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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
/GS0 gs
0 Tw 0 Tc 100 Tz 0 TL
q 0 0 0 rg BT 303.75 18.25 Td (2) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 716.75 Td (�) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 704.25 Td (Assets Under Management of $783.4 Billion) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 676.25 Td (Assets Under Management were $783.4 billion at June 30, 2020 compared with $730.8 billion at March 31, 2020, with ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 663.75 Td (the change resulting from $59.7 billion in positive market performance and positive foreign exchange of $2.9 billion, ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 651.25 Td (partially of) Tj ET Q
q 0 0 0 rg BT 90.40 651.25 Td (fset by $5.2 billion in liquidity outflows, $4.6 billion in long-term outflows and $0.2 billion in realizations) Tj ET Q
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 359.10 610.87 Td (Quarter Ended June 30, 2020) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 80.50 596.47 Td (Assets Under Management) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 80.50 586.47 Td (\($ in billions\)) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 340.35 575.87 Td (AUM) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 409.90 575.87 Td (Flows) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 476.50 595.87 Td (Operating ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 478.45 585.87 Td (Revenue ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 484.35 575.87 Td (Y) Tj ET Q
q 0 0 0 rg BT 490.65 575.87 Td (ield ) Tj ET Q
BT /F1 10.00 Tf ET
BT /F1 6.50 Tf ET
q 0 0 0 rg BT 508.99 580.64 Td (1) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 80.50 561.47 Td (Equity) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 320.50 560.87 Td ($) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 357.10 560.92 Td (192.4) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 392.50 560.87 Td ($) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 435.90 560.87 Td (\(2.0) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 453.15 560.87 Td (\)) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 483.45 560.87 Td (55 bps) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 80.50 546.47 Td (Fixed Income) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 357.10 545.92 Td (447.0) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 435.90 545.87 Td (\(3.1) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 453.15 545.87 Td (\)) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 483.45 545.87 Td (25 bps) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 80.50 531.47 Td (Alternative) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 362.65 530.87 Td (73.7) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 439.20 530.87 Td (0.5) Tj ET Q
BT /F1 6.50 Tf ET
q 0 0 0 rg BT 458.65 536.32 Td (2) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 483.45 530.87 Td (56 bps) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 94.00 516.47 Td (Long-T) Tj ET Q
q 0 0 0 rg BT 125.13 516.47 Td (erm ) Tj ET Q
q 0 0 0 rg BT 144.30 516.47 Td (Assets) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 357.10 515.92 Td (713.1) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 435.90 515.87 Td (\(4.6) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 453.15 515.87 Td (\)) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 80.50 501.47 Td (Liquidity) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 362.65 500.87 Td (70.3) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 435.90 500.87 Td (\(5.2) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 453.15 500.87 Td (\)) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 483.45 500.87 Td (15 bps) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 94.00 486.47 Td (T) Tj ET Q
q 0 0 0 rg BT 99.00 486.47 Td (otal) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 320.50 485.87 Td ($) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 357.10 485.92 Td (783.4) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 392.50 485.87 Td ($) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 435.90 485.87 Td (\(9.8) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 453.15 485.87 Td (\)) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 483.45 485.87 Td (34 bps) Tj ET Q
BT /F1 8.00 Tf ET
q 0 0 0 rg BT 94.00 457.93 Td (\(1\) Operating revenue yield equals total operating revenues less performance fees divided by average ) Tj ET Q
q 0 0 0 rg BT 457.10 457.93 Td (AUM) Tj ET Q
BT /F1 8.00 Tf ET
q 0 0 0 rg BT 94.00 442.93 Td (\(2\) Excludes realizations of $0.2 billion) Tj ET Q
BT /F2 10.00 Tf ET
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 408.75 Td (At June 30, 2020, fixed income represented 57% of ) Tj ET Q
q 0 0 0 rg BT 274.59 408.75 Td (AUM, while equity represented 25%, alternative represented 9% ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 396.25 Td (and liquidity represented 9%. ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 368.25 Td (By geography) Tj ET Q
q 0 0 0 rg BT 105.97 368.25 Td (, 73% of ) Tj ET Q
q 0 0 0 rg BT 144.88 368.25 Td (AUM was from clients domiciled in the United States and 27% from non-US domiciled clients.) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 340.25 Td (A) Tj ET Q
q 0 0 0 rg BT 51.49 340.25 Td (verage ) Tj ET Q
q 0 0 0 rg BT 84.29 340.25 Td (AUM during the quarter was $764.4 billion compared to $782.4 billion in the prior quarter and $765.9 billion in ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 327.75 Td (the first quarter of fiscal year 2020. ) Tj ET Q
q 0 0 0 rg BT 203.97 327.75 Td (A) Tj ET Q
q 0 0 0 rg BT 210.46 327.75 Td (verage long-term ) Tj ET Q
q 0 0 0 rg BT 288.28 327.75 Td (AUM was $690.1 billion compared to $716.4 billion in the prior ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 315.25 Td (quarter and $699.0 billion in the first quarter of fiscal year 2020.) Tj ET Q
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1.00 w
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562.5 281.25 l
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1.00 w
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562.5 286.25 l
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1.00 w
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45.5 267.25 l
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1.00 w
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562.5 267.25 m
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56.5 239.25 m
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461.5 239.25 l
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1.00 w
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465.5 239.25 m
509.5 239.25 l
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1.00 w
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513.5 239.25 m
558.5 239.25 l
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1.00 w
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562.5 253.25 m
562.5 239.25 l
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45.5 239.25 m
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1.00 w
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562.5 239.25 m
562.5 221.25 l
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45.5 221.25 m
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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 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 /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 716.75 Td (Operating Results - Comparison to the Fourth Quarter of Fiscal ) Tj ET Q
q 0 0 0 rg BT 347.63 716.75 Td (Y) Tj ET Q
q 0 0 0 rg BT 353.75 716.75 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 $65.4 million, or $0.71 per diluted share, compared to adjusted net income of $93.2 ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 676.25 Td (million, or $1.02 per diluted share. ) Tj ET Q
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 663.75 Td (reflecting lower average ) Tj ET Q
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 651.25 Td (performance fees. ) 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 $49.4 million, or $0.54 per diluted share, compared to net income of $64.2 million, or $0.70 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 fourth quarter of fiscal year 2020. ) Tj ET Q
q 0 0 0 rg BT 287.18 610.75 Td (The change was impacted by the items described below) Tj ET Q
q 0 0 0 rg BT 535.10 610.75 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 $666.2 million were down 7% from $719.6 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 (A) Tj ET Q
q 0 0 0 rg BT 87.12 570.25 Td ( decrease in separate account and fund advisory fee revenues of $40.6 million, or 6%, reflecting lower ) 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 decreased by $5.0 million and pass through performance ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 532.75 Td (fees decreased $1.5 million. ) 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 $598.5 million increased 8% from $553.3 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 (Higher compensation of $48.9 million driven by a gain of $20.0 million in the market value of deferred ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 479.75 Td (compensation and seed investments, with an of) Tj ET Q
q 0 0 0 rg BT 291.50 479.75 Td (fset in non-operating income, as compared to a loss of $32.5 ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 467.25 Td (million in the prior quarter) Tj ET Q
q 0 0 0 rg BT 193.28 467.25 Td (. ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 454.75 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 454.75 Td (An increase in communications and technology expenses of $3.3 million reflecting the printing, filing and ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 442.25 Td (mailing costs for the proxy voting related to the Franklin ) Tj ET Q
q 0 0 0 rg BT 328.71 442.25 Td (T) Tj ET Q
q 0 0 0 rg BT 333.71 442.25 Td (empleton merger) Tj ET Q
q 0 0 0 rg BT 408.75 442.25 Td (. ) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 63.00 429.75 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 429.75 Td (An increase in occupancy expenses of $6.5 million which included $6.4 million in strategic restructuring costs. ) 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 (A) Tj ET Q
q 0 0 0 rg BT 87.12 417.25 Td ( decrease in other expenses of $4.7 million reflected lower �business as usual expenses� related to ) Tj ET Q
q 0 0 0 rg BT 526.63 417.25 Td (T&E, ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 404.75 Td (advertising and conference of $13.0 million, which more than of) Tj ET Q
q 0 0 0 rg BT 360.98 404.75 Td (fset an increase in merger related costs of ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 392.25 Td ($8.4 million is primarily due to proxy solicitation costs associated with the Franklin ) Tj ET Q
q 0 0 0 rg BT 444.31 392.25 Td (T) Tj ET Q
q 0 0 0 rg BT 449.31 392.25 Td (empleton merger) Tj ET Q
q 0 0 0 rg BT 524.34 392.25 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 364.25 Td (Non-operating income) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 151.11 364.25 Td ( was $1.3 million, as compared to $65.3 million in expense in the prior quarter reflecting: ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 351.75 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 351.75 Td (Gains on corporate investments, not of) Tj ET Q
q 0 0 0 rg BT 252.58 351.75 Td (fset in compensation, were $10.6 million compared with losses of ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 339.25 Td ($12.6 million in the prior quarter) Tj ET Q
q 0 0 0 rg BT 221.08 339.25 Td (. ) 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 funded deferred compensation and seed investments, as described above.) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 314.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 314.25 Td (A) Tj ET Q
q 0 0 0 rg BT 87.12 314.25 Td ( $1.7 million loss associated with the consolidation of sponsored investment vehicles compared to a $4.1 ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 301.75 Td (million gain in the prior quarter) Tj ET Q
q 0 0 0 rg BT 214.96 301.75 Td (. ) Tj ET Q
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BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 154.19 289.25 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 45.00 261.25 Td (Operating margin) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 128.34 261.25 Td ( was 10.2% compared to 23.1% in the prior quarter) Tj ET Q
q 0 0 0 rg BT 353.47 261.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 361.25 261.25 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 477.99 266.02 Td (1) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 481.61 261.25 Td (, was 22.1%, as ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 248.75 Td (compared to 25.8% in the prior quarter) Tj ET Q
q 0 0 0 rg BT 215.65 248.75 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 285.57 220.75 Td (, excluding consolidated investment vehicles, was $4.9 million ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 390.36 208.25 Td (rust Global and Royce.) Tj ET Q
BT /F1 8.00 Tf ET
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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 32.15 Td (rust Global | Martin Currie | QS Investors | RARE Infrastructure | Royce Investment Partners | W) Tj ET Q
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0 Tr
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q 0 0 0 rg BT 303.75 18.25 Td (4) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 704.25 Td (Comparison to the First Quarter of Fiscal ) Tj ET Q
q 0 0 0 rg BT 242.63 704.25 Td (Y) Tj ET Q
q 0 0 0 rg BT 248.75 704.25 Td (ear 2020) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 676.25 Td (Adjusted net income) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 143.34 676.25 Td ( was $65.4 million, or) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 237.28 676.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 240.05 676.25 Td ($0.71 per diluted share, compared to adjusted net income of $67.0 ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 663.75 Td (million, or $0.75 per diluted share, in the prior year quarter) Tj ET Q
q 0 0 0 rg BT 301.81 663.75 Td (. ) Tj ET Q
q 0 0 0 rg BT 307.18 663.75 Td (The decrease was driven by lower operating revenues ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 651.25 Td (reflecting a decrease in investment advisory fees due to lower average long-term ) Tj ET Q
q 0 0 0 rg BT 404.63 651.25 Td (AUM and changes in the product ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 638.75 Td (mix, partially of) Tj ET Q
q 0 0 0 rg BT 111.50 638.75 Td (fset by the impact of savings from the strategic restructuring and lower �business as usual� spending. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 610.75 Td (Net income ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 101.68 610.75 Td (was $49.4 million, or $0.54 per diluted share, compared to net income of $45.4, or $0.51 per diluted ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 598.25 Td (share, in the first quarter of fiscal year 2020. ) Tj ET Q
q 0 0 0 rg BT 242.70 598.25 Td (The change was impacted by the items described below) Tj ET Q
q 0 0 0 rg BT 490.61 598.25 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 570.25 Td (Operating revenues) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 138.92 570.25 Td ( of $666.2 million were down 6% compared with $705.4 million in the prior year quarter ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 557.75 Td (reflecting:) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 63.00 545.75 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 545.75 Td (A) Tj ET Q
q 0 0 0 rg BT 87.12 545.75 Td ( decrease in advisory fee revenues of $33.9 million reflecting lower average long-term ) Tj ET Q
q 0 0 0 rg BT 468.43 545.75 Td (AUM.) Tj ET Q
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 (Partially of) Tj ET Q
q 0 0 0 rg BT 127.50 533.25 Td (fset by an increase in performance fees of $4.6 million, including an increase of $5.8 million in pass ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 520.75 Td (through performance fees partially of) Tj ET Q
q 0 0 0 rg BT 243.69 520.75 Td (fset by a $1.2 million decrease in non-pass through performance fees. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 492.75 Td (Operating expenses ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 143.37 492.75 Td (of $598.5 million were down 4% compared with $621.4 million in the prior year quarter ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 480.25 Td (reflecting:) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 63.00 461.75 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 461.75 Td (Compensation decreased by $26.6 million, or 7% driven by lower strategic restructuring costs, lower ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 81.00 449.25 Td (revenues, savings from strategic restructuring, partially of) 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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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 486.58 374.25 Td (fset lower ) 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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/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
417.5 372.25 m
461.5 372.25 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
461.5 372.25 m
465.5 372.25 l
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0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
465.5 372.25 m
509.5 372.25 l
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0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
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3 M
509.5 372.25 m
513.5 372.25 l
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0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
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3 M
513.5 372.25 m
558.5 372.25 l
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1.00 w
0 i
[] 0 d
0 J
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3 M
562.5 372.25 m
562.5 362.25 l
s
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
558.5 372.25 m
562.5 372.25 l
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0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
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3 M
45.5 362.25 m
45.5 348.25 l
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0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
49.5 348.25 m
56.5 348.25 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
56.5 348.25 m
365.5 348.25 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
369.5 348.25 m
413.5 348.25 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
417.5 348.25 m
461.5 348.25 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
465.5 348.25 m
509.5 348.25 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
513.5 348.25 m
558.5 348.25 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
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3 M
562.5 362.25 m
562.5 348.25 l
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1.00 w
0 i
[] 0 d
0 J
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3 M
45.5 348.25 m
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1.00 w
0 i
[] 0 d
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3 M
562.5 348.25 m
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1.00 w
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3 M
45.5 330.25 m
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0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
562.5 330.25 m
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3 M
45.5 323.25 m
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3 M
562.5 323.25 m
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3 M
45.5 309.25 m
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3 M
562.5 309.25 m
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3 M
45.5 295.25 m
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3 M
562.5 295.25 m
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45.5 280.25 m
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3 M
45.5 276.25 m
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3 M
49.5 276.25 m
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3 M
56.5 276.25 m
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3 M
365.5 276.25 m
369.5 276.25 l
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3 M
369.5 276.25 m
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3 M
413.5 276.25 m
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3 M
417.5 276.25 m
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3 M
461.5 276.25 m
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465.5 276.25 m
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3 M
509.5 276.25 m
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3 M
513.5 276.25 m
558.5 276.25 l
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562.5 280.25 m
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558.5 276.25 m
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 52.00 352.47 Td (At June 30, 2020:) 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 (62%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 428.95 313.47 Td (76%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 476.95 313.47 Td (78%) 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 (62%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 428.95 299.47 Td (62%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 476.95 299.47 Td (70%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 525.45 299.47 Td (56%) 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 (78%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 428.95 284.87 Td (90%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 476.95 284.87 Td (79%) 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
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 45.00 251.75 Td (Long-term US Fund ) Tj ET Q
q 0 0 0 rg BT 140.73 251.75 Td (Assets Beating Lipper Category ) Tj ET Q
q 0 0 0 rg BT 294.84 251.75 Td (A) Tj ET Q
q 0 0 0 rg BT 301.69 251.75 Td (verage) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 239.25 Td (Long-term US fund assets include open-end, closed end, and variable annuity funds. ) Tj ET Q
q 0 0 0 rg BT 422.28 239.25 Td (These performance ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 226.75 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 518.96 226.75 Td (fer) Tj ET Q
q 0 0 0 rg BT 530.08 226.75 Td (. Past ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 45.00 214.25 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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45.5 188.25 m
45.5 178.25 l
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45.5 188.25 m
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49.5 188.25 m
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3 M
56.5 188.25 m
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3 M
365.5 188.25 m
369.5 188.25 l
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3 M
369.5 188.25 m
413.5 188.25 l
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1.00 w
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3 M
413.5 188.25 m
417.5 188.25 l
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1.00 w
0 i
[] 0 d
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3 M
417.5 188.25 m
461.5 188.25 l
s
0 0 0 RG
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1.00 w
0 i
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3 M
461.5 188.25 m
465.5 188.25 l
s
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1.00 w
0 i
[] 0 d
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3 M
465.5 188.25 m
509.5 188.25 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
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3 M
509.5 188.25 m
513.5 188.25 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
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3 M
513.5 188.25 m
558.5 188.25 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
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3 M
562.5 188.25 m
562.5 178.25 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
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3 M
558.5 188.25 m
562.5 188.25 l
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0 0 0 RG
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3 M
45.5 178.25 m
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3 M
49.5 164.25 m
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1.00 w
0 i
[] 0 d
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3 M
56.5 164.25 m
365.5 164.25 l
s
0 0 0 RG
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1.00 w
0 i
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3 M
369.5 164.25 m
413.5 164.25 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
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3 M
417.5 164.25 m
461.5 164.25 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
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3 M
465.5 164.25 m
509.5 164.25 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
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3 M
513.5 164.25 m
558.5 164.25 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
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3 M
562.5 178.25 m
562.5 164.25 l
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0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
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3 M
45.5 164.25 m
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s
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1.00 w
0 i
[] 0 d
0 J
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3 M
562.5 164.25 m
562.5 146.25 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
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3 M
45.5 146.25 m
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0 0 0 RG
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1.00 w
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3 M
562.5 146.25 m
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3 M
45.5 139.25 m
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3 M
562.5 139.25 m
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45.5 125.25 m
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562.5 125.25 m
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45.5 111.25 m
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562.5 111.25 m
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45.5 96.25 m
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45.5 81.25 m
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3 M
49.5 81.25 m
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3 M
56.5 81.25 m
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0 i
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3 M
365.5 81.25 m
369.5 81.25 l
s
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1.00 w
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3 M
369.5 81.25 m
413.5 81.25 l
s
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1.00 w
0 i
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0 J
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3 M
413.5 81.25 m
417.5 81.25 l
s
0 0 0 RG
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0 i
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3 M
417.5 81.25 m
461.5 81.25 l
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461.5 81.25 m
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465.5 81.25 m
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3 M
509.5 81.25 m
513.5 81.25 l
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3 M
513.5 81.25 m
558.5 81.25 l
s
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3 M
562.5 96.25 m
562.5 81.25 l
s
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1.00 w
0 i
[] 0 d
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3 M
558.5 81.25 m
562.5 81.25 l
s
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 52.00 168.47 Td (At June 30, 2020:) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 376.45 168.47 Td (1-Y) Tj ET Q
q 0 0 0 rg BT 391.55 168.47 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 424.45 168.47 Td (3-Y) Tj ET Q
q 0 0 0 rg BT 439.55 168.47 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 472.45 168.47 Td (5-Y) Tj ET Q
q 0 0 0 rg BT 487.55 168.47 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 518.15 168.47 Td (10-Y) Tj ET Q
q 0 0 0 rg BT 538.81 168.47 Td (ear) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 52.00 150.87 Td (% of Long-T) Tj ET Q
q 0 0 0 rg BT 105.92 150.87 Td (erm U.S. Fund ) Tj ET Q
q 0 0 0 rg BT 172.89 150.87 Td (Assets Beating Lipper Category ) Tj ET Q
q 0 0 0 rg BT 315.75 150.87 Td (A) Tj ET Q
q 0 0 0 rg BT 322.05 150.87 Td (verage) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 59.00 129.47 Td (Fixed Income) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 380.95 129.47 Td (75%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 428.95 129.47 Td (76%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 476.95 129.47 Td (76%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 525.45 129.47 Td (80%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 59.00 115.47 Td (Equity) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 380.95 115.47 Td (41%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 428.95 115.47 Td (48%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 476.95 115.47 Td (72%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 525.45 115.47 Td (55%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 59.00 100.87 Td (Alternatives ) Tj ET Q
BT /F1 8.00 Tf ET
q 0 0 0 rg BT 114.02 100.87 Td (\(performance relates to only 3 funds\)) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 380.95 100.87 Td (77%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 428.95 100.87 Td (77%) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 480.00 100.87 Td (n/a) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 528.50 100.87 Td (n/a) Tj ET Q
BT /F2 10.00 Tf ET
/GS0 gs
q 136.00 0 0 32.00 50.00 735.25 cm
/I6 Do Q
endstream
endobj
15 0 obj
<>
endobj
16 0 obj
<>
stream
BT /F1 8.00 Tf ET
q 0 0 0 rg BT 303.75 32.70 Td (7) Tj ET Q
1 1 1 rg
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411.50 634.50 66.00 -12.00 re f
/GS0 gs
1 1 1 rg
/GS0 gs
482.50 634.50 66.00 -12.00 re f
/GS0 gs
1 1 1 rg
/GS0 gs
411.50 610.50 66.00 -12.00 re f
/GS0 gs
1 1 1 rg
/GS0 gs
482.50 610.50 66.00 -12.00 re f
/GS0 gs
1 1 1 rg
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411.50 586.50 66.00 -12.00 re f
/GS0 gs
1 1 1 rg
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482.50 586.50 66.00 -12.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
340.5 684.5 m
406.5 684.5 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
406.5 684.5 m
411.5 684.5 l
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0 0 0 RG
/GS0 gs
1.00 w
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3 M
411.5 684.5 m
477.5 684.5 l
s
0 0 0 RG
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1.00 w
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3 M
477.5 684.5 m
482.5 684.5 l
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1.00 w
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3 M
482.5 684.5 m
548.5 684.5 l
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1.00 w
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3 M
340.5 684.5 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 182.25 728.50 Td (CONSOLIDA) Tj ET Q
q 0 0 0 rg BT 235.58 728.50 Td (TED ST) Tj ET Q
q 0 0 0 rg BT 266.92 728.50 Td (A) Tj ET Q
q 0 0 0 rg BT 272.75 728.50 Td (TEMENTS OF INCOME, 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 410.20 684.45 Td (Quarters Ended) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 360.20 672.45 Td (June) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 429.45 672.45 Td (March) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 504.20 672.45 Td (June) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 359.95 660.45 Td (2020) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 431.95 660.45 Td (2020) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 503.95 660.45 Td (2019) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 65.00 636.45 Td (Net Income ) Tj ET Q
q 0 0 0 rg BT 115.68 636.45 Td (Attributable to Legg Mason, Inc.) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 339.00 636.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 373.10 636.45 Td (49,422) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 411.00 636.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 445.10 636.45 Td (64,159) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 483.00 636.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 517.10 636.45 Td (45,350) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 74.00 614.45 Td (Less: Earnings \(distributed and undistributed\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 95.00 602.45 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 235.08 606.74 Td (\(1\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 385.60 602.45 Td (904) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 450.10 602.45 Td (1,955) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 522.10 602.45 Td (1,510) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 65.00 580.45 Td (Net Income \(Distributed and Undistributed\)) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 74.00 568.45 Td (Allocated to Shareholders \(Excluding) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 74.00 556.45 Td (Participating Securities\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 339.00 556.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 373.10 556.45 Td (48,518) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 411.00 556.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 445.10 556.45 Td (62,204) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 483.00 556.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 517.10 556.45 Td (43,840) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 65.00 534.45 Td (Net Income per Share ) Tj ET Q
q 0 0 0 rg BT 159.70 534.45 Td (Attributable to ) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 74.00 522.45 Td (Legg Mason, Inc. Shareholders:) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 91.00 510.45 Td (Basic) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 339.00 510.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 383.10 510.45 Td (0.54) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 411.00 510.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 455.10 510.45 Td (0.71) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 483.00 510.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 527.10 510.45 Td (0.51) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 91.00 491.45 Td (Diluted) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 339.00 491.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 383.10 491.45 Td (0.54) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 411.00 491.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 455.10 491.45 Td (0.70) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 483.00 491.45 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 527.10 491.45 Td (0.51) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 65.00 469.45 Td (W) Tj ET Q
q 0 0 0 rg BT 73.33 469.45 Td (eighted-A) Tj ET Q
q 0 0 0 rg BT 114.50 469.45 Td (verage Number of Shares) Tj ET Q
BT /F3 9.00 Tf ET
q 0 0 0 rg BT 74.00 457.45 Td (Outstanding:) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 91.00 445.45 Td (Basic) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 373.10 445.45 Td (89,823) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 445.10 445.45 Td (87,329) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 517.10 445.45 Td (86,297) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 91.00 433.45 Td (Diluted ) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 373.10 433.45 Td (90,199) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 445.10 433.45 Td (88,534) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 517.10 433.45 Td (86,494) Tj ET Q
BT /F1 6.00 Tf ET
q 0 0 0 rg BT 69.65 413.63 Td (\(1\)) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 83.00 411.45 Td (Participating securities excluded from weighted-average number of shares outstanding were 1,971, 2,779, and ) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 83.00 402.45 Td (2,852 for the quarters ended June 2020, March 2020, and June 2019, respectively) Tj ET Q
q 0 0 0 rg BT 410.05 402.45 Td (.) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 410.20 381.90 Td (Quarters Ended) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 360.20 366.90 Td (June) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 429.45 366.90 Td (March) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 504.20 366.90 Td (June) Tj ET Q
BT /F3 9.00 Tf ET
0 0 0 RG
/GS0 gs
0.94 w
0 i
[] 0 d
1 J
1 j
3 M
65 350.471728515625 m
165.01953125 350.471728515625 l
s
q 0 0 0 rg BT 65.00 351.90 Td (Strategic Restructuring) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 359.95 351.90 Td (2020) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 431.95 351.90 Td (2020) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 503.95 351.90 Td (2019) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 74.00 337.90 Td (Strategic restructuring cost savings:) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 83.00 322.90 Td (Compensation) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 339.00 322.90 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 378.10 322.90 Td (8,377) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 411.00 322.90 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 445.10 322.90 Td (1) Tj ET Q
q 0 0 0 rg BT 450.11 322.90 Td (1,516) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 483.00 322.90 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 522.10 322.90 Td (2,850) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 83.00 307.90 Td (Occupancy) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 385.60 307.90 Td (502) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 457.60 307.90 Td (262) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 529.60 307.90 Td (240) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 83.00 292.90 Td (Other) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 378.10 292.90 Td (3,026) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 445.10 292.90 Td (1) Tj ET Q
q 0 0 0 rg BT 450.11 292.90 Td (1,164) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 522.10 292.90 Td (6,894) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 91.00 277.90 Td (T) Tj ET Q
q 0 0 0 rg BT 95.50 277.90 Td (otal strategic restructuring cost savings) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 339.00 277.90 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 373.10 277.90 Td (1) Tj ET Q
q 0 0 0 rg BT 378.11 277.90 Td (1,905) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 411.00 277.90 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 445.10 277.90 Td (22,942) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 483.00 277.90 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 522.10 277.90 Td (9,984) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 74.00 247.90 Td (Strategic restructuring costs:) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 83.00 232.90 Td (Compensation and benefits) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 339.00 232.90 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 378.10 232.90 Td (1,128) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 411.00 232.90 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 450.10 232.90 Td (3,936) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 483.00 232.90 Td ($) Tj ET Q
BT /F1 9.00 Tf ET
q 0 0 0 rg BT 517.10 232.90 Td (28,694) Tj ET Q
BT /F1 9.00 Tf ET
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s
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1.00 w
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[] 0 d
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3 M
335.5 380.5 m
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1.00 w
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3 M
437.5 380.5 m
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[] 0 d
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3 M
539.5 380.5 m
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3 M
641.5 380.5 m
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3 M
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3 M
335.5 341.5 m
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3 M
437.5 341.5 m
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3 M
539.5 341.5 m
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3 M
641.5 341.5 m
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3 M
233.5 341.5 m
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3 M
335.5 341.5 m
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3 M
437.5 341.5 m
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3 M
539.5 341.5 m
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641.5 341.5 m
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335.5 315.5 m
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335.5 303.5 m
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335.5 301.5 m
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437.5 315.5 m
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437.5 303.5 m
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539.5 315.5 m
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539.5 303.5 m
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539.5 301.5 m
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3 M
641.5 315.5 m
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3 M
641.5 303.5 m
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3 M
641.5 301.5 m
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3 M
233.5 272.5 m
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3 M
324.5 272.5 m
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3 M
335.5 272.5 m
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3 M
426.5 272.5 m
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3 M
437.5 272.5 m
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[] 0 d
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3 M
528.5 272.5 m
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3 M
539.5 272.5 m
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3 M
630.5 272.5 m
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[] 0 d
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3 M
641.5 272.5 m
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3 M
233.5 272.5 m
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3 M
335.5 272.5 m
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335.5 259.5 m
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426.5 272.5 m
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437.5 272.5 m
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437.5 259.5 m
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3 M
528.5 272.5 m
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1.00 w
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[] 0 d
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3 M
539.5 272.5 m
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1.00 w
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[] 0 d
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3 M
539.5 259.5 m
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[] 0 d
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3 M
630.5 272.5 m
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1.00 w
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[] 0 d
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3 M
641.5 272.5 m
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641.5 259.5 m
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1.00 w
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[] 0 d
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3 M
233.5 259.5 m
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1.00 w
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[] 0 d
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3 M
335.5 259.5 m
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1.00 w
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[] 0 d
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3 M
437.5 259.5 m
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1.00 w
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[] 0 d
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3 M
539.5 259.5 m
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1.00 w
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[] 0 d
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3 M
641.5 259.5 m
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1.00 w
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[] 0 d
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3 M
233.5 194.5 m
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1.00 w
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[] 0 d
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3 M
335.5 194.5 m
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1.00 w
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[] 0 d
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3 M
437.5 194.5 m
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1.00 w
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[] 0 d
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3 M
539.5 194.5 m
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1.00 w
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[] 0 d
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641.5 194.5 m
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1.00 w
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[] 0 d
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3 M
335.5 194.5 m
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[] 0 d
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3 M
335.5 168.5 m
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1.00 w
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[] 0 d
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3 M
437.5 168.5 m
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1.00 w
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[] 0 d
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3 M
539.5 168.5 m
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1.00 w
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[] 0 d
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3 M
641.5 168.5 m
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[] 0 d
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233.5 103.5 m
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[] 0 d
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3 M
233.5 91.5 m
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[] 0 d
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233.5 89.5 m
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[] 0 d
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3 M
335.5 103.5 m
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1.00 w
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[] 0 d
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3 M
335.5 91.5 m
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1.00 w
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[] 0 d
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3 M
335.5 89.5 m
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1.00 w
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[] 0 d
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3 M
437.5 103.5 m
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[] 0 d
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3 M
437.5 91.5 m
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[] 0 d
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3 M
437.5 89.5 m
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1.00 w
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[] 0 d
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3 M
539.5 103.5 m
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[] 0 d
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3 M
539.5 91.5 m
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1.00 w
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[] 0 d
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3 M
539.5 89.5 m
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1.00 w
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[] 0 d
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3 M
641.5 103.5 m
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1.00 w
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[] 0 d
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3 M
641.5 91.5 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 61.00 518.81 Td (Assets Under Management) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 452.45 505.81 Td (Quarters Ended) Tj ET Q
BT /F3 8.50 Tf ET
q 0 0 0 rg BT 61.00 492.81 Td (By asset class:) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 258.60 492.81 Td (June 2020) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 358.05 492.81 Td (March 2020) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 452.25 492.81 Td (December 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 553.05 492.81 Td (September 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 666.60 492.81 Td (June 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 65.00 479.81 Td (Equity) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 236.00 479.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 299.85 479.81 Td (192.4) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 338.00 479.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 401.85 479.86 Td (161.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 440.00 479.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 503.85 479.86 Td (214.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 542.00 479.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 605.85 479.81 Td (203.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 644.00 479.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 707.85 479.81 Td (205.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 65.00 466.81 Td (Fixed Income) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 299.85 466.81 Td (447.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 401.85 466.86 Td (420.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 503.85 466.86 Td (451.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 605.85 466.81 Td (442.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 707.85 466.81 Td (438.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 65.00 453.81 Td (Alternative) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 304.60 453.81 Td (73.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 406.60 453.86 Td (74.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 508.60 453.86 Td (74.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 610.60 453.81 Td (72.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 712.60 453.81 Td (70.1) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 71.00 440.81 Td (Long-T) Tj ET Q
q 0 0 0 rg BT 97.46 440.81 Td (erm ) Tj ET Q
q 0 0 0 rg BT 113.76 440.81 Td (Assets) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 299.85 440.81 Td (713.1) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 401.85 440.86 Td (655.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 503.85 440.86 Td (740.1) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 605.85 440.81 Td (718.6) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 707.85 440.81 Td (713.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 65.00 427.81 Td (Liquidity) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 304.60 427.81 Td (70.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 406.60 427.86 Td (75.1) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 508.60 427.86 Td (63.4) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 610.60 427.81 Td (63.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 712.60 427.81 Td (66.5) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 71.00 414.81 Td (T) Tj ET Q
q 0 0 0 rg BT 75.72 414.81 Td (otal) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 236.00 414.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 299.85 414.81 Td (783.4) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 338.00 414.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 401.85 414.86 Td (730.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 440.00 414.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 503.85 414.86 Td (803.5) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 542.00 414.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 605.85 414.81 Td (781.8) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 644.00 414.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 707.85 414.81 Td (780.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 452.45 397.81 Td (Quarters Ended) Tj ET Q
BT /F3 8.50 Tf ET
q 0 0 0 rg BT 61.00 384.81 Td (By asset class \(average\):) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 258.60 384.81 Td (June 2020) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 358.05 384.81 Td (March 2020) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 452.25 384.81 Td (December 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 553.05 384.81 Td (September 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 666.60 384.81 Td (June 2019) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 65.00 371.81 Td (Equity) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 236.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 299.85 371.81 Td (181.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 338.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 401.85 371.86 Td (193.9) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 440.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 503.85 371.86 Td (209.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 542.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 605.85 371.81 Td (204.2) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 644.00 371.81 Td ($) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 707.85 371.81 Td (202.7) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 65.00 358.81 Td (Fixed Income) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 299.85 358.81 Td (435.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 401.85 358.86 Td (447.5) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 503.85 358.86 Td (447.3) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 605.85 358.81 Td (440.9) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 707.85 358.81 Td (427.0) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 65.00 345.81 Td (Alternative) Tj ET Q
BT /F1 8.50 Tf ET
q 0 0 0 rg BT 304.60 345.81 Td (73.8) Tj ET Q
BT /F1 8.50 Tf ET
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q 0 0 0 rg BT 180.44 657.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 192.60 657.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 240.34 657.25 Td (Margin, ) Tj ET Q
q 0 0 0 rg BT 277.51 657.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 291.13 657.25 Td (Adjusted ) Tj ET Q
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
q 0 0 0 rg BT 381.54 657.25 Td (adjustments ) Tj ET Q
q 0 0 0 rg BT 439.28 657.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 454.77 657.25 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 514.17 657.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 541.33 657.25 Td (and ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 645.25 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 103.86 645.25 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 149.28 645.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 168.57 645.25 Td (transition-related ) Tj ET Q
q 0 0 0 rg BT 245.66 645.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 271.61 645.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 285.89 645.25 Td (integration ) Tj ET Q
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 172.65 421.25 Td (charges ) Tj ET Q
q 0 0 0 rg BT 210.42 421.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 243.18 421.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 253.71 421.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 269.80 421.25 Td (ongoing ) Tj ET Q
q 0 0 0 rg BT 307.57 421.25 Td (strategic ) Tj ET Q
q 0 0 0 rg BT 347.55 421.25 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 405.32 421.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 424.19 421.25 Td (merger ) Tj ET Q
q 0 0 0 rg BT 458.05 421.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 490.81 421.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 516.34 421.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 535.21 421.25 Td (other ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 409.25 Td (cost ) Tj ET Q
q 0 0 0 rg BT 147.12 409.25 Td (saving ) Tj ET Q
q 0 0 0 rg BT 178.80 409.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 198.27 409.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 240.51 409.25 Td (initiatives, ) Tj ET Q
q 0 0 0 rg BT 287.20 409.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 329.45 409.25 Td (severance, ) Tj ET Q
q 0 0 0 rg BT 381.14 409.25 Td (lease ) Tj ET Q
q 0 0 0 rg BT 407.83 409.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 427.29 409.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 452.86 409.25 Td (costs; ) Tj ET Q
q 0 0 0 rg BT 481.76 409.25 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
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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
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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
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q 0 0 0 rg BT 300.65 301.25 Td (or ) 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 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
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q 0 0 0 rg BT 292.28 289.25 Td (provide ) Tj ET Q
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q 0 0 0 rg BT 382.96 289.25 Td (non-GAAP) 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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/I9 Do 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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/I10 Do 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 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
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q 0 0 0 rg BT 516.32 241.25 Td (windfalls\) ) Tj ET Q
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 399.41 205.25 Td (investments ) 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 499.64 181.25 Td (management ) Tj ET Q
BT /F1 10.00 Tf ET
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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
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q 0 0 0 rg BT 205.54 169.25 Td (W) Tj ET Q
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q 0 0 0 rg BT 222.00 169.25 Td (adjust ) Tj ET Q
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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
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q 0 0 0 rg BT 526.31 157.25 Td (identify ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 141.58 145.25 Td (underlying ) Tj ET Q
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BT /F1 10.00 Tf ET
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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
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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 395.70 121.25 Td (any ) Tj ET Q
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q 0 0 0 rg BT 205.93 109.25 Td (matters ) Tj ET Q
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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 194.00 772.25 Td ( ) Tj ET Q
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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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BT /F1 8.00 Tf ET
0 Tr
/GS0 gs
0 Tw 0 Tc 100 Tz 0 TL
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q 0 0 0 rg BT 149.85 717.25 Td (provided ) Tj ET Q
q 0 0 0 rg BT 191.44 717.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 202.45 717.25 Td (addition ) Tj ET Q
q 0 0 0 rg BT 240.71 717.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 252.28 717.25 Td (Net ) Tj ET Q
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
q 0 0 0 rg BT 391.29 717.25 Td (to ) Tj ET Q
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
q 0 0 0 rg BT 464.37 717.25 Td (Inc., ) Tj ET Q
q 0 0 0 rg BT 486.49 717.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 506.41 717.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 525.20 717.25 Td (Income ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 705.25 Td (\(Loss\) ) Tj ET Q
q 0 0 0 rg BT 84.06 705.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 100.79 705.25 Td (Diluted ) Tj ET Q
q 0 0 0 rg BT 134.19 705.25 Td (Share ) Tj ET Q
q 0 0 0 rg BT 162.70 705.25 Td (Attributable ) Tj ET Q
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 88.64 589.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 107.06 589.25 Td (T) Tj ET Q
q 0 0 0 rg BT 112.06 589.25 Td (otal ) Tj ET Q
q 0 0 0 rg BT 130.03 589.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 175.79 589.25 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 222.67 589.25 Td (determined ) Tj ET Q
q 0 0 0 rg BT 274.55 589.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 301.98 589.25 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 328.47 589.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 333.10 589.25 Td (respectively) Tj ET Q
q 0 0 0 rg BT 385.16 589.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 389.78 589.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 391.63 589.25 Td (Ef) Tj ET Q
q 0 0 0 rg BT 400.90 589.25 Td (fective ) Tj ET Q
q 0 0 0 rg BT 431.65 589.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 451.28 589.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 467.03 589.25 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 500.57 589.25 Td (ended ) Tj ET Q
q 0 0 0 rg BT 530.23 589.25 Td (March ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 577.25 Td (31, ) Tj ET Q
q 0 0 0 rg BT 70.91 577.25 Td (2020, ) Tj ET Q
q 0 0 0 rg BT 98.95 577.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 114.75 577.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 139.45 577.25 Td (revised ) Tj ET Q
q 0 0 0 rg BT 174.70 577.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 192.16 577.25 Td (definition ) Tj ET Q
q 0 0 0 rg BT 235.20 577.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 245.96 577.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 287.89 577.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 334.82 577.25 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 382.86 577.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 394.21 577.25 Td (exclude ) Tj ET Q
q 0 0 0 rg BT 431.69 577.25 Td (Distribution ) Tj ET Q
q 0 0 0 rg BT 484.73 577.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 504.42 577.25 Td (service ) Tj ET Q
q 0 0 0 rg BT 539.11 577.25 Td (fees ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 565.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 74.06 565.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 82.99 565.25 Td (portion ) Tj ET Q
q 0 0 0 rg BT 116.94 565.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 128.65 565.25 Td (Investment ) Tj ET Q
q 0 0 0 rg BT 180.93 565.25 Td (advisory ) Tj ET Q
q 0 0 0 rg BT 221.54 565.25 Td (fees, ) Tj ET Q
q 0 0 0 rg BT 246.59 565.25 Td (rather ) Tj ET Q
q 0 0 0 rg BT 276.08 565.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 298.92 565.25 Td (Distribution ) Tj ET Q
q 0 0 0 rg BT 352.31 565.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 372.36 565.25 Td (servicing ) Tj ET Q
q 0 0 0 rg BT 415.19 565.25 Td (expenses. ) Tj ET Q
q 0 0 0 rg BT 464.15 565.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 467.30 565.25 Td (This ) Tj ET Q
q 0 0 0 rg BT 489.56 565.25 Td (revision ) Tj ET Q
q 0 0 0 rg BT 527.39 565.25 Td (did ) Tj ET Q
q 0 0 0 rg BT 544.11 565.25 Td (not ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 553.25 Td (change ) Tj ET Q
q 0 0 0 rg BT 89.00 553.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 130.64 553.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 177.29 553.25 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 225.05 553.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 239.45 553.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 258.31 553.25 Td (prior ) Tj ET Q
q 0 0 0 rg BT 281.04 553.25 Td (period ) Tj ET Q
q 0 0 0 rg BT 311.57 553.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 330.99 553.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 343.72 553.25 Td (periods ) Tj ET Q
q 0 0 0 rg BT 379.25 553.25 Td (presented ) Tj ET Q
q 0 0 0 rg BT 426.46 553.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 450.87 553.25 Td (been ) Tj ET Q
q 0 0 0 rg BT 475.85 553.25 Td (revised ) Tj ET Q
q 0 0 0 rg BT 510.82 553.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 521.89 553.25 Td (conform ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 541.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 65.12 541.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 81.80 541.25 Td (current ) Tj ET Q
q 0 0 0 rg BT 115.70 541.25 Td (definition. ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 521.25 Td (W) Tj ET Q
q 0 0 0 rg BT 63.26 521.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 71.60 521.25 Td (define ) Tj ET Q
q 0 0 0 rg BT 101.07 521.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 142.76 521.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 189.46 521.25 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 237.27 521.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 250.61 521.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 297.30 521.25 Td (Revenues, ) Tj ET Q
q 0 0 0 rg BT 347.89 521.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 388.47 521.25 Td (to:) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 497.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 497.25 Td (Include:) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 483.09 cm
/I12 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 (Net ) Tj ET Q
q 0 0 0 rg BT 144.34 485.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 195.47 485.25 Td (advisory ) Tj ET Q
q 0 0 0 rg BT 235.49 485.25 Td (fees ) Tj ET Q
q 0 0 0 rg BT 257.17 485.25 Td (eliminated ) Tj ET Q
q 0 0 0 rg BT 305.53 485.25 Td (upon ) Tj ET Q
q 0 0 0 rg BT 330.55 485.25 Td (consolidation ) Tj ET Q
q 0 0 0 rg BT 391.70 485.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 402.82 485.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 453.95 485.25 Td (vehicles) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 473.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 473.25 Td (Exclude:) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 459.09 cm
/I13 Do Q
q 0 0 0 rg BT 112.00 461.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 461.25 Td (Distribution ) Tj ET Q
q 0 0 0 rg BT 178.51 461.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 197.68 461.25 Td (service ) Tj ET Q
q 0 0 0 rg BT 231.84 461.25 Td (fees ) Tj ET Q
q 0 0 0 rg BT 253.23 461.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 272.40 461.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 280.45 461.25 Td (portion ) Tj ET Q
q 0 0 0 rg BT 313.52 461.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 324.34 461.25 Td (Investment ) Tj ET Q
q 0 0 0 rg BT 375.74 461.25 Td (advisory ) Tj ET Q
q 0 0 0 rg BT 415.47 461.25 Td (fees ) Tj ET Q
q 0 0 0 rg BT 436.86 461.25 Td (used ) Tj ET Q
q 0 0 0 rg BT 461.03 461.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 471.86 461.25 Td (pay ) Tj ET Q
q 0 0 0 rg BT 490.47 461.25 Td (distribution ) Tj ET Q
q 0 0 0 rg BT 541.31 461.25 Td (and ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 449.25 Td (servicing ) Tj ET Q
q 0 0 0 rg BT 170.37 449.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 198.62 449.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 211.87 449.25 Td (third ) Tj ET Q
q 0 0 0 rg BT 236.24 449.25 Td (party ) Tj ET Q
q 0 0 0 rg BT 263.38 449.25 Td (intermediaries ) Tj ET Q
q 0 0 0 rg BT 331.10 449.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 363.26 449.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 379.29 449.25 Td (contractual ) Tj ET Q
q 0 0 0 rg BT 433.12 449.25 Td (relationships ) Tj ET Q
q 0 0 0 rg BT 494.17 449.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 512.99 449.25 Td (third-party ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 437.25 Td (intermediaries ) Tj ET Q
q 0 0 0 rg BT 191.32 437.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 215.53 437.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 235.83 437.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 252.25 437.25 Td (ultimate ) Tj ET Q
q 0 0 0 rg BT 289.79 437.25 Td (clients. ) Tj ET Q
q 0 0 0 rg BT 323.27 437.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 343.02 437.25 Td (amount ) Tj ET Q
q 0 0 0 rg BT 378.90 437.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 389.76 437.25 Td (Distribution ) Tj ET Q
q 0 0 0 rg BT 442.30 437.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 461.50 437.25 Td (servicing ) Tj ET Q
q 0 0 0 rg BT 503.48 437.25 Td (fees ) Tj ET Q
q 0 0 0 rg BT 524.90 437.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 544.11 437.25 Td (the ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 425.25 Td (portion ) Tj ET Q
q 0 0 0 rg BT 159.53 425.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 170.83 425.25 Td (Investment ) Tj ET Q
q 0 0 0 rg BT 222.70 425.25 Td (advisory ) Tj ET Q
q 0 0 0 rg BT 262.89 425.25 Td (fees ) Tj ET Q
q 0 0 0 rg BT 284.75 425.25 Td (excluded ) Tj ET Q
q 0 0 0 rg BT 327.74 425.25 Td (approximate ) Tj ET Q
q 0 0 0 rg BT 385.73 425.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 402.58 425.25 Td (direct ) Tj ET Q
q 0 0 0 rg BT 430.00 425.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 456.29 425.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 467.59 425.25 Td (selling ) Tj ET Q
q 0 0 0 rg BT 498.90 425.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 518.54 425.25 Td (servicing ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 413.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 143.97 413.25 Td (products ) Tj ET Q
q 0 0 0 rg BT 185.83 413.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 206.02 413.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 223.99 413.25 Td (paid ) Tj ET Q
q 0 0 0 rg BT 246.41 413.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 258.26 413.25 Td (third-party ) Tj ET Q
q 0 0 0 rg BT 306.79 413.25 Td (intermediaries, ) Tj ET Q
q 0 0 0 rg BT 375.88 413.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 406.64 413.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 421.27 413.25 Td (contractual ) Tj ET Q
q 0 0 0 rg BT 473.70 413.25 Td (percentages ) Tj ET Q
q 0 0 0 rg BT 532.25 413.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 544.10 413.25 Td (the ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 401.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 152.68 401.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 163.80 401.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 180.48 401.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 213.29 401.25 Td (AUM) Tj ET Q
BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 387.09 cm
/I14 Do Q
q 0 0 0 rg BT 112.00 389.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 184.71 389.25 Td (fees ) Tj ET Q
q 0 0 0 rg BT 205.07 389.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 223.21 389.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 239.12 389.25 Td (passed ) Tj ET Q
q 0 0 0 rg BT 272.82 389.25 Td (through ) Tj ET Q
q 0 0 0 rg BT 308.20 389.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 320.22 389.25 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 383.94 389.25 Td (expense ) Tj ET Q
q 0 0 0 rg BT 423.21 389.25 Td (or ) Tj ET Q
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q 0 0 0 rg BT 448.92 389.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 482.62 389.25 Td (\(loss\) ) Tj ET Q
q 0 0 0 rg BT 508.52 389.25 Td (attributable ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 377.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 137.12 377.25 Td (noncontrolling ) Tj ET Q
q 0 0 0 rg BT 202.16 377.25 Td (interests) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 353.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 84.72 353.25 Td (adjustments ) Tj ET Q
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q 0 0 0 rg BT 155.61 353.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 172.44 353.25 Td (relate ) Tj ET Q
q 0 0 0 rg BT 200.38 353.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 211.65 353.25 Td (items ) Tj ET Q
q 0 0 0 rg BT 238.46 353.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 258.07 353.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 290.45 353.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 308.94 353.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 344.66 353.25 Td (\(Loss\) ) Tj ET Q
q 0 0 0 rg BT 374.78 353.25 Td (Attributable ) Tj ET Q
q 0 0 0 rg BT 428.30 353.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 439.56 353.25 Td (Legg ) Tj ET Q
q 0 0 0 rg BT 464.73 353.25 Td (Mason, ) Tj ET Q
q 0 0 0 rg BT 500.45 353.25 Td (Inc. ) Tj ET Q
q 0 0 0 rg BT 519.50 353.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 539.11 353.25 Td (they ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 341.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 71.23 341.25 Td (included ) Tj ET Q
q 0 0 0 rg BT 111.26 341.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 121.82 341.25 Td (one ) Tj ET Q
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q 0 0 0 rg BT 152.40 341.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 169.08 341.25 Td (ways ) Tj ET Q
q 0 0 0 rg BT 194.64 341.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 211.88 341.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 273.02 341.25 Td (views ) Tj ET Q
q 0 0 0 rg BT 300.81 341.25 Td (and ) Tj ET Q
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q 0 0 0 rg BT 365.86 341.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 383.09 341.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 425.33 341.25 Td (results. ) Tj ET Q
q 0 0 0 rg BT 460.34 341.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 317.25 Td (W) Tj ET Q
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q 0 0 0 rg BT 476.29 317.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 479.07 317.25 Td ( ) 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 (Restructuring ) Tj ET Q
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BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 279.09 cm
/I15 Do Q
q 0 0 0 rg BT 112.00 281.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 516.34 281.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 535.21 281.25 Td (other ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 147.12 269.25 Td (saving ) Tj ET Q
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q 0 0 0 rg BT 329.45 269.25 Td (severance, ) Tj ET Q
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BT /F1 10.00 Tf ET
/GS0 gs
q 4.00 0 0 10.09 108.00 255.09 cm
/I16 Do Q
q 0 0 0 rg BT 112.00 257.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 257.25 Td (Af) Tj ET Q
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q 0 0 0 rg BT 353.50 257.25 Td (severance ) Tj ET Q
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q 0 0 0 rg BT 449.08 257.25 Td (certain ) Tj ET Q
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q 0 0 0 rg BT 522.43 257.25 Td (charges ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 341.67 245.25 Td (plan ) 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 90.00 233.25 Td (Amortization ) 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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BT /F1 10.00 Tf ET
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q 4.00 0 0 10.09 108.00 207.09 cm
/I17 Do Q
q 0 0 0 rg BT 112.00 209.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 174.36 209.25 Td (losses ) Tj ET Q
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q 0 0 0 rg BT 219.39 209.25 Td (investments ) Tj ET Q
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BT /F1 10.00 Tf ET
/GS0 gs
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/I18 Do Q
q 0 0 0 rg BT 112.00 197.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 126.00 197.25 Td (Gains ) Tj ET Q
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q 0 0 0 rg BT 216.91 197.25 Td (seed ) Tj ET Q
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q 0 0 0 rg BT 395.32 197.25 Td (under ) Tj ET Q
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 185.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 185.25 Td (Acquisition ) Tj ET Q
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q 0 0 0 rg BT 193.72 185.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 216.68 185.25 Td (transition-related ) Tj ET Q
q 0 0 0 rg BT 297.44 185.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 327.06 185.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 345.00 185.25 Td (integration ) Tj ET Q
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q 0 0 0 rg BT 445.38 185.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 491.13 185.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 527.42 185.25 Td (related ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 173.25 Td (professional ) Tj ET Q
q 0 0 0 rg BT 146.70 173.25 Td (fees ) Tj ET Q
q 0 0 0 rg BT 168.38 173.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 187.84 173.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 213.96 173.25 Td (associated ) Tj ET Q
q 0 0 0 rg BT 264.55 173.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 285.11 173.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 301.79 173.25 Td (transition ) Tj ET Q
q 0 0 0 rg BT 345.14 173.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 364.60 173.25 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 414.63 173.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 425.75 173.25 Td (acquired ) Tj ET Q
q 0 0 0 rg BT 466.89 173.25 Td (businesses) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 161.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 161.25 Td (Impairments ) Tj ET Q
q 0 0 0 rg BT 147.79 161.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 158.91 161.25 Td (intangible ) Tj ET Q
q 0 0 0 rg BT 204.50 161.25 Td (assets) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 149.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 149.25 Td (Contingent ) Tj ET Q
q 0 0 0 rg BT 141.15 149.25 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 203.41 149.25 Td (fair ) Tj ET Q
q 0 0 0 rg BT 220.08 149.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 246.76 149.25 Td (adjustments ) Tj ET Q
BT /F1 10.00 Tf ET
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BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 137.25 Td (Charges ) Tj ET Q
q 0 0 0 rg BT 130.58 137.25 Td (\(credits\) ) Tj ET Q
q 0 0 0 rg BT 169.47 137.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 202.82 137.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 213.94 137.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 261.19 137.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 308.43 137.25 Td (matters ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 125.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 125.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 125.57 125.25 Td (\(loss\) ) Tj ET Q
q 0 0 0 rg BT 152.79 125.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 163.91 125.25 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 222.84 125.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 273.97 125.25 Td (vehicles ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 101.25 Td (In ) Tj ET Q
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q 0 0 0 rg BT 115.12 101.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 157.10 101.25 Td (Operating ) Tj ET Q
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q 0 0 0 rg BT 388.13 101.25 Td (because ) Tj ET Q
q 0 0 0 rg BT 429.00 101.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 456.53 101.25 Td (items ) Tj ET Q
q 0 0 0 rg BT 483.50 101.25 Td (are ) Tj ET Q
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BT /F1 10.00 Tf ET
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q 0 0 0 rg BT 82.88 89.25 Td (core ) Tj ET Q
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q 0 0 0 rg BT 498.82 89.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 518.55 89.25 Td (services. ) Tj ET Q
q 0 0 0 rg BT 560.78 89.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
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/GS0 gs
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/I19 Do Q
endstream
endobj
31 0 obj
<>
endobj
32 0 obj
<>
stream
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q 0 0 0 rg BT 230.00 772.25 Td ( ) Tj ET Q
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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
q 0.047058823529411764 0.40784313725490196 0.7058823529411765 rg BT 56.50 31.65 Td (Brandywine Global | Clarion Partners | ClearBridge Investments | EnT) Tj ET Q
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
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
/GS0 gs
0 Tw 0 Tc 100 Tz 0 TL
q 0 0 0 rg BT 301.55 17.75 Td (15) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 717.25 Td (Attributable ) Tj ET Q
q 0 0 0 rg BT 107.00 717.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 117.74 717.25 Td (Legg ) Tj ET Q
q 0 0 0 rg BT 142.40 717.25 Td (Mason, ) Tj ET Q
q 0 0 0 rg BT 177.60 717.25 Td (Inc. ) Tj ET Q
q 0 0 0 rg BT 196.13 717.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 198.54 717.25 Td (W) Tj ET Q
q 0 0 0 rg BT 207.80 717.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 215.77 717.25 Td (adjust ) Tj ET Q
q 0 0 0 rg BT 244.86 717.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 258.94 717.25 Td (acquisition-related ) Tj ET Q
q 0 0 0 rg BT 342.51 717.25 Td (items, ) Tj ET Q
q 0 0 0 rg BT 371.58 717.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 413.47 717.25 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 470.34 717.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 481.09 717.25 Td (intangible ) Tj ET Q
q 0 0 0 rg BT 526.31 717.25 Td (assets, ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 705.25 Td (impairments ) Tj ET Q
q 0 0 0 rg BT 111.45 705.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 122.78 705.25 Td (intangible ) Tj ET Q
q 0 0 0 rg BT 168.58 705.25 Td (assets, ) Tj ET Q
q 0 0 0 rg BT 203.25 705.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 222.92 705.25 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 272.06 705.25 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 334.53 705.25 Td (fair ) Tj ET Q
q 0 0 0 rg BT 351.41 705.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 378.31 705.25 Td (adjustments, ) Tj ET Q
q 0 0 0 rg BT 437.99 705.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 449.32 705.25 Td (make ) Tj ET Q
q 0 0 0 rg BT 476.77 705.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 484.76 705.25 Td (easier ) Tj ET Q
q 0 0 0 rg BT 514.98 705.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 526.31 705.25 Td (identify ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 693.25 Td (trends ) Tj ET Q
q 0 0 0 rg BT 84.36 693.25 Td (af) Tj ET Q
q 0 0 0 rg BT 92.52 693.25 Td (fecting ) Tj ET Q
q 0 0 0 rg BT 124.55 693.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 141.58 693.25 Td (underlying ) Tj ET Q
q 0 0 0 rg BT 190.29 693.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 232.33 693.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 251.57 693.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 268.60 693.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 285.07 693.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 318.21 693.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 329.12 693.25 Td (acquisitions ) Tj ET Q
q 0 0 0 rg BT 383.94 693.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 394.85 693.25 Td (facilitate ) Tj ET Q
q 0 0 0 rg BT 434.11 693.25 Td (comparison ) Tj ET Q
q 0 0 0 rg BT 488.36 693.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 499.27 693.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 516.30 693.25 Td (operating ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 681.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 85.58 681.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 105.50 681.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 121.53 681.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 153.12 681.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 163.59 681.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 188.51 681.25 Td (asset ) Tj ET Q
q 0 0 0 rg BT 214.54 681.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 275.04 681.25 Td (firms ) Tj ET Q
q 0 0 0 rg BT 298.84 681.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 317.65 681.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 341.46 681.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 357.50 681.25 Td (engaged ) Tj ET Q
q 0 0 0 rg BT 398.56 681.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 408.47 681.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 455.07 681.25 Td (acquisitions. ) Tj ET Q
q 0 0 0 rg BT 512.23 681.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 514.36 681.25 Td (W) Tj ET Q
q 0 0 0 rg BT 523.62 681.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 531.31 681.25 Td (adjust ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 669.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 67.88 669.25 Td (charges ) Tj ET Q
q 0 0 0 rg BT 105.67 669.25 Td (\(credits\) ) Tj ET Q
q 0 0 0 rg BT 144.00 669.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 176.79 669.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 187.34 669.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 234.02 669.25 Td (litigation ) Tj ET Q
q 0 0 0 rg BT 272.92 669.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 284.02 669.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 330.70 669.25 Td (matters, ) Tj ET Q
q 0 0 0 rg BT 369.03 669.25 Td (net ) Tj ET Q
q 0 0 0 rg BT 385.15 669.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 395.70 669.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 414.04 669.25 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 459.61 669.25 Td (proceeds ) Tj ET Q
q 0 0 0 rg BT 502.96 669.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 521.85 669.25 Td (revenue ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 657.25 Td (share ) Tj ET Q
q 0 0 0 rg BT 81.00 657.25 Td (adjustments, ) Tj ET Q
q 0 0 0 rg BT 139.69 657.25 Td (because ) Tj ET Q
q 0 0 0 rg BT 179.48 657.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 205.93 657.25 Td (matters ) Tj ET Q
q 0 0 0 rg BT 241.26 657.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 254.38 657.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 270.27 657.25 Td (reflect ) Tj ET Q
q 0 0 0 rg BT 299.49 657.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 315.38 657.25 Td (underlying ) Tj ET Q
q 0 0 0 rg BT 363.51 657.25 Td (operations ) Tj ET Q
q 0 0 0 rg BT 412.19 657.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 430.87 657.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 488.99 657.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 499.32 657.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 515.77 657.25 Td (business. ) Tj ET Q
q 0 0 0 rg BT 560.79 657.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 645.25 Td (W) Tj ET Q
q 0 0 0 rg BT 63.26 645.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 72.67 645.25 Td (adjust ) Tj ET Q
q 0 0 0 rg BT 103.21 645.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 118.73 645.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 154.82 645.25 Td (\(loss\) ) Tj ET Q
q 0 0 0 rg BT 183.12 645.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 195.31 645.25 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 255.31 645.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 307.52 645.25 Td (vehicles ) Tj ET Q
q 0 0 0 rg BT 347.50 645.25 Td (because ) Tj ET Q
q 0 0 0 rg BT 389.16 645.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 406.92 645.25 Td (consolidation ) Tj ET Q
q 0 0 0 rg BT 469.14 645.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 481.33 645.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 509.65 645.25 Td (investment ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 633.25 Td (vehicles ) Tj ET Q
q 0 0 0 rg BT 92.91 633.25 Td (does ) Tj ET Q
q 0 0 0 rg BT 117.37 633.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 134.05 633.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 158.51 633.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 172.41 633.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 204.64 633.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 218.55 633.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 236.89 633.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 272.46 633.25 Td (\(Loss\) ) Tj ET Q
q 0 0 0 rg BT 302.47 633.25 Td (Attributable ) Tj ET Q
q 0 0 0 rg BT 355.83 633.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 366.95 633.25 Td (Legg ) Tj ET Q
q 0 0 0 rg BT 391.97 633.25 Td (Mason, ) Tj ET Q
q 0 0 0 rg BT 427.54 633.25 Td (Inc. ) Tj ET Q
q 0 0 0 rg BT 446.44 633.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 449.22 633.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 613.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 84.32 613.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 130.75 613.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 147.73 613.25 Td (provided ) Tj ET Q
q 0 0 0 rg BT 188.61 613.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 198.92 613.25 Td (addition ) Tj ET Q
q 0 0 0 rg BT 236.47 613.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 247.33 613.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 266.54 613.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 283.52 613.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 299.95 613.25 Td (substitutes ) Tj ET Q
q 0 0 0 rg BT 350.27 613.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 364.47 613.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 381.45 613.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 427.89 613.25 Td (Margin, ) Tj ET Q
q 0 0 0 rg BT 463.76 613.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 510.20 613.25 Td (Revenues, ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 601.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 73.60 601.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 120.43 601.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 156.14 601.25 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 204.08 601.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 232.57 601.25 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 259.07 601.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 264.76 601.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 267.49 601.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 298.19 601.25 Td (non-GAAP) Tj ET Q
q 0 0 0 rg BT 345.81 601.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 348.73 601.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 395.55 601.25 Td (should ) Tj ET Q
q 0 0 0 rg BT 427.93 601.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 444.75 601.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 458.78 601.25 Td (considered ) Tj ET Q
q 0 0 0 rg BT 510.62 601.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 521.32 601.25 Td (isolation ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 589.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 72.59 589.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 93.39 589.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 109.20 589.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 122.23 589.25 Td (comparable ) Tj ET Q
q 0 0 0 rg BT 176.38 589.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 186.63 589.25 Td (non-GAAP) Tj ET Q
q 0 0 0 rg BT 234.25 589.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 236.16 589.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 294.20 589.25 Td (measures, ) Tj ET Q
q 0 0 0 rg BT 342.79 589.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 384.17 589.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 429.98 589.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 440.23 589.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 479.94 589.25 Td (margins, ) Tj ET Q
q 0 0 0 rg BT 520.19 589.25 Td (adjusted ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 577.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 99.94 577.25 Td (revenues, ) Tj ET Q
q 0 0 0 rg BT 148.09 577.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 169.02 577.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 211.07 577.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 257.01 577.25 Td (income, ) Tj ET Q
q 0 0 0 rg BT 296.26 577.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 308.84 577.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 335.87 577.25 Td (companies. ) Tj ET Q
q 0 0 0 rg BT 391.25 577.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 395.49 577.25 Td (Further) Tj ET Q
q 0 0 0 rg BT 427.17 577.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 433.34 577.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 476.50 577.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 524.66 577.25 Td (Margin, ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 565.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 95.98 565.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 142.96 565.25 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 191.05 565.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 210.20 565.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 252.18 565.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 299.16 565.25 Td (Income ) Tj ET Q
q 0 0 0 rg BT 335.01 565.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 352.53 565.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 369.50 565.25 Td (liquidity ) Tj ET Q
q 0 0 0 rg BT 405.91 565.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 452.88 565.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 472.63 565.25 Td (should ) Tj ET Q
q 0 0 0 rg BT 505.16 565.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 522.13 565.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 536.32 565.25 Td (used ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 553.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 64.56 553.25 Td (place ) Tj ET Q
q 0 0 0 rg BT 91.25 553.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 102.36 553.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 126.27 553.25 Td (flow ) Tj ET Q
q 0 0 0 rg BT 146.83 553.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 193.51 553.25 Td (determined ) Tj ET Q
q 0 0 0 rg BT 246.32 553.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 274.67 553.25 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 301.17 553.25 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 (EBITDA) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 521.25 Td (W) Tj ET Q
q 0 0 0 rg BT 63.26 521.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 71.60 521.25 Td (define ) Tj ET Q
q 0 0 0 rg BT 101.07 521.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 142.76 521.25 Td (EBITDA) Tj ET Q
q 0 0 0 rg BT 178.33 521.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 181.11 521.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 194.45 521.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 218.35 521.25 Td (provided ) Tj ET Q
q 0 0 0 rg BT 259.49 521.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 272.83 521.25 Td (\(used ) Tj ET Q
q 0 0 0 rg BT 300.62 521.25 Td (in\) ) Tj ET Q
q 0 0 0 rg BT 314.51 521.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 358.99 521.25 Td (activities ) Tj ET Q
q 0 0 0 rg BT 400.11 521.25 Td (plus ) Tj ET Q
q 0 0 0 rg BT 421.24 521.25 Td (\(minus\):) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 501.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 501.25 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 126.13 501.25 Td (expense, ) Tj ET Q
q 0 0 0 rg BT 169.49 501.25 Td (net ) Tj ET Q
q 0 0 0 rg BT 186.17 501.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 197.29 501.25 Td (accretion ) Tj ET Q
q 0 0 0 rg BT 240.64 501.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 260.11 501.25 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 317.35 501.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 328.47 501.25 Td (debt ) Tj ET Q
q 0 0 0 rg BT 350.71 501.25 Td (discounts ) Tj ET Q
q 0 0 0 rg BT 395.74 501.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 415.20 501.25 Td (premiums ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 489.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 489.25 Td (Current ) Tj ET Q
q 0 0 0 rg BT 126.12 489.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 161.14 489.25 Td (tax ) Tj ET Q
q 0 0 0 rg BT 177.26 489.25 Td (expense ) Tj ET Q
q 0 0 0 rg BT 217.84 489.25 Td (\(benefit\) ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 477.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 477.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 108.34 477.25 Td (change ) Tj ET Q
q 0 0 0 rg BT 143.93 477.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 154.49 477.25 Td (assets ) Tj ET Q
q 0 0 0 rg BT 186.17 477.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 205.63 477.25 Td (liabilities, ) Tj ET Q
q 0 0 0 rg BT 248.98 477.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 277.32 477.25 Td (aligns ) Tj ET Q
q 0 0 0 rg BT 306.23 477.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 326.79 477.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 343.47 477.25 Td (Consolidated ) Tj ET Q
q 0 0 0 rg BT 404.62 477.25 Td (Statements ) Tj ET Q
q 0 0 0 rg BT 457.98 477.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 469.10 477.25 Td (Cash ) Tj ET Q
q 0 0 0 rg BT 495.22 477.25 Td (Flows ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 465.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 465.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 108.34 465.25 Td (\(income\) ) Tj ET Q
q 0 0 0 rg BT 150.01 465.25 Td (loss ) Tj ET Q
q 0 0 0 rg BT 170.58 465.25 Td (attributable ) Tj ET Q
q 0 0 0 rg BT 222.83 465.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 233.95 465.25 Td (noncontrolling ) Tj ET Q
q 0 0 0 rg BT 298.99 465.25 Td (interests ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 453.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 453.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 108.34 453.25 Td (gains ) Tj ET Q
q 0 0 0 rg BT 135.02 453.25 Td (\(losses\) ) Tj ET Q
q 0 0 0 rg BT 172.81 453.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 192.27 453.25 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 233.41 453.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 247.31 453.25 Td (investments ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 441.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 441.25 Td (Net ) Tj ET Q
q 0 0 0 rg BT 108.34 441.25 Td (gains ) Tj ET Q
q 0 0 0 rg BT 135.02 441.25 Td (\(losses\) ) Tj ET Q
q 0 0 0 rg BT 172.81 441.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 186.71 441.25 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 245.64 441.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 296.77 441.25 Td (vehicles ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 72.00 429.25 Td (� ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 90.00 429.25 Td (Other ) Tj ET Q
q 0 0 0 rg BT 117.79 429.25 Td ( ) Tj ET Q
BT /F1 10.00 Tf ET
q 0 0 0 rg BT 54.00 405.25 Td (Adjusted ) Tj ET Q
q 0 0 0 rg BT 95.85 405.25 Td (EBITDA) Tj ET Q
q 0 0 0 rg BT 131.42 405.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 134.35 405.25 Td (is ) Tj ET Q
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