 0 rg BT 276.80 397.25 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 334.60 397.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 353.50 397.25 Td (severance ) Tj ET Q
q 0 0 0 rg BT 401.85 397.25 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 430.18 397.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 449.08 397.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 481.31 397.25 Td (one-time ) Tj ET Q
q 0 0 0 rg BT 522.43 397.25 Td (charges ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 385.25 Td (arising ) Tj ET Q
q 0 0 0 rg BT 158.24 385.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 181.01 385.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 197.69 385.25 Td (issuance ) Tj ET Q
q 0 0 0 rg BT 239.94 385.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 251.06 385.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 312.21 385.25 Td (equity ) Tj ET Q
q 0 0 0 rg BT 341.67 385.25 Td (plan ) Tj ET Q
q 0 0 0 rg BT 363.35 385.25 Td (awards) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 373.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 373.25 Td (Amortization ) Tj ET Q
q 0 0 0 rg BT 148.35 373.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 159.47 373.25 Td (intangible ) Tj ET Q
q 0 0 0 rg BT 205.06 373.25 Td (assets) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 361.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 361.25 Td (Gains ) Tj ET Q
q 0 0 0 rg BT 118.90 361.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 138.36 361.25 Td (losses ) Tj ET Q
q 0 0 0 rg BT 169.49 361.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 183.39 361.25 Td (seed ) Tj ET Q
q 0 0 0 rg BT 207.85 361.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 227.31 361.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 252.89 361.25 Td (investments ) Tj ET Q
q 0 0 0 rg BT 309.02 361.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 328.48 361.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 345.71 361.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 362.39 361.25 Td (of) Tj ET Q
q 0 0 0 rg BT 370.55 361.25 Td (fset ) Tj ET Q
q 0 0 0 rg BT 389.44 361.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 402.78 361.25 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 467.82 361.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 479.49 361.25 Td (hedges) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 349.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 349.25 Td (Acquisition ) Tj ET Q
q 0 0 0 rg BT 144.64 349.25 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 193.72 349.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 216.68 349.25 Td (transition-related ) Tj ET Q
q 0 0 0 rg BT 297.44 349.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 327.06 349.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 345.00 349.25 Td (integration ) Tj ET Q
q 0 0 0 rg BT 397.98 349.25 Td (activities, ) Tj ET Q
q 0 0 0 rg BT 445.38 349.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 491.13 349.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 527.42 349.25 Td (related ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 337.25 Td (professional ) Tj ET Q
q 0 0 0 rg BT 146.70 337.25 Td (fees ) Tj ET Q
q 0 0 0 rg BT 168.38 337.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 187.84 337.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 213.96 337.25 Td (associated ) Tj ET Q
q 0 0 0 rg BT 264.55 337.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 285.11 337.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 301.79 337.25 Td (transition ) Tj ET Q
q 0 0 0 rg BT 345.14 337.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 364.60 337.25 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 414.63 337.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 425.75 337.25 Td (acquired ) Tj ET Q
q 0 0 0 rg BT 466.89 337.25 Td (businesses) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 325.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 325.25 Td (Impairments ) Tj ET Q
q 0 0 0 rg BT 147.79 325.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 158.91 325.25 Td (intangible ) Tj ET Q
q 0 0 0 rg BT 204.50 325.25 Td (assets) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 313.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 313.25 Td (Contingent ) Tj ET Q
q 0 0 0 rg BT 141.15 313.25 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 203.41 313.25 Td (fair ) Tj ET Q
q 0 0 0 rg BT 220.08 313.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 246.76 313.25 Td (adjustments) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 301.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 301.25 Td (Charges ) Tj ET Q
q 0 0 0 rg BT 130.58 301.25 Td (\(credits\) ) Tj ET Q
q 0 0 0 rg BT 169.47 301.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 202.82 301.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 213.94 301.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 261.19 301.25 Td (litigation ) Tj ET Q
q 0 0 0 rg BT 300.65 301.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 312.32 301.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 359.57 301.25 Td (matters) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 289.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 289.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 126.03 289.25 Td (tax ) Tj ET Q
q 0 0 0 rg BT 142.60 289.25 Td (expense ) Tj ET Q
q 0 0 0 rg BT 183.64 289.25 Td (\(benefit\) ) Tj ET Q
q 0 0 0 rg BT 223.56 289.25 Td (adjustments ) Tj ET Q
q 0 0 0 rg BT 280.71 289.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 292.28 289.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 328.31 289.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 342.67 289.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 350.82 289.25 Td (fective ) Tj ET Q
q 0 0 0 rg BT 382.96 289.25 Td (non-GAAP) Tj ET Q
q 0 0 0 rg BT 430.58 289.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 433.81 289.25 Td (tax ) Tj ET Q
q 0 0 0 rg BT 450.39 289.25 Td (rate ) Tj ET Q
q 0 0 0 rg BT 470.85 289.25 Td (commensurate ) Tj ET Q
q 0 0 0 rg BT 540.22 289.25 Td (with ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 277.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 107.23 277.25 Td (expected ) Tj ET Q
q 0 0 0 rg BT 150.60 277.25 Td (annual ) Tj ET Q
q 0 0 0 rg BT 183.40 277.25 Td (pre-tax ) Tj ET Q
q 0 0 0 rg BT 216.75 277.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 258.45 277.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 276.79 277.25 Td (Income, ) Tj ET Q
q 0 0 0 rg BT 315.14 277.25 Td (including:) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 263.09 cm
/I9 Do Q
q 0 0 0 rg BT 112.00 265.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 265.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 146.01 265.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 178.24 265.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 192.14 265.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 227.16 265.25 Td (tax ) Tj ET Q
q 0 0 0 rg BT 243.28 265.25 Td (expense ) Tj ET Q
q 0 0 0 rg BT 283.86 265.25 Td (\(benefit\) ) Tj ET Q
q 0 0 0 rg BT 323.32 265.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 334.44 265.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 351.12 265.25 Td (above ) Tj ET Q
q 0 0 0 rg BT 381.15 265.25 Td (non-GAAP) Tj ET Q
q 0 0 0 rg BT 428.77 265.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 431.55 265.25 Td (adjustments; ) Tj ET Q
q 0 0 0 rg BT 491.02 265.25 Td (and) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
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/I10 Do Q
q 0 0 0 rg BT 112.00 253.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 169.16 253.25 Td (items, ) Tj ET Q
q 0 0 0 rg BT 198.23 253.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 240.11 253.25 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 279.76 253.25 Td (tax ) Tj ET Q
q 0 0 0 rg BT 295.50 253.25 Td (asset ) Tj ET Q
q 0 0 0 rg BT 321.81 253.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 340.89 253.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 373.31 253.25 Td (adjustments ) Tj ET Q
q 0 0 0 rg BT 429.63 253.25 Td (associated ) Tj ET Q
q 0 0 0 rg BT 479.84 253.25 Td (with ) Tj ET Q
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q 0 0 0 rg BT 540.78 253.25 Td (rate ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 223.54 241.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 236.42 241.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 263.74 241.25 Td (aspects ) Tj ET Q
q 0 0 0 rg BT 302.74 241.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 315.62 241.25 Td (recent ) Tj ET Q
q 0 0 0 rg BT 347.94 241.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 371.92 241.25 Td (tax ) Tj ET Q
q 0 0 0 rg BT 389.80 241.25 Td (reform, ) Tj ET Q
q 0 0 0 rg BT 426.00 241.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 447.22 241.25 Td (shortfalls ) Tj ET Q
q 0 0 0 rg BT 491.77 241.25 Td (\(and ) Tj ET Q
q 0 0 0 rg BT 516.32 241.25 Td (windfalls\) ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 229.25 Td (associated ) Tj ET Q
q 0 0 0 rg BT 176.59 229.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 197.15 229.25 Td (stock-based ) Tj ET Q
q 0 0 0 rg BT 253.84 229.25 Td (compensation) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 114.10 205.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 130.84 205.25 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 191.49 205.25 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 222.68 205.25 Td (gains ) Tj ET Q
q 0 0 0 rg BT 251.66 205.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 273.42 205.25 Td (losses ) Tj ET Q
q 0 0 0 rg BT 306.83 205.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 323.03 205.25 Td (seed ) Tj ET Q
q 0 0 0 rg BT 349.79 205.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 371.54 205.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 399.41 205.25 Td (investments ) Tj ET Q
q 0 0 0 rg BT 457.84 205.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 479.59 205.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 499.12 205.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 518.09 205.25 Td (of) Tj ET Q
q 0 0 0 rg BT 526.25 205.25 Td (fset ) Tj ET Q
q 0 0 0 rg BT 547.44 205.25 Td (by ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 118.23 193.25 Td (or ) Tj ET Q
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q 0 0 0 rg BT 166.64 193.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 185.29 193.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 201.16 193.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 235.36 193.25 Td (tax ) Tj ET Q
q 0 0 0 rg BT 250.67 193.25 Td (expense ) Tj ET Q
q 0 0 0 rg BT 290.45 193.25 Td (\(benefit\) ) Tj ET Q
q 0 0 0 rg BT 329.10 193.25 Td (items ) Tj ET Q
q 0 0 0 rg BT 354.96 193.25 Td (described ) Tj ET Q
q 0 0 0 rg BT 400.28 193.25 Td (above ) Tj ET Q
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BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 93.80 181.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 120.25 181.25 Td (items ) Tj ET Q
q 0 0 0 rg BT 146.13 181.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 162.58 181.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 178.47 181.25 Td (reflective ) Tj ET Q
q 0 0 0 rg BT 220.47 181.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 230.80 181.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 247.25 181.25 Td (core ) Tj ET Q
q 0 0 0 rg BT 268.69 181.25 Td (asset ) Tj ET Q
q 0 0 0 rg BT 294.58 181.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 354.94 181.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 396.40 181.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 406.73 181.25 Td (providing ) Tj ET Q
q 0 0 0 rg BT 449.30 181.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 499.64 181.25 Td (management ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 169.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 72.32 169.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 104.52 169.25 Td (products ) Tj ET Q
q 0 0 0 rg BT 144.51 169.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 162.83 169.25 Td (services. ) Tj ET Q
q 0 0 0 rg BT 203.91 169.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 205.54 169.25 Td (W) Tj ET Q
q 0 0 0 rg BT 214.80 169.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 222.00 169.25 Td (adjust ) Tj ET Q
q 0 0 0 rg BT 250.31 169.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 263.61 169.25 Td (acquisition-related ) Tj ET Q
q 0 0 0 rg BT 346.40 169.25 Td (items, ) Tj ET Q
q 0 0 0 rg BT 374.70 169.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 415.81 169.25 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 471.91 169.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 481.88 169.25 Td (intangible ) Tj ET Q
q 0 0 0 rg BT 526.32 169.25 Td (assets, ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 157.25 Td (impairments ) Tj ET Q
q 0 0 0 rg BT 111.45 157.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 122.78 157.25 Td (intangible ) Tj ET Q
q 0 0 0 rg BT 168.58 157.25 Td (assets, ) Tj ET Q
q 0 0 0 rg BT 203.25 157.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 222.92 157.25 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 272.06 157.25 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 334.53 157.25 Td (fair ) Tj ET Q
q 0 0 0 rg BT 351.41 157.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 378.31 157.25 Td (adjustments, ) Tj ET Q
q 0 0 0 rg BT 437.99 157.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 449.32 157.25 Td (make ) Tj ET Q
q 0 0 0 rg BT 476.77 157.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 484.76 157.25 Td (easier ) Tj ET Q
q 0 0 0 rg BT 514.98 157.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 526.31 157.25 Td (identify ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 145.25 Td (trends ) Tj ET Q
q 0 0 0 rg BT 84.36 145.25 Td (af) Tj ET Q
q 0 0 0 rg BT 92.52 145.25 Td (fecting ) Tj ET Q
q 0 0 0 rg BT 124.55 145.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 141.58 145.25 Td (underlying ) Tj ET Q
q 0 0 0 rg BT 190.29 145.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 232.33 145.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 251.57 145.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 268.60 145.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 285.07 145.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 318.21 145.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 329.12 145.25 Td (acquisitions ) Tj ET Q
q 0 0 0 rg BT 383.94 145.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 394.85 145.25 Td (facilitate ) Tj ET Q
q 0 0 0 rg BT 434.11 145.25 Td (comparison ) Tj ET Q
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q 0 0 0 rg BT 499.27 145.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 516.30 145.25 Td (operating ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 85.58 133.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 105.50 133.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 121.53 133.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 153.12 133.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 163.59 133.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 188.51 133.25 Td (asset ) Tj ET Q
q 0 0 0 rg BT 214.54 133.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 275.04 133.25 Td (firms ) Tj ET Q
q 0 0 0 rg BT 298.84 133.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 317.65 133.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 341.46 133.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 357.50 133.25 Td (engaged ) Tj ET Q
q 0 0 0 rg BT 398.56 133.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 408.47 133.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 455.07 133.25 Td (acquisitions. ) Tj ET Q
q 0 0 0 rg BT 512.23 133.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 514.36 133.25 Td (W) Tj ET Q
q 0 0 0 rg BT 523.62 133.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 531.31 133.25 Td (adjust ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 67.88 121.25 Td (charges ) Tj ET Q
q 0 0 0 rg BT 105.67 121.25 Td (\(credits\) ) Tj ET Q
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q 0 0 0 rg BT 176.79 121.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 187.34 121.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 234.02 121.25 Td (litigation ) Tj ET Q
q 0 0 0 rg BT 272.92 121.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 284.02 121.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 330.70 121.25 Td (matters, ) Tj ET Q
q 0 0 0 rg BT 369.03 121.25 Td (net ) Tj ET Q
q 0 0 0 rg BT 385.15 121.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 395.70 121.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 414.04 121.25 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 459.61 121.25 Td (proceeds ) Tj ET Q
q 0 0 0 rg BT 502.96 121.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 521.85 121.25 Td (revenue ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 109.25 Td (share ) Tj ET Q
q 0 0 0 rg BT 81.00 109.25 Td (adjustments, ) Tj ET Q
q 0 0 0 rg BT 139.69 109.25 Td (because ) Tj ET Q
q 0 0 0 rg BT 179.48 109.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 205.93 109.25 Td (matters ) Tj ET Q
q 0 0 0 rg BT 241.26 109.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 254.38 109.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 270.27 109.25 Td (reflect ) Tj ET Q
q 0 0 0 rg BT 299.49 109.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 315.38 109.25 Td (underlying ) Tj ET Q
q 0 0 0 rg BT 363.51 109.25 Td (operations ) Tj ET Q
q 0 0 0 rg BT 412.19 109.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 430.87 109.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 488.99 109.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 499.32 109.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 515.77 109.25 Td (business. ) Tj ET Q
q 0 0 0 rg BT 560.79 109.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 160.85 89.25 Td (EPS, ) Tj ET Q
q 0 0 0 rg BT 188.04 89.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 205.23 89.25 Td (adjust ) Tj ET Q
q 0 0 0 rg BT 236.33 89.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 256.29 89.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 293.49 89.25 Td (\(Loss\) ) Tj ET Q
q 0 0 0 rg BT 325.68 89.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 344.54 89.25 Td (Diluted ) Tj ET Q
q 0 0 0 rg BT 380.08 89.25 Td (Share ) Tj ET Q
q 0 0 0 rg BT 410.29 89.25 Td (Attributable ) Tj ET Q
q 0 0 0 rg BT 465.28 89.25 Td (to ) Tj ET Q
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q 0 0 0 rg BT 504.68 89.25 Td (Mason, ) Tj ET Q
q 0 0 0 rg BT 541.88 89.25 Td (Inc. ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 226.60 77.25 Td ( ) Tj ET Q
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q 0 0 0 rg BT 262.08 77.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 279.83 77.25 Td (share ) Tj ET Q
q 0 0 0 rg BT 308.15 77.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 340.90 77.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 352.54 77.25 Td (each ) Tj ET Q
q 0 0 0 rg BT 377.53 77.25 Td (adjustment ) Tj ET Q
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q 0 0 0 rg BT 450.28 77.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 461.92 77.25 Td (taxes\) ) Tj ET Q
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BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 158.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 194.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 230.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 266.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 302.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 338.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 374.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 410.00 772.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 446.00 772.25 Td ( News Release) Tj ET Q
BT /F2 10.00 Tf ET
BT /F1 6.00 Tf ET
0 Tr
/GS0 gs
0 Tw 0 Tc 100 Tz 0 TL
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q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 251.37 31.65 Td (rust Global | Martin Currie | QS Investors | RARE Infrastructure | Royce Investment Partners | W) Tj ET Q
q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 522.47 31.65 Td (estern ) Tj ET Q
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BT /F1 8.00 Tf ET
0 Tr
/GS0 gs
0 Tw 0 Tc 100 Tz 0 TL
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BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 271.08 717.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 307.10 717.25 Td (\(Loss\) ) Tj ET Q
q 0 0 0 rg BT 337.47 717.25 Td (Attributable ) Tj ET Q
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q 0 0 0 rg BT 402.86 717.25 Td (Legg ) Tj ET Q
q 0 0 0 rg BT 428.34 717.25 Td (Mason, ) Tj ET Q
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BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 215.56 705.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 226.17 705.25 Td (Legg ) Tj ET Q
q 0 0 0 rg BT 250.69 705.25 Td (Mason, ) Tj ET Q
q 0 0 0 rg BT 285.76 705.25 Td (Inc. ) Tj ET Q
q 0 0 0 rg BT 304.15 705.25 Td (Shareholders, ) Tj ET Q
q 0 0 0 rg BT 368.69 705.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 387.65 705.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 404.38 705.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 420.55 705.25 Td (substitutes ) Tj ET Q
q 0 0 0 rg BT 470.63 705.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 484.58 705.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 511.31 705.25 Td (measures. ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 693.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 86.32 693.25 Td (non-GAAP) Tj ET Q
q 0 0 0 rg BT 133.95 693.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 138.48 693.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 186.92 693.25 Td (should ) Tj ET Q
q 0 0 0 rg BT 220.92 693.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 239.35 693.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 255.00 693.25 Td (considered ) Tj ET Q
q 0 0 0 rg BT 308.46 693.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 320.77 693.25 Td (isolation ) Tj ET Q
q 0 0 0 rg BT 361.99 693.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 383.21 693.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 406.63 693.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 425.07 693.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 440.72 693.25 Td (comparable ) Tj ET Q
q 0 0 0 rg BT 497.50 693.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 510.37 693.25 Td (non-GAAP) Tj ET Q
q 0 0 0 rg BT 558.00 693.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 681.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 113.54 681.25 Td (measures, ) Tj ET Q
q 0 0 0 rg BT 163.63 681.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 206.51 681.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 253.83 681.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 265.57 681.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 306.79 681.25 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 348.55 681.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 360.85 681.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 402.06 681.25 Td (income, ) Tj ET Q
q 0 0 0 rg BT 440.48 681.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 460.58 681.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 501.79 681.25 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 543.55 681.25 Td (per ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 669.25 Td (share, ) Tj ET Q
q 0 0 0 rg BT 84.27 669.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 95.08 669.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 120.35 669.25 Td (companies, ) Tj ET Q
q 0 0 0 rg BT 173.97 669.25 Td (respectively) Tj ET Q
q 0 0 0 rg BT 226.02 669.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 231.28 669.25 Td (Further) Tj ET Q
q 0 0 0 rg BT 262.96 669.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 267.72 669.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 309.11 669.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 327.15 669.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 362.41 669.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 381.08 669.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 422.47 669.25 Td (EPS ) Tj ET Q
q 0 0 0 rg BT 444.96 669.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 461.89 669.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 478.27 669.25 Td (liquidity ) Tj ET Q
q 0 0 0 rg BT 514.09 669.25 Td (measures ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 657.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 73.46 657.25 Td (should ) Tj ET Q
q 0 0 0 rg BT 105.71 657.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 122.39 657.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 136.29 657.25 Td (used ) Tj ET Q
q 0 0 0 rg BT 160.75 657.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 171.31 657.25 Td (place ) Tj ET Q
q 0 0 0 rg BT 198.00 657.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 209.12 657.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 233.02 657.25 Td (flow ) Tj ET Q
q 0 0 0 rg BT 253.58 657.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 300.26 657.25 Td (determined ) Tj ET Q
q 0 0 0 rg BT 353.07 657.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 381.43 657.25 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 407.93 657.25 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 54.00 637.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 99.56 637.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 149.56 637.25 Td (Margin) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 625.25 Td (W) Tj ET Q
q 0 0 0 rg BT 63.26 625.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 74.52 625.25 Td (calculate ) Tj ET Q
q 0 0 0 rg BT 118.56 625.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 163.17 625.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 212.79 625.25 Td (Margin, ) Tj ET Q
q 0 0 0 rg BT 251.83 625.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 268.10 625.25 Td (dividing ) Tj ET Q
q 0 0 0 rg BT 307.71 625.25 Td (�Adjusted ) Tj ET Q
q 0 0 0 rg BT 355.66 625.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 405.27 625.25 Td (Income�, ) Tj ET Q
q 0 0 0 rg BT 449.87 625.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 466.14 625.25 Td (�Adjusted ) Tj ET Q
q 0 0 0 rg BT 514.08 625.25 Td (Operating ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 613.25 Td (Revenues�, ) Tj ET Q
q 0 0 0 rg BT 107.64 613.25 Td (each ) Tj ET Q
q 0 0 0 rg BT 131.83 613.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 142.67 613.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 170.74 613.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 187.70 613.25 Td (further ) Tj ET Q
q 0 0 0 rg BT 219.10 613.25 Td (discussed ) Tj ET Q
q 0 0 0 rg BT 266.07 613.25 Td (below) Tj ET Q
q 0 0 0 rg BT 291.65 613.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 296.93 613.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 299.27 613.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 329.56 613.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 375.97 613.25 Td (only ) Tj ET Q
q 0 0 0 rg BT 396.82 613.25 Td (include ) Tj ET Q
q 0 0 0 rg BT 431.01 613.25 Td (adjustments ) Tj ET Q
q 0 0 0 rg BT 487.43 613.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 501.61 613.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 534.12 613.25 Td (items ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 601.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 73.92 601.25 Td (relate ) Tj ET Q
q 0 0 0 rg BT 102.18 601.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 113.77 601.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 158.71 601.25 Td (performance, ) Tj ET Q
q 0 0 0 rg BT 220.87 601.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 240.80 601.25 Td (therefore, ) Tj ET Q
q 0 0 0 rg BT 286.84 601.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 304.54 601.25 Td (most ) Tj ET Q
q 0 0 0 rg BT 329.45 601.25 Td (readily ) Tj ET Q
q 0 0 0 rg BT 362.15 601.25 Td (reconcilable ) Tj ET Q
q 0 0 0 rg BT 418.76 601.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 430.35 601.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 477.51 601.25 Td (Margin, ) Tj ET Q
q 0 0 0 rg BT 514.09 601.25 Td (Operating ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 589.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 89.57 589.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 108.85 589.25 Td (T) Tj ET Q
q 0 0 0 rg BT 113.85 589.25 Td (otal ) Tj ET Q
q 0 0 0 rg BT 132.75 589.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 179.45 589.25 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 227.26 589.25 Td (determined ) Tj ET Q
q 0 0 0 rg BT 280.06 589.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 308.42 589.25 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 334.92 589.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 340.47 589.25 Td (respectively) Tj ET Q
q 0 0 0 rg BT 392.53 589.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 398.09 589.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 569.25 Td (W) Tj ET Q
q 0 0 0 rg BT 63.26 569.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 71.60 569.25 Td (define ) Tj ET Q
q 0 0 0 rg BT 101.07 569.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 142.76 569.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 189.46 569.25 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 237.27 569.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 250.61 569.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 297.30 569.25 Td (Revenues, ) Tj ET Q
q 0 0 0 rg BT 347.89 569.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 388.47 569.25 Td (to:) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 545.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 545.25 Td (Include:) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 531.09 cm
/I12 Do Q
q 0 0 0 rg BT 112.00 533.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 533.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 144.34 533.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 195.47 533.25 Td (advisory ) Tj ET Q
q 0 0 0 rg BT 235.49 533.25 Td (fees ) Tj ET Q
q 0 0 0 rg BT 257.17 533.25 Td (eliminated ) Tj ET Q
q 0 0 0 rg BT 305.53 533.25 Td (upon ) Tj ET Q
q 0 0 0 rg BT 330.55 533.25 Td (consolidation ) Tj ET Q
q 0 0 0 rg BT 391.70 533.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 402.82 533.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 453.95 533.25 Td (vehicles) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 521.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 521.25 Td (Exclude:) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 507.09 cm
/I13 Do Q
q 0 0 0 rg BT 112.00 509.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 509.25 Td (Distribution ) Tj ET Q
q 0 0 0 rg BT 178.12 509.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 196.91 509.25 Td (servicing ) Tj ET Q
q 0 0 0 rg BT 238.47 509.25 Td (expenses, ) Tj ET Q
q 0 0 0 rg BT 286.16 509.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 313.83 509.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 328.71 509.25 Td (use ) Tj ET Q
q 0 0 0 rg BT 346.94 509.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 357.38 509.25 Td (approximate ) Tj ET Q
q 0 0 0 rg BT 414.51 509.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 431.07 509.25 Td (distribution ) Tj ET Q
q 0 0 0 rg BT 481.53 509.25 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 524.77 509.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 543.55 509.25 Td (are ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 497.25 Td (passed ) Tj ET Q
q 0 0 0 rg BT 161.02 497.25 Td (through ) Tj ET Q
q 0 0 0 rg BT 197.72 497.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 208.84 497.25 Td (third ) Tj ET Q
q 0 0 0 rg BT 231.07 497.25 Td (parties ) Tj ET Q
q 0 0 0 rg BT 263.86 497.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 277.20 497.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 285.54 497.25 Td (direct ) Tj ET Q
q 0 0 0 rg BT 312.77 497.25 Td (cost ) Tj ET Q
q 0 0 0 rg BT 333.89 497.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 345.01 497.25 Td (selling ) Tj ET Q
q 0 0 0 rg BT 376.14 497.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 393.37 497.25 Td (products) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 483.09 cm
/I14 Do Q
q 0 0 0 rg BT 112.00 485.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 485.25 Td (Performance ) Tj ET Q
q 0 0 0 rg BT 184.71 485.25 Td (fees ) Tj ET Q
q 0 0 0 rg BT 205.07 485.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 223.21 485.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 239.12 485.25 Td (passed ) Tj ET Q
q 0 0 0 rg BT 272.82 485.25 Td (through ) Tj ET Q
q 0 0 0 rg BT 308.20 485.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 320.22 485.25 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 383.94 485.25 Td (expense ) Tj ET Q
q 0 0 0 rg BT 423.21 485.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 433.56 485.25 Td (net ) Tj ET Q
q 0 0 0 rg BT 448.92 485.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 482.62 485.25 Td (\(loss\) ) Tj ET Q
q 0 0 0 rg BT 508.52 485.25 Td (attributable ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 473.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 137.12 473.25 Td (noncontrolling ) Tj ET Q
q 0 0 0 rg BT 202.16 473.25 Td (interests) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 449.25 Td (W) Tj ET Q
q 0 0 0 rg BT 63.26 449.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 71.60 449.25 Td (define ) Tj ET Q
q 0 0 0 rg BT 101.07 449.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 142.76 449.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 189.46 449.25 Td (Income, ) Tj ET Q
q 0 0 0 rg BT 227.81 449.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 241.15 449.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 287.84 449.25 Td (Income, ) Tj ET Q
q 0 0 0 rg BT 326.19 449.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 366.78 449.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 377.90 449.25 Td (exclude ) Tj ET Q
q 0 0 0 rg BT 415.14 449.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 431.82 449.25 Td (following: ) Tj ET Q
q 0 0 0 rg BT 476.29 449.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 479.07 449.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 425.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 425.25 Td (Restructuring ) Tj ET Q
q 0 0 0 rg BT 152.25 425.25 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 181.14 425.25 Td (including:) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 411.09 cm
/I15 Do Q
q 0 0 0 rg BT 112.00 413.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 413.25 Td (Corporate ) Tj ET Q
q 0 0 0 rg BT 172.57 413.25 Td (charges ) Tj ET Q
q 0 0 0 rg BT 210.24 413.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 242.92 413.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 253.36 413.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 269.36 413.25 Td (ongoing ) Tj ET Q
q 0 0 0 rg BT 307.05 413.25 Td (strategic ) Tj ET Q
q 0 0 0 rg BT 346.95 413.25 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 404.62 413.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 423.41 413.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 448.30 413.25 Td (cost ) Tj ET Q
q 0 0 0 rg BT 468.74 413.25 Td (saving ) Tj ET Q
q 0 0 0 rg BT 499.75 413.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 518.53 413.25 Td (business ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 401.25 Td (initiatives, ) Tj ET Q
q 0 0 0 rg BT 172.68 401.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 214.94 401.25 Td (severance, ) Tj ET Q
q 0 0 0 rg BT 266.63 401.25 Td (lease ) Tj ET Q
q 0 0 0 rg BT 293.31 401.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 312.78 401.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 338.35 401.25 Td (costs; ) Tj ET Q
q 0 0 0 rg BT 367.25 401.25 Td (and) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 387.09 cm
/I16 Do Q
q 0 0 0 rg BT 112.00 389.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 389.25 Td (Af) Tj ET Q
q 0 0 0 rg BT 135.27 389.25 Td (filiate ) Tj ET Q
q 0 0 0 rg BT 160.83 389.25 Td (charges, ) Tj ET Q
q 0 0 0 rg BT 201.40 389.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 243.09 389.25 Td (af) Tj ET Q
q 0 0 0 rg BT 251.24 389.25 Td (filiate ) Tj ET Q
q 0 0 0 rg BT 276.80 389.25 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 334.60 389.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 353.50 389.25 Td (severance ) Tj ET Q
q 0 0 0 rg BT 401.85 389.25 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 430.18 389.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 449.08 389.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 481.31 389.25 Td (one-time ) Tj ET Q
q 0 0 0 rg BT 522.43 389.25 Td (charges ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 377.25 Td (arising ) Tj ET Q
q 0 0 0 rg BT 158.24 377.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 181.01 377.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 197.69 377.25 Td (issuance ) Tj ET Q
q 0 0 0 rg BT 239.94 377.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 251.06 377.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 312.21 377.25 Td (equity ) Tj ET Q
q 0 0 0 rg BT 341.67 377.25 Td (plan ) Tj ET Q
q 0 0 0 rg BT 363.35 377.25 Td (awards) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 365.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 365.25 Td (Amortization ) Tj ET Q
q 0 0 0 rg BT 148.35 365.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 159.47 365.25 Td (intangible ) Tj ET Q
q 0 0 0 rg BT 205.06 365.25 Td (assets) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 353.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 353.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 110.01 353.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 142.24 353.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 156.14 353.25 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 221.18 353.25 Td (expense ) Tj ET Q
q 0 0 0 rg BT 261.77 353.25 Td (of: ) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 339.09 cm
/I17 Do Q
q 0 0 0 rg BT 112.00 341.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 341.25 Td (Gains ) Tj ET Q
q 0 0 0 rg BT 154.90 341.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 174.36 341.25 Td (losses ) Tj ET Q
q 0 0 0 rg BT 205.49 341.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 219.39 341.25 Td (investments ) Tj ET Q
q 0 0 0 rg BT 275.52 341.25 Td (made ) Tj ET Q
q 0 0 0 rg BT 303.31 341.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 314.43 341.25 Td (fund ) Tj ET Q
q 0 0 0 rg BT 336.67 341.25 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 376.70 341.25 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 441.74 341.25 Td (plans ) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 327.09 cm
/I18 Do Q
q 0 0 0 rg BT 112.00 329.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 329.25 Td (Gains ) Tj ET Q
q 0 0 0 rg BT 154.28 329.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 173.12 329.25 Td (losses ) Tj ET Q
q 0 0 0 rg BT 203.63 329.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 216.91 329.25 Td (seed ) Tj ET Q
q 0 0 0 rg BT 240.75 329.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 271.82 329.25 Td (investments ) Tj ET Q
q 0 0 0 rg BT 327.33 329.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 340.05 329.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 356.66 329.25 Td (af) Tj ET Q
q 0 0 0 rg BT 364.82 329.25 Td (filiates ) Tj ET Q
q 0 0 0 rg BT 395.32 329.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 423.06 329.25 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 461.35 329.25 Td (sharing ) Tj ET Q
q 0 0 0 rg BT 496.31 329.25 Td (arrangements ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 317.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 317.25 Td (Acquisition ) Tj ET Q
q 0 0 0 rg BT 144.64 317.25 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 193.72 317.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 216.68 317.25 Td (transition-related ) Tj ET Q
q 0 0 0 rg BT 297.44 317.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 327.06 317.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 345.00 317.25 Td (integration ) Tj ET Q
q 0 0 0 rg BT 397.98 317.25 Td (activities, ) Tj ET Q
q 0 0 0 rg BT 445.38 317.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 491.13 317.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 527.42 317.25 Td (related ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 305.25 Td (professional ) Tj ET Q
q 0 0 0 rg BT 146.70 305.25 Td (fees ) Tj ET Q
q 0 0 0 rg BT 168.38 305.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 187.84 305.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 213.96 305.25 Td (associated ) Tj ET Q
q 0 0 0 rg BT 264.55 305.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 285.11 305.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 301.79 305.25 Td (transition ) Tj ET Q
q 0 0 0 rg BT 345.14 305.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 364.60 305.25 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 414.63 305.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 425.75 305.25 Td (acquired ) Tj ET Q
q 0 0 0 rg BT 466.89 305.25 Td (businesses) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 293.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 293.25 Td (Impairments ) Tj ET Q
q 0 0 0 rg BT 147.79 293.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 158.91 293.25 Td (intangible ) Tj ET Q
q 0 0 0 rg BT 204.50 293.25 Td (assets) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 281.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 281.25 Td (Contingent ) Tj ET Q
q 0 0 0 rg BT 141.15 281.25 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 203.41 281.25 Td (fair ) Tj ET Q
q 0 0 0 rg BT 220.08 281.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 246.76 281.25 Td (adjustments ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 269.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 269.25 Td (Charges ) Tj ET Q
q 0 0 0 rg BT 130.58 269.25 Td (\(credits\) ) Tj ET Q
q 0 0 0 rg BT 169.47 269.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 202.82 269.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 213.94 269.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 261.19 269.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 308.43 269.25 Td (matters ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 257.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 257.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 125.57 257.25 Td (\(loss\) ) Tj ET Q
q 0 0 0 rg BT 152.79 257.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 163.91 257.25 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 222.84 257.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 273.97 257.25 Td (vehicles ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 233.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 65.41 233.25 Td (calculating ) Tj ET Q
q 0 0 0 rg BT 115.12 233.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 157.10 233.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 204.09 233.25 Td (Income, ) Tj ET Q
q 0 0 0 rg BT 242.73 233.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 258.58 233.25 Td (adjust ) Tj ET Q
q 0 0 0 rg BT 288.33 233.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 303.07 233.25 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 361.72 233.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 388.13 233.25 Td (because ) Tj ET Q
q 0 0 0 rg BT 429.00 233.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 456.53 233.25 Td (items ) Tj ET Q
q 0 0 0 rg BT 483.50 233.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 501.02 233.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 517.99 233.25 Td (reflective ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 221.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 65.38 221.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 82.88 221.25 Td (core ) Tj ET Q
q 0 0 0 rg BT 105.38 221.25 Td (asset ) Tj ET Q
q 0 0 0 rg BT 132.33 221.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 193.74 221.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 236.25 221.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 247.64 221.25 Td (providing ) Tj ET Q
q 0 0 0 rg BT 291.26 221.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 342.66 221.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 404.07 221.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 423.80 221.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 457.42 221.25 Td (products ) Tj ET Q
q 0 0 0 rg BT 498.82 221.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 518.55 221.25 Td (services. ) Tj ET Q
q 0 0 0 rg BT 560.78 221.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 209.25 Td (W) Tj ET Q
q 0 0 0 rg BT 63.26 209.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 72.61 209.25 Td (adjust ) Tj ET Q
q 0 0 0 rg BT 103.09 209.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 118.55 209.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 136.24 209.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 169.49 209.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 184.40 209.25 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 250.45 209.25 Td (expense ) Tj ET Q
q 0 0 0 rg BT 292.05 209.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 304.18 209.25 Td (gains ) Tj ET Q
q 0 0 0 rg BT 331.88 209.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 352.36 209.25 Td (losses ) Tj ET Q
q 0 0 0 rg BT 384.49 209.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 399.41 209.25 Td (investments ) Tj ET Q
q 0 0 0 rg BT 456.55 209.25 Td (made ) Tj ET Q
q 0 0 0 rg BT 485.36 209.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 497.49 209.25 Td (fund ) Tj ET Q
q 0 0 0 rg BT 520.75 209.25 Td (deferred ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 197.25 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 118.44 197.25 Td (plans ) Tj ET Q
q 0 0 0 rg BT 144.53 197.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 163.40 197.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 176.70 197.25 Td (seed ) Tj ET Q
q 0 0 0 rg BT 200.57 197.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 231.66 197.25 Td (investments ) Tj ET Q
q 0 0 0 rg BT 287.19 197.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 299.93 197.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 316.57 197.25 Td (af) Tj ET Q
q 0 0 0 rg BT 324.73 197.25 Td (filiates ) Tj ET Q
q 0 0 0 rg BT 355.25 197.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 383.01 197.25 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 421.33 197.25 Td (sharing ) Tj ET Q
q 0 0 0 rg BT 456.31 197.25 Td (arrangements ) Tj ET Q
q 0 0 0 rg BT 520.19 197.25 Td (because ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 185.25 Td (they ) Tj ET Q
q 0 0 0 rg BT 75.12 185.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 91.80 185.25 Td (of) Tj ET Q
q 0 0 0 rg BT 99.96 185.25 Td (fset ) Tj ET Q
q 0 0 0 rg BT 118.30 185.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 131.08 185.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 144.43 185.25 Td (equal ) Tj ET Q
q 0 0 0 rg BT 171.12 185.25 Td (amount ) Tj ET Q
q 0 0 0 rg BT 206.69 185.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 216.70 185.25 Td (Non-operating ) Tj ET Q
q 0 0 0 rg BT 282.30 185.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 316.75 185.25 Td (\(expense\), ) Tj ET Q
q 0 0 0 rg BT 366.22 185.25 Td (net, ) Tj ET Q
q 0 0 0 rg BT 385.12 185.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 404.03 185.25 Td (thus ) Tj ET Q
q 0 0 0 rg BT 425.15 185.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 449.06 185.25 Td (no ) Tj ET Q
q 0 0 0 rg BT 462.41 185.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 494.08 185.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 507.43 185.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 525.21 185.25 Td (Income ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 173.25 Td (Attributable ) Tj ET Q
q 0 0 0 rg BT 107.00 173.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 117.74 173.25 Td (Legg ) Tj ET Q
q 0 0 0 rg BT 142.40 173.25 Td (Mason, ) Tj ET Q
q 0 0 0 rg BT 177.60 173.25 Td (Inc. ) Tj ET Q
q 0 0 0 rg BT 196.13 173.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 198.54 173.25 Td (W) Tj ET Q
q 0 0 0 rg BT 207.80 173.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 215.77 173.25 Td (adjust ) Tj ET Q
q 0 0 0 rg BT 244.86 173.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 258.94 173.25 Td (acquisition-related ) Tj ET Q
q 0 0 0 rg BT 342.51 173.25 Td (items, ) Tj ET Q
q 0 0 0 rg BT 371.58 173.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 413.47 173.25 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 470.34 173.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 481.09 173.25 Td (intangible ) Tj ET Q
q 0 0 0 rg BT 526.31 173.25 Td (assets, ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 161.25 Td (impairments ) Tj ET Q
q 0 0 0 rg BT 111.45 161.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 122.78 161.25 Td (intangible ) Tj ET Q
q 0 0 0 rg BT 168.58 161.25 Td (assets, ) Tj ET Q
q 0 0 0 rg BT 203.25 161.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 222.92 161.25 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 272.06 161.25 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 334.53 161.25 Td (fair ) Tj ET Q
q 0 0 0 rg BT 351.41 161.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 378.31 161.25 Td (adjustments, ) Tj ET Q
q 0 0 0 rg BT 437.99 161.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 449.32 161.25 Td (make ) Tj ET Q
q 0 0 0 rg BT 476.77 161.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 484.76 161.25 Td (easier ) Tj ET Q
q 0 0 0 rg BT 514.98 161.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 526.31 161.25 Td (identify ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 149.25 Td (trends ) Tj ET Q
q 0 0 0 rg BT 84.36 149.25 Td (af) Tj ET Q
q 0 0 0 rg BT 92.52 149.25 Td (fecting ) Tj ET Q
q 0 0 0 rg BT 124.55 149.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 141.58 149.25 Td (underlying ) Tj ET Q
q 0 0 0 rg BT 190.29 149.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 232.33 149.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 251.57 149.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 268.60 149.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 285.07 149.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 318.21 149.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 329.12 149.25 Td (acquisitions ) Tj ET Q
q 0 0 0 rg BT 383.94 149.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 394.85 149.25 Td (facilitate ) Tj ET Q
q 0 0 0 rg BT 434.11 149.25 Td (comparison ) Tj ET Q
q 0 0 0 rg BT 488.36 149.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 499.27 149.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 516.30 149.25 Td (operating ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 137.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 85.58 137.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 105.50 137.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 121.53 137.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 153.12 137.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 163.59 137.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 188.51 137.25 Td (asset ) Tj ET Q
q 0 0 0 rg BT 214.54 137.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 275.04 137.25 Td (firms ) Tj ET Q
q 0 0 0 rg BT 298.84 137.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 317.65 137.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 341.46 137.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 357.50 137.25 Td (engaged ) Tj ET Q
q 0 0 0 rg BT 398.56 137.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 408.47 137.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 455.07 137.25 Td (acquisitions. ) Tj ET Q
q 0 0 0 rg BT 512.23 137.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 514.36 137.25 Td (W) Tj ET Q
q 0 0 0 rg BT 523.62 137.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 531.31 137.25 Td (adjust ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 125.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 67.88 125.25 Td (charges ) Tj ET Q
q 0 0 0 rg BT 105.67 125.25 Td (\(credits\) ) Tj ET Q
q 0 0 0 rg BT 144.00 125.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 176.79 125.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 187.34 125.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 234.02 125.25 Td (litigation ) Tj ET Q
q 0 0 0 rg BT 272.92 125.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 284.02 125.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 330.70 125.25 Td (matters, ) Tj ET Q
q 0 0 0 rg BT 369.03 125.25 Td (net ) Tj ET Q
q 0 0 0 rg BT 385.15 125.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 395.70 125.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 414.04 125.25 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 459.61 125.25 Td (proceeds ) Tj ET Q
q 0 0 0 rg BT 502.96 125.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 521.85 125.25 Td (revenue ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 113.25 Td (share ) Tj ET Q
q 0 0 0 rg BT 81.00 113.25 Td (adjustments, ) Tj ET Q
q 0 0 0 rg BT 139.69 113.25 Td (because ) Tj ET Q
q 0 0 0 rg BT 179.48 113.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 205.93 113.25 Td (matters ) Tj ET Q
q 0 0 0 rg BT 241.26 113.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 254.38 113.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 270.27 113.25 Td (reflect ) Tj ET Q
q 0 0 0 rg BT 299.49 113.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 315.38 113.25 Td (underlying ) Tj ET Q
q 0 0 0 rg BT 363.51 113.25 Td (operations ) Tj ET Q
q 0 0 0 rg BT 412.19 113.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 430.87 113.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 488.99 113.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 499.32 113.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 515.77 113.25 Td (business. ) Tj ET Q
q 0 0 0 rg BT 560.79 113.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 101.25 Td (W) Tj ET Q
q 0 0 0 rg BT 63.26 101.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 72.67 101.25 Td (adjust ) Tj ET Q
q 0 0 0 rg BT 103.21 101.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 118.73 101.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 154.82 101.25 Td (\(loss\) ) Tj ET Q
q 0 0 0 rg BT 183.12 101.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 195.31 101.25 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 255.31 101.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 307.52 101.25 Td (vehicles ) Tj ET Q
q 0 0 0 rg BT 347.50 101.25 Td (because ) Tj ET Q
q 0 0 0 rg BT 389.16 101.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 406.92 101.25 Td (consolidation ) Tj ET Q
q 0 0 0 rg BT 469.14 101.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 481.33 101.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 509.65 101.25 Td (investment ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 89.25 Td (vehicles ) Tj ET Q
q 0 0 0 rg BT 92.91 89.25 Td (does ) Tj ET Q
q 0 0 0 rg BT 117.37 89.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 134.05 89.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 158.51 89.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 172.41 89.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 204.64 89.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 218.55 89.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 236.89 89.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 272.46 89.25 Td (\(Loss\) ) Tj ET Q
q 0 0 0 rg BT 302.47 89.25 Td (Attributable ) Tj ET Q
q 0 0 0 rg BT 355.83 89.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 366.95 89.25 Td (Legg ) Tj ET Q
q 0 0 0 rg BT 391.97 89.25 Td (Mason, ) Tj ET Q
q 0 0 0 rg BT 427.54 89.25 Td (Inc. ) Tj ET Q
q 0 0 0 rg BT 446.44 89.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 449.22 89.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 69.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 84.32 69.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 130.75 69.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 147.73 69.25 Td (provided ) Tj ET Q
q 0 0 0 rg BT 188.61 69.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 198.92 69.25 Td (addition ) Tj ET Q
q 0 0 0 rg BT 236.47 69.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 247.33 69.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 266.54 69.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 283.52 69.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 299.95 69.25 Td (substitutes ) Tj ET Q
q 0 0 0 rg BT 350.27 69.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 364.47 69.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 381.45 69.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 427.89 69.25 Td (Margin, ) Tj ET Q
q 0 0 0 rg BT 463.76 69.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 510.20 69.25 Td (Revenues, ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 57.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 73.60 57.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 120.43 57.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 156.14 57.25 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 204.08 57.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 232.57 57.25 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 259.07 57.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 264.76 57.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 267.49 57.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 298.19 57.25 Td (non-GAAP) Tj ET Q
q 0 0 0 rg BT 345.81 57.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 348.73 57.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 395.55 57.25 Td (should ) Tj ET Q
q 0 0 0 rg BT 427.93 57.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 444.75 57.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 458.78 57.25 Td (considered ) Tj ET Q
q 0 0 0 rg BT 510.62 57.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 521.32 57.25 Td (isolation ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 45.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 72.59 45.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 93.39 45.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 109.20 45.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 122.23 45.25 Td (comparable ) Tj ET Q
q 0 0 0 rg BT 176.38 45.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 186.63 45.25 Td (non-GAAP) Tj ET Q
q 0 0 0 rg BT 234.25 45.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 236.16 45.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 294.20 45.25 Td (measures, ) Tj ET Q
q 0 0 0 rg BT 342.79 45.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 384.17 45.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 429.98 45.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 440.23 45.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 479.94 45.25 Td (margins, ) Tj ET Q
q 0 0 0 rg BT 520.19 45.25 Td (adjusted ) Tj ET Q
/GS0 gs
q 136.00 0 0 32.00 50.00 735.25 cm
/I19 Do Q
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